Litorina invests in Bergfalk

Litorina

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 www.bergfalk.se.

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 www.litorina.se.

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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 (www.meridianllc.com), 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.

Contact:
Brian Murphy
President & Managing Director
206.224.6156
bmurphy@meridianllc.com
Media Contact:

Lee Keller

The Keller Group

425.898.2700
lee@thekellergroup.com

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

KKR

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 www.afriflora.nl/en/.

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.

-ENDS-

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 www.SunEuropeanPartners.com.

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 www.kkr.com and on Twitter @KKR_Co.

For Sun European Partners
FTI Consulting
Fergus Wheeler / Alex Le May
+44 20 3727 1522 / 1308
suneuropean.sc@fticonsulting.com
or
For KKR
Finsbury
Alastair Elwen
+44 207 251 3801
alastair.elwen@finsbury.com

Source: KKR

News Provided by Acquire Media

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UNILEVER to sell its spreads business to KKR for EUR6.825 bn

KKR

London/Rotterdam,– December 15 2017 – Unilever, one of the world’s leading suppliers of Personal Care, Home Care and Food and Refreshment products, has received a binding offer from KKR to purchase its global Spreads business for €6.825 billion on a cash-free, debt-free basis.

Paul Polman, CEO of Unilever said “In April of this year we set out our 2020 programme to accelerate sustainable value creation. After a long history in Unilever we decided that the future of the Spreads business would lie outside the Group. The announcement today marks a further step in reshaping and sharpening our portfolio for long term growth. The consideration recognises the market leading brands and the improved momentum we have achieved. I am confident that under KKR’s ownership, the Spreads business with its iconic brands will be able to fulfil its full potential as well as societal responsibilities.”

Nicolas Liabeuf, CEO of Spreads, who will continue to lead the business, added “There is a positive momentum in the performance of the Spreads business and we are excited about continuing this journey with KKR. We are confident that our business and the entrepreneurial spirit of our people will thrive further under new ownership.”

Johannes Huth, Head of KKR EMEA said: “The strength of the portfolio of consumer brands in Spreads provides a firm foundation for future growth. We look forward to deploying our global network and operational expertise to support the business’s growth ambitions, while continuing to follow Unilever’s responsible sourcing policies, including working towards the goal of sourcing 100 per cent sustainable palm oil by 2019.”

The investment is being funded by both the European and N. American private equity funds of KKR.

The offer is subject to certain regulatory approvals and employee consultation in certain jurisdictions. Completion is expected mid-2018. Unilever intends to return the net cash realised to shareholders, unless more value-creating acquisition alternatives arise. The transaction constitutes a class 2 transaction for the purposes of the UK Listing Rules. Further information about Unilever’s Spreads business is provided below.

For further information:
Unilever PLC
Unilever House
100 Victoria Embankment
London EC4Y 0DY
United Kingdom

Unilever NV
Weena 455
3013AL Rotterdam
Netherlands

Media:

Paul Matthews
+44 775 276 8888
Paul.Matthews@unilever.com

Treeva Fenwick
+44 779 903 3391
Treeva.Fenwick@unilever.com

Jonathan Sibun
+44 777 999 9683
jsibun@tulchangroup.com

Media:
Fleur Van-Bruggen
+31 615 008 293
Fleur-van.bruggen@unilever.com
Media Relations Rotterdam: +31 (0)10 217 4844

Unilever Investor Relations:
+44 (0)20 7822 6830
investor.relations@unilever.com

KKR:
Alastair Elwen
Finsbury
+44 207 251 3801
alastair.elwen@finsbury.com

About Unilever Spreads
Unilever’s Spreads business includes brands such as Becel, Flora, Country Crock, Blue Band, I Can’t Believe It’s Not Butter, Rama and ProActiv. It operates across 66 countries around the world. In 2016 the business had a turnover of €3,032 million, EBITDA (before any carveout adjustments under new ownership) of €680 million, and assets of €1,108 million.

This announcement, including the information contained in this release, excludes the South Africa Spreads business. As previously announced, Unilever will acquire Remgro’s 25.75% shareholding in Unilever South Africa Holdings (Pty) Ltd (Unilever SA) in exchange for the Unilever Spreads business in Southern Africa as well as a cash consideration.

About Unilever

Unilever is one of the world’s leading suppliers of Personal Care, Home Care and Food and Refreshment products with sales in over 190 countries and reaching 2.5 billion consumers a day. It has 169,000 employees and generated sales of €52.7 billion in 2016. Over half (57%) of the company’s footprint is in developing and emerging markets. Unilever has more than 400 brands found in homes all over the world, including Persil, Dove, Knorr, Domestos, Hellmann’s, Lipton, Wall’s, PG Tips, Ben & Jerry’s, Magnum and Lynx.

Unilever’s Sustainable Living Plan underpins the company’s strategy and commits to:

* Helping more than a billion people take action to improve their health and well-being by 2020.
* Halving the environmental impact of our products by 2030.
* Enhancing the livelihoods of millions of people by 2020.

The USLP creates value by driving growth and trust, eliminating costs and reducing risks. The company’s sustainable living brands are growing 50% faster than the rest of the business and delivered more than 60% of the company’s growth in 2016.
Unilever was ranked number one in its sector in the 2017 Dow Jones Sustainability Index. In the FTSE4Good Index, it achieved the highest environmental score of 5. It led the list of Global Corporate Sustainability Leaders in the 2017 GlobeScan/SustainAbility annual survey for the seventh year running. Unilever has pledged to become carbon positive in its operations by 2030. For more information about Unilever and its brands, please visit www.unilever.com. For more information on the USLP: www.unilever.com/sustainable-living/

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 www.kkr.com and on Twitter @KKR_Co.

Cautionary Statement/Safe Harbour:

This announcement may contain forward-looking statements, including ‘forward-looking statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements related to underlying sales growth and underlying operating margin. Words such as ‘will’, ‘aim’, ‘expects’, ‘anticipates’, ‘intends’, ‘looks’, ‘believes’, ‘vision’, or the negative of these terms and other similar expressions of future performance or results, and their negatives, are intended to identify such forward-looking statements. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Unilever Group (the “Group”). They are not historical facts, nor are they guarantees of future performance.
Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Among other risks and uncertainties, the material or principal factors which could cause actual results to differ materially are: Unilever’s global brands not meeting consumer preferences; Unilever’s ability to innovate and remain competitive; Unilever’s investment choices in its portfolio management; inability to find sustainable solutions to support long-term growth; customer relationships; the recruitment and retention of talented employees; disruptions in our supply chain; the cost of raw materials and commodities; the production of safe and high quality products; secure and reliable IT infrastructure; successful execution of acquisitions, divestitures and business transformation projects; economic and political risks and natural disasters; the effect of climate change on Unilever’s business; financial risks; failure to meet high and ethical standards; and managing regulatory, tax and legal matters. These forward-looking statements speak only as of the date of this announcement. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Further details of potential risks and uncertainties affecting the Group are described in the Group’s filings with the London Stock Exchange, Euronext Amsterdam and the US Securities and Exchange Commission, including in the Annual Report on Form 20-F 2016 and the Unilever Annual Report and Accounts 2016.

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FSN Capital V acquires a majority stake in Gram Equipment

Fsn Capital

FSN Capital V (“FSN Capital”) has signed an agreement to acquire a majority stake in Gram Equipment, a global market leader in advanced process equipment for the consumer ice cream industry’s largest producers. New ownership will lead Gram Equipment to further global growth.

FSN Capital has signed an agreement to acquire the 116-year-old Danish company, Gram Equipment.

Over the last three years, Gram Equipment has achieved excellent growth rates of 15 percent annually, primarily through international expansion. In the same period, the company has more than tripled its earnings.

FSN Capital V acquires a majority stake in Gram Equipment

“Gram Equipment is a market leader in the production of advanced process equipment for leading international ice cream producers. The company has shown impressive growth. It now embarks on new growth ventures, not least in emerging markets and new customer segments. We look forward to supporting Gram’s continued growth,” says Thomas Broe-Andersen, partner in FSN Capital Partners, the investment advisor to FSN Capital.

FSN Capital also sees opportunities for further growth through strategic acquisitions.

In 2014, Gram Equipment merged with WCB Ice Cream, through which management succeeded in realising major synergies. Gram Equipment CEO, Lasse Viegand Hansen, looks forward to continued growth under the new owners: “With Procuritas, we integrated the acquisition of WCB Ice Cream and turned Gram Equipment into a global leader in its field. We’ve enjoyed several years of solid growth. Now we’re looking forward to the next phase and continued growth. FSN Capital will secure the financial and management resources we need to continue to expand with our customers around the world.”

Currently, Gram Equipment has more than 350 employees and is headquartered in Kolding. The company had revenues of 650 million DKK in 2016 and forecasts a turnover of 800 million DKK in 2017.

FSN Capital was advised by Alantra, Gorrissen Federspiel, White & Case, Bain & Company, PwC, Valcon, Implement, Ramboll, and JLT. Financing is provided by Danske Bank.

 

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Ardian enters into exclusivity to become majority shareholder of DRT alongside founding families and Tikehau Capital

Ardian

This shareholding reorganization maintains the independence of DRT and aims at giving the group the means to pursue actively its growth ambitions, both organically and externally.

Paris, November 30, 2017 – Ardian, the independent private investment company, has entered into exclusivity with some family shareholders and Tikehau Capital to acquire a controlling stake into Les Dérivés Résiniques et Terpéniques (“DRT”). The proposed transaction values DRT at approximately €1 billion and is fully supported by DRT’s management team which will remain in place and is headed by its CEO Laurent Labatut. This transaction would be a further step in the company’s development path as many individual shareholders and Tikehau Capital have decided to reinvest part of their proceeds alongside Ardian.

Created in 1932 and headquartered in Dax (France), DRT is a global leading producer of ingredients derived from plant-based chemistry, mainly from pine trees. In that respect, DRT fits perfectly within two of Ardian’s core verticals, namely ingredients and fine chemical. With a turnover estimated at €500m in 2017, DRT is a truly international company with more than 80% of its business made outside of France, of which around 25% in the Americas and more than 10% in Asia. The group employs close to 1,300 people and is operating through a global footprint with four production sites located in France, two in the USA, three in India and one in China.

The two main families of ingredients produced by DRT are terpenes and rosins derivatives. They provide mainly olfactory or tackifying/stickiness properties and are used in various resilient and growing end-markets like Flavors & Fragrance, Health & Nutrition, Adhesives & Coatings, Agriculture, Chemical Intermediates and Energy. DRT has built strong positions on each of those markets thanks to its advanced innovation capabilities (more than 50 people dedicated to R&D), its close partnership with customers, its industrial process know-how with constant investment into extraction and distillation capacities, and its long-term secured sourcing of natural & renewable resources.

DRT is at the forefront of sustainable growth and development. This is a key value for Ardian, acting as a responsible investor. Through a sustainable forest management sourcing, DRT is a green-impact best-in-class player. DRT industrial processes valorize renewable resources and adhere to principles of environment-friendly practice. DRT has also invested significantly into green energy, with a biomass cogeneration plant in France satisfying the vast majority of its energy needs.

DRT has enjoyed a rapid development phase over the past few years with a strong support from Tikehau Capital. In particular, in 2016, DRT made two significant steps in the USA with the $140m acquisition of Pinova Inc. from Symrise and the construction of a complementary new greenfield plant. Overall, over the past 3 years, the group has invested more than €85m in organic growth projects.

Should the transaction be consummated, Tikehau Capital would recognize a capital gain estimated at c. €153m for the sale of its entire stake in DRT.

Thibault Basquin, Managing Director Ardian Mid Cap Buyout, declared: “We are very pleased to partner with Laurent Labatut and his team. DRT has a unique green positioning and its strong culture and values fit Ardian ones. This transaction is also a new example on how we can accompany a family-owned company in a new transition phase”. Olivier Personnaz, Director Ardian Mid Cap Buyout, added: “We have been very impressed by the quality of DRT people and their innovation expertise, we look forward to supporting them in the growth project aiming at reinforcing DRT on its markets through both organic and external growth”.

Laurent Labatut, CEO of DRT, said: “We are very happy to welcome Ardian as a reference shareholder of DRT. They clearly share the management team’s willingness to accelerate the development of the company. Ardian’s arrival alongside the historical shareholders reinforces the independence of DRT and represents a new step in our history. Together, we will contribute to enhance DRT’s leadership position”.

Christian de Labriffe of Tikehau Capital, added: “We were welcomed by the family shareholders as a shareholder of DRT in 2014 and we have been supporting the growth strategy led by the management since then. We are delighted to be associated with DRT’s management team and Ardian for this new growth phase. This transaction will provide DRT with the financial means to pursue its development and consolidate its global leading positions”.

Financing for the proposed transaction is underwritten by BNP Paribas, Crédit Agricole CIB and Société Générale CIB.

The proposed transaction remains subject to several conditions including customary approvals by the antitrust authorities and signing of a definitive agreement.

 

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$66bn 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 470 employees working from twelve offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), North America (New York, San Francisco) and Asia (Beijing, Singapore). It manages funds on behalf of 640 clients through five pillars of investment expertise: Funds of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

 

ABOUT TIKEHAU CAPITAL

Tikehau Capital is an asset management and investment Group which manages €12.6bn of assets, with shareholders’ equity of €2.3bn. The Group invests in various asset classes (private debt, real-estate, private equity and liquid strategies), including through its asset management subsidiary Tikehau IM, on behalf of institutional and private investors. Controlled by its managers, alongside leading institutional partners, Tikehau Capital employs 185 staff in its Paris, London, Brussels, Madrid, Milan, Seoul and Singapore offices.

Tikehau Capital is listed on Euronext Paris, compartment A (ISIN code: FR0013230612; Ticker: TKO.FP)

PARTIES INVOLVED IN THE TRANSACTION

Ardian

  • Ardian: Thibault Basquin, Olivier Personnaz, Alexis Manet, Manon Massoni
  • M&A advisor: Raphaël Financial Advisory (Benoît O’Mahony)
  • Legal advisor: Latham & Watkins (Corporate: Gaëtan Gianasso, Louis Paumier, Elise Pozzobon, Louise Gurly – Financing: Xavier Farde, Carla-Sophie Imperadeiro – Structuring: Xavier Renard, Yann Auregan) – Antitrust: Hugues Vallette Viallard, Adrianne Salaün)
  • Buyer Due Diligence:
    • Commercial: Advancy (Sébastien David, Thomas Dubouchet, Barthélemy Grave, Timothy Chilton)
    • Financial: Deloitte Finance & Operations (Frédéric Steiner, Jean-Philippe Grosmaitre, Renaud Adam, Tony Gies, Thomas Meleard)
    • Tax: Taj (Olivier Venzal, Eric Couderc)
    • Legal: Latham & Watkins
    • ESG: Deloitte (Nicolas de Jenlis)
    • Insurance: Siaci Saint Honoré (Jonhanne Charbit, Nicolas Rivière)
    • Environmental: Ramboll (Michel MacCabe, Gordon Cobb)

 

DRT

  • M&A advisor: Rothschild Transaction R (Pierpaolo Carpinelli, Martin Volatier, Augustin Delouvrier, Edouard Lagarrigue de Meillac, Anaïs Pons)
  • Legal advisors: Orrick Rambaud Martel (Saam Golshani, Guillaume Kessler, Julien Bensaid, Anna Leitchenko), Jeausserand Audouard (Jérémie Jeausserand, Alexandre Dejardin, Carole Furst, Eléonore Gaulier)
  • Vendor Due Diligence:
    • Financial: EY Transactions Services (Laurent Chapoulaud, Hugo Primas, Victor de Fromont, Benjamin Piquet)
    • Tax: EY Transaction Tax (Matthieu Autret, Benjamin Pique, Baptiste Gachet) and EY Tax (Johan Gaulin)

 

Financing parties

  • CA-CIB (Thibery Gleizes, François de Montlivault, Alexandre Duhem)
  • BNP Paribas (Charles-Edouard de Cabrol, Louis Ghesquière Dierickx, Oceane Savoldelli)
  • Société Générale CIB (Patrick Sandray, Frédéric Fouillen, Imane El Alaoui, Alexis Raymond)
  • Legal advisor: Gide (Eric Cartier-Millon, Nathalie Benoit)

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Gimv is set to become the new majority shareholder of the AgroBiothers group, alongside its founding family

GIMV

Gimv and the Jenoudet family today announced that they have signed an agreement under which Gimv will acquire an equity stake in AgroBiothers, a European group specialising in the production and distribution of animal hygiene and care products as well as pet accessories.

The AgroBiothers group, based in Cuisery (Saône-et-Loire, France), is a European leader in the production and distribution of pet care products. With a turnover approaching EUR 65 million, the Group employs 250 people and distributes its 4,000 references in over 20 countries.

AgroBiothers has quadrupled its turnover over a fifteen year period, thanks to a dynamic organic growth strategy that is based on efficient logistics, and integrated production tools for its main product ranges. In addition it undertook acquisitions in France and abroad. AgroBiothers is now recognised as a prime partner for online and traditional food and specialist retailers, supplying a comprehensive range of high-quality pet care products.

AgroBiothers is well positioned in a buoyant and resilient market. It has strong organic growth prospects, particularly in the hygiene and care sector as a result of European regulatory developments. The Group also aims to step up its external growth strategy in Europe, in what remains a fragmented market, with a view to strengthening its commercial presence or expanding its product range.

The family-owned AgroBiothers never had an external investor before. Gimv will become majority shareholder as a result of the OBO (owner buyout). CEO Julien Jenoudet – majority shareholder up till now – will reinvest significantly in this OBO, and will remain at the helm of the Group.

With a presence in four European countries, a specialisation in the consumer goods sector, and expertise in the field of international buy and build, Gimv will bring to along its knowledge of European markets and of the challenges specific to the multichannel BtoB distribution sector.

Julien Jenoudet, Chairman of AgroBiothers: “I am delighted that Gimv has chosen to invest in AgroBiothers. Together we will refine the company’s marketing and commercial approach and step up our expansion into the European market, to take advantage of the many growth opportunities. Gimv’s Connected Consumer team is clearly committed to AgroBiothers’ future growth, and was quick in understanding the possibilities for expansion and the challenges our industry faces. ”

Guillaume Bardy, Principal in Gimv’s Connected Consumer platform, concludes: “AgroBiothers’ major assets, namely its perfect understanding of BtoB distribution, its expertise of regulation for hygiene and care products, and its deep comprehension of both market and customer needs, make it well equipped to become an integrated European multichannel distributor of pet care products. We are extremely proud that Julien Jenoudet and his family have chosen Gimv as the first external investor in their company. ”

The transaction has been submitted to the competition authorities for prior approval.

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Bridgepoint to acquire master franchise of BURGER KING® in UK

Bridgepoint

Bridgepoint today confirmed it has reached an agreement with Burger King Europe GmbH (“BKE”), an affiliate of Restaurant Brands International Inc. (“RBI”), to become the UK master franchisee of BURGER KING®, with exclusive rights to the brand in the UK. It will simultaneously acquire Caspian UK Group, one of the UK’s largest BURGER KING® franchisees with 74 restaurants. Terms of the transaction were not disclosed.

The transaction with BKE will see the establishment of a new BURGER KING® UK entity which will be controlled by Bridgepoint with BKE retaining a minority stake. The new entity will enter into a 20 year master franchise agreement giving it the right to be the custodian of the BURGER KING® brand in the UK, control over the brand’s proposition in the UK and the right to roll-out new stores across the country.

The transaction will also see Bridgepoint support a highly experienced management buy-in team, headed by chairman-designate Martin Robinson whose experience includes Casual Dining Group, where he is also chairman. Martin was former chairman of Center Parcs and Wagamama. The new team will lead the company’s management of the UK territory as well as the roll-out of further stores across the country.

“We are thrilled to announce this agreement to increase the pace of growth for the BURGER KING® brand in the UK, one of the world’s largest quick service restaurant markets,” said José Cil, President of the BURGER KING® brand. “The Bridgepoint team has extensive experience in the UK market and a strong track record investing in and developing leading brands in the quick service restaurant industry, which positions them well for success.”

Bridgepoint said: “BURGER KING® is a pre-eminent global consumer brand with a robust and growing presence in the UK market, well-liked by consumers. This is an opportunity to work with a highly regarded management buy-in team to re-invigorate a much-loved brand and to grow the existing UK business.”

Martin Robinson, chairman designate of the new BURGER KING® UK entity, said: “BURGER KING® is an iconic global brand with a long-standing heritage in the quick service restaurant market. Working with Bridgepoint and BKE, the team believes it can deliver growth and further opportunities for the brand to flourish in the UK market.”

Founded in 1954, the BURGER KING® brand is the second largest fast food hamburger chain in the world. In the UK there are currently over 500 restaurants.

Advisers were:

– For Bridgepoint: Travers Smith (Legal, ESG), Harris Williams & Co (Corp Fin), Parthenon EY (Commercial), Deloitte (Financial, Tax, Pensions), Marsh (Insurance), Freeths (Property)- for Caspian UK Group: KPMG (Corporate Finance, Legal, Transaction Services, Tax, Pensions)

– For management buy-in team: Macfarlanes (legal)

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HAK aims to strengthen market position in Germany by acquisition of distributor foodeko

NPM Capital

The NPM portfolio company HAK is aiming to strengthen its position in the German market and to achieve significant sales growth. To that end, Neerlands Glorie Groente en Fruit B.V., the holding company of which HAK is part, has acquired a majority interest of 51% in the German distributor foodeko, based in Viersen. The parties are not disclosing financial details of the transaction. The German competition authority Bundeskartellamt has not objected to the transaction.

The two companies know each other well. HAK has already been selling its products in the German market via foodeko, which also handles the exclusive retail distribution of brands such as De Ruijter, Morato and Heinz Sandwich spread, since 2013. At present, HAK is still mainly successful in Germany with its HAK applesauces and red cabbage with apple, particularly in the north-west of Germany. The company foodeko achieved turnover of €19 million in 2016.

All employees as well as the non-HAK-related activities of foodeko will be transferred to the new joint venture, which will operate under the name HAK-foodeko GmbH. The remaining shares will continue to be held by general manager Jens Wohlrab, who is also one of the founders of the company. Both shareholders have ambitious plans and want to expand the activities and double turnover in the next five years.

At the start of 2017, HAK already acquired the Dutch company Peter van Halder, based in Den Bosch, which specialises in vegetables. This company processes fresh vegetables (in ready-to-cook and other forms) and supplies these in large pack sizes (500 gr – 5 kg) to professional kitchens in care institutions and restaurant chains, among others. The acquisition will enable HAK to play an even more significant role in the strong trend towards plant-based foods and help it to implement, with new cooled product concepts based on vegetables and beans, its mission to make eating vegetables and legumes easier and more tasty for consumers.

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Nordic Capital puts additional firepower behind Ole & Steen’s international expansion.

Nordic Capital

November 10 2017

Nordic Capital puts additional firepower behind Ole & Steen’s international expansion plans through strategic partnership with ImageNordic Capital Fund VIII (“Nordic Capital”) has entered into a partnership with L Catterton, the largest and most global consumer-focused private equity firm in the world, through which L Catterton will become a strategic minority co-investor with 20 percent ownership in the leading Danish bakery and food-service chain Lagkaghuset A/S. Lagkagehuset, which trades under the name Ole & Steen in the UK, has a growing presence in London, where the Company’s footprint has expanded from two to five stores in less than four months.

L Catterton was formed in 2016 through the partnership of LVMH, the world leader in luxury brands, Groupe Arnault, the family holding company of Bernard Arnault, and Catterton. L Catterton will bring additional international retail experience and support to Lagkagehuset’s international expansion plans. As minority co-investor, L Catterton will appoint Jean-Philippe Barade, Partner and head L Catterton’s London office, as Director to the board of Lagkagehuset.

Nordic Capital announced the acquisition of Lagkagehuset in June 2017 with the aim of supporting the acceleration of the business in Denmark and internationally. This includes a growing presence in London, where the Company’s footprint has expanded from two to five stores in less than four months. The most recent bakeries have opened in Canary Wharf, Bedford Avenue and Victoria, and new additional openings are planned on Wigmore Street and High Street Kensington.

Michael Haaning, Partner, NC Advisory A/S, advisor to the Nordic Capital Funds, said: “Nordic Capital is delighted to welcome L Catterton as a strategic minority co-investor in Lagkagehuset and looks forward to working alongside them and the very strong management team to support the Company as it grows and expands its international footprint. The business is highly scalable as has recently been demonstrated in London where three new Ole & Steen stores have been opened in less than four months. This is just the start of an ambitious international expansion plan.”

Jean-Philippe Barade, Partner of L Catterton, said: “L Catterton is delighted to partner with Nordic Capital in the ownership of Lagkagehuset and contribute our international expertise in food service and brand management to help accelerate the growth”.

Consumer and Retail is a core sector for the Nordic Capital Funds which, in addition to Ole & Steen, are currently invested in Britax, Ellos, Gina Tricot, SportMaster and Unisport; and have over the last two years sold their remaining shares in retailers Tokmanni, Europris and Thule following successful flotations.

With 70 stores in Denmark as well as a growing presence in London, Ole & Steen operates a premium concept focusing on high-quality artisanal breads, cakes and pastries as well as other food, teas and coffee. Its unique offering, quality products and proven concept are based on a business model with in-house bakery production and a scalable roll-out strategy. Lagkagehuset has professionalised the fresh bakery industry responding to the increasing public focus on healthy quality food products, a concept that resonates internationally.

 

Media contacts:
Katarina Janerud, Communications Manager,
NC Advisory AB, advisor to the Nordic Capital Fund
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

 

About Nordic Capital

Nordic Capital is a leading private equity investor in the Nordic region with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services, Industrial Goods & Services and Consumer & Retail, and key regions are the Nordics, Northern Europe, and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 11 billion through eight funds. The Nordic Capital Funds are based in Jersey and are advised by advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com


About L Catterton 

With over USD 14 billion of equity capital across six fund strategies in 17 offices globally, L Catterton is the largest and most global consumer-focused private equity firm in the world. L Catterton’s team of more than 140 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the firm has made over 150 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH and Groupe Arnault. For more information about L Catterton, please visit www.lcatterton.com

 

About Lagkagehuset (Ole & Steen)

Lagkagehuset (Ole & Steen in the UK), is a leading premium bakery and food-service chain in Denmark with 70 stores and a growing presence in the UK. The company has approx. 2,000 employees and operates a premium concept focusing on high-quality artisanal breads, cakes and pastries as well as other food, teas and coffee. Its unique offering, quality products and proven concept are based on a business model with in-house bakery production and a scalable roll-out strategy. Lagkagehuset has professionalised the fresh bakery industry responding to the increasing public focus on healthy quality food products, a concept that resonates internationally. The Lagkagehuset chain has a high degree of flexibility of concept, ranging from large traditional bakeries to smaller urban food-to-go outlets. Lagkagehuset’s business model enables high quality at scale, and its strong brand and modern retail concept has been highly successful in the Danish market. For more information, please see www.oleandsteen.co.uk and www.lagkagehuset.dk

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