Ardian sells its stake in Piz’Wich after supporting its international expansion


Paris, 25 April 2018 – Ardian, a world-leading private investment house, today announces the sale of its minority holding in Piz’Wich, a specialist manufacturer of on-the-go frozen snack products, to frostkrone, one of Europe’s leading manufacturers of frozen convenience food and snack products.

Ardian Growth is a key partner for profitable growth companies generating sales of between 10 and 100 million euros annually. This success is reflected in the team’s recent fundraise of 230 million euros for its second generation Growth fund.

Ardian Growth purchased a stake in Piz’Wich in December 2016 in order to support the group’s organic growth and accelerate its international expansion, particularly through a global industry partnership strategy. These objectives were quickly achieved, thanks to further product range development and the establishment of strategy agreements with industrial groups. In fact, negotiations initially focused on forming an industry partnership in Germany have eventually led to the frostkrone acquisition. frostkrone, which now holds all shares in Piz’Wich, was itself an Ardian Expansion investment until February 2017, when its shares were sold to its current backer, Emeram Capital Partners.

Piz’Wich was founded in 2001 and has enjoyed continued growth in an evolving and expanding market. Under the direction of Stéphane Delahaye, Piz’Wich rapidly adapted its business model to focus on on-the-go frozen snack products, a niche, high-growth market. As part of this pivot, it created the “Pizza Pocket”, a successful and innovative product. With a strong focus on quality and traceability of ingredients, Piz’Wich has responded to the ever-increasing demand for these types of products, and the evolving range of consumer habits while at the same time complying with stringent certification and control requirements.

Stéphane Delahaye, CEO of Piz’Wich, said: “We have seen an intense and productive period since the beginning of our partnership with Ardian, through its investment in Piz’Wich. We have continued to develop our product range, and with the support of Ardian’s extensive network, have identified a number of industry partners worldwide as well as other external expansion targets. We would like to extend our thanks to the Ardian Growth team for their support. We now look forward to benefiting from the synergies with frostkrone and to pursuing further development in the future.”

Frédéric Quéru, Director at Ardian Growth, added: “Piz’Wich has experienced rapid development over the 16 months since our investment. Through our initial investment, we, alongside Stéphane Delahaye, were able to successfully enable Piz’Wich to roll out its strategy. The company generated strong interest from a number of players, but frostkrone, a recognized industry leader, made it clear early on they were willing to take Piz’Wich to the next level.”

Alexis Saada, Managing Director at Ardian Growth, added: “This operation, which is a testament to the high quality of products offered by Piz’Wich, places the company in an optimum position to continue its development. It also reflects our team’s comprehensive approach to high-growth companies and our partnership ethos with entrepreneurs looking for a new stage of development.”


Ardian is a world-leading private investment house with assets of US$67bn managed or advised in Europe, North America and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.

Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.

Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 490 employees working from thirteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), North America (New York, San Francisco) and Asia (Beijing, Singapore, Tokyo). It manages funds on behalf of c.700 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

Follow Ardian on Twitter @Ardian


Created in 2001 and taken over by Stéphane Delahaye in 2011, Piz’Wich is a manufacturer of white-label frozen snack products targeting supermarkets and hypermarkets, airline caterers and food service providers.
The company, located in Bulgnéville near Nancy and managed by Stéphane Delahaye, established strategic partnerships with largely international players.


frostkrone, and its subsidiary Bornholter, specializes in the development and production of frozen finger food and snack products. Since its foundation in 1997, the company has become an innovative trendsetter in the field of frozen finger food. frostkrone boasts a highly diverse portfolio of products made with cheese, fish, vegetables and meat, selling its products in grocery stores and in the food service sector.



Piz’Wich: Stéphane Delahaye
Ardian: Frédéric Quéru, Alexis Saada

  • Legal advisor: McDermott, Will & Emery (Diana Hund, Louis Leroy)
  • Tax advisor:Arsene Taxand (Franck Chaminade, Charles Dalarun)
  • M&A advisor: Invest Corporate Finance (Marc O’Neill, Maxime Bazin)

frostkrone: Frédéric Dervieux
Emeram Capital Partners: Matthias Obermeyr, Kaili Shen

  • Legal
    • GLNS: Ludger Schult and Andreas Scheidle
    • Aramis: Raphaël Mellerio and Aliénor Harel
  • Financial, tax and structure
    • PWC financial: Richard Siedek, Philippe Chavane and Olivier Lorang
    • PWC tax: Fabien Radisic
  • Structure
    • Flick Gocke Schaumburg: Christian Pitzal and Martin Oltmanns
  • Acquisition financing
    • Shearman & Sterling: Winfried Carli



Tel: +44 020 3805 4827


Categories: News


IK Investment Partners in exclusive negotiations with Equistone for the acquisition of Mademoiselle Desserts


IK Investment Partners in exclusive negotiations with Equistone for the acquisition of Mademoiselle Desserts

IK Investment Partners (“IK”), a leading Pan-European private equity firm, is pleased to announce that the IK VIII Fund (“the Fund”) has entered into exclusive negotiations with Equistone Partners Europe (“Equistone”), Céréa Partenaire, Azulis Capital and the management team to acquire a majority stake in Mademoiselle Desserts (or “the Group”), a French leader in the frozen bakery industry. The management team will reinvest alongside the Fund.

Established in 1984, Mademoiselle Desserts has grown to become the leading manufacturer of premium frozen industrial finished and semi-finished pastry in Europe. Through its manufacturing sites in France, the UK and the Netherlands and highly experienced teams, the Group works closely with its customers to develop bespoke desserts to the highest food standards.

“IK’s unrivalled experience investing in European food businesses makes them an ideal partner. With their support, Mademoiselle Desserts will be well-positioned to capture market share and continue its active build-up strategy, for which we were actively backed by Equistone over these last years”, said Didier Boudy, CEO of Mademoiselle Desserts.

Arnaud Thomas, Partner at Equistone Partners Europe, added:
“We are proud of our support for the teams at Mademoiselle Desserts during nearly five years, both to develop original business lines and to pursue its international external growth strategy, particularly in the UK”.

“This investment opportunity fits perfectly into IK’s investment strategy. We are impressed by the Group’s development in the UK, France and the Netherlands. Together with the management team, we will strive to broaden the product portfolio via targeted acquisition opportunities”, said Rémi Buttiaux, Partner at IK Investment Partners and advisor to the IK VIII Fund.

Mademoiselle Desserts marks the Fund’s second acquisition in France in the past month and reasserts IK’s expertise in the food sector, developed through successful previous investments across Europe: Linxis Group (2017), Salad Signature (2016), Cérélia Group (2015), Løgismose Meyers (2015), Solina Group (2011), Europe Snacks (2010) and Labeyrie (2002) amongst others.

The transaction is subject to consultation with employee representatives and to regulatory approvals.

Parties involved

IK Investment Partners:
IK Investment Partners: Rémi Buttiaux, Dan Soudry, Diki Korniloff, Thibaut Richard, Guillaume Veber
Buyer Financial advisor: Lazard (François Guichot-Pérère, Nicolas Constant, Jean- Philippe Bescond)
Buyer Strategic DD: Bain (Jean-Marc Le Roux, Doris Galan, Daphne Vattier, Jean- Charles Redon)
Buyer Financial DD: PwC (Martin Naquet-Radiguet)
Buyer Legal advisor: Willkie Farr & Gallagher LLP (Eduardo Fernandez, Grégory de Saxcé, Paul Lombard

Equistone Partners Europe:
Equistone Partners Europe: Guillaume Jacqueau, Arnaud Thomas, Thierry Lardinois Seller Financial advisor: BNP Paribas (Marc Walbaum, Alban Bouley)
Seller Legal advisor: Goodwin (Thomas Maitrejean, Benjamin Garçon)

Mademoiselle Desserts:
Management Legal advisor: LLBerg (Olivier Abergel, Gaëlle Quillivic)
Management Financial advisor: The Silver Company (Stéphane Argyropoulos)
Audit: Eight Advisory (Stéphane Vanbergue, Benoît Bestion)

For further questions, please contact:

Mademoiselle Desserts
Barbara Bosquette
Phone : 05 53 02 32 77

IK Investment Partners
Rémi Buttiaux, Partner
Phone: +33 1 44 43 06 60

Mikaela Hedborg, Director Communications & ESG
Phone: +44 77 87 573 566

Agnès Catineau / Aurélia de Lapeyrouse
Phone: +33 (0) 1 53 96 83 83

About Mademoiselle Desserts
Mademoiselle Desserts is a leading frozen bakery player in Europe. Founded in 1984, the Group has grown through an active build-up strategy in France, the UK and Netherlands. It operates 9 production sites and employs approximately 1,300 people. For more information, visit

About IK Investment Partners
IK Investment Partners (“IK”) is a Pan- European private equity firm focused on investments in the Nordics, DACH region, France, and Benelux. Since 1989, IK has raised more than €9.5 billion of capital and invested in over 115 European companies. IK funds support companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit

About Equistone
Equistone is an independent investment firm wholly-owned and managed by its executives. The company is one of Europe’s leading investors in mid-market buyouts with a strong, consistent track record spanning over 30 years, with more than 350 transactions completed in this period. The company has a team of 37 investment professionals operating across France, Germany, Switzerland and the UK, investing as a strategic partner alongside management teams.

Categories: News


Cinven to acquire Partner in Pet Food


International private equity firm, Cinven, today announces that it has signed an agreement to acquire Partner in Pet Food (‘PPF’), a leading European pet food manufacturer, for an undisclosed amount.

Headquartered in Hungary, PPF is a market-leading pet food manufacturer with nine manufacturing operations across Europe. PPF supplies pet food to more than 250 customers in Europe, including traditional retailers, discounters, speciality pet retailers and online specialists. Its product range covers the main categories of dog and cat food including wet and dry food including single serve products. Established in 1999, the company employs more than 1,400 people and produces more than 450,000 tons of pet food per annum, distributed across 38 countries in Europe.

Cinven’s Consumer team identified PPF as an attractive investment opportunity given:

  • Pet food represents a large and resilient market, with growth underpinned by long-term trends such as the rise in pet ownership; owners buying specialist pet food; and a shift towards more premium products. The €23 billion European pet food market is forecast to continue growing at a sustained pace over the coming years;
  • PPF is a market-leading player with well-invested, pan-European production capabilities and a strong reputation for quality, reliability and innovation;
  • Attractive growth opportunities exist for PPF across its core markets throughout Europe, working together with its retail partners to deliver innovative and quality products across offline and online channels;
  • PPF has a proven track record of strong financial performance and cash-flow generation through the economic cycle, and dynamic revenue growth over the past five years;
  • A fragmented European market for pet food manufacturers represents an opportunity for PPF to participate in consolidation and capitalise on Cinven’s strong buy and build expertise, building on PPF’s existing operations; and
  • The business is managed by an exceptional team, led by Chairman and CEO Attila Balogh, together with his team, since 2009.

Maxim Crewe, Partner at Cinven, commented:

“PPF represents an opportunity to acquire one of the leading pet food manufacturers in Europe, which has demonstrated sustained growth through the cycle under its management team, led by Attila Balogh. The Cinven Consumer team has been reviewing the fast-growing pet care market for some time and we believe that PPF is well placed to continue supporting its retail partners in capitalising on this growth across both traditional retail channels as well as online.”

Matteo Corà, Senior Principal at Cinven, added:

“The European pet food market is one of the most attractive spaces in the wider consumer sector. Strong demand for pet food products – and premium products in particular – is being driven by the increased ‘humanisation’ of pets; owners want to give their pets healthier foods in a more convenient way. PPF is a highly successful business with further opportunities for growth organically, leveraging its production capabilities and track record for product innovation, and through acquisition.”

Chairman and CEO of PPF, Attila Balogh, said:

“Our mission at PPF is to provide a full range of high quality pet food products and to be the number one pet food producer in Europe. We have a great business model and are very proud of our customer relationships, the quality of our products, our European production network and innovation track record. We now have an opportunity to grow the business further and are delighted to partner with the team at Cinven to drive further organic growth, as well as focus on buy and build opportunities, in order to offer new products and reach a wider range of customers.”

Within the Consumer sector, Cinven recently acquired Planasa, a leading plant variety and nursery operators for berries worldwide to capitalise on the growth in the health and wellness consumer segment.

In addition to PPF and Planasa, Cinven’s other current Consumer sector investments are:

  • Allegro, a leading online marketplace in Poland (January 2017); and
  • Kurt Geiger, a retailer of footwear and accessories in Europe (February 2016).

Completion of the acquisition of PPF is subject to Workers Council and customary regulatory approvals.

Categories: News


FSN CAPITAL V acquires a majority stake in MØRENOT

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Fsn Capital

FSN Capital V (“FSN Capital”) has signed an agreement to acquire a majority stake in Mørenot (“Mørenot”, the “Company”), a world leading supplier of equipment and services to the world’s fishery- and aquaculture industries.

Current owners are 3rd and 4th generation descendants of the founders, and will re-invest alongside FSN Capital and continue to own a material stake in the Company.

The Company has shown strong performance in recent years and established a global platform for continued expansion.  Mørenot holds a reputation for leading quality and servicing capabilities based on innovation and local presence. The company is driving innovation within the industry, with several recent and ongoing successful projects. Global population growth and increased living standards are driving the demand for protein, and fish is a more efficient source of protein compared to e.g. chicken, pork and beef, with additional health benefits from high content of fatty acids such as Omega 3. As a global leader in this industry, Mørenot contributes to feeding the world in a healthy and sustainable manner.

With roots back to 1913, Mørenot is a Norway based, global leader in the fast-growing market for equipment and services to the fishery and aquaculture industries. The company has a strong Norwegian heritage founded on quality products, excellent service and close relationships with its customers. In 2017, Mørenot reported sales of approximately NOK 870m and the Company has generated an organic sales CAGR of 8% between 2009 and 2017. In partnership with FSN Capital, the founder families will take part in the future journey and aspire to reinforce Mørenot’s strong market position and further consolidate the market both in Norway and internationally.

FSN Capital is excited about the opportunity to play a leading part in providing the world’s growing population with a healthy source of protein in an environmentally sustainable manner. We are eager to partner with the founding family in realizing the Company’s next growth journey”, says Ulrik Smith, Partner at FSN Capital Partners AS, acting as investment adviser to FSN Capital.

“The family and the board are very proud of what the management team has achieved with the Company. The family is excited to have entered into a partnership with FSN, which will support the Company in its next phase of growth. We are optimistic about the future and look forward to the partnership.” says Sveinung Flem, Chairman of the Board of Mørenot.

The transaction is subject to approval from the competition authorities.

FSN Capital was advised by Advokatfirmaet Haavind, PwC, Bain & Company, Rambøll, White & Case, JLT, and Implement Consulting Group.

For more information please contact:

Ulrik Smith, Partner /+47 974 15 569

Morten Welo, COO & Investor Relations / +47 924 48 555


Categories: News


Waterlogic to acquire Billi, a leading manufacturer and distributor of Under-The-Sink systems and taps

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Castik Capital

Waterlogic, the leading global designer, manufacturer, distributor and service provider of purified drinking water dispensers, has signed definitive agreements to acquire 100% of Billi’s business in Australia, the UK and international markets.

The deal, which was announced on 13 March 2018, brings together two progressive organisations that share a strong commitment to the provision of high-quality, innovative drinking water products, services and solutions to workplaces, schools, hospitals, food and beverage establishments, and consumers globally.

Headquartered in the UK, Waterlogic has subsidiaries in many international markets and an extensive and expanding independent global distribution network in place, reaching over 50 countries around the world.

Billi is a leading designer, manufacturer and distributor of boiling, chilled and sparkling filtered drinking water Under-The-Sink (UTS) units, preferred by designers and architects for their timeless styling and space-saving design. The company is headquartered in Melbourne, Australia with 140 employees across Australia and the UK.

This complementary pairing brings together Billi’s award-winning UTS products with Waterlogic’s global distribution network, customer base, and purification technologies to accelerate growth in new and existing markets.

Waterlogic Group CEO, Jeremy Ben-David said, “The acquisition of Billi aligns two best-in-class brands with high-end technology, reputation for quality and customer service, and complementary product portfolios. This combination will position Waterlogic as the total water solutions provider and significantly advance our global growth. The transaction is a testament to the accomplishments of Billi, and we warmly welcome their 140 employees to Waterlogic; we look forward to working with Dan Lindsay and the Billi team to enhance our combined portfolio of innovative products and open new channels of distribution globally.”

Waterlogic CEO Australasia, Carl Crowley said, “We have already enjoyed a 15-year partnership with Billi, with units currently in use throughout Australia and the UK. By combining our complementary strengths and capabilities, we will be even more effective in meeting the needs of businesses and consumers globally who rely on access to high-quality drinking water.”

Billi Managing Director, Dan Lindsay said, “Waterlogic is the natural partner to accelerate growth from Billi’s already strong Australian base. The combination of Waterlogic’s well-established global

distribution network and Billi’s specialist product range, means that more businesses and homes around the world will enjoy great tasting, filtered drinking water. We are in a stronger position to achieve our growth potential, and we’re excited about the opportunities that lay ahead of us.”

The deal is expected to complete at the end of March 2018.

Waterlogic was acquired in January 2015 by funds managed by Castik Capital, the European private equity investor. The acquisition of Billi is the 16th manifestation of the company’s buy and build strategy since the acquisition by Castik, following substantial acquisitions in the US, UK, Australia, Spain, France, Germany, and Scandinavia.

– ENDS –

Media Contact
Rosanna Turner, Group Marketing Communications Manager

About Waterlogic
Waterlogic is an innovative designer, manufacturer, distributor and operator of Point-Of-Use (POU) drinking water purification and dispensing systems designed for environments such as offices, factories, hospitals, hotels, schools, restaurants and other workplaces. Founded in 1992, Waterlogic was one of the first companies to introduce POU systems to customers, worldwide and has been in the forefront of the POU market, promoting product design and quality, the application of new technologies and world class sales and service. Waterlogic has its own subsidiaries in many markets and an extensive and expanding independent global distribution network in place, reaching over 50 countries around the world. Waterlogic products are currently being distributed in North and South America, Europe, Asia, Australia and South Africa. Waterlogic’s leading markets are the US, Australia and Western Europe, in particular the UK, Scandinavia, Germany and France.

More information can be found at

About Castik
Castik Capital S.à r.l (“Castik”) manages investments in private equity. Castik is a European multi-strategy investment manager, acquiring significant ownership positions in European private and public companies, where long-term value can be generated through active partnerships with management teams.

Founded in 2014, Castik is based in Luxembourg and focuses on identifying and developing investment opportunities across Europe. The advisor to Castik is Castik Capital Partners GmbH, based in Munich. Investments are made by the Luxembourg-based fund, EPIC I SLP, the first fund managed by Castik, which had its final fund close of EUR 1bn in July 2015.

About Billi
Billi is a manufacturer and distributor of innovative drinking water systems. In 1989 Billi conceived and manufactured a ground-breaking underbench boiling and chilled filtered drinking water system. Today, Billi continues to lead the industry in innovation with boiling, chilled and sparkling underbench systems that save space, energy and time at home and the workplace. Billi systems are manufactured in Melbourne, Australia and distributed globally across countries including New Zealand, Hong Kong, Singapore, UAE and the UK. For more information, visit Billi’s website at

Categories: News


Crem International continues its expansion with Welbilt as new owner


2018-02-26 12:34

Priveq Investment Fund IV L.P. has together with the other owners of Crem International entered into an agreement to divest Crem International to Welbilt, Inc., a leading global provider of foodservice equipment listed on NYSE.

Crem International is a global company of recognized prestige in the production of professional coffee machines, adding more than 50 years of experience in the market and sales into more than 80 countries. Crem International develops, manufactures and markets coffee machines under three strong brands – Coffee Queen, Expobar and Spengler.

In 2012, Priveq invested as a majority owner in Crem International alongside with SEB Venture Capital, the founders Georg Möller and the Olaso family, and the management in Crem International led by the CEO Sebastian Lindström. Crem International has for the duration of Priveq’s ownership grown to a leading player in the market for professional coffee machines in all important segments.

Categories: News



Activa Capital

Alliance Etiquettes announces that Groupe Etienne, specialised in wine bottle labels, has merged with Alliance Etiquettes. This is the sixth build -up for the Alliance Etiquettes “buy-and-build” platform created in 2015.

Following the operation, Alliance Etiquettes will become the market leader in France of premium wine bottle labels, with turnover of €50 million euros and more than 300 employees.

Founded in Doué-la-Fontaine, France, in 1961 by the Etienne family, Etienne has become one of the leading French producers of adhesive and traditional labels for the wine-producing industry. Over the years the group has expanded to include six companies. It was acquired in 2007 via an MBI led by Eric Le Floch with the backing of Paluel-Marmont Capital.

In 2011, the group was taken over by its management backed by Alliance Entreprendre, Paluel-Marmont Capital and Sodero. Eric Le Floch was named Chairman of the Supervisory Board With Philippe Gauthier as Chief Executive Officer. Led by Olivier Laulan,  Alliance Etiquettes is composed of the Groupe Laulan, Editions Enès, Maumy Impression, Imprimerie D3 and Applic’Etains. Olivier Laulan and Groupe Etienne’s management will reinvest alongside Activa Capital.

This merger creates the market leader in France by reinforcing our presence among independent winemakers as well as large négociants and wine cooperatives. It also reinforces our geographical network by adding Anjou, Touraine, and South-East France, said Olivier Laulan, CEO, Alliance Etiquettes.

With this investment, Alliance Etiquettes is further developing its buy-and uild platform. Our ambition is to become the European leader on the market for premium labels. To this end, we will continue to identify and study external growth opportunities, in France and abroad, added Christophe Parier, Partner, Activa Capital.

We have accompanied Groupe Etienne for the past six years, a period of sustained development by both organic and external growth. Joining Alliance Etiquettes is an important new step for the company that creates a leader in wine bottle labels, said Laurent Colléatte, Deputy CEO of Alliance Entreprendre.

About Alliance Etiquettes

Alliance Etiquettes is a French company specialised in high-end labels for the wine, spirits, and agro-food sectors. With Olivier Laulan as CEO, the company generates turnover of €50 million in France and outside France. For further information, please visit our website:

About Activa Capital

Activa Capital is a leading French mid-market private equity firm. Activa Capital manages over €500m of private equity funds on behalf of a wide range of institutional investors. Activa Capital partners with ambitious mid-sized French companies, valued at €20m to €200m, seeking to accelerate their growth and their international footprint. Learn more about Activa Capital at or on Twitter @activacapital

Categories: News


Litorina invests in Bergfalk


Litorina V AB acquires a majority of the shares in Bergfalk, a leading Swedish distributor within fresh food with focus on meat, fish and shellfish. The company has a turnover of over SEK 500 million and offers high quality fresh food to restaurants in Sweden and Finland as well as to grocery retailers. Bergfalk’s former main owners and management will remain as significant owners going forward.

Bergfalk was founded in Stockholm in 1840 and has since grown its turnover to about SEK 550 million. Sweden is the dominant market for the company and in 2016, operations were also established in Finland. Bergfalk offers high quality fresh food to restaurants and grocery retailers, where the restaurant segment accounts for a clear majority of sales. The company has built a strong market position and a respected brand by offering expertise, product quality and refinement combined with local presence, speed, flexibility and good service levels.

“We are very proud of the fantastic growth Bergfalk has achieved in recent years. We have built a strong organisation with talented employees and a well-regarded brand and are looking forward to take the next step in the development by further strengthening our market position, both organically and through more acquisitions” says Lars Bengtsson, CEO and co-owner in Bergfalk. “It feels exciting to continue the journey in close partnership with Litorina and take advantage of their solid experience of building companies and their wide network of industrial advisors who can help us continue our rapid growth and take Bergfalk to the next level.”

“Bergfalk’s strong market position and customer focus combined with management’s proven ability to drive growth, both organically and through acquisitions, make the company an excellent platform for further development and continued expansion.” says Lars Verneholt, Partner at Litorina V Advisor AB, investment advisor to Litorina V AB. “Bergfalk is an exciting investment and we look forward to supporting management in driving the continued development of the company, not least through an intensified acquisition focus in a fragmented market.”

For further information, please contact:
Lars Verneholt, +46 733 86 92 07, Partner, Litorina V Advisor AB
Lars Bengtsson, +46 70 523 30 02, CEO, Bergfalk Group AB


Bergfalk was founded in 1840 and is a leading Swedish distributor within fresh food with focus on meat, fish and shellfish. The company offers high quality fresh food to restaurants in Sweden and Finland as well as to grocery retailers. Bergfalk has a turnover of about SEK 550 million and has c.140 employees with headquarters in Stockholm. For more information, please visit

Litorina, founded in 1998, focuses on acquiring and industrially developing companies together with their management teams. Litorina offers broad and deep expertise both via its own organization and through its network of industrial advisors. Litorina V Advisor AB serves as an investment advisor to the Swedish private equity fund Litorina V AB. For more information, please visit

Categories: News


Meridian Capital advices SMITH & GREENE Company in its sale to EDWARD DON & Company

Seattle, Washington |  January 10, 2018 – Meridian Capital LLC (“Meridian”) is pleased to announce the acquisition of Smith & Greene Company by Edward Don & Company (“DON”), a portfolio company of Vestar Capital Partners (“Vestar”).  Meridian served as the exclusive financial advisor to Smith & Greene and its shareholders in the transaction with DON.
Smith & Greene, established in 1970 with headquarters in Kent, Washington, is a leading distributor of foodservice equipment and supplies. Over the past 48 years, its deep commitment to its customers and exceptional project execution capabilities have distinguished the Company as a premier supplier to foodservice solutions nationwide.  Smith & Greene will operate as a wholly owned subsidiary of Edward Don & Company and will remain under the leadership team of Brad Smith and Garrett Mullen as Co-Presidents.

“The Meridian team provided us with excellent guidance and support throughout the entire process.  Their ability to capture the key elements of the Smith & Greene story and communicate them to investors proved vital in maximizing our valuation,” commented Garrett Mullen, Co-President of Smith & Greene.  “Brad and I are very excited about the outcome and believe DON and Vestar will be excellent stewards of the culture and legacy we have cultivated over the last several decades.”

Founded in 1921 with headquarters in Woodridge, Illinois, Edward Don & Company is the world’s leading distributor of foodservice equipment and supplies. DON serves national and multi-unit account programs with flexible, customized solutions that meet the needs of both the corporate office and the individual units. As part of the DON family, Smith & Greene will operate as a key presence in the Pacific Northwest.

“We look forward to adding the resources of the Smith & Greene team in the Pacific Northwest Region,” said Steve Don, CEO of Edward Don & Company. “Smith & Greene has an outstanding reputation and great customer relationships in a very attractive geography.”

Brian Murphy, President and Managing Director of Meridian said, “We are thrilled for Brad and Garrett as well as their team.  Entering the transaction process, it was evident that Smith & Greene offered a unique combination of regional leadership and outstanding customer relationships.  We aimed to develop a highly tailored messaging campaign that highlighted these attributes to the leading investors in the industry.  DON represents the ideal partner that will provide Smith & Greene with the resources for continued growth.”

About Meridian Capital LLC
Meridian Capital (, a Seattle-based M&A advisory firm, has served as a trusted advisor to business owners on complex corporate finance, M&A and strategic challenges for over 20 years. The firm differentiates itself through its deep industry insights, highly customized service approach, and end-to-end commitment to execution.  With a unique combination of financial, transactional and operation professionals on your side, Meridian offers the depth and breadth of experience required to serve leading middle market companies in multiple sectors including consumer, food and beverage, aerospace, manufacturing and technology.

Brian Murphy
President & Managing Director
Media Contact:

Lee Keller

The Keller Group


Categories: News


KKR: An Affiliate of Sun European Partners LLP Announces That It Has Agreed to Acquire a Majority Stake in Afriflora


An affiliate of Sun European Partners, LLP (“Sun European Partners”), today announces that it has entered into an agreement with KKR to acquire a majority stake in Afriflora (“the Company”), the world’s largest grower of roses, alongside the Barnhoorn family. The proposed transaction is subject to customary regulatory approvals.

Afriflora is the leading supplier of quality roses at fair trade standards to Europe. Established in 2005 by the Barnhoorn family, Afriflora has over 11,000 employees. The Company is headquartered in Aalsmeer, Holland and operates three farms in Ethiopia covering 500 hectares. It cultivates, produces and sells over 1.1 billion stem roses annually with the majority of these to the European market.

The Barnhoorn family, who are the founders and significant shareholders of the Company, are to remain as shareholders and directors in the Afriflora group. With the support of Sun European Partners, they will continue to run the business with a focus on customer service and implementing best environmental and social practices, and with a sense of responsibility for local communities in Ethiopia.

Peter Barnhoorn, CEO of Afriflora said; “Our new shareholder will help Afriflora to achieve its growth aims and expedite its continued development. Our company has for many years been committed to investing in the local marketplace and building a future not only for the business but also for the workforce who have supported us through our growth and development, and this will not change. We would like to thank KKR for the support they have provided us to date and look forward to an exciting future working alongside Sun European Partners to take this company to the next level.”

Paul Daccus, Managing Director at Sun European Partners, said; “Afriflora is a world leader in an attractive sector that we know very well. We look forward to working with the Barnhoorn family and the management team over the coming years, to support the continued development and success of the business.”

Nicolas Gheysens, Managing Director at KKR, said; “We have been pleased with our partnership with Afriflora and the Barnhoorn family. Over the past years Afriflora has further strengthened its leadership position in its key markets but we are also proud to have contributed – together with the Barnhoorn family – to the development of the region. We wish Afriflora, Sun and the Barnhoorn family continued success.”

Sun European Partners has significant experience making acquisitions in the horticulture sector. Its affiliated portfolio companies include Flamingo Horticulture, a vertically integrated horticulture business.

For further information on Afriflora, please visit

Sun European Partners was advised by Rabobank, Kirkland & Ellis, Houlihan Lokey, and Ernst & Young. The Barnhoorn family and KKR were advised by William Blair, Clifford Chance, Van Benthem & Keulen, Deloitte, and Londen & Van Holland.


About Sun European Partners, LLP
Sun European Partners, LLP is a leading private investment advisory firm, focused on identifying companies’ untapped potential and leveraging its deep operational and financial resources to transform results. Sun European is a trusted partner that is recognised for its investment and operational experience, including particular expertise in the consumer products and services, food and beverage, industrial, packaging, chemicals, building products, automotive, restaurant and retail sectors. Since 1995, affiliates of Sun European have invested in more than 345 companies worldwide across a broad range of industries and transaction structures with turnover in excess of €43 billion. Further information on Sun European Partners, LLP is available at

About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit and, through its strategic manager partnerships, hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside its partners’ capital and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR’s website at and on Twitter @KKR_Co.

For Sun European Partners
FTI Consulting
Fergus Wheeler / Alex Le May
+44 20 3727 1522 / 1308
Alastair Elwen
+44 207 251 3801

Source: KKR

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