Waterland, a leading pan-European investor, has taken a majority share in X²O, the leading omni-channel retailer of visible bathroom equipment and furniture in the Benelux.

X²O was founded in 2004 by Belgian entrepreneur Jan Ollevier, who pioneered the innovative value-for-money B2C concept in Belgium and started the first showrooms in the Netherlands.  In 2016, Vendis Capital invested in X²O with its second fund and supported the management team in a rapid expansion in Belgium and the Netherlands, both offline and online. Recently the company opened its first showrooms in Germany. To support the strong growth to more than 50 showrooms in total today, the group implemented a new ERP system, and operates a state-of-the-art and sustainable logistic center.

Waterland takes a majority share in X²O, with a strategy to support its further international expansion. Both Vendis and Jan Ollevier reinvest a significant minority stake alongside Waterland. For Vendis, the deal is already the third investment from its €450m fund Vendis IV, that was raised earlier this year.

Peter Demets, CEO of X²O since 2018, comments on the new partnership: “We look forward to entering this new phase of growth with Waterland. Our company has significant experience collaborating with investors to achieve important milestones, and we are confident that Waterland’s strong track record and strategic approach make them the ideal partner for us. This carefully considered partnership ensures continuity, enabling us to further expand our presence and continue delivering superior value and experiences to our customers.

The transaction is subject to customary approval of the merger clearance authorities.

Ghent (BE), 27 August 2024 – Waterland, a leading pan-European investor, has taken a majority share in X²O, the leading omni-channel retailer of visible bathroom equipment and furniture in the Benelux.

X²O was founded in 2004 by Belgian entrepreneur Jan Ollevier, who pioneered the innovative value-for-money B2C concept in Belgium and started the first showrooms in the Netherlands. In 2016, Vendis Capital invested in X²O with its second fund and supported the management team in a rapid expansion in Belgium and the Netherlands, both offline and online. Recently the company opened its first showrooms in Germany. To support the strong growth to more than 50 showrooms in total today, the group implemented a new ERP system, and operates a state-of-the-art and sustainable logistic center.

Waterland takes a majority share in X²O, with a strategy to support its further international expansion. Both Vendis and Jan Ollevier retain a significant minority stake alongside Waterland. For Vendis, the deal is already the third investment from its €450m fund Vendis IV, that was raised earlier this year.

Peter Demets, CEO of X²O since 2018, comments on the new partnership: “We look forward to entering this new phase of growth with Waterland. Our company has significant experience collaborating with investors to achieve important milestones, and we are confident that Waterland’s strong track record and strategic approach make them the ideal partner for us. This carefully considered partnership ensures continuity, enabling us to further expand our presence and continue delivering superior value and experiences to our customers.”

The transaction is subject to customary approval of the merger clearance authorities.

About X²O
X²O, headquartered in Ghent (Belgium), is an omni-channel retailer of visible sanitary equipment and furniture, focused on residential bathroom renovations. The company offers a broad assortment of high quality showers, bathtubs, furniture and similar products through a network of over 50 showrooms and web shops in Belgium, the Netherlands and Germany. X²O employs more than 300 people and generated around €180m revenues in FY23. www.x2o.be

About Vendis Capital
Founded in 2009, Vendis Capital is an independent private equity firm specializing in the consumer goods sector in Europe. In partnership with experienced entrepreneurs and managers, Vendis aims to invest in small to medium sized consumer companies to help them realise their potential for growth and value creation. Vendis invests in France, Belgium, the Netherlands, Germany, Italy and in the Scandinavian countries. The headquarters of Vendis Capital are in Diegem, Belgium. www.vendiscapital.com

Waterland press contact:
Marketing & Communications Manager
Laurence Van Doosselaere
T +32 479 77 57 68
vandoosselaere@waterland.be

With this acquisition, the AutoScout24 Group, which includes leading online automotive marketplaces in continental Europe, Germany’s largest online automotive market for leasing offers, LeasingMarkt.de, and one of Europe’s fastest-growing B2B used car trading platforms, AutoProff, extends its presence outside of Europe and strengthens its position as a leading global online automotive marketplace. The transaction also expands AutoScout24’s service offering into automotive dealer software and lender solutions through TRADER Canada’s leading offerings.

TRADER Canada operates Canada’s leading online automotive marketplaces, English-language AutoTrader.ca and French-language AutoHebdo.net, with 26 million monthly visits, more than 450,000 vehicle listings, and 5,000 dealer partners. Founded in 1975 and headquartered in Toronto, the company also provides several automotive dealer software solutions under the AutoSync brand and operates DealerTrack, the leading Canadian portal connecting automotive dealers and lenders, as well as Collateral Management Solutions, the primary provider of lien and registration services, recovery services, and insolvency management solutions to Canadian Lenders. Throughout their ownership, Thoma Bravo worked closely with TRADER Canada to expand its innovative product portfolio through both organic investments and strategic acquisitions to better serve the company’s growing customer base.

Peter Brooks-Johnson, CEO of the AutoScout24 Group: “I am delighted to welcome the TRADER Canada team and its leading brands to the AutoScout24 family. TRADER Canada’s impressive long-term track record, clear position as Canada’s most important automotive marketplace, and comprehensive expertise in dealer software and fintech solutions speak for themselves. This acquisition strengthens AutoScout24’s position as a leading global online automotive marketplace and will help accelerate the growth of both platforms. As a result, we will offer our customers, trade partners, OEMs, and financing partners in Europe and Canada better services and more innovative solutions.”

Sebastian Baldwin, President and CEO of TRADER Corporation: “AutoScout24’s track record of success with their automotive marketplaces presents a perfect alignment with the TRADER Canada business and our future long-term goals. In addition to our marketplaces, which are the #1 most trusted choice for Canadian car shoppers, our market-leading software and automotive finance solutions businesses represent further opportunities for collaboration. We look forward to working together to continue strengthening TRADER Canada’s market leading position across the breadth of the Canadian automotive sector.”

Blake Kleinman, Partner at H&F: “We have been successful investors in the automotive classifieds sector since 2014 and have come to appreciate the commonality, across all geographies, of the strategic product innovations required to maximize the efficiency of the car buying journey for consumers and dealers. Bringing TRADER Canada into the AutoScout24 family significantly enhances our ability to leverage our global scale and common technology platform to invest in innovation that will better serve consumers, dealers, and our other partners. The additional equity investment from H&F in this transaction demonstrates our long-term vision of building the leading global automotive classifieds platform.”

Holden Spaht, a Managing Partner at Thoma Bravo: “It’s been a privilege to work with Sebastian and the TRADER Canada team. Through the application of our software expertise and M&A strategy, we helped transform TRADER Canada from an online automotive marketplace to a market leading platform of digital retail solutions for consumers and automotive dealers in Canada. We are confident that AutoScout24 is a great home for TRADER Canada, and we look forward to following their continued success together.” Peter Stefanski, a Partner at Thoma Bravo added: “We are proud to have supported TRADER Canada over the course of our investment, driving growth and innovation while creating a better experience for both dealers and car-buyers across all of Canada.”

The transaction is expected to close in the fourth quarter of 2024. RBC Capital Markets and Deutsche Bank are acting as M&A advisors to AutoScout24 and Simpson Thacher & Bartlett LLP, Davies Ward Philipps & Vineberg LLP and Freshfields Bruckhaus Deringer LLP are acting as legal counsel. Goldman Sachs & Co. LLC is acting as lead financial advisor; BofA Securities and HSBC Securities (USA) Inc. are also acting as financial advisors to TRADER Canada and Kirkland & Ellis LLP, McMillan LLP and Goodmans LLP are acting as legal counsel.

About AutoScout24
With over 2 million vehicle listings, around 30 million users per month and more than 43,000 dealer partners, AutoScout24 is the largest pan-European online car market. In addition to Germany, the AutoScout24 Group is also represented in the European core markets of Belgium, Luxembourg, the Netherlands, Italy, France, Austria, Norway, Denmark, Poland and Sweden. As a comprehensive marketplace for mobility, AutoScout24 is making targeted investments in the growth areas of leasing, car subscriptions, electromobility and online car purchases. With AutoScout24 smyle, the marketplace enables its users to purchase vehicles completely online – free of charge and delivered ready-to-drive directly to their doorstep. Leasing specialist LeasingMarkt.de has also been part of the AutoScout24 Group since 2020 and the B2B auction platform AUTOproff since 2022. Together, the marketplaces are significantly driving the digitalisation of the European car trade.

More information on www.autoscout24.de

Media Contact:
Julia Dreßen
Fon +49 89 444 56-1185
presse@autoscout24.de

About TRADER Corporation:
TRADER Corporation is a trusted Canadian leader in online media, dealership and OEM software, and lender services. The company is comprised of AutoTrader.ca™, AutoHebdo.net™, LesPac.com, AutoSync™, Dealertrack™ and Collateral Management Solutions™. AutoTrader.ca and AutoHebdo.net offer the largest inventory of new and used vehicles in Canada, receiving over 26 million monthly visits to over 450,000 vehicles listed by over 5,000 dealers. With over 2,500 subscribers and counting, AutoSync is the largest and fastest growing dealer and OEM software provider in Canada. The platform’s suite of connected automotive software solutions brings advertising, conversion and operational support together, synchronizing the entire retail process. The portfolio is rounded out by DealerTrack, the leader in Canadian automotive finance solutions, and Collateral Management Solutions, the primary provider of lien and registration services, recovery services, and insolvency management solutions to Canadian Lenders.

For more information, please visit www.tradercorporation.com

Media Contact:
Jessica Huynh
Jessica.huynh@labourcreative.ca

SOURCE AutoScout24

LONDON, UK & HONG KONG – July 29, 2024 – Blackstone (NYSE: BX), through funds managed by Blackstone Tactical Opportunities and its affiliates as well as Blackstone’s private equity strategy for individual investors (“Blackstone”) and Goldman Sachs Alternatives, today announced the closing of a significant financing capital investment to support controlling shareholder Reinold Geiger and related entities (the “Offeror”) in a take-private of listed global multi-brand beauty and skincare group L’Occitane International S.A. (the “Company”).

Supported by a commitment by Blackstone and Goldman Sachs Alternatives of up to €1.551 billion, on 29 April 2024 the Offeror announced a tender offer to acquire and delist the Company for HK$34.00 per share, representing a compelling premium for shareholders. The offer has been declared unconditional as of 23 July 2024, with a compulsory acquisition of remaining shares to follow. Upon delisting, the Company will operate as a privately held business. Following completion of the take-private, Reinold Geiger and other existing shareholders will remain controlling shareholders of the Company.

Since first investing in the business in 1994, Reinold Geiger has transformed L’Occitane International S.A. into a worldwide multi-brand group that manufactures and retails premium beauty and wellness products. The Company operates in 90 countries worldwide and has more than 3,000 retail outlets, including over 1,300 of its own stores. Within its portfolio of premium beauty brands that champion organic and natural ingredients are: L’OCCITANE en Provence, Melvita, Erborian, L’OCCITANE au Brésil, LimeLife, ELEMIS, Sol de Janeiro and Dr. Vranjes Firenze.

Raphael de Botton, Senior Managing Director at Blackstone Tactical Opportunities, said: “We are pleased to partner with Reinold Geiger and L’Occitane Groupe S.A.’s management team to provide capital to a growing, high-quality family-led business.

“Supporting family-owned businesses like L’Occitane Groupe S.A. and entrepreneurs like Reinold Geiger with bespoke, patient capital solutions are hallmarks of what we seek to do at Blackstone. We look forward to supporting the Company as it begins the next phase of its growth.”

Moritz Jobke, Head of Hybrid Capital for EMEA at Goldman Sachs Alternatives, said: “We are excited to embark on the next stage in L’Occitane Groupe S.A.’s development with Reinold Geiger and his team. Partnering with exceptional entrepreneurs is core to our Hybrid Capital strategy and we look forward to bringing the resources of the Goldman Sachs platform to support the business’s growth.”

Blackstone and Goldman Sachs Alternatives were advised by Jefferies and The Hongkong and Shanghai Banking Corporation Limited (“HSBC”).

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About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.

The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.

The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has over $2.8 trillion in assets under supervision globally as of December 31, 2023. Follow us on LinkedIn.

Contacts
Blackstone
Rebecca Flower
Rebecca.Flower@blackstone.com
+44 (0)7918 360372

Goldman Sachs Alternatives
Joseph Stein
+ 44 207 774 4080