Ardian acquires Frulact, a leading producer of added valued ingredients for the food industry

Ardian

Porto, January 16, 2020 – Ardian, a world leading private investment house, announced today that, with the support of Frulact’s management team, it is acquiring Frulact to the Miranda Family. Frulact is an innovative producer of natural fruit-based and plant-based specialty ingredients for the Food & Beverage industry. The company counts on an extensive product portfolio based on fruit & vegetables preps for dairy, ice-cream, desserts, beverages, flavors and plant-based alternatives.

Headquartered in Maia – Porto, Frulact employs more than 750 people, operates 9 facilities across Europe, Africa and North America and sells its products in more than 40 countries, generating nearly €115 million of turnover. The company, founded by the Miranda family in 1987 and led by João Miranda, has a solid track record of growth relying on both organic and acquisitions initiatives.

Ardian will support the management of the company to accelerate its strategic plan and consolidate the group as one of the global leaders in the food ingredients industry, supporting the existing business activities and enhancing its capabilities in adjacent niches and ingredients. Ardian’s strong knowledge of the food ingredients industry, its worldwide network and the support that a leading international private investment firm can offer make Ardian the best partner to identify and promote growth opportunities to transform Frulact into a global leader.

Ardian will rely on the current management team, which will continue being led by Duarte Faria as Chief Executive Officer, to develop its project. Additionally, João Miranda will continue as Non-Executive Chairman of the group.

João Miranda, Non-Executive President of Frulact, commented: “I join all Frulacteans to welcome Ardian and begin this new chapter in Frulact. We’re very pleased with this agreement and partnership, considering that Ardian will bring considerable financial and strategical resources to boost Frulact to become a strong platform, that will aggregate and integrate other adjacent businesses and activities in the added value ingredients industry, and consequently consolidate Frulact’s project, supported by our Human Capital, and allowing the company to exploit a sustainable global footprint”. In addition, he added: “Frulact will continue operating as usual, with the same management team, developing our future growth, innovation, and sustainability strategy, using our Headquarters in Portugal, to bring the company to the next stage of development and rising to a bright future ahead and to bold our aspirations”.

Gonzalo Fernandez-Albiñana, Head of Ardian Buyout Spain (advisor to Ardian France), said: “Frulact and its Management team have the know-how, capabilities and ambition required to consolidate the company as a leading natural food ingredients provider at global level, by expanding and enhancing its technical capabilities and geographical reach. Ardian will support the management in this endeavor with its expertise, network and resources”.

Philippe Poletti, Member of the Executive Committee and Head of Ardian France, said: “This transaction is a good example of Ardian’s expertise in supporting transformation and growth projects in industries we master, while maintaining the legacy of what has been created by the Miranda Family. Our experience helping companies enter new territories, combined with our understanding and respect for the tradition and the corporate values of family businesses make Ardian a preferred partner for family buyouts or carve-outs”.

Frulact is the first investment of Ardian’s Buyout team in 2020. With 50 employees across seven offices in Europe and New York, the buyout team invests in high-quality mid- and large-cap companies, applying transformational strategies to become world leaders in their niche markets.

ABOUT FRULACT

Frulact is a business group, established in 1987, positioned as a top-ranked innovative company in the supply of added value ingredients for the food & beverage industry, namely fruit & vegetables preps for dairy, ice-cream, desserts, beverages, flavors and plant-based alternatives. From the classic and typical to the most exotic combinations, Frulact has the knowledge and experience to create customized and innovative products to serve its customers’ needs. The Group has a global presence across three continents, with nine business units in five countries (Portugal, Morocco, France, South Africa and Canada), and it is ranked among the world’s top five companies in its business.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$96bn managed or advised in Europe, North America, Asia, and South America. 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 640 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

PRESS CONTACTS

ARDIAN
LLYC
Tel: +34 91 563 77 22
VALVANERA LECHA
CRISTINA GONZÁLEZ-ALLER

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NPM Capital acquires stake in Agro Care

NPM Capital

Investment company NPM Capital has reached agreement with the shareholders of Dutch tomato grower Agro Care to supply the company with growth capital. The cultivation area of Agro Care, Europe’s largest tomato producer, covers more than 200 hectares spread across the Netherlands, France, Morocco and Tunisia. In NPM Capital, Agro Care has found a partner to support their shared growth ambitions.

The Maasdijk-based company was founded in 1997 by members of the current management and now counts more than 1,500 employees. In a short period of time, Agro Care has developed into one of the world’s largest greenhouse horticulture companies. Through shareholdings, Agro Care additionally engages in – amongst others – seed breeding, packaging, marketing and distributing tomatoes.

Kees van Veen, CEO of Agro Care, explains: “We didn’t just team up with any investment company. We have deliberately opted for a financially robust long-term partner that will help us develop and implement our strategy, for instance by boosting our professionalism and supporting us in future acquisitions.”

“We have been talking to Agro Care for some time,” continues Leonard van Loon, Investment Director at NPM Capital. “Agro Care’s strength lies in its entrepreneurial spirit and its strong partnerships in the value chain which have let the company build a leading position in this large, fragmented market with ample growth opportunities. Agro Care could use the growth capital to invest in technologically advanced greenhouses and for the acquisitions of targets in the Netherlands and elsewhere. We are keen to join forces with the ambitious management team and contribute to the accelerated growth of the company.”

NPM Capital has been investigating investment opportunities in the agricultural sector, including greenhouse horticulture, for some time. It has had a partnership with Hillenraad Partners, a strategic consultancy firm in the horticultural sector, since 2017. Hillenraad Partners initiated the collaboration between NPM Capital and Agro Care. “The Dutch horticulture sector is leading in the world and Agro Care is one of its great exponents,” says Martien Penning, managing partner of Hillenraad Partners. “The partnership with NPM Capital will allow Agro Care to take the next step in its development and streamline its supply of healthy, sustainable and high-quality food.”

NPM Westland

The transaction is expected to close early in 2020. Financial details of the transaction will not be disclosed.

For more information: www.agrocare.nl

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Altor to divest Ålö to JOST

Altor

Altor Fund III (“Altor”), Fort Knox Förvaring AB and Management Investors have today signed an agreement to divest Ålö Holding AB (“Ålö”), a world leader within material handling solutions in the agricultural industry to JOST Werke AG (“JOST”). JOST is a world leading supplier of systems to the Truck and Trailer Industry.

Ålö is a global market leader in top-quality front loaders and associated implements for agricultural tractors, with sales in more than 40 countries. Front loaders and implements are sold under the Quicke brand as well as in cooperation with tractor OEMs. The company has production facilities in Sweden, US, China and France.
“We are pleased to have found an excellent new home for Ålö” says Bengt Maunsbach, Partner at Altor Equity Partners. “JOST has strong capabilities to support Ålö in developing its many important OEM relationships and a global manufacturing footprint that will both open up new markets and provide economies of scale”.

“Ålö stands stronger than ever today” says Niklas Åström, CEO of Ålö. “We have during the past years developed and launched breakthrough new products such as the Q-Series premium loader and the Q-Companion digital control system. Together with our leading offer of implements, parts and service this has enabled Ålö to grow with both our OEM partners and in the dealer market”.

“We are delighted to bring Ålö into our portfolio of leading industrial brands” says Joachim Dürr, CEO of JOST. “We look forward to work with Ålö’s strong management team and to help Ålö continue to grow”.

The transaction is conditioned upon merger control approval and is expected to be finalized early 2020. The sellers were advised by Alantra, Swedbank Investment Banking, White & Case and EY.

For more information, please contact:
Tor Krusell, Head of Communications at Altor, Tel: +46 70 543 87 47

About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 4.2 billion in more than 60 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Dustin, Byggmax, Piab, Aalborg Industries, Trioplast, SATS and RevolutionRace. For more information please visit www.altor.com

About Ålö
Ålö is a world leader in Front Loaders for the Agricultural Industry. The products are sold under the Quicke brand. Ålö develops and manufactures about 40,000 loaders every year and has revenue of about 2 billion SEK and about 700 employees. Ålö has manufacturing in Sweden, China, USA and France. For more information about Ålö please visit https://www.alo.se

About JOST
JOST is a leading global producer and supplier of safety-critical systems for commercial vehicles. The Company’s core brands “JOST”, “ROCKINGER”, “TRIDEC” and “Edbro” are well-recognized in the industry and highly regarded for their quality and continuous innovation. With its sales and production facilities in 22 countries across five continents, JOST has direct access to all major truck and trailer manufacturers and relevant end customers. JOST currently employs about 2,900 staff worldwide and has been listed on the Frankfurt Stock Exchange since 20 July 2017. For more information about JOST please visit https://www.jost-world.com

 

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Cinven to invest in Barentz

Cinven

Cinven, the international private equity firm, today announces that it has reached an agreement to become a shareholder of Barentz (the ’Group’), a global specialty ingredients distributor for the food, pharmaceutical, personal care and animal nutrition markets. Financial terms of the transaction are not disclosed.

Headquartered in the Netherlands, Barentz distributes ingredients and additives for products to small and medium-sized enterprises (‘SMEs’) and large customers globally. The Group sources branded specialty ingredients from leading manufacturers worldwide, and its ingredient experts provide value-added technical support (including pre-mixing, blending, ingredient formulation and ingredient testing) from its state-of-the-art production facilities in Europe, North America and Asia.

Established in 1953, Barentz has operations in more than 60 countries with a strong presence in Europe and Asia, and a growing presence in North America and Latin America. Today, the Group employs circa 1,100 people worldwide, sources ingredients from more than 1,000 suppliers and serves more than 15,000 customers.

Cinven’s Business Services and Benelux teams identified Barentz as an attractive investment opportunity, given its:

  • Strong presence in attractive, structurally growing and resilient markets;
  • Value-added proposition to both a large number of ingredient manufacturers and a highly diversified end-customer base;
  • Significant buy and build opportunity in a highly fragmented market. Barentz has a proven track record of executing and integrating acquisitions;
  • Strong historic financial performance and cash generation;
  • Opportunity to accelerate the growth of the business through investment in the Group’s infrastructure as well as R&D capabilities; and
  • Highly experienced management team, led by CEO Hidde van der Wal.

Ben Osnabrug, Partner at Cinven, commented:

Barentz has a strong presence in a structurally growing market. The Cinven team knows the specialty distribution sector well; a number of key trends are driving the growth of the food and life sciences ingredients market, including a shift towards natural ingredients, increased demand for customised formulations, and a growing share of manufacturers using distributors to drive market access and to improve efficiencies.

“Cinven’s investment in Barentz resulted from a combination of our detailed sub-sector approach within Business Services and our regional network in the Netherlands, and we are delighted to invest in this primary opportunity. In particular, Barentz has an excellent management team whom we are backing to pursue both organic and acquisition-led growth.”

Hidde van der Wal, Chief Executive of Barentz, said:

“We are delighted to be working with Cinven on the next phase of our growth. The Cinven team has really impressed us with their understanding of our market and their strong track record of growing businesses internationally. 

“In particular, their investment and support for our business strategy will enable us to expand our operations into new geographic markets, including through acquisition, and will ensure we have the right infrastructure to achieve this.”

Completion of the transaction is subject to customary conditions including competition clearances.

1602 Capital Partners acted as M&A advisor for Cinven.

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Carlyle Credit Opportunities Fund Provides Entire €140 Million Debut Debt Financing Package for Unifrutti Group

Carlyle

Funds to Refinance Existing Debt and Fuel Expansion Projects

LONDON  Global investment firm The Carlyle Group (NASDAQ: CG) today announced that its Carlyle Credit Opportunities Fund has provided the entire €140 million debt financing package for Unifrutti, having subscribed to 100 percent of Unifrutti’s debut debt issuance. The global producer, marketer and distributor of fresh fruit, owned by the De Nadai family, intends to use the funds to refinance existing debt facilities and support its expansion plans.

Carlyle’s Credit Opportunities Fund is a $2.4 billion fund that invests in directly originated private capital solutions primarily for upper middle market borrowers, including non-private equity sponsored, family or entrepreneur-owned companies.

Taj Sidhu, Managing Director and Head of Carlyle’s European Credit Opportunities advisory team, said, “Carlyle’s global team, with deep expertise in key markets around the world, was critical to our ability to identify and underwrite this deal for Unifrutti, one of the world’s largest producers and distributors of fruit products.”

Nicola Falcinelli, Managing Director of Carlyle’s European Credit Opportunities advisory team, said, “We are pleased to support Unifrutti’s continued expansion as it meets growing demand for high-quality, fresh fruit. In addition to providing this financing package, we will work closely with the Company as a strategic partner to support potential acquisitions and growth projects as opportunities arise.”

Marco Venturelli, Group CEO of Unifrutti, said, “We have big ambitions and we believe that Carlyle is the ideal financial partner to support our expansion projects across the globe. There is a positive outlook in the fresh fruit market and we will continue consolidating our leadership position with the objective of creating value for our shareholders.”

An 18-person team based in New York and London advises the Carlyle Credit Opportunities Fund, and invests across the capital structure through a combination of secured loans, senior subordinated debt, mezzanine debt, convertible notes and other debt-like instruments, as well as preferred and common equity. The fund benefits from proprietary investment opportunities originating from within Carlyle and the firm’s global resources and operating expertise.

* * * * *

About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $223 billion of assets under management as of June 30, 2019, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 33 offices across six continents.

About Unifrutti Group
Unifrutti is a global producer, marketer and distributor of high quality fresh fruit. The company plants, harvests, ripens, packages, stores, ships and distributes a wide selection of fruit varieties to over 500 customers in 50 countries. It is one of the world’s largest producers and distributors of bananas, apples, grape, lemons and other fruit products. Unifrutti sources primarily in Chile, the Philippines, South Africa and Europe.  Most of the production is coming from owned and managed farms or from partner producers. Unifrutti was founded in 1948 by the Italian De Nadai family (the “Sponsor”) which remains the 100% shareholder of the business.

Media Contacts
UK – Roderick (Rory) MacMillan
The Carlyle Group
Phone: +44 (0) 207 894 1630
Roderick.MacMillan@carlyle.com

US – Christa Zipf
The Carlyle Group
Phone: +1-212-813-4578
Christa.Zipf@carlyle.com

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JOHBECO acquires the Finnish fish and seafood specialist Arvo Kokkonen

Litorina

The Swedish fresh food specialist group JOHBECO, which includes Johan i Hallen and Bergfalk & Co, strengthens its position in Finland by acquiring the Finnish fish and seafood specialist Arvo Kokkonen Oy. Thanks to this partnership, Arvo Kokkonen can now also offer its customers in Finland a complete range of high-quality meat and delicatessen products.

Arvo Kokkonen offers a complete range of fresh and frozen fish and seafood products and holds a strong position in Finland, having been operating in this sector for 40 years. The aim is to offer a varied assortment of environmentally certified products to customers throughout Finland. Arvo Kokkonen is established in Vantaa, just outside Helsinki, and Nurmes, in eastern Finland. Thousands of kilos of fish and seafood are transported daily from Vantaa to restaurants, shops and wholesalers. Thanks to its facility at Nurmes, located beside a lake, the company has access to a variety of freshwater fish and extensive experience from its own smokehouses.

Jari Kokkonen, CEO of Arvo Kokkonen Oy, feels positive about the new collaboration.
“We noted early in the discussions that we share the same opinions and passion for what we do. Being part of a larger group will make it easier for our customers to gain access to a much wider selection of food products than previously. All from a single supplier. With such a broad range of fish, seafood, meat and delicatessen products we will also be able to attract new customers” says Jari Kokkonen.

Lars Bengtsson, CEO of JOHBECO, views the acquisition as an important step in the group’s continued expansion process.
“We started off in Finland three years ago with Bergfalk & Co Oy and we felt that it was now time to further strengthen our position in the country. Our values and opinions are wholly in line with those of Arvo Kokkonen and we look forward to continuing to develop our role on the Finnish market with two strong segments there now, fish and meat” concludes Lars.


For further information, please contact:
Lars Bengtsson, CEO, JOHBECO AB
tel. +46 70 523 30 02, lars.bengtsson@johbeco.se

 

In 2019, the JOHBECO group has presented several new acquisitions. The group previously consisted of Johan i Hallen AB and Bergfalk & Co AB, but has now also added fish and seafood specialists Fiskeboa i GBG AB, Gothia Seafood AB and Fiskgrossisten i Helsingborg AB. Together with the acquisition of Arvo Kokkonen Oy, the group now has a turnover of around EUR 160 million (SEK 1.7 billion).

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Plantasjen refines its operations to improve profitability

Ratos

Plantasjen has signed an agreement to sell its subsidiary Spira (formerly SABA Blommor AB), a supplier of flowers and plants to grocery retailers in Sweden. The buyer is the Dutch firm Groenland BV.

With some 110 employees, the company has annual sales of approximately SEK 350m. Over the last 12 months Spira has negatively impacted Plantasjen’s EBITA by approximately SEK -30m.

The accounting effect of the sale is estimated at approximately SEK -30m, which will negatively impact Plantasjen’s EBITA for the second half of 2019.

“The sale of Spira is one of several measures being implemented to strengthen profitability in Plantasjen. The sale will also enable an increased focus on Plantasjen’s core operations. We believe that Groenland BV is the right owner to develop Spira going forward,” says Anders Slettergren, Chairman of the Board of Plantasjen and VP Business Area Consumer & Technology at Ratos.

For further information, please contact:
Helene Gustafsson, Head of IR and Press, Ratos, +46 8 700 17 98
Anders Slettengren, Vice President Business Area Consumer & Technology, +46 8 700 17 00

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Waterlogic establishes footprint in Belgium through acquisition of Pure Services

Castik Capital

Waterlogic, a leading global designer, manufacturer, distributor and service provider of purified drinking water dispensers, is pleased to announce the acquisition of Pure Services.

Established in 2007, Pure Services specialises in renting and servicing drinking water dispensers and fountains to small and large corporate organisations across Belgium and Luxembourg.

Founded in 1992, Waterlogic was one of the first companies to introduce Point-of-Use (POU) water dispensers that utilise the mains water supply. The company has been at the forefront of the POU market, promoting eco-friendly product design and quality, the application of new technologies, and world class service.

Veerle Claes, Managing Director, Waterlogic Benelux said, “Pure Services is the natural partner to help us establish a footprint in Belgium’s fast-growing hydration market. The company has worked tirelessly over the last 12 years to establish an outstanding reputation for exceptional service and drinking water solutions for their customers.”

Waterlogic has direct presence in 16 countries and an extensive independent global distribution network in place, reaching over 60 countries around the world. Waterlogic Belgium is part of the company’s newly formed Benelux region alongside an already established market in the Netherlands and plans to enter Luxembourg, further fulfiling its strong growth ambition in Europe.

Emmanuel Eeman, former owner of Pure Services said, “We are very excited to be joining Waterlogic. Waterlogic’s extensive range of dispensers are backed by superior technologies focused on delivering purified, great-tasting water in the most environmentally-responsible way without the need for plasic bottles, giving our customers the high quality sustainable choice they deserve.”
Waterlogic was acquired in January 2015 by funds managed by Castik Capital, the European private equity investor. Pure Services is a recent acquisition as part of the company’s buy and build strategy since the acquisition by Castik, and following substantial acquisitions in the US, UK, Australia, Spain, France, Germany, and Scandinavia.

Media Contact

Rosanna Turner, Group Marketing Communications Manager
rosanna.turner@waterlogic.com

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 60 countries around the world. Waterlogic products are currently 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 www.waterlogic.com

About Castik

Castik Capital S.à r.l (“Castik”) manages investments in private equity. Castik is a European multistrategy 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.

 

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KKR and Campbell Soup Company Sign Definitive Agreement for Sale of Arnott’s and Certain Campbell International Operations for $2.2 Billion

KKR

  • KKR to acquire portfolio that includes iconic Arnott’s biscuits and Campbell’s simple meals and snacking brands in markets including Australia, New Zealand, Indonesia, Malaysia, Singapore, Hong Kong and Japan, and manufacturing operations in Australia, Indonesia and Malaysia
  • Investment to transition certain Campbell International operations to a standalone company with access to significant capital and operational resources to support long-term growth and innovation

SYDNEY–(BUSINESS WIRE)–Aug. 2, 2019– Global investment firm KKR and Campbell Soup Company (“Campbell”) today announced the signing of a stock and asset purchase agreement under which KKR will acquire certain international operations from Campbell (“Campbell International”) for an enterprise value of approximately US$2.2 billion.

Campbell International is a high-quality business that includes snacking and meal brands in the Asia Pacific region with leading manufacturing capabilities and distribution channels in attractive core markets. The majority of Campbell International’s sales are generated by Arnott’s, the iconic Australian biscuit brand with over 150 years of heritage. Arnott’s commitment to quality, innovation and manufacturing excellence is a hallmark of the business, alongside its product range of household names including Tim Tam and Shapes. Campbell International also comprises the regional portfolio of Campbell brands spanning soup, stock, juice and ready meals in markets including Australia, New Zealand, Indonesia, Malaysia, Singapore, Hong Kong and Japan. KKR will also acquire Campbell International’s manufacturing operations in Australia, Indonesia and Malaysia.

Under the terms of the agreement, KKR and Campbell will enter into a long-term licensing arrangement for the exclusive rights to use certain Campbell brands, including Campbell’s, Swanson, V8, Prego, Chunky and Campbell’sReal Stock, in Australia, New Zealand, Malaysia and other select markets in Asia Pacific, Europe, the Middle East and Africa.

David Lang, Member at KKR, said, “Campbell International represents a unique portfolio of iconic brands that are known and loved by consumers in Australia and across the world. We are privileged and excited to have the opportunity to invest in and grow Arnott’s as an independent business in Australia, in addition to further developing Campbell’s trusted brands across the broader Asian market. This is a milestone investment for KKR, and we look forward to working closely with the Campbell International management team to seek out new and exciting opportunities.”

KKR is making its investment primarily through its Core Investments strategy, which represents capital targeting longer-term opportunities. The Transaction is expected to close within the next six months, subject to customary closing conditions. Further details of the transaction are not disclosed.

KKR was advised by Jefferies, as its financial advisor, and Simpson Thacher & Bartlett LLP and Allens, as its legal counsels.

About Campbell International

Campbell International’s operations include Campbell’s simple meals businesses in Australia, Malaysia, Hong Kong and Japan, and manufacturing in Australia, Indonesia and Malaysia. The centerpiece of the business is Arnott’s, which Campbell acquired in 1997, and is one of Australia’s most iconic brands. Arnott’s regional headquarters are based in Sydney with operations in Sydney, Brisbane, Adelaide and Indonesia. Arnott’s and Campbell International operations (excluding the Kelsen Group) had combined net sales of approximately $885 million in the latest 12 months and employ approximately 3,800 people.

About Campbell Soup Company

Campbell (NYSE:CPB) is driven and inspired by our Purpose, “Real food that matters for life’s moments.” For generations, people have trusted Campbell to provide authentic, flavorful and affordable snacks, soups and simple meals, and beverages. Founded in 1869, Campbell has a heritage of giving back and acting as a good steward of the planet’s natural resources. The company is a member of the Standard and Poor’s 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors 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 the capital it manages for fund investors 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. Inc (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Source: KKR

Media Contact:
KKR Asia Pacific:
Anita Davis, +852 3602 7335
Anita.Davis@KKR.com
Or
Miles Radcliffe-Trenner (Sard Verbinnen & Co.), +852 3842-2200
KKR-SVC@sardverb.com

KKR Americas
Kristi Huller / Cara Major, +1 212-750-8300
Media@KKR.com

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AgroSavfe raises EUR 35 million, Gimv invests additional resources for further development of biocontrols as a new standard for sustainable crop protection.

GIMV

Gimv is increasing its commitment to AgroSavfe, an innovative food and agro-biotech company developing environmentally friendly plant protection products. As co-founder and lead investor, Gimv participates in a Series C financing round of EUR 35 million, in which Ackermans & van Haaren joins as a new investor, in addition to the existing shareholders who also participate. The financing will support the further development of biocontrols – intended for biological crop protection – as a new standard for sustainable agriculture.

As an emerging food and agro-biotech company, AgroSavfe (Ghent, www.agrosavfe.com) is responding to the challenge for the food and agricultural sector to improve production efficiency in a sustainable way while respecting the environment. Founded in 2013 as a spin-off from the VIB (Flanders Institute for Biotechnology), AgroSavfe designs and develops a new generation of protein-based biocontrols that provide safe, sustainable and efficient protection for seeds, crops and food, without leaving behind harmful chemicals. Over the past years, the company has developed a high-performance technology platform that allows the identification and testing of biocontrols for stability, effectiveness and scalability, all to protect the food chain from farm to fork.

Gimv has supported AgroSavfe from the start as a co-founder and lead investor in a consortium of reputed local and international biotech investors, including Sofinnova Partners, PMV, Agri Investment Fund, K & E, Biovest, Madeli Participaties, VIB and Qbic. Today Gimv participates -in addition to all historical investors- in the Series C financing round of EUR 35 million. With an investment of EUR 10 million, Ackermans & van Haaren is also joining AgroSavfe as a new shareholder.

Patrick Van Beneden, Partner in the Health & Care team of Gimv, about this new phase: “We are delighted with this major step forward and are convinced that AgroSavfe is well placed to contribute to the development of a new standard for sustainable agriculture. As a new shareholder, Ackermans & van Haaren brings additional diversity and expertise to the management of the company and, together with the existing investor syndicate, we look forward to further developing AgroSavfe as a leader in the emerging field of efficient and safe biocontrols for the food and agricultural industry.”

Lieven De Smedt, Chairman of the Board of AgroSavfe, states: “Biotechnology has created significant and unique added value in the Life Sciences, food and chemical markets in recent decades. Today we see the same happening in the agricultural sector, both in the US and in Europe. Long-term success depends not only on robust technology and a strong business-minded management, it also requires long-term shareholders. AgroSavfe has a unique combination of all of the above. We thank our historic shareholders who fully endorse this financing round and welcome Piet Bevernage who -on behalf of Ackermans & van Haaren- wil join our Board. We are all looking forward to taking the company to a higher level.”

The new resources will primarily be used to enhance the further development, registration and commercial scale production of AgroSavfe’s biofungicides and bio-insecticides and for the further strengthening of the business organization. BioFun 1, the first product in the AgroSavfe pipeline, is aimed at controlling fungi on fruit and vegetables. With more than 100 field trials by the end of 2019, the company has demonstrated the strong performance of its advanced biofungicide product: environmentally friendly, as effective as chemical solutions and food safe, as biocontrols leave no harmful chemicals behind. The launch of this first biofungicide product is planned for 2022 in the US fruit and vegetable market, immediately followed by a launch in Europe and other regions globally. In addition, the funds will support the acceleration of the innovative pipeline development for applications against critical food and crop pests and diseases.

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