Tag Archives: Retail

Ardian signs exclusive agreement to acquire a stake in DIAM, to support a new phase of growth alongside management

Ardian

Ardian, a world-leading private investment house, today announced that it has entered into exclusive negotiations to acquire a majority stake in DIAM, a world leader in the Visual Merchandising and Shopfitting markets for the beauty and luxury sectors, alongside the management team, which would reinvest significantly, and BNP Paribas Développement.

After an initial successful collaboration with Ardian between 2016 and 2018, DIAM has since continued to grow and strengthen its geographical positions, supported by EMZ Partners and a consortium of investors including BNP Développement, Idia and Socadif. The group now employs over 3,200 people spread over 30 sites in 20 countries, supporting its customers on a local-to-local basis in Europe, Asia, Africa and the Americas. In 2023, DIAM’s sales exceeded 400 million euros, mainly in the Visual Merchandising, Shopfitting, Niche Packaging and Point of Sales’ Services segments. The Group’s recent growth has been driven by strong geographic expansion, the extension of its product range, and the close proximity to customers that lies at the heart of DIAM’s culture. Today, the Group is recognized as the sector’s front runner in terms of CSR commitments, working to implement key actions for beauty and luxury brands.

DIAM acts for its customers across the entire value chain, with an offer combining consulting, creative and technical design, engineering, production, delivery, installation, after-sales services and recycling.

For more than 50 years, DIAM has forged close relationships with leading groups such as L’Oréal, LVMH, Estée Lauder, Richemont, Shiseido, Chanel, Hermès and independent brands. To best meet their expectations, the Group has always focused on a dual understanding of the Groups and the distribution systems. In addition, DIAM is resolutely focused on building significant innovation and CSR benefits, notably from the angles of carbon reduction and with a  strong focus on the development of people and teams.

Ardian, which has known the DIAM Group for many years, will support the management team’s strategy of:
•    Reinforce CSR benefits and social commitment
•    Develop Visual Merchandising, Shopfitting, Niche Packaging, Connectivity and In-Store Services, through a number of organic initiatives and possible acquisitions
•    Develop all DIAM Group brands: Diam, Prugent, Field Flex, Fine Packaging Manufacturers, MR, Retail3D, Conex, B2D.

The completion of the transaction remains subject to the usual conditions precedent and the approval of the relevant regulatory authorities.

“The entire management team is delighted to welcome Ardian Expansion back into our capital. After going through the complex period of Covid, clarifying our core businesses, growing our teams and ensuring 4 years of strong development. DIAM has become much more balanced, both in terms of geographical distribution and in terms of broadening the offer and number of brands served, and more solid both in financial and extra-financial terms. We therefore need a leading shareholder to support a new phase of ambitious growth. Ardian will be a major asset for DIAM and our customers in this new phase of the Group’s development.” Françoise Raoul-Duval, President and CEO, DIAM

“We are delighted to once again support DIAM in this new phase of its development. The Group’s strong performance over the last few years demonstrates its leadership and ability to adapt to demanding market trends. We are convinced that this strategic partnership will enable DIAM to pursue its growth trajectory and assert its global leadership.” Arnaud Dufer, Head of Expansion France, Ardian

“DIAM, led by a tremendous management team, will target external growth in services and packaging. The Group’s ESG approach will continue to be a very strong marker of its strategy.” Alexis Lavaillote, Managing Director Expansion, Ardian

“Diam has a management team with exceptional leadership, with an entrepreneurial spirit and a deeply human dimension. We are delighted to have been at their side over the last few years.” Ajit Jayaratnam & Ludovic Bart, EMZ Partners

LIST OF PARTICIPANTS

  • PARTICIPANTS

    • DIAM GROUP: FRANÇOISE RAOUL-DUVAL, THIERRY CHETAILLE, LOUIS DUPÉRÉ, STÉPHANE MICHEL-GROSJEAN, MICHEL VAISSAIRE AND ALL THE TEAM MEMBERS
    • EXPANSION, ARDIAN: ARNAUD DUFER, ALEXIS LAVAILLOTE, STEVEN BARROIS, THOMAS GRÉTÉRÉ, VICTOR LESÉNÉCAL
    • BNP PARIBAS DÉVELOPPEMENT: DELPHINE LARRANDABURU, JEAN CHARLES MOULIN, JULIEN LEMAIRE
    • EMZ PARTNERS: THIERRY RAIFF, AJIT JAYARATNAM, LUDOVIC BART
    • IDIA: NICOLAS LAMBERT
    • SOCADIF: THIERRY ANTONINI

  • BUYER ADVISORS

    • M&A LAWYERS: PROSKAUER (MATTHIEU LAMPEL, BENJAMIN BENZAKINE, VANESSA HAMIANE)
    • FINANCING LAWYERS: PROSKAUER (MAUD MANON, PIERRE TARDIVO, ANTOINE COTTIN)
    • ANTITRUST LAWYERS: JOUVENSAL (KARIN-AMÉLIE JOUVENSAL) AND MARCK (GEORG SCHMITTMANN)
    • M&A LAWYERS – SELLERS: DE PARDIEU BROCAS MAFFEI (JEAN-FRANÇOIS POURDIEU, HUGUES DE FOUCHIER)
    • STRATEGIC DUE DILIGENCE: KEARNEY (JÉRÔME SOUIED, PIERRE-ALEXANDRE KOCH, HADI BENKIRANE, CHARLOTTE ROYER, ARTHUR LAVEST, VERA GAIDACH, DIMITRI IORDANOVITCH)
    • FINANCIAL DUE DILIGENCE: KPMG (OLIVIER BOUMENDIL, MEHDI CHAFAI EL ALAOUI, ANTOINE LAFFONT, MARIE HUEBER, SOUFIANE ROKNEDDINE)
    • LEGAL, TAX AND SOCIAL DUE DILIGENCE: KPMG AVOCATS (XAVIER HOUARD, FLORENCE OLIVIER, ALBANE EGLINGER, THOMAS CHARDENAL)
    • ESG DUE DILIGENCE: AXA CLIMATE (JULIEN FAMY, LAETITIA CANON)
    • INSURANCE DUE DILIGENCE: FINAXY (DÉBORAH HAUCHEMAILLE)

  • SELLERS, COMPANY AND MANAGEMENT ADVISORS

    • M&A ADVISORS: NATIXIS PARTNERS (BORIS PICCHIOTTINO, SIMON LE GUILLOU, MARTIN FREVAL, LÉA RAHAB, BAPTISTE ZURAWSKI)
    • FINANCING ADVISORS: NATIXIS PARTNERS (PHILIPPE CHARBONNIER, MARTIN CHALANSET)
    • MANAGEMENT ADVISORS: CALLISTO (VINCENT AYME, TANCREDE CAULLIEZ)
    • M&A LAWYERS: CLARIS AVOCAT (MANFRED NOÉ, PIERRE-ALEXIS MOREAU, MANON FORTIN, ANA MOLINA) / DE PARDIEU BROCAS MAFFEI (JEAN-FRANÇOIS POURDIEU)
    • STRATEGIC VENDOR DUE DILIGENCE: LEK (REMY OSSMANN, PHILIPPE GORGE)
    • FINANCIAL VENDOR DUE DILIGENCE: ALVAREZ & MARSAL (BENOIT BESTION, BAPTISTE RIDEAU, AYMERIC DE FOLLIN, GREGORY PEREIRA)
    • TAX VENDOR DUE DILIGENCE: ARSÈNE (ALEXANDRE ROCCHI)
    • ESG VENDOR DUE DILIGENCE: INDEFI (EMMANUEL PARMENTIER, CHARLOTTE SALMON, VICTOR LE MAROIS)

  • FINANCING

    • BANKING POOL: BNPP, SG, CIC, CADIF, LCL, EIFFEL, ALLIANZ, SPG, SCOR, ARTEMID, GROUPAMA, AMUNDI, CIC PD, BOI, LBP / LBP AM, ING, HSBC, SMBC
    • FINANCING LAWYERS : GIDE (ERIC CARTIER-MILLION, NATHALIE BENOIT)

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $166bn of assets on behalf of more than 1,650 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’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 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

ABOUT DIAM

Founded in 1973, the DIAM Group has become the global and local partner of beauty and luxury groups and brands, designing and supplying visual merchandising solutions, shopfitting, niche packaging, connectivity and in-store services. DIAM is present in 30 locations and 20 countries, and today employs more than 3,200 people, who are the core of our expertise, carrying a strong culture of entrepreneurship, agility and responsiveness.
In 2023, the group achieved sales of over €400 million, 70% of which in Merchandising, with significant growth (over 20%) on all continents and in all business lines (visual merchandising, shopfitting, packaging, services), thanks in particular to strong commitments and clear actions on CSR, in line with the Eco-design demands of its customers.
The DIAM Group is highly committed to environmental and social responsibility and has made its CSR approach a clear pillar of its strategy and employee retention assets.

www.diaminter.com

ABOUT BNP PARIBAS DEVELOPPEMENT

BNP Paribas Développement, an autonomous subsidiary of the international banking group BNP Paribas, is a limited company which, for over 30 years, has invested its own funds directly as a minority shareholder to support the development of successful SMEs & SMIs and ensure their long-term survival by facilitating their transfer. In addition to providing companies with stable financial resources, BNP Paribas Développement’s mission is to support the management team over the long term as it implements its medium-term strategic projects. Our position as a minority shareholder ensures that our partners benefit from appropriate governance without interference in day-to-day management, while benefiting from the strength of a recognized group and the experience of a partner with a portfolio of over 500 diversified holdings.

https://www.bnpparibasdeveloppement.com/

ABOUT EMZ

EMZ is a pan-European, independent investment company specializing in medium-sized companies. Since 1999, EMZ has contributed to the financing of more than 160 buyouts and expansion transactions (external growth, industrial investments, etc.) for a total invested amount of over 5 billion euros. EMZ’s investment strategy focuses on companies run by experienced management teams who are willing to enter into a collaborative, horizontal partnership with their financial partner.

emzpartners.com

MEDIA CONTACTS

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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TDR Capital to become majority owner of ASDA

Tdr Capital

We are pleased to announce that TDR Capital has agreed to acquire Zuber Issa’s shares in ASDA and will become the majority shareholder with 67.5% ownership. The transaction is expected to complete in Q3 2024.

TDR Capital invested in Asda alongside the Issa brothers, and together they took majority ownership of the business in June 2021. Since then, together with the other shareholders, TDR has supported Asda to accelerate its strategy, with a particular focus on delivering low prices to customers and expanding into the fast-growing convenience retail segment.

Gary Lindsay and Tom Mitchell, Managing Partners of TDR Capital, said: “We first invested into Asda over three years ago, seeing a huge opportunity to cement its position as one of the UK’s leading retail brands.”

“By combining our investment and sector expertise with Asda’s heritage of delivering value for customers, we have already made significant progress in transforming Asda. We have added a scale convenience business, grown Asda’s store footprint from 623 to 1,200 stores and food-to-go sites, and launched a hugely successful loyalty app, which now has six million active customers, accounting for around half of total sales. We remain focused on investing in Asda’s stores and online, as well as its colleagues through the highest pay in the traditional supermarket sector, to drive sustainable, long-term growth.”

“As majority owners, we will continue to work closely with the Asda management team and colleagues across the business to support its growth strategy, which we believe is the right one to continue to move Asda forward.”

Learn more about our investment in ASDA.

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Ratos Company HL Display to acquire pr trading-Flekota A/S

Ratos

HL Display (HL) has signed an agreement to acquire pr trading-Flekota A/S (pr trading), its distribution partner in Denmark. This acquisition will expand HL’s footprint in Europe and further strengthen its position as a leading supplier for in-store merchandising and communication solutions to grocery and non-food retailers in Europe.

pr trading (founded in 1968) has a long and successful history as a trusted supplier of standard and custom-made display and in-store solutions to Danish grocery retail as well as non-food retailers and brand suppliers. Building on a shared ambition to create attractive and profitable in-store environments, the company has been a distribution partner of HL since the 1970s. pr trading today has 38 employees and a turnover of 160 MDKK, with a track record of strong growth.

“HL’s profitable growth journey continues at a steady pace and is characterized by underlying good organic growth combined with a high acquisition rate of fine companies, precisely the type of deals that have great industrial synergies. Add-on acquisitions of this type are highly value-creating and an important part of Ratios’ strategy. With the acquisition of pr trading, HL is taking yet another important step,” says Anders Slettengren, Chairman of the Board of HL Display and Executive Vice President, Ratos.

“I’m delighted to announce our intention to acquire pr trading,” says Björn Borgman, CEO of HL Display. “The company has been an essential partner to HL for more than 50 years and given the expertise and strong position in Danish retail, pr trading is a natural fit for HL. This acquisition is the logical next step on our journey to be the leading supplier for in-store merchandising and communication solutions in Europe.”

The completion of the acquisition is subject to customary closing conditions, including approval by competition authorities, which is expected to be obtained during the first quarter of 2024.

About HL Display
HL is a global leader in in-store merchandising and communication solutions, helping customers to create a better shopping experience around the world. Founded in 1954, HL today is present in more than 70 countries and solutions can be found in 330,000 stores, supporting customers to grow sales, inspire shoppers, drive automation, and reduce waste. The three customer segments are retail food, branded good suppliers and non-food retail.

The HL Display Group has its headquarters in Stockholm, Sweden, and sales offices in 23 countries covering 39 markets as well as distribution partners covering the remaining markets globally. The eight production facilities are located in Sweden, Poland, Germany, the UK, and China and handle a variety of industrial processes, including plastics and metal fabrication, printing and assembly.
The company has 1,300 employees and net sales of approximately 2,000 MSEK.

For more information, please contact:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21
Björn Borgman, CEO HL Display, +46 72 264 17 90

About Ratos
Ratos is a business group consisting of 17 companies divided into three business areas: Construction & Services, Consumer and Industry. The companies have approximately SEK 34 billion in net sales (LTM). Our business concept is to own and develop companies that are or can become market leaders. We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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Torqx Capital Partners declares offer for Beter Bed Holding unconditional; 95.14% of Shares now tendered or committed

Torqx Capital

Torqx declares the public offer on Beter Bed Holding unconditional per 29 November 2023; in total 95.14% of the Shares are offered or committed, of which 44.33% of the shares are irrevocably committed by the co-investors.

Settlement of the Offer will take place on Friday 1 December 2023. Payment of the Offer Price for each Tendered and Delivered Share shall be made on the same date. Shares which are not tendered yet can be tendered during the Post-Acceptance Period, commencing on 30 November 2023 and ending on 6 December 2023.

Information about the offer and how you can tender your shares can be found at:  www.beterbedholding.com/public-offer/.

For further information, see also the press release about the offer being declared unconditional:

Link to press release

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Aurelius acquires iconic global beauty brand and retailer The Body Shop

Aurelius Capital
  • Opportunity to re-energise an iconic global beauty and personal care brand with impressive consumer recognition
  • Trailblazer which has set the standard for beauty brands in minimising environmental impact, maximising social benefits and ensuring animal welfare
  • AURELIUS’ operational taskforce to partner with the highly experienced management team to optimise operations and develop the offering across channels

Luxembourg/Munich, November 14, 2023 – AURELIUS announces the acquisition of The Body Shop International Limited (The Body Shop) from Natura & Co S.A (NYSE – NTCO; B3 – NTCO3). The iconic global beauty brand is renowned for its heritage in cruelty-free and ethical beauty products. It is an omni-channel retailer with its own stores, e-commerce sites, international franchises and wholesale customers. The transaction is expected to close in December 2023, subject to approval by the relevant competition and regulatory authorities. The purchase agreement values The Body Shop at £207m, including an earn-out of £90m, subject to certain conditions.

The Body Shop, which is headquartered in London and employs c. 7,000 staff, has operations in 89 markets with over 900 company-owned stores in 20 countries and partnerships with head franchisees who operate c. 1,600 franchised stores in a further 69 geographies. The brand’s product portfolio comprises natural ingredient-based bath & body, skin care, fragrance, hair care, make-up and gifting. The Body Shop has been B-Corp certified since 2019, further demonstrating its leadership in ethical sourcing, sustainability, and social consciousness.

As experts in complex transactions, with a strong focus on driving operational improvements, AURELIUS will work with the management team to drive operational excellence across the group, leveraging its expertise and experience in the omni-channel retail and wholesale markets. This, combined with The Body Shop’s iconic brand and heritage in socially responsible products, means that despite the challenging retail market there is an opportunity to re-energise the business to enable it to take advantage of positive trends in the high-growth beauty market.

In recent years, AURELIUS has completed many complex corporate carve-outs across Europe, including the acquisitions of renowned brands such as Footasylum from JD Sports and LSG Sky Chefs (LSG Group) from Deutsche Lufthansa AG.

“We are delighted to be undertaking this acquisition of an iconic British brand, which pioneered the cruelty-free and natural ingredient movement in the health and beauty market. We look forward to working with CEO Ian Bickley and his team to drive operational improvements and re-energise the business, and help to deliver the next chapter of success”, comments Tristan Nagler, Partner at AURELIUS.

Ian Bickley, CEO of The Body Shop, added, “Today, we celebrate a truly historic moment for The Body Shop as we join forces with Aurelius to begin a new chapter, allowing us to continue building the relevancy of this global brand for future generations. With a presence in over 80 countries, The Body Shop is not only a beauty brand, but also an iconic social business that has captured hearts in nearly every corner of the world. We are deeply grateful to Natura &Co for their unwavering support and I’m looking forward to working hand in hand with Aurelius as we adapt and flourish in new global retail environments, always with an eye on sustainable and profitable growth.”

The Body Shop was founded in 1976 by Anita Roddick, with a small shop in Brighton/UK. At the heart of her vision stood an ethical approach to business, a purpose that was trail-blazing at the time and remains highly relevant today. The Body Shop does not test its products on animals and strives to work fairly with farmers and suppliers. By following this approach to business, The Body Shop has been a pioneer in corporate social responsibility.

For further information contact:

AURELIUS
Humza Vanderman / Methuselah Tanyanyiwa
Dentons Global Advisors
Aurelius@dentonsglobaladvisors.com
Tel: +44 (0)7824 472501

Natura &Co
Emilia Lebron
Head of External Communications
+44 (0) 7580 816371
Emilia.lebron@avon.com

Brunswick Group
São Paulo + 55 11 3076 7620
London + 44 020 7404 5959
natura@brunswickgroup.com

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Iconic Apparel Brands Ann Taylor, LOFT and Talbots Come Together as KnitWell Group

Sycamore
August 30, 2023

NEW YORK, NY (August 30, 2023) Sycamore Partners, a private equity firm specializing in consumer, distribution, and retail-related investments, today announced the formation of KnitWell Group (“KnitWell”), a new holding company comprising industry-leading apparel brands Ann Taylor, LOFT, and Talbots. Together, these brands generate more than $3 billion in annual sales. The Company will also continue to provide oversight and shared services to Lane Bryant, a leading plus-size women’s apparel brand. Together, these brands position KnitWell as one of the largest specialty apparel companies in the United States.

KnitWell’s name reflects the Company’s core belief that each strong brand is distinctive, but when put together they are a powerhouse retail organization dedicated to meeting customers where they are in their journey.

Lizanne Kindler, current Chief Executive Officer of Talbots, will lead KnitWell Group as Executive Chair and Chief Executive Officer. She is joined in the Office of the Executive Chair by a seasoned team of retail executives, and further supported by senior leaders at each of the brands – all of whom are dedicated to the unique needs of their customers.

“KnitWell is a collection of powerful brands that, in aggregate, have been providing customers with the fashions they want for nearly 300 years,” said Ms. Kindler. “Brands are propelled by a deep and meaningful connection with the customers they serve, and that is where we start and end each day. With that as our North Star, we know that this new structure will support our efforts to unite brands and people by providing greater resources and capabilities, economies of scale, and enhanced value. We are excited about the opportunities ahead and grateful for our more than 30,000 associates for being part of this next chapter.”

Stefan Kaluzny, Managing Director of Sycamore Partners, added, “Lizanne and the team have done an incredible job over the last decade reviving and growing these iconic American brands, first Talbots and most recently Ann Taylor and LOFT. The consistent and focused approach, which  leverages the replicable playbook this team has developed, is laying the foundation of success not only for the brands currently part of the KnitWell portfolio, but also for potential future brands. We look forward to our continued partnership with Lizanne and the entire team.”

Contacts

Sycamore Partners

Michael Freitag or Arielle Rothstein
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
media@sycamorepartners.com

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Ratos Company HL Display to acquire Akriform

Ratos

HL Display (HL) has signed an agreement to acquire Akriform Plast AB (Akriform), a producer of bulk bins and custom-made solutions for grocery retail and branded goods suppliers. The acquisition will strengthen HL’s leading position in Europe in the fast-growing segment of packaging-free merchandising and create a strong offer of custom-made solutions for customers in the Nordic markets.

Founded in 1980, Akriform has built a strong position as an expert in the production of bulk merchandising and custom-made solutions, providing high quality products to their customers. The company is based in Sollentuna, Sweden and has annual sales of 80 MSEK.

“HL Display’s successful growth journey continues. The acquisition of Akriform is completely in line with Ratos’ acquisition strategy where additional acquisitions in existing companies are an important part, and is another statement of strength in HL Display,” says Anders Slettengren, Chairman of the Board of HL Display and Executive Vice President, Ratos.

“Akriform has built an impressive reputation as a producer of custom-made retail solutions, thanks to a team of experts in design, development and production. The product portfolio is especially strong in the fast-growing segment of packaging-free merchandising where HL see increasing demand from both retailers, branded goods suppliers and shoppers across Europe. The merged product ranges will create a strong offer for our customers, supporting our position as the leading supplier of in-store communication and merchandising solutions for the grocery industry,” says Björn Borgman, CEO, HL Display.

The acquisition will be completed on 1 March 2023.

About HL Display
HL is a global leader in in-store merchandising and communication solutions, helping customers to create a better shopping experience around the world. Founded in 1954, HL today is present in more than 70 countries and solutions can be found in 330,000 stores, supporting customers to grow sales, inspire shoppers, drive automation, and reduce waste. The three customer segments are retail food, branded good suppliers and non-food retail.

The HL Display Group has its headquarters in Stockholm, Sweden and sales offices in 23 countries covering 39 markets as well as distribution partners covering the remaining markets globally. The five production facilities are located in Sweden, Poland, the UK and China and handle a variety of industrial processes, including plastics and metal fabrication, printing and assembly.The company has 1,100 employees and net sales of 1,900 MSEK. HL is a wholly owned subsidiary of the listed Swedish Business Group Ratos.

For more information, please contact:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21
Björn Borgman, CEO, HL Display, +46 72 264 17 90

About Ratos
Ratos is a business group consisting of 16 companies divided into three business areas: Construction & Services, Consumer and Industry. The companies have approximately SEK 32 billion in net sales (LTM). Our business concept is to own and develop companies that are or can become market leaders. We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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Carlyle provides c. £370m in debt financing for Caffè Nero

London, UK – 17 January 2022 – Global investment firm Carlyle (NASDAQ: CG) today announced that its Global Credit platform has provided a debt financing package of c. £370 million to support the refinancing and future growth of The Caffè Nero Group (the “Group”), a leading operator of premium coffee shops.

Founded over 20 years ago by Gerry Ford, who remains CEO today, The Caffè Nero Group operates four premium coffee house brands: Caffè Nero, Coffee #1, Harris + Hoole, and Aroma. The Group has over 1,000 stores across 10 countries, of which c. 750 are based in the UK, and employs more than 7,700 people, with over 5,600 of these individuals based in the UK.

As a result of this transaction, the Group has reduced its debt exposure while strengthening the company’s balance sheet and providing it with additional funds to support its growth plans. The ownership structure of the Group remains unchanged, with the majority shareholding remaining with Gerry Ford and his family and friends.

Gerry Ford, Founder & CEO of The Caffè Nero Group, said: “Our new capital structure will allow us to focus on future growth, and I very much look forward to working with Carlyle as we leverage their financial and strategic expertise to take the Caffè Nero brand to new heights.”

Taj Sidhu, Head of European Illiquid Credit at Carlyle, said: “We look forward to supporting Caffè Nero Founder & CEO Gerry Ford and his team in their next phase of growth. This transaction is a great example of Carlyle’s flexible capital and track record in privately negotiating capital solutions for founders and entrepreneurs.”

Merrill Goulding, a Managing Director in Carlyle’s Illiquid Credit platform, said: “We are delighted to partner with Caffè Nero, a much-loved high street brand thanks to its reputation for providing high-quality, premium coffee over several decades. We are excited to support the many growth opportunities that lie ahead for the company as it continues to capitalise on its competitive offering and market-leading positioning.”

Within Carlyle’s $66 billion Global Credit platform, its Illiquid Credit business pursues investments in privately negotiated capital solutions primarily for upper middle market borrowers, including both private equity sponsored and family or entrepreneur-owned companies.

ENDS

 

Media Contact:

Andrew Kenny
andrew.kenny@carlyle.com
+44 7816 176120

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 $293 billion of assets under management as of September 30, 2021, 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 more than 1,800 people in 26 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

 

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Baring Private Equity Asia and Alibaba Enter Partnership with The CrownX: Leads USD400mm Investment

Ho Chi Minh City, 18th May 2021 – Masan Group Corporation (HOSE: MSN, “Masan”) and a consortium led by Alibaba Group (“Alibaba”) and Baring Private Equity Asia (“BPEA”) today announced the signing of definitive agreements for the acquisition of a 5.5% stake in The CrownX (“TCX” or the “Company”) for a total cash consideration of USD400 million (the “Transaction”). The CrownX is Masan’s integrated consumer retail arm that consolidates its interests in Masan Consumer Holdings (“MCH”) and VinCommerce (“VCM”). The Transaction implies a pre-money valuation of USD6.9 billion for 100% of its equity, an equivalent of USD93.5 (c. VND 2,150,000) per share. Masan will own 80.2% of the Company post the consortium’s investment.

The formation of The CrownX last year brought together two industry leaders to form a consumer and retail powerhouse. As part of Alibaba’s investment, The CrownX will now partner with Lazada to build the Company’s digital presence and capabilities and accelerate the offline to online (“O2O”) market in Vietnam. With this partnership, the Transaction marks a shared vision across the Company’s shareholders that The CrownX has the potential to establish Vietnam’s first tech-enabled consumer ecosystem and expand its reach to serve consumers nationwide.

“This strategic partnership will accelerate our ability to achieve our goal of transforming The CrownX into a one-stop shop to serve consumers’ everyday needs, whether offline or online, “Point of Life”. Our immediate priority is to modernize Vietnam’s grocery market and develop an unparalleled consumer proposition from assortment to shopping experience,” said Danny Le, Chief Executive Officer of Masan Group. “I strongly believe that this partnership will reduce our learning curve and enable us to reach our endgame more efficiently and effectively”.

“The combination of Alibaba’s online retail expertise, Lazada’s e-commerce platform in Vietnam, and Masan’s leading offline network will be a strong catalyst to modernize Vietnam’s retail landscape. We look forward to building a champion offline-to-online platform alongside Masan,” said Kenny Ho, Head of Investment for Southeast Asia, Alibaba Group. 

“We are delighted to be partnering with Masan and Alibaba, and believe this strategic investment has the potential to supercharge The CrownX’s growth in a nascent retail market and create the largest consumer ecosystem in Vietnam. As a long-term investor in the country, we think Vietnam has a long runway for growth supported by strong macroeconomic tailwinds and attractive demographics,” said Janice Leow, Managing Director at BPEA. “The CrownX also has tremendous digital potential, particularly in e-commerce and data analytics. BPEA prioritizes digital transformation in all of our portfolio companies, and we look forward to working with the Company in its next stage of growth.”

As a part of the Transaction, VCM will enter a Strategic Cooperation Agreement (“SCA”) with Lazada, Alibaba’s South East Asia e-commerce platform:

  • VCM will be the preferred grocery retailer of choice on Lazada’s e-commerce platform in Vietnam
  • The parties will co-share know-how, co-develop analytics to develop grocery as a key online category
  • Transform VCM’s offline stores into pick-up points for online orders
  • Explore synergies between the respective parties’ logistics platforms for service and cost optimization for consumers

Grocery accounts for 50% of Vietnam’s retail market and 25% of consumer wallet share and is of essential daily use, but online penetration is still nascent. Masan has aspirations for The CrownX’s online Gross Merchandise Value to account for at least 5% of its total sales value in the upcoming years.

Credit Suisse (Singapore) Limited acted as the exclusive financial advisor to Masan Group. Deutsche Bank acted as the exclusive financial advisor to BPEA. The Transaction closing is subject to customary corporate approvals.

Masan is also in advanced discussions regarding a further strategic investment of USD300 – 400 million into The CrownX from other investors, expected to close in 2021.

MASAN GROUP CORPORATION

Masan Group Corporation (“Masan”) believes in doing well by doing good. The Company’s mission is to provide better products and services to the 100 million people of Vietnam so that they can pay less for their daily basic needs. Masan aims to achieve this by driving productivity with technological innovations, trusted brands, and focusing on fewer but bigger opportunities that impact the most lives.

Masan Group’s member companies and associates are industry leaders in branded food and beverages, branded meat, value-add chemical processing, and financial services, altogether representing segments of Vietnam’s economy that are experiencing the most transformational growth.

BARING PRIVATE EQUITY ASIA

Baring Private Equity Asia (BPEA) is one of the largest private alternative investment firms in Asia, with assets under management of USD23 billion. BPEA manages a private equity investment program, sponsoring buyouts and providing growth capital to companies for expansion or acquisitions with a particular focus on the Asia Pacific region, as well as dedicated funds focused on private real estate and private credit. The firm has a 24-year history and over 200 employees located across offices in Hong Kong, China, India, Japan, Australia, Singapore, and the US.

BPEA is a responsible investor that seeks to create value for all stakeholders through a sustainable approach to investing. The Firm is a signatory to the UNPRI (United Nations Principles for Responsible Investment) and is committed to action within its own business and the companies in which it invests to drive sustainability across a range of issues, from climate change to social concerns to effective governance.

For more information, please visit www.bpeasia.com.

ALIBABA GROUP

Alibaba Group’s mission is to make it easy to do business anywhere. The company aims to build the future infrastructure of commerce. It envisions that its customers will meet, work and live at Alibaba, and that it will be a good company that lasts for 102 years.

THE CROWN X

The CrownX is a consumer-retail platform that currently consolidates Masan’s interests in MCH and VCM. The company was established with the vision to become a “Point of Life” platform in order to provide more products and services to Vietnamese consumers online and offline.

CONTACTS:

Investors/Analysts

Tanveer Gill
T: +84 28 6256 3862
E: tanveer@msn.masangroup.com

Media

Van Pham
T: +84 90 9216 292
E: vanpth@msn.masangroup.com

For BPEA

Fergus Herries
T : +852 5970 3618
E : fergus.herries@newgate.asia

This press release contains forward-looking statements regarding Masan’s expectations, intentions or strategies that may involve risks and uncertainties. These forward-looking statements, including Masan’s expectations, involve known and unknown risks, uncertainties and other factors, some of which are beyond Masan’s control, which may cause Masan’s actual results of operations, financial condition, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You should not rely upon forward-looking statements as predictions, future events or promises of future performance.

 

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Alteri Investors bolsters senior team across investment and operations; expects increase in transaction opportunities

Alteri
  • Charlie Edwards (ex Caledonia Investments) to lead Alteri’s UK deal generation
  • Additional new hires further strengthen Alteri’s investment and operational expertise
  • Increased transaction opportunities anticipated as retail sector transitions into the ‘next normal’

London, 14th April 2021: Alteri Investors, the specialist investor in the European retail sector, today announces the appointment of Charlie Edwards as UK Investment Director.  Charlie joins from Caledonia Investments where he led multiple investments over the last 10 years with a focus on UK MBOs.  Prior to Caledonia, he spent eight years at KPMG, principally in Restructuring and Transaction Services.  Charlie will lead the generation, execution and management of Alteri’s UK deals.

Charlie’s appointment follows a number of other new hires, as Alteri further develops its operational expertise, extends its analytical capabilities and enhances its organisational effectiveness. Namely, Raul Portela (ex Helly Hansen, Triumph and Burberry) joined last year as Operating Partner alongside Antoine Laffont (ex Jefferies) and Borja Rosales (ex Rothschild), who joined as Associates.  Martin Bavinton (ex Oakley Capital) was appointed as General Counsel and Compliance Officer earlier this year.

Commenting on the appointments, CEO Gavin George said, “We have assembled a world-class team with real strength in depth across our investment and operations teams.  Our highly successful first fund underlined our ability to help retailers transform into thriving digitally-led businesses.  Now, with plenty of dry powder remaining in our second investment vehicle Alteri II, we are looking forward to partnering with management teams of retail businesses, as they emerge from the toughest 12 months the sector has ever seen.”

Charlie Edwards added, “I am really excited to join the team and help it build on its previous success. As the UK retail sector transitions to the ‘next normal’ post Covid, there will be some really exciting investment opportunities ahead with great value creation potential.”

Contact: Maitland/AMO

Clinton Manning, Sam Cartwright 020 7379 5151

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