Tag Archives: Consumer brands

Eurazeo invests in CTN Groupe through a sponsorless transaction

Eurazeo

Eurazeo has recently invested in CTN Groupe via its Corporate Financing (Private Debt) business and its Eurazeo Corporate Relance (ECR) and NOVI 2 funds1. The aim of this new transaction is to continue and accelerate the company’s development.

CTN Groupe is a major player in the events industry. For more than 40 years, it has been designing and distributing decoration products and solutions (walls, ceilings, floors etc.) for a wide array of events. The group has 12,000 product lines and operates via an optimised, efficient logistics network that enables it to deliver most products on a next-day basis.

CTN Groupe has gradually diversified its business into adjacent sectors through the successful acquisitions of Bâches de France and Like Mirror, and through geographical expansion into the UK and Belgium.

CTN Groupe will pursue the development plan inspired by Olivier Langlois since his arrival in 2019. The plan mainly involves implementing a strategy based on profitable sales growth, digital transformation, CSR and acquisitions, between now and 2027.

Eurazeo now has carried out a €22.0 million sponsorless transaction to allow Indigo Capital to exit and to pass ownership to a new generation of operational managers, while allowing CTN Groupe to pursue organic growth and acquisitions in its core businesses.

In this transaction, CTN Groupe and the investors were accompanied by the group’s long-standing banking partners (BNP Paribas, LCL, CIC, La Banque Postale and BPI) as part of a refinancing of the company’s debt.

This is the fifth investment made by Eurazeo’s ECR fund since it was launched in 2022.

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KKR Leads US$190 million Series C Round in Leading Korean Online Platform MUSINSA

KKR

ransaction includes participation from Wellington Management

SEOUL, South Korea–(BUSINESS WIRE)– MUSINSA, an online fashion platform in South Korea, and KKR, a leading global investment firm, today announced the signing of definitive agreements under which funds managed by KKR will lead the US$190 million Series C fundraise of MUSINSA (the “Company”), with participation from Wellington Management, one of the world’s largest independent investment management firms.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230713401193/en/

Founded in 2001 as an online sneaker community, MUSINSA is today an online fashion marketplace in South Korea that features more than 8,000 local and foreign designer brands and an in-house brand (musinsa standard), anchoring the creator economy for fashion in South Korea. Over the years, MUSINSA has expanded to include a comprehensive ecosystem including communities, a brand incubator (MUSINSA PARTNERS), a direct-to-consumer brand operator, and an offline multicultural lounge (musinsa terrace) that allows for offline interactions with its customers and provides online-based fashion brands with a physical space for pop-up stores. In 2023, Fast Company named MUSINSA as among the “10 most innovative Asia Pacific companies of 2023” for “globalizing K-fashion.”1

This transaction marks KKR’s first technology growth investment in Korea as part of its Asia Next Generation Technology (“NGT”) strategy, which seeks to support the growth of innovative, disruptive companies in Asia Pacific across key themes, including software, consumer technology and FinTech.

Mukul Chawla, Partner and Head of Growth Equity, Asia Pacific for KKR, said, “MUSINSA has developed itself as a top consumer Internet platform in Korea and a differentiated marketplace by its ability to scale rising brands, enable the creator economy for fashion, engage and provide a high-quality e-commerce experience for customers. We see enormous opportunity for MUSINSA to build on its leading position in a fast-growing K-fashion market that continues to shift online and expand globally on the back of K-culture’s explosive reach. We are excited to partner with the management team and look to leverage KKR’s global network, operational expertise, and deep technology experience to take MUSINSA to its next phase of growth.”

Munil Han, CEO of MUSINSA, said, “We are delighted to welcome global investors of KKR and Wellington’s caliber, which we see as a recognition of the quality of MUSINSA’s platform, and the potential of the Korean online fashion market. With this latest investment, MUSINSA looks to continue scaling our platform and creating new standards of success in the online and offline markets with domestic and foreign brands.”

This Series C is the Company’s third fundraise and follows its successful KRW 130 billion won Series B round in 2021 and KRW 100 billion won Series A round in 2019.

KKR makes its investment as part of its Asia NGT strategy and from funds managed by KKR. Other investments from the strategy include Lenskart, an omni-channel eyewear retailer in India; Advanced Navigation, a developer of AI-powered robotics and navigation technology in Australia; Privy, a digital identity provider in Indonesia; GrowSari, a business-to-business e-commerce platform serving small-and-medium enterprises (“SMEs”) in the Philippines; KiotViet, a software platform for SMEs in Vietnam; and NetStars, the operator of Japan’s largest QR code payment gateway. Additional details of the transaction were not disclosed.

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About MUSINSA
MUSINSA is one of the largest online and offline fashion business companies in Korea, and offers more than 8,000 domestic and foreign brands, including young casual, street, contemporary, formal, sports, and luxury, etc. The company has more than 13 million members and recorded annual GMV of more than KRW 3 trillion won (US$2.35 billion) as of 2022. MUSINSA strives to expand the diversity of the fashion ecosystem based on the core value that the success of partner brands is our success. The company operates a fashion-specialized venture capital subsidiary to energize new brands with great potential to take a step forward in growth. MUSINSA has a diverse business portfolio, including its core service Musinsa Store, online lifestyle select shop 29CM, online re-sell platform soldout, and in-house fashion brand musinsa standard. Currently, MUSINSA, which has unrivaled influence as the No. 1 in the online fashion market in Korea, is concentrating on strengthening its capabilities to exert itself in the offline fashion business as well. MUSINSA is also operating a ‘global store’ that is available in 13 overseas countries, including Asia, America, and Oceania, to help small and medium-sized Korean brands advance overseas and to provide a point of contact for meeting global customers who are interested in Korean fashion. Since investing in the Envisioning Climate Solution Fund, MUSINSA has continuously paid attention to various social issues, including climate change, and is concentrating on fulfilling its social responsibilities as Korea’s leading fashion company.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Wellington Management
Wellington Management is one of the world’s largest independent investment management firms, serving as a trusted adviser to over 2,500 clients in more than 60 countries. The firm manages more than US$1 trillion for clients, including pensions, endowments and foundations, insurers, and global wealth managers. Wellington offers investment solutions that span global equity, fixed income, currency, commodity, alternatives, and private markets. Wellington Private Investing has raised nearly US$8 billion in global assets and invests in early-stage venture through late-stage growth across multiple sectors (consumer, technology, health care, financial services, biotechnology, and climate technology) and geographies (Asia, Europe, and the Americas). The Private Investing Team leverages Wellington’s 1,000+ investment professionals around the world, combining deep private market experience with public market expertise, extensive networks, and robust research to benefit both investors and entrepreneurs. For more on Wellington Private Investing, please visit wellington.com/privateinvesting.

1 Fast Company (February 2023). The 10 most innovative Asia-Pacific companies of 2023.

Media

For MUSINSA:
MUSINSA Public Relations Team
+82 10 8921 8381
team-pr@musinsa.com

For KKR:
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

For Wellington Management:
Robyn Tice
617 289 6739
rtice@wellington.com

Source: KKR

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Ardian agrees to sell d&b Group to Providence

Ardian

Worldwide leading provider of high-end audio systems and AVLM services for the event sector plans to continue international growth achieved with the support of Ardian with new owner, Providence.

Ardian, a world-leading private investment house, has sold its majority stake in Cubes Holding GmbH (“d&b”) to Providence. Since acquisition in 2016, Ardian has supported the company and its management team, led by CEO Amnon Harman, on a dynamic path of strong organic growth and geographic expansion. As part of the transaction, d&b’s management team will re-invest alongside Providence and continue to successfully develop the company.

Founded in 1981 and headquartered in Backnang, Germany, d&b is one of the world’s leading providers of professional audio technology and AVLM (Audio, Video, Light & Media) solutions to create unique, multisensorial experiences. d&b audiotechnik, the manufacturing side of the firm, is internationally regarded as a leading company for sound reinforcement systems in installed and mobile applications, with a reputation for quality of construction, standard of service, system integration principles, and pioneering technological development. d&b solutions, the service-focused business entity, offers complete and flexible audio, video, lighting and xR expertise, covering system planning, installation, maintenance and managed services.

With Ardian’s support, d&b has consistently delivered strong growth, achieving a double-digit compound annual growth rate (CAGR) since 2016, despite the temporary market disruption in the events sector caused by the COVID 19 pandemic. Since Ardian’s acquisition, the number of employees has tripled from around 350 to more than 1,000. The company’s growth has been driven by innovations, the expansion of the product and solutions portfolio, and the development of existing and new markets, particularly in the Americas as well as the APAC region. The strategic development of the company was delivered by both organic growth and targeted acquisitions.

“The global growth trend for events, concerts and major events has continued unchanged after a forced break due to the COVID-19 pandemic. This is accompanied by the increasing professionalization and digitization of these events and thus an increasing need for professional event technologies. As one of the world’s leading system providers for audio technology and integrated audio, video, light and media solutions (AVLM) with a comprehensive portfolio of hardware and software technologies, we are perfectly positioned to gain further market share. Ardian has proven to be a reliable business partner over the past few years. Thanks to their unwavering support, especially during the pandemic, we have been able to innovate during this period of crisis and to emerge stronger from it. We look forward to continuing our successful journey with Providence and cementing our global position as a leader in professional audio and integrated AVLM solutions.” Amnon Harman, CEO of d&b Group

“We would like to thank Amnon Harman and his team for their hard work, unwavering commitment and, above all, the trust they have placed in us over the past seven years. d&b has an outstanding corporate culture that is embodied by each and every employee. The contribution of all d&b colleagues has been essential to the Group’s success, including significant growth, a strategic transformation and strong international positioning. We are proud to have accompanied d&b on this journey together and we wish the entire team and Providence the very best for the next chapter in the company’s history.” Alexander Friedrich, Managing Director Buyout, Ardian and Stefan Kappis, Director Buyout, Ardian

“d&b bears the hallmarks of a classic Providence investment – it is a business with innovation at its core, clear market leadership and loyal customers. d&b’s passionate team has advanced and defined industry standards and exceeded client expectations for the last four decades. We believe d&b will continue its growth trajectory by delivering spectacular experiences to audiences across the globe. With our solid track record of investing in live entertainment and technology companies, we are confident Providence is the ideal partner to support d&b and we look forward to working with Amnon and his hugely talented team to execute our shared vision for the business.” Robert Sudo, Managing Director, Providence

“The needs of customers in live entertainment are becoming ever more complex, which has expanded d&b’s addressable opportunities. We were impressed by d&b’s passionate management team and with Providence’s resources and network, we are committed to supporting d&b’s strategic plan.” Andrew Tisdale, Senior Managing Director, Providence

The parties have agreed not to disclose the financial details of the transaction, which is still subject to approval by the relevant antitrust authorities.

PARTIES INVOLVED IN THE TRANSACTION

  • Ardian

    • Ardian: Alexander Friedrich, Stefan Kappis, Christian Koch, Stefanie Arndt
    • M&A: Macquarie Capital (Florian Geiger / Sung-Duk Kim / Anthony Youssafi) & Goldman Sachs (Tobias Köster / Tibor Kossa / Fredrik Weege)
    • Legal: Milbank (Dr. Norbert Rieger / Dr. Matthias Schell / Dr. Thomas Ingenhoven)
    • Financial: PwC (Peter Gröninger / Daniel Haas)
    • Commercial: McKinsey & Co. (Dr. Isabel Huber / Salvador Martinez)
    • Tax: Taxess (Gerald Thomas / Richard Schäfer)
    • ESG: Indefi (Emmanuel Parmentier)

  • Providence

    • Providence: Andrew Tisdale, Robert Sudo, Daniel Zwicky
    • M&A: Alantra (Wolfram Schmerl), UniCredit (Michal Lehocky, Marcel Kus)
    • Legal: White & Case (Dr. Stefan Koch), Allen & Overy (Vanessa Xu)
    • Tax: EY

ABOUT D&B

The d&b Group provides professional audio technology and AVLM solutions to create memorable, multisensorial experiences. d&b audiotechnik, the manufacturing side of the firm, is internationally regarded as a leading company for sound reinforcement systems in installed and mobile applications, with a reputation for quality of construction, standard of service, system integration principles, and pioneering technological development. d&b solutions, the service-focused business entity, offers complete and flexible audio, video, lighting and xR expertise, covering system planning, installation, maintenance and managed services.
Founded in Germany in 1981, d&b headquarters are located in Backnang, near Stuttgart. With offices in major cities around the world, the global d&b team numbers more than 1000 professionals.

www.dbgroup.de www.dbaudio.com www.dbsolutions.com

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $150bn of assets on behalf of more than 1,400 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian is part-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 16 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

Press contact

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Beter Bed Holding and Torqx Capital Partners agree on recommended all-cash offer

Torqx Capital

Torqx Capital Partners is pleased to announce that it has reached a conditional agreement with Beter Bed Holding on an intended recommended all-cash public offer for 100% of the shares in Beter Bed Holding with an offer price of EUR 6.10 per share, representing a significant premium of approximately 107% to Beter Bed’s closing price per share on 7 July 2023 of EUR 2.95.

Torqx and Beter Bed Holding strongly believe that private ownership will be instrumental to Beter Bed’s continued success during the next phase of its development and shall be beneficial for all stakeholders. It will allow Beter Bed management to fully focus on the long-term strategic plan and accelerate both organic and in-organic growth of the company.

Harmen Geerts, Managing Partner & Chief Investment Officer of Torqx Capital Partners: “Beter Bed has a robust strategy in place with the right components for growth and long-term success. We recognize the quality and commitment of the management team, having a clear vision where to steer the company, combined with strong execution skills.”

After settlement Torqx will become majority shareholder. Three long-term and dedicated shareholders in Beter Bed Holding – Navitas Capital, Teslin Participaties Coöperatief UA and investor De Engh B.V. – will re-invest in the company after successful completion of the offer.

Based on the required steps and subject to the necessary approvals, Torqx and Beter Bed Holding anticipate that the offer will close ultimately beginning of 2024.

The joint press release announcing the public offer for Beter Bed Holding can be found on our website.

Link to webpage with press release

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GIP Development sells Blaupunkt brand

Aurelius Capital

Munich/Luxembourg, June 30, 2023 – GIP Development SARL, an AURELIUS entity, announces the disposal of the Blaupunkt brand to Established. (USA), a private equity backed brand licensing company with broad industry expertise globally. Both parties have agreed not to disclose the purchase price.

The Blaupunkt brand was established in 1924 near Berlin, manufacturing audio products such as headphones. In 2023, the Blaupunkt brand still possesses a strong reputation for producing high-quality consumer lifestyle and electronic products within an affordable price range. Blaupunkt provides a secure and reliable licensing platform, enabling business partners to source, distribute, market and price their products.

Established. is a US-based creative licensing company. AURELIUS Equity Opportunities is confident that Established. will be a reliable partner that is able to sustain the growth path of the Blaupunkt brand and help it expand on a global basis.

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IK Partners to sell Løgismose to Halberg

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IK Partners

Press Release
Wednesday, 28 June 2023

IK Partners (“IK”) is pleased to announce that the IK VII Fund has reached an agreement to sell Løgismose A/S (“Løgismose” or “the Company”), a high-end food brand, to Halberg A/S (“Halberg”). Financial terms of the transaction are not disclosed.

Founded by Sven and Lene Grønlykke in 1963, Løgismose is a Danish food company that produces and retails delicacies and other products under its own brand. With the acquisition of Løgismose, Halberg, a fifth-generation family-owned company operating from Svendborg on Southern Funen, will be expanding its portfolio to include food products. Under its new ownership, Løgismose, headquartered in Broby on central Funen, will be back into traditional Funen hands. Løgismose will continue as an independent company under Halberg and the current management team led by Jesper Uggerhøj as CEO will remain.

Importance of Local Roots
Under IK’s ownership, Løgismose has: expanded its collaboration with Netto and Salling Group; ventured in to the wine segment; and broadened the offering to include exports. Additionally, the Company has implemented a range of strategic initiatives focused on sustainability and digitalisation.

“With positive growth in both revenue and earnings, we have set the company on a good path and it is therefore a natural next step to pass the baton to a new group of owners,” says CEO at IK Partners, Christopher Masek, regarding the sale. “It has been important for us to find a new long-term owner for Løgismose and we have found exactly that with Halberg. At the same time, we are pleased to bring Løgismose closer to its roots on Funen,” he adds.

Local Green Food
“We have had a good and active owner in IK, which has helped us develop and professionalise our business,” Jesper Uggerhøj says. Løgismose recently launched an ambitious sustainability strategy titled ‘Consideration for People, Animals and Our Nature’ and looks forward to the new ownership with Halberg, aiming to create even more value and delicious food products based on our shared Funen DNA,” he says.

Further Development Based on Core Values
Halberg is known for taking social and local responsibility in the Svendborg area. Originally founded as a tobacco trading company in 1826, Halberg’s portfolio now covers a range of companies in the tobacco, hotel, workwear and capital management sectors. The acquisition of Løgismose represents Halberg’s platform investment in the food sector, introducing a new business segment for the company.

“Løgismose has been a perfect investment for us due to its position in the Danish market, strong brand and innovative organisation and culture,” says CEO of Halberg, Frederik Halberg. “We see significant development potential in Løgismose’s strong collaboration with Salling Group and we look forward to further developing and internationalising the Company. In our future work, we will uphold Løgismose’s core values of ‘Taste’, ‘Attitude’ and ‘Craftsmanship’”, adds Frederik Halberg.

Sale Facts
• In 2015, IK acquired a majority stake in the merged Løgismose Meyers with the aim of strengthening two of the strongest names in the Danish food industry. In 2019, the two companies were separated and in December 2022, Meyers was sold to English WSH. With the sale of Løgismose, IK’s investment in the original Løgismose Meyers has now come to an end.
• In connection with the sale, CEO of IK Partners, Christopher Masek and Managing Partner, Mads Ryum Larsen, will step down from Løgismose’s Board of Directors. Jens Overgaard Knudsen’s role as an operational board member will also cease. Their replacements have not yet been announced.
• The sale is expected to be finalised on 31 August 2023.

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 7787 558 193
vidya.verlkumar@ikpartners.com

Løgismose
Brit Larsen
Phone: +45 22 82 28 42
brit@circlebe.dk

Halberg
Casper Janns
Phone: +45 31 15 24 24
cj@hypefactors.com

 

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 170 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikpartners.com

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About Løgismose A/S

Løgismose was established in 1965 and is now one of Denmark’s strongest food brands, known for its high gastronomic quality, dedicated focus on taste and craftsmanship, and ethical approach to product creation. Our mission is to create high-quality food and wine experiences wherever you encounter the brand. Løgismose develops, produces, and sources food and wine for Danish consumers through its own stores and webshop, in grocery retail, as well as for companies, restaurants, hotels, and selected export markets. For more information, visit loegismose.dk.

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About Halberg A/S

The Halberg Group is a traditional family-owned company in Svendborg, engaged in tobacco production, hotel operations, and property investment. The history of the Halberg family’s ownership of the company in southern Funen dates back more than 130 years. Halberg A/S strives to be a responsible employer that cares for its employees and local community. For more information, visit halberg-as.dk.

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Vendis Capital supports the growth of Meubelzorg

Vendis Capital

Vendis Capital, the consumer sector specialized European private equity fund, invests in Meubelzorg, a direct-to-consumer premium elderly care brand in assistive furniture

Meubelzorg, based in Alkmaar (The Netherlands), is a direct-to-consumer premium elderly care brand in custom-made rise & recline chairs that enables elderly to live longer independently at home. The company was founded in 2017 with the aim of making rise & recline chairs accessible to everyone by testing the chairs at home. Since then, they have delivered considerable growth both in The Netherlands and internationally.

Meubelzorg is the leading premium brand in assistive furniture and is known for its bespoke rise & recline chairs. The company’s consumer centric business model allows for online orientation followed up by at-home or in store testing and full customization to individual wishes and needs. All products are made-to-measure. Building on its success in The Netherlands, the company has successfully rolled out its business model to Belgium.

Vincent Braams, Partner at Vendis Capital: “We are very happy to add Meubelzorg to our portfolio of consumer brands. It presents a fast growing, digital native and direct-to-consumer elderly care brand that accommodates the increasing demand from elderly to live longer comfortably at home. We see growth opportunities in international markets and in other categories that help elderly to live longer in their own home.”

The participation in Meubelzorg represents the seventh investment within Vendis Capital III, the €300 million fund that was launched in 2019.

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Egeria Announces the Sale of GoodLife Foods to IK Partners

Egeria

30 May, 2023 – Egeria Capital Management (“Egeria”) today announced that it has reached a conditional agreement to sell GoodLife Foods (the “Company”) to IK Partners (“IK”).

Headquartered in Breda, the Netherlands, GoodLife Foods is a leading European manufacturer of frozen snacks and meal components such as spring rolls, appetisers, burgers as well as cheese and vegetable bites. The Company offers a broad portfolio of branded and private label products which it sells to Retail, Foodservice and Industrial customers across Europe. GoodLife has over 700 employees with six manufacturing plants located across the Netherlands, Belgium and Denmark.

Formed by the carve-out of Izico from Wessanen in 2014, GoodLife has grown to become a fully integrated leading European frozen appetiser platform. Under Egeria, the Company acquired six companies in three different countries which was followed by years of strong organic growth.

Under the existing management team, GoodLife has gone from strength-to-strength and through its partnership with IK, it expects to further expand its product portfolio with on-trend frozen bites. It also plans to achieve further growth acceleration in- and outside of its core geographies through organic initiatives and buy-and-build.

Dirk Van de Walle, CEO at GoodLife Foods, stated: “We look forward to the next chapter which will see us working with the team at IK who have vast experience in the Food sector and can support us with our ambitious plans to internationalise through organic initiatives and M&A. I would also like to use the opportunity to thank Egeria. We are grateful for the support and opportunities that Egeria has provided GoodLife with over the past years.”

Remko Hilhorst, Managing Partner at IK and Advisor to the IK IX Fund, stated: “We have been impressed with GoodLife’s track record to date and its ability to continuously evolve its product portfolio to meet the needs of its customers. It has a diversified offering with further growth potential which can be unlocked in the years to come. With its solid foundation in place, we look forward to collaborating with Dirk and the team to develop the Company further.”

Sander van Keken, Partner at Egeria, stated: “It has been a true pleasure working with Dirk, Kamiel, Willem and the complete GoodLife organisation. We are proud that under our ownership Goodlife has transformed from a carved-out company primarily focused on the Benelux to a European company with a much broader product range of frozen snacks. I am confident that together with IK GoodLife will continue to expand across Europe whilst maintaining its unique and pleasant GoodLife culture.”

Completion of the transaction is subject to legal and regulatory approvals.

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IK Partners to acquire GoodLife Foods from Egeria

IK Partners (“IK”) is pleased to announce that the IK IX Fund has signed an agreement to acquire GoodLife Foods B.V. (“GoodLife Foods”, “GoodLife” or “the Company”), a leading European manufacturer of frozen snacks. IK is acquiring a majority stake from Egeria Capital Management (“Egeria”) alongside management who will be reinvesting. Financial terms of the transaction are not disclosed.

Headquartered in Breda, the Netherlands, GoodLife Foods is a leading European manufacturer of frozen snacks and meal components such as spring rolls, appetisers, burgers as well as cheese and vegetable bites. The Company offers a broad portfolio of branded and private label products which it sells to Retail, Foodservice and Industrial customers across Europe. GoodLife has over 700 employees with six manufacturing plants located across the Netherlands, Belgium and Denmark.

Formed by the carve-out of Izico from Wessanen in 2014, GoodLife has grown to become a fully integrated leading European frozen appetiser platform. Under Egeria, the Company acquired six companies in three different countries which was followed by years of strong organic growth.

Under the existing management team, GoodLife has gone from strength-to-strength and through its partnership with IK, it expects to further expand its product portfolio with on-trend frozen bites. It also plans to achieve further growth acceleration in- and outside of its core geographies through organic initiatives and buy-and-build.

Dirk Van de Walle, CEO at GoodLife Foods, stated: “We look forward to the next chapter which will see us working with the team at IK who have vast experience in the Food sector and can support us with our ambitious plans to internationalise through organic initiatives and M&A. I would also like to use the opportunity to thank Egeria. We are grateful for the support and opportunities that Egeria has provided GoodLife with over the past years.”

Remko Hilhorst, Managing Partner at IK and Advisor to the IK IX Fund, stated: “We have been impressed with GoodLife’s track record to date and its ability to continuously evolve its product portfolio to meet the needs of its customers. It has a diversified offering with further growth potential which can be unlocked in the years to come. With its solid foundation in place, we look forward to collaborating with Dirk and the team to develop the Company further.”

Sander van Keken, Partner at Egeria, stated: “It has been a true pleasure working with Dirk, Kamiel, Willem and the complete GoodLife organisation. We are proud that under our ownership Goodlife has transformed from a carved-out company primarily focused on the Benelux to a European company with a much broader product range of frozen snacks. I am confident that together with IK GoodLife will continue to expand across Europe whilst maintaining its unique and pleasant GoodLife culture.”

Completion of the transaction is subject to legal and regulatory approvals.

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 170 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikpartners.com

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About GoodLife Foods B.V.

GoodLife Foods is one of Europe’s largest producers of both branded and private label frozen savoury food products. The Company has its headquarters in Breda, the Netherlands with production sites in the Netherlands, Belgium and Denmark. For more information, visit https://glfoods.com/en/

About Egeria

Established in 1997, Egeria is an independent Dutch investment company focused on mid-sized companies in the Netherlands and DACH region. For more information, visit https://egeriagroup.com/

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Restaurant365 Announces $135M Funding Round Co-Led by KKR and L Catterton

KKR

Leading restaurant enterprise management software company surpasses $1B valuation.

IRVINE, Calif., May 19, 2023 /PRNewswire/ — Restaurant365, an industry leading all-in-one restaurant enterprise management software, today announced it has agreed to a $135M funding round co-led by global investment firms KKR and L Catterton with participation from current investors, including ICONIQ Growth and Bessemer Venture Partners.

Restaurant365 is transforming the restaurant industry by providing operators with innovative solutions to increase sales, control food costs, and optimize labor. The company’s robust software suite brings key accounting, operational, and payroll-based processes together into a single, cloud-based technology.

“R365 has achieved continuous, accelerated growth, which is a testament to our strong team who is eager to change the restaurant industry for the better,” states Tony Smith, CEO and Co-Founder of Restaurant365. “Anytime we receive funding, we recognize it as a privilege. However, the primary driver of this round is uniting with two strategic investors so intimately tied to the restaurant industry. Having recently crossed exciting milestones of $100M in revenue and $1B in value, we can’t wait for what’s next.”

The investment is from KKR’s Tech Growth strategy and L Catterton’s Growth Fund.

“Restaurant365 has demonstrated compelling growth throughout its history, now powering more than 40,000 restaurant locations,” said Jimmy Miele, Director, Tech Growth at KKR. “Moreover, their software has played a crucial role in helping many struggling operators keep their doors open during uncertain times. We look forward to being a part of this next chapter, helping even more operators achieve their highest potential.”

“L Catterton has deep experience investing in world-class restaurant brands globally,” says Ian Friedman, Partner at L Catterton who will join Restaurant365’s board. “With deep insight into the everyday pain points of restaurant operators, we believe Restaurant365 is the gold standard in the industry, helping to streamline operations and boost profitability, and we are proud to leverage our consumer and technology investing experience as a partner to Tony and the team.”

Proceeds from the round will be invested into product enhancements to ensure that Restaurant365’s Accounting, Store Operations, Workforce, and Intelligence product suites continue to meet the evolving needs of the restaurant industry, while also expanding its market share.

About Restaurant365®

Restaurant365 is an industry leading all-in-one, cloud-based accounting, inventory, scheduling, payroll, and HR solution developed specifically for restaurants. R365’s restaurant enterprise management software simplifies day-to-day management for operators, allowing them to control food costs and optimize labor. Integrations and open APIs enable Restaurant365 to connect with other systems including POS providers, vendors, and banks. The result is accurate, timely reporting that provides a clear and complete view of their businesses. Restaurant365 is based in Irvine, California with an office in Austin, Texas. The company is backed by Bessemer Venture Partners, ICONIQ, KKR, L Catterton, and Serent Capital. Additional information is available at www.restaurant365.com.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About L Catterton 

L Catterton is a market-leading consumer-focused investment firm, managing approximately $33 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio.

Founded in 1989, the firm has made over 250 investments in some of the world’s most iconic consumer brands. L Catterton has significant experience investing in restaurant brands, including Velvet Taco, bartaco, CHOPT Creative Salad Company, Hopdoddy, Cheddar’s, First Watch, and P.F. Chang’s, among others, as well as leading software businesses including Forter, Sendcloud, and Flash Parking. For more information about L Catterton, please visit www.lcatterton.com.

Contact: restaurant365@nextpr.com

SOURCE Restaurant365

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