Tag Archives: Consumer brands

Donier Gastronomie Oy continues its expansion by acquiring Cheese Witches Oy

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Folmer

Donier Gastronomie Oy, a portfolio company of Folmer Equity Fund II Ky, has acquired its
long-term business partner Cheese Witches Oy. The deal implements Donier
Gastronomie’s growth strategy and brings more know-how and opportunities for the
specialty cheese segment.

Fast-growing wholesaler Donier Gastronomie Oy, which serves high-quality domestic and European food products,
expands its operations by acquiring Cheese Witches Oy. With the acquisition, Donier Gastronomie’s operational
capabilities in the specialty cheese market expand further. Donier Gastronomie’s current service offering and
networks will be supplemented, especially on the retail side, with possibilities to realize significant synergies. Cheese
Witches continues to operate as part of the Donier Gastronomie group. The transaction has no impact on the
companies’ employees or other relations.

Cheese Witches’ revenue is approximately EUR 3 million, and its employees have extensive experience of working
with special cheeses. Cheese Witches’ entrepreneur Merja Sydänmaa-Kaartinen continues to manage the company
and becomes a shareholder of the Donier Gastronomie group. After the acquisition, the revenue of the Donier
Gastronomie group is approximately EUR 16 million.

For more information:
Managing Director, entrepreneur Alexandre Donier, Donier Gastronomie Oy, tel. +358 44 033 0028,
alexandre.donier@doniergastronomie.fi (in English)
Merja Sydänmaa-Kaartinen, entrepreneur, Cheese Witches Oy, tel. +358 41 319 5672,
merja.sydanmaa-kaartinen@cheesewitches.fi

Donier Gastronomie Oy is a Finnish wholesaler of high-quality food products specializing in the import and
wholesale of dairy, meat, seafood and poultry products. www.doniergastronomie.com
Cheese Witches Oy is a full-service specialty cheese house. The company’s products are sold in more than 60 retail
stores.

Folmer Management Oy is a Finnish private equity company investing in Finnish SMEs. Folmer creates value
through active development work. Folmer provides companies with support and professional experience – a
requirement for success. www.folmer.fi
Folmer Equity Fund II Ky benefits from the support of the European Union under the Equity Facility for Growth
established under Regulation (EU) No 1287/2013 of the European Parliament and the Council establishing a
Programme for the Competitiveness of Enterprises and small and medium enterprises (COSME) (2014-2020).
Businesses can contact selected financial institutions in their country to access EU financing:
www.access2finance.eu.

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AURELIUS portfolio company CTD Tiles Limited acquires 13 branches from Tile Giant

Aurelius Capital

Munich / Newcastle, February 13, 2023 – AURELIUS announces the add-on acquisition of 13 UK branches from Tile Giant to CTD Tiles Limited. The transaction will expand CTD’s nationwide network of branches and bolster its commitment to being one of the UK’s leading omni-channel specialist tile distributors.

CTD’s core philosophy of placing customer service at the centre of its business will be extended to these new branches. CTD, with AURELIUS´ support, will seek to manage the transition in ownership and rebranding with minimal disruption to customers.

CTD Tiles Limited is a UK-based specialist supplier of high-quality ceramic tiles operating across 89 branches and 4 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.

Tile Giant Limited is a multi-channel trade supplier and retailer of ceramic tiles, tools, accessories and underfloor heating products to both trade and retail customers through its network of branches and its website.

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BlueBrixx consolidates its strong position in the German building blocks market through the acquisition of Modbrix

Vendis Capital

BlueBrixx, the fast growing  German brand of building blocks for adults, has acquired Modbrix, a platform for building blocks enthusiasts served through Amazon and its own webshop

Modbrix, founded in 2018 by Ralf Brinschwitz and Michael Gassmann, designs, markets and distributes a broad range of building blocks sets under the own brand but also third party brands. The product portfolio covers attractive categories such as architecture, science fiction, cars and trains. Initially the company focused on selling its products  over Amazon; since 2021 it has also successfully built out its own webshop, which now generates the majority of the company’s revenues.

BlueBrixx is a direct-to-consumer brand, founded in 2017 by Klaus Kiunke with the idea to offer an alternative portfolio of building block sets, targeting an adult community of enthusiasts by covering multiple special interest themes. Under its own as well as third-party brands, BlueBrixx distributes its products mainly through its own webshop, alongside 22 own stores in Germany, supporting its omnichannel strategy. Driven by consistent product innovation and direct customer engagement via social media, the brand has created a strong community fanbase and delivered considerable growth since its inception.

Since the investment of Vendis Capital in September 2021, BlueBrixx has maintained its rapid pace of growth, driven primarily by continuous new product launches as well as store openings. The Modbrix acquisition will enable BlueBrixx to accelerate its strategic agenda particularly by i) leveraging the entry-level positioning of the Modbrix brand in its product architecture, ii) gaining additional product design experience and know-how, and iii) reinforcing its presence on additional sales channels (i.e. Amazon).

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Jobber Raises $100 Million Growth Round

General Atlantic leads investment with focus on accelerating customer growth and product development

Toronto, ON and New York, NY—February 7—Jobber, a leading provider of operations management software for home service businesses, today announced it has raised $100 million USD in primary capital led by global growth equity investor General Atlantic. The Series D round also includes participation from Jobber’s existing investors Summit Partners, Version One Ventures, and Tech Pioneers Fund. The financing is anticipated to support the company’s continued growth through investments in R&D, sales and marketing, and new customer acquisition.

Jobber’s mission is to help small home service businesses modernize their operations, increase earning potential, and meet evolving consumer expectations. Jobber’s all-in-one SaaS and mobile solution supports businesses through the full customer lifecycle—from sending quotes to scheduling crews, dispatching jobs, invoicing customers, and accepting credit card payments. More than 200,000 service pros in 60 countries rely on Jobber to help improve customer experience and run a more efficient small business.

“While this is an important milestone for Jobber, what we care about most is the success of the small businesses we serve,” said Sam Pillar, CEO and co-founder of Jobber. “We’re committed to doing everything we can to help them transform the way they deliver their services and operate their companies. We’re thrilled to partner with General Atlantic as we continue to pursue our mission of helping the people in small businesses be successful, and further entrench our leadership position in this important and growing small business category.”

Aaron Goldman, Managing Director and Head of Enterprise Technology Investing at General Atlantic, has joined Jobber’s Board of Directors. Mr. Goldman commented, “We believe Jobber is bringing much-needed innovation to the small business segment, a category that has been traditionally underserved by technology solutions and is still in the early stages of digital adoption. With a platform that is purpose-built for the home service category, Jobber has an opportunity to continue deepening its value as the platform of choice with its customers. We are pleased to partner with Sam and the Jobber leadership team as they focus on strategic growth and continued product expansion.”

Jobber raised its last round of funding in January 2021, a $60 million USD growth equity financing led by Summit Partners. Since that time, Jobber has grown its revenue 3X and is now helping more than 200,000 home service professionals across 50 industries including HVAC, lawn care, plumbing, residential cleaning, painting, and more to deliver services to more than 27 million properties. These jobs resulted in over $13 billion USD in revenue in 2022 for Jobber’s customers. “Although we’re proud of our growth to date, the real opportunity lies ahead of us,” said Shawn Cadeau, Chief Revenue Officer at Jobber. “There are more than 6.2 million home service businesses in North America alone delivering more than $600 billion in services each year that can benefit greatly from using Jobber.”

Jobber has nearly 600 employees located across Canada, with some based in the U.S. and Latin America. The company is actively hiring across all areas of its business including sales, marketing, product, customer support, and business operations.

About Jobber

Jobber is an award-winning operations management platform for small home service businesses. Unlike spreadsheets or pen and paper, Jobber keeps track of everything in one place and automates day-to-day operations, so small businesses can run smoothly and provide service at scale. Jobber’s 200,000 home service professionals have served over 27 million properties in more than 60 countries. The company continually ranks as one of Canada’s fastest-growing and most innovative companies by Canadian Business and Macleans, The Globe and Mail, Fast Company, and Deloitte. For more information, visit: https://jobber.com.

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 445 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 $73 billion in assets under management inclusive of all products as of September 30, 2022, and more than 215 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

Media contacts

Sean Welch
PAN Communications for Jobber
jobber@pancomm.com
+1 407-734-7330

Elana Ziluk
Senior Public Relations Manager, Jobber
elana.z@getjobber.com
+1 416-317-2633

Emily Japlon & Gurion Kastenberg
General Atlantic
media@generalatlantic.com

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Sycamore Partners Completes Acquisition of Lowe’s Canadian Retail Business

Sycamore

NEW YORK – Feb. 3, 2023 – Sycamore Partners, a private equity firm specializing in retail, consumer, and distribution-related investments, today announced that it has completed its acquisition of Lowe’s Canadian retail business, which will now operate under the name RONA inc. With headquarters in Boucherville, Québec, RONA operates or services approximately 450 corporate and independent affiliate dealer stores under several banners, including RONA, Lowe’s, Réno-Dépôt and Dick’s Lumber.

“We are excited to announce that RONA is once again an independent company headquartered in Boucherville, Quebec,” said Stefan Kaluzny, Managing Director of Sycamore Partners. “We are honored that Lowe’s has entrusted Sycamore Partners to lead RONA into its next chapter and build upon RONA’s 84-year history serving communities across Canada. We look forward to working with RONA’s 26,000 associates and over 200 dealer partners to meet the home improvement needs of Canadian families, builders, and contractors.”

“Today’s announcement represents the beginning of a new chapter in RONA’s long and rich history,” said Tony Cioffi, President of RONA inc. “With Sycamore’s support and expertise, we will continue to provide outstanding service and products for our customers’ home improvement and construction projects.”

About RONA inc.

RONA inc. is one of Canada’s leading home improvement retailers and is headquartered in Boucherville, Québec. The RONA inc. network operates or services some 450 corporate and affiliated dealer stores under the RONA, Lowe’s, Réno-Dépôt, and Dick’s Lumber banners. With a long and rich history, RONA inc. has supported Canadians in their home improvement and construction projects since 1939. To achieve this, the company relies on a team of 26,000 employees, to whom it strives to provide an inclusive workplace where everyone is invited to contribute. RONA inc. is one of the Montréal region’s Top Employers since 2021. As a result of its ongoing efforts in sustainable development, the company was awarded the Stratégie de développement durable Mercure in 2022 and is recognized as one of Canada’s Greenest Employers. To learn more about the company, visit the website www.ronainc.ca.

About Sycamore Partners

 Sycamore Partners is a private equity firm based in New York. The firm specializes in retail, consumer, and distribution-related investments and partners with management teams to improve the operating profitability and strategic value of their business. With approximately $10 billion in aggregate committed capital raised since its inception in 2011, Sycamore Partners’ investors include leading endowments, financial institutions, family offices, pension plans and sovereign wealth funds. For more information on Sycamore Partners, visit www.sycamorepartners.com.

Contacts

Sycamore Partners

Michael Freitag or Arielle Rothstein

Joele Frank, Wilkinson Brimmer Katcher

212-355-4449

 

media@sycamorepartners.com

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Sustainable soap brand Seepje receives capital injection from ABN AMRO Sustainable Impact Fund and Fair Capital Impact Fund

Abn Amro Ventures

Seepje Handzeep met navulling 840x472

Sustainable detergent and soap brand Seepje from the Netherlands has raised 4.2 million euros from the ABN AMRO Sustainable Impact Fund (ABN AMRO SIF) and Fair Capital Impact Fund. The rapidly growing company, based in The Hague, will use this capital to strengthen its position in the Netherlands and Belgium by expanding its range of sustainable soap products. Seepje also has plans to continue its international expansion and increase its social impact by marketing more innovative and truly sustainable products.

Over the past five years, Seepje has grown by a staggering factor of ten. This latest investment is aimed at recording a sustained annual growth of fifty percent or better. The company hopes that its mission of sustainability will be the deciding factor. “A clean future: that’s what we want, but it will be impossible unless we all work together now to become more sustainable. We want to get rid of pollution from housekeeping and personal care products, which are crammed full of unnecessary fossil ingredients. This capital injection will help us to become the world’s most impactful soap brand,” explains Seepje co-founder Jasper Gabriëlse. “Besides money, our investors will also provide input to make our supply chain more transparent, by increasing the professionalism of our impact measurements and reports, which will help us to make an even greater impact. We want to have a positive impact on everyone involved, for example by paying fair prices at the start of the supply chain. We’re challenging other operators to follow our example.”

Sustainable investments

Seepje’s track record shows how capable the company is of attracting leading impact investors, such as social investment company DOEN Participaties (founded by the Dutch National Postcode Lottery) and Muiden-based Fair Capital Impact Fund. The ABN AMRO Sustainable Impact Fund is the latest to follow, at the same time as a new investment by Fair Capital Impact Fund. “For almost a decade now, Seepje’s founders, with their detergents and cleaning products, have been making a positive difference in the struggle to stop the planet’s natural resources from being exhausted,” comments Michelle de Rijk on behalf of Fair Capital Impact Fund. “We’re proud to help further boost the organisation and make a vital contribution to the company’s mission.”

Investment Director Erick Buckens of ABN AMRO Sustainable Impact Fund adds, “Seepje is a real gamechanger, capable of substantially influencing the sustainability transition in the housekeeping and personal care market. The radical shift towards adopting natural ingredients and fair pay in the supply chain not only benefits the planet, it also fills the surging demand from increasing numbers of conscious and sustainability-minded buyers. This slots in perfectly with ABN AMRO SIF’s vision, which is to accelerate the transition towards a sustainable and inclusive society. Our goal is to achieve both sustainable impact and financial returns.”

Consolidation and growth

Already Social Enterprise of the Year in the Netherlands, Seepje will now use this capital injection from leading impact investors to expand its position in its existing markets in the Netherlands and Belgium, and to further explore new markets. Following the company’s successful launch in Switzerland, for example, Gabriëlse foresees rapid growth there. “Our impactful innovations, such as the recent introduction of hand soap refills, will help reduce carbon emissions along the entire supply chain, for example, as well as reducing the volume of plastic waste. Coupled with the fact that 99.8% of the ingredients that we use are organic, this makes us the most sustainable product in the market. We’re going to make sure that even more people start moving towards a clean future with Seepje, in the Netherlands and beyond!”

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Village Pet Care Launches as New Pet Care Services Platform with Strategic Growth Investment from General Atlantic

Currently spanning 17 locations in six states, Village Pet Care to partner with global growth investor General Atlantic as it seeks to drive continued nationwide growth of pet boarding, daycare, and grooming platform

Salt Lake City, UT and New York, NY – January 18, 2023 – Village Pet Care, a new pet care services platform led by Shane Kelly, today announced its launch with an investment from global growth equity firm General Atlantic. Village Pet Care currently owns and operates 17 pet care services centers across six states, providing pet boarding, daycare, grooming, and training offerings. Village Pet Care intends to accelerate its growth through local and regional acquisitions of single and multi-unit providers, broadening service offerings, and enhancing business operations, with a vision of building a trusted national platform catering to the unique needs of pets and their owners.

Kelly is an experienced entrepreneur with over 25 years of operational pet care experience, including most recently as founder and former CEO of Destination Pet, a leading provider of pet care services that he helped build to more than 75 locations nationally. Prior to Destination Pet, Kelly led five private equity and venture-backed companies across pet care and human healthcare. He brings deep industry relationships and extensive experience across the broader pet care services market, spanning operations, M&A and integration, marketing, and commercialization.

Currently an $11 billion market, the U.S. pet care services industry is expected to grow 8% in 2022 as pet ownership climbs further and consumers continue to look for high-quality service offerings for their pets.[1] The market remains fragmented, leading to variation in quality at a time when pet owners are increasingly focused on pet needs and comfort. Village Pet Care seeks to address this growing opportunity by building a trusted network of care centers offering consistent and high-quality services across the country.

“We are thrilled to launch Village Pet Care with the mission of providing high-quality services to families across the U.S. As the pet population continues to grow, we see a real opportunity to build a trusted network of care providers offering key services and adhering to our standards of excellence,” said Shane Kelly, CEO of Village Pet Care. “With the support of General Atlantic, we intend to continue expanding our geographic reach and service offerings, all while striving to go above and beyond for our customers and their pets.”

“We are excited to partner with Shane with the aim of expanding Village Pet Care into a nationwide operator,” said Andrew Ferrer, Managing Director at General Atlantic. “Working to build a leading business in the boarding, daycare, and grooming services sector expands upon our thematic approach to the growing pet care industry.”

“Shane and his team are highly experienced operators who share our vision for long-term company building,” added Ben Sherman, Vice President at General Atlantic. “We believe there is significant white space to drive growth through acquisition and bring innovation and operational excellence to this fast-growing category.”

Village Pet Care is actively acquiring single and multi-unit pet care services businesses across the country. The M&A team can be reached at info.acquisitions@villagepet.com.

About Village Pet Care

Village Pet Care is a leading pet care services platform committed to providing high-quality pet care in North America. Founded by a deeply experienced and pet-loving team, Village Pet Care is building a trusted network of pet care centers at scale, with a mission of going above and beyond for families and their pets. The company currently owns and operates 17 pet care services centers across six states, providing pet boarding, daycare, grooming, and training offerings. Village Pet Care is backed by General Atlantic, a leading global growth equity firm. For more information, please visit www.villagepet.com.

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 445 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 $73 billion in assets under management inclusive of all products as of September 30, 2022, and more than 215 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

 

Media Contacts

Emily Japlon & Gurion Kastenberg
General Atlantic media@generalatlantic.com

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Carlyle Acquires a Majority Stake to Help Accelerate Business Growth in VLCC, India’s Leading Homegrown Skincare and Beauty Platform

Carlyle

Deal marks a strategic partnership with VLCC’s founders who will continue to hold a significant stake in the company

Mumbai, India, January 10, 2023 – Global investment firm Carlyle (NASDAQ: CG) today announced a strategic partnership with VLCC (the “Company”), through the acquisition of a majority stake in the Company. Equity for the transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners. Terms of the transaction were not disclosed.

Founded in 1989 by Vandana and Mukesh Luthra, VLCC is a homegrown pioneer in India’s skincare, beauty and wellness market, with an integrated offering of branded skincare products and high-end specialized beauty and wellness services. VLCC has established itself as a well-known brand in India over the last three decades by scaling its range of branded skincare and beauty products across physical retail and digital channels, and expanding its network of clinics in tier-one and tier-two Indian cities. The Company is currently a market leader in India for facial kits and has an extensive product portfolio across skincare and sun care products.

VLCC also provides aesthetic dermal treatments and weight management services across a network of 210 retail clinics in 118 cities and 11 countries in South Asia, the Middle East and Africa. In addition, it operates 100 skill development institutes in India, making it one of the largest providers of vocational training in the beauty and wellness sector in the country.

The investment underscores Carlyle’s overall conviction in India’s long-term economic and domestic consumption growth, which the team believes is characterized by product premiumization and a shift in preference amongst the rising middle-class towards established brands.

Amit Jain, Managing Director and Co-Head, Carlyle India Advisors, said: “We are excited to invest in and support the growth of VLCC, a homegrown and trusted Indian brand with high brand salience. We plan to help VLCC accelerate growth through investments in brand building; product expansion; scaling its pan-India digital and e-commerce distribution channels; and expanding its local footprint of retail clinics. We look forward to working with VLCC’s founders as we seek to strengthen the management team and draw on Carlyle’s deep global consumer experience and network of senior advisors.”

Vandana Luthra, Founder of VLCC, said: “We believe VLCC is well-positioned to capture a larger share of the fast-growing skincare, beauty and wellness market in the countries we operate in. We are delighted to have found in Carlyle a partner who shares our vision and plans for taking VLCC to its next level of growth. Carlyle’s extensive global consumer sector experience, business partnership mindset, local market knowledge and high-caliber team make them the right partner to take the business to the next level. With the Carlyle partnership, we have every confidence in VLCC’s prospects in capturing the market opportunities ahead of us and look forward to continuing to deliver on our mission of transforming lives by making skincare, beauty and wellness accessible to our customers.”

Mukesh Luthra, Chairman of VLCC, said: “In our view, the investment by one of the world’s largest global investment firms – that has built a stellar reputation for creating long-term value for companies, shareholders, people and communities – is a reaffirmation of the strength of the VLCC brand that we have nurtured, built and grown over the last three decades.”

VLCC will be appointing Gurveen Singh and J. Suresh as Independent Directors to the Board. Ms. Singh retired as the Chief Human Resources Officer at Reckitt Benckiser and brings with her over 40 years of experience in talent development and HR solutions. Mr. Suresh, who recently retired as the Managing Director and CEO of Arvind Fashions Limited and had started his career with Hindustan Unilever, brings to the team over four decades of experience in the consumer and retail sector. Carlyle believes their combined experience and sector expertise helps strengthen the Board and will help provide strategic guidance for VLCC’s next phase of anticipated growth.

Carlyle’s global private equity funds have well-established experience investing in the consumer and retail sectors, as well as consumer-oriented businesses, including investments in Varmora, Grand Foods China (McDonald’s China franchisee), Golden Goose, A Twosome Place, TOKIWA Corporation, SBI Card, and Delhivery, among others. Globally, Carlyle has invested approximately US$25 billion of equity in over 135 deals in the consumer, media and retail sector, as of September 30, 2022.

Carlyle has invested more than US$5.5 billion of equity in over 40 transactions in India as of September 30, 2022.

KPMG India acted as the exclusive transaction advisor to VLCC and the founders.

###

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Global Investment Solutions. With $369 billion of assets under management as of September 30, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs over 2,100 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

About VLCC 

Founded by Mrs. Vandana Luthra and Mr. Mukesh Luthra as a beauty and weight management services center in 1989, the VLCC group was incorporated in 1996 and is among the first multi-outlet corporate operations in the Skincare, Beauty & Wellness Industry in India. Since inception, the VLCC Group’s mission has been to transform lives by making Skincare, Beauty and Wellness accessible to women and men. In over 30 years of operation, the VLCC brand has become synonymous with Skincare and Beauty in Indian households. Today, VLCC believes it enjoys a high level of consumer trust and is widely recognized for its comprehensive portfolio of services and products. The VLCC Group’s operations currently span 310 locations in 139 cities and 11 countries, including India, Sri Lanka, Bangladesh, Nepal, Singapore, Thailand, the UAE, Oman, Bahrain, Qatar, Kuwait, and Kenya, with a staff strength of over 3,000 skilled professionals, including medical doctors, nutritionists, physiotherapists, cosmetologists, fitness experts and wellness counsellors.

Media Contacts:

Carlyle
Lonna Leong
Tel: +852 9023 1157
E-mail: lonna.leong@carlyle.com

Adfactors PR
Manibalan Manoharan
Tel: +91 9833949919
E-mail: manibalan.manoharan@adfactorspr.com

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Cimory Announces Secondary Investment from General Atlantic to Support Continued Growth as Leading Dairy and Consumer Foods Platform

Partnership with global growth investor to support Cimory’s growth strategy, including distribution network expansion, product development and innovation, and digital marketing initiatives

Jakarta, Indonesia and New York, United States, 10 January 2023 – PT Cisarua Mountain Dairy Tbk (IDX: CMRY) (“Cimory” or “the Company”), a leading premium dairy and consumer foods platform in Indonesia, today announced a strategic secondary investment from General Atlantic, a leading global growth equity firm. General Atlantic invested $130 million dollars or equivalent to 5.64% share ownership stake in the Company. Cimory plans to partner with General Atlantic to accelerate its growth initiatives, including new product development and product innovation, the extension of its distribution networks, digital marketing, and pricing efforts.

Founded in 1992 by Bambang Sutantio, Cimory has grown into a leading producer and distributor of dairy products and consumer foods in Indonesia, with a commitment to innovation, quality, and social impact through community engagement. The Company’s umbrella brand spans a variety of high-growth categories, including yogurt, flavored milks, and premium consumer foods. Cimory has an established track record of delivering product innovation, creating the fast-growing yogurt category locally in Indonesia in 2006 and consistently launching novel new items at various price points for consumers across its portfolio. Cimory also prioritizes inclusion and ESG in its distribution channels, including through the creation of its exclusive Miss Cimory direct-to-consumer distribution channel, comprised of 4,000 saleswomen who sell products directly to more than 200,000 households weekly. The Company is also committed to supporting the regional economy, sourcing supply for its dairy products from over 10,000 small dairy farmers daily.

As Indonesia continues to see strong economic growth, protein consumption – including dairy, eggs, and meat – in the country is rising.[1] Cimory’s expertise in delivering high-quality protein products helps position the Company to benefit from this transition and deliver long-term growth as it serves consumers across a range of consumption patterns and price points. Under CEO Farell Sutantio’s leadership, Cimory has also reoriented itself as a digital-led brand, allowing the Company to build strong resonance among Indonesia’s younger consumer base.

“We are proud to have grown Cimory into a household name and one of the most trusted brands in Indonesia. As we look ahead to our next phase of growth, we are excited to welcome General Atlantic as our strategic partner,” said Farell Sutantio, CEO of Cimory. “General Atlantic’s deep sector and regional expertise, combined with the firm’s dedicated company-building capabilities, will help provide Cimory with an even greater opportunity to expand our business.”

“We believe Cimory has developed a differentiated brand and product portfolio that is uniquely suited to the evolving needs of the local consumer. With exciting economic growth being driven out of Indonesia and Southeast Asia, Cimory has an opportunity to further scale its product portfolio and reach new consumers,” continued Sandeep Naik, Managing Director and Head of India & Southeast Asia at General Atlantic.

“Farell and the team are intently focused on innovation, inclusion, and strategic expansion, and we intend to leverage General Atlantic’s decades of experience helping cultivate consumer brands to support the exciting growth initiatives already underway at Cimory.”

Nomura Singapore Limited advised Cimory’s promoters on the transaction.

About Cimory

PT Cisarua Mountain Dairy Tbk (“Cimory”) is a leading producer of premium dairy products and premium consumer food in Indonesia. Founded in 1992, Cimory has a reputation for product innovation. The Company’s premium dairy product portfolio includes yogurt and milk products, which are marketed under the “Cimory” brand. The premium consumer food product portfolio includes a wide selection of ready-to-cook and ready-to-eat sausages and chicken nuggets marketed under the “Kanzler” brand. On December 6, 2021, Cimory was officially listed as an issuer on the Main Board of the Indonesian Stock Exchange with the stock code CMRY. In the corporate action of the initial public offering, Cimory succeeded in obtaining IPO funds of IDR 3.66 trillion. For more information on Cimory, please visit the website: www.cimory.com.

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 445 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 $73 billion in assets under management inclusive of all products as of September 30, 2022, and more than 215 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

 

Media Contacts

Dinar Primasari
Cimory corsec@cimory.com

Emily Japlon & Gurion Kastenberg
General Atlantic media@generalatlantic.com

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Partners Group to increase its stake in leading independent Swiss watchmaker Breitling

  • Partners Group Co-Founder Alfred Gantner will become Chairman of Breitling’s board
  • Breitling will remain under the leadership of CEO Georges Kern and his existing management team
  • Both Partners Group and CVC will continue to drive value creation at the Company

Partners Group, a leading global private markets firm, has agreed on behalf of its clients to increase its equity stake in leading Swiss watchmaker Breitling (or “the Company”) in a transaction that will make it the Company’s largest shareholder. CVC, Breitling’s current majority shareholder, together with its management team and other co-investors, will remain invested alongside Partners Group. Accordingly, Partners Group, CVC and the management team will continue to control Breitling following completion of this investment round.

Founded in 1884, Breitling is a leading Swiss watchmaker, with a unique heritage in the industry as the inventor of the modern wrist chronograph and distinctive positioning as a casual, inclusive, and sustainable luxury brand. Breitling’s product offering is centered around its three core themes: air, land, and sea. Its collections offer a distinctive modern-retro design style, which appeals to an increasingly broad consumer base globally. Since 2017, Breitling has emerged as a leading omni-channel luxury watch brand offering an unparalleled customer experience across both physical and digital channels.

The Company is poised for future growth supported by its differentiated brand positioning, wide product offering, and robust supply chain. Partners Group and CVC will continue working together with Breitling’s management team, under the leadership of CEO Georges Kern, to grow the business. Key value creation initiatives will include further pursuing an omni-channel strategy; continuing its geographic expansion; and launching new products harnessing the value of Breitling’s extensive back catalogue.

Following the transaction, Alfred Gantner, Co-Founder and Executive Member of the Board of Directors, Partners Group, will become Chairman of the Breitling board. He says: “After a fundamental transformation in the past five years, Breitling is building on its outstanding achievements and is now in a position to scale the business and become one of the world leaders in the watch industry. We are delighted to increase our stake in the Company. Breitling has a strong foundation for continued growth, with significant future value creation potential. In line with our entrepreneurial governance approach, we look forward to continuing our successful partnership with the management team and CVC.”

Georges Kern, Chief Executive Officer, Breitling, comments: “I am very happy that Breitling remains privately owned and independent. Breitling is well-positioned and has a proven strategy in place to capitalize on continued tailwinds in the luxury watch industry. We have a unique brand proposition with a long history in Swiss watch making, which is appealing to today’s modern luxury consumer. We are a preferred partner to retailers worldwide and are looking for continuity and stability in these established partnerships. Looking ahead, we are building our presence in key growth markets, and broadening Breitling’s collection to appeal to a diverse customer base. The support that Partners Group and CVC offers will continue to be extremely valuable as we continue on this journey.”

Daniel Pindur, Managing Partner at CVC and current Chairman of Breitling’s board, says: “We are proud of the fantastic development Breitling has made since we invested in 2017. Working closely with Georges and his team we have been able to transform the business into one of the world’s most dynamic and progressive luxury watch brands. We are convinced there is still plenty more to come, and we are delighted to continue driving the future growth of this iconic business alongside Partners Group.”

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