Tag Archives: Consumer brands

CVC Capital Partners Fund VII agrees to acquire Vivartia

CVC Capital Partners Fund VII agrees to acquire Vivartia

01 Dec 2020

CVC Capital Partners today announced that CVC Fund VII has agreed to acquire Vivartia Holdings SA (“Vivartia”).

Vivartia is a diversified food company in Greece, with leading market positions in each of its core business lines: Dairy & Drinks (Delta, UMC), Frozen Foods (Barba Stathis, Chrysi Zymi), Food Services & Entertainment (Goody’s, Flocafe, Everest and La Pasteria).

The transaction is subject to customary regulatory approvals. The terms of the transaction are not disclosed.

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Eurazeo announces the completion of the sale of its stake in Iberchem

Eurazeo

Paris, November 24, 2020

Eurazeo Capital has announced today the completion of the sale of the entire share capital of Iberchem in which Eurazeo has been a shareholder since July 2017, to Croda International Plc (LON: CRDA).

Over the last three years, Iberchem has significantly reinforced its position as a leading global producer of fragrances and flavours focusing on local and regional brands in high-growth international markets. Thanks to its strategic positioning, the company combined a best-in-class organic growth of +15% per year sales over the last 10 years and targeted M&A, with the support of Eurazeo network, notably in China and Malaysia.

Transaction sales proceeds for Eurazeo and its investors partners total € 564m and € 383m for Eurazeo only, representing a return on its initial investment of 2.1x and an Internal Rate of Return (IRR) of approximately 25%. This price is more than 30% above the one reflected in our NAV as of 30 June 2020 (or about 1.25€ by Eurazeo share).
Ramón Fernández, Founder and Chief Executive Officer, Iberchem, said:
“ It has been a great pleasure to work with Eurazeo teams during these last years. We have been able to take advantage of their professional experiences and their wide network, as well as their in-depth understanding of Iberchem’s model specificities and strengths. ”

Marc Frappier, Managing Partner, Head of Eurazeo Capital, said:
“We would like to thank the management team and employees of Iberchem, led by Ramón Fernández, CEO and founder, for our fantastic partnership over the last 3 years. We were delighted to help them further accelerate their global growth story. We wish them all the success they deserve in the next phase of their journey with the support of Croda, the perfect partner for Iberchem’s future development.”

About Eurazeo
• Eurazeo is a leading global investment group, with a diversified portfolio of €18.8 billion in Assets Under Management, including €13.3 billion from third parties, invested in over 430 companies. With its considerable private equity, real estate and private debt expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.

• Eurazeo has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, London, Luxembourg, Frankfurt, Berlin and Madrid
• Eurazeo is listed on Euronext Paris.
• ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

EURAZEO CONTACTS

HEAD OF INVESTOR RELATIONS

e–mail: pbernardin@eurazeo.commail: pbernardin@eurazeo.com
Tel: +33 (0)1 44 15 16 76

VIRGINIE CHRISTNACHT
HEAD OF COMMUNICATIONS

e–mail: mail: vchristnacht@eurazeo.comvchristnacht@eurazeo.com
Tel: +33 1 44 15 76 44

DAVID STURKEN
MAITLAND/AMO
e-mail: dsturken@maitland.co.uk
Tel: +44 (0) 7990 595 913

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Spring Marketing Capital invests in Purplle from its maiden fund

Verlinvest

Purplle is backed by Blume Ventures, IvyCap Ventures, JSW ventures – and last year it raised more than $30 million from Goldman Sachs and Verlinvest.

Branding and marketing-focused fund Spring Marketing Capital has made its first investment of $1 million from its maiden fund in Purplle, a beauty e-commerce platform.

Purplle is backed by Blume Ventures, IvyCap Ventures, JSW ventures.

It raised more than $30 million last year from Goldman Sachs and Verlinvest, the Belgian investment holding company, in its Series C funding round.

Launched in 2011, Purplle has a revenue run rate of around Rs 500 crore as on date and is earnings before interest, tax, depreciation and amortisation (Ebitda) break even, said Manish Taneja, co-founder, Purplle.

According to Taneja, the company might soon look to expand to other countries. “Unlike other creative agencies that work ..
It has some startups founders and other GPs as other backers.

Launched last year by Raja Ganapathy, the former chief marketing officer of Sequoia Capital India, along with Vineet Gupta, ex-group chief executive of DDB Mudra and Arun Iyer, former chairman of Lowe Lintas, Spring looks to invest in early-stage, consumer-facing startups.

“We have spent a lot of time with the Purplle founders and are very impressed with their vision to create an online beauty platform out of India.  ..

People in this post: Arjun Anand

Portfolio companies in this post: Purplle

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Exlusive agreement for the acquisition of ALTAÏR GROUP

Eurazeo

Paris, 19th of November 2020

Eurazeo PME, subsidiary of Eurazeo that specialises in investing in medium-sized companies, has signed an exclusive agreement to acquire Altaïr group. The deal would involve Eurazeo PME investing around €115 million in the Group. Eurazeo PME would hold a majority stake alongside Altaïr management and key executives.

Altaïr was founded in 1946 by the Brunel brothers, and is a leading European producer of household and home care products. Operating in a resilient sector that has demonstrated steady growth over the last 20 years, the Group generated around €105m of revenue in 2019 and maintained its growth trajectory despite the ongoing sanitary crisis.

The Group’s offer is built around strong brands with leadership positions in the home care and insect control markets:
• Starwax brands portfolio (Starwax the Fabulous, Starwax Respect etc.) for specialist cleaning products;
• Sinto for multi-material repair and renovation products
• Kapo for insect control.

These brands are mainly distributed through specialized channels and DIY stores in France. Altaïr has also developed a significant presence in Spain (c. 25% of revenue) with the Oro (laundry products and insecticides) and Mistol (dishwashing products) brands.
In addition, the Group sells its products in more than 50 countries (c. 25% of revenue), either through its local subsidiaries in Poland and Benelux or through distributors, mainly in North Africa and Eastern Europe.
The shared ambition of Eurazeo PME and the management team led by Etienne Sacilotto is to accelerate the Group’s development in Europe by a combination of organic growth and buy-and-build acquisitions, and to actively support the Group in its CSR roadmap.
Eurazeo will bring its financial resources, international network and expertise (notably in external growth, digitalisation and CSR) to help the Group accelerate on the transformation plan already initiated by the management team.

Benjamin Hara, member of Eurazeo PME’s Executive Board, said:

We look forward to supporting the management team led by Etienne Sacilotto in its ambitious growth strategy underpinned by the positive underlying consumer trends in the home care sector. The Group has strong development potential thanks to its innovation know-how, the strength of its brands (Starwax, Oro, etc), its track record of operational excellence and a CSR strategy that we will be supporting actively. Altaïr is also a robust platform for a focused consolidation strategy in France and Europe.

Etienne Sacilotto, General Manager of Altaïr, added:

We are confident that this new milestone will enable us to accelerate our development in the years to come. I am grateful to Motion Equity Partners for their continuous support and I am very pleased to welcome Eurazeo PME – I am convinced their financial support and renowned expertise (external growth, digital transformation, CSR…) will be key catalysts in delivering our strategic roadmap. I would also like to thank all our employees for their commitment and I am confident that their steady dedication will continue to drive our success in the service of our customers.

Patrick Eisenchteter, Motion Equity Partners

Since our initial investment in 2016, Altaïr Group has made a great step-up to become a true European leader in branded household care products. We are proud to have contributed to this success alongside the Group’s Management team, notably through Altaïr’s first cross-border acquisition (Oro, Spain) which has significantly strengthened the Group and laid the ground for the current growth project carried-out by Etienne Sacilotto and his team. We are delighted to hand-over to Eurazeo PME, which we believe is the right partner to the Group and its Management team in order to pursue its growth story, both organically and through buy & build.

About Eurazeo
Eurazeo is a leading global investment company, with a diversified portfolio of €18.8 billion in assets under management, including €13.3 billion from third parties, invested in over 430 companies. With its considerable private equity, real estate and private debt expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering in-depth sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.
Eurazeo has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, London, Luxembourg, Frankfurt, Berlin and Madrid.
Eurazeo is listed on Euronext Paris.
ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

About Altaïr
Altaïr was founded in 1946 by the Brunel brothers, and produces household and home care products: Starwax (premium home care products), Sinto (renovation and repair products), Kapo (insecticides) in France as well as Oro (household products) and Mistol (dishwashing products) in Spain. Headquartered in Wasquehal, Northern France, the Group employs around 380 people and operates two production sites in France (in Noyelles and Aubagne) and one in Spain (in Valencia). With well-established brands and a strong capacity for innovation – launching more than 150 new products per year and developing new concepts and brands – Altaïr is a major European player and market leader.

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About Motion Equity Partners
Motion Equity Partners is a long-standing mid-market private equity firm with a seasoned team of private equity professionals and more than 25 years of experience in backing French and International SMEs alongside Management teams. Motion Equity Partners has an extensive track record with more than 50 operations realised in France and abroad, actively supporting Management teams aiming at accelerating growth, change and development.

EURAZEO CONTACTS

PRESS CONTACT
PIERRE BERNARDIN
HEAD OF INVESTOR RELATIONS
email: pbernardin@eurazeo.com
Tel: +33 (0)1 44 15 16 76

VIRGINIE CHRISTNACHT
HEAD OF COMMUNICATIONS
mail: vchristnacht@eurazeo.com
Tel: +33 (0)1 44 15 76 44

MAITLAND/amo
DAVID STURKEN
mail: dsturken@maitland.co.uk
Tel: +44 (0) 7990 595 913

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Two globally leading eyewear manufacturers join forces: Equistone to sell Eschenbach Holding to Inspecs Group plc

Equistone

19 Nov 2020

Funds advised by Equistone Partners Europe (“Equistone”) have agreed to sell their majority stake in Nuremberg-based Eschenbach Holding GmbH (“Eschenbach”). Eschenbach is a German leader in eyewear and low-vision products, offering correction frames and ready-to-wear sunglasses, with further strong positions in Europe and the US. Eschenbach will be an even stronger player together with the British Inspecs Group plc (“Inspecs”), based in Bath and listed in London. The financial terms of the transaction are undisclosed and the transaction remains subject to approval from the relevant competition authorities and fulfilment of conditions precedent.

Founded in 1913, Eschenbach has developed into a global market leader for optical vision aids and one of the globally leading designers of branded glasses and optical products. Eschenbach combines award-winning design with reliable quality, whether with distinctive eyewear brands, magnifying vision aids or binoculars. This commitment to quality and design is also demonstrated by the multiple “Red Dot Awards” that Eschenbach has received for its eyewear collections in the past three years alone. According to Gesellschaft für Konsumforschung (GfK), the largest German market research institute, since the end of 2019, Eschenbach has become a leader in the German market for frames across all price segments.

Equistone (then Barclays Private Equity) acquired Eschenbach from the founding family and a financial investor in July 2007, together with the company’s management team. Since then, Eschenbach’s turnover has increased from an initial EUR 100 million to EUR 143 million in 2019. The strategic sale of its technical optics division in 2014 and the important acquisitions of British eyewear business International Eyewear Limited (2008) and US-based eyewear brand Tura (2009) also fell within this ownership period.

Inspecs was founded by Robin Totterman (CEO) in 1988 and is a designer, manufacturer and distributor of eyewear frames and lenses. The group produces a broad range of frames, covering optical, sunglasses and safety, which are either “Branded” (either under licence or under the Group’s own proprietary brands) or “OEM” (including private label on behalf of retail customers and unbranded). As one of only a few companies that can offer this one-stop-shop solution to global retail chains, Inspecs is well-positioned to continue to take market share in the globally expanding eyewear market. Inspecs customers include global optical and non-optical retailers, global distributors and independent opticians, with its distribution network covering over 80 countries and reaching approximately 30,000 points of sale. Inspecs has operations across the globe: with offices in the UK, Portugal, Scandinavia, the US and China (Hong Kong, Macau and Shenzhen), and manufacturing facilities in Vietnam, China, the UK and Italy.

“The successes we achieved during our partnership, as well as a very positive 2019 financial year and a new five-year growth strategy, form an ideal basis for Eschenbach’s continued, successful development. Joining forces with Inspecs will provide Eschenbach with an additional boost of momentum to reliably strengthen its global market position and to write a new chapter of its success story,” says Dr Marc Arens, Managing Director and Partner at Equistone’s Munich office.

“During our successful partnership, Equistone has always proved to be a reliable and growth-oriented investor and partner for more than a decade,” says Dr Jörg Zobel, CEO of Eschenbach. “Together with Equistone we found in Inspecs the right strategic partner for our new five-year growth vision. We have ambitious goals that we can achieve together in the new group. Our dedication to German engineering and quality and the best combination of design and function will remain key pillars.”

“We have followed Eschenbach’s progress for some time and are pleased to be welcoming Germany’s No.1 eyewear company and its great people into the Inspecs Group. Joining these two industry-leading businesses together will create the sixth-largest eyewear company in the world and enable the enlarged Group to further penetrate key global markets while also diversifying our combined customer and product portfolios. This is an exciting time for the industry and I look forward to working together,” commented Robin Totterman, CEO of Inspecs.

Michael H. Bork, Dr Marc Arens and Julia Lucà led the transaction on behalf of Equistone. Equistone and Eschenbach were advised by Lincoln International (M&A), Ashurst (Legal), E&Y Parthenon (Strategy) and E&Y (Financial & Tax). Inspecs was advised by Livingstone (M&A), Gleiss Lutz (Legal) and KPMG (Financial & Tax).

 

PR Contacts

GERMANY & SWITZERLAND

Munich & Zurich

  • IWK Communication Partner
  • Ira Wülfing / Florian Bergmann
  • Tel: +49 (0)89 2000 30 30
  • E-Mail IWK

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Frankenius Equity increases its ownership in Gina Tricot

Nordic Capital

November 19 2020
Frankenius Equity increases its ownership in Gina Tricot Image

 

Since 2014, Gina Tricot has been successfully developed by the founding family Appelqvist, together with Sätila, Frankenius Equity and Nordic Capital. Today, Gina Tricot is a leading, sustainable fashion company in the Nordic region with a rapidly growing digital business. Frankenius Equity has now acquired Nordic Capital’s ownership in Gina Tricot and will, alongside the other owners, continue to support the company’s development.

“It is very inspiring and exciting to have the opportunity to increase our ownership. Together with Appelqvist Holding and Sätila, I look forward to continuing to develop Gina Tricot based on the company’s market position today. Together with Nordic Capital, we have made significant investments in the company, with a focus on developing a fast-growing e-commerce business, a more sustainable production combined with the launch of several new concepts in the recent years. Gina Tricot stands for both simplicity and passion, both through its design and culture. This is something we will stick to on our continued joint journey “, says Paul Frankenius, Chairman of the Board and co-owner of Gina Tricot.

Gina Tricot was founded in 1997 in Borås by Annette and Jörgen Appelqvist with the vision of offering good fashion for little money. In 2014, Nordic Capital and Frankenius Equity joined as co-owners, with the joint ambition to create a competitive platform and to develop Gina Tricot’s e-commerce offering, which has become even more important during the current economic situation. Through a new IT system and a leading omnichannel structure, a very fast-growing digital commerce has been created, both in its own channels and with partners. Today, Gina Tricot has an annual turnover of approximately SEK 2 billion with 1,600 employees. The fashion industry is changing rapidly and the business has been strengthened at all levels to create the best customer experience.

“We are very proud of the fantastic journey we have been on together with all of our employees. Together with Nordic Capital, we have switched to a higher degree of digitalisation over the last few years, and we look forward to becoming an even more modern fashion company. The current position and the opportunities are great”, says Jörgen Appelqvist.

“Nordic Capital invested in Gina Tricot with a clear goal of developing and modernizing one of the Nordic region’s most well-known brands. Since then, Gina Tricot has strengthened its digital and commercial capacity to achieve stable profitability and growth, with ongoing support from Nordic Capital’s expertise in, among other things, digitization and sustainability. Together with Gina Tricot’s passionate employees, we have increased the company’s competitiveness” says David Samuelson, Principal, Nordic Capital Advisors.

The parties have agreed not to communicate financial details.

 

Media contacts:

Gina Tricot & Frankenius Equity

Sanna Franklin
Press Contact
Tel +46 70 863 85 55
email: sanna@cultcommunications.com

Nordic Capital

Katarina Janerud, Communications Manager
Nordic Capital Advisor
Tel: +46 8 440 50 50
email: katarina.janerud@nordiccapital.com

 

About Frankenius Equity

Frankenius Equity is a privately owned investment company with a focus on E-com, retail, medical technology and real estate. The company invests mainly together with operating partners and larger investment companies and currently has around ten investments. For more information visit www.fraq.se

About Gina Tricot

Gina Tricot is a Swedish fashion chain that offers exciting and feminine fashion to women in over 30 countries. The company has 162 stores and 1,600 employees. Our strength is to be able to attract the modern woman, in everything from design to price, quality and sustainability. We have a strong passion for fashion and aim to offer the customer a new and interesting shopping experience. For more information, visit www.ginatricot.com

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 15.5 billion in over 110 investments. The most recent fund is Nordic Capital Fund X with EUR 6.1 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, Denmark, Finland, Norway, Germany, the UK and the US. For further information about Nordic Capital, please visit www.nordiccapital.com

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The deal-by-deal team enters a partnership with management of Sumo

Hercules Capital

(Oslo, 17 November 2020) A company funded by a group of experienced restaurant investors and managed by Fredrik Kongsli and Fredrik T. Bysveen, has entered into an agreement with Sinco AS to acquire Sumo AS, Norway’s largest Asian fusion restaurant chain. With its playful Asian fusion concept, strong brand, and successful restaurants, Sumo represents a strong foundation for further expansion.
Sumo has established 9 successful restaurants in Bergen, Oslo, Stavanger, and Jessheim. The company has created an easy-to-like Asian fusion menu based on high quality ingredients. The company expects to generate a turnover in 2020 of approximately NOK 180 million. Despite the Covid-19 outbreak, Sumo has experienced a solid topline momentum in 2020, proving the strength of the concept and management team.

Simon Simonnæs, the CEO and previous majority owner, will together with other key employees retain 48% ownership after the transaction. “It has been our ambition to accelerate the expansion of Sumo both in Norway and abroad. Together with Kongsli and Bysveen and the highly experienced team of restaurant investors they bring, we will have the competence, capacity, and financial resources to accomplish this ambition over the next few years.”

“We are impressed by the outstanding track record, the strong culture and the enthusiasm in the organization. Sumo has a unique offering that makes people want to return again and again. The food is popular and the people working there are hands-on and genuinely service minded. In addition, Sumo is capturing the takeout trend and has been successful in building a popular brand through social media. We believe Sumo has a large potential for further growth both in Norway and abroad”, says Fredrik Kongsli.

Salsa Bergen AS will also be part of the transaction. Salsa is a successful Latin American restaurant located in Bergen that has rollout potential.

Closing of the transaction took place 17 November 2020.

Contact:
Fredrik Kongsli, Chairman Sumo & Salsa
Telephone: +47 98 01 22 51

Simon Simonnæs, CEO Sumo & Salsa
Telephone: +47 938 89 500

The buyer was advised by DLA Piper and PwC.

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KKR and Rakuten to Acquire Stakes in Seiyu from Walmart, Focus on Accelerating Digital Transformation of Japanese Retail: Seiyu Positioned to Become Japan’s Leading Omnichannel Retailer

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KKR

November 15, 2020

  • KKR to purchase majority stake and new Rakuten subsidiary to acquire minority stake in Seiyu
  • Walmart to retain 15% stake and work with KKR and Rakuten to accelerate Seiyu’s digital transformation to become Japan’s leading omnichannel retailer
  • The complementary retail expertise KKR and Rakuten bring, including track records of driving growth in e-commerce and digital marketing platforms across the globe, will help Seiyu become the local, innovative, value retailer of choice
  • This transaction reflects Walmart’s commitment to building strong, local businesses by bringing together the right parties in the right structure to meet unique market needs

TOKYO & BENTONVILLE, Ark.–(BUSINESS WIRE)– Walmart Inc. (“Walmart”), KKR & Co. Inc. (“KKR”) and Rakuten, Inc., (“Rakuten”) today announced the signing of definitive agreements under which KKR will purchase a majority stake and a new Rakuten subsidiary will purchase a minority stake in Seiyu GK (“Seiyu” or the “Company”) in a deal valuing the business at ¥172.5 billion (approx. $1.6 billion).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201115005157/en/

Under the terms of the agreements, KKR will acquire a 65% stake in Seiyu, and Rakuten will acquire a 20% stake, through a newly created subsidiary focused on retailer digital transformation. Walmart will retain a 15% stake in Seiyu. The new ownership structure enables Seiyu to take advantage of KKR, Rakuten and Walmart’s combined retail expertise and innovation as a standalone company and accelerate its digital transformation to further benefit both Seiyu’s customers and business partners.

KKR, Rakuten and Walmart are committed to supporting Seiyu’s growth and this unique ownership structure reflects a shared belief in Seiyu’s long-term strategy in Japan. Last year, Seiyu launched an ambitious strategy to accelerate growth through a more concerted focus on providing value, fresh produce and digital convenience to customers. The Company has already met or exceeded operational and financial goals across key areas, including market share, customer satisfaction, associate engagement and financial performance. Together, the three companies look to bring complementary strengths to build on Seiyu’s momentum and support its efforts to become Japan’s leading omnichannel retailer.

KKR and Rakuten’s investment in Seiyu is further intended to deliver a range of substantial benefits over time for the Company’s customer base, including:

  • Accelerated investment in digital channels to facilitate app-based shopping, payment and delivery services;
  • Introduction of new options for cashless payment;
  • Improved service experience across both online and offline channels; and
  • Enhanced product offering at everyday low prices to stay ahead of its customers’ shopping needs.

KKR will bring its deep expertise in the Japanese market to Seiyu, in addition to its decades-long track record of investing in the subsidiaries of large corporations and empowering them to unlock their potential as successful, independent companies. KKR will further leverage its sector and operational expertise to enhance Seiyu’s retail transformation efforts and will make available its network of advisors, portfolio companies and specialists to create value.

The new ownership structure builds on previously established collaborations between Rakuten and Walmart, including the popular Rakuten Seiyu Netsuper online grocery delivery service and Rakuten Group’s partnership with Walmart that includes ebook service support in the United States. Rakuten will further accelerate digital transformation of Seiyu and other Japanese retailers through its new subsidiary Rakuten DX Solution, leveraging its 100M+ membership base and technology.

Seiyu will continue to have access to Walmart’s global retail best practices, sourcing network and scale to maintain the price leadership and value it provides to customers.

Seiyu CEO Lionel Desclee will continue to lead the business through a transition period, after which he will take on a new role within Walmart. A new Board of Directors comprised of representatives from KKR, Rakuten and Walmart will be formed to focus decision making locally, and plans to appoint a new CEO following the close of the transaction.

Judith McKenna, President and CEO of Walmart International, commented, “This past year has been one of the most extraordinary in Seiyu’s rich 57-year history. Our associates have been exceptional, adapting brilliantly to serve customers at a time when they needed it most and outperforming against an ambitious transformation plan. We have been proud investors in this business over the past 18 years and we are excited about its future under the new ownership structure. Today’s announcement is important because its focus is on bringing together the right partners in the right structure to build the strongest possible local business. We look forward to supporting Seiyu’s growth and success, alongside KKR and Rakuten, as a minority investor.”

Hiro Hirano, Co-Head of Asia Pacific Private Equity and CEO of Japan at KKR, said, “KKR is pleased to invest in the success of Seiyu given the important role it plays in the lives of customers across the country. We are also excited by the prospect of working with Seiyu’s associates, who have dedicated themselves to supporting the business in spite of this year’s unprecedented challenges. We will focus on working closely with Seiyu’s management team and associates and leveraging the expertise of Rakuten and Walmart to enhance the customer experience, meet their ever-changing needs, and make shopping more accessible through digitalization. This investment is a true milestone for KKR in Japan and reinforces our commitment to the market as well as our continuing efforts to champion the long-term success of local businesses.”

Kazunori Takeda, Group Executive Vice President and President of Commerce Company, Rakuten, Inc., said, “By building on our successful partnership on Rakuten Seiyu Netsuper and our deep experience in online retail and data-based marketing, we look forward to accelerating digital transformation of Seiyu brick and mortar retail and further merging the best of offline and online retail to offer Seiyu customers the best possible OMO1 customer experience. The planned establishment of Rakuten DX Solution will also allow us to offer digital solutions optimized to transform retail at Seiyu and in new future partnerships with retailers across Japan.”

KKR is making its investment from its Asia private equity fund. The transaction is subject to regulatory approvals and is expected to close in the first quarter of 2021.

About Walmart

Walmart Inc. (NYSE: WMT) helps people around the world save money and live better — anytime and anywhere — in retail stores, online, and through their mobile devices. Each week, over 265 million customers and members visit approximately 11,400 stores under 55 banners in 26 countries and eCommerce websites. With fiscal year 2020 revenue of $524 billion, Walmart employs over 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting https://corporate.walmart.com, on Facebook at https://facebook.com/walmart and on Twitter at https://twitter.com/walmart.

About Seiyu:

Established in 1963, Seiyu is a nationwide supermarket chain in Japan with more than 300 retail units. Through its supermarket and hypermarket formats and Rakuten Seiyu Netsuper delivery service, Seiyu offers customers a broad assortment including fresh food, general merchandise, and apparel products across Japan from Hokkaido to Kyusyu. Offering EDLP to our customers, Seiyu contributes to making their everyday life more convenient as a leading, innovative, local value retailer powered by Walmart, its parent company.

About KKR:

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR Co.

About Rakuten:

Rakuten, Inc. (TSE: 4755) is a global leader in internet services that empower individuals, communities, businesses and society. Founded in Tokyo in 1997 as an online marketplace, Rakuten has expanded to offer services in e-commerce, fintech, digital content and communications to approximately 1.4 billion members around the world. The Rakuten Group has over 20,000 employees, and operations in 30 countries and regions. For more information visit https://global.rakuten.com/corp/.

About Rakuten DX Solution:

A new Rakuten Group subsidiary planned for establishment in January 2021 to support the digital transformation of brick-and-mortar retailers across Japan and to promote the merger of offline and online retail (OMO) in order to serve customers with a seamless and personalized retail experience.

1 OMO: “Online Merges with Offline” refers to breaking down the barriers between online services and offline brick-and-mortar stores in the retail space in order to provide customers with a seamless, personalized experience.

Walmart
Blake Jackson
+1 479 204-1028
blake.jackson@walmart.com

Seiyu
Miyuki Moriguchi
miyuki_moriguchi@walmart.com

KKR
KKR Asia Pacific
Anita Davis
+852 3602 7335
Anita.Davis@kkr.com

Finsbury (for KKR Japan)
Deborah Hayden, +81 70 2492 0463
Hannah Perry, +81 70 3769 9633
FinsburyKKRJapan@finsbury.com

KKR Americas
Kristi Huller, Cara Major, Miles Radcliffe-Trenner
+1 212 750-8300
Media@kkr.com

Rakuten, Inc.
Corporate Communications Department
global-pr@mail.rakuten.com

Source: KKR

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BC Partners to acquire leading European braintainment company Keesing from Ergon Capital and Mediahuis

Ergon Capital

13 November, 2020 – London, UK – BC Partners, a leading international investment firm,
has announced today that it has signed an agreement to acquire the leading European
braintainment business, Keesing Media Group (“Keesing”) from Ergon Capital and
Mediahuis.

Founded in the Netherlands over 100 years ago, Keesing has a presence in over 40
countries and is already the largest puzzle content developer in Europe. It owns a number of
market-leading brands and is also in the process of releasing new digital offerings which will
allow it to leverage its existing content to new audiences.
BC Partners is confident that Keesing is well positioned to benefit from the increased focus
on brain training and mental wellbeing. This investment will support ambitious growth plans
for the Company, which includes digital expansion as well as organic growth initiatives in its
existing countries (such as France, the Netherlands, Germany and the UK), as well as
ongoing consolidation of the European market and entry into new continents.
Terms of the transaction were not disclosed, and it is subject to customary regulatory
approvals.

Nikos Stathopoulos, Partner at BC Partners said, “Keesing has many of the characteristics
that we typically look for in our investments. It is the clear market leader in a sector with
proven resilience, with a strong management team and multiple opportunities for growth. We
are therefore looking forward to partnering with the Keesing team to utilise the business’
unique content and proprietary technology to extend its leadership in brain health.”
Pieter Lambrecht, Partner at Ergon Capital added: “It has been a privilege for us and our
partner Mediahuis to support Philip Alberdingk Thijm and the outstanding Keesing team over
the past years in their extraordinary growth story, thereby realizing 9 add-on acquisitions and
strengthening the strategic focus on brain health. We are convinced that Keesing will
succeed in its further global and digital expansion and believe BC Partners is an excellent
partner for the company’s next phase of growth.”

Philip Alberdingk Thijm, CEO of Keesing concluded: “We are very grateful and happy with
the tremendous support we have had from the Ergon team since our buy-out from the
Telegraaf Media Group in 2017. Today a new chapter begins with BC Partners. This next
phase in our transformational journey will allow us to further fuel our ambition to consolidate
our international print markets as well as expand our digital footprint across the world”.

Quore acted as financial advisor to BC Partners. Kirkland & Ellis served as legal counsel to
BC Partners.
ING and DC Advisory acted as financial advisors, and Baker McKenzie as legal counsel, to
the sellers.

Note to editors
About BC Partners
BC Partners is a leading international investment firm with over €27 billion of assets under
management in private equity, private credit and real estate. Established in 1986, BC
Partners has played an active role in developing the European buy-out market for three
decades and for over a decade in North America. Today, BC Partners executives operate
across markets as an integrated team through the firm’s offices in Europe and New York.
Since inception, BC Partners Private Equity has completed 117 private equity investments in
companies with a total enterprise value of over €149 billion and is currently investing its tenth
private equity fund. For more information, please visit www.bcpartners.com.

About Keesing Media Group
Keesing Media Group is the biggest braintainment company in Europe, producing more than
100 million puzzle books a year and offering ample online brain games. Since its foundation
by Amsterdam journalist Isaac Keesing in 1911, the company has grown into the market
leader in print, online and app puzzle formats. The company offers brain game fans all over
the world challenging and innovative concepts for the best puzzle experiences. The
company is headquartered in Amsterdam and has offices in 15 countries. Visit
www.keesing.com.

About Ergon Capital (“Ergon”)
Ergon is a mid-market investment company with over €1.0 billion of assets under
management from select European institutional investors and families. Ergon is a disciplined
and discreet value investor, which provides “patient and friendly capital” to entrepreneurs
and managers, who need capital, industrial or technological solutions to accelerate the
development of their companies. Ergon makes equity investments in leading companies with
a sustainable competitive position in attractive niche markets located in the Benelux, France,
Germany, Italy and Iberia. Ergon is advised by Ergon Capital Advisors which has offices in
Brussels, Paris, Munich, Milan, and Madrid.

Since its inception in 2005, over successive investment programs, Ergon has raised
approximately €2 billion, invested in 27 companies (of which 9 in the Benelux, 4 in France, 3
in Germany, 8 in Italy and 3 in Spain) and completed approximately 60 add-on acquisitions
for a total aggregate transaction value of over €4.5 billion. Ergon’s current portfolio consists
of 14 companies across its target sectors.

For more information on Ergon, please visit www.ergoncapital.com.

About Mediahuis
Mediahuis is one of the leading media groups in the Netherlands, Belgium, Luxembourg and
Ireland. As a publisher, Mediahuis unconditionally believes in independent journalism and
strong and relevant media making a positive contribution for man and society. From this
vision, Mediahuis is continuously investing in its strong brands, both printed and digital. With
about 3,900 employees, Mediahuis has an annual turnover of approximately 1 billion euro.
Since its creation in 2013, Mediahuis has built a highly diversified portfolio of news media
and digital brands. The national and regional news titles of Mediahuis deliver daily news to
more than 10 million readers, both digitally and in print. In addition to these news brands,
Mediahuis also operates a number of important digital marketplaces in Belgium, the
Netherlands, Luxembourg and Ireland, in particular in the domain of real estate, the job and
recruitment market and the automotive market.

Media contacts:
Keesing Media Group
Odette Akersloot
press@keesing.com
+31 6 1927 8365

BC Partners
Pro-bcpartners@prosek.com
+44 (0)777 181 0803
Ergon Capital
John Mansvelt
jm@ergoncapital.com
+32 2 213 60 96

Mediahuis Group
An Steylemans
An.steylemans@mediahuis.be
+32 473 55 71 48

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Mindful Chef finds new home with Nestle after 5x growth

Piper

We are delighted to announce that Mindful Chef has been bought by Nestlé. In a wonderful two-year journey since we invested £6m in December 2018, sales have increased fivefold to £50m.

It’s astonishing how something so special has been built in such a short period of time – school friends Giles Humphries, Myles Hopper and Robert Grieg-Gran only founded the company in 2015. Since then, it has delivered over 9.5 million meals to households across the UK and become the nation’s highest rated recipe box according to Trustpilot.

As the name suggests, it has come to embody a mindfulness about the suppliers it chooses, the healthy ingredients it uses, and the brand’s impact on the environment. As well as being a certified B-Corp, for every meal sold, a school meal is donated to a child living in poverty through the firm’s ‘One Feeds Two’ initiative, which has seen more than five million meals donated so far.

The brand’s focus on health and nutrition has also seen Mindful Chef appointed the official nutrition partner for the English Institute of Sport while its partnership with the British Heart Foundation aims to raise awareness of how a healthy, balanced diet can help support heart and circulatory health. Testament to this, Sir Andy Murray, Victoria Pendleton CBE and Will Greenwood MBE are among its legions of fans.

As a truly purpose-driven brand, we are proud to have backed a team that embody our own values. We love nothing more than finding great custodians for our partner brands and, in Nestle, they now have a lifelong partner that can help them achieve their mission of getting more people to eat healthily.

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