RB Iberia is a leading Quick Service Restaurant (‘QSR’) platform in Iberia and the master franchisee for the Burger King brand in Spain, Portugal, Gibraltar and Andorra, and for the Popeyes and Tim Hortons brands in Spain. The company has a large presence across Spain, including in key locations such as Madrid, Valencia, Catalonia, and Andalusia, with a portfolio of more than 500 of its own restaurants, and an additional c. 500 franchised restaurants across the three brands. The business was founded in 1981 and, under the leadership of founder Gregorio Jiménez, has grown significantly in the last five years both organically and through acquisitions, more than tripling the number of owned Burger King restaurants. The company performed resiliently throughout the COVID-19 pandemic, continuing to acquire and open restaurants, as well as continuing the roll-out of its successful home delivery service, with more than 5,000 delivery staff and c. 14,000 employees in total.

Cinven’s Iberia and Consumer teams identified RB Iberia as an attractive investment opportunity given:

• Its market-leading position in the region, through its roster of strong brands with high brand awareness and a differentiated value proposition;
• The propensity for out-of-home consumption in Spain, complemented by favourable long-term market dynamics such as the acceleration of Direct to Consumer (‘D2C’) digital engagement through apps and home delivery;
• The substantial opportunity in the growing and resilient Spanish QSR market, which is underpenetrated in comparison to similar European markets and offers the potential for further restaurant openings across the Burger King, Popeyes and Tim Hortons brands;
• Its resilience shown through the COVID-19 pandemic, and potential for a significant return of consumer spend;
• Its industry-leading ESG credentials, including in key areas such as supply chain traceability and a commitment to renewable energy, with significant opportunity for further ESG improvements;
• Its proven innovation leadership, adapting to new consumer habits such as its introduction of plant-based meat products; and
• Its strong and experienced management team, led by the highly regarded founder and CEO, Gregorio Jiménez.

Jorge Quemada, Partner at Cinven, commented:

“RB Iberia has been incredibly successful under the leadership of founder, Gregorio Jiménez, and is regarded as one of Restaurant Brands International’s best performing businesses. The company has a strong strategic position in the attractive and growing QSR market in Iberia and we are excited by the prospect of partnering with this ambitious and experienced team to accelerate growth. This is a compelling primary investment opportunity that leverages Cinven’s one-team approach, encompassing a matrix of sector and local expertise through Cinven’s strong presence in Iberia and Consumer team sector knowledge.”

Maxim Crewe, Partner at Cinven, added:

“RB Iberia is an excellent fit with Cinven’s consumer strategy which is focused on megatrends such as demand for out-of-home consumption and digital D2C engagement through apps and home delivery. The company has a clearly differentiated value proposition and strong brand awareness, both of which are key criteria for success in the QSR market, and Cinven is well-positioned to support the business with its next stage of growth in the sector.”

Gregorio Jiménez, founder and CEO at RB Iberia, added:

“Cinven’s investment represents an important catalyst to the company’s growth plan over the coming years. In addition, it provides a significant financial boost, which will contribute to the development of the ambitious growth plans for our brands in Spain and Portugal and guarantees the continuity of the group’s growth rate to position itself as a leader in the sector in southern Europe. Our goal is to continue to lead an innovative, sustainable restaurant model underpinned by the close vicinity of restaurants to customers, and to continue to generate employment in the communities where our brands are present.”

This transaction follows Cinven’s recent investments in the Consumer sector including Arcaplanet, a leading pet care platform in Italy, and the combination with Maxi Zoo Italia; Partner in Pet Food, a market-leading pet food manufacturer; Planasa, a global operator in the agri-food sector; and the successful IPO of consumer-tech platform Allegro.

The transaction is subject to customary anti-trust and regulatory approvals.

Lyon (France), 19/07/2020 – Abénex announces the signing of an agreement with IK Investment Partners (“IK”) for the sale of Blanchon (“the Group”), one of the leading European manufacturers of woodcare solutions serving both professionals and individuals. Abénex will significantly reinvest in the new transaction alongside IK and the management team headed by Guillaume Clément. Completion of the transaction is subject to the approval of relevant antitrust authorities.

This transaction represents the first investment made from the IK Small Cap III Fund which closed in April 2021, at the hard cap of €1.2 billion, having been raised on a fully virtual basis.

Founded in 1832 and headquartered in Saint-Priest near Lyon, the Group operates through highly recognised brands; Blanchon, Ciranova and Carver, dedicated to professionals, along with the Syntilor brand distributed in DIY retail networks. The group leverages an innovative research and development process to develop an extensive portfolio of technical varnishes and innovative paints across its six production sites. The Group also develops, produces and commercialises varnishes for wooden and vinyl floors that are commercialised and sold to leading flooring manufacturers through Ciranova Industrial Finishes and Blanchon Industry brands.

Since 2019, under Abénex’s ownership, Blanchon has further reinforced its leadership positions in France whilst accelerating its international expansion. In particular, the Group recently acquired the Belgian company Debal Finance (Ciranova brand) which generates €15 million worth of turnover. By 2021, the Group should reach €100 million in sales, of which a third will be realised internationally in over 50 countries. In the coming years, Blanchon is expecting to pursue its external growth strategy to become a clear European leader for the protection, maintenance, renovation and decoration of wood and vinyl coatings as well as supports.

From its inception, Blanchon has always stood out for its innovative solutions that are increasingly environmentally friendly with, for example, the development of a new bio-sourced product line. Furthermore, the Group has leveraged major technological changes to enhance its varnishes and coatings solutions. In the recent years, it has significantly invested in the optimisation of its production and logistics capabilities to fuel its development ambitions.

Guillaume Clément, President of Blanchon Group: “We are delighted to have partnered with Abénex for the last few years, which has seen the successful completion of the managerial transition and paved the way for a new growth path. We are eager to continue pursuing our ambitious and sustainable growth trajectory with all our employees and with the support of IK and Abénex. We will further focus on strengthening our value proposition for our customers, on continuous improvement and relying on the pursuit of external growth operations in all of key countries and particularly internationally.”

Arnaud Bosc, Partner at IK Investment Partners and Advisor to the IK Small Cap III Fund: “We have been impressed by Blanchon’s track record during the past few years. The Group has built a unique position in the woodcare products market and has successfully pursued its international development strategy under Guillaume Clément’s strong leadership. We look forward to supporting the business and working with the management team and Abénex to help Blanchon become a clear European leader.”

Jérôme Vandermarcq, Partner at Abénex: “We are proud to have supported the Group in its managerial transition over the past two years. Blanchon has accelerated its growth since our investment, notably due to the transformational and highly synergetic acquisition in Benelux. This acquisition is a result of the external growth strategy initiated more than a year ago which had the aim of accelerating international expansion. We are very happy to continue this adventure alongside IK, with whom we share a common ambition for Blanchon Group.”

For further questions, please contact:
IK Investment Partners
Maitland/AMO
Phone: +44 (0) 7342 704 229
IK-Maitland@maitland.co.uk

Abénex Capital
Jérôme Vandermarcq
+33 6 60 19 49 26
Jerome.vandermarcq@abenex.com

• EQT Private Equity to sell Fertin Pharma, a leading specialist contract development and manufacturing organization (CDMO) in innovative oral and intra-oral delivery technologies, to Philip Morris International for a headline Enterprise Value of DKK 5.1 billion
• Fertin Pharma’s products enable people to live healthier lives – supporting millions of customers with reducing and quitting harmful cigarette smoking, and easier-to-consume oral care products, among other platforms
• Under EQT Private Equity’s ownership, Fertin Pharma has continued and strengthened its transformation from a niche champion to a leader in innovative oral and intra-oral drug delivery technologies, through investments in its manufacturing and development capabilities, product diversification, sustainability efforts and expanded customer base, which includes some of the world’s largest pharmaceutical and healthcare companies

EQT is pleased to announce that the EQT Mid Market Europe fund (“EQT Private Equity”) has agreed to sell Fertin Pharma (the “Company”), a specialist CDMO in innovative oral and intra-oral delivery technologies, to Philip Morris International Inc. (“PMI”) for an enterprise value of DKK 5.1 billion.

Headquartered in Vejle, Denmark, Fertin Pharma is a leading specialist CDMO in innovative oral and intra-oral delivery technologies to support healthier living. The Company develops and manufactures innovative delivery systems, such as chewing gums, tablets and powders, used for pharmaceutical- and nutraceutical applications. Innovative- and consumer relevant solutions that when consumed enhance the efficacy of active and functional ingredients.

Fertin Pharma’s patented delivery technologies enable people all around the world to live healthier lives, whether it be helping to reduce and ultimately quit cigarette use or gaining access to a broad range of easy-to-consume formats for consumer healthcare applications. In 2020, nearly three billion Nicotine Replacement Therapy (“NRT”) doses were manufactured, supporting more than 3.2 million people with reducing and quitting smoking.

The Company’s heritage dates back to 1915 when the Danish Bagger-Sørensen family founded the Dandy Group, focusing on confectionery production. In 1978, Fertin Pharma was set up within the Group and eventually separated as an independent subsidiary in 2001 to pioneer the use of chewing gum as a medical delivery technology. Today, Fertin Pharma is a global business with fully integrated and automated manufacturing and R&D capabilities through sites in Denmark, Canada and India, and a total employee base of more than 860 people.

EQT Private Equity acquired a 70 percent stake in Fertin Pharma in 2017 from the Bagger-Sørensen family, which has remained invested and actively supportive of the Company’s diversification journey throughout EQT’s ownership period. Since then, Fertin Pharma has transformed from a niche champion to a leader in its application areas. EQT has supported the broadening of the Company’s platform of delivery technologies, from solely focusing on medicated chewing gum to now offering a diverse range of oral care applications, including tablets that liquefy when chewed, fast- or slow-dissolving tablets for controlled release, extruded and compressed gum, and pouches with powder that dissolves under the upper lip. Fertin Pharma has also grown its customer base with several blue-chip industry leaders, including the world’s largest pharmaceutical and healthcare companies.

Moreover, Fertin Pharma has doubled its productivity through upgrading of business-critical systems, digitizing and automizing of production facilities, and increased investments in R&D and sustainability. Under EQT Private Equity’s ownership, the Company has grown EBITDA by close to 50 percent.

Rikke Kjær Nielsen, Partner within EQT Private Equity’s Advisory Team, “Since EQT entered in 2017, the strategy has been to develop the path for Fertin Pharma’s diversification journey. We are extremely proud of what we have accomplished together with the Bagger-Sørensen family, the board and the management team, taking the Company from a niche Nicotine Replacement Therapy champion to an international industry leader with a diversified portfolio of technologies and blue-chip customers in consumer health. I would particularly like to thank the Bagger-Sørensen family for the great cooperation and partnership over the years. We are confident that PMI will be a good long-term home for Fertin Pharma with their ambition to lead the transformation of the tobacco industry to create a smoke-free future – an ambition closely aligned with Fertin’s vision of supporting healthier living.”

Claus Bagger-Sørensen, Co-owner and board member of Bagger-Sørensen & Co. said, “On behalf of the Bagger-Sørensen family, it has been a true pleasure to partner with EQT during this phase of Fertin Pharma’s growth journey. We have had a great partnership based on shared ambitions for Fertin Pharma, which we have realised in successful collaboration. I hope and believe the sale will further strengthen the journey towards a smoke-free future and healthier lives.”

Peter Halling, CEO of Fertin Pharma, commented: “Fertin Pharma has been on a fantastic journey with EQT and the Bagger-Sørensen family as owners. With the new ownership in place, Fertin Pharma will be in a great position to continue delivering on our vision and mission, including our work as a CDMO for our customers. PMI is going through an inspiring transformation as a company with an ambition to deliver a smoke-free future and building a beyond nicotine product portfolio. An ambition that perfectly matches that of Fertin Pharma, namely to enable people to live healthier lives. In PMI we have found a new owner and partner who shares our vision, who is committed to science and who will enable Fertin Pharma to further accelerate and grow as a company.”

Jacek Olczak, Chief Executive Officer of PMI added, “The acquisition of Fertin Pharma will be a significant step forward on our journey toward delivering a smoke-free future – enhancing our smoke-free portfolio, notably in modern oral, and accelerating our progress in beyond nicotine. Both PMI and Fertin share a commitment to science and consumer-centric innovations for better living, and I am delighted we have reached this agreement. Fertin’s diverse portfolio of technologies, evolving business mix, and world-class expertise will enrich our innovation pipeline and capabilities, providing speed and scale in oral delivery to support our 2025 goals of generating more than 50% of our net revenues from smoke-free products and at least USD 1 billion from products beyond nicotine.”

The transaction is subject to customary conditions and approvals and is expected to close later in 2021.

EQT Private Equity was advised by FIH Partners (M&A), Accura (legal), PwC (financial & tax), BCG (commercial), Implement (operations) and COWI (EHS).

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

About EQT
EQT is a purpose-driven global investment organization with more than EUR 67 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Fertin Pharma
Fertin is a Danish contract development and manufacturing organization specializing in innovative oral dosage formats with nutraceutical and pharmaceutical ingredients. The company provides patients and consumers with convenient, pleasurable and efficient delivery formats, based on substantial know-how, technological capabilities and consumer insight.

More info: www.fertin.com

Ratos acquires, through the wholly owned KVD Group (KVD), 100% of Forsbergs Fritidscenter (Forsbergs), which is the largest caravan and mobile home retailer in the Nordics. With the acquisition, KVD expands its range and strengthens its offering to the end consumer. The transaction has a strong commercial rationale based on the growing importance of online sales, opportunities for knowledge sharing and significant synergy potential. The purchase price is SEK 275m, corresponding to a 5.6 multiple of EV/EBITA, with financing taking place through a long-term loan agreement from Ratos to KVD.

Forsbergs is the largest caravan and mobile home retailer in the Nordics with seven centres in Sweden offering leading brands for caravans and mobile homes. The operations, which also offer accessories and service, are currently twice as large as the company’s closest competitor. Forsbergs’ sales for the last 12-month period amounted to SEK 936m as of May 2021 with EBITA of approximately SEK 51m.

“Add-on acquisitions of this kind are entirely in line with Ratos’s strategy. Forsbergs will contribute to the continued development of KVD and, through the acquisition, set up a substantially larger and more complete business with significant synergies,” says Anders Slettengren, Chairman of the Board of KVD and Head of Business Area Consumer at Ratos.

KVD is Sweden’s largest online marketplace offering valuation and broker services for second-hand vehicles, including company cars and private cars, machines and heavy vehicles as well as sales of related products and services. KVD handles the entire sale of the vehicle from client order to end customer and guarantees the quality of the brokered car by means of testing. KVD’s sales for the last 12-month period amounted to SEK 402m as of 31 March 2021 with EBITA of SEK 40m and approximately 200 employees. The operations, which are 100% owned by Ratos, were acquired in 2010.

“We are delighted with this acquisition that provides us with major opportunities. Forsbergs will benefit from the online channel that KVD offers, we will expand our range to the end consumer together and we see several additional synergies. KVD and Forsbergs are also two leading organisations within their respective fields. We are now looking forward to, together with Forsbergs’ management and employees, continuing to enhance our operations and continuing our journey of growth,” says Lars Nykvist, CEO of KVD.

Forsbergs’ sellers are Nalka Invest, the Forsberg brothers and other minority owners. Forsbergs’ current CEO Jonas Karlsson and the other members of Forsbergs’ management will continue in their current positions. Forsbergs will be managed as a division in KVD.

The transaction is conditional upon competition clearance.

For further information:
Anders Slettengren, Chairman of the Board of KVD and Head of Business Area Consumer at Ratos
+46 72 589 89 00

Lars Nykvist, CEO, KVD
+46 76 836 29 90

About Ratos:
Ratos is a business group consisting of 12 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2020, the companies have approximately SEK 34 billion in sales. Our business concept is to develop companies headquartered in the Nordics that are or can become market leaders. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.