BOGOTÁ, May 3, 2022 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, and GHL Hotels (“GHL”), one of the largest third-party hotel operator in the region, part of GHL Group, today announced that they have agreed to enter into a partnership, whereby Advent will invest in GHL and support its expansion across Latin America.

The partnership will strengthen GHL’s financial position to accelerate growth through new operating contracts, additional investments in hotels and acquisitions of other third-party hotel operators.

Jorge Londoño, Co-Founder and CEO of GHL, said, “This investment from a world-class investor like Advent is a sign of confidence in our potential and an endorsement of our business model, track record and achievements. We have big expansion plans to consolidate our position as the largest Latin American player in the sector, and by partnering with Advent we are confident that we will achieve this goal.”

“We are excited to partner with GHL, a company that has achieved excellent growth and strong performance in a sector that shows great prospects in Colombia and the region,” said Mauricio Salgar, Managing Director of Advent International in Bogotá. “We look forward to working with GHL’s management team and supporting the company’s growth and consolidation in the region. As a seasoned investor in the hospitality sector, Advent will provide knowledge and expertise in an industry that is increasingly dominated by global players.”

GHL is the largest third-party hotel operator in the Andean region and Central America. It began operations in 1964 with five hotels in the south of Colombia. Fifty-six years later, GHL is one of the main authorized multi-brand operators in the region, operating 62 hotels in Colombia, Ecuador, Perú, Central America, Chile, and Argentina, with a portfolio of more than 7,000 rooms and 5,000 employees. The portfolio includes hotels operating under international brands such as Hyatt, Marriott, Radisson and Sonesta.

“In more developed markets, such as the United States, we’ve seen hotel operations shift to specialized third-party hotel operators rather than hotel chains or property owners,” added Salgar of Advent. “This trend is now expanding into other markets, including in Latin America, where GHL is a leading player and aspires to continue solidifying its position in the market.”

This investment follows Advent’s acquisition of a majority stake in Aimbridge Hospitality, the world’s leading third-party hotel management company, with approximately 1,500 properties in 20 countries and in 49 states of USA. Aimbridge operates a diverse portfolio of brands that includes 84 different lodging brands, in addition to the more than 82 independent boutique/lifestyle hotels they operate. During Advent’s investment, the company has significantly grown its hotel portfolio and in 2021 acquired Prisma Hotels, the largest hotel operator in Mexico with 42 hotels and more than 7,500 rooms across the country.

• G-III to Purchase Remaining 81% Stake to Become Sole Owner of Renowned International Fashion Brand
• Global Retail Brand Sales Potential in Excess of $2 Billion to End Consumers and Expands G-III’s Worldwide Presence
• Experienced and Successful Existing Leadership Team Will Continue to Lead Karl Lagerfeld Brand

G-III Apparel Group, Ltd. (Nasdaq: GIII) (“G-III” or the “Company”), a global fashion leader with expertise in design, sourcing, and manufacturing, today announced that it has entered into an agreement to purchase the remaining 81% interest in famed fashion brand Karl Lagerfeld for €200 million ($210 million USD), subject to certain adjustments and customary closing conditions. G-III currently owns 19% of the brand and, through this transaction, will become the sole owner of the Karl Lagerfeld brand. The all-cash transaction has been approved by the board of directors of both companies.

Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “This transaction marks yet another significant milestone for G-III. Since acquiring a stake in the brand in 2015, G-III has built Karl Lagerfeld into an important and rapidly growing part of our North American business. Fully owning this visionary brand is a continuation of our successful partnership with the Karl Lagerfeld management team. Importantly, the addition of this iconic fashion brand to the G-III portfolio advances several of our key priorities, namely an increase in the direct ownership of brands and their licensing opportunities and further diversification of our global presence.”

Mr. Goldfarb continued, “Karl Lagerfeld was an icon of the fashion industry. His namesake brand embodies his spirit as a designer while also appealing to a broad range of consumers throughout the world. We have great respect for Karl Lagerfeld’s experienced and talented leadership team, led by Pier Paolo Righi, with whom we have worked closely for the last seven years. This team, combined with G-III’s expertise, is expected to unlock more of the brand’s global potential, which we believe represents a retail sales opportunity in excess of $2 billion. We are excited to welcome everyone at Karl Lagerfeld into the G-III team.”

Pier Paolo Righi, Chief Executive Officer of Karl Lagerfeld, said, “Over the course of more than a decade – including many years working hand-in-hand with Karl – we have developed a multifaceted fashion house and a strong business that we believe is poised for continued and significant growth. Karl’s original vision for the brand was to inspire people around the world to join his universe through creativity, and I am confident that he would be proud of how his vision and passion has come to life.”

“As proud custodians of Karl’s legacy, we are guided by his mantra to ‘embrace the present and invent the future,’ and I am looking forward to building the future of his namesake brand with the combined strength of our team and G-III’s expertise in the industry,” continued Mr. Righi. “Morris and the G-III team have been part of our family since we joined forces in 2015 to bring the Lagerfeld name to North America. Since then, we have worked together to further grow the brand’s footprint. This transaction is the natural evolution of this positive working relationship. Working even more closely with a team we know, trust and have a proven track record with, will allow us to further accelerate the brand’s global opportunity.”

Iconic and Powerful Fashion Brand with Runway for Growth

The Karl Lagerfeld brand celebrates the iconic vision of its namesake founder while inspiring reinvention and bringing his legacy into the future. The brand is driven by endless curiosity, a passion for collaboration, and the infinite possibilities of creative expression. As a global fashion and lifestyle brand, the business’s expansive portfolio is both accessible and aspirational. Ready-to-wear and accessories form its core across a range of price points, with other collections including footwear, eyewear, fragrance, and more. Sustainability is also a cornerstone of the brand’s strategy, focusing on people, planet, and partners, with more than half of in-house collections already produced with eco-conscious methods.

The brand’s immersive global digital and retail presence includes approximately 120 mono-brand company and partner-operated stores, with key locations in Paris, London, Berlin, Dubai, and Shanghai. The brand further boasts an extensive wholesale distribution network in the United States, Europe, the Middle East, and Asia, with impressive partners. The brand has a successful online business through its flagship websites www.karl.com and www.karllagerfeldparis.com, as well as through other digital retail platforms.

Karl Lagerfeld’s near-term expansion strategy focuses on growth in geographic regions through both owned and partner-operated channels spanning digital, retail, wholesale, new product categories, and increased licensing opportunities. Additionally, the power of the name extends into broader lifestyle projects, unique experiences and collaborations across cultures and industries, such as hospitality and residential real estate. These initiatives, along with the Karl Lagerfeld brand’s strengths and diverse customer base, provide a significant runway for future growth.

Transaction and Financial Details

G-III will purchase the remaining 81% of Karl Lagerfeld for €200 million ($210 million USD) in cash, subject to certain adjustments and customary closing conditions, funding the acquisition with cash on hand. G-III currently owns 19% of the brand and, through this transaction, will become the sole owner of the brand. The acquisition includes Karl Lagerfeld’s existing 10% stake in its established joint venture in China. G-III believes that the acquisition enhances the Company’s overall economic value and is expected to drive improved long-term shareholder value. Additional transaction benefits include:

● The acquisition adds approximately $200 million in initial annual sales. Combined with G-III’s revenues of $175 million in its fiscal 2022 year ended January 31, 2022, from its existing Karl Lagerfeld business in North America, this acquisition will result in a business expected to generate an initial annual revenue base of approximately $375 million. G-III believes that the combined revenues of G-III’s Karl Lagerfeld business and the acquired Karl Lagerfeld business represent an annual net revenue potential of approximately $1 billion or in excess of $2 billion in sales to end consumers, and that this acquisition will expand G-III’s global presence.

● The acquisition is expected to be modestly accretive in our fiscal 2023 year ending January 31, 2023, and incrementally more accretive thereafter.

The transaction is expected to close in the second or third quarter of fiscal year 2023, subject to certain adjustments and customary closing conditions, including the receipt of required regulatory approvals. G-III received legal advice from Simpson Thacher & Bartlett LLP and De Brauw Blackstone Westbroek N.V. and financial advice from Barclays Capital, Inc.

Statements concerning G-III’s business outlook or future economic performance, anticipated revenues, expenses or other financial items; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters are “forward-looking statements” as that term is defined under the Federal Securities laws. Forward-looking statements are subject to risks, uncertainties and factors which include, but are not limited to, risks related to the COVID-19 pandemic, reliance on licensed product, reliance on foreign manufacturers, risks of doing business abroad, the current economic and credit environment, risks related to our indebtedness, the nature of the apparel industry, including changing customer demand and tastes, customer concentration, seasonality, risks of operating a retail business, risks related to G-III’s ability to reduce the losses incurred in its retail operations, customer acceptance of new products, the impact of competitive products and pricing, dependence on existing management, possible disruption from acquisitions, the impact on G-III’s business of the imposition of tariffs by the United States government and business and general economic conditions, as well as other risks detailed in G-III’s filings with the Securities and Exchange Commission. G-III assumes no obligation to update the information in this release.

Luxembourg/London, April 05, 2022 – AURELIUS is pleased to announce the successful closing of the acquisition of Ceramic Tile Distributors (“CTD”) in a carve-out transaction from parent company, Saint-Gobain (ISIN: FR0000125007). This is the fourth acquisition completed by AURELIUS’ co-investment structure.

CTD is a UK-based specialist supplier of high-quality ceramic tiles operating across 89 branches and four trading distribution hubs. The company predominantly sells tiles, tile adhesives, grout as well as associated tools and consumables for the preparation, laying, cutting and drilling of tiles. CTD’s leading B2B market position is supported by strong brand awareness of its Gemini product line and strong trading performance. In 2021, CTD generated revenues of approximately EUR 120 million.

AURELIUS sees plenty of growth opportunities for CTD in the UK market for tiles and fixing products that is estimated to be worth just under EUR 1.2 billion annually. CTD’s growth over the last twelve months is based on a clear and detailed strategy that shows ample of growth opportunities mainly through digitalisation and adopting an omni-channel approach, as well as focusing on the increasing demand for outdoor tiles.

AURELIUS will proactively work with CTD’s highly experienced management team to leverage its leading B2B market position by expanding its e-commerce offering and to continue the company’s operational development. Additionally, AURELIUS sees opportunities for new trade counter openings and new branch openings in key locations across the UK to further stimulate revenue and profit growth.

AURELIUS was advised on the transaction by Deloitte (M&A), Eversheds (Legal) and Interpath (Tax).

3i Group plc (“3i”) announces that 3i European Operational Projects Fund (“3i EOPF” or “the Fund”) has acquired an 80% equity stake in La Seine Musicale from Infravia European Fund II.

La Seine Musicale is a 30-year French PPP benefiting mainly from availability-based revenues from the Hauts de Seine département, a strong public counterparty. The project comprises a multi-functional performance complex located on Seguin Island on the Seine river, downstream from central Paris. Its facilities include a 6,000 seat concert hall, a 1,150 seat auditorium, and one of the largest recording spaces in the Paris area, as well as venues for corporate events.

La Seine Musicale hosted the Junior Eurovision Song Contest in December 2021 and will open its doors to Björk and Simple Minds in the spring. Starmania and Romeo and Juliet (ballet by Benjamin Millepied) are among the large-scale, public shows which will begin after the summer.

The site has been operational since 2017 and has attracted more than 1 million visitors to date. It is well located in the centre of a transportation hub offering direct access by road, metro, tram and bus, to which will be added a new footbridge due to open in 2022 and a metro station in 2025 as part of the Grand Paris Express.

La Seine Musicale’s concert hall is covered with more than 1,000m² of photovoltaic panels. The panels pivot around the exterior following the path of the sun, providing shade for the interior and reducing energy consumption. The building was designed by a Pritzker Architecture Prize winner and won the MIPIM Best Futura Project award in 2015.

Stéphane Grandguillaume, Partner at 3i in charge of origination for the Fund, commented: “La Seine Musicale is a flagship in the French entertainment industry. As a relatively young asset it benefits from the latest energy efficiency and soundproofing technologies and its unique position on the Seine river makes it highly attractive. We look forward to building on its pre-eminent reputation.”

3i EOPF, which is managed by 3i’s infrastructure team, is a €456m fund investing in operational projects across Europe, with a focus on France, the Benelux, Germany, Italy and Iberia. It targets a wide range of sub-sectors, primarily social infrastructure and transportation, but also telecoms and utilities. It aims to provide long-term yield to institutional investors.

Oase Outdoors (Oase) co-founder Henrik Arens will pass on his current role as CEO to Henrik Bernth in late summer 2022. In conjunction with the appointment of a new CEO, Henrik Arens will take on the role as Chairman of the Board of Oase. Anders Slettengren, President Business Area Consumer at Ratos and current Chairman of the Board, will continue as a Board member.

Henrik Arens has, for many years, provided the leadership and experience required to bring Oase to its current position as a leading manufacturer of camping equipment in the European market. Henrik Bernth is well known to many in the industry, having held the position as Sales Director at Oase before moving to the Danish Ocean Textile Group as its CEO three years ago. Bernth is now re-joining Oase to take on his new position by 1 August 2022 at the latest.

“I would like to thank Henrik Arens for his outstanding commitment. Oase has achieved an impressive development under his leadership. Furthermore, it is positive that his successor Henrik Bernth already knows the company. This will guarantee stability and speed in execution. I also look forward to continuing my cooperation with Henrik Arens, now as a Board member,” says Anders Slettengren, current Chairman of the Board of Oase and President Business Area Consumer at Ratos.

“With a clear strategy, a year with record-high growth and an industry with a healthy future, the timing is good for a new CEO to lead Oase into the future,” says Henrik Arens.

“I am humble and proud to be taking on the role as CEO of Oase. I am familiar with the company but I am nevertheless impressed with its amazing development in recent years. I very much look forward to leading the way, together with the Oase team, as Oase takes the next step in its growth journey,” says Henrik Bernth, incoming CEO of Oase Outdoors.

About Oase Outdoors
Oase Outdoors develops, designs and sells innovative camping and outdoor equipment under three strong brands: Outwell ®, Easy Camp® and Robens®. Oase Outdoors offers a broad product range mainly comprising tents, camping furniture, sleeping bags and other outdoor equipment. The three independent brands clearly cater to different target groups – families, beginners, festival goers and experienced adventurers – who have different requirements in terms of quality and price, and who want to enjoy the outdoors with high-quality equipment.

For further information:
Anders Slettengren, Chairman of the Board of Oase Outdoors and President Business Area Consumer, Ratos, +46 72 589 89 00
Henrik Arens, CEO, Oase Outdoors, +45 40 58 38 89
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21

About Ratos
Ratos is a business group consisting of 13 companies divided into three business areas: Construction & Services, Consumer and Industry. In total in 2021, the companies had approximately SEK 35 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.

Bayer Environmental Science Professional (BESP) is a leading global provider of products and services to create healthier environments, to manage pests, and to eliminate vector-borne diseases, across a range of end-markets. BESP has an extensive product portfolio to manage pests (such as rodents, pest insects and invasive weeds) in a sustainable and responsible manner, including for the vegetation management, range and pasture, forestry and turf and ornamentals markets. In addition, BESP markets products to protect against vector-borne diseases such as malaria, and to promote public health objectives in the developing world.

Headquartered in Cary, North Carolina, USA, BESP has global operations with c. 800 employees and c. 2,000 product registrations, sold in more than 100 countries. BESP also has market-leading R&D capabilities, with four international R&D centres and more than 200 employees working in product innovation.

Cinven has longstanding relationships with large corporates in the Industrials sector, particularly in Germany and the DACH region, and an extensive track record of carving out businesses responsibly for all stakeholders, allowing Cinven to identify attractive opportunities and create new successful standalone companies.

Cinven’s Industrials Sector and DACH teams see BESP as an attractive investment opportunity, given the business’:

• Resilient, growing and diversified end-markets, addressing an increasing societal demand for pest control and healthier, disease-free environments driven by higher living standards, urbanisation and climate change;
• Leading market positions, underpinned by its strong science-led R&D capabilities, regulatory and Intellectual Property (‘IP’) protections;
• Strong brands with an opportunity to accelerate organic growth through expansion into new geographies and new market segments;
• Product portfolio with clear social and environmental benefits, consistent with the focus of Cinven’s ESG strategy, including products for improving public health outcomes, fighting vector-borne disease, controlling pest infestations, and reducing wildfire risks;
• Longstanding relationships with professional customers, supported by its leading technical service capabilities;
• Significant growth opportunities through further investment in R&D and in-licensing external IP to develop new sustainable products for pest management, including biological and digital technologies;
• Consolidation opportunities in the fragmented specialty pest management sector through buy and build M&A; and
• Experienced international leadership team, led by CEO Gilles Galliou, with responsibility for a highly qualified, high-performing global employee base.

Pontus Pettersson, Partner at Cinven, commented:

“Cinven is delighted by the opportunity to invest in Bayer Environmental Science Professional, a global leader in specialty pest management that serves critical needs for society across a broad range of end-markets. Cinven is excited to build an independent, focused company, and to extend BESP’s product portfolio further by creating innovative and sustainable solutions for its customers.

“Following Cinven’s recent acquisitions of TK Elevator and Arxada, Cinven is confirmed as a preferred partner for large European corporates on significant disposals, especially within the Industrials sector. Bayer has been an exemplary custodian of the business, and we look forward to continued close collaboration between BESP and Bayer.”

Anthony Cardona, Partner at Cinven, added:

“Bayer Environmental Science Professional enjoys strong positions in multiple markets across the world, driven by its best-in-class scientific and regulatory teams, well regarded brands, and leading technical service capabilities. Cinven has been impressed by the quality of the team and operations, and this transaction should create significant opportunities across the business.

“Cinven shares management’s ambitious growth agenda and views BESP as a platform investment, with scope to grow the business significantly and broaden its product portfolio through acquisitions and strategic partnerships.”

Gilles Galliou, CEO of BESP, added:

“Everything we do at Environmental Science Professional is guided by our vision of healthy environments for everyone everywhere. Cinven clearly shares this vision for our organisation and Cinven has demonstrated that it is committed to the long-term success of our business and would be a great home for our employees.

“With the support and backing of Cinven, I am thrilled for the opportunity for Environmental Science Professional to become even more growth-oriented, with a full focus on advancing innovations that meet the unique and evolving needs of our customers around the world.”

Cinven is one of the leading investors in carve-outs from Industrial companies in Europe. The Cinven funds’ investment in BESP, acquired from the German-listed Bayer AG, builds on its recent experience of carving out TK Elevator from thyssenkrupp AG and Arxada (formerly Lonza Specialty Ingredients) from Lonza Group AG.

Cinven is also one of the most active and successful investors in Germany and the wider DACH region. Other recent investments of Cinven funds in Germany include STADA, Synlab, think-cell and Viridium.

Cinven is a responsible, ESG-focused investor, and committed to maintaining the environmental, regulatory and employee stakeholder responsibilities of BESP. Under the Cinven funds’ ownership, BESP will remain an important partner of Bayer AG and will collaborate closely with Bayer going forward in several areas.

Following the completion of this transaction, Cinven and the Fressnapf Group will combine Arcaplanet with Maxi Zoo to create the Arcaplanet Group.

Headquartered in Italy, Maxi Zoo Italia was founded in 2005. As part of the Fressnapf Group its first store opened in Treviso, Veneto region, in 2005 and Maxi Zoo is now present in 12 regions across Italy with 144 stores, an online presence and revenue of over 193 million euros in 2021.

Headquartered in Italy, Arcaplanet was founded in 1995. Its first store opened in Chiavari, Liguria, in 1998 and Arcaplanet is now present in 17 regions across Italy with nearly 400 stores, a strong online presence and revenue of over 400 million euros in 2021.

The combined Arcaplanet and Maxi Zoo Italia businesses (together the ‘Group’) will be offering food and non-food pet care products in c. 500 stores across Italy and online.

Cinven was attracted by the opportunity as Arcaplanet is a strong and well-recognised pet care brand with an excellent customer proposition. Cinven aims to accelerate the Group’s growth both in the Italian market and new geographies. Online penetration of pet care in Italy is fast-growing and there is considerable potential to accelerate and improve the Group’s digital and omnichannel strategy.

Cinven has significant expertise in the pet care market through the Cinven funds’ investment in Partner in Pet Food, a leading European pet food platform and market consolidator.