My Jewellery Partners with Freshstream to Drive International Expansion

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Freshstream today announces that it has agreed to enter into a strategic partnership agreement in the leading Dutch jewellery and lifestyle brand, My Jewellery, and will partner with CEO and founder Sharon Hilgers and CFO/CTO Vilmar Bliekendaal to accelerate the international growth of the business.

My Jewellery was founded by Sharon in the summer of 2011, driven by her passion for jewellery and design. Since its inception the has swiftly ascended to prominence, offering a diverse array of on-trend products becoming the largest affordable jewellery brand in the Benelux. Today the company’s omnichannel offering attracts a loyal customer base and the business employs over 800 people with over 40 stores in The Netherlands, Belgium, Germany, and France.

The investment forms part of Freshstream’s core strategy of partnering with entrepreneurs and families to fast-track growth. Following the transaction, Sharon and Vilmar will continue to lead the company. The board will be bolstered with Glen Senk as Chairman and Jenny de Vries as non-executive director. Glen was previously the CEO of global lifestyle brand URBN Outfitters and a non-executive at jewellery companies David Yurman and Kendra Scott. Jenny will become a non-executive Board member, next to her current role as CFO of Dutch home and body products company Rituals, which has >13,000 employees and over 1,300 stores in >100 countries.

In collaboration with Freshstream, My Jewellery is set to expedite its expansion into Germany, France, and emerging target markets across Europe, while reinforcing its established presence in the Benelux region.

My Jewellery will be the 9th investment in Freshstream’s first independent fund, which closed in 2023 having raised €762 million. The business joins other high growth, originally entrepreneur led businesses in the portfolio including MCR, Bella Figura Music, G2V Group, Detertech and Nafinco, which is now a minority holding following the sale of Freshstream’s majority stake to Waterland in September 2024.

“This investment represents more than financial backing; it’s a validation of our vision and recognition of the entire My Jewellery team who made this journey possible.”

Paul Tutein Nolthenius, Director at Freshstream, said:

“My Jewellery is a standout brand with exceptional potential, led by Sharon and Vilmar’s entrepreneurial vision and drive. We are hugely impressed by their energy and the remarkable growth they’ve already achieved. Their exciting expansion plans align perfectly with our investment strategy, and we’re thrilled to partner with them to accelerate this next phase of growth.”

Sharon Hilgers, CEO of My Jewellery, commented:

“I’m incredibly proud of what we’ve built from the ground up—transforming our passion for jewellery into a brand that truly connects with its customers and builds a highly engaged community who embrace the celebration of life. This investment represents more than financial backing; it’s a validation of our vision and recognition of the entire My Jewellery team who made this journey possible. I’m excited to partner with Freshstream as we accelerate our expansion into new markets and enter this exciting next chapter of growth.”

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EQT completes sale of shares in Galderma Group AG

eqt
  • The sale resulted in aggregate gross proceeds of c. CHF 1.86 billion, of which EQT received c. CHF 494 million

Further to previous announcements, an affiliate of the funds known as EQT VIII (“EQT”) is pleased to announce the completion of the placement of 19,031,811 shares in Galderma Group AG (SIX: GALD) (the “Company”) (the “Shares”) for aggregate gross proceeds of c. CHF 1.86 billion via an accelerated bookbuilding process (the “Placement”). 

As part of the Placement, EQT received gross proceeds of c. CHF 494 million. The Placement was completed on 2 June 2025. Goldman Sachs, Jefferies, Morgan Stanley, RBC and UBS acted as joint global coordinators and joint bookrunners for the Placement.

Contact

EQT Press Office, press@eqtpartners.com

 

Important notice

This press release does not constitute (i) an offer to sell or a solicitation of an offer to buy any securities of Galderma Group AG or any of its affiliates and it does not constitute a prospectus within the meaning of the Swiss Financial Services Act or (ii) an offer of securities for sale in the United States or elsewhere. Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration. There will be no public offering of any of the securities mentioned in this press release in the United States.

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About EQT

EQT is a purpose-driven global investment organization with EUR 273 billion in total assets under management (EUR 142 billion in fee-generating assets under management) as of 31 March 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedInXYouTube and Instagram

About Galderma Group AG

Galderma Group AG is a pure-play leader in the dermatology category, with a presence in approximately 90 countries. It delivers an innovative, science-based portfolio of premium flagship brands and services that cover the full spectrum of the rapidly growing dermatology market. This includes Injectable Aesthetics, Dermatological Skincare, and Therapeutic Dermatology. Since its foundation in 1981, Galderma has dedicated its focus and passion to the human body’s largest organ – the skin – addressing individual consumer and patient needs with superior outcomes in collaboration with healthcare professionals.

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Altor divests all shares in XXL

27 May 2025. Altor Fund IV (“Altor”) has today accepted the mandatory offer from Frasers Group Plc for XXL ASA (“XXL” or the “Company”) and thereby sold 23,491,568 A shares and 17,051,037 B shares in XXL ASA, representing all its shares and votes in the Company, at a price of NOK 10 per share. Following these transactions, Altor will own no shares in XXL. Altor has supported XXL since they partnered in 2019.

“Given the current situation and the increasing short-term challenges, Altor has decided to accept Frasers Group’s offer, in line with the Board’s new recommendation. As we now hand over to Frasers Group, we believe XXL will benefit from their industry experience and benefit from being part of a larger group” said Øistein Widding, Partner and Head of Norway.

Andreas Källström Säfweräng, Partner and Head of the Consumer Sector continued: “XXL’s management team and dedicated employees are working hard every day to build a stronger company, and Altor believes they’ll succeed in getting back to profitable growth. That said, there are still real challenges ahead short-term. We see this as the right time for Frasers Group to guide the next chapter.”

About Altor

Since inception, the family of Altor funds has raised more than EUR 12 billion in total commitments. The funds have invested in just south of 100 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Helly Hansen, Meltwater, CCM Hockey, and Toteme.

Press contact

Karin Åström

Head of Communications

karin.astrom@altor.com

+46 707 64 86 59

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Gimv sells Joolz to Bugaboo, creating the foundations for a global house of high-quality stroller brands

GIMV

Gimv together with founding partner Emile Kuenen and his business partner Stan Vermeulen sell their stake in the fast-growing Dutch high-quality stroller brand Joolz to Bugaboo, the global market-leader in strollers and high-quality juvenile consumer products. Both strong and complementary Dutch brands Joolz and Bugaboo have agreed to join forces to accelerate their international growth in the fragmented worldwide stroller market.

Gimv Consumer invested in Joolz in 2016, alongside founding partner Emile Kuenen and his business partner Stan Vermeulen, to support its further geographical expansion in Europe and beyond. The joint ambition was to develop Joolz into a true next-gen high-quality stroller brand: a brand that stands for beautiful design and top-quality products developed for kids, parents and the planet. The conscious strollers are designed for real life and made to last. Today, Joolz sells premium strollers in more than 60 countries with well-established presence across Europe, APAC and the United States.

Both Joolz (www.joolz.com) and Bugaboo (www.bugaboo.com) are pioneers in the market for high-quality baby strollers and innovative juvenile consumer durables with leading performances in quality, sustainability and design. Founded by Dutch entrepreneurs, both companies have excelled at realizing international growth with Bugaboo being one of the leading brands, while Joolz has quickly scaled and holds a strong position in Europe and other international markets. Their combined portfolios will span everything from award-winning strollers to innovative parenting accessories.

The brands Bugaboo and Joolz will continue to operate separately in the market, as both will further benefit from existing and new market opportunities in the global stroller market. The combined company will have a total of 1,200 employees, with its headquarters located in Amsterdam, the Netherlands.

Patrick Franken, Partner and Jelle Assink, Principal at Gimv Consumer, declare: “At Gimv Consumer, we are very proud of Joolz’s strong growth and the journey we have realized together. By building on their core philosophy of design, innovation, and sustainability, Joolz has developed into a truly recognized global high-quality stroller brand. The Joolz and Bugaboo brands are highly complementary and together will create an unrivalled platform in the juvenile category, allowing both companies to accelerate growth and unlock their full potential.”

Richard den Hollander, CEO Joolz, declares: “By joining forces with Bugaboo, we will be able to accelerate the exciting growth journey we have been on for the last five years, as Bugaboo is the strongest strategic partner who can and is willing to make smart and healthy investments in our brand. Our combined commercial strength, together with our mutual strong belief in consumer-centric innovation, superior design, engineering and ESG, will enable us to build a global house of brands and drive strong growth in the high-quality stroller market across the globe. While we both consider ourselves international companies, our mutual Dutch roots and our commitment to quality, sustainability and our brands offer a solid foundation for our continued journey together.”

Adriaan Thierry, CEO Bugaboo, declares: “The global stroller market is highly fragmented and offers enormous opportunities for high-quality brands. Us teaming up with Joolz is exemplary for our strategy of organic growth and growth by acquisition. Bugaboo and Joolz are distinct, yet complementary brands. But the quality of both brands is exceptional. Together, we will be able to innovate even better and faster. And we will be able to offer more choice in high-quality strollers to our customers in Europe, as well as the Americas, Asia and the Middle East, through our current and new distribution channels in those markets.”

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Stirling Square completes the sale of Verescence to Movendo Capital and Draycott

Stirling Square

Exit follows transformational partnership that established the Company as the global glass packaging market leader to the luxury beauty industry

France, 26th May 2025  Stirling Square Capital Partners (“Stirling Square”), a leading pan-European mid-market private equity firm, today announces the completion of the sale of Verescence, the market leader in luxury glass packaging for the perfumery and cosmetics industry, to a consortium comprised of Movendo Capital, an investment holding company and family office, and Draycott, an asset manager.

Verescence is a specialist manufacturer of glass bottles for the perfumery and cosmetics industry and the partner of choice to the world’s largest luxury beauty market players, including Hermès, LVMH and L’Oréal. Founded in 1896, Verescence has 2,500 employees across three continents and brings 130 years of glassmaking expertise globally. It operates seven glass manufacturing factories around the world in France, Spain, North America, and South Korea with an annual production capacity of 600 million bottles.

Stirling Square acquired Verescence in 2019 as the first investment of its Fourth Fund. Over the past six years, it has worked alongside the Company’s leadership team to transform it into the market-leading sustainable glassmaker for the global luxury beauty industry. Stirling Square spearheaded transformational M&A, most notably through the strategic acquisition of a manufacturing facility in South Korea in 2021 that enabled the business to expand into the high-growth, premium beauty segment in Asia. Under Stirling Square stewardship, the Company invested €100 million into additional capacity and automation to increase productivity, through the development of proprietary IP underpinned by AI and machine learning. Stirling Square also supported significant sustainability initiatives – today, bottles can be made from 100% recycled glass, compared with a 2% rate when it assumed ownership. The Company also now upholds industry-leading ESG ratings, notably EcoVadis Platinum and CDP AA- for climate and water action.

As a result of Stirling Square’s investment and strategic transformation, during the ownership period, Verescence’s revenues increased by 40% to €421m and EBITDA trebled to more than €80 million.

Thomas Riou, CEO of Verescence, said: “Stirling Square have been a phenomenal partner, providing investment and expertise that enabled our global expansion, strategic shift to expand our skincare offering to meet the growing needs of our customers. They have also encouraged us to embed innovation across our industrial processes and accelerated our digital transformation that has resulted in us adopting a more data-driven approach across the organisation.”

Julien Horreard, Partner at Stirling Square, added: “We are delighted to have had the privilege of collaborating with Thomas and the brilliant Verescence team over the last six years, during a transformational period linked to our strategic investment in digitalisation, innovation, sustainability and international expansion into the Asian market. We are incredibly proud of what Thomas and the management team achieved during this time as today, Verescence is the market leading specialty glass packaging player with a strong global footprint across France, Spain, the US and South Korea. We wish the team all the best in its next chapter.”

João Coelho Borges, Draycott’s Founding Partner, and Pedro Pereira Gonçalves, Movendo’s CEO, concluded: “We are excited about the opportunity to acquire a global leader with a strong and experienced management team fully aligned with our value creation strategy. Verescence’s leadership position in the industry aligns with our investment criteria across multiple key dimensions. By combining management’s expertise with our own, we aim to drive sustainable growth and maximize value for all stakeholders.”

Stirling Square has a strong track record in France, having been investing locally for over 15 years, with its current and prior portfolio comprising Médisup, Vernet, Siblu, AD Industries, Citec Environnement (ESE) and Permaswage (GDT).

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Carlyle provides financing package to Fitness Park

Carlyle

Paris, France, 15 May 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced that its Global Credit platform has acted as sole lender in providing a financing package of €280 million to Fitness Park, the largest “Full Service Best Price” operator and franchisor of fitness clubs in France. The investment will be used to accelerate Fitness Park’s long-term growth, through M&A in France and internationally, and invest in its customer proposition. Fitness Park will continue to be majority owned by the company’s founders, alongside minority shareholders Future French Champions and Momentum Invest.

Present in France for more than 40 years, Fitness Park has developed into a leading gym chain. Today, the group counts in France, Spain, Portugal and Morocco more than 350 clubs and 1.3 million members across both affiliate and franchised gyms. Fitness Park operates a proven “full service best price” model and has established a strong reputation through a customer offering underpinned by high-quality facilities and best-in-class fitness equipment, extended opening hours, and affordable and flexible membership options. The business is supported by strong market tailwinds, with increasing gym membership rates in France fueled by growing health consciousness and resilient demand for affordable and quality gyms.

Otto Alaoui, Managing Director in Carlyle Global Credit, said: “We are delighted to support Fitness Park in strengthening and expanding on its leading position in fitness club services across France. The transaction demonstrates our ability to provide flexible capital solutions to accelerate the growth trajectory of founder-owned businesses in Europe.”

Gaëtan Dubuisson, Group CEO of Fitness Park, said: “Fitness Park is grateful for the support of Carlyle, which enables the business to continue to pursue its growth ambitions through its high-quality customer offering, and via strategic acquisitions. We strongly believe Carlyle’s expertise and capital will help us further capitalize on the fragmented French fitness market as we look to expand on our strong positioning.”

Carlyle’s Global Credit platform manages $199 billion in assets under management, as of March 31, 2025. It regularly pursues investments in privately negotiated capital solutions partnering with high-quality sponsors and leading family or entrepreneur-owned companies. The Fitness Park transaction follows an active last few months for Carlyle’s European credit platform, recently announcing investments including Suntera GlobalArgonSanoptisYour.World and Bianalisi.

 

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $453 billion of assets under management as of March 31, 2025, 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. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About Fitness Park

Founded in 2009, Fitness Park is a next-generation fitness brand offering premium facilities at affordable prices. As the #1 fitness franchisor in Europe and recently named Brand of the Year 2025*, the company operates over 350 clubs in France and abroad, through both corporate-owned and franchised locations. With more than 350,000 m² of training space and over 1.3 million members, Fitness Park achieved a revenue of nearly €400 million in 2024. Learn more at: www.fitnesspark-group.com and follow Fitness Park on LinkedIn

* Independent study conducted by treetz/Cint at the end of 2024 with a representative sample of French consumers – poyfrance.com.

Media contacts:

Carlyle:

Charlie Bristow

Tel: +44 (0) 7384 513568

 

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Skechers Agrees to Be Acquired by 3G Capital

3G Capital
  • Skechers will continue to be led by Chairman and Chief Executive Officer Robert Greenberg, President Michael Greenberg, and Chief Operating Officer David Weinberg
  • The Company will remain focused on its successful strategy of delivering style, comfort, quality, and innovation at an affordable price
  • Skechers and 3G Capital have a shared vision for the long-term future growth of the business
  • 3G Capital to pay $63.00 per share in cash for Skechers, representing a premium of 30% to the Company’s 15-day volume-weighted average stock price
  • 3G Capital to offer all existing Skechers stockholders an alternative mixed consideration option
  • Skechers to become a privately held company upon completion of the transaction

LOS ANGELES & NEW YORK–(BUSINESS WIRE)– Skechers U.S.A., Inc. (“Skechers” or the “Company”) (NYSE: SKX), a Fortune 500 company and the third largest footwear company in the world, today announced that it has agreed to be acquired by 3G Capital, a global investment firm built on an owner-operator approach to long-term investing.

One of the largest founder-led consumer product companies in the world with $9 billion in annual sales, Skechers’ significant growth over the past 30 years has been driven by a relentless focus on delivering style, comfort, quality, and innovation at an affordable price. Known as the Comfort Technology Company®, Skechers is a growth-oriented, product-driven brand with a diverse distribution network, and highly loyal customers and consumers.

“Over the last three decades, Skechers has experienced tremendous growth,” began Robert Greenberg, Chairman and Chief Executive Officer of Skechers. “Our success has been due to our commitment to excellence and innovation across the entire Skechers organization, in-demand comfort-focused product offering, and loyal partners. With a proven track-record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital. Given their remarkable history of facilitating the success of some of the most iconic global consumer businesses, we believe this partnership will support our talented team as they execute their expertise to meet the needs of our consumers and customers while enabling the Company’s long-term growth.”

“We are thrilled to be partnering with Skechers and look forward to working with an entrepreneur of Robert’s caliber and the talented Skechers team. Skechers is an iconic, founder-led brand with a track record of creativity and innovation. We have immense admiration for the business that this team has built, and look forward to supporting the Company’s next chapter. Our team at 3G Capital is built to partner with companies like Skechers,” said Alex Behring, Co-Founder and Co-Managing Partner, and Daniel Schwartz, Co-Managing Partner, of 3G Capital.

Following the completion of the transaction, Skechers will continue to execute its ongoing strategic initiatives including designing award-winning and innovative product, international development, direct-to-consumer expansion, domestic wholesale growth, and strategic investments in global distribution, infrastructure and technology.

This transaction, which was unanimously approved by the Skechers board of directors (the “Skechers Board”) including an independent committee of independent directors, is a transformational long-term partnership opportunity for Skechers to further evolve as a global leader in both lifestyle and performance footwear. The Company’s senior management team will lead that transition alongside 3G Capital, one of the foremost growth-focused investors in the world. Further, the Company will continue to be led by Chairman and Chief Executive Officer Robert Greenberg, President Michael Greenberg, and the rest of the current management team. It will remain headquartered in its hometown of Manhattan Beach, California where it was founded over 30 years ago. 3G Capital brings decades of successful stewardship alongside market‑leading companies worldwide.

Under the terms of the definitive merger agreement (the “Merger Agreement”), 3G Capital has agreed to pay $63.00 per share in cash for all outstanding shares of Skechers, representing a premium of 30% to Skechers’ 15-day volume-weighted average stock price. The transaction includes the option for existing shareholders of Skechers to instead receive $57.00 in cash and one unlisted, non-transferable equity unit (the “LLC Unit”) in a newly-formed, privately held company that, following the closing of the transaction, will be the parent company of Skechers (the “New LLC”). The ability to make this election is subject to the restrictions described in “Election Mechanics” below.

Transaction Details

Under the terms of the Merger Agreement, subject to the conditions set forth therein and election mechanics described below, Skechers shareholders can elect to receive:

  • $63.00 per share in cash (the “Cash Election Consideration”); or
  • $57.00 per share in cash and one LLC Unit (such consideration, subject to the proration as described below, the “Mixed Election Consideration”).

Both the Cash Consideration and Mixed Election Consideration are available to each share of Skechers stock on the same terms, regardless of whether it is Class A or Class B shares of Skechers stock.

Election Mechanics

  • No shares that are sold, transferred, assigned, or otherwise disposed of (including by derivative or hedging arrangement) between the close of trading on May 2, 2025, and the closing of the transaction will be eligible to receive the Mixed Election Consideration.
  • The amount of Mixed Election Consideration available is limited. A maximum of 20% of the outstanding shares of Skechers common stock will be eligible to receive the Mixed Election Consideration. If holders of shares representing more than the 20% of the outstanding Skechers stock elect to receive the Mixed Election Consideration, these elections will be subject to proration.
  • Shares for which an election has not been made will be converted into the Cash Election Consideration.

Important Information about the LLC Units

  • Holders of LLC Units may not transfer their LLC Units except with 3G Capital’s consent, subject to very limited exceptions set forth in the LLC agreement.
  • Transfers of LLC Units in violation of the LLC agreement will be deemed void and will be subject to forfeiture.
  • The LLC Units will neither be listed on a stock exchange (unless the LLC makes an initial public offering in the future, which it is not obligated to do and may never do) nor will the LLC Units be otherwise tradable.
  • Holders of LLC Units will be subject to non-disparagement and confidentiality obligations and will not have any information rights.
  • 3G Capital is expected to hold approximately 80% of New LLC’s outstanding units immediately following the closing of the transaction, subject to the number of Skechers shares that convert into the Mixed Election Consideration and finalization of the closing capital structure.
  • The New LLC will terminate its periodic reporting obligations under the Securities Exchange Act of 1934 as soon as practicable after the closing of the transaction.
  • Further information about the LLC Units and the New LLC including the New LLC’s capital structure and pro forma financial information will be provided in the Form S-4 and related information statement when filed. We encourage you to review such information when available before making any decision with respect to your shares. Additional information on the terms of the LLC units will be included in the Current Report on Form 8-K to be filed by Skechers.

In connection with entering into the Merger Agreement, on May 4, 2025, Skechers entered into a support agreement with Robert Greenberg and other members of the Greenberg Family (each, a “Supporting Stockholder”), pursuant to which each Supporting Stockholder has agreed to, among other things, elect to receive the Mixed Election Consideration in the transaction.

The Skechers Board formed an independent committee of independent directors to evaluate the transaction. The independent committee reviewed, negotiated, unanimously approved and recommended the transaction for approval by the Skechers Board. Following approval by the Skechers Board, the Merger Agreement was signed.

Skechers stockholders holding approximately 60% of the combined voting power of the outstanding shares of Skechers common stock have approved the transaction by written consent. As a result, no further actions by other Skechers stockholders will be required to approve the transaction. The transaction is subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals. The transaction is expected to close in the third quarter of 2025.

The transaction will be financed through a combination of cash provided by 3G Capital as well as debt financing that has been committed by JPMorgan Chase Bank, N.A.

Upon completion of the transaction, the Company’s common stock will no longer be listed on the New York Stock Exchange, and Skechers will become a private company.

Advisors

Greenhill, a Mizuho affiliate, acted as exclusive financial advisor and Latham & Watkins LLP acted as lead legal counsel to Skechers.

J.P. Morgan Securities LLC acted as exclusive financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as lead legal counsel to 3G Capital, with Kirkland & Ellis LLP serving as financing legal counsel.

About Skechers U.S.A., Inc.

Skechers, The Comfort Technology Company® based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in approximately 180 countries and territories through department and specialty stores, and direct to consumers through skechers.com, and more than 5,300 Skechers retail stores. A Fortune 500® company, Skechers manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on FacebookInstagram and TikTok.

About 3G Capital

3G Capital is a global investment firm and private partnership built on an owner-operator approach to investing over a long-term horizon. For decades, 3G partners have teamed with world-class management and founding families to acquire iconic businesses, unlocking durable growth and enduring value. Founded in 2004, 3G Capital is led by Alex Behring, Co-Founder and Co-Managing Partner, and Daniel Schwartz, Co-Managing Partner.

Special Note on Forward-Looking Statements

This communication includes certain disclosures which contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act including but not limited to those statements related to the Transaction, such as financial estimates and statements as to the expected timing, benefits and effects of the Transaction, the likelihood of completion of the Transaction, and information regarding the businesses of the Company and Parent, including Parent’s and the Company’s objectives, plans and strategies for future operations. In most cases, you can identify these statements by forward-looking words such as “anticipate,” “believe,” “confidence,” “could,” “estimate,” “expect,” “guidance,” “intend,” “indicate,” “may,” “plan,” “potential,” “project,” “outlook,” “should,” “will” and “would,” or similar words or expressions that refer to future events or outcomes. These forward-looking statements, including statements regarding the Transaction, are based largely on information currently available to management of the Company and/or Parent and their current expectations and assumptions, and are subject to various risks and uncertainties that could cause actual results to differ materially from historical results or those expressed or implied by such forward-looking statements. Although the Company and Parent believe their expectations are based on reasonable estimates and assumptions, such expectations are not guarantees of performance. There is no assurance that the Company’s and Parent’s expectations will occur or that their estimates or assumptions will be correct, and we caution investors and all others not to place undue reliance on such forward-looking statements.

Important factors, risks and uncertainties that could cause actual results to differ materially from such plans, estimates or expectations include but are not limited to: (i) the completion of the Transaction on the anticipated terms and timing or at all, including obtaining regulatory clearances, and the satisfaction of other conditions to the completion of the Transaction; (ii) potential litigation relating to the Transaction, including the effects of any outcomes related thereto; (iii) the risk that disruptions from the Transaction will harm the Company’s business, including current plans and operations during the pendency of the Transaction; (iv) the ability of the Company to retain and hire key personnel; (v) the diversion of Company and Parent management’s time and attention from ordinary course business operations to completion of the Transaction; (vi) potential business uncertainty and changes to existing business relationships, including changes to existing business relationships, during the pendency of the Transaction; (vii) the ability of Parent to cause an initial public offering or another liquidity event, or to realize the anticipated benefits of and implementing its strategy following the Transaction within the expected time period or at all, or the risk that the successful implementation of such a strategy will not result in improved operating results; (viii) the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (ix) the risk that there may be liabilities that are not known, probable or estimable at this time or unexpected costs, charges or expenses, including unexpected capital expenditures; (x) certain restrictions during the pendency of the Transaction that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; (xi) unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, outbreaks of war or hostilities or pandemics and other public health issues, as well as the response of management of the Company and/or Parent to any of these events; (xii) global economic, political, legislative, regulatory and market conditions (including competitive pressures), including the effects of tariffs, inflation and foreign currency exchange rate fluctuations around the world, the challenging consumer retail market in the United States and the impact of war and other conflicts around the world; (xiii) the ability to obtain the necessary financing arrangements set forth in the commitment letter received in connection with the Transaction; (xiv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Transaction; (xv) the risk that the Company’s stock price may decline significantly upon this announcement and while the Transaction is pending; (xvi) Parent’s ability to maintain the Company’s brand name and image with customers; (xvii) Parent’s ability to respond to changing consumer preferences, identify and interpret consumer trends, and successfully market new products; (xviii) the potential impact of the announcement or consummation of the Transaction on the Company’s relationships with suppliers, customers, employers and regulators; (xix) those risks and uncertainties set forth under the headings “Special Note on Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q, as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by the Company with the SEC from time to time, which are available via the SEC’s website at www.sec.gov; and (xx) those risks that will be described in the information statement that will be filed with the SEC in connection with the Transaction and available from the sources indicated below.

There can be no assurance that the Transaction will be completed, or if it is completed, that it will close within the anticipated time period. While the list of factors presented here is, and the list of factors to be presented in the registration statement on Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. The forward-looking statements relate only to events as of the date on which the statements are made. Neither Parent nor the Company undertakes to update or revise, and expressly disclaims any obligation to update or revise, any of their forward-looking statements, whether resulting from circumstances or events that arise after the date the statements are made, new information, or otherwise, except as required by law. If one or more of these or other risks or uncertainties materialize, or if Parent or the Company’s underlying assumptions prove to be incorrect, Parent’s or the Company’s actual results may vary materially from what the parties may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of the parties’ forward-looking statements. You should specifically consider the factors identified in this communication that could cause actual results to differ. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect the Company or Parent.

No Offer or Solicitation

This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Important Additional Information and Where to Find It

In connection with the Transaction, Parent expects to file a registration statement on Form S-4 with the SEC containing the Company’s preliminary information statement and the Parent’s preliminary prospectus. After the registration statement is declared effective, the Company will mail to its stockholders a definitive information statement that will form part of the registration statement on Form S-4. This communication is not a substitute for the information statement/prospectus or registration statement or for any other document that the Company or Parent may file with the SEC and send to the Company’s stockholders in connection with the Transaction. STOCKHOLDERS ARE URGED TO READ THE INFORMATION STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION. Stockholders will be able to obtain free copies of the information statement/prospectus (when available) and other documents filed with the SEC by Parent and the Company through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by the Company will also be available free of charge on the Company’s website at https://investors.skechers.com/financial-data/all-sec-filings.

 

Steve Lipin / Felipe Ucrós
Gladstone Place Partners
(212) 230-5930

Jennifer Clay
Media Relations
Skechers
jennc@skechers.com

Sonia Reback / Eunice Han
Investor Relations
Skechers
investors@skechers.com

Source: Skechers U.S.A., Inc.

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Homecare specialists Medi-Markt and Unizell merge to form Liveo Group

GIMV

The Liveo Group brings a highly capable supplier to the German homecare market specialising in the sophisticated, long-term care of chronically ill or impaired people in their home environment. Mannheim-based Medi-Markt Group and Unizell Medicare GmbH from Bad Schwartau are combining their strengths with the assistance of European private equity company Gimv.

The new Liveo Group’s service offering comprises a broad range of products and services required for domestic care and support such as absorbent or drainage incontinence products, care for stoma patients, care aids, diabetes products and enteral nutrition therapies as well as nursing courses, training and emergency call systems. The Liveo Group will employ over 450 people. The Group operates throughout Germany and will achieve total combined sales revenues of approximately EUR 150 million.  The two merging company groups will retain their existing brand names.

Gimv acquired a majority in Medi-Markt as part of a succession plan in 2018. Since then, it has worked with management to continuously develop its offering and its market position, helping the company to achieve strong growth. The acquisition of the Saxony-based firm mediclean Home Care Service GmbH greatly expanded the supply of medical resources and consumables in the federal states of Eastern Germany and in the nursing sector. Since Gimv came on board the offering for patients has expanded, significant investments were made in digitisation, and sales revenues have jumped by around 70%. Thanks to this strong growth, Gimv has achieved returns above its long-term average targets throughout its entire investment period in Medi-Markt.

Under the more than 30-year leadership of its managing partner Jürgen van der Smissen, Unizell has developed into a successful full-service provider for homecare patients. The expansive, customer-centred portfolio comprises products, training courses, qualifications and personal support.

“The merger improves our performance and enables us to offer innovative digital solutions that make life easier for our customers, for patients, for caregiving relatives and for specialist staff, improving their use of our offerings. This step will make for even better care. Our employees are the key to our success. By combining their knowledge, we are laying a strong foundation for continued growth and development – for our customers, our employees and our shareholders”, explains Dr. Torge Doser, CEO of Medi-Markt and of the new Liveo Group.

This view is shared by Jürgen van der Smissen, Managing Partner of Unizell who will support the group as a significant minority shareholder and advisory board member following the transaction: “I am delighted to see two quality-leading suppliers now coming together whose philosophy centres around customers’ needs and desires and who complement each other perfectly. Together they are forming a group that stands for very similar values and that will be able to shape the homecare market even more actively than before, to everyone’s benefit.”

Philipp v. Hammerstein and Lars Timmer, Partner specialising in healthcare and Senior Principal at Gimv’s Munich office, add: “With Unizell, Medi-Markt has found the perfect fit. The Liveo Group will give even more people greater control over their day-to-day lives while improving the quality, efficiency and cost-effectiveness of their care. We look forward to assisting the Liveo Group with all our energy over the coming years.”

Gimv will hold a majority interest in Liveo and will continue to grow the group with Jürgen van der Smissen. The transaction remains subject to the usual official approval and is expected to be completed in the coming weeks. Upon completion, the Liveo Group will be among Gimv’s five largest portfolio companies.

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Bain Capital Agrees to Acquire Supermarket & Specialty Stores Businesses from Seven & i Holdings

TOKYO, March 6, 2025 – Bain Capital, a leading global private investment firm, today announced that it has signed a definitive agreement to acquire York Holdings’ headquarters and subsidiary management functions, along with its supermarket and specialty store businesses (“SST Business Group”). Bain Capital has also agreed with Seven & i Holdings regarding the absorption-type split and the implementation of a partial reinvestment from Seven & i Holdings.

Established in October 2024 as a wholly owned subsidiary of Seven & i Holdings, York Holdings oversees 29 subsidiaries and affiliated companies, including major supermarket chains Ito-Yokado and York-Benimaru, as well as specialty retailers including Loft, Akachan Honpo, and Seven & i Food Systems (which operates the family restaurant chain Denny’s).

Founded in 1920 in Japan, Ito-Yokado has grown over 100 years under the philosophy of “striving to be a trustworthy company for customers, business partners, employees, and all kinds of stakeholders.” The company has built a reputation for high-quality food offerings, while demonstrating values of supporting the local community and the lives of customers.

York-Benimaru has a strong presence in the Tohoku and northern Kanto regions, operating community-focused supermarkets that provide fresh and ready-to-eat foods, daily necessities, home supplies, and clothing.

In addition to its supermarket operation, York Holdings manages specialty retailers such as Loft and Akachan Honpo, as well as restaurant chain Denny’s. As an integrated retailer that enriches customers’ daily lives through clothing, food, and housing, York Holdings is a leading force in the retail and consumer goods industry.

“SST Business Group is one of Japan’s leading companies in the industry, centered around businesses such as Ito-Yokado, which has a history of over 100 years; York-Benimaru, loved by locals as the community’s kitchen; as well as Loft, Akachan Honpo, and Denny’s, that together as a comprehensive retail enterprise, support our daily lives,” said Naofumi Nishi, a Partner at Bain Capital Private Equity. “We are delighted to have the opportunity to partner with such a remarkable Group and further support its growth. Bain Capital will work closely with the Group, leveraging our expertise in supporting retail and consumer goods companies both globally and locally in Japan, to bolster the company’s continued growth. In addition, we will work closely with our in-house real estate specialist team to provide comprehensive support to maximize the value of the group-operated facilities by taking on initiatives such as attracting the best tenants to these facilities.”

Bain Capital has extensive experience supporting businesses in the retail and consumer goods sectors, including drugstore chains such as Kirindo and Dollarama (a dollar store operator in Canada), as well as brand and specialty retailers such as MASH Holdings, Snow Peak, and Canada Goose. Drawing on investment insights that Bain Capital has cultivated in this sector, Bain Capital will support SST Business Group in further strengthening its operational base and accelerating its medium-to long-term business growth, in partnership with the management and employees.

On this transaction, Bain Capital’s financial advisors include BNP Paribas (as the lead), along with Citigroup Global Markets Japan Inc., and Mizuho Securities Co., Ltd. Legal advisors include Anderson Mori & Tomotsune and Ropes & Gray LLP.

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About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management.

To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

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KKR to Sell Seiyu to Trial Holdings

KKR

Transaction marks significant outcome for KKR and poises Seiyu for further success

TOKYO–(BUSINESS WIRE)– KKR, a leading global investment firm, and Seiyu, a nationwide supermarket chain in Japan, today announced the signing of definitive agreements to sell Seiyu (the “Company”) to Trial Holdings, Inc. (TSE stock code 141A; “Trial”), a distribution and retail business operator in Japan that operates a network of stores offering “everyday essentials” in Kyushu. This transaction represents a significant outcome for KKR and follows transformational work that positions Seiyu strongly for continued success.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250304329234/en/

KKR first acquired a 65% majority stake in Seiyu from Walmart in 2021, before acquiring an additional 20% stake from Rakuten in 2023, taking KKR’s shareholding to 85%. As part of the transaction, Walmart will also sell its 15% stake to Trial.

As committed investors in Seiyu, KKR and Walmart have collaborated closely to support Seiyu’s growth by focusing on improving operational efficiency, product quality and selection, profitability, and productivity through technology adoption. Since 2021, Seiyu has benefited from a range of value creation efforts, such as:

  • Improving the quality and selection of products, especially for fresh produce, delicatessen, and Seiyu’s popular in-house brands, which are all major revenue drivers for Seiyu;
  • Developing standard operational processes and adopting technological solutions, such as self-checkout and automatic restocking systems, to aid workers, leading to solid man-hour productivity increases;
  • Transforming Seiyu from a traditional General Merchandise Store (GMS) into a “supermarket” by optimizing its product assortment and distribution strategies; and
  • Accelerating Seiyu’s digital transformation to enable superior customer experience, including through strengthening and modernizing its IT infrastructure.

Hiro Hirano, Deputy Executive Chairman of KKR Asia Pacific and CEO of KKR Japan, said, “We are incredibly proud of what we have achieved with Seiyu and our strategic partners Walmart and Rakuten over the course of our ownership, and how this has delivered tremendously for Seiyu’s customers and our investors. Seiyu serves as an outstanding example of how global investors with deep local knowledge, global connectivity and know-how can help iconic Japanese brands and local champions unlock their full potential. We are confident that Seiyu is well-placed to build on its achievements and wish the company and Trial continued success.”

Tsuneo Okubo, CEO of Seiyu, said, “We would like to thank our longstanding shareholders, including KKR and Walmart, for their support, which has enabled us to create substantial value for our customers and business. Over the past few years, we have leveled up our merchandising strategies and in-store operational capabilities while reinvesting in our stores, employees, and IT capabilities as part of our transformation. We now look forward to building on this success with the support of our new shareholder Trial in Seiyu’s next chapter.”

KKR made its investments in Seiyu from its Asian Fund IV. The transaction is expected to close in the second quarter of 2025, subject to regulatory and customary closing conditions.

About Seiyu
Established in 1963, Seiyu is a nationwide supermarket chain in Japan with more than 240 retail units. Through its supermarket and hypermarket formats and Seiyu Netsuper delivery service, Seiyu offers customers a broad assortment including fresh food, general merchandise, and apparel products across Japan.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

For more information, please contact:

Media Inquiries

For Seiyu
Corporate Communications, Corporate Planning
+81 4222 68 7102

For KKR
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

For Walmart
Rachael Simmons
Rachael.simmons@walmart.com

Source: KKR & Co. Inc.

 

 

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