Tag: Exit

LIVINGBRIDGE SELL A MAJORITY OF ITS STAKE IN MORTGAGE FINANCE SPECIALIST ENRA

 

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Livingbridge today announces that it has reached an agreement to sell the majority of its stake in the ENRA Group, the specialist provider of mortgage finance, to Exponent Private Equity.

ENRA lends and brokers short term bridge mortgages as well as distributing specialist second charge and buy-to-let products. Livingbridge first invested in ENRA in 2014 and provided follow on investment to fund the acquisition of West One Loan limited. The business has enjoyed strong growth on the back of its bespoke manual underwriting process that allows it to offer a superior customer centric approach. ENRA is unique in both lending from its own balance sheet and placing loans with external investors via its West One platform, in addition to operating a leading master broker under the Enterprise brand.

Danny Waters, CEO of ENRA, said: “ENRA is well positioned to continue to offer innovative solutions to customers in a market that is evolving at a rapid pace. Over the last three years we have invested in infrastructure and people and it is very pleasing to see the return of that investment. The partnership with Livingbridge has been very rewarding and their support has allowed the business to grow five-fold in just 3 years.”

Shani Zindel of Livingbridge said: “We are very proud of our investment in ENRA. Danny and the team have done a fantastic job. The business has grown from a niche broker of loans to a leading provider of lending solutions – organically and through the acquisition of West One Loans. The investments made in people, IT, sales and marketing have yielded extremely impressive results – ENRA has grown successfully on every level. We are pleased to be able to continue as shareholders and look forward to the next stage of growth.”

CITIC EXITS KING KOIL to ADVENT

 

CITIC Capital Partners has sold King Koil China to Advent International. No financial terms were disclosed. BDA Partners provided financial advice to CITIC on the transaction. King Koil China is a maker and seller of mattresses in China.

PRESS RELEASE

(Shanghai, 01 November 2016) CITIC Capital Partners, the private equity arm of CITIC Capital Holdings Limited, is pleased to announce that its fund has completed the sale of its controlling stake of King Koil Shanghai Sleep System Co., Ltd (“King Koil China” or “the Company”) to Advent International. The investment was made through CITIC Capital China Partners II, L.P., its second China-focused buyout fund. Terms of the transaction were not disclosed. BDA Partners acted as exclusive financial advisor to CITIC Capital Partners.

Based in Shanghai, King Koil China is a manufacturer and retailer of premium mattresses in China and the exclusive licensee of several international mattress brands such as “King Koil”, “Aireloom”, and “Life Balance” in China. King Koil, a leading US brand founded in 1898, is one of the best-known premium mattress brands globally and is well-recognized by Chinese professionals. The Company is also the leading player in supplying premium sleep products to luxury hotels in China.

CITIC Capital Partners acquired King Koil China in June 2014. Over the past two years, CITIC Capital Partners has focused on growing the Company’s business through expansion of its retail coverage, strengthening its brand recognition, streamlining operational systems and establishing stronger alliances with leading retailers and shopping mall developers by leveraging CITIC Capital’s resources. With the support of CITIC Capital Partners, King Koil China has successfully expanded its business in China market and further enhanced its industry leadership. King Koil China has recently established its first flagship store at a shopping mall in Shanghai and has been voted as the top luxury hotel supplier by frequent travellers.

Yichen ZHANG, Chairman and CEO of CITIC Capital Holdings Limited, said: “It has been our pleasure working with the management and other shareholders of King Koil China in the last two years. Under CITIC Capital Partners’ ownership, King Koil China has demonstrated robust growth and profitability, especially in the key hotel contract and retail sector markets. We believe King Koil will continue to see tremendous growth potential on the back of a solid foundation and the support and resources of the new partner.”

Stephen WANG, CEO and Co-founder of King Koil China said, “We would like to thank CITIC Capital Partners for its contribution to our business in the past and are delighted to welcome such an experienced and growth-oriented private equity firm as our new investment partner. The mattress market in China is large and fragmented, but growing.

With Advent’s support, we will continue to focus on our core competencies that drive growth and operational efficiency, allowing us to consolidate the market and further increase both our footprint and market share in the premium mattress segment.”

king-koil

About King Koil Shanghai Sleep System Co., Ltd.
Established in Shanghai in 2000, King Koil Shanghai Sleep System Co., Ltd. is a manufacturer and retailer of premium mattresses in China and is the exclusive licensee of several international mattress brands such as “King Koil”, “Aireloom”, and “Life Balance” in China. King Koil, a leading US brand founded in 1898, is one of the best-known premium mattress brands globally and has received many prestigious distinctions, including endorsements from the International Chiropractors Association (ICA) and the Foundation for Chiropractic Education and Research (FCER).

About CITIC Capital Holdings Limited
Founded in 2002, CITIC Capital Holdings Limited is an alternative investment management and advisory company. The firm manages over USD7.9 billion of capital from a diverse group of international institutional investors. Core businesses include Private Equity, Real Estate, Structured Investment & Finance, Asset Management and Venture. CITIC Capital currently employs over 200 staff members throughout its offices in Hong Kong, Shanghai, Beijing, Shenzhen, Tokyo and New York.

About CITIC Capital Partners
CITIC Capital Partners, the private equity arm of CITIC Capital Holdings Limited, operates in China, the United States and Japan, and currently manages USD3.6 billion of committed capital on behalf of over 60 international investors. CITIC Capital Partners’ funds invest globally and work with management teams to help companies realise their full potential.

CAPITON EXITS ZYTOSERVICE GROUP

 

About the company:

ZytoService is a leading pharmaceutical company that produces parenteral infusion solutions which are customised to individual patients’ needs. These solutions are primarily used in oncological treatment. The company operates state-of-the-art cleanroom laboratories at its principal site in Hamburg, where it focuses on the preparation of pharmaceutical products, tailored to individual patients. capiton invested in the company in August 2008 during a round of growth financing. The company has enjoyed significant growth in recent years, both organically and through acquisitions. Sales have more than quadrupled during the period of capiton’s investment.

zytoAbout the transaction:

As part of this transaction, which has now been signed and which is still subject to regulatory approvals, capiton is selling its shares in Zyto Service to IK Investment Partners. The parties to the transaction have agreed not to disclose financial details of the transaction. capiton was advised by Ferber (M&A), Clifford Chance (Legal) and Deloitte (Financial) with respect to this transaction.

LIVINGBRIDGE EXITS CORPORATE TRAVEL MANAGEMENT COMPANY REED & MACKAY

 

reed-and-mackayLivingbridge and ECI Partners (‘ECI’) have announced the sale of Reed &
Mackay to Inflexion generating a multiple of 3.4x cost to investors.

Reed & Mackay is a premium corporate travel management company delivering a personalised service through cutting edge technology. Its strategic travel management services focus on law firms, insurance companies, finance houses and the Energy Sector. More recently it has opened offices in Scotland, the US and the UAE. Reed & Mackay also provides an industry leading Event Management service. In the year to March 2016 Reed & Mackay handled nearly 600,000 client travel transactions.

Livingbridge first invested in Reed & Mackay in 2005 before undertaking a reinvestment with ECI in April 2011. Over this period the business has been transformed through investment in people and technology and has delivered consistent, profitable growth. Since the reinvestment in 2011 highlights include:

  • The client base has grown over 68% (a CAGR of 14%) to nearly 500;
  • A 97% client retention rate demonstrating the high quality service and value that the whole team at Reed & Mackay delivers daily to its clients;
  • Total transaction value passed £200m for the first time in 2014 and is set to reach almost £250m in 2016;
  • EBITDA has more than doubled, growing at a CAGR of 15% over the last 5 years;
  • Employment has grown from c.250 in 2011 to what will exceed 400 by the end of 2016;
  • Development of proprietary technology tools including a market leading online booking tool, traveller app and travel risk management platform;
  • Wholly owned offices opened in Scotland, the US and the UAE, further enhancing the platform for international growth.

The business is now ideally placed to take its market leading service proposition to an increasingly international audience with support and funding from Inflexion.

Fred Stratford, CEO at Reed & Mackay commented: “It has been an enjoyable and rewarding few years working with ECI and Livingbridge to help strengthen Reed & Mackay’s International footprint and to develop the value proposition in line with client demand. We have achieved a huge amount together and now I look forward to working with Gareth Healy, Mark Williams and the team at Inflexion on our next phase of growth.”

Chris Watt, at ECI, commented: “We wish the team every success for the future. It has been a pleasure working with Fred, his team at Reed & Mackay and Shani at Livingbridge, over the past five years and to see the company develop into a world class business that is genuinely differentiated in its field.”

Shani Zindel, at Livingbridge, commented: “It has been fantastic to have been part of the Reed & Mackay growth story over the last 11 years, a period that has seen them flourish as a market leader in strategic travel management for blue chip organisations. We have been proud to partner with Reed & Mackay over this period, and it’s been a pleasure to work with ECI since 2011. We wish the Reed & Mackay team the greatest success for the future.”

CAPITON EXITS FLEXIBLE PACKAGING BUSINESS SCHUR FLEXIBLES TO LINDSAY GOLDBERG AND MANAGEMENT

 

The Schur Flexibles Group, headquartered in Baden, Austria is a European market leader in the flexible packaging industry. The company was created over the past five years by capiton and the CEO and co-owner Jakob A. Mosser, in the context of a buy-and-build concept.

schur-flex

Today, the group consists of twelve companies with eleven production sites in Germany, Finland, Denmark, Holland, Poland, Slovakia and Greece. In 2015, the group generated sales of almost € 370 million and employed more than 1100 staff.

The product portfolschur-picturesio of the company consists of specialized high value added flexible packaging solutions for the food, tobacco and pharmaceutical markets. The company also covers the entire value chain of the packaging industry, from raw material sourcing to extrusion, printing, lamination and converting.

capiton acquired the first company of the group, CFS Dixie GmbH, in December 2011. The nucleus of the group was then purchased in early 2012 with the take-over of the Schur Flexibles Division (four companies) from Schur International (Denmark). Five further businesses were acquired until the end of 2014 to create the Flexibles business that exists today. In 2014 PS Polymer Sourcing, Warburg Germany was founded as an additional separate business unit.

As part of the share sale signed now, the shareholders of Schur Flexibles have sold their shareholdings to Lindsay Goldberg, represented in Europe by Lindsay Goldberg Vogel, and the management team. The new owners intend to continue the successful buy and build concept through the acquisition of further target companies, some of which have already been identified.

CAPITON EXITS PREMIUM TEXTILE MANUFACTURER POLI-TAPE GROUP TO BITBURGER HOLDING

 

POLI-TAPE is a globally leading, innovative manufacturer of premium textile transfer foils and foils for plotting, lamination and digital printing. POLI-TAPE Klebefolien GmbH in Remagen and its subsidiaries in the USA and Italy are part of the POLI-TAPE Group.poli-tape

The company has enjoyed constant growth over recent years. Following extensive investment, primarily in production, turnover has been increased by more than 50% during capiton’s period of involvement.

capiton acquired a minority interest in the POLI-TAPE Group in March 2011.

With the transaction now been signed, capiton is selling its shareholding in the POLI-TAPE Group to Bitburger Holding. The transaction is still subject to the approval of the antitrust authorities. The parties have also agreed not to disclose further details of the transaction.

INNOVA EXITS BATHROOM MARBLE PRODUCER MARMITE TO CRANEMERE LTD

 

On 12 May 2016 Innova together with other minority shareholders sold their stakes in Marmite – the leading European cast marble sanitary ware manufacturer – to Cranemere Ltd. in one of the biggest deals in Poland this year.

Innova purchased a controlling stake ingfx_logo Marmite from its founder Roger Johansson, in 2010. Under the leadership of CEO Robert Rutkowski and his team, the Company pursued its strategy of European expansion, product and material innovation and operating improvements, further extending its leadership position on the European market.

Business transformation and founder succession

During its holding period Innova helped steer through the transition from founder to a world-class management team. During 2010-2016 Marmite built a pan-European sales force, improved productivity and capacity in its Poznan production plant, and developed a top-class design capability recognized by the international iF, Red Dot and AꞋDesign Awards.

With ca. EUR 50m of annual sales and the majority of its products sold for export, Marmite is the leading European producer of cast marble sanitary ware and the only supplier capable of meeting the highest standards of the largest and most demanding European customers in terms of volume, quality and just-in-time delivery. “Marmite is a truly world class company, headquartered here in Poland. We are delighted.” said Olivier Weddrien – Head of Cranemere’s European activities. “Innova seeks high-value-added manufacturing businesses that can establish leadership not just in Poland, but across Europe. We are therefore very proud of what has been achieved by Marmite” responds Rob Conn, Innova’s Founding Partner.

This is the 9th Founder Succession deal in which Innova takes a majority stake and partners with business founders to build their company “to the next level”. “Innova was my partner of choice, and I am very happy with our partnership and what has been achieved over the last five years”, said Roger Johansson, Marmite’s founder.

Exit

Cranemere Ltd. purchased a 100% stake in the Company.

About Marmite

Marmite is the leading European manufacturer of washbasins, shower trays and bathtubs made of cast marble. The company brings together natural mineral materials, sophisticated technology and develops efficient cast marble innovations. Marmite has 40 years of industry experience, hires over 550 employees and uses its 7 fully organized production lines with a total capacity of 1.4m units/year to manufacture products for more than 200 clients from nearly 40 different countries.