Anders Invest Food & Agri Fund participates in Poultry Company Hillco B.V.

Anders Invest

nders Invest Food & Agri Fund has acquired a majority stake in Hillco Poultry Company B.V. The company produces and sells chicken products for the Dutch, Belgian, and German foodservice markets. Together with the new management team – Jaap Randewijk and Dinand Heijkamp – as well as the existing Hillco team, the focus will be on further growing the business in existing and new markets.

Hillco Poultry Company B.V. is a Dutch family-owned business that has specialized in processing responsible chicken products for over 40 years. Under the brand Family Chicken, Hillco offers a thoughtfully curated range of chicken products aimed at the foodservice sector. Particularly, restaurants, fast-food chains, caterers, and gas stations are among the key target groups. With a strong focus on taste, quality, stability, and clear pricing policies, Family Chicken has secured a strong position in the Dutch foodservice industry. Additionally, Hillco aims to significantly expand its own brand “Smikkelkip” in the coming years.

The company has been transferred from the Van den Brink family to Anders Invest, Dinand Heijkamp, and Jaap Randewijk. The reason for this is that the Van den Brink family sees ample growth opportunities for Hillco and is seeking a suitable new owner to realize these growth opportunities. Therefore, it has been agreed that Dinand Heijkamp and Jaap Randewijk will lead the management and, together with Anders Invest, implement the growth strategy. After a transition period, the Van den Brink family will focus on other activities.

Evert Hein Schuiteman, partner at Anders Invest, is pleased with the arrival of Hillco: “They are a major player in the market with a substantial turnover and solid margins. I am impressed by the high-quality products and the team’s expertise in product development and sales. The market is also interesting; although meat consumption per capita is slightly declining, we see growth in the consumption of high-quality chicken snacks, especially in the foodservice channel. This inspires confidence, and we anticipate a wide range of opportunities for Hillco’s positioning and strategy.”

Ap van den Brink, one of the sellers, says, “We are glad that we could transfer it this way. The enthusiasm and energy of Jaap, Dinand, and the whole team, together with the ambitions and professional support of Anders, provide confidence for the future. Additionally, it is our desire that the Biblical truth of Psalm 127:1 will not be forgotten in the future. Unless the Lord builds the house, the builders labor in vain. Unless the Lord watches over the city, the guards stand watch in vain.”

For more information:

Anders Invest: http://www.andersinvest.nl/

Evert Hein Schuiteman (Partner Anders Invest food & agri fund) – +31 6 55 766 513 / Evert Hein Schuiteman ehschuiteman@andersinvest.nl

Jurjen van der Werf (Investment Manager Anders Invest) – +31 6 23 80 27 83 / jvanderwerf@andersinvest.nl

Hillco Poultry Company: www.hillcopoeliersbedrijf.nl

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HTL Biotechnology acquires beauty & biomedical division of Modern Meadow

Montagu
HTL BIOTECHNOLOGY STRENGTHENS ITS POSITION AS A GLOBAL LEADER IN THE PRODUCTION AND DEVELOPMENT OF PHARMACEUTICAL-GRADE BIOPOLYMERS

HTL Biotechnology strengthens its position as a global leader in the production and development of pharmaceutical-grade biopolymers by acquiring the beauty and biomedical division of American company Modern Meadow (Nutley, NJ). Notably, this acquisition includes Modern Meadow’s platform of recombinant proteins, with the most advanced product being human recombinant collagen type III (rhCOL3).

With this platform, within a world-class scientific research centre, the company also integrates a team recognised for its cutting-edge expertise in the field.

HTL Biotechnology makes a notable entry into recombinant human collagen for cosmetic and medical uses, addressing not only identified Vegan ethical commitments needs but also unique and differentiating properties.

The rhCOL3, developed in the United States and produced in Europe, has already raised the interest of numerous players in the cosmetic and aesthetic industry. In a nascent market with high demand set to surpass the billion-dollar mark soon, this recombinant human collagen holds significant promise.

HTL Biotechnology’s ambition, through this acquisition, is to drive innovation in the company’s historical segments, including aesthetic medicine, rheumatology, and ophthalmology, as well as explore new therapeutic areas. The synergy between HTL Biotechnology’s high-quality GMP biofermentation expertise and this new platform of recombinant proteins will enable the development of disruptive innovations, leveraging a combination of biopolymers and accelerating the company’s innovative capabilities.

HTL Biotechnology will now offer a broad and distinctive range of products through its platform, including pharmaceutical-grade hyaluronic acid, polynucleotides, and products in development such as heparosan or botulinum toxin as a neuromodulator. Additionally, with this acquisition, HTL Biotechnology gains a platform for human recombinant collagens.

The company is also strengthening its presence on the North American continent with, on one hand, the teams from HTL Biotechnology Manufacturing Inc. (HTL BMI) based in the state of Massachusetts, and on the other hand, the arrival of this new organisation based in Nutley (NJ).

François Fournier, CEO of HTL Biotechnology, states: “I am thrilled with the commercialisation of this new Vegan biopolymer, the diversification of our activity, and the prospects that this acquisition gives us to innovate even further, together. HTL Biotechnology thus becomes a pioneer in the market for human recombinant collagen, where the company was a pioneer 30 years ago in the bioproduction of hyaluronic acid. The depth of our biopolymer portfolio is unique, and it is with great pride that we will be able to serve our clients even better.  I am delighted to welcome, on behalf of HTL Biotechnology, the beauty and biomedical teams from Modern Meadow.”

I am thrilled with the commercialisation of this new Vegan biopolymer, the diversification of our activity, and the prospects that this acquisition gives us to innovate even further, together.

François Fournier, CEO, HTL Biotechnology

“This strategic acquisition marks an acceleration in the development of HTL Biotechnology, its international expansion, and the diversification of its portfolio. It reinforces its leadership position in biopolymers by offering a broad and innovative range” comments Paul Navarre, Chairman of HTL Biotechnology.

This strategic acquisition marks an acceleration in the development of HTL Biotechnology, its international expansion, and the diversification of its portfolio.

Paul Navarre, Chairman, HTL Biotechnology

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European value-for-money optical platform nexeye to be acquired by KKR from 3i, accelerating its strategic growth ambitions

3I
  • KKR’s investment enables nexeye to accelerate further its ambitions to expand its optical and hearing care services within existing and new markets, with a continued focus on customer service, product quality and innovation.
  • Under 3i’s ownership, nexeye has pursued a strategy focused on market expansion and championing a value-for-money offering for customers.

Gorinchem (NL) / London (UK), 25 April 2024 – nexeye (the “Company” or “Group”) today announced that a definitive agreement has been signed whereby investment funds and accounts managed by KKR agreed to acquire the Company from investment firm 3i Group plc.

Headquartered in Gorinchem, the Netherlands, nexeye is a leading European provider of value-for-money eye care operating under the Hans Anders, eyes + more and Direkt Optik labels. The Group, its labels and its 3,500 employees together provide affordable, high-quality eye and hearing care to customers across 719 stores in the Netherlands, Belgium, Germany, Austria and Sweden. Terms of the transaction were not disclosed.

Under 3i’s ownership, nexeye expanded into new markets, most notably with the acquisition of eyes + more in 2019, to enhance accessibility and affordability of essential eye and hearing care. Going forward, nexeye will be uniquely positioned to play a key role in addressing long-term trends driving increasing incidence of vision correction concerns, capitalizing on KKR’s extensive sector experience, global platform and successful track record in the industry.

Bart van den Nieuwenhof, CEO of nexeye, said: “I would like to thank 3i for a true partnership under which we successfully created a leading omnichannel optical platform. We strengthened and developed our organization, modernized and opened stores and realized a step change in omnichannel and digital innovation. Now, we are thrilled to continue this growth path together with KKR. We share a vision to establish nexeye as the leader in the European value-for-money optical sector, with a focus on customer service, product quality and innovation. I look forward to our partnership.”

Boris Kawohl, Partner, Consumer sector head at 3i, said: “We are proud of the transformation from Hans Anders at the time of our investment in 2017 to nexeye now. The best value-for-money offering with good quality products and services has been central to all our efforts. As a result, sales and EBITDA have doubled during 3i’s ownership period. We believe nexeye is now ready for the next international growth phase. We thank Bart and the whole nexeye team and wish them all the best going forward.”

Felix Gernburd, Partner at KKR, said: “We believe nexeye offers a differentiated value proposition for consumers. We are excited to invest in nexeye and to support its management team and employees in their continued ambitions to expand the Company’s footprint and offer the best quality eye and hearing care at affordable prices to consumers.”

Simon Bouchard, Director at KKR, continued: “KKR’s extensive experience and global track record of success in the optical sector underscores our commitment to investing in this important industry. We are confident that our investment in nexeye will best position the Company to capture future growth opportunities and establish it as the leader in the European value-for-money optical and hearing care sector in the long term.”

KKR is making its investment in nexeye primarily through its European Fund VI, an $8 billion fund that invests in the growth of leading businesses by providing access to KKR’s extensive network and business building resources.

The transaction is subject to customary closing conditions and regulatory approvals.

Jefferies LLC and UBS Investment Bank are acting as financial advisors and Kirkland & Ellis LLP is serving as legal advisor for KKR. Harris Williams and ING Corporate Finance are acting as financial advisors and Clifford Chance LLP is serving as legal advisor for 3i.

-ENDS-

About nexeye

Nexeye is currently active in five European countries with the eyes + more, Hans Anders and Direkt Optik chains. eyes + more operates with 283 stores in Germany, Austria, the Netherlands, Sweden and Belgium, focusing on affordable, fashionable eye wear and is one of the fastest-growing optical chains in Europe. Hans Anders, founded in 1982, is a leading value-for-money chain in the Netherlands and Belgium with 402 stores offering eye and hearing care. Direkt Optik has 34 optical stores across Sweden, is known for its 3 for 1 offer and highly appreciated for the expertise of the qualified opticians in its stores. In total, nexeye and labels employ more than 3,500 people.

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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About 3i Group

3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America. For further information, please visit www.3i.com.

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Media enquiries

nexeye
Edwin van Wijk

KKR
Frank Jansen

3i Group
Elmley de la Cour

Tel: +31 (0)6 234 802 17
Email: evanwijk@valueatstake.nl

Tel: +31 6 21542369
Email: frank.jansen@fgsglobal.com

Tel: +44 7514 312 439
Email: elmley.delacour@3i.com

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European Value-For-Money Optical Platform Nexeye To Be Acquired By KKR From 3i, Accelerating Its Strategic Growth Ambitions

KKR
  • KKR’s investment enables nexeye to accelerate further its ambitions to expand its optical and hearing care services within existing and new markets, with a continued focus on customer service, product quality and innovation.
  • Under 3i’s ownership, nexeye has pursued a strategy focused on market expansion and championing a value-for-money offering for customers.

Gorinchem (NL) / London (UK), 25 April 2024 – nexeye (the “Company” or “Group”) today announced that a definitive agreement has been signed whereby investment funds and accounts managed by KKR agreed to acquire the Company from investment firm 3i Group plc.

Headquartered in Gorinchem, the Netherlands, nexeye is a leading European provider of value-for- money eye care operating under the Hans Anders, eyes + more and Direkt Optik labels. The Group, its labels and its 3,500 employees together provide affordable, high-quality eye and hearing care to customers across 719 stores in the Netherlands, Belgium, Germany, Austria and Sweden. Terms of the transaction were not disclosed.

Under 3i’s ownership, nexeye expanded into new markets, most notably with the acquisition of eyes + more in 2019, to enhance accessibility and affordability of essential eye and hearing care. Going forward, nexeye will be uniquely positioned to play a key role in addressing long-term trends driving increasing incidence of vision correction concerns, capitalizing on KKR’s extensive sector experience, global platform and successful track record in the industry.

Bart van den Nieuwenhof, CEO of nexeye, said: I would like to thank 3i for a true partnership under which we successfully created a leading omnichannel optical platform. We strengthened and developed our organization, modernized and opened stores and realized a step change in omnichannel and digital innovation. Now, we are thrilled to continue this growth path together with KKR. We share a vision to establish nexeye as the leader in the European value-for-money optical sector, with a focus on customer service, product quality and innovation. I look forward to our partnership.”

Boris Kawohl, Partner, Consumer sector head at 3i, said: We are proud of the transformation from Hans Anders at the time of our investment in 2017 to nexeye now. The best value-for-money offering with good quality products and services has been central to all our efforts. As a result, sales and EBITDA have doubled during 3i’s ownership period. We believe nexeye is now ready for the next international growth phase. We thank Bart and the whole nexeye team and wish them all the best going forward.”

Felix Gernburd, Partner at KKR, said: “We believe nexeye offers a differentiated value proposition for consumers. We are excited to invest in nexeye and to support its management team and employees in their continued ambitions to expand the Company’s footprint and offer the best quality eye and hearing care at affordable prices to consumers.”

Simon Bouchard, Director at KKR, continued: “KKR’s extensive experience and global track record of success in the optical sector underscores our commitment to investing in this important industry. We are confident that our investment in nexeye will best position the Company to capture future growth opportunities and establish it as the leader in the European value-for-money optical and hearing care sector in the long term.”

KKR is making its investment in nexeye primarily through its European Fund VI, an $8 billion fund that invests in the growth of leading businesses by providing access to KKR’s extensive network and business building resources.

The transaction is subject to customary closing conditions and regulatory approvals.

Jefferies LLC and UBS Investment Bank are acting as financial advisors and Kirkland & Ellis LLP is serving as legal advisor for KKR. Harris Williams and ING Corporate Finance are acting as financial advisors and Clifford Chance LLP is serving as legal advisor for 3i.

About Nexeye

Nexeye is currently active in five European countries with the eyes + more, Hans Anders and Direkt Optik chains. eyes + more operates with 283 stores in Germany, Austria, the Netherlands, Sweden and Belgium, focusing on affordable, fashionable eye wear and is one of the fastest-growing optical chains in Europe. Hans Anders, founded in 1982, is a leading value-for-money chain in the Netherlands and Belgium with 402 stores offering eye and hearing care. Direkt Optik has 34 optical stores across Sweden, is known for its 3 for 1 offer and highly appreciated for the expertise of the qualified opticians in its stores. In total, nexeye and labels employ more than 3,500 people.

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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About 3i Group

3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America. For further information, please visit www.3i.com.

Media Enquiries
Nexeye

Edwin van Wijk
Tel: +31 (0)6 234 802 17
Email: evanwijk@valueatstake.nl

KKR

Frank Jansen
Tel: +31 6 21542369
Email: frank.jansen@fgsglobal.com

3i Group

Elmley de la Cour
Tel: +44 7514 312 439
Email: elmley.delacour@3i.com

 

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Ardian and PAI Partners agree deal for Audiotonix

Ardian

PAI agrees to acquire majority stake in Audiotonix, Ardian retains minority stake alongside management
• The transaction marks a new chapter of growth for the world leader in premium audio equipment and software
• UK-headquartered Audiotonix is now active in 90 countries, with over 750 employees

PAI Partners (“PAI”), a pre-eminent private equity firm, and Ardian, a world-leading investment house, today announce that they have agreed a deal for Audiotonix, a global leader in the professional audio mixing console and ancillary products market. Upon completion, PAI will acquire a majority stake and become the largest shareholder in Audiotonix, with Ardian retaining a minority stake alongside management.

Headquartered in the UK, Audiotonix specialises in designing, engineering and manufacturing products that enable outstanding sound quality for a variety of formats, from blockbuster live tours and concerts, theatre shows and major international live events to TV, film, music recording, sporting occasions and places of worship. Audiotonix’s products have been used on global tours by artists such as Coldplay and U2, at major sporting events including the Super Bowl and FIFA World Cup, and in iconic venues like the Las Vegas Sphere.

Audiotonix is well positioned within the audio mixing console market and other attractive audio segments with its leading portfolio of prestigious brands, including Allen & Heath, DiGiCo, Calrec, Solid State Logic, Sound Devices, Slate Digital, and sonible, which cater to high-specification professional end-users and sound engineers globally. Backed by an industry-leading management team with an outstanding track record, Audiotonix distributes its products through an international network of more than 400 value-added distributors and partners in more than 90 countries worldwide, with a sizable footprint in North America.

Audiotonix was acquired by Ardian in March 2020. Despite pandemic restrictions, under Ardian’s ownership, the group has continued to expand organically. During this time, the group has secured five strategic acquisitions to further diversify and strengthen its portfolio, developed new market-leading products, increased its focus on software and reinforced its management team. Audiotonix today possesses the most extensive product portfolio in the market.

PAI’s investment will support Audiotonix to leverage sustained and accelerating secular trends towards the experience economy. It will also continue to support further strengthening of the group’s R&D capabilities, foster brand synergies, drive organic growth and pursue strategic M&A opportunities across the audio ecosystem.

“There has been a revolution in the way people enjoy and appreciate all forms of entertainment. When we first invested, we believed the team at Audiotonix were best placed to become a global leader in audio technology. We backed management to invest and build out an R&D team larger than any competitor and one that has consistently delivered technically and commercially outstanding products. We have also supported the business in expanding into software via M&A. Today, Audiotonix is undoubtedly the leading player in a market where we see long-term tailwinds. We want to thank the management team, led by James Gordon, for their exceptional performance, resilience and quick thinking. Audiotonix still has tremendous potential to grow in an evolving global market with the support of PAI.” Olivier Personnaz, Head of Buyout UK and Managing Director, Ardian

“I would like to thank Ardian for the confidence and solid support of Audiotonix, the management team and our staff. The team invested alongside us just as the Covid lockdown began, and from our first meeting were aligned with us, making sure Audiotonix emerged in a stronger position than before. As management, the most critical challenge with a process like this is selecting the right partner moving forward, who understands what the business is today and can get behind the vision of what it can become. With PAI, it is clear this is a team and partner we can take Audiotonix to the next level with, while preserving the passion and energy that have made the group the success it has become in our industry.” James Gordon, CEO, Audiotonix

“We are delighted to partner with James Gordon and the exceptional Audiotonix management team, alongside Ardian, in this next chapter of growth. Audiotonix is well placed to benefit from positive structural tailwinds in the experience economy and diverse professional audio environments – whether in live entertainment, installed professional audio, music or sports. We look forward to working with the team as the group continues to deliver market-leading, professional products, defining audio experiences worldwide.” Colm O’Sullivan and Neil McIlroy, Partners, PAI

LIST OF PARTICIPANTS

  • ARDIAN

    • GOLDMAN SACHS (KHAMRAN ALI, ANDRE KELLENERS, OWAIN EVANS)
    • ALLEN & OVERY (STEPHEN LLOYD, MONIKA PRZYGODA, TINA BARAZANDEH-NEJAD)
    • MCKINSEY (WESLEY HAYES, ROB HAMILL)
    • PWC (TOM AYERST, KATE CONIBERE)
  • PAI

    • WEIL GOTSHAL & MANGES (JONATHAN WOOD, TOMASZ RODZOCH, PRIYA SHAH)
    • MCKINSEY (SEBASTIAN GIMENEZ, GUILLAUME CAZALAA, KAYLA MIELE)
    • ALVAREZ & MARSAL (CHRISTOPHER POWELL, ALEX SAKLOW, NICK WALTON, RUHI AGARWAL)
  • AUDIOTONIX

    • LIBERTY CORPORATE FINANCE (SIMON HILL)
    • MACFARLANES (STEPHEN DREWITT, EMMA BAILEY)
    • PWC (SHARON CHAKKAR)

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $164bn of assets on behalf of more than 1,600 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ABOUT PAI PARTNERS

PAI Partners is a pre-eminent private equity firm investing in market-leading companies across the globe. The Firm has c. €27 billion of assets under management and, since 1994, has completed over 100 investments in 12 countries and realised more than €24 billion in proceeds from 60 exits. PAI has built an outstanding track record through partnering with ambitious management teams where its unique perspective, unrivalled sector experience, and long-term vision enable companies to pursue their full potential – and push beyond. Learn more about the PAI story, the team and their approach at: www.paipartners.com.

ABOUT AUDIOTONIX

Audiotonix is a global market leader in the design, engineering and manufacture of professional audio mixing consoles, production software and ancillary products. With pioneering solutions from premium audio brands Allen & Heath, Calrec, DiGiCo, DiGiGrid, Fourier Audio, Harrison, KLANG:technologies, Slate Digital, Solid State Logic, sonible and Sound Devices, our products are used extensively in live sound, broadcast, theatre production, installations, house of worship, TV and film production, music creation and recording studios.

MEDIA CONTACTS

ARDIAN

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Bridgepoint agrees sale of investment in Dorna Sports to Liberty Media

Bridgepoint

Bridgepoint today announced the sale of its investment in Dorna Sports S.L. to Liberty Media in a transaction which values the company at €4.2 billion.

Dorna is the international sports management, media and marketing company which holds the global rights to organise the MotoGP and WSBK Championships, which together represent the two pre-eminent motorcycle racing series in the world. Bridgepoint has been an investor in the business since 2006.

The transaction represents a full realisation of Bridgepoint’s existing stake along with that of Canada Pension Plan Investment Board (‘CPP Investments’) and management, to Liberty Media, which holds the exclusive commercial rights for the FIA Formula One World Championship.

William Jackson, chairman of Bridgepoint Group plc and of Dorna Sports S.L. said: “We’re proud to have partnered with Dorna and its management team for the past 18 years during which time Moto GP has become one of the true global sports brands and enjoys huge success. The partnership has seen MotoGP grow its fan base across five continents and become the world’s most exciting sport.”

The transaction is subject to customary conditions and regulatory approvals. The transaction is expected to complete later in 2024.

Advisers for Bridgepoint included: Financial – Moelis (company, Bridgepoint, CPP); Morgan Stanley (CPP); Legal – Latham & Watkins; Garrigues (management); Uria (company); Accounting – Deloitte; Tax – EY.

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Litorina sells KungSängen to a consortium

Litorina
  • Litorina has signed an agreement to divest KungSängen, a leading direct-to-consumer bed specialist in Sweden, to a consortium with main financier being KAMJO Design & Hantverk.
  • KungSängen’s position in the market has been strengthened during Litorinas ownership by many improvements, such as modernizing the physical showrooms and improving e-commerce, integrated to enable true OMNI-channel experience.
  • KungSängen has been affected by several aspects related to the general economic development and downturn during last two years. The company has adapted to these changes and made the operations more resilient going forward, while continuing to deliver high-quality products and services to its customers.
  • The sale of KungSängen marks the 9th exit for the Litorina IV fund.
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Apiary Capital exits TAG to ECI Partners

Apiary Capital

Apiary Capital exits award-winning travel firm TAG to ECI Partners, delivering a 4x return

TAG is the leading travel management provider to the international live music and entertainment touring industry. Founded in 1988, TAG arranges complex travel itineraries for performing artists and supporting crews, and for major film and television productions, as well as servicing the high-touch segment of the corporate travel market.

Apiary Capital invested in TAG in April 2018 and has supported the management team in making eight successful acquisitions and expanding the business’s geographic footprint to 12 offices employing over 450 people across the UK and Aisa-Pacific.

Jens Penny, TAG CEO, commented: “Today is a fantastic milestone in our evolution, as we thank Mark, Jess, Nicki and all the team at Apiary for the unwavering help and support they have given us over the last six years and proudly announce the investment by ECI. With our entertainment and corporate clientele and the incredible TAG team, we are very confident that this partnership will deliver a host of new benefits and opportunities. We look forward to an exciting journey ahead with ECI as our partner.”

Mark Salter, Managing Partner at Apiary Capital, commented: “We are incredibly proud to have been part of the amazing journey that TAG has been on since our investment in 2018. Jens and his team have done a fantastic job expanding TAG into new geographies and markets, more than doubling the size of the business on the way. We are delighted to pass the baton on to ECI who are the right partner to take the business forward and support it through its next phase of growth.”

Hendi announces partnership with 365 Capital to accelerate European growth in the coming years

365 Capital

Hendi, founded in 1934, is a European distributor of non-food catering supplies and kitchen equipment for the professional kitchen. Hendi has a wide range of ~4,500 mostly in-house designed products across ~20 different product groups (ranging from small kitchen accessories to large electrical appliances) and sells its products under its own brand. Hendi sells its products through an extensive network of distributors and renowned wholesalers to professionals in more than 60 countries. Hendi generated >€150m revenue in 2023 and serves its customers with ~400 employees from offices in eight countries (Netherlands, Poland, Austria, Italy, Romania, Spain, Greece and Hong Kong) and distribution centres in six countries (Netherlands, Poland, Austria, Romania, Spain and Greece).

The owners of Hendi chose to partner with 365 Capital to further strengthen the organisation to better respond to the opportunities the company sees and to accelerate its European growth plan. Important pillars of the growth plan for the coming years are the expansion and strengthening of Hendi’s presence in the major European hospitality countries and optimisation of the product range. Tom Buch and Jolanta and Maksymilian Kultys will remain involved in the company in their current roles and nothing will change for the employees, customers and suppliers.

365 Capital is a private equity firm active in the (lower) mid-market segment of the Dutch market and focuses on ambitious companies with their headquarters in the Netherlands. 365 Capital is investing in Hendi from its first fund which was closed in April 2021 at €165m. The investment in Hendi is expected to be the last investment from the first fund and 365 Capital will begin fundraising for fund 2 in Q2.

Tom Buch, Jolanta Kultys and Maksymilian Kultys (Hendi): “We are very pleased with the partnership with 365 Capital and believe that their entrepreneurial nature and professional way of working fits well with the culture within Hendi. Through this partnership, we will increase the company’s strength, allowing us to serve our customers even better and accelerate our growth ambitions.”

Hayo van Houten (365 Capital): “We are extremely impressed by Hendi’s growth over the past 10 years and Hendi’s unique position in the European market. Hendi has a broad and loyal customer base who highly value Hendi’s wide range of high-quality products and fast delivery. We are also very impressed by the strong culture and ambition within the company. We look forward to working with Tom, Jolanta, Maksymilian and the broader Hendi team to realise our joint ambitions in the coming years.”

The owners of Hendi were advised by Marktlink (sell-side M&A and legal) and Deloitte (legal).

365 Capital has been advised by OC&C (commercial), KPMG (financial), JB Law (legal), Avaxa (financing) and DLA Piper (legal). The lenders were advised by Clifford Chance (legal).

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Platinum Equity Completes Acquisition of Horizon Organic and Wallaby from Danone

Platinum

Leading dairy products brands projected to benefit from Platinum Equity’s carve-out experience and operational expertise

LOS ANGELES (April 2, 2024) – Platinum Equity today announced that the acquisition of a majority interest in Horizon Organic and Wallaby from Danone has been completed.

Horizon Organic is the largest USDA-certified organic dairy brand in the world and is a pioneer in dairy beverages, having introduced the first organic milk available coast to coast in the United States in 1991. Horizon Organic’s portfolio of organic dairy products includes milk, creamers and whiteners, yogurt, cheese and butter.

The acquisition also includes the Wallaby brand, an Australian-inspired Greek-style yogurt made with organic milk and premium ingredients.

Platinum Equity Completes Acquisition of Horizon Organic and Wallaby from Danone

“Horizon Organic is an iconic name in dairy that is well recognized and beloved by consumers,” said Platinum Equity Co-President Louis Samson. “The brand has earned a reputation for quality and innovation that is unmatched in the industry. We appreciate Danone’s confidence in our ability to build on that legacy and support Horizon Organic’s growth as a standalone company.”

The US dairy category is estimated at $68 billion with milk comprising approximately $17 billion of that total.

“Premium offerings, including organic and value-added products, are driving the growth in the dairy milk category,” said Platinum Equity Managing Director Adam Cooper. “Horizon Organic is a pioneer of that segment and is in position to continue capitalizing on and accelerating the trend.”

Platinum Equity has decades of experience acquiring and operating global businesses that have been part of large corporate entities. The firm recently announced the pending acquisition of Kohler Energy from Kohler Co. In recent years Platinum Equity has also acquired businesses from firms like Ball Corporation, Caterpillar, ConAgra, Emerson Electric, Ingersoll Rand and Johnson & Johnson, among others.

“We are excited about Horizon Organic’s potential as an independent business with a renewed sense of focus and a commitment to investing in its success,” said Cooper. “We have a lot of experience supporting food and beverage businesses. We look forward to partnering with Horizon Organic’s management team to ensure a seamless transition and chart a path for continued growth and expansion.”

“With confidence in our brands and people, we are excited to build a bright future for Horizon Organic,” said Horizon Organic CEO Tyler Holm. “Leveraging Platinum’s operational capabilities and expertise, we’re well positioned for growth and accelerated performance to best serve our customers and consumers while deepening our farmer partnerships and focusing on breakthrough product innovation.”

Platinum Equity’s current portfolio includes Biscuit International, a European manufacturer of private-label sweet biscuits, wine producer Fantini Group Vini and seafood provider Iberconsa. Previous Platinum Equity investments include JM Swank, a food ingredients distributor acquired from ConAgra, and Harvest Meat Company, a US distributor of packaged meat and bakery products.

Morgan Lewis served as legal advisor and Alston & Bird served as debt financing counsel to Platinum Equity.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $47 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.

About Danone (www.danone.com)

Danone is a leading global food and beverage company operating in three health-focused, fast-growing and on-trend Categories: Essential Dairy & Plant-Based products, Waters and Specialized Nutrition. With a long-standing mission of bringing health through food to as many people as possible, Danone aims to inspire healthier and more sustainable eating and drinking practices while committing to achieve measurable nutritional, social, societal and environment impact. Danone has defined its “Renew” strategy to restore growth, competitiveness, and value creation for the long-term. With almost 90,000 employees, and products sold in over 120 markets, Danone generated €27.6 billion in sales in 2023. Danone’s portfolio includes leading international brands (Actimel, Activia, Alpro, Aptamil, Danette, Danio, Danonino, evian, Nutricia, Nutrilon, Volvic, among others) as well as strong local and regional brands (including AQUA, Blédina, Bonafont, Cow & Gate, Mizone, Oikos and Silk). Listed on Euronext Paris and present on the OTCQX platform via an ADR (American Depositary Receipt) program, Danone is a component stock of leading sustainability indexes including the ones managed by Moody’s and Sustainalytics, as well as MSCI ESG Indexes, FTSE4Good Index Series, Bloomberg Gender Equality Index, and Access to Nutrition Index. Danone’s ambition is to be B CorpTM certified at global level in 2025.

About Horizon Organic®

Horizon Organic has been producing great-tasting organic milk since 1991. From the start, Horizon has remained committed to protecting a healthy planet and hasn’t stopped working toward raising the bar as a leading organic milk producer in the U.S. In 2017, Horizon Organic became a brand of Danone North America. Today, Horizon works with more than 600 family farmers across the U.S. For more information on Horizon’s full portfolio of organic dairy products, visit Horizon.com.

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