GBUK Group acquires Intervene Group to strengthen Enteral divisionRead more »
GBUK Group acquires Intervene Group to strengthen Enteral division
H2 Equity Partners (“H2”) is pleased to announce that portfolio company GBUK Group (“GBUK”) has acquired Intervene Group (“Intervene”) in a transaction that has further strengthened GBUK’s Enteral market proposition.
Intervene, based in Markham Vale, has successfully built a strong market position with a niche offering of enteral products in the UK and with a significant sales presence in Europe. The acquisition of Intervene adds a further £8.5 million of Enteral sales to GBUK, of which c50% is overseas, as well as strengthening the R&D function enabling enhanced new product development.
The acquisition of Intervene marks the continued investment in GBUK by H2 and the ongoing focus on delivering the strategic plan developed by H2 and the management team. The combined group will continue to focus on expanding its niche product offering as well as continue to grow its export business both autonomously and via buy-and-build acquisitions.
H2 were supported in the transaction by Squire Patton Boggs providing legal advice with PwC performing financial due diligence. Yorkshire Bank provided additional facilities to finance the transaction on top of existing financing and working capital facilities.
About GBUK Group
GBUK Group, based in Selby – Yorkshire, employs 72 FTE’s and has seen turnover growth of 15% per annum in recent years. FY17 sales are estimated to amount to £35 million. GBUK supplies a wide range of Enteral and Critical Care medical consumable products to the NHS and international markets, with sales to all 657 Acute Care Trusts in the UK. H2 invested in GBUK alongside its founder and the management team in November 2015.
H2 Equity Partners enters into partnership to acquire TB&CRead more »
H2 Equity Partners enters into partnership to acquire TB&C
H2 Equity Partners (“H2”) is pleased to announce that it has entered into a partnership with Derk te Bokkel and made a significant equity investment in TB&C Investments B.V. to acquire 100% of TB&C Holding GmbH and its subsidiaries (“TB&C”), a global supplier of hybrid components for automotive sunroofs.
H2 will support Derk te Bokkel (CEO) and his management team in realizing TB&C’s strategy and ambitious international growth plans. Together with H2 as a new investor, TB&C is well positioned to consolidate its global leadership position in hybrid outsert components for premium automotive sunroof products.
Gert Jan van der Hoeven, Managing Partner of H2 Equity Partners, comments: “TB&C enjoys both a leading market position and strong growth potential. H2 is impressed with the company’s leading edge technology, highly innovative products, and worldwide manufacturing footprint. We look forward to supporting TB&C, its management and its employees in the next phase of growth.”
Derk te Bokkel, CEO TB&C, comments: “TB&C is glad to have found a strategic thinking partner to assist in implementing its ambitious international growth strategy. H2 is also a guarantee for management continuity as no successor within the family is available. During the due diligence phase, we have already benefited from the in-depth discussions with H2, and experienced a high degree of understanding with regards to our business model. We are looking forward to further develop the company together.”
TB&C is a leading global manufacturer of hybrid components for premium automotive sunroof products, such as sunroof mechanisms and wind deflectors, catering both to Tier I automotive sunroof suppliers as well as directly to vehicle manufacturers. In addition, the company also manufactures hybrid products for consumer goods, medical and industrial customers. The company was founded in 1982 and was acquired in 2004 by Derk te Bokkel and Hartmut Groos, together with several minority shareholders. TB&C’s niche products are manufactured using “outsert” technology, whereby two- or three-component plastics are molded to the outside of a multi-stage, metal-stamped chassis. This leading edge technology enables complex functionality of the products, high precision and tolerance applications, and significant weight and cost reduction while realizing high volume series production. TB&C headquarters and technology center are located in Herborn (Germany), with production facilities in Herborn (Germany), Puebla (Mexico), Arad (Romania) and Suzhou (China). In 2016, TB&C had ~ 450 employees and generated sales of ~ € 60 million. For more information, please visit http://www.hybrid-technologies.com.
H2 Equity Partners announces new £200 million fundRead more »
H2 Equity Partners announces new £200 million fund
H2 Equity Partners (“the Firm”) is pleased to announce the launch of the investment period of H2 Equity Partners Fund V (the “Fund”). The Fund held a first and final close at the hard-cap of £200 million in March 2016.
H2 Equity Partners Fund V is H2’s first £ denominated fund and will – compared to previous H2 funds – focus more on making investments in the United Kingdom and Ireland as well as in the Benelux. The Fund’s institutional investors are based across Europe, the US and Asia and include endowments, pension funds, funds-of-funds and international financial institutions. In addition the H2 investment team has made a large commitment to the Fund. The entire fundraising process was completed within an eight week period. No placement agent was involved. Loyens & Loeff acted as legal counsel.
Established in 1991 with offices in London and Amsterdam, H2 is a leading independent investment firm focused on making investments in medium-sized companies with significant growth or improvement potential. H2’s three main deal-types are:
- Corporate Carve-Outs,
- Profit Improvement and Growth situations that can benefit from H2’s hands-on approach and
- Special Situations
Over the last 25 years the team has built an exceptional track record of acquiring, stabilising, strengthening and growing fundamentally attractive businesses. H2 will continue to invest in companies across all sectors, that have strong market positions and competitive advantages, which can benefit from the extensive international operating experience of the Firm’s professionals. With the establishment of the new Fund the Firm increases its reach, expediency and financial flexibility.
H2 Equity partners and Klaas Puul enter into partnershipRead more »
H2 Equity partners and Klaas Puul enter into partnership
H2 Equity Partners (“H2”) has acquired a controlling stake in Klaas Puul, a Dutch shrimp processing business. Parties have reached an agreement in which H2 will become the majority shareholder with the remaining equity split between the founding Mooijer family and management.
Klaas Puul will execute its growth strategy with its new leadership team consisting of Maiko van der Meer (CEO) and Sander van den Berg (CFO). The focus will be on international expansion, new product development and improving the company’s operational performance.
Commenting on the transaction, Evert Mooijer, the current owner of Klaas Puul, said: “Klaas Puul has a lot of untapped potential, but there are no successors within the family. Together with H2 we want to realise this potential and position ourselves as an even better partner to our customers, suppliers and employees.”
Maiko van der Meer, the new CEO of Klaas Puul, commented:
“I am looking forward to working at Klaas Puul with Sander van den Berg and the wider the team. Together we will continue to grow the company whilst retaining its distinctive and sustainable product offering for our customers.”
Rutger Jan Vlek, Investment Director at H2, commented:
“Klaas Puul has a strong market position and a lot of operational improvement and growth potential. Together with the Mooijer family, the management and all of the employees, we will realise this potential. Working with a founding family, to reinforce and grow their business by providing capital and active support, is a typical investment for H2.”
About Klaas Puul
Klaas Puul is a leading shrimp processor with headquarters in Volendam, the Netherlands and production sites in the Netherlands, Belgium, Germany, Denmark and Morocco. The company was founded in 1968 and over the past 50 years the Mooijer family has overseen its successful expansion. Klaas Puul is known for its high quality products, broad product range and excellent service levels. In 2015, the company had c.3500 employees and generated sales of almost € 200 million. For more information please visit: www.KLAASPUUL.com
H2 Equity Partners wins the Award of Best European Turnaround InvestorRead more »
H2 Equity Partners wins the Award of Best European Turnaround Investor
H2 Equity Partners (“H2”) is proud to announce that is has been awarded the Gold Award 2015 for Best European Turnaround Investor by the Private Equity Exchange & Awards on 3rd December in Paris.
This is the second award H2 Equity Partners has received in as many weeks, recognising our differentiated approach and high levels of exit and investment activity during 2015.
The Best European Turnaround Investor Gold Award 2015 has been awarded by a jury of 80 top Limited Partners and asset management professionals. The dozen strongest and most active turnaround investors in Europe were nominated. H2 was selected on the consistency of the investment approach and successes, which is a function of the broad and strong team.
Gert Jan van der Hoeven, Founder and Managing Partner:
“We are delighted that the H2 team has received this European acknowledgement for our consistent hard work and strong results. We want to thank all of you who have supported us in this”.
H2 Equity Partners agrees to invest in GBUK Group LimitedRead more »
H2 Equity Partners agrees to invest in GBUK Group Limited
H2 Equity Partners (“H2”) is pleased to announce that it has agreed to acquire GBUK Group Limited (“GBUK”), a leading UK provider of medical consumables for the enteral & critical care market.
GBUK, based in Selby – Yorkshire, employs 70 FTE’s and has seen significant turnover growth in recent years. GBUK supplies a wide range of Enteral and Critical Care medical consumable products to the NHS, with sales to all 657 Acute Care Trusts in the UK. GBUK has a unique approach to the market with a wide product range which has enabled the business to grow at an impressive pace. H2 believe that these attributes will allow the business to continue to grow strongly and gain further market share in the coming years.
H2 Equity Partners plans to build on GBUK’s strong position in the medical consumables market to take the company forward. H2 and management will work together to expand the product range, increase penetration of existing and new customers. H2’s investment will support GBUK on its current organic growth trajectory whilst also allowing the business to target new opportunities both in the UK and abroad via both organic expansion and further complimentary acquisitions to strengthen the business.
H2 were supported in the transaction by Squire Patton Boggs providing legal advice with PwC and CIL performing financial and commercial due diligence respectively. Eversheds in Leeds and BCMS Corporate Finance represented the vendor. Yorkshire Bank provided acquisition financing as well as further working capital facilities.
H2 Equity Partners to sell Lunch Garden to Bregal FreshstreamRead more »
H2 Equity Partners to sell Lunch Garden to Bregal Freshstream
H2 Equity Partners (“H2”) and its co-shareholders are pleased to announce that they have agreed to sell Lunch Garden (“Company”), a leading Belgian self-service restaurant chain, to Bregal Freshstream.
Lunch Garden operates 71 restaurants in Belgium positioned for the value segment and offers a traditional Belgian menu. All the restaurants are located at strategically attractive locations with high traffic. The Company employs approximately 1,300 employees and generated a branded turnover of circa € 120 million in 2014.
H2, in close cooperation with management, has initiated and directed the repositioning of Lunch Garden. Over the last five years, the Company has invested in the refurbishment and expansion of the restaurant portfolio. In the meantime step changes were made in the menu proposition, the management of the primary costs such as food costs and labor costs, and the marketing approaches of the Company.
After these structural improvements the Company is now a market leading restaurant chain with strong profits and cash-flow. Lunch Garden, with the support of its new owners, is well positioned to continue on its growth trajectory.
The transaction is expected to close early next year after approval by the Belgian competition authorities.
H2 was supported by: DC advisory, Deloitte and Roland Berger for (vendor) due diligence and by Ambos for legal matters.
H2 Equity Partners agrees to sell Isero to Grafton Group plcRead more »
H2 Equity Partners agrees to sell Isero to Grafton Group plc
H2 Equity Partners (“H2”) is pleased to announce that it has agreed to sell Isero B.V. (“Isero”), the leader in the Dutch ironmongery distribution market, to Grafton Group plc (“Grafton”), a London listed FTSE250 building materials supplier with activities in the United Kingdom, Ireland and Belgium.
Isero, the leading specialist distributor of tools and fixings which trades from 38 branches in The Netherlands and online sales. Isero offers high service and deep product expertise. The company operates under four brand names: Gerritse IJzerwaren, Breur Ceintuurbaan, Van der Winkel and Pijnenburg. Isero has realised sales of circa €89 million in 2014.
During H2’s period of ownership, Isero doubled in size via the opening of new branchesand a number of selective add-on acquisitions. The company has transformed from a family owned, medium-sized business into a market leading player with strong management and best-in-class systems and processes. Isero and its new owner are planning to continue the current successful growth strategy based on the same unparalleled high service to Isero’s customers.
H2 was advised by ABN AMRO as corporate finance advisor. Houthoff Buruma acted as legal advisor and Deloitte acted as financial and tax advisor.
Awaiting completion of the usual condition of co-decision procedures, it is expected that the transaction will close before the year end.
H2 Equity Partners wins investor of the year 2015 at the institute for turnaround awardsRead more »
H2 Equity Partners wins investor of the year 2015 at the institute for turnaround awards
H2 Equity Partners (“H2”) is pleased to announce that it has been awarded the Investor of the Year Award 2015 at the recent Institute for Turnaround (IFT) awards held at the Hotel Russell on 24 November.
The Investor of the Year Award comes on the back of a strong year for H2 in the UK with the successful Main Market IPO of Eurocell in March followed on by the exit of Ballast Phoenix in June.
Both investments delivered a strong return on investment after a rapid and sustained delivery of the value creation plans which in both businesses resulted in a significant increase in profitability and cash generation after only a short hold period of 18 months in the case of Eurocell and less than 12 months for Ballast Phoenix.
Christine Elliot, CEO of the Institute for Turnaround, said:
“We look at the evidence to assess the winner’s commitment to consistent high standards of behavior, showing understanding and practical support in challenging circumstances, and sharing the risks that the customers so keenly feel.
H2 Equity Partners showed real evidence of operational turnaround in an unloved asset that has been turned into a profitable company, on an impressive scale, with great value creation.”
Patrick Kalverboer, Managing Partner at H2 commented:
“The Institute for Turnaround Investor of the Year award is a great acknowledgement for H2 Equity Partners and we very much appreciate the recognition for our approach to value creation and the work we have been doing.”
H2 Equity Partners agrees to sell Dümmen Orange to BC PartnersRead more »
H2 Equity Partners agrees to sell Dümmen Orange to BC Partners
H2 Equity Partners (‘H2’) is pleased to announce the sale of Dümmen Orange to BC Partners, a leading private equity firm. Dümmen Orange is the global leader in the floricultural breeding sector, with a broad portfolio of 3,500 proprietary varieties of cut flowers, pot and bedding plants.
Dümmen Orange’s core business is the development of flower varieties with differentiating characteristics for growers, retailers and consumers, and it produces cuttings which are then supplied to growers globally. Leveraging distinctive capabilities in innovative breeding technologies, a global commercial network, unmatched production scale, and a successful track record of value-creating acquisitions, Dümmen Orange is leading the consolidation of the floricultural breeding sector. Headquartered in De Lier in the Netherlands, with production farms in Central America and East Africa, and commercial presence in all key end-markets, Dümmen Orange employs 5,600 people globally.
H2 created the basis for Dümmen Orange in 2010 by acquiring Agribio from Kirin Holdings LLC. The at that time unfocused portfolio of activities was quickly streamlined into a business purely focused on floricultural breeding. During H2’s holding period Dümmen Orange invested heavily in the strengthening of management, organization and R&D. The current management of Dümmen Orange is highly experienced and has a unique track record in floricultural breeding and adjacent industries. In 2011 a strategic interest was acquired in Genetwister, whereby Dümmen Orange entered the space of advanced breeding techniques. The company became the clear consolidator in the fragmented floricultural breeding industry, evidenced by in total 9 acquisitions since 2010 including a merger with German family owned Dümmen Group in 2013. Today Dümmen Orange is ready to enter the next growth phase focused on bringing value added innovation to grower, retailers and customers and an acceleration of the industry consolidation.
H2 was advised by William Blair as corporate finance advisor. Houthoff Buruma acted as legal advisor and Deloitte acted as financial and tax advisor.
Awaiting regulatory approvals, it is expected the transaction will close soon.
H2 Equity Partners agrees to sell Ballast PhoenixRead more »
H2 Equity Partners agrees to sell Ballast Phoenix
H2 Equity Partners agrees to sell Ballast Phoenix and generates a strong return on its investment within 12 months (15 June, 2015)
H2 Equity Partners (“H2”) is pleased to announce that it has agreed to sell its shareholding in Ballast Phoenix Limited (“Ballast Phoenix”), the UK’s market leading Incinerator Bottom Ash recycling group, to Waterland Private Equity.
Ballast Phoenix, based in Bourne – Lincolnshire, employs ca. 90 FTE and has seen significant growth during the last 12 months. The company processes and recycles the ashes produced by Energy from Waste (“EfW”) plants and creates sustainable IBA aggregates, thus avoiding any requirement for the use of landfill.
During H2 Equity Partners’ period of ownership, Ballast Phoenix secured a significant number of new long-term contracts and is expanding the number of recycling and IBA processing plants from 7 to 12. The company has embarked on the largest capital expenditure program in its history and secured its position as the market- and sustainable technology leader in the UK market. The cooperation of the management team and H2 has delivered this growth well ahead of schedule and established Ballast Phoenix as a truly stand-alone company with a clear visibility on the future growth prospects and the cash flows of the business. These actions combined with the strong underlying market growth and positive outlook for the sector have allowed H2 Equity Partners to realise its envisaged return within a 12 month period.
H2 Equity Partners acquires Brink GroupRead more »
H2 Equity Partners acquires Brink Group
H2 Equity Partners (“H2”) has reached an agreement with Nordic Capital to acquire Brink Group B.V. (“Brink”), a leading manufacturer of towbars. H2 will support the company in its further development and growth.
Brink is one of the global market leaders in towing systems. Brink develops, manufactures and sells fixed, detachable and retractable towbar systems in all major Western European aftermarkets and internationally to all major car manufacturers. Brink has approximately 600 employees in seven countries and five manufacturing locations in the Netherlands, France, UK and South Africa.
Gerrit de Graaf, CEO of Brink Group, comments:
“We are pleased with this important step in the history of Brink Group. H2 is a leading European investment company with a hands-on attitude, connecting well with our ambition. The direction of the company set in the recent years, to provide and support our OE and AM customers with a ‘perfect fit’, will be rolled out further.”
Brink Group is a spin-off of the towbar division from Thule Group. The company is expanding and strengthening its leading role in the European tow bar market through a focus on innovation, marketing and product development. Management and H2 see substantial opportunities to further develop Brink Group in its current core business and adjacent areas.
The transaction is subject to approval of various conditions, including clearance of relevant competition authorities.
H2 Equity Partners acquires majority stake in MylerRead more »
H2 Equity Partners acquires majority stake in Myler
H2 Equity Partners acquires majority stake in Myler and realises first bolt-on acquisition. H2 Equity Partners (“H2”) is pleased to announce the investment in Myler, a market leading, rapidly growing online staffing platform for highly educated, independent (IT) professionals.
Myler provides innovative staffing services by directly connecting corporate managers with professionals via an online ‘Branded Network’. Myler, based in Utrecht (The Netherlands), has circa 1000 professionals at work and has annual revenues of ca. €80 million. Myler aims to be the best solution for organisations in providing the most suitable independent professionals for their IT projects in a highly efficient manner. In addition, Myler aims to be the number one platform and network for independent, specialised IT professionals by having the broadest and most attractive offering of potential assignments. Founder and CEO Toon van Bodegom remains shareholder of Myler and will continue to drive the further growth and development of Myler together with H2. Besides autonomous growth, the plan is to accelerate Myler’s growth through selective bolt-on acquisitions.
A first important step in the further growth of the platform is the acquisition of Jenrick. Jenrick, based in Culemborg, is also a staffing company of independent professionals focused on the IT segment and is of similar size as Myler. Jenrick is specifically strong in the non-profit-, technology-, finance- and telecom sector. The combined company will be able to offer a broader portfolio of staffing and other services to its corporate customers and independent professionals.
Both the acquisition of Myler and Jenrick are still subject to the approval of the Dutch competition authority ACM.
Eurocell PLC lists on the main market of the London Stock ExchangeRead more »
Eurocell PLC lists on the main market of the London Stock Exchange
H2 Equity Partners (“H2”) is pleased to announce that it’s portfolio company Eurocell PLC (“Eurocell”), the UK’s leading manufacturer and distributor of PVC-u profiles and roofline products, has listed its shares on the Premium Segment of the London Stock Exchange with unconditional trading commencing on March 9, 2015 using the ticker “ECEL”.
Eurocell generates over £170 million in sales and offers employment to ca. 1,000 FTE. Eurocell’s main manufacturing sites and head office are based in Alfreton, Derbyshire. The company’s Eurocell Profiles division is a leading manufacturer in PVC-u profiles for windows, doors and conservatories as well as roofline products. Eurocell Profiles supplies leading (window) fabricator customers throughout the UK as well as the Building Plastics division of the Group. Eurocell Building Plastics distributes roofline building product and associated products via a network of ca. 130 branches throughout the UK and Ireland; it is the largest specialist building plastics distributor in the country and has grown significantly over recent years.
Eurocell turnover and profitability has greatly improved since the investment by H2 Equity Partners in 2013. The company has stepped up its investment pace and branch roll-out program to accommodate for further growth.
For Eurocell, the listing on the London Stock Exchange represents the next step in the company’s development; while the listing allows H2 Equity Partners to partially realise some of its capital gains whilst retaining exposure to Eurocell and its attractive continuing growth prospects.
H2 Equity Partners acquires majority stake in NRS HealthcareRead more »
H2 Equity Partners acquires majority stake in NRS Healthcare
H2 Equity Partners (“H2”) is pleased to announce that it has invested in NRS Healthcare (“NRS” or the “Company”).
H2 partially bought out existing shareholder LDC, a mid-market private equity investor, and has become the majority shareholder in the Company. LDC will retain a minority investment in the Company, alongside the incumbent management team.
NRS Healthcare is a market leading outsourced provider of specialist community healthcare equipment and services to the NHS and local authorities. The firm’s products and services enable people with mobility issues to be self-sufficient within the home either to delay or prevent more expensive residential or acute care. Based in Leicestershire, NRS employs 734 employees across the UK and is forecast to generate sales of £132 million in current financial year.
H2 intends to build on NRS’s market leadership of a sector that has been growing strongly due to outsourcing of care services and the demands of an ageing population. H2 will support the Company’s growth by working with the management team to develop the lead provider model and retail proposition.
Commenting on the transaction, Phil Isherwood, CEO at NRS Healthcare, said:
“We are excited to bring H2 on board as investors and are looking forward to the next phase of the Company’s growth, where we will focus on developing our proposition and the range of products and services we can offer our customers”.
H2 Equity Partners receives "Operational Excellence" award for Jet Group investmentRead more »
H2 Equity Partners receives "Operational Excellence" award for Jet Group investment
H2 Equity Partners (“H2”) are pleased to announce that they have received the “Operational Excellence” award from Private Equity International in the category lower mid-market EMEA for the investment in JET Group.
H2 received the award for its active role in supporting management in integrating three former individual companies into one strong group, optimising its manufacturing footprint, improving organic growth and realising international expansion of JET. As a result both revenue and EBITDA of the company increased substantially during H2’s holding period. H2 exited JET Group successfully earlier this year.
The winners of the Private Equity International Operational Excellence Awards have been selected by a panel of industry and private equity experts across several regions. H2 aims to build on its 23 year track record to deliver strong returns for our investors and provide hands on support for our portfolio companies.
H2 Equity Partners sells WorkxRead more »
H2 Equity Partners sells Workx
H2 Equity Partners (“H2”) announces that on July 4, 2014, it completed the sale of its general equipment rental company Workx Holding B.V. (“Workx”) to Loxam B.V. (“Loxam”), the European leader of equipment and tool rental for construction, civil engineering and industry.
Workx is one of the leading general rental companies in The Netherlands focused on the professional market. The company serves its customer base in construction, infra and industry with a modern fleet from 41 locations based on a distinguishing high service offer. Workx has 280 employees and made a turnover of € 35 million.
Workx has been part of the H2 portfolio since 2007. H2 executed the buy and build and was actively involved in the integration, professionalization and optimization of the company. Over the past few years Workx has been growing and outperforming the Dutch rental market. This was a.o. the result of the successful introduction of its full service outsourcing proposition. Thereby Workx meets the increased need from the Dutch construction industry for supply chain integration and optimization.
Loxam has been present in The Netherlands since 2006. The group imposed itself as one of the country’s generalist rental operators through the opening of branches and the acquisition in 2011 of Stammis Verhuur. The acquisition of Workx enables Loxam to enforce its current network of 12 branches and its rental offer, and to achieve national coverage of the Dutch market.
KPMG Corporate Finance acted as corporate finance advisor and Houthoff Buruma as legal advisor to Workx and H2 in this transaction.
H2 Equity Partners agrees to acquire Ballast Phoenix LimitedRead more »
H2 Equity Partners agrees to acquire Ballast Phoenix Limited
H2 Equity Partners (“H2”) is pleased to announce that it has agreed to acquire Ballast Phoenix Limited (“Ballast Phoenix”), the UK’s leading Incinerator Bottom Ash recycling group, from Ballast Nedam NV.
Ballast Phoenix based in Bourne – Lincolnshire, employs 82 FTE and has seen significant turnover growth in recent years. The company processes and recycles the ash produced by Energy from Waste (“EfW”) plants and creates sustainable IBA aggregates, thus avoiding any requirement for the use of landfill. Ballast Phoenix operates 7 IBA recycling sites throughout the UK and works in close conjunction with operators of EfW plants as well as its aggregate and metal customers. As the only market participant fully focused on IBA recycling and operating a national network, H2 believes the company is uniquely positioned to continue its impressive growth during the years to come.
H2 Equity Partners plans to build on Ballast Phoenix’s strong position in the IBA recycling market to take the company forward in the coming years. H2 and management will work together to expand the national network, continue to develop market leading and sustainable technologies and to provide Ballast Phoenix’s customers with a leading and professional partner. H2’s investment will allow Ballast Phoenix to embark on the company’s largest capital expenditure program in its history and significantly expand the number of recycling facilities it operates in the next few years.
Hancocks Group acquires JTS InternationalRead more »
Hancocks Group acquires JTS International
H2 Equity Partners (“H2”) are pleased to announce the acquisition of JTS International (“JTS”) by World of Sweets Limited, a division of its portfolio company Hancocks Group (“Hancocks”).
JTS has been acquired from its founder John Stimpson, who set the business up in 1991. JTS has sales of over £20 million and is an important UK supplier of confectionery products. JTS operates its own in-house design, development and technical departments that create a range of innovative new products each year and source products to meet specific customer requirements. JTS also imports confectionery from around the world to offer an extensive range of confectionery to supermarkets, discount stores and wholesalers.
There is a strong strategic fit between the businesses and the acquistion enables Hancocks to widen both its customer and product base and grow the direct distribution part of the business significantly.
Hancocks is the UK’s market leading confectionery specialist and the acquisition will increase sales to circa £140 million. Hancocks sells its own brand, exclusive products and main brand confectionery via a national cash and carry network, a direct distribution business and an export and e-commerce channel.
H2 and the management team acquired Hancocks from the founding family in November 2012.
H2 Equity Partners acquires OerlemansRead more »
H2 Equity Partners acquires Oerlemans
H2 Equity Partners (“H2”) is pleased to announce that on March 7, 2014, it entered into an agreement with Vion Food Group (“Vion”) for the intended acquisition of Oerlemans Food B.V (“Oerlemans”).
Oerlemans is a specialised manufacturer and supplier of frozen fresh vegetables, fruit and potato products with four production facilities in The Netherlands and Poland and is headquartered in Venlo (NL). The company has revenues of approximately €135 million and employs 740 staff. Oerlemans offers a range of 1000+ products and through its brands Oerlemans, Keizer, Bio+ and Bauer serves customers in the international foodservice, retail and industrial markets.
From its excellent starting position, H2 plans to further develop Oerlemans’ operations in both The Netherlands and Poland.
Due to regulatory approvals, the transaction is expected to be completed in Q2 2014.
H2 Equity Partners sells Jet Group to EgeriaRead more »
H2 Equity Partners sells Jet Group to Egeria
H2 Equity Partners (“H2”) is pleased to announce that on March 14, 2014, it entered into an agreement with Dutch private equity firm Egeria (“Egeria”) for the intended sale of JET Group Holding B.V (“JET”).
JET is a premium provider of high quality rooflight & ventilation and fire safety solutions across a scalable pan-European model. JET designs, installs and maintains modular solutions designed for flat roofs, providing natural light source, natural air ventilation, and smoke and heat exhaust ventilation. The company’s product set addresses the industrial, commercial / public and residential end-markets, and is well-aligned with key themes in the construction industry, such as energy and sustainability, comfort and safety, and smart building technologies.
Under the ownership of H2, JET has created a strategically optimized operational platform, with manufacturing capabilities in Germany and The Netherlands, and a direct sales footprint spanning Denmark, Poland, Switzerland and the UK. JET addresses its home markets through both builders merchants and contractors, while an extensive network of value-added resellers supports the company’s successful expert strategy across Europe. JET supports its large installed base in Germany with a team of service and maintenance professionals. This enables JET to deliver a comprehensive solution for the customer, while delivering superior performance for the company. Through its integrated business model and comprehensive product and service offering, JET is uniquely positioned across the entire value chain, enchancing its reputation as a “full service provider”.
From this excellent starting position, Egeria plans to further develop JET’s operations across Europe and accelerate its growth through add-on acquisitons.
William Blair & Company acted as corporate finance advisor, Houthoff Buruma as legal advisor, Deloitte as financial advisor and KPMG Meijburg as tax advisor to JET and H2 in this transaction.
Awaiting regulatory approvals, the transaction is expected to be completed in Q2 2014.
H2 Equity Partners is awarded the "Firm of the year in the Benelux".Read more »
H2 Equity Partners is awarded the "Firm of the year in the Benelux".
H2 Equity Partners (“H2”) are pleased to announce that they have received the “Firm of the year in the Benelux” award from Private Equity International.
The Private Equity International Award 2013 are the only awards that are voted for solely by the industry itself. The turnover has been very strong with over 40,000 votes cast across all categories globally. The voters include Limited Partners, General Partners, Private Equity Houses, Corporate Financiers, Banks, etc.
H2 would like to take this opportunity to thank our Limited Partners and all other parties that have voted and supported us over the years. We will continue to build on our 23 year track record to deliver strong returns for our investors and provide hands on support for our portfolio companies.
H2 Equity Partners sells ESKA Graphic BoardRead more »
H2 Equity Partners sells ESKA Graphic Board
H2 Equity Partners (“H2”) are pleased to announce that they have completed the sale of 100% of the shares of Eska Graphic Board BV (“ESKA”) to Andlinger & Company.
ESKA is the market leader in the production and sale of graphic board based on 100% recycled paper. ESKA’s products are used as intermediate products including hardcover books, binders, puzzles, games and luxury packaging. In 2012, the company achieved a turnover of € 141 million, of which 95% came from exports.
The production takes place in two modern plants in Hoogezand and Sappermeer in The Netherlands. In addition, ESKA has a unique international sales network with offices in six countries. The company employs approximately 450 staff. ESKA was acquired in 2006 by H2 and management. It has since developed into a leading and profitable player in its niche market. Under the banner of Eska Andlinger, the company will continue to work on its international growth strategy. The management team will remain in place after the acquisition.
H2 Equity Partners acquires Halex GroupRead more »
H2 Equity Partners acquires Halex Group
H2 Equity Partners (“H2”) is pleased to announce that on October 1, 2013 it acquired HALEX Group (“HALEX”)
HALEX Group is a leading producer of extrusion dies and operator of hardening facilities in Germany, Italy and Romania formerly known as the Haarmann Group.
H2 Equity Partners (“H2”) is pleased to announce that on October 1, 2013 it acquired HALEX Group (“HALEX”), a leading producer of extrusion dies and operator of hardening facilities in Germany, Italy and Romania formerly known as the Haarmann Group.
HALEX generates over € 40 million in sales and offers employment to over 300 FTEs. HALEX operates four manufacturing sites where high-precision and quality extrusion dies are being developed and manufactured. Customers are pressing plants throughout Europe, where raw aluminium profiles are being produced for the automotive, construction, mechanical engineering and space industry. In addition, four hardening facilities offer services to the steel processing industry under the international brand HÄRTHA. The company is head-quartered in Aachen, Germany.
The companies that are part of HALEX have shown a stable performance over the recent years and have been resilient during the crisis. With the equity provided by H2, HALEX is able to build on its strong position in the extrusion dies and hardening market. H2 and management will work together to expand the international customer base, continue to develop market leading products and technologies and the continue to provide its customers with a leading and professional partner.
H2 Equity Partners acquires EurocellRead more »
H2 Equity Partners acquires Eurocell
H2 Equity Partners (“H2”) is pleased to announce that it has invested in Eurocell Ltd (“Eurocell”)
Eurocell is the UK’s leading manufacturer and distributor of PVC-u profiles and roofline products. Eurocell generates circa £ 150 million in sales and offers employment to over 900 FTE. Eurocell’s main manufacturing sites and head-office are based in Alfreton, Derbyshire.
The company’s Eurocell Profiles division is a leading manufacturer of PVC-u profiles for windows, doors and conservatories as well as roofline products. Eurocell Profiles supplies leading (window) fabricator customers throughout the UK, as well as the Building Plastics division of the group. Eurocell Building Plastics distributes roofline building product and associated products via a network of 124 branches throughout the UK and Ireland; it is the largest specialist building plastics distributor in the country and has grown significantly over recent years.
Eurocell turnover has grown significantly in recent years and the company performance has been resilient during the crisis. This growth is mainly the result of expansion of the distribution network and market share gain in both the profiles and building products markets.
H2 plans to build on Eurocell’s strong position in the PVC-u profiles and building products market to take the company forward in the coming years. H2 and management will work together to expand the national network, continue to develop market leading products and to continue to provide its customers with a leading and professional partner.
Dümmen and Agribio Group announce mergerRead more »
Dümmen and Agribio Group announce merger
Creating a leading company in the worldwide floricultural breeding industry. Breeding and young plant production companies Dümmen and Agribio Group announce the intention to merge together. The combination will profit from the advanced breeding technologies of Agribio Group and the professional supply chain skills of Dümmen. Customers will benefit from a complete product portfolio, while retaining the close-to-customer attitude for which both companies are known.
Based in Germany, Dümmen has a strong reputation in poinsettia and spring annuals like geraniums, while Dutch based Agribio Group is strong in products as chrysanthemum, carnation, rose and Calandiva®. The intended merger will create a breeding company with a unique international production and sales network and a broad assortment of cut flowers, pot and bedding plants.
The new company will have the scale to lead innovation through extensive research and development and create added value for growers, brokers, retailers and consumers. The combined company will have around 6,000 employees worldwide and realize € 175 million ($235 million) sales annually. The Dümmen family and management and H2 Equity Partners will be the shareholders of the new company. The proposed merger is driven by a rapidly changing business environment in the worldwide floricultural industry. Retailers are becoming increasingly important and growers are consolidating, leading to a desire for more value add in the chain, and increased professionalism in the industry. Advanced breeding techniques are becoming available in the floricultural industry, albeit with high investments in R&D. Breeding companies need sufficient size to cope with these developments and make sure they can offer long-term value to the chain. The new company will follow a growth strategy and is committed to continuously invest in R&D, product quality and marketing to ensure the highest level of quality and service to its customers.
The new company will have two independent divisions. The Agribio division will be responsible for cut flowers and pot plants, and the Dümmen division will be responsible for bedding plants and poinsettia. The current brands like Fides, Red Fox, Barberet & Blanc, Lex+ and Ecke will be leading in the market place going forward. The Agribio division will be headed by Harry Kloppenburg, currently CEO of Agribio Group. The Dümmen division will be headed by Tobias Dümmen and Perry Wismans, current board members of Dümmen. The North American operations of Agribio Group (including Oro Farms and Ecke) will be brought under the leadership of the Dümmen division. The directors of the two divisions will form the board of the new company together with the current board members of Agribio Group, Roger Gerritzen (CFO), Roger Peeters (director R&D) and Peter Kroeze (Chairman).
Tobias Dümmen says:
‘For the Dümmen family, this is an important step to add global market presence for our company, add value for our customers, and increase development opportunities for our employees. We consider this to be a major project, which needs careful attention in the execution. We are committed to retaining our family values and our grower-to-grower attitude focused on delivering top quality at the right terms. We believe that both companies will benefit from each other’s key strengths and that combining these will be beneficial to our customers.’
Harry Kloppenburg says:
‘Ever since the company became independent in 2010 we have actively pursued a growth strategy focused on complementing our portfolio and market presence. Because of this merger we are virtually capable of offering the full range of products in all continents. Hence we have the opportunity to create a unique company, focused on supplying new and differentiating products with a good price/quality ratio to our customer’s thereby creating added value to the entire floricultural chain. We are impressed by Dümmen’s deep knowledge of the industry and its category management skills, something we can certainly benefit from.’
Dümmen has started with a small greenhouse in the late 60’s. It has grown to one of the leading young plant producers and breeders of bedding plants and poinsettia worldwide. Key markets are Europe and North America. The company’s headquarter is located in Rheinberg, Germany where the biggest part of the European rooting activities take place. Additional sales offices are located in the USA, France and Italy. Next to this facility there are production facilities in El Salvador, Costa Rica, Ethiopia and Italy. In total Dümmen operates more than 75ha (ca 190 acres) of greenhouse and produces more than 350 million cuttings.
About Agribio Group
Agribio Group is active in 56 countries and trades over one billion cuttings per year. The company is a global top-3 player in terms of breeding and vegetative propagation of plants and flowers. The Agribio Group includes top breeding companies such as Fides, Ecke, Japan Agribio, Barberet & Blanc, Bartels Stek and Lex+. The company became independent in March 2010. Since then Agribio Group made major steps to improve efficiency and focuses fully on the breeding of flowers and plants. In 2011 it took a stake in Genetwister Technologies.
Hancocks Group completes management buy-out backed by H2 Equity PartnersRead more »
Hancocks Group completes management buy-out backed by H2 Equity Partners
Hancocks Group completes management buy-out backed by H2 Equity Partners with Investec Growth & Acquisition Finance. Hancocks Group Holdings Ltd (Hancocks), which includes Hancocks Cash and Carry, has been sold to its management and H2 Equity Partners (H2). The new ownership sees both Andrew and Adrian Hancock step back from the company.
Established in 1962 by Andrew and Adrian’s father Ray Hancock, the Hancocks Group has been owned and managed by the family for 50 years. In that time it has grown to a business with over £100 million in sales, demonstrating consistent growth and resilience to the economic climate.
H2 Equity Partners plans to build on Hancocks’ strong position in the market to take the company forward in the coming years. H2 and management will work together to expand the national depot network, continue to develop both the branded and own label ranges on offer and grow the online activities.
“This can only be great news for our customers, employees and suppliers,” says Andrew Hancock, former owner and Chairman of Hancocks. “From a sweet shop in Shepshed, our family has grown the business to a group that serves many thousands of businesses with their confectionery supplies. We now hand the baton on with pride, knowing that Hancocks can only go from strength to strength,” he adds.
As far as day to day operations are concerned, it is business as usual. Supplier arrangements will stay in place and Hancocks will continue to offer the same high level of service to its customers.
“We are delighted to have reached an agreement that allows us to become the majority shareholder of Hancocks. The business has a strong management team in place and is a great platform to build from. We shall use our significant experience in wholesaling businesses to assist Management in taking the company to the next level,” says Simon Gilbert of H2 Equity Partners.
Mark Watson will remain as CEO and is confident of a bright future for the confectionery company. “I am delighted to be leading such a strong company that has the prospect of becoming a much bigger player within confectionery wholesaling. We have some exciting plans and opportunities to take the business forward with H2 at the helm,” he says.
Investec has provided H2 Equity Partners with a debt and mezzanine financing package. James Stirling of Investec commented “This is an attractive deal for us. Hancocks occupies a clear leadership position in a niche market and it offers a clear value-proposition to its customer base. This deal represents the second we have concluded in the UK confectionery market, having successfully exited our investment in Big Bear Group in 2011.”
The transaction was completed with support from a number of advisors, including the Midlands offices of Eversheds LLP, PricewaterhouseCoopers LLP and London based Cavendish Corporate Finance, who acted for the Hancock brothers on the sale and for Mark Watson and the ongoing management team.
H2 were advised by Jonathan Watkins and James Kerrigan of DLA LLP in Manchester and Andy Harris and Richard Rose of BDO LLP. Investec were advised by Macfarlanes LLP in London.