Tag Archives: Consumer brands

Global Travel Technology Company OYO to Acquire G6 Hospitality from Blackstone Real Estate

No Comments
Blackstone

New Delhi & Dallas – September 20, 2024 – Oravel Stays, the parent company of the global travel technology company OYO, today announced that it has agreed to acquire G6 Hospitality, the leading economy lodging franchisor and parent company of the iconic Motel 6 and Studio 6 brands, from Blackstone Real Estate for $525 million, in an all-cash transaction.

OYO has steadily expanded its footprint in the United States since its launch in the region in 2019 and currently operates over 320 hotels across 35 states. In 2023, OYO added nearly 100 hotels to its US portfolio and aims to add ~250 hotels in 2024. Motel 6’s franchise network produces gross room revenues of $1.7 billion, which generates a strong fee base and cash flow for G6. OYO will leverage its comprehensive technology suite as well as its global distribution network and marketing expertise to further strengthen the Motel 6 and Studio 6 brands and drive continued financial growth.

“This acquisition is a significant milestone for a startup company like us to strengthen our international presence. Motel 6’s strong brand recognition, financial profile and network in the US, combined with OYO’s entrepreneurial spirit will be instrumental in charting a sustainable path forward for the company which will continue to operate as a separate entity,” said Gautam Swaroop, CEO OYO International.

Under its ownership, Blackstone invested significant capital to create value and enhance the Motel 6 brand, including executing a strategy to transform the business into a leading asset light lodging company with a franchise network of ~1500 hotels across the United States and Canada.

Julie Arrowsmith, President and Chief Executive Officer at G6 Hospitality, said,“We are grateful for our successful partnership with Blackstone and the transformation that has positioned us well for this new chapter. OYO’s innovative approach to hospitality will allow us to enhance our offerings and great value to our guests while maintaining the iconic Motel 6 brand that travelers have trusted for over six decades.”

Rob Harper, Head of Blackstone Real Estate Asset Management Americas, said, “This transaction is a terrific outcome for investors and is the culmination of an ambitious business plan that more than tripled our investors’ capital and generated over $1 billion in profit over our hold period. We believe G6 is extremely well-positioned for the future and we look forward to seeing its brands continue their success in the years to come.”

The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions.
Goldman Sachs & Co. LLC acted as Blackstone’s lead advisor and Jones Lang LaSalle Securities, LLC and PJT Partners acted as financial advisors. Simpson Thacher & Bartlett LLP served as Blackstone’s legal advisor.

About OYO
OYO is a global platform that empowers entrepreneurs and small businesses with hotels and homes by providing full-stack technology products and services that aim to increase revenue and ease operations; bringing easy-to-book, affordable, and trusted accommodation to customers around the world. OYO offers 40+ integrated products and solutions to patrons who operate over 175K hotel and home storefronts in more than 35 countries including India, Europe and Southeast Asia. For more information, visit here

About G6 Hospitality LLC
G6 Hospitality LLC is a leading economy lodging franchisor, with nearly 1,500 economy lodging locations under the iconic Motel 6 brand and the Studio 6 Extended Stay brand in the United States and Canada. G6 Hospitality is committed to making hospitality accessible to all through responsible business practices and unparalleled opportunity for franchisees to build a legacy through ownership. Both Motel 6 and Studio 6 were recognized in the 2024 Entrepreneur Franchise 500® report, with Motel 6 ranking in the top 50 of all franchises. The Carrollton, Texas, based company was named a 2024 Leader in Diversity by Dallas Business Journal. For more information, please visit http://www.g6hospitality.com/.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $336 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

CONTACTS:
OYO
Anupriya Malik
Anupriya.d@oyorooms.com

G6 Hospitality
Maggie Giddens
Giddens_Maggie@g6hospitality.com

Blackstone
Jeffrey Kauth
Jeffrey.Kauth@Blackstone.com

Categories: News

Tags:

EQT to acquire Indostar Home Finance, an Indian affordable housing finance company, for INR 17.5 billion (USD 210 million) and invest INR 5 billion to support further growth

eqt

ndostar Home Finance is a fast-growing affordable housing finance company with INR 24 billion (USD 286 million) in assets under management, that has supported over 39,000 low income homeowners and small businesses

India’s INR 30 trillion housing finance market presents a multi-decade growth story driven by strong government support, rising affordability and urbanization

EQT will invest INR 5 billion in primary capital to support Indostar Home’s continued growth, including by broadening its footprint across India and investing in digital capabilities

EQT is pleased to announce that the BPEA Mid-Market Growth Partnership (or “the MMG fund”) has agreed to acquire a 100% stake in Indostar Home Finance (or “the Company”), a wholly owned subsidiary of Indostar Capital Finance Limited, for INR 17.5 billion (USD 210 million).

Founded in 2017, Indostar Home Finance provides affordable mortgages to retail customers in tier 2 to tier 4 cities in India and has supported over 39,000 low income homeowners and small businesses. The Company has rapidly scaled to more than INR 24 billion in assets under management, achieving a 32 percent compounded annual growth in the last three years. Indostar Home Finance has a network of more than 130 branches spread across nine states and employs over 1,000 people.

The Indian housing finance market currently stands at more than INR 30 trillion, according to the CRISIL. The segment has recorded strong growth driven by government support, rising affordability, and urbanization. However, there remains a significant shortage of housing in the country, with India’s mortgage to GDP ratio at 12.3% compared to more than 60% for developed countries like the USA and UK.

The MMG fund will invest INR 5 billion of primary capital in Indostar Home Finance to support its next phase of growth. EQT aims to expand the Company’s geographic footprint and accelerate its digital transformation journey by leveraging EQT’s in-house digitalization expertise, network of seasoned industry advisors, and expertise in go-to-market strategies.

Ashish Agrawal, Partner in the EQT Private Capital Asia advisory team, said: “Retail lending is a key investment theme for EQT within financial services in India. Building on our investment in the education finance sector through HDFC Credila last year, we are thrilled to welcome Indostar Home Finance to our portfolio. India’s affordable housing finance sector represents a long-term growth opportunity supported by secular demand drivers, favorable government policies and resilient asset quality across economic cycles”

Hemant Sharma, Managing Director in the EQT Private Capital Asia advisory team, said: “Indostar Home Finance has established itself as a leading player in this segment and is well-positioned for continued growth. We are impressed by its market-leading position in South India and strong underwriting capabilities. We see significant potential to expand Indostar’s presence across India and drive its digital transformation. EQT looks forward to supporting the company in its next phase of growth.”

Mr. Shreejit Menon, CEO of Indostar Home Finance, said: “This transaction marks a key milestone for Indostar Home Finance. We are excited to embark on this new journey with EQT, who shares our vision and whose partnership will significantly help advance our mission of delivering affordable housing finance solutions across India. With EQT’s support and global expertise, we are well-positioned for accelerated growth and success.”

The transaction is subject to customary regulatory approvals.

Contact
EQT Press Office, press@eqtpartners.com

About

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About Indostar Home Finance
IndoStar Home, a wholly owned subsidiary of IndoStar Capital Finance Ltd, is an affordable housing finance player with an AUM of INR 24 Bn and a network of 130+ branches. The company was incorporated in October 2017 with the objective of providing low ticket housing loans and loan against property, with an average ticket size of INR 0.9Mn, to the middle income and under-served customers. Indostar has an experienced management team with a pan-India presence across 9 states in India.

More info: https://www.indostarhfc.com/about-us

Categories: News

Tags:

CapMan Growth invests in rapidly growing SaaS company Groweo

Capman

CapMan Growth invests in rapidly growing SaaS company Groweo

The CapMan Growth Equity III fund makes its third platform investment in Groweo. Groweo’s mission is to enable effective digital sales and lead conversion with effortless implementation, especially to entrepreneurs and small businesses. Typical customer benefits of Groweo’s service include increased performance in sales, marketing, recruitment and customer service. Having started its operations only in 2022, the company has already established an excellent product-market fit and is now looking to further expedite its growth and expand internationally.

Through its unique service concept, Groweo has essentially created a new market segment, offering entrepreneurs and small businesses access to tools that were previously available only to larger companies with dedicated marketing resources. With their cloud-based software, Groweo turns customers’ current websites into growth platforms, significantly improving websites’ traffic conversion into valuable, automatically segmented sales leads.

Groweo was founded by a group of experienced entrepreneurs and started its operations in early 2022. The company quickly found a winning formula and has been growing rapidly ever since: without raising any external financing, the company is already serving approximately 1000 customers and operating cash-flow positively.

“We are truly impressed with the pace at which Groweo has been built in such a short time. Their innovative solution has been packaged in a way that solves a clear market need, and they have also built a very well-functioning commercial model to enable rapid scaling of the business. We see excellent growth potential in Groweo and look forward to working together with the team to take the company to international arenas,” says CapMan Growth’s Partner Tomi Alén.

“We are excited to partner with CapMan Growth on our growth journey. The support from CapMan Growth enables us to accelerate our technology and AI development and scale rapidly into new markets. Together with the CapMan team, we are focused on helping entrepreneurs and small businesses internationally by providing them with the industry’s highest-performing cloud service to enhance their websites’ performance”, shares Janne Mäenpää, founder and CEO at Groweo.

CapMan Growth is the leading Finnish growth investor making significant investments in entrepreneur-led growth companies with revenues typically ranging between €10–200 million. We typically offer entrepreneurs an alternative to selling the majority of their business by facilitating a partial exit while also supporting growth and internationalisation. We have been part of building companies such as Coronaria, Cloud2, Digital Workforce, Fennoa, Fluido, Neural DSP, Picosun, Sofigate, Silmäasema and Unikie.

For more information, please contact:

Tomi Alén, Partner, CapMan Growth, +358 50 412 1947

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €5.8 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

Categories: News

Tags:

Platinum Equity to Acquire Polli, Italian Producer of Pasta Condiments and Vegetable Preserves

Platinum

One of EU’s largest pesto producers to partner with Platinum in pursuit of continued growth, international expansion

Founding Polli family to retain stake in 150+ year-old business

LOS ANGELES (September 18, 2024) – Platinum Equity announced today the signing of a definitive agreement to acquire a majority stake in F.lli Polli S.p.A. (“Polli”), a leading producer of pasta condiments and vegetable preserves, from affiliates of the founding Polli family.

Financial terms of the transaction were not disclosed. The Polli family will retain a minority stake in the business together with CEO Marco Fraccaroli, who will continue to lead the company.

 

“Platinum has a lot of experience helping family-owned businesses leverage our M&A capabilities and global operating expertise to capitalize on market opportunities and maximize their potential. Polli has built an exceptional brand with a proud heritage, and we look forward to working together to build on that legacy.”

Louis Samson, Co-President, Platinum Equity

Founded in 1872, Polli is an Italian producer of pasta sauces, food in-oil, olives, pickles, and condiments to customers in over 50 countries, and is one of the largest producers of pesto in the EU. The company operates four state-of-the-art plants in which more than 130 different raw materials are processed, producing approximately 29,000 tons of vegetables and more than 190 million packages every year.

“Platinum has a lot of experience helping family-owned businesses leverage our M&A capabilities and global operating expertise to capitalize on market opportunities and maximize their potential,” said Platinum Equity Co-President Louis Samson. “Polli has built an exceptional brand with a proud heritage, and we look forward to working together to build on that legacy.”

Manuela Polli, Managing Director of Polli and member of the sixth generation of the family, said: “We are excited to continue our ambitious journey with Platinum, an important partner who shares our company’s values and goals. We are confident that together we will take the business to a new level of global leadership.”

“We admire what the Polli family has built across six generations and more than 150 years,” said Platinum Equity Managing Director Fernando Goni. “We believe this business presents a great platform to continue investing in organic growth and to pursue additional acquisitions that can expand or fill in gaps in the company’s product lines, provide new technological capabilities, or further extend the company’s geographic reach in Europe and United States. We look forward to partnering with the management team and the Polli family on the next chapter.”

The Polli investment was led by Platinum Equity’s Small Cap investment team, which is experienced in acquiring businesses in Europe and in the food and beverage sector in particular.

Platinum Equity’s current portfolio includes private label sweet biscuits manufacturer Biscuit International (Paris); wine producer Fantini Group (Ortona, Italy); seafood provider Iberconsa (Vigo, Spain); and premium rum blending specialist E&A Scheer (Amsterdam).

Deloitte and Clearwater are serving as financial advisors to Platinum Equity on the acquisition of Polli. Latham & Watkins LLP is serving as Platinum Equity’s legal advisor and E&Y is providing tax counsel on the transaction.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.

Categories: News

Tags:

Platinum Equity and Butterfly to Acquire Rise Baking Company

Platinum

Leading operational private equity firms partner to accelerate Rise’s next chapter of growth

LOS ANGELES, CA – September 17, 2024 – Global investment firm Platinum Equity and Butterfly, a Los Angeles-based private equity firm specializing in the food sector, today announced the acquisition of Rise Baking Company (“Rise”).

Platinum Equity and Butterfly will be equal partners in the investment. Financial terms of the transaction were not disclosed.

Founded in 2013 and based in Minneapolis, Minnesota, Rise is a leading supplier of bakery products, including cookies, pies, cakes, icings, muffins, crispy bars, and more, to in-store bakeries and foodservice customers throughout North America. Rise will continue to operate under its current management team, led by Chief Executive Officer Brian Zellmer.

“We view Rise as an established leader with impressive scale and a strong foundation with a lot more room to grow both organically and through additional M&A. Beyond the quality of its products, we believe the quality of Rise’s people helps set it apart. The team’s creative spirit, deep understanding of market trends, and hands-on, in-store expertise provide its customers tremendous value. We look forward to deploying our financial and operational resources to help the company expand its reach.”

Jacob Kotzubei, Co-President, Platinum Equity

“We have built this company into one of the leading bakery platforms in North America thanks to the contributions of our incredible team over the years,” said Zellmer. “We welcome the opportunity to partner with Platinum Equity and Butterfly as we continue to grow Rise Baking Company to serve our customers as their total bakery partner.”

Rise has completed 10 acquisitions since its founding and today serves a blue-chip customer base with a well-diversified portfolio of bakery products. The company has created a scalable manufacturing and logistics network that allows it to effectively service national and regional accounts.

“We view Rise as an established leader with impressive scale and a strong foundation with a lot more room to grow both organically and through additional M&A,” said Platinum Equity Co-President Jacob Kotzubei. “Beyond the quality of its products, we believe the quality of Rise’s people helps set it apart. The team’s creative spirit, deep understanding of market trends, and hands-on, in-store expertise provide its customers tremendous value. We look forward to deploying our financial and operational resources to help the company expand its reach.”

“We are honored to partner with Brian and the full Rise team to support their expansion by turbo-charging growth both organically and through strategic acquisitions,” said Butterfly Co-Founder and Co-CEO Adam Waglay. “As a food-focused and operations-driven investment firm, we have taken a keen interest in the attractive bakery sector, and we are excited to bring our specialized expertise and deep food network to bear to help amplify and accelerate the company’s mission to Rise above its customers’ expectations one bite at a time.”

The transaction is expected to close in Q4 2024.

Rise was advised by Morgan Stanley & Co. LLC as lead financial advisor in addition to Harris Williams. Houlihan Lokey and Stifel are serving as financial advisors to Platinum Equity and Butterfly, and Bank of America Securities is providing financing for the acquisition. Gibson, Dunn & Crutcher LLP and Simpson Thacher & Bartlett are serving as legal advisors to Platinum Equity and Butterfly and Willkie Farr & Gallagher LLP is providing debt financing counsel.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.

About Butterfly

Butterfly is a Los Angeles, California-based private equity firm specializing in the food sector, spanning the entire food value chain from “seed to fork” via four key segments: upstream & processing, B2B service providers, multi-site and branded goods. Butterfly manages over $4 billion of assets to date and aims to generate attractive investment returns through deep industry specialization, a disciplined and data-driven investment process and a hands-on approach to portfolio transformation. For additional information about Butterfly, please visit its website at www.bfly.com.

About Rise Baking Company

Rise Baking Company, based in Minneapolis, MN, is a North American bakery manufacturer that produces a broad portfolio of products for in-store bakeries and foodservice customers, including leading national grocery chains, convenience stores, QSRs, and mass merchandisers. Rise operates with an unparalleled customer-first culture, resulting in best-in-class product innovation, quality, and service. Rise Baking Company believes “our finest ingredient is our people.” For more information, please visit risebakingcompany.com.

Categories: News

Tags:

Backed by Rivean Capital: TonerPartner Group Expands Market Leadership with Acquisition of Trensco and Its Brands HD Toner and HQ-Fit

Rivean
  • Creation of Germany’s largest online retailer for printer ink and toner
  • One million active customers and annual revenue exceeding €100 million

17 September 2024

Hattingen/Uelzen – The TonerPartner Group, a leading online retailer of printer ink and toner across Europe, is solidifying its market position through the strategic acquisition of Trensco. TonerPartner, based in Hattingen, has acquired 100% of Trensco GmbH & Co. KG, headquartered in Uelzen, along with its brands HD Toner and HQ-Fit. This acquisition creates the largest online retailer in Germany within this sector, with approximately one million active customers and annual revenue exceeding €100 million. The acquisition builds on TonerPartner Group’s expansion strategy, following its acquisition of the French company SAS Rousselle.com in 2021 and German company Druckerpatronen.de in 2022.

“HD Toner has cultivated an impressive number of loyal private and commercial customers. We see strong growth potential by leveraging optimized, AI-driven online marketing, enhancing procurement synergies, and introducing our ‘Green Line’ sustainable product range to HD Toner’s customer base,” said Morten Severon, CEO of the TonerPartner Group. He added, “With its sports and fitness products marketed under HQ-Fit, Trensco has successfully built a second pillar, which presents a valuable additional growth avenue for the TonerPartner Group.” He further confirmed that Trensco’s products will continue to be marketed under the established HD Toner and HQ-Fit brands.

“Partnering with the TonerPartner Group unlocks exciting new growth opportunities for Trensco. With TonerPartner Group’s strong brand portfolio, advanced sales platform, and extensive expertise, we are convinced that Trensco and its employees will continue to thrive” emphasized Anja and Patric Weiß, founders and managing directors of Trensco.

“The acquisition of Trensco underscores Rivean Capital’s continued commitment to expand the TonerPartner platform and its market position. This is yet another testimonial of our role as a partner for growth for SME companies. We are excited to support TonerPartner Group in this next phase of expansion” remarked Andreas Klab, Partner at Rivean Capital and Head of Rivean Capital’s German office. Rivean Capital has owned TonerPartner Group since 2021.

—

About Rivean Capital
Rivean Capital is a leading European private equity investor for mid-market transactions, active in the DACH region, the Benelux countries, and Italy. Funds advised by Rivean Capital manage over €5 billion in assets. Since its founding in 1982, Rivean Capital has supported more than 250 companies in achieving their growth goals. For more information, visit www.riveancapital.com.

For Inquiries:

Rivean Capital
Maikel Wieland
Partner – Head of Investor Relations & Co-Investments
m.wieland@riveancapital.com
Phone: +41 43 268 20 30

Categories: News

Tags:

Altor divests 19.2% shares in SATS

Altor Fund III (Altor) announces the successful placement of 39,242,358 shares in SATS ASA (SATS), representing approximately 19.2% of the votes and share capital in SATS. The shares were divested through a club deal, at a selling price of NOK 18 per share for a total transaction size of approximately NOK 706 million.

In 2014, Altor and Tryghedsgruppen joined forces by bringing together the strongest and most respected brands in Nordic fitness with the goal to build a market in the Nordics.

“We have had a fantastic journey with the mangagement team and Tryghedsgruppen for the past 10+ years. We are impressed and proud of the many achievements and milestones that have been reached by the team at SATS. We are also thankful for the close partnership with Tryghedsgruppen all these years” said Tom Jovik, Principal at Altor.

About Altor

Since inception, the family of Altor funds has raised more than EUR 11 billion in total commitments. The funds have invested in just south of 100 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Marshall, Vianode, Toteme, Raw Fury, Carnegie and OX2.

 

For more information visit www.altor.com

Categories: News

Tags:

X²O welcomes Waterland to join forces with Vendis Capital and Jan Ollevier in supporting continued growth

Vendis Capital

Waterland, a leading pan-European investor, has taken a majority share in X²O, the leading omni-channel retailer of visible bathroom equipment and furniture in the Benelux.

 

X²O was founded in 2004 by Belgian entrepreneur Jan Ollevier, who pioneered the innovative value-for-money B2C concept in Belgium and started the first showrooms in the Netherlands.  In 2016, Vendis Capital invested in X²O with its second fund and supported the management team in a rapid expansion in Belgium and the Netherlands, both offline and online. Recently the company opened its first showrooms in Germany. To support the strong growth to more than 50 showrooms in total today, the group implemented a new ERP system, and operates a state-of-the-art and sustainable logistic center.

Waterland takes a majority share in X²O, with a strategy to support its further international expansion. Both Vendis and Jan Ollevier reinvest a significant minority stake alongside Waterland. For Vendis, the deal is already the third investment from its €450m fund Vendis IV, that was raised earlier this year.

Peter Demets, CEO of X²O since 2018, comments on the new partnership: “We look forward to entering this new phase of growth with Waterland. Our company has significant experience collaborating with investors to achieve important milestones, and we are confident that Waterland’s strong track record and strategic approach make them the ideal partner for us. This carefully considered partnership ensures continuity, enabling us to further expand our presence and continue delivering superior value and experiences to our customers.

The transaction is subject to customary approval of the merger clearance authorities.

Categories: News

Tags:

X²O welcomes Waterland to join forces with Vendis Capital and Jan Ollevier in supporting continued growth

Waterland

Ghent (BE), 27 August 2024 – Waterland, a leading pan-European investor, has taken a majority share in X²O, the leading omni-channel retailer of visible bathroom equipment and furniture in the Benelux.

X²O was founded in 2004 by Belgian entrepreneur Jan Ollevier, who pioneered the innovative value-for-money B2C concept in Belgium and started the first showrooms in the Netherlands. In 2016, Vendis Capital invested in X²O with its second fund and supported the management team in a rapid expansion in Belgium and the Netherlands, both offline and online. Recently the company opened its first showrooms in Germany. To support the strong growth to more than 50 showrooms in total today, the group implemented a new ERP system, and operates a state-of-the-art and sustainable logistic center.

Waterland takes a majority share in X²O, with a strategy to support its further international expansion. Both Vendis and Jan Ollevier retain a significant minority stake alongside Waterland. For Vendis, the deal is already the third investment from its €450m fund Vendis IV, that was raised earlier this year.

Peter Demets, CEO of X²O since 2018, comments on the new partnership: “We look forward to entering this new phase of growth with Waterland. Our company has significant experience collaborating with investors to achieve important milestones, and we are confident that Waterland’s strong track record and strategic approach make them the ideal partner for us. This carefully considered partnership ensures continuity, enabling us to further expand our presence and continue delivering superior value and experiences to our customers.”

The transaction is subject to customary approval of the merger clearance authorities.

About X²O
X²O, headquartered in Ghent (Belgium), is an omni-channel retailer of visible sanitary equipment and furniture, focused on residential bathroom renovations. The company offers a broad assortment of high quality showers, bathtubs, furniture and similar products through a network of over 50 showrooms and web shops in Belgium, the Netherlands and Germany. X²O employs more than 300 people and generated around €180m revenues in FY23. www.x2o.be

About Vendis Capital
Founded in 2009, Vendis Capital is an independent private equity firm specializing in the consumer goods sector in Europe. In partnership with experienced entrepreneurs and managers, Vendis aims to invest in small to medium sized consumer companies to help them realise their potential for growth and value creation. Vendis invests in France, Belgium, the Netherlands, Germany, Italy and in the Scandinavian countries. The headquarters of Vendis Capital are in Diegem, Belgium. www.vendiscapital.com

Waterland press contact:
Marketing & Communications Manager
Laurence Van Doosselaere
T +32 479 77 57 68
vandoosselaere@waterland.be

Categories: News

Tags:

Balance Point Announces its Investment in SPS PoolCare

Balance Point Capital
Westport, CT, August 27, 2024 – Balance Point Capital Advisors, LLC (“Balance Point”), in conjunction with its affiliated funds, Balance Point Capital Partners IV, L.P. and Balance Point Capital Partners V, L.P., is pleased to announce its investment in SPS PoolCare (“SPS”, or the “Company”), a portfolio company of Storr Group (“Storr”), a Texas‑headquartered private equity firm focused on building platforms within fragmented sectors. Balance Point provided debt capital to support SPS’s current acquisition pipeline and extended significant available capital for future M&A activity.
Headquartered in Austin, TX, SPS PoolCare provides residential pool services including maintenance, repair, and renovation services to thousands of customers across Texas, Florida, Arizona, and Nevada. Since its inception in 2021, the Company has been highly acquisitive, bringing 80+ brands under its ownership. SPS’s technology-first approach to service delivery has enabled the seamless integration of these brands and gained the Company the title of #1 pool service company in the United States by Pool and Spa News.
“Balance Point is excited to partner with SPS and Storr as they continue to establish themselves as leaders in the residential pool service industry,” said Seth Alvord, Managing Partner at Balance Point. “SPS’s impressive application of technology to streamline operations and facilitate acquisition integration is evident across the organization. We look forward to continuing to support SPS on their exciting journey ahead.”
“We are pleased to welcome Balance Point as our first debt capital partner,” remarked Lance Martin, President and COO of SPS. “Their service industry expertise, collaborative approach, and robust capital base will be crucial as we continue to expand while maintaining best-in-class pool maintenance and repair services throughout the Sun Belt.”
Fraser Ramseyer, Chairman and CEO at Storr, said, “From the outset, Balance Point recognized our vision for SPS and designed a tailored financing structure that aligns with our mission to consolidate the fragmented pool services industry. We are thrilled to have Balance Point as a capital partner at SPS and look forward to collaborating with them again in the future.”
About Balance Point
Balance Point is an alternative investment manager focused on the lower middle market. With approximately $2.1 billion in assets under management, Balance Point invests debt and equity capital in select lower middle market companies across a variety of investment vehicles. Balance Point takes a long-term, partnership approach to investing and is committed to building lasting relationships with its partners, management teams and intermediaries.
Balance Point is a registered investment advisor. Further information is available at www.balancepointcapital.com.
About SPS PoolCare
As the #1 swimming pool services company in the United States ranked by Pool and Spa News, SPS PoolCare is on pace to perform one million weekly pool services per year and employs more than 500 staff across four states. Backed by Storr Group, the company is focused on growing its family of brands across the Sun Belt, as it continues to make owning a pool a joy. SPS PoolCare is committed to creating a world-class service experience for its customers and being an employer-of-choice for its team members.
For more information, visit www.spspoolcare.com
About Storr Group
Storr Group is a leading operationally focused private equity firm headquartered in Austin, Texas. Storr builds and scales best-in-class platforms across the United States, elevating industries for consumers, employees, and key stakeholders. The firm predominantly operates within fragmented, high-margin sectors – creating value through consolidation and its methodical Storr Business Systems playbook that drives operational excellence, industry-leading growth, and technology transformation. Storr Group is actively operating multiple scaled platforms and has executed nearly 100 investments across its platforms. For more, visit www.storrgroup.com

Categories: News

Tags: