Tag Archives: Consumer brands

AnaCap completes two performing loan investments in Spain with a face value of €200mn

Anacap

AnaCap Financial Partners (“AnaCap”), a leading specialist mid-market investor announces the successful closure of two performing loan transactions in Spain out of its fourth Credit Opportunities fund.

The first investment is a portfolio comprised of ~55,000 point-of-sale originated consumer loans, with a significant portion originating from the health and dental sector. The second investment is a non-core disposal of point-of-sale-originated auto and consumer loans from one of Spain’s largest banks, believed to be the first non-core bank disposal of performing auto loans in the Spanish market.

Both deals represent ~€200m face value in seasoned, granular performing portfolios, where AnaCap has a long-standing track record of providing solutions to sellers of non-core assets. These investments further demonstrate AnaCap’s ability to execute across Europe – analysing large volumes of data in light of an increasingly uncertain economic backdrop and addressing often complex operational requirements to ensure continuity of customer service.

To capitalise on such opportunities, AnaCap now boasts a team of 15 investment and 27 asset servicing and management professionals strategically located across core European markets including Spain, supporting origination, execution and ongoing management of a broad range of asset types. In this instance, AnaCap is also leveraging a relationship with a best-in-class European consumer debt servicer which dates back to its first credit fund in 2009.  The underwriting phase due diligence and ongoing asset servicing and management required for such granular portfolios are each further enhanced by AnaCap’s powerful digital intelligence platform, Minerva.

AnaCap’s Credit business focuses on a broad range of performing and non-performing consumer, SME and corporate debt as well as real estate, with a long track record of incremental expansion across geographies and asset types. AnaCap consistently seeks to leverage its data-intensive, analytical and operationally based asset management capabilities to provide solutions across asset types, with a core focus on highly cash generative and/ or hard asset-backed investments.

Konstantin Karchinov, Managing Director (Credit) at AnaCap, commented:
“We are delighted to announce this next wave of deals in Spain.  These transactions arise from strong working relationships locally and further demonstrate our well-established credentials in delivering solutions around non-core performing assets.”

Karchinov added: “AnaCap’s credit business has a strong pipeline for activity in the remainder of 2021 across a broad range of asset types but centred around geographies we know exceptionally well.”

Oct 04 2021

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Bain Capital Credit invests in Alsea Europe

BainCapital

London, UK, October 1, 2021 – Bain Capital Credit is jointly investing in a 21.1% minority stake in Food Service Project, S.A. (Alsea Europe) alongside Alsea, S.A.B. de C.V.  , the leading operator of quick service restaurants, coffee shops, casual and family dining establishments in Latin America and Europe and Alia Capital Partners. The transaction underlines Alsea’s ongoing recovery and attractive growth outlook in the European market. Following the investment, Alsea will own 76.8% of Alsea Europe, (previously 66.2%), Bain Capital Credit will hold an indirect interest in 10.5%, and existing minority shareholders 12.7%.

Alsea Europe operates 10 brands with 1,388 restaurants in 6 markets: Starbucks (France, Netherlands, Belgium, Luxembourg, Spain and Portugal), Domino’s Pizza, Foster’s Hollywood, Foster’s Hollywood Street, VIPS, VIPS Smart, Fridays, Burger King, OleMole (Spain) and Ginos (Spain and Portugal).

Bain Capital Credit invests in Alsea Europe

The investment in the 21.1% minority stake amounts to 110.8 million euros, with Alsea and Bain Capital Credit paying 55.4 million euros each for their respective shares.

Alberto Torrado, Executive President commented: “We are delighted to have Bain Capital Credit as our new partner in Europe and expect to work closely with them as we execute our strategic plan going forward. We will benefit from their extensive experience investing in European restaurant service and related consumer industries. Post pandemic, we have identified many opportunities to grow our business and improve profitability and are delighted that Bain Capital Credit shares our positive vision for the sector, our management and business model.”

Sandro Patti, a Director at Bain Capital Credit stated: “Alsea Europe is ideally positioned to benefit from the expected recovery and consolidation in the European restaurant service industry. It has the clients, brands, technological and digital know-how, scale, and deep management experience with a great track record. We are excited by the opportunities ahead.”

Fernando Martinez, Alias’s Managing Partner commented: “We are delighted and honored to partner with Bain Capital Credit in their investment. We have been in the industry for a long time, and we think there will be opportunities to grow the business”.

Nomura acted as financial advisor to Alsea. Garrigues and Loyens acted as legal counsels to Alsea. Bain Capital Credit were advised by Arcano Partners as financial advisor, Latham & Watkins as lead legal counsel, together with Arendt & Medernach and Creel, García-Cuéllar, Aiza y Enríquez, S.C., and PwC as structuring advisor.

About Alsea
Alsea is the leading restaurant operator in Latin America and Europe of global brands in the quick service, coffee shop, fast casual, casual and family dining segments. It has a diversified portfolio, with brands such as Domino’s Pizza, Starbucks, Burger King, Chili’s, P.F. Chang’s, Italianni’s, The Cheesecake Factory, Vips, Vips Smart, El Portón, Archies, Foster’s Hollywood, Gino’s, TGI Fridays, Ole Mole and Corazón de Barro. The company operates more than 4,000 units in Mexico, Spain, Argentina, Chile, Colombia, France, Portugal, Netherlands, Belgium, Luxembourg and Uruguay. Alsea’s business model includes support for its brands through a Shared Services Center that provides all the Administrative and Development Processes, as well as the Supply Chain.
For more information, visit: www.alsea.com.mx

About Bain Capital Credit 
Bain Capital Credit is a leading global credit specialist with approximately $48 billion in assets under management. Bain Capital Credit invests across the full spectrum of strategies, including leveraged loans, high-yield bonds, distressed debt and special situations, private lending, structured products, non-performing loans, and majority and minority equity stakes. Founded in 1998 as a private, employee-owned firm, Bain Capital Credit’s experienced team of over 150 investment professionals seeks to identify attractive equity and credit investment opportunities across North America, Europe, and Asia–Pacific. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, real estate and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus. To learn more, visit www.baincapital.com.

About Alia Capital 
Alia Capital Partners is a private equity firm, active also in structured finance and financial advisory of low-mid market firms. It was founded in 2007 and has a multi-industry focus. It is based in Madrid, Spain, with offices in Mexico and San Diego. It seeks to invest in firms operating in the health, education, consumer and industrial services sectors. It has been in the restaurant business since 2001.

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EQT Private Equity announces voluntary public takeover offer for all zooplus shares with the intention to create a Strategic Partnership with zooplus

eqt

EQT Private Equity announces decision to launch a voluntary public takeover offer to shareholders in zooplus, a leading European online platform for pet food and supplies, at EUR 470 per share in cash

• The offer price represents a premium of 69 percent to zooplus’ last unaffected share price on 12 August 2021, and a premium of 81 percent to the three-month volume weighted average price as of 12 August 2021

• Pet BidCo and zooplus have entered into an Investment Agreement and both Management and Supervisory Board of zooplus welcome EQT Private Equity’s offer

• zooplus is expected to benefit from EQT Private Equity’s decade-long experience in the pet care sector, strong track record of technology and platform development, stable ownership structure, and the enhanced financial flexibility to accelerate investments into zooplus’ ambition to expand its long-term leadership position in the European online pet market

• The completion of the offer will be subject to a minimum acceptance threshold of 50 percent plus one zooplus share

Pet Bidco GmbH (“Pet BidCo”), a holding company held by the EQT IX fund (“EQT Private Equity”), today announced its decision to launch a voluntary public takeover offer (the “Takeover Offer”) for all outstanding shares of zooplus AG (“zooplus” or the “Company”), a leading online platform for pet food and supplies, listed on the Frankfurt Stock Exchange. The Takeover Offer will be made in connection with an investment agreement which was concluded today between Pet BidCo and zooplus (the “Investment Agreement”).

The partnership is aimed at supporting the Company in expanding its position as leading online platform in the European pet market by capitalizing on EQT’s vast and decade-long experience in the pet care sector, strong track record of technology development, and financial firepower. With EQT as a strong strategic and financial partner, zooplus will be enabled to materially invest into key long-term value creation levers, including a strong value proposition for customers, a best-in-class logistics and fulfilment infrastructure, new product and service innovations, and world-class talent practices. EQT Private Equity is also fully committed to supporting the broadening of the Company’s platform beyond its current offering. It plans to strengthen zooplus as a customer centric company with a pet-owning community that comes to zooplus for best value for money and the best assortment of products, advice and services at its heart.

The announced offer price of EUR 470 per share in cash represents a premium of approximately 81 percent compared to the calculated three-month volume-weighted average share price of zooplus’ shares prior to the announcement of an earlier offer for the Company on 13 August 2021. It also implies a premium of around 69 percent compared to the closing share price of 12 August 2021.

The Management and Supervisory Board of zooplus welcome EQT Private Equity’s offer.

Headquartered in Munich, Germany, zooplus caters for more than eight million customers in 30 European markets. As zooplus looks to seize a unique opportunity in the pet market, it will benefit from EQT’s longstanding experience of developing companies in the pet care sector, including IVC Evidensia, Europe’s leading veterinary services provider, the Nordic omni-channel pet appliances retailer Musti Group, and Bought By Many, a UK-based pet insurance provider. Moreover, zooplus will be supported by a global network of industry advisors and EQT’s inhouse digitalization teams, which have expert capabilities within e-commerce, digital business development, cybersecurity, and machine learning, among other things.

Johannes Reichel, Partner and Head of EQT Private Equity’s Advisory Team in Germany, said, “EQT has monitored zooplus’ development for a long time, and we are impressed by its stellar customer base and the market leading positions in many markets, complemented by a strong offering. We have a long history in the pet care sector and can also offer zooplus unique experience and know-how of technology and platform development, both from within the EQT platform – which includes our inhouse digitalization and sustainability specialist teams – and via EQT’s global network of industry experts. In line with EQT’s ’local-with-locals’ approach, we are poised to team up with zooplus’ Munich-based management and all employees to take the Company to the next level, while offering European pets and their owners the best possible products.”

Details of the Voluntary Takeover Offer
The completion of the offer will be subject to a minimum acceptance threshold of 50 percent plus one zooplus share and certain customary further conditions, including granting of merger control clearance. Closing of the Takeover Offer is currently expected to occur in Q4 2021.

Pet BidCo does not intend to enter into a domination and/or profit and loss transfer agreement with zooplus. zooplus has agreed in principle to support Pet BidCo’s intention to pursue a potential delisting of the Company sometime following the closing of the Takeover Offer. As a privately held company under a unified ownership structure, zooplus could focus much stronger on longer term objectives.

The Takeover Offer will be made pursuant to an offer document to be approved by the German Federal Financial Supervisory Authority (BaFin). This offer document will be published following clearance by BaFin, at which point the acceptance period for the Takeover Offer will commence. The offer document and other information pertaining to the Takeover Offer will be made in accordance with the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG) on the following website: www.eqt-offer.com.

With this transaction, EQT IX is expected to be 65-70 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, and subject to customary regulatory approvals.

EQT Private Equity is supported by Deutsche Bank as its sole financial advisor and by Milbank as legal advisor.

Contact
German media inquiries: Isabel Henninger, eqt-offer@kekstcnc.com, +49 176 8470 4761
International media inquiries: Finn McLaughlan, eqt-offer@kekstcnc.com, +44 77 1534 1608
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

Important notice:
This publication is neither an offer to purchase nor a solicitation of an offer to sell shares in zooplus AG. The Takeover Offer itself as well as its definite terms and conditions and further provisions concerning the Takeover Offer, will be published in the offer document following permission by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) to publish the offer document. Investors and holders of shares in zooplus AG are strongly advised to thoroughly read the offer document and all other relevant documents regarding the Takeover Offer when they become available, as they will contain important information.

The Takeover Offer will be published exclusively under the laws of the Federal Republic of Germany and certain applicable provisions of securities laws of the United States of America. Any agreement that is entered into as a result of accepting the Takeover Offer will be exclusively governed by the laws of the Federal Republic of Germany and is to be interpreted in accordance with such laws.

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3i invests in Dutch Bakery to accelerate international growth

3I

3i Group plc (“3i”) announces that it has agreed to invest in Dutch Bakery, a leading bakery group specialised in home bake-off bread and snack products.

Headquartered in Tilburg, Dutch Bakery operates six bakeries across the Netherlands. 3i is investing to drive the company’s international growth strategy in the fragmented European private label market for bake-off products. In addition, 3i will support Dutch Bakery in the continued investments in its home markets.

The business has a leading position in the Dutch market, where its private label customers include all major Dutch food retailers. The company offers a leading, innovative and comprehensive assortment, which is produced sustainably and with natural ingredients. Dutch Bakery differentiates itself through the breadth of its product offering, which enables retailers to develop a structurally attractive home bake-off category.

The bake-off market for bread and snack products is an attractive and growing market, with significant barriers to entry and increasing penetration of high-quality modified atmosphere packaging products (which extend the shelf life of fresh food products). Key market drivers include premiumisation, growth in e-commerce and new home eating moments due to increased time spent at home.

Bastiaan Peer, Director 3i, commented: “We are excited to back the Dutch Bakery management team. They have put the right foundations in place for continued future growth, both organically and through a targeted buy-and-build strategy, and we look forward to working with them to realise this ambition.”

Raoul Vorage, CEO Dutch Bakery, said: “3i has extensive experience in the private label market through its investments in Royal Sanders and Refresco and a proven track record of growing companies internationally, both of which will be of great benefit to us. We look forward to working with them to build on our success to date and create a leading European player in the bake-off market.”

The transaction is subject to customary antitrust approvals.

 

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MERIT Completes $20 Million Series A Funding Round Led By L Catterton’s Growth Fund

LCatterton

LOS ANGELES, Sept. 14, 2021 /PRNewswire/ — MERIT, the minimalist beauty brand led by CEO Katherine Power, is announcing a $20 million Series A funding round led by the Growth Fund of L Catterton, the largest global consumer-focused private equity firm. Marcy Venture Partners and Sonoma Brands also participated in the round. The transaction underscores strong investor confidence in MERIT’s success and consumer interest in the simplification of beauty routines, and the investment will accelerate MERIT’s rapid expansion into an omni-channel, cross-category beauty brand.

MERIT launched as a minimalist beauty line in January 2021 with a “five-minute morning” color cosmetics assortment. Since then, the brand has experienced exponential growth, driving an innovative direct-to-consumer strategy alongside aggressive retail expansion, including into Sephora U.S., Sephora Canada, and Sephora at Kohl’s.

The brand has challenged conventional beauty marketing and product formulation since its inception, pioneering a curated routine focused on ease of use and a holistic approach to clean and responsible luxury at an accessible price point that encourages brand loyalty through repeat purchase. With this funding round, MERIT will continue to grow its color cosmetics collection and expand into new categories. Additionally, L Catterton Vice President Courtney Nelson is joining MERIT’s Board of Directors.

“Our customer is a discerning individual who is selective about the brands and products they welcome into their life. At MERIT, we aim to serve our consumer in many aspects of their beauty and self-care routines,” says MERIT founder and CEO Katherine Power. “Our team is looking forward to collaborating with L Catterton and our other partners as we leverage their collective expertise scaling consumer brands to support the development of new products within and beyond clean color.”

This is Power’s fourth digitally native and data-informed brand serving millennial consumers. She previously founded media property Who What Wear, skincare brand Versed, and co-founded the natural wine label Avaline alongside Cameron Diaz.

MERIT has demonstrated an impressive track record in the beauty industry since its launch, and L Catterton looks forward to supporting the Company as it capitalizes on the growing color cosmetics category, expands into additional key growth categories, and becomes a defining example of a true modern lifestyle brand.

L Catterton has significant experience investing globally in the beauty and personal care category. Current and past investments include TULA, IL MAKIAGE, Function of Beauty, The Honest Company, Intercos, Marubi, Elemis, and many others.

About MERIT

MERIT is the antidote to the oversaturated world of beauty — well-edited essentials that have earned a place on your vanity. By taking a holistic approach to responsible luxury, MERIT creates products that are safe for the body, skin and planet. We simplify what it means to get ready.

For more information visit meritbeauty.com and @MERIT on social media.

About L Catterton

With approximately $30 billion of equity capital across its fund strategies and 17 offices around the world, L Catterton is the largest global consumer-focused private equity firm. L Catterton’s team of nearly 200 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad partnership network. Since 1989, the firm has made over 250 investments in leading consumer brands. For more information about L Catterton, please visit lcatterton.com.

Contacts:

MERIT
Allison Dent
Sunshine Sachs
merit@sunshinesachs.com

L Catterton
Andi Rose / Haley Salas
Joele Frank, Wilkinson Brimmer Katcher
+1 212-355-4449

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True takes D2C clean energy drink Sneak to next level.

True

True has acquired a majority stake in D2C zero sugar, energy drink

business Sneak to help supercharge international expansion, build out Sneak’s distribution channels and support the business as it continues to disrupt the traditional energy drink market with its creative approach to marketing and ecommerce.

Sneak, which was founded in 2018 by experienced consumer entrepreneurs Will Peirce and Jonny Teeling, is the product of many years of working together having founded a number of successful direct-to-consumer brands within the health and wellbeing space. In Sneak the pair have developed a strong brand identity, featuring an instantly recognisable rabbit logo, and built an engaged customer base who are fully invested in Sneak’s business model, buying into market ‘drops’, with Sneak’s limited-edition boxes often selling at five times their original sale cost on secondary markets. The result of this creative approach to commerce is that the business has grown over 200% annually in the last three years and is expected to generate £30m in sales next year.

Manchester-based Sneak has created an alternative to many of the legacy energy drinks on the market by producing a clean, powdered energy formula in tubs and sachets, as well as pre-mixed cans. Its range of exciting flavours, which are sugarfree and made entirely with natural colours and flavours are more suited to the next generation of consumers that care about the ingredients in their products. Notably in tandem, Sneak’s strong and vibrant brand identity resonates with its core customer-base of new-media creatives and gamers and features across its range of merchandise and lifestyle apparel.

The deal, which represents the first investment by True from its recently announced Fund III, will support co-founders Peirce and Teeling to explore retail options and build out Sneak’s distribution channels, from the strong digitally-led foundation it has today, as well as accelerate international expansion. Currently over half of Sneak’s customers are in the UK with a third in the US and growing.

Sneak Co-founder Jonny Teeling says: “Will and I are delighted to have found an investment partner that slots in so naturally to our company. The team at True seemed to get us and the Sneak brand straight away. They place people and culture at the top of the priority list, which was highly important to us and overall, they seem very different, and more human, to how we’d imagined private equity investors to be. We’re really excited to have True alongside us for this next phase of our journey.”

True Co-founder Paul Cocker and Sneak board member says: “Jonny and Will have done a fantastic job of bringing a clean, differentiated energy drink to market and creating a brand that truly resonates with Sneak’s core customer base of next generation gamers and creatives. They’ve also built a fantastic team and a culture that’s very aligned with our own – they’ve been deliberate in trying to find a partner that can help them with the next stage of their growth and we are looking forward to utilising both our digital expertise and our international network across grocery and retail.”

Sneak joins True’s portfolio of disruptive consumer brands that include: virtual fitness community Zwift, healthy food group Soulfresh, women’s loungewear hush, organic kidswear label Frugi, British cycling brand Ribble and online furniture retailer The Cotswold Company. By joining the portfolio Sneak will become part of a network that spans from the emerging technologies and early-stage disruptors of the industry such as workplace mental health platform Unmind and fulfilment technology Huboo Technologies, through to the leading retailers and consumer groups that sit in True’s innovation programme such as Morrisons, Coca-Cola European Partners and 7-Eleven.

The acquisition comes at a time following a number of key milestone accomplishments at True including raising a new £275m private equity fund and becoming one of only a few investment firms globally to achieve B Corporation Certification.

True was advised by Stephens, Jones Day and PwC. Sneak was advised by Spayne Lindsay & Co, Addleshaw Goddard, and KPMG. You can find out more about why True invested in Sneak here and for any questions around the deal please contact Investment Principal Richard Brick.

09 September 2021

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EQT Public Value invests in Storytel – becomes second largest shareholder

eqt

EQT is pleased to announce that EQT Public Value (“EQT Public Value”) has acquired 6.6 million shares in Storytel AB (“Storytel” or “the Company”), representing an ownership of close to 10 percent of shares outstanding. Joakim Rubin, Partner within EQT Public Value Advisory Team, is nominated to join the board of directors, subject to approval of an extraordinary general meeting.

Storytel, listed on Nasdaq First North has a strong track record of organic and inorganic growth in the large and fast-growing audiobook market. Storytel is one of the world’s largest subscribed audiobook and e-book streaming services and offers listening and reading of more than 700,000 titles on a global scale. The Company’s vision is to make the world a more empathetic and creative place with great stories to be shared and enjoyed by anyone, anywhere and anytime. Storytel’s streaming business is conducted under the brands Storytel and Mofibo. Storytel’s publishing business area is carried out through the audiobook publisher StorySide and acclaimed Nordic publishing houses such as Norstedts, People’s and Gummerus. Storytel operates in 25 markets around the globe and is headquartered in Stockholm, Sweden.

EQT Public Value seeks to identify minority investments in public companies with market leading positions, strong management teams and significant potential for top-line and earnings growth. Through shareholder engagement, EQT Public Value aims to work closely with existing shareholders, boards and management teams in order to allow that companies reach their full potential and deliver shareholder value. In addition to Storytel, EQT Public Value has previously disclosed positions in Securitas, BHG Group, Storebrand, Biogaia and AFRY.

The EQT Public Value advisory team looks forward, pending the Extraordinary General Meeting, to working together with shareholders, board and management on the next phase of Storytel’s growth journey.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

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TX Group, Ringier, La Mobilière and General Atlantic form joint venture to create leading digital marketplace group

General Atlantic

The merger of TX Markets and Scout24 Schweiz’s online marketplaces will form a leading Swiss group spanning the real estate, vehicle, financial services and general marketplace sectors. The joint venture will create one of the largest digital companies in Switzerland. All involved parties will hold minority interests in the joint venture. The independent group will pursue the medium-term goal of going public.

August 31, 2021

The TX Group will bring the TX Markets platforms Ricardo, tutti.ch, Homegate and Car For You to the new joint venture. Ringier and La Mobilière will provide the Scout24 Schweiz Group, which operates the platforms ImmoScout24, AutoScout24, MotoScout24, FinanceScout24 and anibis.ch. General Atlantic, a leading global growth equity investor, will serve as the fourth partner in the venture, supporting the group with its many years of international expertise in the field of digital marketplaces.

Lothar Lanz will serve as Chairman of the Board of Directors of the new, independent company. The experienced finance and digital expert is currently Chairman of the Supervisory Board of Home24 SE, Deputy Chairman of the Supervisory Board of TAG Immobilien AG and a member of the Supervisory Board of Dermapharm SE. He has also served on the Supervisory Boards of Zalando SE (Chairman) and Axel Springer SE. Previously, he was the long-time Finance Director of ProSiebenSat 1 Media.

Joern Nikolay, Olivier Rihs, Michèle Rodoni, Pietro Supino and Marc Walder will join the Board of Directors of the new joint venture.

Gilles Despas, currently CEO of the Scout24 Schweiz Group, will serve as CEO of the new joint venture. Despas was previously Chief Digital Officer and Group Chief Marketing Officer of Thomas Cook in London, and formerly served as Managing Director and CEO of Ebookers and HolidayCheck.

TX Group, Ringier and La Mobilière’s respective marketplaces have all posted strong growth in users and services offered in recent years. The platforms operate in an extremely demanding environment. Rising customer requirements and intensified international competition – from global platforms to fast-growing, disruptive start-ups – have created increasingly dynamic market conditions.

Joining forces to create one of the largest digital companies in Switzerland will enable the new joint venture to create a competitive marketplace service and operate as a pioneering leader in the Swiss market.

The new joint venture will also combine the expertise of the existing teams and digital talent to drive the development of innovative digital products and services. This, in turn, will enable the company to better meet user and customer needs. The joint venture will also make a substantial contribution to further digitalisation in Switzerland.

Pietro Supino, Chairman and Publisher of the TX Group: “Our partnership with General Atlantic, La Mobilière and Ringier is the result of a long process. It represents a major step for all participants and demonstrates Switzerland’s positive digital outlook amongst increasing international competition. We strongly believe that this merger will strengthen our successful marketplace platforms and ensure further growth. Increasing our relevance to our users is key, and we believe the merger will immediately improve efficiency for our business customers. Together, we will also be able to expand investment in product development and increase our appeal as an employer.”

Marc Walder, CEO of Ringier: “Ringier, TX Group and La Mobilière have succeeded in merging their leading real estate, vehicle, finance and classifieds platforms. General Atlantic brings complementary qualities as a globally recognised, successful investor in the field of digital marketplaces. The result is a uniquely positioned company in Switzerland. With this group, we will significantly expand our customer focus across all business areas. We will meet our customers’ requirements even more effectively through targeted investment in innovative products and services. This shared vision is the driving force of all the shareholders.”

Michèle Rodoni, CEO of La Mobilière: “As the leading Swiss insurer, we seek solutions that enable us to strike the right long-term balance between the fast-paced world of digital services and our long-standing, successful presence with our local independent general agencies. Through our investment in Scout24 Schweiz five years ago, we gained important knowledge in developing and expanding our products and services for the residential sector and SMEs. So for us, it is logical that we are a part of this now and in future, as one of the leading digital Swiss marketplaces is created.”

Joern Nikolay, Managing Director and head of German operations for General Atlantic: “We are very proud to help shape one of the leading digital companies in Switzerland alongside our new partners. As a global growth equity investor, we bring our many years of expertise in the strategic development of digital business models to the partnership, particularly in the online classified space. We are pleased to be part of this endeavour as we work towards driving its continued, long-term growth.”

TX Group AG will hold a 31% interest in the new joint venture; Ringier AG and La Mobilière will each hold a 29.5% share, and growth equity investor General Atlantic will have a 10% interest. The four shareholders will each have 25% of voting rights.

About TX Group

TX Group forms a network of digital platforms that offer users information, orientation, entertainment and services for everyday needs. Four independent companies operate under the umbrella of TX Group: TX Markets comprises the digital classified platforms and marketplaces in Switzerland; Goldbach handles advertising marketing in Switzerland, Germany and Austria; 20 Minuten is the company for commuter media in Switzerland and abroad; Tamedia leads the paid daily and weekly newspapers and magazines into the future.

About Ringier

Ringier AG is an innovative, digitalised and diversified Swiss media company operating in Europe, Asia and Africa. Its portfolio includes over 110 subsidiaries in the print, digital media, radio, ticketing, entertainment and e-commerce sectors and leading online marketplaces for cars, property and jobs. As a venture capital provider, Ringier supports innovative digital start-ups. Ringier, a family company, founded in 1833 as a publishing house and printing press, has invested consistently in the Group’s digitalisation and global expansion in recent years. In 2020, the company’s approximately 6,800 employees, operating in 18 different countries, generated revenues of CHF 953.7 million. Today, more than 69% of its operating profit already comes from digital, where Ringier is a leader among European media companies. Ringier represents independence, freedom of expression and a pioneering spirit.

About La Mobilière

Every third household and every third company in Switzerland is insured with La Mobilière. As of 31 December 2020, the all-lines insurer had a premium volume of approximately CHF 4.1 billion. Eighty independent general agencies with their own claims services provide cover to some 2.2 million customers at about 160 locations.
In its home markets of Switzerland and Liechtenstein, La Mobilière has about 5,900 employees and 338 apprenticeships. Established as a cooperative in 1826, La Mobilière is the oldest private insurance company in Switzerland. The Board of Directors of Schweizerische Mobiliar Genossenschaft ensure that the cooperative orientation of the group is maintained.

About General Atlantic

General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 400 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $65 billion in assets under management as of March 31, 2021 and more than 175 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore and Stamford. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

Media Contacts

Susanne Jahrreiss & Ralf Geissler
General Atlantic +49 89 309052950 mail@perfect-game.de

Ursula Nötzli
TX Group AG +41 76 462 52 45 ursula.noetzli@tx.group

Johanna Walser
Ringier AG +41 44 259 61 23 johanna.walser@ringier.ch

Alice Chalupny
La Mobilière +41 31 389 88 44 alice.chalupny@mobiliar.ch

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L Catterton signs definitive agreement to sell StriVectin to Crown Laboratories.

LCatterton

JOHNSON CITY, Tenn. and GREENWICH, Conn., Aug. 26, 2021 /PRNewswire/ — Crown Laboratories, (“Crown”), a leading, fully integrated, global skincare company and a Hildred Capital Management LLC (“Hildred”) portfolio company, and L Catterton, the largest global consumer-focused private equity firm, today announced that they have entered into a definitive agreement under which Crown will acquire StriVectin. The transaction is expected to close by mid-September 2021 and is subject to regulatory approvals and other customary closing conditions. Terms of the transaction were not disclosed. Other equity sponsors in Crown include Greenspring Associates and Montreux Growth Partners.

Upon completion of the transaction, StriVectin’s products will become part of Crown’s new Premium Skincare Division and will operate as a wholly owned subsidiary of Crown Laboratories. StriVectin’s President, Cori Aleardi, will become President and Chief Commercial Officer of Crown and will join the Crown Executive Leadership Team. StriVectin will continue to be based in New York City.

“Partnering with StriVectin is an exciting and significant next step in diversifying and scaling our organization,” said Jeff Bedard, Crown Laboratories CEO. “StriVectin has assembled a truly impressive team, a proven business model, and a premier product portfolio that is beloved by its customers. We are particularly excited that Cori will be assuming a senior executive role at Crown, helping to guide the merged businesses, and we think the combined talents of both teams will enable us to accelerate growth across all our product areas. The addition of StriVectin to Crown’s portfolio enriches our focus on partnering with our customers throughout their lifetime skin health journey.”

“We are excited to build on our success in this next chapter as StriVectin continues to redefine the science of skincare and changes the way people feel about their skin,” added Cori Aleardi, President of StriVectin. “As part of Crown, StriVectin will benefit from additional resources to expand infrastructure, support future growth, and deliver on our commitment to provide next generation skincare to every generation and put the science of skin health first.”

The acquisition strengthens Crown’s overall skincare product portfolio:

  • Crown Aesthetics, maker of SkinPen®, the first FDA-cleared microneedling device.
  • Crown Therapeutics, maker of PanOxyl®, the #1 acne wash; Sarna®, the #1 Dermatologist recommended topical anti-itch brand and National Seal of Acceptance from the NEA; Blue Lizard® Australian Sunscreen, the #1 Pediatrician recommended mineral-based sunscreen brand.
  • NEW Crown Premium Skincare will include StriVectin, comprised of a broad range of award-winning skincare solutions for all skin types, tones, and ages, including TL Advanced Tightening Neck Cream Plus, the #1 selling cream exclusively for the neck and décolleté, and Vita Liberata, a multiple award-winning sunless tanning brand

“On behalf of Hildred, Greenspring and Montreux, I am delighted to bring Crown and StriVectin together to create a world-class, comprehensive premium skincare portfolio and to welcome Cori and her colleagues to our team,” said David Solomon, Hildred Managing Partner and Chairman of the Board for Crown Laboratories. “Both of these companies are generating impressive growth, and the opportunity for complementary growth between the two organizations is tremendous. The StriVectin portfolio complements Crown’s current skincare offering and expands the combined organization’s potential to grow and drive further product development, which is the heartbeat of any organization.”

“When L Catterton invested in StriVectin in 2009, we saw a fantastic opportunity to transform a niche product into an iconic premium skincare brand, changing the game in beauty with a scientific approach to formulation,” said Avik Pramanik, a Partner of L Catterton’s Flagship Buyout Fund. “Working together with the talented management team, we established StriVectin as the largest independent brand in the U.S. prestige skincare market with broad geographic and multi-generational appeal. We are pleased to have played a role in their dramatic growth and are confident that Crown is the right partner for StriVectin as they strive to continue their strong growth and reach their next level of success.”

“L Catterton’s support of StriVectin showcases the firm’s expertise as a brand-builder,” said Joan Malloy, Chief Executive Officer of StriVectin. “They were true partners throughout the brand journey, bringing strategic, operational, and industry expertise to foster innovation, growth, and market expansion.”

Launched in 2002, StriVectin is ranked the most effective anti-aging skincare brand by consumers. L Catterton has partnered with management to drive significant growth and value creation through a strategic plan focused on marketing and operational enhancements. Together with L Catterton, StriVectin:

  • Expanded its consumer base to include all age demographics, rapidly attracting millennials, while growing its large and highly loyal Gen X and baby boomer base;
  • Drove continuous innovation, powered by a barrier-breaking scientific approach, resulting in a highly efficacious, expertly calibrated, and 100% clinically tested product portfolio;
  • Transformed its distribution into a truly omni-channel strategy, allowing the brand to be available wherever the prestige consumer shops;
  • Prioritized digital marketing to drive awareness and trial, resulting in a three-year retail sales compound annual growth rate of over 20%; and
  • Drove operational efficiency to significantly enhance margins and drive profitability.

L Catterton has significant experience investing globally in the beauty and personal care category. Current and past investments include Function of Beauty, IL MAKIAGE, TULA, Steiner Leisure, Intercos, Marubi, S.p.A, Elemis, and many others.

Lowenstein Sandler, LLP is acting as legal advisor to Crown Laboratories and Hildred. Hayfin Capital Management, LLP is providing debt financing in connection with the transaction. Moelis & Company LLC is acting as exclusive financial advisor to StriVectin. Gibson, Dunn & Crutcher LLP is acting as legal advisor to StriVectin and L Catterton.

About Crown Laboratories

Crown, a privately held, fully integrated global skincare company, is committed to developing and providing a diverse portfolio of aesthetic, premium beauty, and therapeutic skincare products that improve the quality of life for its customers. An innovative company focused on skin science for life, Crown’s unyielding pursuit of delivering therapeutic excellence and enhanced patient outcomes is why it has become a leader in Dermatology and Aesthetics. Crown has been listed on the Inc. 5000 Fastest Growing Privately Held Companies List for eight years and has expanded its distribution to over 38 countries. For more information, visit www.crownlaboratories.com.

About StriVectin®

StriVectin, the #1 independent prestige skincare company in the U.S., empowers people to outsmart aging with our disruptive science and targeted solutions for aging and changing skin. Backed by over 35 years of clinical research, our proprietary NIA-114 Technology™ is clinically proven to strengthen the skin barrier and supercharge the efficacy of other performance ingredients to visibly transform skin. The results are real, visible and validated with independent clinical studies on every formula – including the groundbreaking SD Advanced™ Intensive Concentrate for Wrinkles & Stretch Marks and the #1 selling cream in the U.S. exclusively for the neck and décolleté, TL Advanced™. Cruelty Free, Paraben Free and Suitable for All Skin Types, StriVectin products are sold through department stores and specialty retailers in North America, Europe and Asia. The company maintains corporate offices in New York, NY. For more information, visit www.strivectin.com.

About Hildred Capital Management

Hildred is a New York-based private equity investment firm that pursues growth equity investments in lower middle market healthcare companies with leading products, technologies and services. Hildred focuses on opportunities to create value from earnings growth, operational improvements and multiple expansion in companies with revenues of $0 to $100 million. Areas with attractive fundamentals where Hildred may invest include the following healthcare subsectors: healthcare services, consumer products, information technology, medical devices, and pharmaceuticals; including the related industries that surround these healthcare subsectors. For more information, visit www.hildredcapital.com.

About L Catterton

With approximately $30 billion of equity capital across its fund strategies and 17 offices around the world, L Catterton is the largest global consumer-focused private equity firm. L Catterton’s team of nearly 200 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad partnership network. Since 19

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Mr Marvis takes the next step with Capital A

Capital-A

The Amsterdam based menswear brand Mr Marvis set-up a partnership with Capital A Investment Partners

The Amsterdam based direct-to-consumer menswear brand, known for its range of colourful men’s shorts and trousers, set-up a partnership with Capital A Investment Partners to accelerate its growth.

Mr Marvis already has seen strong growth in recent years following several successful product introductions. Mr Marvis also saw an increasing appreciation of its slow fashion concept in its home market, The Netherlands, as well as abroad.

“Both the MR MARVIS brand and our products are valued by our customers because of the focus on quality and consistency. Above that, our collection only expands, resulting in customers coming back for the same product as well as for newly launched products. You can expect a lot more from us in the coming years, in all seasons” – Steven Vrendenbarg (Founder)

Together with Capital A, Mr Marvis will further professionalise and further accelerate its growth in Europe following a strategy both Mr Marvis and Capital A fully believe in.

“In order to realise our accelerated growth plan, a solid and reliable investment partner was looked for. We feel fortunate to have found Capital A as such a party. With this collaboration we aim to further accelerate our growth ambitions based on the MR MARVIS legacy.” – David Sipkens (Founder)

“Working with the highly entrepreneurial MR MARVIS team and ensuring a solid financial basis for this fundamentally strong company is a match made in heaven. As an investor, we have a keen interest in fast growing companies led by strong management teams. MR MARVIS is a perfect example of such a setting, and we are delighted and very proud to be able to support them in realising even more ambitious goals in the near future to let this wonderful brand grow.” – Arne Hamers (Capital A)

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