KKR to Acquire Roompot Group from PAI Partners

KKR

LONDON–(BUSINESS WIRE)–Jun. 18, 2020– KKR, a leading global investment firm, today announces an agreement to acquire Roompot Group, a provider of holiday parks in Western Europe and #1 operator in the Netherlands, from leading European private equity firm PAI Partners. The transaction is subject to customary closing conditions, having already received positive works council advice. Financial terms are not disclosed.

Founded in 1965 in the region of Zeeland (the Netherlands), Roompot has progressively developed to become a leading holiday parks operator in Europe. The business directly owns and operates 33 parks in the Netherlands, Germany and Belgium, and works exclusively with more than 100 third-party park operators to support their booking and distribution efforts and provide development, design and refurbishment services.

Under PAI’s ownership, Roompot has invested significantly in upgrading and expanding its accommodations and opening new parks, developed a strong digital marketing and distribution platform, increased real estate ownership and grown revenue and EBITDA at double digit growth rates. The company now welcomes three million guests and 13 million overnight stays each year, generating revenues of almost EUR 400 million. PAI’s ownership of Roompot continued its strong track record of supporting the growth of consumer companies worldwide, including in the leisure sector with B&B Hotels most recently, and in the Netherlands where it is currently invested in Wessanen, a leading European healthy and sustainable foods company, and Refresco, a leading international bottler of beverages.

KKR will continue to support Roompot’s current management team with its further development into a leading pan-European operator, driven by supportive structural trends around domestic tourism. The investment continues KKR’s track record in the Netherlands with major recent investments including Upfield (formerly Unilever’s Spreads business), Exact Software (a leading provider of accounting software to SMBs) and Q-Park (a pan-European parking services provider).

Jurgen van Cutsem, CEO of Roompot Group, said: “As we change to new ownership we would like to thank PAI, who have been a hugely supportive partner to our team since 2016, and welcome KKR for the next phase. Our focus, as always, will be providing a great service for our leisure customers and third-party providers. We continue to see growing demand from our guests and from our corporate partners due to the leading platform we have put in place, providing a solid foundation to scale the business, also on an international level.”

Daan Knottenbelt, Partner and Head of the Benelux region at KKR, said: “Roompot is already a leading player in the region with a best-in-class management team and a strong recent track record. We see significant further growth potential based on a very strong development pipeline, continued expansion of Roompot’s owned assets and new corporate partnerships. KKR is investing in Roompot through our Core Investments strategy, which is our pool of capital for longer-term investments, and we look forward to working with Jurgen and his team over the coming years.” Joerg Metzner, Director at KKR, added that “We have been looking for a platform to invest behind in the fragmented European holiday parks market for some time. Our support for Roompot and its management team fits perfectly with our broader investment theme in the leisure space.”

Gaëlle d’Engremont, Partner and Head of Food & Consumer at PAI Partners, said: “PAI has accompanied Roompot through an exciting transformation journey since 2016. Roompot has significantly reinforced its offer and its leadership in the Dutch holiday park sector over the past four years under the leadership of Jurgen. We are delighted that KKR will support the strong ambitions of the team to continue this successful trajectory.”

KKR is making its investment through its Core Investments strategy, which represents capital targeting longer-term opportunities. Recent European investments through this strategy include the acquisition of Exact Software in the Netherlands in 2019.

About Roompot
Roompot is the second-largest operator and provider of holiday parks in Europe and a regional market leader in the Netherlands, with a strong and expanding position on the coastal regions. More than 2100 employees are motivated to let 3 million guests enjoy a well-earned vacation each year, representing 13 million overnight stays in Roompot’s 17,000 holiday accommodations. In total Roompot has more than 150 holiday parks in Denmark, the Netherlands, Germany, Belgium, France and Spain in its portfolio, from premium resorts to comfortable parks and pleasing campsites. www.roompot.com

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.

About PAI Partners
PAI Partners is a leading European private equity firm with offices in Paris, London, Luxembourg, Madrid, Milan, Munich, New York and Stockholm. It manages €13.6 billion of dedicated buyout funds and, since 1994, has completed 74 transactions in 11 countries, representing over €50 billion in transaction value. PAI Partners is characterised by its industrial approach to ownership combined with its sector-based organisation. It provides the companies it owns with the financial and strategic support required to pursue their development and enhance strategic value creation. www.paipartners.com

Media Contacts
KKR: international
Alastair Elwen / Alice Neave
Finsbury
+44 (0) 20 7251 3801 or kkr@finsbury.com

KKR: Netherlands
Corina Holla
Meines Holla & Partners
+31 (0)70 362 25 52 or corinaholla@meinesholla.nl

PAI Partners
Head of Communications: Matthieu Roussellier
+44 20 7297 4674
Greenbrook Communications: James Madsen / Fanni Bodri
+44 20 7952 2000

Roompot
PR & Corporate Communications: Baptiste van Outryve
+31 6 30 94 78 24

Source: KKR

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Kinnevik agrees to divest shares in Qliro Group

Kinnevik

Kinnevik AB(publ)(“Kinnevik”) today announced that it has agreed to divest 36,021,945 shares in Qliro Group AB (“QliroGroup”) to Rite Ventures, corresponding to 23.2percent of the shares in Qliro Group. As partial payment for thesold Qliro Group shares, Kinnevik will receive up to 47,439 shares in MatHem i Sverige AB (“MatHem”), corresponding to 0.5percentof the total number of shares in MatHem. The balance will be paid through a promissory note from Rite Ventures, which under some circumstances provides for a purchase price adjustment. The total consideration that Kinnevik expects to record in its financial statements immediately after closing of the transaction corresponds toSEK 195m.After the transaction, Rite Ventures will hold 29.9 percent of the shares in Qliro Group.

In connection with the transaction, other MatHem shareholders may also sell a portion of their MatHem shares to Kinnevikin exchange for Qliro Groupshares. If a sufficient number of MatHem shareholders exchange their shares, Kinnevik may come to divest its remaining stake of approximately 4 percent in Qliro Group through such exchange. Final completion of the transaction is subject to approval from the Swedish Financial Supervisory Authority, and closing is expected to take place in the third quarter of 2020.

For further information, visitwww.kinnevik.comor contact:Torun Litzén, Director Investor Relations

Phone +46 (0)70 762 00 50Email press@kinnevik.com

Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choice. In partnership with talented founders and management teams we build challenger businesses that use disruptive technology to address material, everyday consumer needs. As active owners, we believe in delivering both shareholder and social valueby building long-term sustainable businesses that contribute positively to society. We invest in Europe, with a focus on the Nordics, the US, and selectively in other markets. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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KAR Global announces $550 million strategic investment led by Funds advised by Apax Partners

Apax

CARMEL, Ind. – May 26, 2020: KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), a global vehicle remarketing and technology solutions provider, today announced the placement of $550 million in newly issued perpetual convertible preferred stock of KAR Global (“KAR”). The preferred stock has a 7.0% dividend which shall be paid in-kind for the eight quarters following closing, and thereafter in cash or in-kind at KAR’s option. The initial conversion price of $17.75 per share represents an approximately 42% premium to KAR’s closing price of $12.52 per share on Friday, May 22, 2020. The investment was led by funds advised by Apax Partners (the “Apax Funds”), a global private equity advisory firm, with participation by Periphas Capital, L.P. The proceeds of the transaction will be utilized to expedite the resumption of operations to meet market demand, sustain the company’s technology platforms and development pipeline and navigate the industry and economic recovery.

“KAR took early and decisive steps in response to COVID-19 to protect the safety of our employees and customers, preserve our capital position and keep our operations moving forward,” said Jim Hallett, Chairman and CEO of KAR. “This transaction will help us continue to support our global customers and further accelerate our digital transformation. Apax is the right strategic partner for our company, employees and stockholders, and their investment reinforces the strength of our brands, market position and long-term strategy for growth and expansion.”

“KAR is an internationally recognized leader in wholesale remarketing with a strong track record of innovation,” said Roy Mackenzie, Partner at Apax Partners. “The company’s market leading digital platforms and investments in data analytics uniquely position them to thrive in the new digital normal. We look forward to partnering with KAR’s progressive and entrepreneurial management team to transform their industry and drive long-term value for all stockholders.”

Goldman Sachs & Co. LLC acted as lead financial advisor, J.P. Morgan Securities LLC acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to KAR. Simpson Thacher & Bartlett LLP served as legal advisor to Apax Partners. Wachtell, Lipton, Rosen & Katz served as legal advisor to Periphas Capital.

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About KAR

KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR Global’s unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services, including the sale of nearly 3.8 million units valued at approximately $40 billion through our auctions in 2019. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in more than 80 countries. Headquartered in Carmel, Indiana, KAR Global has employees across the United States, Canada, Mexico, U.K. and Europe. For more information, go to www.karglobal.com. For the latest KAR Global news, follow us on Twitter @KARspeaks.

About Apax Partners

Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies.

The Apax Funds are growth focused investors with a long and successful track record investing in leading software and digital businesses. The Apax Funds have invested more than $5 billion in this sub-sector, including Dealer.com, DealerTrack, Trader Corporation and Auto Trader Group plc.

For more information see: www.apax.com.

About Periphas Capital 

Periphas Capital focuses on growth and buyout investments in four primary industries: Technology Enabled Services, Business Services, Consumer and Industrials. The principals of Periphas bring 30 years of private equity investing experience and have led 37 investments with aggregate invested capital of $5 billion, including a previous investment in KAR, in addition to investments in Aramark, Burger King and Hexcel.

For more information see: www.periphascapital.com.

Forward-Looking Statement

This press release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. Forward-looking statements are not guarantees of future performance and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements are described in our filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, potential risks and uncertainties relating to the novel coronavirus (COVID-19).

Contacts 

For Apax Partners

USA Media: Todd Fogarty, Kekst CNC | +1 212-521-4854 | apax@kekstcnc.com

UK Media: Matthew Goodman / James Madsen, Greenbrook | +44 20 7952 2000 | apax@greenbrookpr.com

For KAR

Media Inquiries: Tobin Richer | +1 (317) 249-4521 | tobin.richer@karglobal.com

Analyst Inquiries: Mike Eliason | +1 (317) 249-4559 | mike.eliason@karglobal.com

Notes to Editors 

London-headquartered Apax Partners (www.apax.com) and Paris-headquartered Apax Partners (www.apax.fr) had a shared history but are separate, independent private equity firms.

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Partnership between Guinness PRO14 and CVC Capital Partners Fund VII

Together to develop the league for the benefit of its fans, players, clubs and unions, in key rugby nations

The board of the Guinness PRO14 has completed a significant strategic partnership investment from CVC Capital Partners Fund VII (“CVC Fund VII”) that will allow the league to work towards its full potential – for the benefit of fans, players, clubs and unions in these key rugby nations over the years ahead.

Under this agreement, CVC Fund VII will acquire a 28 percent share of PRO14 Rugby from Celtic Rugby DAC, the Unions will retain the 72 percent majority share.

The partnership commitment will allow both PRO14 Rugby and the Irish, Italian, Scottish & Welsh rugby unions to continue to invest in the sport, both professional and amateur, to achieve its potential over the long term.

A portion of the investment will also be held centrally at PRO14 Rugby, for the Board to invest in further capabilities for the business and in upgrading league operations in line with its growth ambitions.

As part of this agreement, the Federazione Italiana Rugby (FIR), will also become a member of Celtic Rugby DAC, and receive a share of the investment.

Martin Anayi, CEO, will continue to lead the management team at PRO14 Rugby, working closely with CVC and the unions on execution of the commercial plan. The unions will also remain independently responsible for the sporting and regulatory elements of the league, via the Sporting & Regulatory Committee.

In the past four years, the Guinness PRO14 has performed well both on and off the field, doubling distributions to clubs and facilitating record investment back into the sport from the league. This has been recognised by CVC, who share PRO14 Rugby’s vision for the long-term potential of the league.

CVC was selected by PRO14 Rugby and the unions as their partner due to the extensive experience of prior CVC funds investing in multiple sports businesses, such as Formula 1, Moto GP and Premiership Rugby.

Dominic McKay, Chairman of Celtic Rugby DAC and Chief Operating Officer of Scottish Rugby, said: “I am delighted that we have managed to welcome CVC into the Guinness PRO14 as our partner. As a board, we have been ambitious in our outlook and have significantly developed the league in recent years. One of our key goals was to secure a strategic partner to help accelerate our plans and CVC bring a wealth of experience and great expertise in this regard.

“Sport, like all of society is dealing with major challenges currently that we could not have imagined just a few months ago, and it is testament to the strength of our partnership with CVC that they have committed to the game of rugby in a such a significant way.

“Their enthusiasm and commitment is a welcome vote of confidence in the future of the sport and the Guinness PRO14 as an international competition. Completing this partnership with CVC is testament to the hard work invested by many people who have focused to deliver a bright vision for PRO14 and enable it to realise its commercial value in the global sports market.

“We are also delighted that the FIR has now joined Celtic Rugby DAC as a shareholder after 10 years of participation in the league. Alongside my PRO14 Board colleagues at the Irish, Italian, Welsh and South African rugby unions I would like to warmly welcome CVC to the Guinness PRO14.”

Martin Anayi, CEO of PRO14 Rugby, said: “CVC’s show of faith has been impressive and is in keeping with their proven track record of success when it comes to sports investment, including Formula 1, Moto GP and Premiership Rugby. This partnership allows all of our stakeholders to plan for a sustainable period of growth, which will benefit the fans, the players and the game.

“We are very pleased to partner with CVC, who saw us as an ambitious, fast-paced and innovative organisation, situated across a number of core rugby nations that can deliver an increasing impact.

“We have been clear that we believe the Guinness PRO14 is a world-class club league, that is still in its growth phase and we are confident that it will become a major standard bearer in our sport. We are excited that CVC clearly shares that ambition and we look forward to working with them to deliver on the league’s promise in the years ahead.”

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AURELIUS subsidiary Office Depot Europe announces divestment of its Nordics business

Aurelius Capital

Munich/Venlo, May 14, 2020 – Office Depot Europe, a portfolio company of AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8) completed the divestment of Office Depot Nordics to CEO Frank Egholm in a family-office backed Management Buy-Out transaction. The business, also servicing other Nordic markets as well as its core business in Sweden, is set to benefit from further growth due to its strong market position and solid financing.

A successful transformation lays the foundation for the MBO

Office Depot Europe’s decision to divest its business in Sweden and the wider Nordics region comes after a successful transformation of the business since its acquisition by AURELIUS in January 2017. Since then, Office Depot’s Nordics business has expanded its product and service offerings, its retail channel has been integrated into a multi-channel approach, and the business has continued to foster its position among the top 3 leading players in its core market, Sweden.

The goal is to become a market leader

Frank Egholm and the management team are excited to take on the next chapter in Office Depot Nordic’s growth and have great plans for the future, involving the continued digitalisation, product innovation and increased focus on servicing customers across all channels. Entering a MBO transaction is a firm testament of the parties’ confidence in the strength and profitability of the business.

“I’m truly excited to have this opportunity because Office Depot Nordic is a fantastic company. We have come a long way the past few years, but there is still a great potential for evolving the business further. This change will fuel our ambitions of becoming an even more successful player in the Swedish market, and this deal marks an important milestone for us all in achieving that goal. We already have a great team in place to take us there. Our employees are our best asset and we as a management team are ready for the challenge. I’m very pleased to be a part of Office Depot Nordics’ future, says Frank Egholm”.

Divestment of Nordics division follows the earlier divestment of the CEE division 

Office Depot Europe exited its CEE (Central Eastern European) business in November 2019. The transaction also followed a very successful transformation, positioning Office Depot CEE as the local market leader with a wide array of B2B products and services. The exit of Office Depot’s Nordics division follows the same strategic rationale, freeing resources to allow Office Depot Europe to focus on its stronghold European ecommerce centric business activities.

About Office Depot Nordics

Office Depot Nordics has its nucleus in Sweden. Together with the involvement of partners, it is also servicing customers in Norway, Denmark and Finland. With its 450 employees it is one of Sweden’s largest office suppliers covering the Nordics. Office Depot Nordics provide business supplies and services to help their customers work better and become more productive and efficient at work – regardless of their workplace. They are a single source supplier of the latest technology, core office supplies, print, and document services, business services, facilities products, furniture, and school essentials.

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HPEF III has successfully completed the exit of Odlo

Hercules Capital

On 13 May 2020, HPEF III completed the sale of Odlo to Monte Rosa Sports Holding AG

Odlo is a Swiss company with Norwegian roots. Founded in 1946, Odlo is a pioneer of the three-layer principle and inventor of sports underwear. From 1986, Odlo headquarters are based in Hünenberg, Switzerland, now with approximately 800 employees across multiple locations. Odlo offers performance sportswear in 6 categories: functional sport underwear, running, training, cycling, cross-country skiing and outdoor. Odlo is market leader within functional sports underwear in Germany, Switzerland, France, Austria and Italy. The Odlo brand is distributed worldwide in more than 35 countries.

HPEF III acquired Odlo in 2010. Following several years of mixed performance, Odlo was brought back to a trajectory of profitable growth. On 13 May 2020, HPEF III completed the sale of Odlo to Monte Rosa Sports Holding AG.

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AURELIUS portfolio company completes sale of online bookshop WORDERY

Aurelius Capital

Munich / London, May 1, 2020 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) (“AURELIUS”) today announces the sale of the online specialist bookseller Wordery by its portfolio company Bertram Group to Elliott Advisors.

The sale of Wordery follows the sale of Bertram Group’s library businesses, Erasmus Antiquariaat en Boekhandel BV and Houtschild Internationale Boekhandel BV, to Italian Casalini Libri SPA, a strategic partner and family-owned business, at the end of March.

These successful disposals of the e-commerce and library businesses have secured many jobs and, in both cases, compliment their new owners’ existing models, thereby securing the futures of both businesses. Wordery has performed well under Aurelius’ ownership receiving prestigious awards continually for the last two years as the best online bookshop. Separately, as a result of the economic uncertainty created by Brexit and more recently the Covid-19 pandemic, AURELIUS is reviewing its strategic options for the Bertram wholesale division, Education Umbrella, a key supplier of books to schools and Dawson Books a major partner of UK Universities.

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Belgian wallpaper producer Grandeco expands its shareholder base

GIMV

20/03/2020 – 07:30 | Portfolio

Grandeco announces a reorganisation of its shareholder base: Down2Earth Capital (D2E) comes in as majority shareholder, while Gimv and management remain on board and reinvest significantly. By broadening the investor group, Grandeco seeks to strengthen its position as a future-proof market leader in decorative wallpaper, including through potential strategic acquisitions.

Grandeco Wallfashion Group Belgium (Tielt – BE, www.grandecogroup.com) is one of the world’s leading wallpaper producers. With a state-of-the-art Belgian production plant and a compound average growth rate of 3.2% in recent years, it is largely outperforming the market. Grandeco has six sales offices in Belgium, the United Kingdom, France, Poland, Russia and Germany, a dynamic team of more than 300 employees and is represented in more than 80 countries. Today, Grandeco is an innovative, customer-oriented group that responds to the demand for a personal style in a global market through distinguished collections and digital printing.

Patrick Molemans, CEO Grandeco, about this transaction: “With Gimv’s unconditional support we have succeeded in transforming ourselves into an attractive and strongly market-oriented company. The time is now right to shift up a gear: with new shareholder D2E we want to further strengthen Grandeco’s market power going forward. With carefully targeted acquisitions and a continued  focus on organic growth and returns, we will maintain our  leading sustainable position (product range and customer portfolio) and achieve the best results in the worldwide market for decorative wallpaper.”

Tom Van de Voorde, Managing Partner Gimv and contact person for Grandeco so far: “After the difficult years at the time of the financial and economic crisis in 2008, Grandeco has become the future-proof market leader in decorative wallcovering thanks to the continued efforts of its staff and management, through forward-looking investments in growth and technology and through its commercial repositioning.”

Barbara Arnst, Partner in the Connected Consumer platform of Gimv and now part of the deal team, adds: “With a lasting belief in the company we look forward to positioning Grandeco Group even more as a contemporary, digital and sustainable player towards the modern consumer. Together with our partner D2E, we want to further realize the external growth opportunities – including strategic acquisitions.”

Alain Keppens, Partner Down2Earth Capital, about this transaction: “Grandeco is a market performer in a highly fragmented industry, the company has achieved above-average growth and profitability in recent years. In addition to its strong reputation in analogue printing, the company has a clear advantage in the area of digital printing. Together with our partner Gimv and the strong management team, we look forward to further building the company into one of the Pan-European market leaders.”

Grandeco is part of Gimv’s Connected Consumer platform, which invests in companies with a clear vision of the needs and preferences of today’s consumer,

Over the entire period, the investment offered a positive return with only a small impact on the net asset value of Gimv per 30 September 2019. No further financial details on the transaction are being published.

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Latour acquires Waterloo Air Products

Latour logo

Investment AB Latour has, through its wholly-owned subsidiary Swegon Group AB, acquired Waterloo Air Products, a leading manufacturer of grilles and diffusers in the UK. The company was founded in 1961 and has 140 employees with the head office and manufacturing located in Aylesford. Net sales in 2019 amounted to 12 MGBP.

“The UK, as Europe’s second largest ventilation market, has long been a priority for Swegon and several previous successful UK acquisitions has contributed well to the overall growth and profitability of the group. This acquisition gives us a market leading position in grilles and diffusers, enhancing our ability to serve our customers with a full offering for high indoor environmental quality”, says Hannu Saastamoinen, CEO at Swegon Group.

”Becoming part of Swegon will provide the capability to accelerate our growth. Our product range is the perfect complement to Swegon’s overall offering and will allow both businesses to develop and grow”, says Russell Shenton, Managing Director at Waterloo.

 

Göteborg, 11 March, 2020

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

 

For further information, please contact:
Hannu Saastamoinen, CEO Swegon +46 31 89 58 10
Gustaf Ahlenius, Director Corporate Development Swegon +46 31 89 58 19

 

Swegon Group is a market leader in energy efficient ventilation and indoor climate products and systems. Swegon has subsidiaries in 16 markets, distributors all over the world and 16 production plants in Europe, North America and India. The company employs more than 2,400 people with an annual turnover exceeding SEK 6 billion.

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of nine substantial holdings with a market value of about SEK 55 billion. The wholly-owned industrial operations has an annual turnover of SEK 15 billion.

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Firmenich to acquire DRT from Ardian

Ardian

Firmenich to Become a Key Player in Renewable Ingredients for Perfumery and Beyond

Geneva, Switzerland, March 6, 2020 – Firmenich today announced that it has entered into exclusivity with Ardian, Tikehau Capital and family shareholders to acquire Les Dérivés Résiniques et Terpéniques (“DRT”).  DRT is a world leader in plant-based chemistry, mainly from pine trees, and is one of the leading suppliers globally of high quality, renewable ingredients.

“I am thrilled to bring DRT’s unique capabilities for developing sustainable ingredients to Firmenich. This proposed combination builds on our business partnership of more than 30 years and our established track record of successful co-development in a long-standing joint venture,” said Patrick Firmenich, Chairman of the Board, Firmenich. “We thank Ardian and Tikehau Capital for their strong stewardship and we are delighted to welcome all DRT colleagues to Firmenich. We share the same passion for our customers, sustainability, as well as strong family values.”

“Firmenich would be the ideal home for DRT,” said Thibault Basquin, Head of Americas Investment and Managing Director at Ardian Buyout. “I would like to warmly thank Laurent Labatut and his team for our partnership over the past few years. Ardian has enabled DRT to accelerate its growth, invest in new projects and enhance its sustainability approach. Firmenich has been an important strategic partner for DRT for many years and would be uniquely positioned to bring DRT’s product development capabilities to the next level. As a family-owned business that is committed to innovation, Firmenich will provide a great environment for DRT’s colleagues.”

Emmanuel Laillier, Head of Private Equity at Tikehau Capital added: “Tikehau Capital has supported DRT’s growth strategy and global development for six years. We are today very pleased to help bring DRT and Firmenich together, which is a key step for the continuation of its development.”

“DRT would further strengthen our leading Perfumery & Ingredients business enabling us to offer our customers the world’s best palette of renewable and sustainable ingredients,” said Gilbert Ghostine, CEO, Firmenich. “DRT would bring new capabilities in health & nutrition, cosmetics, as well as a number of new markets, including adhesives, coatings and agriculture. This acquisition reinforces our presence in France, which is our second largest market where we have been established for more than 120 years. I look forward to partnering with all our customers to support their transformation for a sustainable future.”

“We share a long-standing relationship with Firmenich as it is one of our main partners,” explains Laurent Labatut, CEO of DRT. “Firmenich is renowned for its cutting-edge research that feeds into the broadest and finest ingredients palette. Our joint innovation capabilities would open up new opportunities to support our clients across our entire product portfolio. Together we look forward to opening a new chapter with a shared ambition to design best-in-class sustainable ingredients for our customers.”

DRT is at the forefront of developing sustainable, renewable and naturally-derived ingredients from terpenes and rosin derivatives. DRT offers green alternatives for a range of applications and markets. Founded in 1932 and headquartered in Dax, France, DRT developed a unique, backward integrated business model over many decades, including access to sustainable raw materials, best-in-class extraction and distillation capabilities and advanced innovation processes. DRT has been a family-owned company for most of its history and has grown thanks to its commitment to long-standing relationships with its suppliers and its customers.

DRT has a turnover in excess of €550 million, employs more than 1,500 people around the world and is operating through a global footprint with four production sites located in France, two in the USA, two in India and one in China.

Financial terms of the deal have not been disclosed. The proposed transaction remains subject to several conditions including the consultation of the relevant employee representatives and customary approvals by the antitrust authorities.

Firmenich was advised by Goldman Sachs International, Raphaël Financial Advisory and Bredin Prat. Ardian was advised by Citigroup, Rothschild & Co, Latham & Watkins and White & Case.

ABOUT FIRMENICH

Firmenich is the world’s largest privately-owned perfume and taste company, founded in Geneva, Switzerland, in 1895. Driven by its purpose to create positive emotions to enhance wellbeing, naturally, Firmenich has designed many of the world’s best-known perfumes and tastes, bringing delight to over four billion consumers every day. Renowned for its world-class research and creativity, as well as its leadership in sustainability, each year, Firmenich invests 10% of its turnover in R&D to understand and share the best that nature has to offer responsibly. Firmenich had an annual turnover of 3.9 billion Swiss Francs at end June 2019.

ABOUT DRT

Founded in 1932, DRT specializes in the development of gum rosin and turpentine extracted from pine resin. DRT’s head office is located in Dax, France and sells its products around the world. DRT has a diversified product portfolio of more than 300 ingredients addressing a variety of end markets. DRT operates 9 manufacturing facilities either directly or with joint venture partners.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$96bn managed or advised in Europe, the Americas 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 680 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 around 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

ABOUT TIKEHAU CAPITAL

Tikehau Capital is an asset management and investment group which manages €25.8bn of assets under management (as at 31 December 2019) and shareholders’ equity of €3.1 billion (as at 30 June 2019). The Group invests in various asset classes (private debt, real-estate, private equity, capital markets strategies), including through its asset management subsidiaries, on behalf of institutional and private investors. Controlled by its managers, alongside leading institutional partners, Tikehau Capital employs more than 500 staff (as at 30 September 2019) in its Paris, London, Amsterdam, Brussels, Luxemburg, Madrid, Milan, New York, Seoul, Singapore and Tokyo offices.

Tikehau Capital is listed on the regulated market of Euronext Paris, Compartment A (ISIN code: FR0013230612; Ticker: TKO.FP)

Press contacts

Firmenich

Heidi Salon

heidi.salon@firmenich.com
Tel.: +41 22 780 5438
DGM Conseil: Christian d’Oléon
chrisdo@dgm-conseil.fr; +33 6 08 49 89 07
DGM Conseil: Quentin Hua
quentin.hua@dgm-conseil.fr;+33 6 28 63 27 29
Ardian
Victor Tsvetanov
VTsvetanov@headlandconsultancy.co.uk
Tel.: +44 207 3435 7469
DRT
Flore Larger
flarger@image7.fr
Tel.: +33 1 53 70 74 90
Tikehau Capital
Julien Sanson

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