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IK Partners to sell Løgismose to Halberg

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IK Partners

Press Release
Wednesday, 28 June 2023

IK Partners (“IK”) is pleased to announce that the IK VII Fund has reached an agreement to sell Løgismose A/S (“Løgismose” or “the Company”), a high-end food brand, to Halberg A/S (“Halberg”). Financial terms of the transaction are not disclosed.

Founded by Sven and Lene Grønlykke in 1963, Løgismose is a Danish food company that produces and retails delicacies and other products under its own brand. With the acquisition of Løgismose, Halberg, a fifth-generation family-owned company operating from Svendborg on Southern Funen, will be expanding its portfolio to include food products. Under its new ownership, Løgismose, headquartered in Broby on central Funen, will be back into traditional Funen hands. Løgismose will continue as an independent company under Halberg and the current management team led by Jesper Uggerhøj as CEO will remain.

Importance of Local Roots
Under IK’s ownership, Løgismose has: expanded its collaboration with Netto and Salling Group; ventured in to the wine segment; and broadened the offering to include exports. Additionally, the Company has implemented a range of strategic initiatives focused on sustainability and digitalisation.

“With positive growth in both revenue and earnings, we have set the company on a good path and it is therefore a natural next step to pass the baton to a new group of owners,” says CEO at IK Partners, Christopher Masek, regarding the sale. “It has been important for us to find a new long-term owner for Løgismose and we have found exactly that with Halberg. At the same time, we are pleased to bring Løgismose closer to its roots on Funen,” he adds.

Local Green Food
“We have had a good and active owner in IK, which has helped us develop and professionalise our business,” Jesper Uggerhøj says. Løgismose recently launched an ambitious sustainability strategy titled ‘Consideration for People, Animals and Our Nature’ and looks forward to the new ownership with Halberg, aiming to create even more value and delicious food products based on our shared Funen DNA,” he says.

Further Development Based on Core Values
Halberg is known for taking social and local responsibility in the Svendborg area. Originally founded as a tobacco trading company in 1826, Halberg’s portfolio now covers a range of companies in the tobacco, hotel, workwear and capital management sectors. The acquisition of Løgismose represents Halberg’s platform investment in the food sector, introducing a new business segment for the company.

“Løgismose has been a perfect investment for us due to its position in the Danish market, strong brand and innovative organisation and culture,” says CEO of Halberg, Frederik Halberg. “We see significant development potential in Løgismose’s strong collaboration with Salling Group and we look forward to further developing and internationalising the Company. In our future work, we will uphold Løgismose’s core values of ‘Taste’, ‘Attitude’ and ‘Craftsmanship’”, adds Frederik Halberg.

Sale Facts
• In 2015, IK acquired a majority stake in the merged Løgismose Meyers with the aim of strengthening two of the strongest names in the Danish food industry. In 2019, the two companies were separated and in December 2022, Meyers was sold to English WSH. With the sale of Løgismose, IK’s investment in the original Løgismose Meyers has now come to an end.
• In connection with the sale, CEO of IK Partners, Christopher Masek and Managing Partner, Mads Ryum Larsen, will step down from Løgismose’s Board of Directors. Jens Overgaard Knudsen’s role as an operational board member will also cease. Their replacements have not yet been announced.
• The sale is expected to be finalised on 31 August 2023.

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 7787 558 193
vidya.verlkumar@ikpartners.com

Løgismose
Brit Larsen
Phone: +45 22 82 28 42
brit@circlebe.dk

Halberg
Casper Janns
Phone: +45 31 15 24 24
cj@hypefactors.com

 

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 170 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikpartners.com

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About Løgismose A/S

Løgismose was established in 1965 and is now one of Denmark’s strongest food brands, known for its high gastronomic quality, dedicated focus on taste and craftsmanship, and ethical approach to product creation. Our mission is to create high-quality food and wine experiences wherever you encounter the brand. Løgismose develops, produces, and sources food and wine for Danish consumers through its own stores and webshop, in grocery retail, as well as for companies, restaurants, hotels, and selected export markets. For more information, visit loegismose.dk.

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About Halberg A/S

The Halberg Group is a traditional family-owned company in Svendborg, engaged in tobacco production, hotel operations, and property investment. The history of the Halberg family’s ownership of the company in southern Funen dates back more than 130 years. Halberg A/S strives to be a responsible employer that cares for its employees and local community. For more information, visit halberg-as.dk.

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Vendis Capital supports the growth of Meubelzorg

Vendis Capital

Vendis Capital, the consumer sector specialized European private equity fund, invests in Meubelzorg, a direct-to-consumer premium elderly care brand in assistive furniture

Meubelzorg, based in Alkmaar (The Netherlands), is a direct-to-consumer premium elderly care brand in custom-made rise & recline chairs that enables elderly to live longer independently at home. The company was founded in 2017 with the aim of making rise & recline chairs accessible to everyone by testing the chairs at home. Since then, they have delivered considerable growth both in The Netherlands and internationally.

Meubelzorg is the leading premium brand in assistive furniture and is known for its bespoke rise & recline chairs. The company’s consumer centric business model allows for online orientation followed up by at-home or in store testing and full customization to individual wishes and needs. All products are made-to-measure. Building on its success in The Netherlands, the company has successfully rolled out its business model to Belgium.

Vincent Braams, Partner at Vendis Capital: “We are very happy to add Meubelzorg to our portfolio of consumer brands. It presents a fast growing, digital native and direct-to-consumer elderly care brand that accommodates the increasing demand from elderly to live longer comfortably at home. We see growth opportunities in international markets and in other categories that help elderly to live longer in their own home.”

The participation in Meubelzorg represents the seventh investment within Vendis Capital III, the €300 million fund that was launched in 2019.

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Egeria Announces the Sale of GoodLife Foods to IK Partners

Egeria

30 May, 2023 – Egeria Capital Management (“Egeria”) today announced that it has reached a conditional agreement to sell GoodLife Foods (the “Company”) to IK Partners (“IK”).

Headquartered in Breda, the Netherlands, GoodLife Foods is a leading European manufacturer of frozen snacks and meal components such as spring rolls, appetisers, burgers as well as cheese and vegetable bites. The Company offers a broad portfolio of branded and private label products which it sells to Retail, Foodservice and Industrial customers across Europe. GoodLife has over 700 employees with six manufacturing plants located across the Netherlands, Belgium and Denmark.

Formed by the carve-out of Izico from Wessanen in 2014, GoodLife has grown to become a fully integrated leading European frozen appetiser platform. Under Egeria, the Company acquired six companies in three different countries which was followed by years of strong organic growth.

Under the existing management team, GoodLife has gone from strength-to-strength and through its partnership with IK, it expects to further expand its product portfolio with on-trend frozen bites. It also plans to achieve further growth acceleration in- and outside of its core geographies through organic initiatives and buy-and-build.

Dirk Van de Walle, CEO at GoodLife Foods, stated: “We look forward to the next chapter which will see us working with the team at IK who have vast experience in the Food sector and can support us with our ambitious plans to internationalise through organic initiatives and M&A. I would also like to use the opportunity to thank Egeria. We are grateful for the support and opportunities that Egeria has provided GoodLife with over the past years.”

Remko Hilhorst, Managing Partner at IK and Advisor to the IK IX Fund, stated: “We have been impressed with GoodLife’s track record to date and its ability to continuously evolve its product portfolio to meet the needs of its customers. It has a diversified offering with further growth potential which can be unlocked in the years to come. With its solid foundation in place, we look forward to collaborating with Dirk and the team to develop the Company further.”

Sander van Keken, Partner at Egeria, stated: “It has been a true pleasure working with Dirk, Kamiel, Willem and the complete GoodLife organisation. We are proud that under our ownership Goodlife has transformed from a carved-out company primarily focused on the Benelux to a European company with a much broader product range of frozen snacks. I am confident that together with IK GoodLife will continue to expand across Europe whilst maintaining its unique and pleasant GoodLife culture.”

Completion of the transaction is subject to legal and regulatory approvals.

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IK Partners to acquire GoodLife Foods from Egeria

IK Partners (“IK”) is pleased to announce that the IK IX Fund has signed an agreement to acquire GoodLife Foods B.V. (“GoodLife Foods”, “GoodLife” or “the Company”), a leading European manufacturer of frozen snacks. IK is acquiring a majority stake from Egeria Capital Management (“Egeria”) alongside management who will be reinvesting. Financial terms of the transaction are not disclosed.

Headquartered in Breda, the Netherlands, GoodLife Foods is a leading European manufacturer of frozen snacks and meal components such as spring rolls, appetisers, burgers as well as cheese and vegetable bites. The Company offers a broad portfolio of branded and private label products which it sells to Retail, Foodservice and Industrial customers across Europe. GoodLife has over 700 employees with six manufacturing plants located across the Netherlands, Belgium and Denmark.

Formed by the carve-out of Izico from Wessanen in 2014, GoodLife has grown to become a fully integrated leading European frozen appetiser platform. Under Egeria, the Company acquired six companies in three different countries which was followed by years of strong organic growth.

Under the existing management team, GoodLife has gone from strength-to-strength and through its partnership with IK, it expects to further expand its product portfolio with on-trend frozen bites. It also plans to achieve further growth acceleration in- and outside of its core geographies through organic initiatives and buy-and-build.

Dirk Van de Walle, CEO at GoodLife Foods, stated: “We look forward to the next chapter which will see us working with the team at IK who have vast experience in the Food sector and can support us with our ambitious plans to internationalise through organic initiatives and M&A. I would also like to use the opportunity to thank Egeria. We are grateful for the support and opportunities that Egeria has provided GoodLife with over the past years.”

Remko Hilhorst, Managing Partner at IK and Advisor to the IK IX Fund, stated: “We have been impressed with GoodLife’s track record to date and its ability to continuously evolve its product portfolio to meet the needs of its customers. It has a diversified offering with further growth potential which can be unlocked in the years to come. With its solid foundation in place, we look forward to collaborating with Dirk and the team to develop the Company further.”

Sander van Keken, Partner at Egeria, stated: “It has been a true pleasure working with Dirk, Kamiel, Willem and the complete GoodLife organisation. We are proud that under our ownership Goodlife has transformed from a carved-out company primarily focused on the Benelux to a European company with a much broader product range of frozen snacks. I am confident that together with IK GoodLife will continue to expand across Europe whilst maintaining its unique and pleasant GoodLife culture.”

Completion of the transaction is subject to legal and regulatory approvals.

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 170 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikpartners.com

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About GoodLife Foods B.V.

GoodLife Foods is one of Europe’s largest producers of both branded and private label frozen savoury food products. The Company has its headquarters in Breda, the Netherlands with production sites in the Netherlands, Belgium and Denmark. For more information, visit https://glfoods.com/en/

About Egeria

Established in 1997, Egeria is an independent Dutch investment company focused on mid-sized companies in the Netherlands and DACH region. For more information, visit https://egeriagroup.com/

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Restaurant365 Announces $135M Funding Round Co-Led by KKR and L Catterton

KKR

Leading restaurant enterprise management software company surpasses $1B valuation.

IRVINE, Calif., May 19, 2023 /PRNewswire/ — Restaurant365, an industry leading all-in-one restaurant enterprise management software, today announced it has agreed to a $135M funding round co-led by global investment firms KKR and L Catterton with participation from current investors, including ICONIQ Growth and Bessemer Venture Partners.

Restaurant365 is transforming the restaurant industry by providing operators with innovative solutions to increase sales, control food costs, and optimize labor. The company’s robust software suite brings key accounting, operational, and payroll-based processes together into a single, cloud-based technology.

“R365 has achieved continuous, accelerated growth, which is a testament to our strong team who is eager to change the restaurant industry for the better,” states Tony Smith, CEO and Co-Founder of Restaurant365. “Anytime we receive funding, we recognize it as a privilege. However, the primary driver of this round is uniting with two strategic investors so intimately tied to the restaurant industry. Having recently crossed exciting milestones of $100M in revenue and $1B in value, we can’t wait for what’s next.”

The investment is from KKR’s Tech Growth strategy and L Catterton’s Growth Fund.

“Restaurant365 has demonstrated compelling growth throughout its history, now powering more than 40,000 restaurant locations,” said Jimmy Miele, Director, Tech Growth at KKR. “Moreover, their software has played a crucial role in helping many struggling operators keep their doors open during uncertain times. We look forward to being a part of this next chapter, helping even more operators achieve their highest potential.”

“L Catterton has deep experience investing in world-class restaurant brands globally,” says Ian Friedman, Partner at L Catterton who will join Restaurant365’s board. “With deep insight into the everyday pain points of restaurant operators, we believe Restaurant365 is the gold standard in the industry, helping to streamline operations and boost profitability, and we are proud to leverage our consumer and technology investing experience as a partner to Tony and the team.”

Proceeds from the round will be invested into product enhancements to ensure that Restaurant365’s Accounting, Store Operations, Workforce, and Intelligence product suites continue to meet the evolving needs of the restaurant industry, while also expanding its market share.

About Restaurant365®

Restaurant365 is an industry leading all-in-one, cloud-based accounting, inventory, scheduling, payroll, and HR solution developed specifically for restaurants. R365’s restaurant enterprise management software simplifies day-to-day management for operators, allowing them to control food costs and optimize labor. Integrations and open APIs enable Restaurant365 to connect with other systems including POS providers, vendors, and banks. The result is accurate, timely reporting that provides a clear and complete view of their businesses. Restaurant365 is based in Irvine, California with an office in Austin, Texas. The company is backed by Bessemer Venture Partners, ICONIQ, KKR, L Catterton, and Serent Capital. Additional information is available at www.restaurant365.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 L Catterton 

L Catterton is a market-leading consumer-focused investment firm, managing approximately $33 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio.

Founded in 1989, the firm has made over 250 investments in some of the world’s most iconic consumer brands. L Catterton has significant experience investing in restaurant brands, including Velvet Taco, bartaco, CHOPT Creative Salad Company, Hopdoddy, Cheddar’s, First Watch, and P.F. Chang’s, among others, as well as leading software businesses including Forter, Sendcloud, and Flash Parking. For more information about L Catterton, please visit www.lcatterton.com.

Contact: restaurant365@nextpr.com

SOURCE Restaurant365

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Apax Funds make approximately $450m investment in travel tech company IBS Software

Funds advised by Apax Partners LLP (“Apax”) announced today that they have reached a definitive agreement to invest approximately $450m to acquire a significant minority stake in IBS Software, a leading provider of modern Software-as-a-Service (SaaS) solutions to the global travel and logistics industry, from Blackstone. Following the transaction, Apax will partner closely with IBS Software’s Founder and Executive Chairman, V K Mathews, who will remain the majority shareholder.

IBS Software Logo (002)

Founded in 1997 with a vision of redefining the future of travel through technology innovation, IBS Software provides next-generation SaaS solutions that power the most mission-critical operations at the world’s leading aviation, tour and cruise, hospitality and logistics companies. With a comprehensive portfolio of modular, cloud-based solutions purpose-built for the travel industry, IBS Software helps travel companies accelerate innovation and drive efficiency across a broad set of core business processes, including cargo and logistics, flight operations, passenger services, loyalty programs, cruise operations, energy & resource logistics and hospitality distribution platforms. Backed by a team of 4000 professionals across the world with more than 25 years of deep domain expertise, IBS Software’s scalable, cloud-native platform and demonstrated market leadership, position it to define the future of mission-critical technology for the travel industry.

V K Mathews, Founder and Executive Chairman of IBS Software said: “We’re excited to partner with Apax as we enter a new phase in our mission to transform how travel companies operate in a digital world. This investment is an endorsement of our strategy and our commitment and contribution to the industry, and we have a shared vision with Apax for the future of the business. We thank our customers and employees who have been instrumental in our success so far. We’re grateful to the Blackstone team for their invaluable support over the years and we look forward to an exciting and fulfilling journey ahead with Apax.”

Anand Krishnan, CEO, IBS Software, added: “As the travel industry rapidly embraces digitalisation, we have a vital role to play in helping our customers accelerate revenues, drive efficiency and create differentiated customer experiences. Apax has deep experience in partnering with leading SaaS providers and will be a strategic partner for IBS Software as we embark on a new phase of growth. We thank Blackstone for helping us create real value and a true partnership.”

Jason Wright, Partner, Apax, commented: “We are thrilled to partner with VK and the management team at IBS Software. Having closely monitored the travel software sector over the last several years, IBS Software stood out to us as uniquely positioned in the industry, offering a next-gen software suite that we believe is truly unrivalled. Over the last two decades, IBS Software has invested in products, innovation, and culture, while continuing to scale the business. We believe there is tremendous growth potential ahead and look forward to leveraging our software experience to help IBS Software become a world leader in travel and logistics software.”

Amit Dixit, Head of Asia Private Equity, Blackstone, said: “We are happy to have played an important role in IBS Software’s transformation to a SaaS company with global leadership in Travel and Logistics. IBS is already one of the largest enterprise SaaS companies out of India. We thank VK for his strategic vision and for being a terrific partner, and Anand and the management team for their impeccable execution. Value creation at IBS Software demonstrates our business-building approach to investing and reinforces our conviction in Technology as a sectoral theme.”

The transaction is subject to customary closing conditions and is expected to close end of Q2 2023. Financial terms were not disclosed.

J.P. Morgan is acting as financial advisor to IBS Software and Blackstone, Drew & Napier LLC is acting as legal counsel to IBS Software and Simpson Thacher & Bartlett LLP is acting as legal counsel to Blackstone.

Kirkland & Ellis LLP is acting as legal counsel and Jefferies LLC is acting as financial advisor to Apax.

 

-ENDS-

 

ABOUT IBS SOFTWARE

IBS Software is a leading SaaS solutions provider to the travel industry globally, managing mission-critical operations for customers in the aviation, tour & cruise, hospitality, and energy resources industries. IBS Software’s solutions for the aviation industry cover fleet & crew operations, aircraft maintenance, passenger services, loyalty programs, staff travel and air-cargo management. IBS Software also runs a real time B2B and B2C distribution platform providing hotel room inventory, rates and availability to a global network of hospitality companies and channels. For the tour and cruise industry, IBS provides a comprehensive, customer-centric, digital platform that covers onshore, online and on-board solutions. Across the energy & resources industry, we provide logistics management solutions that cover logistics planning, operations & accommodation management. The Consulting and Digital Transformation (CDx) business focuses on driving digital transformation initiatives of its customers, leveraging its domain knowledge, digital technologies and engineering excellence. IBS Software operates from 16 offices across the world. Further information at www.ibsplc.com. Follow us: Blog | Twitter | LinkedIn | Facebook | Instagram

 

ABOUT APAX

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $65 billion. The Apax Funds invest in companies across four global sectors of Internet/Consumer, Tech, Services, and Healthcare. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

Apax Partners is authorised and regulated by the Financial Conduct Authority in the UK.

Global media contact

Katarina Sallerfors

t: +44 20 7872 6300

Luke Charalambous

t: +44 20 7872 6300

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BGF leads £19 million investment in Brompton Bicycle

BGF

BGF has led a £19 million investment into Brompton, to further accelerate the growth of the iconic folding bike brand. 

Since 1975, Brompton has been independent, owned by the founder Andrew Ritchie, current CEO Will Butler-Adams, their friends and family, and its staff. Following the investment, BGF has taken a minority stake to support Brompton’s ambition to create urban freedom for happier lives.

Will Butler-Adams, CEO at Brompton, said: “Over the last two decades, Brompton has grown organically at circa 20% a year, funded by reinvesting our profits. For the year ended March 2023, turnover grew 21% to £130 million, supported by the launch of the Superlight T Line and Electric P Line products.”

“We export 80% of our bikes to 46 countries and, in November 2022, made our one-millionth bike, a great achievement. But this is not enough, we need to move faster. The impact of climate change is being felt by us all and the greatest carbon emissions come from our cities where most of the world’s population now lives.”

Our team at Brompton is brimming with ideas to accelerate our growth through product innovation, storytelling, outstanding stores, and having fun with our amazing community. But if we are really going to go for it, we need to strengthen our balance sheet to give us the confidence to be more ambitious.

Will Butler-Adams, CEO, Brompton

Daina Spedding, investor at BGF, said: “We are incredibly excited to be backing an iconic British brand that is rich in heritage and engineering prowess, with an outstanding track record of profitable, global growth.”

“From the outset, there has been a clear synergy between Brompton and BGF, with shared long-term goals and a focus on sustainable growth that is good for both people and planet. We look forward to supporting the business as it continues to expand into new markets and invest in new technologies and manufacturing capabilities to meet ever-growing demand for its revolutionary cycling range.”

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KKR Increases Majority Stake in Seiyu With Acquisition of Rakuten Shares

KKR
  • KKR’s increases its majority stake in the local innovative value retailer of choice to 85%
  • Rakuten and Seiyu to continue leveraging retail expertise across online grocery delivery, cashless payments and data-driven marketing

TOKYO–(BUSINESS WIRE)– KKR, a leading global investment firm, and Rakuten Group, Inc., (“Rakuten”) today announced the signing of definitive agreements under which a fund managed by KKR will purchase Rakuten’s stake in Seiyu (the “Company”), a leading, nationwide supermarket chain in Japan. With this purchase, KKR increases its stake in Seiyu from 65% to 85%1.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230511006023/en/

KKR and Rakuten, together with Seiyu’s third shareholder, Walmart, have collaborated to support Seiyu’s growth since KKR and Rakuten completed their investments in the Company in 2021. Support initiatives have included: improving product quality, user experiences, and store operations, and renovating and refurbishing stores, which have enabled Seiyu to deliver greater value and convenience. Customers have benefited from a range of initiatives, such as:

  • The convenience of cashless payment methods in Seiyu stores, including Rakuten Pay and Rakuten Edy, as well as Japan’s leading membership loyalty program, Rakuten Points.2
  • Improved quality and selection of products, especially for fresh produce and delicatessen
  • Optimized and improved store operations and processes as a result of leveraging KKR’s operational expertise; and
  • Enhanced online-merges-with-offline (OMO3) initiatives as a result of strategic collaboration amongst Seiyu’s shareholders

Following this transaction, Rakuten will continue to be an important strategic partner to Seiyu and will work closely with the Company’s management and shareholders to further strengthen Seiyu’s offering to customers, prioritizing value and convenience.

Hiro Hirano, Co-Head of Private Equity for KKR Asia Pacific and CEO of KKR Japan, said, “We are pleased to deepen our relationship with Seiyu, an iconic Japanese brand in which we continue to see strong promise. We look forward to unlocking the company’s full potential through the continued strategic partnership with Rakuten and Walmart, which brings together our respective expertise in investing behind a company’s growth, global best-in-class practices, and thoughtful customer experience. Together, we remain focused on helping Seiyu continue to deliver greater value and convenience to its customers across Japan and maintain its strong growth.”

Tsuneo Okubo, President and Representative Director of Seiyu Holdings Co. and Seiyu Co., Ltd., said, “Seiyu aims to become Japan’s No. 1 supermarket and online supermarket by 2025, in line with our medium-term management plan, building on the new management structure introduced in 2021. Seiyu is focused on building a virtuous cycle of investment in our human capital, information systems, and stores, with greater profits and value generated through better quality products and strengthened sales capability. While maintaining our philosophy of “Every Day Low Price,” we strive to provide services and products that increase customer satisfaction through improved freshness and quality. We are pleased that our operating income in FY22 saw a 50% year-on-year growth, which is evidence that our business transformation program is progressing well. Through our ongoing strategic partnership with Rakuten, we will continue to strengthen our digital marketing and aim to become the leading OMO retailer in Japan.”

Kazunori Takeda, Director and Group Executive Vice President and President of Commerce & Marketing Company, Rakuten Group, Inc., said, “With the strong support and retail expertise of KKR, our collaboration with Seiyu has been extremely fruitful, with strong growth in the popular Rakuten Seiyu Netsuper online grocery delivery service, introduction of Rakuten cashless payment options and strengthening customer acquisition programs and product promotions by utilizing Rakuten Points. We will continue working together to deliver greater levels of convenience to our customers.”

KKR is making its investment from its Asian Fund IV. Further details of the investment have not been disclosed.

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 Seiyu

Established in 1963, Seiyu is a nationwide supermarket chain in Japan with more than 300 retail units. Through its supermarket and hypermarket formats and Rakuten Seiyu Netsuper delivery service, Seiyu offers customers a broad assortment including fresh food, general merchandise, and apparel products across Japan from Hokkaido to Kyushu. In pursuit of our mission, “Making our customers’ everyday life better with Seiyu,” Seiyu continues to innovate to become a leading OMO retailer, enhancing its EDLP strategy by ensuring thorough operational efficiency & technological excellence powered by KKR, Rakuten and Walmart.

About Rakuten

Rakuten Group, Inc. (TSE: 4755) is a global leader in internet services that empower individuals, communities, businesses and society. Founded in Tokyo in 1997 as an online marketplace, Rakuten has expanded to offer services in e-commerce, fintech, digital content and communications to approximately 1.7 billion members around the world. The Rakuten Group has approximately 32,000 employees, and operations in 30 countries and regions. For more information visit https://global.rakuten.com/corp/.

1 On the basis of shares with voting rights.
2 Source: “Survey on Points Systems.” Valid responses: 1,000. Online survey conducted by MyVoice Communications, Inc., November 2022.
3 Online Merges with Offline” (OMO) refers to breaking down barriers between online services and offline brick-and-mortar stores in the retail space in order to provide customers with seamless, personalized experiences.

Media
Rakuten Group, Inc.
Corporate Communications Department
global-pr@mail.rakuten.com

Seiyu
Miyuki Moriguchi
miyuki_moriguchi@seiyu.com

KKR
KKR Asia Pacific
Wei Jun Ong
WeiJun.Ong@kkr.com

FGS Global (for KKR Japan)
Deborah Hayden, +81 70 2492 0463
Samuel Brustad, +81 70 3853 3284
KKR-TYO@fgsglobal.com

Source: KKR

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Juliette has a gun continues its adventure with Cathay Capital and welcomes in Weinberg Capital Partners in a context of sustained growth

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Royal Buisman acquired by Nactarome

Bencis

Amsterdam – On 31 March 2023, the shareholder of Royal Buisman (or the “Company”) entered into a definitive agreement to sell the Company to Nactarome. The sale follows the carve-out of Royal Buisman from its ultimate parent Prinsen Berning, a portfolio company of Bencis Capital Partners. Current management will continue in its position and looks forward to the next growth journey together with its new partner.

Royal Buisman is an established producer of natural caramelised ingredients for the food and beverage industry.
International customers use its products to improve the taste and intensify the natural colour of their products.

Headquartered in Zwartsluis, The Netherlands, Royal Buisman leverages 150 years of knowledge and expertise
in the field of caramelised sugars, enriching sugars into 100% pure and natural caramel ingredients for B2B food
and beverage producers. The Company produces dry powder and liquid caramel ingredients that strengthen the
‘signature’ of a wide range of bakery, instant hot drinks, meat, meat replacers and savoury food products as well
as (alcoholic) beverages. Royal Buisman’s products deliver taste, aroma, colour and texture enhancement to its
customers, providing a unique experience for end-consumers and a cost-effective and natural ’’clean-label” alternative.

Royal Buisman was acquired in 2016 by Prinsen Berning, a group that is ultimately controlled by Bencis Capital
Partners. While the coffee powder business of Royal Buisman was integrated within the group, the natural
caramelised ingredients production remained in Zwartsluis as an independent subsidiary. Since the focus of the
group shifted to the B2B active nutrition segment, Prinsen Berning decided to sell Royal Buisman.

With the acquisition, Nactarome further broadens its product assortment of natural ingredients for speciality
products. Furthermore, the company strengthens its customer base with blue-chip food and beverage
companies, who are primarily based in Europe. Royal Buisman and Nactarome envisage strong collaborative
opportunities in several end-markets as well as diversifying the customer base of the Company. Nactarome has
a strong foothold in Asian markets, that Royal Buisman could benefit from.

The sale of Royal Buisman was overseen by Squarefield, a Food & Agri focused corporate finance advisor with
offices in Amsterdam, Frankfurt, and Antwerp.

Robert Hoopman – CEO Royal Buisman: “The Buisman team is excited to become part of the Nactarome group,
an organisation that is well-known in the market for its focus on high-quality natural ingredients. Our products
are complementary to the existing assortment of Nactarome and we share the same values and strategy. We are
thankful for Squarefield’s long-term support and in-depth knowledge of the ingredients market.”

Renske Vriend – Investment Director Bencis Capital Partners: “This transaction benefits the strategy of both
parties involved. On the one hand Prinsen Berning can have a more focused approach on the active nutrition
market, and on the other hand, Royal Buisman can continue its strategy of offering high-quality natural
ingredients to global blue-chip customers as part of a dedicated functional ingredients supplier. Our cooperation
with Squarefield went as expected, Squarefield is a long-term partner to Bencis in global food and agri.”

 

About Royal Buisman

Royal Buisman (www.royalbuisman.com) is a supplier of natural caramelised ingredients for the international
food and beverage industry. The Company is a market leading expert in natural, clean label caramel ingredients
that are used in bread, hot drinks, savoury & convenience, fine bakery and meat & meat replacer products. Royal
Buisman is headquartered in Zwartsluis, The Netherlands.

About Nactarome

Nactarome (www.nactarome.eu) is a producer of colours, flavours and ingredients for the food, beverage and life
sciences industries. It has a strong European presence with specialised manufacturing plants and commercial
offices and serves over 4,500 customers across 100 countries worldwide. The company employs more than 500
employees worldwide and is headquartered in Milan, Italy. Nactarome is a portfolio company of TA Associates, a
US-based private equity fund with offices around the world.

About Bencis Capital Partners

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

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