Tag Archives: Consumer brands

FATTAL ACQUIRES SIX HOTELS IN SPAIN FROM KKR AND DUNAS CAPITAL IN TRANSACTION WORTH OVER €165 MILLION

KKR

High quality hotels in key strategic locations will accelerate Fattal’s international growth and add over 1,119 rooms
• Fattal plans €20 million new investment in properties and enhanced customer experience
• Acquisition forms part of Fattal’s new joint venture with Menorah, Harel and Leumi Partners

11 July 2022: Fattal Group (“Fattal”), one of Europe’s fastest-growing hotel groups, has signed an agreement with KKR, a leading global investment firm, and Dunas Capital to acquire six landmark hotels in Spain, for over €165 million. The transaction is expected to close in the second half of 2022 and will not impact guest reservations or experiences.

Located in key strategic beachfront locations on the islands of Ibiza and Mallorca, the six hotels, comprise four hotels and two apartment hotels and currently form part of the Alua Hotels & Resorts chain, each having a 4-star rating.

Totaling 1,119 rooms, the hotels boast a wide range of amenities and attractions such as pools, restaurants, bars, gyms, children’s rooms, and other recreational facilities. The hotels have historically had high seasonal occupancy rates and are seeing a steady increase in demand as guests return following the Covid pandemic.

The transaction marks the first undertaking by Fattal as part of a joint venture with institutional investors Menorah, Harel, and Leumi Partners. The partnership will finance the transaction from its own sources, in addition to a loan of approximately €95 million that the partnership intends to receive from a banking entity.

The purchased hotels – Alua Hawaii Ibiza (209 rooms), Alua Miami Ibiza (360 rooms), Aluasun Miami Ibiza apartment hotel (82 Apartments), Alua Hawaii Mallorca & Suites (230 rooms and 68 Hawaii Mallorca Suites), and Alua Palmanova Bay (170 rooms) – have in recent years benefitted from over €14 million of investment in the renovation and transformation of the hotels.

Fattal plans to invest a further €20 million in enhancing the facilities, amenities, and overall customer experience, and it is currently envisaged that the hotels will in due course rebrand to the Group’s well-known European hotel brands such as Leonardo, Leonardo Royal, and NYX.

Guy Vardi and Yaniv Amzaleg, who oversaw the transaction on behalf of Fattal, commented: “This exciting acquisition reflects Fattal’s ability to identify strategic opportunities and complete transactions of significant scale with top-tier international sponsors and partners. It presents us with a rare opportunity to acquire a high-quality portfolio of assets, timed to capitalize on the potential for a near-term return to travel, as well as the hotels’ fantastic locations – which will remain in high demand for years to come. In addition, through effective management, branding, product enhancement, and targeted investment there is a significant opportunity to grow value and generate strong returns for our investors.”

Guy Vardi and Yaniv Amzaleg recently joined Fattal to lead Fattal’s international M&A activities and joint venture. The two bring with them extensive experience on a significant scale in international transactions, having led international investment activities in recent years.

Rosa Brand, Director in EMEA Real Estate at KKR, added: “Since acquiring these hotels in 2017, we have invested significantly to transform and modernise the portfolio alongside our partners Dunas Capital and Alua, consistent with our European strategy of working with best-in-class local developers and operators. We are delighted that Fattal Group will be the new owners of the portfolio.”

Shai Raz, CEO of Fattal Hotels in Spain, remarked: “In recent years, Fattal has built a strong and profitable management platform for our hotels in Spain, that is consistent with the company’s ambitious growth strategy to expand in the most attractive areas of the European continent. We are delighted that with this deal we have created a strong presence on the Balearic Island and strengthened our overall position in Spain by bringing the total number of Spanish hotels to 16.”

Ronen Nissenbaum, CEO of Fattal Hotels in the UK, The Netherlands, and Spain, added: “I am delighted with the acquisition of the 6 hotels and their integration into our diverse and high-quality portfolio. With this acquisition, the company strengthens its presence as a leader in European holiday destinations. In addition to the quality of our hotels and our people, we look forward to leveraging our expertise and capabilities to drive positive performance and provide our customers with even greater products, experiences, and services”

David Angulo, Chairman of Dunas Capital, said: “It has been an honour to share our expertise in the Spanish market with our partners KKR and Alua to add value to this high-quality portfolio of prime assets. The combined capabilities of the three groups yielded very positive results. We believe that the Spanish tourism sector continues to have great potential and we congratulate Fattal Hotels for identifying this fantastic opportunity and investing in this trend.”

About Fattal Group

The Fattal hotel chain, owned by the Fattal family (62.08%), was established by David Fattal in March 1998, and specializes, through corporations it holds, owns, operates, rents, and manages, in hotels in Israel and Europe, as well as in the acquisition and construction of new hotels.

With over 44,0000 hotel rooms and a leadership position in countries such as Israel and Germa rooms andWith over 44,000 hotel , Fattal is the first Israeli hotel chain to lead the hotel market in a European country and is also considered a significant player in the UK, the Netherlands, and Spain.

In April 2022, Fattal Europe raised €336 million for the purchase of international hotels as part of an ambitious plan to expand its portfolio and brand presence internationally, giving it the ability to undertake up to €1 billion of transactions. Its property expansion program is managed by Fattal, Harel Insurance Partnership, Menorah Mivtachim, and Leumi Partners. This is the second partnership raised by Fattal after the first fund, established back in 2007, with institutional bodies as well.

KKR acquired the hotel portfolio through KKR Real Estate Partners Europe, KKR’s first dedicated European real estate fund. Since launching a dedicated real estate platform in 2011, KKR has grown its real estate assets under management to approximately $59 billion across the U.S., Europe and Asia Pacific as of March 31, 2022 KKR’s global real estate team consists of over 135 dedicated investment professionals, spanning both the equity and credit business, across 13 offices and 10 countries.

Fattal Group was advised by CBRE, Cushman & Wakefield and Hogan Lovells.

KKR was advised by Eastdil Secured, JLL, Freshfields Bruckhaus Deringer, Deloitte and Arcadis.

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.

For further information please contact:

ON BEHALF OF FATTAL GROUP

Paul Griffin
pgriffin@reputation-inc.com
+353 87 667 4305

Ben Valdimarsson
bvaldimarsson@reputation-inc.com
+44 788 980 5930

ON BEHALF OF KKR

Alastair Elwen / Sophia Johnston
Telephone: +44 20 7251 3801
Email: KKR-LON@fgsglobal.com

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Rester, a provider of textile recycling solutions, has secured EUR 6 million in funding

Tesi

Rester, Finnish global forerunner in building textile recovery value chains, has secured EUR six million in growth funding. The company will use the funds to scale up and internationalise. The recycled fiber processed by Rester can be used, for example, in the textile industry to produce fabrics or technical textiles, and in the construction industry for the production of insulation and composite materials and acoustic panels.

The round was led by Lindström Group, becoming a significant minority owner. Other new owners include family-owned investment company Besodos Investors Oy and Taaleri Sijoitus Oy. Tesi (Finnish Industry Investment) also made an initial investment in the company.

”The textile industry is a major source of greenhouse emissions in the global economy and consumes vast amounts of water. Still, recycling and reuse of textiles, which would decrease the environment load, is far from optimal. Our investment in Rester has a concrete impact and promotes sustainable business as the company scales up and expands globally,” comments Mikael Niemi, Investment Director at Tesi.

Tesi invested in Rester from its circular economy programme with which Tesi promotes material efficiency and carbon neutrality. The programme that invests in both funds and growth companies kickstarted in 2018, sized at EUR 75 million.

”We are putting strong emphasis on growth and internationalisation, and by doing so, work on green transition in the textile industry. For us, Tesi is an important partner in our growth path where value chains become increasingly built up around global players in the industry. Having got Tesi on board meant that the funding round was as optimal as it could have been,” says gladly Outi Luukko, CEO of Rester.

 

Additional information:

Mikael Niemi, Investment Director, Growth and Industrial Investments
mikael.niemi@tesi.fi
+358 50 597 7303

Outi Luukko, CEO, Rester
outi@rester.fi
+358 400 406083

 

Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of transformative economic growth by investing in funds and directly in companies. We invest profitably and responsibly, hand-in-hand with co-investors, to create the world’s new success stories. Our investments under management total 2.1 billion euros. www.tesi.fi | @TesiFII 

Rester is a leading global forerunner in building textile recovery value chains. Located in Southwest Finland, the company offers textile recycling solutions that can be used to process end-of-life textiles and by-products of manufacturing into recycled fibers and quality raw materials. During the process, the textiles are opened mechanically back into fibers. Rester recovered fiber can be used by a great diversity of sectors to replace virgin raw material. Our customer base consists of businesses that supply us with end-of-life textiles that they no longer need and businesses that use recycled Rester fiber in their production or for their products. Founded in 2019, Rester began its operations in November 2021. Rester’s principal owner is Touchpoint Oy, a manufacturer of ecological workwear. www.rester.fi

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Nordic Capital becomes owner of Ellos Group once again

Nordic Capital

Nordic Capital becomes owner of Ellos Group once again

June 30 2022

Nordic Capital becomes the new owner of FNG Nordic AB (Ellos Group), the Nordic region’s leading e-commerce group within home and fashion. With a profitable, long-term development and backed by a stable owner, Ellos Group is well positioned in the market to benefit from online growth and demand in the Nordics and elsewhere in Europe.

Ellos Group is on a growth journey with significant investments and progress made on the way to becoming the Nordic region’s leading e-commerce group within home and fashion. After several years of profitable growth, Ellos Group achieved sales of nearly SEK 3.6 billion in 2021. Today, Ellos Group has more than 2 million active and satisfied customers in the Nordics and across Europe.

Based on an ambitious growth strategy, Ellos Group has successfully expanded its well-invested and scalable e-commerce platform. In recent years, the company has expanded its attractive Jotex range of home furnishings into selected markets in Europe. The strategy was recently sharpened with greater focus on creating a more attractive, sustainable and broad-based fashion and home offering to core customers: women in mid-life.

Ellos Group was owned until 2019 by Nordic Capital, which then entered into an agreement to sell Ellos Group to FNG Nordic AB (publ), indirectly owned by the Belgian company FNG NV. Nordic Capital has been an indirect minority owner since the sale and has in the last three years continued to support Ellos Group’s development and progress.

As previously communicated, due to Ellos Group’s former owner filing a petition to commence insolvency proceedings in Belgium, Nordic Capital initiated a process in February 2022 to become the owner of the company. The ownership assessment required for Nordic Capital to regain ownership of Ellos Group has since been approved by the Swedish Financial Supervisory Authority.

“The news that Nordic Capital once again becomes Ellos Group’s owner is very positive. We know Nordic Capital well and look forward to working with them as owner. We are starting from a positive position having improved the customer experience, strengthened our operational capability and expanded in Europe in recent years. Our focused efforts have produced results. After several years of profitable growth, our annual sales are around SEK 3.6 billion. We successfully maintained last year’s high sales levels during the first months of this year. We are now looking ahead and are well positioned in the market to benefit from online growth and demand in the Nordics and elsewhere in Europe,” says Hans Ohlsson, CEO of Ellos Group.

“We are, and have always been, impressed by Ellos Group’s strategic position as a Nordic leader in its industry and by the performance of the management team, which has managed to strengthen the company in recent years and expand into strategically important new markets. By becoming owner, Nordic Capital commits, once again, to support the continued growth and success of Ellos Group,” says Robert Furuhjelm, Chairman of FNG Nordic and Partner, Nordic Capital Advisors.

As the new owner of the company, Nordic Capital will actively support Ellos Group in the forthcoming expansion phase. Focus is on continuing to grow the business in the Nordic home market and in selected markets in Europe.

As previously communicated, the existing financing remains in place. FNG Nordic’s bondholders previously approved a change to the terms of FNG Nordic’s bond loan, which rendered the transfer of ownership possible.

In conjunction with the change of ownership, FNG Nordic will change its name.

For more information:
Johan Stigson, CFO, Telephone. +46 (0)33 16 08 05

About Ellos Group 

The Ellos Group, which includes Ellos, Jotex, Stayhard, and Homeroom, is the Nordic region’s leading e-commerce group. Working closely with our millions of customers, we are constantly striving to develop and offer attractive and sustainable fashion and household items for the entire family. Our focus is always on the customer. We continuously work to develop our business through innovation, creativity, and sustainability. The Ellos Group, headquartered in Borås, and with operations in all Nordic countries and selected European markets, has around 600 employees and sales of around SEK 3.6 billion. www.ellosgroup.com

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BDC and bd-capital agree to merge Private Sport Shop and SportPursuit

Bridgepoint

The merger of Private Sport Shop and SportPursuit combines the leading positions in France and the UK and fast-growing presence in Germany. It brings together highly complementary category and product coverage to create Europe’s most compelling destination for millions of current and prospective members looking for great sports and outdoor products at exceptional value

PARIS, LONDON – 21 June 2022 – bd-capital, the pan-European, operationally-led private equity firm, and Bridgepoint Development Capital, the mid-market growth-focused team of Bridgepoint, today announce the merger of their respective portfolio companies, SportPursuit and Private Sport Shop to form Sportscape Group.

The combination creates a business with more than €200m sales across France, UK, Germany and 10 other countries, and accelerates the group’s shared vision to create Europe’s leading sports and outdoor hub: delivering daily inspiration, unbeatable deals, amazing brands and engaging content for sports and outdoor enthusiasts across Europe and beyond.

Sportscape Group will be led by Sébastien Rohart, the current CEO of Private Sport Shop. He will be supported by the current executives from both companies, with Adam Pikett, current CEO and co-founder of SportPursuit, taking up the role of Chief Vision Officer overseeing the strategy of the group. Both Luke Pikett, Managing Director and co-founder of SportPursuit and Yannick Leouffre, Managing Director of Private Sport Shop, will continue to lead both businesses.

The newly combined group creates a powerful distribution channel for more than 2,500 existing brand partners with access to an audience of over 24 million sports and outdoor enthusiasts – 90-95% of the Group’s daily traffic originating organically from its own audience. The merger also combines two unique and highly engaged digital and social communities with over 3 million followers.

Millions of existing active customers will enjoy larger product ranges with an even greater selection of leading sport and outdoor brands available across more sports, more of the time. Private Sport Shop and SportPursuit will continue to operate as consumer-facing brands in their home markets, building on their strong consumer recognition and high repeat rates which have been built over many years.

Technology will play an ever-increasing role in consumer-facing industries and Sportscape Group’s shared expertise in data analytics, custom algorithms and machine learning will further improve user experience, helping to create unique communications at a customer level, leading to higher engagement and lifetime value.

As European consumers come under increasing spending pressure, as a result of increases in the cost of living, Sportscape Group’s proposition becomes even more compelling; to offer consumers access to the best products at the very best prices, helping them afford to stay active and healthy.

Commenting on the combination, Sébastien Rohart said: “I am excited to become the CEO of Sportscape Group. The combination creates a European leader with a unique proposition to our customers and brand partners alike. In particular, the combination of Private Sport Shop’s huge sport coverage and social media presence with SportPursuit’s technology and data expertise creates significant additional growth opportunities, over and above what we could have created individually. We are very pleased to open this exciting chapter with the full backing of our shareholder Bridgepoint Development Capital who have been our highly supportive partner from the very beginning.”

Adam Pikett added: “At SportPursuit, we have known and admired the Private Sport Shop team for many years. As a co-founder of SportPursuit it is super exciting to have this opportunity to bring the two businesses together to create something special: a true European leader across multiple markets, multiple categories, with substantial headroom for further growth.”

Jean-Baptiste Salvin, Director at Bridgepoint Development Capital, also commented: “We are excited to be working with bd-capital to support the combination of our two investments. We have created fantastic alignment between our organisations and look forward to supporting the combined group as we move forward together.”

Andrey Russinov, Director at bd-capital added: “We are focused on partnership at bd-capital, and this merger creates both a partnership between two operational companies and two investors. The combination of SportPursuit and Private Sport Shop substantially increases the growth potential of both, and we are excited to support that growth alongside Bridgepoint and management.”

In addition to driving significant growth through organic expansion, the combination will create a strong foundation to support further M&A activity across Europe and beyond.

Private Sport Shop and SportPursuit executed the transaction in close partnership with advisory teams from PwC (financial and tax), Stephenson Harwood (legal), Mayer Brown (legal), and Goodwin Procter (legal). The financing of the transaction is provided by Permira. Financial terms of the transaction remain confidential.

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Blackstone completes acquisition of Crown Resorts in the firm’s largest investment to date in Asia

Blackstone

Melbourne, June 24, 2022 – Blackstone (NYSE: BX) today announced that real estate funds and private equity funds managed by Blackstone (“Blackstone”) have completed the acquisition of Crown Resorts Limited (“Crown”) in the largest transaction to date for the firm in Asia Pacific. The transaction comprises three premium resort and casino properties in Melbourne, Perth and Sydney. Blackstone will work with the management team at Crown and its thousands of dedicated employees, as well as their representatives from the United Workers Union and other partner unions, to transform these properties into world-class entertainment destinations and continue Crown’s transformation to operate at the highest standards of compliance, governance, and integrity.

As one of Australia’s largest entertainment groups, Crown makes a major contribution to the Australian economy. Crown’s core businesses include two of Australia’s leading integrated resorts, Crown Melbourne and Crown Perth, as well as Sydney’s latest premium hotel resort and dining precinct at Crown Sydney.

Alan Miyasaki, Head of Real Estate Acquisitions Asia, Blackstone, said: “We are thrilled to become the new owner of Crown, bringing our expertise in hospitality to help the company achieve its full potential as a leading travel and leisure company. We first invested in Crown two years ago, seeing the tremendous underlying potential of the company and its people. We look forward to working with the teams at Crown and applying our experience in owning and operating marquee hospitality brands around the globe with the highest levels of ethics and integrity to create something unique for employees, local communities, and visitors.”

Chris Tynan, Head of Real Estate Australia, Blackstone, said: “This is a great opportunity that plays to Blackstone’s strengths – investing significant capital and resources to rebuild Crown into an iconic destination for travel and leisure that everyone can be proud of. Blackstone has built a strong Australian presence over the last 12 years. We look forward to supporting the local economy, creating jobs, and attracting visitors to Crown’s exceptional properties.”

Steve McCann, Crown Resort’s Chief Executive Officer, said: “Today, Crown emerges as part of the Blackstone family, which is the start of a new era for this great company and its 20,000 team members. Over recent times, Crown has undergone immense transformation, and we know under Blackstone’s ownership, we will realize our vision to deliver world-class entertainment experiences and a safe and responsible gaming environment.

“Australian tourism has entered a recovery phase, and we believe this trend will continue. Crown’s suite of outstanding assets has built a loyal customer base over the past 28 years, and we are excited about the opportunities ahead of us as we revitalize Melbourne and Perth and celebrate the addition of Sydney. With Blackstone’s investment and expertise, we’re confident Crown will cement its place on the global stage as one of the world’s leading owners and operators of integrated resorts,” he said.

Blackstone has built a strong track record in the wider hospitality, travel, and leisure sectors. The firm completed the sale of The Cosmopolitan of Las Vegas this year, after transforming the property into one of the most vibrant destinations on the Las Vegas Strip. During its 8-year ownership, Blackstone implemented significant operational changes, developed best-in-class management team, and invested significant capital to renovate 3,000 guest rooms and enhance F&B offerings. In addition, Blackstone owned Hilton Hotels Corporation for 11 years, during which it helped double the size of the company to more than 5,300 properties and 400,000 employees worldwide. Its other recent investments in these sectors include the acquisition of an 8-hotel portfolio across Japan’s top tourist destinations; acquisition of Bourne Leisure, a premier British holiday company; and joint acquisition of Extended Stay Hotels.

For more information, please contact:

Crown Resorts Media Contacts

Danielle Keighery
Chief Brand & Corporate Affairs Officer | Crown Resorts
Danielle.keighery@crownresorts.com.au | +61 400 223 136

Libby Armstrong
General Manager, Crown Foundation & Communications | Crown Resorts
Libby.armstrong@crownresorts.com.au | +61 472 729 434

Blackstone Media Contacts
Ellen Bogard
Blackstone
Ellen.Bogard@blackstone.com | +852 3651 7737

Hayley Morris
MorrisBrown Communications Pty Ltd
Hayley@morris-brown.com.au | +61 407 789 018

About Crown Resorts
Crown Resorts is one of Australia’s largest entertainment companies, owning and operating a suite of world-class integrated resorts. Its property portfolio includes three award-winning resorts in Melbourne, Perth and Sydney, as well as London’s prestigious Crown Aspinalls, a high end, boutique casino in the West End.

For 25 years, Crown Melbourne has been Australia’s leading luxury integrated resort and casino, offering guests a range of exceptional entertainment and event experiences; premium hospitality, dining, spa and retail; and gaming. Crown Perth is Western Australia’s only integrated resort and casino, and features a combined 1188 hotel-room capacity, expansive lagoon and private pools, and 33 bars and restaurants. Crown’s newest property, Crown Sydney, opened in December 2020 setting a new standard in luxury hotel and dining experiences. Crown Sydney is the tallest building in New South Wales, and features 349 hotel rooms and villas, 13 signature restaurants, a VIP, members only casino which is due to open shortly, two pools, a spa, and Crown’s first ever luxury serviced apartment offering.

As one of Australia’s largest hospitality employers, Crown’s properties support the employment of a diverse mix of over 20,000 people.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $915 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and Instagram.

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3i invests in Danish lifestyle brand Konges Sløjd to support its global expansion

3I

3i Group plc (“3i”) today announces that it has agreed to invest in Konges Sløjd, a premium international lifestyle brand offering apparel for babies and children.

Headquartered in Copenhagen, Denmark, Konges Sløjd designs, sources and markets high-quality, children’s clothing, accessories, home products and toys through a curated network of (online-) retailers and direct-to-consumer e-commerce in more than 50 countries.

Konges Sløjd has been a forerunner in the premium baby/child segment through its stylish, functional, safe, durable, sustainable and affordable products across all children categories, and is well positioned to accelerate its growth across Europe, Asia and North America.

The company’s footprint is already international with rapid global expansion resulting from a proven and replicable online and offline market-entry strategy. Konges Sløjd also enjoys a highly-engaged global virtual community, with more than 345,000 followers on Instagram (www.instagram.com/kongessloejd).

The global baby/child product market benefits from strong sociographic tailwinds such as premiumization, rising middle classes and older parents having higher disposable incomes when they have children. The market is highly fragmented among mass, premium, affordable luxury and aspirational luxury players, with Konges Sløjd well placed at the convergence of the fast-growing premium and affordable luxury segments.

Boris Kawohl, Partner, 3i, said: “It is unique to see a young consumer brand with such a strong product offering and so much traction across so many countries as Konges Sløjd. The brand has an exceptionally high customer engagement as well as an efficient and scalable social media-based go-to-consumer approach. We are looking forward to work with Emilie and her team in the next phases of the company’s international growth across Europe, Asia and the US”.

Emilie Konge Breindal, Founder and CEO, Konges Sløjd, said: “I’m very excited about partnering with 3i as I believe they recognise and value the true spirit of Konges Sløjd and have the right values, team, toolbox and commitment to support us on our global journey. We will be able to maintain our unique values, brand and design approach whilst reaching even more families around the world”.

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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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Cuisine Solutions, Global Leader and Pioneer in Sous Vide Premium Foods, Announces $250 Million Growth Investment from Bain Capital

BainCapital

Cuisine Solutions, Global Leader and Pioneer in Sous Vide Premium Foods, Announces $250 Million Growth Investment from Bain Capital

Sterling, VA and Boston, MA, June 6, 2022 – Cuisine Solutions Inc., the global leader and pioneer in sous vide premium foods, today announced a $250 million investment from Bain Capital to accelerate its growth and global expansion. The minority investment will further establish Cuisine Solutions’ authority in the sous vide category, provide additional resources to support accelerated product innovation, and expand its business domestically and internationally as well as the company’s global manufacturing footprint beyond the United States, France, and Thailand.

Cuisine Solutions will continue to operate under the leadership of the existing management team, led by Chief Executive Officer, Felipe Hasselmann, and Chairman, Stanislas Vilgrain, who remain significant owners in the business, in addition to the Vilgrain family retaining a controlling interest.

Headquartered in Sterling, Virginia, Cuisine Solutions is the largest sous vide company in the world and a leading culinary innovation partner, with locations in North America, Europe, the Middle East, and Asia. Recognized by the world’s top chefs and kitchens, the company is the production and thought leader on the innovative slow-cooking technique that it pioneered, perfected, and popularized. Cuisine Solutions provides prepared sous vide food products to food service, on-board, military, and retail customers worldwide including Amtrak, Costco, Dunkin’, Hilton Hotels & Resorts, Panera, and Starbucks among many other industry leaders.

“Our future, while bright before this strategic partnership, is now even more exciting as we see substantial runway to drive growth and expansion through continued innovation across multiple product categories,” said Hasselmann. “We are proud to be the leader in the art and science of sous vide, which is the answer to so many of the challenges our clients face inside and outside of the kitchen. This investment will enable us to rapidly scale our worldwide manufacturing infrastructure, business partnerships, and fortify our supply chain, thereby creating additional scale to meet the growing needs of the global partners who rely on our products every day across tens of thousands of locations.”

“My vision when founding Cuisine Solutions was to be the best innovator and food producer in our space, develop best-in-class partnerships, and have our reputation speak for itself through our quality, scale, and innovation,” said Vilgrain. “To have a world-class investment firm of Bain Capital’s caliber support our vision speaks to the success of our original mission and to the exciting future of our industry. I am extremely proud of our accomplishments from our humble start in 1990 to today and am looking forward to building together with Bain Capital a leading, innovative food company of the future.”

“Stanislas, Felipe, and the management team have done an outstanding job building Cuisine Solutions into a clear leader in the fast-growing sous vide market that is recognized by many of the world’s top chefs. The company’s unique range of culinary innovations offer higher quality and consistency, better food safety, and lower costs, which is a win-win for their customers in the current macroeconomic environment,” said Cristian Jitianu, a Managing Director at Bain Capital. “We are excited to partner with Cuisine Solutions and support the management team’s growth plans while further enhancing the value proposition as the preferred culinary innovation partner to blue-chip restaurant, retail, travel, and hospitality brands,” added Jeffrey Chung, a Director at Bain Capital.

Bain Capital has a long history of partnering with companies in the consumer, retail, and restaurant industries to accelerate growth. The firm’s restaurant, food service, and grocery-related investments have included Advantage Solutions (NASDAQ: ADV), Bloomin’ Brands (NASDAQ: BLMN), Brakes Group Food Distribution, Burger King (NYSE: QSR), Dessert Holdings, Dunkin’ Brands Inc., Domino’s Pizza (NYSE: DPZ), Gail’s Bakery, Retail Zoo, Skylark Restaurants, and Valeo Foods.

About Cuisine Solutions
Led by an international team of award-winning chefs, Cuisine Solutions is the world’s leading manufacturer of sous vide products — the innovative, precise slow-cooking technique the Company pioneered, perfected, and popularized decades ago. Renowned for its innovation, the Company has launched sous vide products across a wide spectrum of categories – including proteins, sauces, grain and plant-based products, and its hugely popular egg bites.  Their pasteurized sous vide items offer 18 months shelf life frozen, six days when defrosted, and can be oven finished in mere minutes. This allows food service and home cooks to save time, simplify the complexity of any supply chain challenges, and is a perfect solution to significantly reduce waste and labor costs. Headquartered in Sterling, Virginia, Cuisine Solutions services more than 22,000 restaurants and 6,000 retailers, as well as major airlines and hotels. For more information, visit www.cuisinesolutions.com.

About Sous Vide
Sous vide – French for “under-vacuum” – is an innovative cooking technique in which food is vacuum sealed and heated in water until cooked to perfection.  In 1971, Dr. Bruno Goussault (who would later become Chief Scientist at Cuisine Solutions) developed sous vide as a way of improving the texture and flavor, while maintaining the natural integrity of cooked foods. Dr. Goussault discovered that the sous vide approach – whereby food is slowly cooked at slightly-lower-than-usual temperature in specially designed, vacuum sealed pouches – resulted in notable flavor enhancement and a reduction in food shrinkage compared to conventional cooking methods. Cuisine Solutions’ heritage in sous vide – and its continuous innovation in the science – has allowed the Company to consistently deliver restaurant-quality products that are trusted and favored by top chefs and discerning foodies around the world.

About Bain Capital
Bain Capital, LP is one of the world’s leading private multi-asset alternative investment firms that creates lasting impact for our investors, teams, businesses, and the communities in which we live. Since our founding in 1984, we’ve applied our insight and experience to organically expand into numerous asset classes including private equity, credit, public equity, venture capital, real estate and other strategic areas of focus. The firm has offices on four continents, more than 1,300 employees and approximately $160 billion in assets under management. To learn more, visit www.baincapital.com.
The transaction is expected to close during the second quarter of 2022 and is subject to customary closing conditions.

Moelis & Company LLC acted as exclusive financial advisor and sole placement agent and McDermott Will & Emery acted as legal advisor to Cuisine Solutions in connection with the transaction. BofA Securities served as financial advisor and Kirkland and Ellis served as legal advisor to Bain Capital.

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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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