The Offeror acquires Shares in Accell Group

KKR

June 10, 2022

This is a press release by Sprint BidCo B.V. (the “Offeror“), an affiliate of the affiliated investment funds advised by Kohlberg Kravis Roberts & Co. LP or one of its affiliates (“KKR“). Teslin Alpine Acquisition B.V., a wholly-owned subsidiary of Teslin Participaties Coöperatief U.A. (“Teslin“) is together with the Offeror and KKR referred to as the “Consortium“. This press release is issued pursuant to the provisions of Section 13, paragraphs 1 and 2 of the Netherlands Decree in Public Takeover Bids (Besluit openbare biedingen Wft) (the “Decree“) in connection with the recommended public offer by the Offeror for all the issued and outstanding ordinary shares in the capital of Accell Group N.V. (“Accell Group“) (the “Offer“). This announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities. Any offer will be made only by means of the offer memorandum dated 6 April 2022 (the “Offer Memorandum“) approved by the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten) (the “AFM“), which has been available as from 7 April 2022. This press release is not for release, publication or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction in which such release, publication or distribution would be unlawful. Capitalised terms not defined in this press release have the same meaning as given thereto in the Offer Memorandum.

Sprint BidCo B.V. announces that it conducted transactions in Accell Group Shares

Reference is made to the joint press release by the Offeror and Accell Group regarding the Offer being declared unconditional dated 9 June 2022. Pursuant to the provisions of Section 13, paragraphs 1 and 2 of the Decree, the Offeror announces that it conducted transactions in Shares of Accell Group or securities that are convertible into, exchangeable for or exercisable for such Shares, the details of which are stated below.

 

Date Transaction type Total number of ordinary shares Volume weighted average price (€)
10 June 2022 Purchase 81,546 58.00

 

The highest price per Share paid in a transaction conducted today was EUR 58.00 per Share.

 

Based on the transactions set out above, the Offeror acquired today a total of 81,546 Shares representing 0.30% of the Shares.

 

Together with the Shares already tendered or committed to the Offeror prior to today, the total amount of Shares owned by, tendered under the Offer or committed to the Offeror now equals 20,971,713 Shares, representing approximately 78.1% of the Shares.

 

Other

To the extent permissible under applicable law or regulation, the Offeror may from time to time after the date hereof, and other than pursuant to the Offer, directly or indirectly purchase, or arrange to purchase, Shares in the capital of Accell Group, that are the subject of the Offer. To the extent information about such purchases or arrangements to purchase is made public in the Netherlands, such information will be disclosed by means of a press release to inform shareholders of such information, which will be made available on the website of KKR. In addition, financial advisors to the Consortium may also engage in ordinary course trading activities in securities of Accell Group, which may include purchases or arrangements to purchase such securities.

 

For More Information:

Media enquiries

Hendrik Jan Eijpe, HJE Consult

+31 622 031 978 / hje@hjeconsult.nl

                            

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 and on Twitter @KKR_Co.

 

About Teslin

Teslin is an investment fund managed by Teslin Capital Management. Teslin invests in promising small and midcaps. Based on fundamental analysis Teslin selects value creating companies active in attractive markets with a strong market position and a proper corporate governance structure. Teslin focuses on responsible value creation in the long term and acts as an active and involved shareholder. Teslin has been a long-term significant, active and committed shareholder of Accell Group since 1998 and is delighted to support Accell Group in accelerating and realizing its potential in the coming years. For more information, please visit: www.teslin.nl.

 

Disclaimer, General Restrictions and Forward-Looking Statements

 

The information in this press release is not intended to be complete. This press release is for information purposes only and does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities.

The distribution of this press release may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, the Consortium and the Offeror disclaim any responsibility or liability for the violation of any such restrictions by any person. Any failure to comply with these restrictions may constitute a violation of the securities laws of that jurisdiction. Neither the Offeror nor the Consortium, nor any of their respective advisors assumes any responsibility for any violation of any of these restrictions. Any Accell Group shareholder who is in any doubt as to his or her position should consult an appropriate professional advisor without delay.

Certain statements in this press release may be considered forward-looking statements such as statements relating to the impact of this Offer on the Offeror and language that indicates trends, such as “anticipated” and “expected”. These forward-looking statements speak only as of the date of this press release. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future, and the Consortium and the Offeror cannot guarantee the accuracy and completeness of forward-looking statements. A number of important factors, not all of which are known to the Consortium or the Offeror or are within their control, could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement. The Consortium and the Offeror expressly disclaim any obligation or undertaking to publicly update or revise any forward-looking statements, whether as a result of new information, a change in expectations or for any other reason. Neither the Offeror nor the Consortium, nor any of their advisors, accepts any responsibility for any financial information contained in this press release relating to the business, results of operatio

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Consortium led by KKR declares Offer unconditional; 77.8% of Accell Group Shares now tendered or committed

KKR

June 9, 2022

 

This is a joint press release by Accell Group N.V. (“Accell Group“) and Sprint BidCo B.V. (the “Offeror“). The Offeror is an affiliate of the affiliated investment funds advised by Kohlberg Kravis Roberts & Co. LP or one of its affiliates (“KKR“). Teslin Alpine Acquisition B.V., a wholly-owned subsidiary of Teslin Participaties Coöperatief U.A. (“Teslin“) is together with the Offeror and KKR referred to as the “Consortium“. This joint press release is issued pursuant to the provisions of Section 13 paragraph 1, Section 16, paragraphs 1, 2 and 3 and Section 17 paragraph 1 of the Netherlands Decree in Public Takeover Bids (Besluit openbare biedingen Wft) (the “Decree“) in connection with the recommended public offer by the Offeror for all the issued and outstanding ordinary shares in the capital of Accell Group. This press release does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities. Any offer will be made only by means of the offer memorandum dated 6 April 2022 (the “Offer Memorandum“) approved by the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten) (the “AFM“), which has been available as from 7 April 2022. This press release is not for release, publication or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction in which such release, publication or distribution would be unlawful. Capitalised terms not defined in this press release have the same meaning as given thereto in the Offer Memorandum.

Heerenveen, the Netherlands, 9 June 2022

  • In addition to 73.53% of the Shares tendered or committed on 3 June 2022, 4.26% Additional Shares have been irrevocably committed under the Offer, amounting to 77.8% of the Shares in total
  • The Offeror and Accell Group have agreed to waive the Offer Condition that the 80% Acceptance Threshold is met. All Offer Conditions are now satisfied or waived
  • The Offeror declares the Offer for Accell Group unconditional
  • The Offeror continues to seek to obtain 100% of the Shares
  • Settlement of the Offer will take place on 16 June 2022, at which date the Offer Price of EUR 58.00 will be paid to the Shareholders that have tendered
  • Remaining Shares can be tendered at the Offer Price of EUR 58.00 during the Post Acceptance Period, commencing on Friday 10 June 2022 and ending on Thursday 23 June 2022
  • Now that the Offer has been declared unconditional, the Offer Price has become the best and final price payable under the Offer

 

Offeror declares the Offer unconditional

Accell Group and the Offeror are pleased to jointly announce today that, considering all Offer Conditions having been satisfied or waived, the Offeror declares the Offer unconditional (doet gestand). The number of Shares that have been tendered for acceptance under the Offer or irrevocably committed to be tendered under the Offer as described below, amounts to 20,890,167, representing approximately 77.8% of the Shares on a Fully Diluted basis and an aggregate value of approximately EUR 1,212 million (at an Offer Price of EUR 58.00 (cum dividend) per Share).

As announced on 3 June 2022, during the Acceptance Period, 19,745,964 Shares were tendered under the Offer, representing approximately 73.53% of the Shares and an aggregate value of approximately EUR 1,145 million at an Offer Price of EUR 58.00 (cum dividend) per Share.

On the date hereof, the below shareholders have each irrevocably committed to tender all Shares referred to below (the “Additional Shares“) in the Post Acceptance Period on the terms and conditions of the Offer, including the Offer Price of EUR 58.00 (cum dividend) per Share amounting to 1,144,203 Shares in the aggregate representing approximately 4.26% of the Shares on a Fully Diluted basis and at an aggregate value of approximately EUR 66 million at an Offer Price of EUR 58.00 (cum dividend) per Share. Together with the Shares tendered during the Acceptance Period this represents approximately 77.8% of the Shares.

 

Shareholder # Shares irrevocably committed % Shares irrevocably committed (approximately)
Bardin Hill 48,782 0.18%
Cross Options 199,659 0.74%
Hezias 87,697 0.33%
Hudson Bay 25,000 0.09%
Melqart 35,000 0.13%
Millennium 24,170 0.09%
Samson Rock 110,000 0.41%
Smart(t) 100,000 0.37%
Sparta Capital 204,802 0.76%
Syquant 97,000 0.36%
Verition 212,093 0.79%
Total 1,144,203 4.26%

 

None of the parties that entered into an irrevocable undertaking in respect of Additional Shares received any information relevant for a Shareholder in connection with the Offer that is not included in the Offer Memorandum or this press release. At the date of this press release, the Offeror on the one hand, and these parties on the other hand, do not hold shares in each other’s capital.

Based on the foregoing, the Offeror is fully confident that it will obtain in aggregate 80% or more of the Shares after settlement of the Shares tendered during the Post Acceptance Period. Against this background, the Offeror has, in close coordination with the Accell Group Boards and after having obtained prior written approval from the Accell Group Boards, decided to waive the Offer Condition as set out in Section 4.7.1. (Acceptance Level) of the Offer Memorandum.

 

Settlement

With reference to the Offer Memorandum dated 6 April 2022, holders of Shares who accepted the Offer shall receive the Offer Price for each Tendered Share tendered during the Acceptance Period and transferred (geleverd) for acceptance pursuant to the Offer, under the terms and conditions of the Offer and subject to its restrictions. Settlement of each Tendered Share and payment of the Offer Price will take place on 16 June 2022.

 

Post Acceptance Period

The Offeror hereby announces that Shareholders who have not tendered their Shares during the Acceptance Period will have the opportunity to tender their Shares under the same terms and conditions applicable to the Offer, during the Post Acceptance Period, which will start at 09:00 (CEST) on Friday 10 June 2022 and end at 17:40 (CEST) on Thursday 23 June 2022.

The Offeror will publicly announce the results of the Post Acceptance Period and the total number and total percentage of Shares held by it in accordance with Section 17, paragraph 4 of the Decree ultimately on the third Business Day following the last day of the Post Acceptance Period.

The Offeror shall continue to accept for payment all Shares validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) during the Post Acceptance Period and shall pay for such Shares as soon as reasonably possible and in any case no later than on the fifth Business Day following the last day of the Post Acceptance Period.

During the Post Acceptance Period, Shareholders have no right to withdraw Shares from the Offer, regardless of whether their Shares have been validly tendered (or defectively tendered, provided that such defect has been waived by the Offeror) during the Acceptance Period or the Post Acceptance Period.

 

Delisting

If, at any time following the settlement of Shares tendered during the Post Acceptance Period, the Offeror has acquired 95% or more of the Shares, it will together with Accell Group seek to procure delisting of the Shares from Euronext Amsterdam as soon as possible in accordance with Applicable Laws. This may adversely affect the liquidity and market value of any Shares not tendered. Reference is made to Section 4.14 (Consequences of the Offer) of the Offer Memorandum.

Upon Delisting, the changes to the composition of the Supervisory Board of Accell Group, as approved by the EGM on 20 May 2022, will become effective.

 

Buy-Out

If, at any time following the settlement of Shares tendered during the Post Acceptance Period, the Offeror and its group companies within the meaning of the DCC hold in the aggregate 95% or more of the Shares, the Offeror will initiate, as soon as possible, a Buy-Out procedure. Reference is made to Section 4.13.1 (Delisting, Buy-Out) of the Offer Memorandum.

 

Post-Offer Merger and Liquidation

If, at any time following the settlement of Shares tendered during the Post Acceptance Period, the Tendered, Owned and Committed Shares represent less than 95% but at least 80% of the Shares on a Fully Diluted basis, the Offeror may determine to have Accell Group implement the Post-Offer Merger and Liquidation as described in further detail in Section 4.13.2 (Post-Offer Merger and Liquidation) of the Offer Memorandum. The listing of the Shares on Euronext Amsterdam will also terminate after a successful Post-Offer Merger and Liquidation.

 

Further implications of the Offer being declared unconditional

Remaining Shareholders who do not wish to tender their Shares in the Post Acceptance Period should carefully review the Sections of the Offer Memorandum that further explain the intentions of the Offeror, such as (but not limited to) Section 4.14 (Consequences of the Offer), which describes certain implications to which such Shareholders may become subject with their continued shareholding in Accell Group and Section 8.3 (Dutch Tax aspects for Shareholders who do not tender their Shares under the Offer) which amongst others describes that the consideration per Share to be received by non-tendering Shareholders in the Post-Offer Merger and Liquidation (if implemented) after deduction and withholding of the applicable Dutch dividend withholding tax is expected to be considerably less than the Offer Price.

 

Offer Memorandum, Position Statement and further information

This announcement contains selected, condensed information regarding the Offer and does not replace the Offer Memorandum and/or the Position Statement. The information in this announcement is not complete and additional information is contained in the Offer Memorandum and the Position Statement.

Digital copies of the Offer Memorandum are available on the websites of KKR (at www.kkr.com) and digital copies of the Offer Memorandum and the Position Statement are available on the website of Accell Group (at abouttheoffer.accell-group.com). These websites do not constitute a part of, and is not incorporated by reference into, the Offer Memorandum.

Copies of the Offer Memorandum and the Position Statement are on request also available free of charge at the Settlement Agent at the address below:

Attn: Corporate Broking (HQ7212)

ABN AMRO Bank N.V.

Gustav Mahlerlaan 10

1082 PP, Amsterdam

The Netherlands

 

For More Info

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73.53% of Accell Group Shares in Total Tendered under the Offer or Committed

KKR

This is a joint press release by Accell Group N.V. (“Accell Group“) and Sprint BidCo B.V. (the “Offeror“). The Offeror is an affiliate of the affiliated investment funds advised by Kohlberg Kravis Roberts & Co. LP or one of its affiliates (“KKR“). Teslin Alpine Acquisition B.V., a wholly-owned subsidiary of Teslin Participaties Coöperatief U.A. (“Teslin“) is together with the Offeror and KKR referred to as the “Consortium“. This joint press release is issued pursuant to the provisions of Section 4, Paragraphs 1 and 3 of the Netherlands Decree in Public Takeover Bids (Besluit openbare biedingen Wft) (the “Decree“) in connection with the recommended public offer by the Offeror for all the issued and outstanding ordinary shares in the capital of Accell Group. This press release does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities. The Offer has been made by means of the offer memorandum dated 6 April 2022 (the “Offer Memorandum“). This press release is not for release, publication or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction in which such release, publication or distribution would be unlawful. Capitalised terms not defined in this press release have the same meaning as given thereto in the Offer Memorandum.

 

Heerenveen, the Netherlands, 3 June 2022 – During the Acceptance Period, that expired at 17:40 hours (CEST) on 3 June 2022, 19,745,964 Shares were tendered under the Offer or committed to the Offeror in writing, representing approximately 73.53% of all Shares on a Fully Diluted basis and an aggregate value of approximately EUR 1,145 million at an Offer Price of EUR 58.00 (cum dividend) in cash per Share.

A condition for the Offeror to declare the Offer unconditional is reaching the Acceptance Threshold of at least 80% of the Shares on a Fully Diluted basis. Since this Acceptance Threshold was not met, the Offeror will consider its options and inform the market in due course in accordance with Section 16, Paragraph 1 of the Decree and Section 3.7 of the Offer Memorandum, no later than on 9 June 2022.

 

For More Information:

Media enquiries Accell Group

CFF Communications

Frank Jansen / Anja Höchle: + 31 6 21 54 23 69 / +31 6 31 97 33 75

frank.jansen@cffcommunications.nl / anja.hoechle@cffcommunications.nl

 

Media enquiries Consortium

Hendrik Jan Eijpe, HJE Consult

+31 622 031 978 / hje@hjeconsult.nl

                                                         

About Accell Group

We believe cycling moves the world forward. We design simple and smart solutions in order to create a fantastic cycling experience for everyone who uses our bikes. Accell Group makes bicycles, bicycle parts and accessories. We are the European market leader in e‐bikes and second largest in bicycle parts and accessories, with numerous leading European bicycle brands under one roof. These brands were built by pioneers for whom the best was not good enough. We still embody the entrepreneurial spirit of those family businesses to this day. We keep pushing ourselves to create high‐quality, high performance, cutting‐edge products driven by the continuous exchange of know‐how and craftsmanship. Well‐known bicycle brands in our portfolio include Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Raleigh, Sparta, Babboe and Carqon. XLC is our brand for bicycle parts and accessories. Accell Group employs approximately 3,500 people across 15 countries. For more information about Accell Group, please visit www.accell-group.com.

 

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 and on Twitter @KKR_Co.

 

About Teslin

Teslin is an investment fund managed by Teslin Capital Management. Teslin invests in promising small and midcaps. Based on fundamental analysis Teslin selects value creating companies active in attractive markets with a strong market position and a proper corporate governance structure. Teslin focuses on responsible value creation in the long term and acts as an active and involved shareholder. Teslin has been a long-term significant, active and committed shareholder of Accell Group since 1998 and is delighted to support Accell Group in accelerating and realizing its potential in the coming years. For more information, please visit: www.teslin.nl.

 

Disclaimer, General Restrictions and Forward-Looking Statements

This is a public announcement by Accell Group pursuant to Section 17, paragraph 1 of the European Market Abuse Regulation (596/2014/EU).

The information in this press release is not intended to be complete. This press release is for information purposes only and does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities.

The distribution of this press release may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, the Consortium, the Offeror and Accell Group disclaim any responsibility or liability for the violation of any such restrictions by any person. Any failure to comply with these restrictions may constitute a violation of the securities laws of that jurisdiction. Neither Accell Group, nor the Offeror, nor the Consortium, nor any of their respective advisors assumes any responsibility for any violation of any of these restrictions. Any Accell Group shareholder who is in any doubt as to his or her position should consult an appropriate professional advisor without delay.

Certain statements in this press release may be considered forward-looking statements such as statements relating to the impact of this Offer on the Offeror and Accell Group and language that indicates trends, such as “anticipated” and “expected”. These forward-looking statements speak only as of the date of this press release. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future, and Accell Group, the Consortium and the Offeror cannot guarantee the accuracy and completeness of forward- looking statements. A number of important factors, not all of which are known to Accell Group, the Consortium or the Offeror or are within their control, could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, receipt of competition clearances without unexpected delays or conditions, the response to the Offer in the market place, the ability to achieve the anticipated benefits from the Offer and economic conditions in the global markets in which Accell Group operates. Accell Group, the Consortium and the Offeror expressly disclaim any obligation or undertaking to publicly update or revise any forward looking statements, whether as a result of new information, a change in expectations or for any other reason. Neither Accell Group, nor the Offeror, nor the Consortium, nor any of their advisors, accepts any responsibility for any financial information contained in this press release relating to the business, results of operations or financial condition of the other or their respective groups.

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Carlyle to Acquire Leading Global Cosmetics Packaging Company HCP from BPEA

Carlyle

Shanghai, China, May 26, 2022 – Global investment firm, Carlyle (NASDAQ: CG) today announced it has agreed to acquire a 100% stake in HCP Packaging (“HCP”), a global leader in the design, development and manufacture of cosmetic packaging, from funds affiliated with Baring Private Equity Asia (“BPEA”). Equity for this transaction will come from affiliates of Carlyle Asia Partners and Carlyle Japan Partners – two of Carlyle’s buyout funds in Asia. Terms of the transaction were not disclosed.

Founded in 1960 and headquartered in Shanghai, HCP is currently one of the world’s largest beauty packaging providers with 10 state-of-the-art production and manufacturing facilities across China, the USA, Mexico and Europe. The company has produced many innovative award-winning packaging designs and is dedicated to researching and investing in sustainable packaging solutions for the beauty industry. It works with over 250 leading cosmetics, skincare and fragrance brands including Estée Lauder, L’Oreal and Shiseido.

Carlyle will leverage its deep sector experience in the consumer and manufacturing industries to support HCP as it continues to scale its operations and grow its customer base globally. Carlyle will also work with HCP to help explore global strategic acquisitions, further strengthen the company’s leading R&D capabilities, and facilitate business synergies and alliances for HCP with its global network of portfolio companies in the cosmetics, consumer and manufacturing industries.

During BPEA’s ownership, HCP has experienced transformative growth. With BPEA’s support, HCP has become an even stronger primary packaging supplier for both color cosmetics and skincare products with expanded product technology as well as geographical footprint.

Eddy Wu, President and CEO of HCP Packaging, said: “We are incredibly proud of our journey to become a leading cosmetics packaging manufacturer and would like to thank BPEA for their support over the past six-and-a-half years. Our strategic priorities continue to be centered on driving sustainable packaging innovation and delivering top-quality services and best-in-class operational excellence to our customers around the world. We are delighted to partner with Carlyle and to have a new owner with such high calibre. We look to leverage Carlyle’s global platform strengths for our next phase of growth and as we expand our leading market position internationally.”

Wanlin Liu and Dennis Wang, Managing Directors of the Carlyle Asia Partners advisory team, said: “We are excited to partner with HCP and look forward to working with Eddy and the management team on the company’s next phase of global growth and expansion. We see long-term growth potential in the beauty and cosmetics industry and believe HCP’s business track record and commitment to R&D and ESG are market differentiators. We plan to leverage the strengths of our global platform, deep industry and market expertise, and synergies from our extensive network of portfolio companies in the consumer and manufacturing sectors to help HCP capture new growth opportunities, and take the company to the next level.”

Alex Lee, Managing Director at BPEA, said: “We are proud to have supported HCP’s growth and evolution into a global leader in packaging during our time with the company. By expanding into new markets, broadening HCP’s reach in its home market of China and developing a range of exciting new product offerings through selective bolt-on acquisitions, we’re confident that the company is very well positioned to continue growing over the longer-term. We’re also proud to have overseen the transformation of HCP’s ESG and sustainability capabilities, including developing refillable PCR packages and utilizing sustainability-certified manufacturing facilities, which will leave a more sustainable and environmentally-friendly footprint going forward.”

The transaction is subject to customary regulatory approvals and is expected to close in Q3 2022.

***

About HCP

From conception to manufacture, HCP Packaging is a global leader in the design, development, and manufacture of next generation primary packaging containers for the beauty industry. HCP’s product portfolio includes compacts and palettes, lipsticks and twist up sticks; mascara with expertise in molded & fiber brushes; lip gloss and concealer, pots, jars, and closures; pumps and droppers. Dedicated to sustainability, with world-class in-house finishing facilities, HCP enables brands to customize and transform packaging aesthetics with high quality and striking decoration. For more information on HCP, please visit the company’s website www.hcpackaging.com

 

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $325 billion of assets under management as of March 31, 2022, 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 nearly 1,900 people in 26 offices across five continents.

Carlyle’s buyout funds, including Carlyle Asia Partners and Carlyle Japan Partners, have well-established experience investing in the consumer and retail as well as manufacturing and industrial sectors, with investments in TOKIWA Corporation, Beautycounter, Golden Goose, Vogue, Novolex and Logoplaste among others. Globally, Carlyle has invested approximately US$25 billion of equity in over 135 deals in the consumer, media and retail sector and over US$30 billion of equity in more than 115 deals in the manufacturing and industrial sector as of March 31, 2022.

Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

 

About BPEA

Baring Private Equity Asia (BPEA) is one of Asia’s largest private alternative investment firms, with USD 21 billion of FPAUM. BPEA manages a private equity investment program, sponsoring buyouts and providing growth capital to companies for expansion or acquisitions with a particular focus on the Asia Pacific region, as well as dedicated funds focused on private real estate and private credit. The firm has a 25-year history and over 220 employees located across 10 offices in Beijing, Delhi, Hong Kong, London, Los Angeles, Mumbai, Singapore, Shanghai, Sydney, and Tokyo.

BPEA is a responsible investor that seeks to create value for all stakeholders through a sustainable approach to investing. The firm is a signatory to the UNPRI (United Nations Principles for Responsible Investment) and is committed to action within its own business and the companies in which it invests to drive sustainability across a range of issues, from climate change to social concerns to effective governance. For more information, please visit www.bpeasia.com.

 

Media contacts

HCP:
Cheryl Morgan
+44 1202 670099
cmorgan@hcpackaging.com

Carlyle:
Lonna Leong
+852 9023 1157
lonna.leong@carlyle.com

BPEA:
Fergus Herries
+852 3758 2685
fergus.herries@secnewgate.hk

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3d investors invests in Jati & Kebon, an international player in outdoor furniture

3D Investors

Together with founder Johan Verbeke and the management team of Jati & Kebon, 3d investors will help build the growth of Jati & Kebon in the coming years. Johan Verbeke remains active in the company he has built and reinvests together with the management.

Jati & Kebon, based in Nazareth, has more than 25 years of experience in the design, production and sale of outdoor furniture. Its origins lie in the Verbeke family business through which the second generation, in 1995, started selling teak furniture. In order to meet the increasing demand and to be able to guarantee an optimal quality, in-house production facilities were set up in China and Indonesia. Meanwhile, Jati & Kebon has grown into a global player and established name in the outdoor furniture segment. It is one of the jewels of the Belgian ecosystem of outdoor furniture. Its customer base extends to more than 30 countries. The company has built up a strong position in the United States and Canada, among other countries, thanks to many years of partnerships with strong online and omnichannel retailers. Jati & Kebon employs 350 people in Belgium, China and Indonesia and achieves sales of around EUR 45 million.

Johan Verbeke, founder of the company: “The entry of 3d investors in our capital is a well-considered decision, which fits in with our ambition to further expand Jati & Kebon internationally. With 3d investors, we are bringing on board complementary “business builders” who will help develop the company’s strong growth potential from within the existing corporate culture. I am excited to work with the management team and 3d investors to continue building our beautiful company over the next few years.”

Yves De Backer, associate partner 3d investors: “We are strongly impressed how Jati & Kebon has grown into an international player in outdoor furniture by focusing on quality, flexibility and customer orientation. The entrepreneurship of Johan Verbeke and his management team play a key role in this and fits perfectly with the family and entrepreneurial values of 3d investors. This partnership fits seamlessly into our passion to help strong companies grow to the “next level” internationally.”

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Ahlström Capital acquires majority of Ahlstrom-Munksjö’s Decor business

Ahlström

Ahlström Capital’s wholly owned investment company Ahlstrom Capital B.V. has today signed an agreement to acquire 60% of Ahlstrom-Munksjö’s Decor business. The Decor business is transferred to a newly formed company that is to be named Munksjö. The acquisition is a perfect fit in Ahlström Capital’s Forest & Fiber focus area and offers good value creation opportunities.

Ahlström Capital has been a long-term owner of Munksjö since 2013 as the combination of Munksjö AB and Ahlstrom’s Label and Processing business was completed. Since 2017, Ahlstrom-Munksjö has developed the Decor business from an established European business to a leading international player, well positioned to serve its customers globally. A growth platform in South America was established through the acquisition of Caieiras’s specialty paper mill in Brazil and the fastest growing decor paper market, China, was entered through the acquisition of decor paper manufacturer Minglian New Materials Technology in Xingtai.
“Ahlstrom-Munksjö’s Decor business is a leading global business with a broad product portfolio and a market-leading brand, Munksjö. This business is already the leader in higher value market segments and has strengthened the competitiveness in standard decor papers with a footprint in China following the acquisition of Minglian New Materials Technology. For Ahlström Capital the Decor business is a key investment in our Forest & Fiber focus area”, comments Lasse Heinonen, President and CEO of Ahlström Capital.

The Decor business has operated under the Munksjö brand for more than 25 years and the brand is recognized for outstanding quality and service across the decor industry. Ahlstrom Capital B.V. will be the majority owner in the new Munksjö company with a 60% ownership, Ahlstrom-Munksjö is remaining as a minority owner together with Nidoco AB. As a standalone company the Decor business will accelerate its growth, strengthen its competitiveness and global leadership in innovation.
The closing of the transaction is subject to the approval of the competition authorities.

For further information, please contact:
Lasse Heinonen, President and CEO Ahlström Capital, tel. +358 10 888 4113
Camilla Sågbom, Director, Corporate Communications and Responsibility, +358 10 888 4182

About Decor business area
Products: Decor papers are primarily used in laminated wood-panel based furniture, flooring and other interior and exterior building material applications.
Key markets: Europe, North and South America, China and selected export markets
Production: Germany (Unterkochen and Dettingen), Spain (Tolosa), France (Arches), Brazil (Caieiras) and China (Xingtai)
Net sales: Approx. EUR 500 million
Employees: 1,200 people

About minority owners
Ahlstrom-Munksjö is a global leader in fiber-based materials, supplying innovative and sustainable solutions to its customers. Ahlstrom-Munksjö’s mission is to expand the role of fiber-based solutions for sustainable everyday life. Annual net sales of the company is about EUR 3.1 billion and it employs some 8,000 people.
Nidoco AB is a Swedish investment company whose strategy is to create long-term value through active ownership of public and private companies. Nidoco is currently a leading shareholder of three listed companies with head offices in the Nordic region, and has direct and indirect investments in more than 300 unlisted companies globally. Nidoco is an independent part of the Virala Group.

Ahlström Capital is one of Finland’s largest investment companies with a long history of 170 years. We are a family-owned investment company that creates value for our owners by investing in industrial companies, real estate and forest. In 2021, the annual net sales of our portfolio companies was approximately EUR 4.4 billion and they employed almost 13,500 people in 33 countries. Our current portfolio includes significant holdings in the listed companies Detection Technology Plc, Glaston Corporation, and Suominen Corporation. In addition, the portfolio includes Ahlström Invest B.V. (including a significant ownership in Ahlstrom-Munksjö), Enics AG, M&J Recycling A/S as well as an investment in the AC Cleantech Fund. Our portfolio also includes major real estate and forest holdings.

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European Imaging Group closed acquisition of majority stake in CYFROWE.PL

Aurelius Capital

Munich, May 10, 2022 – The European Imaging Group (“EIG”), a subsidiary of AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8), closed the acquisition of a majority stake in Cyfrowe.pl (“Cyfrowe”). The company is the leading Polish omni-channel speciality retail operator of high-end photo and video equipment for professionals and enthusiasts. This transaction reinforces EIG’s position as the leading pan-European photo and video specialist multi-channel retailer and offers a base for further expansion into Central and Eastern European markets.

Cyfrowe is headquartered in Gdansk and maintains close partnerships with the major blue-chip brands in the industry. It runs five successful retail destination stores across Poland and a renowned e-commerce platform. The offering is based on both new as well as used equipment and is complemented by a comprehensive range of services, such as customer training and workshops. Cyfrowe has built high levels of brand awareness and is managed by a strong team led by founder and CEO Jaroslaw Banacki, who will remain a significant minority shareholder. Banacki will continue to run the company and will be responsible for Cyfrowe’s future development.

Richard Glatzel, Group CEO of the European Imaging Group, states: “We are ambitious to strengthen our position as the pan-European market leader in our field. Adding Cyfrowe represents our step into the Eastern European Market, further increasing EIG´s reach throughout the continent and leveraging synergies.”

Jaroslaw Banacki, Founder and CEO of Cyfrowe, comments: “Today, Cyfrowe is the leading omni-channel photo and video retailer in Poland. With the completion of our partnership with EIG, we are excited to see the opportunities this will bring and to continue on our successful growth path.” With the founder staying on bord, EIG will have access to the longstanding Cyfrowe industry know-how and expertise, that can be combined with EIG’s wealth of knowledge to capture future growth opportunities.

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Nooteboom Textiles partners with Bencis to accelerate its international growth

Bencis

Amsterdam, 20 May 2022

Bencis acquired a majority interest in Nooteboom Textiles from prior owner Egeria. Nooteboom, founded in 1852, is the leading European textile wholesaler specialised in women and children’s fabrics for home sewing and small tailors as well as home-decoration. Headquartered in Tilburg, the Netherlands, Nooteboom operates with approximately 100 employees and reaches more than 5,000 B2B customers in over 50 countries.

Under Egeria ownership, Nooteboom transitioned from a historically family-led company to a company with an independent management team. Through its recently enhanced e-commerce platform and increased operational efficiencies Nooteboom is ideally positioned to become the European wide go-to supplier for finished textile fabrics. Bencis will support the company in further building this leading position by focussing on international expansion through Nooteboom’s tailored commercial approach and by establishing strategic partnerships across the European fabrics market.

Michiel Dreesmann and Joost Tabbers, CEO and CFO of Nooteboom are excited about the new partnership with Bencis and are looking forward to further build on the company’s growth story together. Michiel Dreesmann: “With Bencis, we found the ideal partner for our next phase of growth. Their experience with international expansion, B2B e-commerce platforms and their people-centred approach are a perfect fit for Nooteboom.”

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Egeria sells Nooteboom Textiles to Bencis Capital Partners

Egeria

Amsterdam, 20 May 2022 – Egeria and Bencis Capital Partners (“Bencis”) have completed the sale of Nooteboom Textiles, the leading European wholesaler in finished textile fabrics.

 

Over the last four years, Nooteboom transitioned from an owner-led company to a company with an independent management team. We are proud to have supported the company in developing an e -commerce platform, improving its operational efficiency, enhancing its commercial approach and creating a solid ESG product portfolio. Nooteboom further strengthened its leading position as a wholesaler in finished textile fabrics, improving its margins and realizing growth across Europe.

Backed by its strong track record, we believe that the company is ready to continue to realize further growth with its new shareholder. We wish the company and her employees all the best for this next phase.

About Nooteboom Textiles

Founded in 1852, Nooteboom is the leading European textile wholesaler specialised in women and children fabrics for home sewing and small tailors as well as home-decoration. Headquartered in Tilburg, the Netherlands, Nooteboom operates its warehousing activities with approx. 100 employees reaching over 5,000 B2B customers in over 50 countries.

About Egeria

Established in 1997, Egeria is an independent Dutch investment company focused on mid-sized companies in the Netherlands and DACH region. Egeria invests in healthy businesses with an enterprise value of between EUR 50 million and EUR 350 million, and believes in building businesses jointly with entrepreneurial management teams (Boldly Building Together). Egeria Private Equity Funds has interests in 12 companies in the Netherlands and Germany, while Egeria Evergreen has investments in 7 companies. Egeria’s portfolio companies generate combined revenues of more than EUR 2 billion and employ circa 12,000 people.

About Bencis

Bencis is an independent investment company that supports business owners and management teams in achieving their growth ambitions. Working out of offices in Amsterdam and Brussels, and more recently in Düsseldorf, Bencis has been investing in strong and successful businesses in the Netherlands, Belgium and Germany since 1999.

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Oakley partners with the founders of digitally native golf brand

Oakley
  • Premium golf balls sold direct-to-consumer offers competitive pricing advantage
  • Innovative design and focus on social media provide marketing edge
  • Large, stable golf market benefitting from a shift to healthy living and flexible working

Oakley Capital, the pan-European private equity investor, is pleased to announce that Oakley Capital Origin Fund is investing in Vice Sporting Goods GmbH (“Vice Golf”), the leading digitally native golf brand.

Golf is a centuries-old sport that has proven its enduring appeal and stability through economic cycles and is today played by c.70 million across the globe. It has seen a significant boost during the COVID pandemic with the number of golf rounds played in the US increasing 20% between 2019 and 2021, driven by existing players playing more rounds and new players embracing the sport, as well as a shift to healthy living and flexible working.

Founded in 2012 in Munich by entrepreneurs Ingo Düllmann and Rainer Stöckl, Vice Golf has a strong track record of profitable growth with >40% top-line CAGR between FY18 and FY21 at ~20% EBITDA margin. The Company has successfully disrupted the golf ball market by offering premium golf balls at significantly lower price points than comparable products through its direct-to-consumer (DTC) business model and social media marketing.

Vice Golf has developed an enthusiastic following and established itself as the largest digital-first player in the global golf ball market thanks to its product proposition and novel designs. The Company principally sells golf balls as well as accessories such as caps and gloves to golfers of all ages and skill levels across the US and Europe. Following customer demand Vice Golf recently entered the apparel segment via highly successfully collaborations with top brands such as Adidas and Beastin.

Oakley’s partnership with Vice Golf builds on the firm’s deep expertise supporting DTC businesses such as Gymondo (part of 7NXT), Germany’s leading online fitness and nutrition platform, and Wishcard, one of Europe’s leading digital gift card companies. The investment in Vice Golf is another example of Oakley’s ability to leverage its wider network and reputation to form long-lasting partnerships with successful entrepreneurs. Oakley’s investment will help the business to accelerate its growth, product diversification strategy and internationalisation.

Oakley Capital Founder and Managing Partner, Peter Dubens, commented: 

“Vice Golf has seen impressive growth thanks to its innovative approach of offering passionate golfers leading product quality at a highly competitive price. We look forward to working with Ingo and Rainer and helping the Vice Golf team to build a globally leading multi-product brand in the golf world.”

Oakley Capital

We were attracted to Oakley’s successful record of partnering with disruptive brands and founders. And as business founders, Oakley’s entrepreneurial heritage particularly appealed to us. With their support, we are confident that we can further accelerate our ambitious growth strategy for Vice Golf.
Ingo Düllmann and Rainer Stöckl
Vice Golf Co-Founders

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