Tag Archives: Consumer brands

CapMan Buyout has sold its shares in Harvia Plc

CapMan Buyout press release 19 November 2019 at 6.00 p.m. EET

CapMan Buyout has sold its shares in Harvia Plc

CapMan Buyout X Fund A L.P and CapMan Buyout X Fund B Ky (together the “funds managed by CapMan”) have sold all their shares in Harvia Plc (“Harvia”) to Onvest Oy. The funds managed by CapMan sold a total of 2,305,679 Company’s shares, which is 12.3 per cent of the shares and votes in Harvia. The price in the share sale was EUR 9.25 per share and the gross sales proceeds amounted to approximately EUR 21.3 million.

The funds managed by CapMan owned the majority of Harvia’s shares before the company’s IPO in March 2018, and they continued as significant investors of Harvia after the listing.

Pia Kåll, Managing Partner of CapMan Buyout, comments: “Harvia has been a great investment for CapMan, and we are proud of Harvia’s excellent performance as a listed company. We invested in Harvia in 2014, and the Company has since implemented the growth strategy that we together with the management developed for it. As a result, Harvia has strengthened its position as one of the leading sauna and spa companies in the world. Harvia is positioned to continue to perform well in the future. However, as owning shares of a listed company lies beyond the strategy of our funds, it was time for us to relinquish our ownership and finalise our exit. We believe Onvest Oy will be a strong long-term anchor investor for Harvia.”

“Harvia is a solid and very profitable company, whose strong Finnish roots and great brand fit exceptionally well with Onvest’s values and investment strategy. Harvia has succeeded with its growth strategy and we believe Harvia’s strategic direction is correct. We are extremely pleased to be taking a role in Harvia’s development”, says Kalle Kekkonen, Onvest Managing Director.

Further information:
Pia Kåll, Managing Partner, CapMan Buyout, +358 207 207 555

About CapMan
CapMan Buyout is part of CapMan Group, a leading Nordic private asset expert with an active approach to value-creation in its portfolio companies and assets, with assets under management of more than €3 billion. CapMan has a broad presence in the unlisted market through our local and specialised teams. The investment strategies cover Private Equity, Real Estate and Infra. CapMan also has a growing service business that includes procurement services, fundraising advisory, and analysis, reporting and wealth management services. Altogether, CapMan employs 140 people in Helsinki, Stockholm, Copenhagen, London, Moscow and Luxembourg. For more information, please visit www.capman.com

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AURELIUS closes sale of Scandinavian Cosmetics Group to Accent Equity

Aurelius Capital

Successful transformation into a leading Nordic brand management company

The buyer, Accent Equity, will support Scandinavian Cosmetics in its next growth phase

Munich, November 18, 2019 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8) has successfully completed the sale of its subsidiary Scandinavian Cosmetics Group to Accent Equity 2017, a Scandinavian investment fund.

Successful transformation into a leading Nordic brand management company

After the carve-out from the former owner, the Swiss Valora Group, the company was positioned in the market as a unitary group under AURELIUS and developed into a leading brand management company by means of an extensive transformation program. The restructuring engineered by AURELIUS included efficiency enhancement and business development measures, as well as the add-on acquisitions of Solis AS and Alf Sörensen AB, leading to a 25 percent revenue increase since the acquisition. Scandinavian Cosmetics today is the biggest manufacturer-independent luxury and consumer brand management company in Scandinavia.

The buyer Accent Equity will support Scandinavian Cosmetics in its next growth phase

Accent Equity has extensive experience in growing businesses in different industries and sectors and is ideally positioned to support the international growth of Scandinavian Cosmetics Group, both organically and through add-on acquisitions. The company’s continued development will be supported by the highly experienced management team, the strong position in the Scandinavian market and the company’s excellent positioning in all stages of the value chain.

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Hellman & Friedman purchases Partners Group’s minority equity stake in Action

3I

3i Group plc (“3i”) yesterday announced that it is facilitating a transaction that will provide liquidity to limited partners in EuroFund V,who need to exit as the fund comes to the end of its life,through a sale of their interest in Action to new 3i-managed entities backed by existing investors in EuroFund V, new investors and by 3i.

This transaction values Action at an enterprise value of €10.25 billion and is expected to close in January 2020.Since that announcement,Partners Group,on behalf of its clients,has announced that it has agreed to sell its minority equity stak ein Action to Hellman & Friedman, in a separate transactionat the same valuation.

-Ends-

For further information, contact:3i Group plc Silvia Santoro

Investor enquiries Kathryn van der Kroft

Media enquiries

Tel: +44 20 7975 3258 Email: silvia.santoro@3i.com Tel: +44 20 7975 3021 Email: kathryn.vanderkroft@3i.com

Notes to editors:

About 3i Group3i is a leading international investment manager focused on mid-market private equity and infrastructure. Its core investment markets are northern Europe and North America. For further information, please visit: www.3i.com.

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Partners Group to sell stake in Action, Europe’s leading non-food discount retailer, to Hellman & Friedman

Partners Group

 

Baar-Zug, Switzerland; 25 November 2019

Partners Group to exit Covage, a leading open-access fiber infrastructure platform in France

Partners Group, the global private markets investment manager, has, on behalf of its clients, entered into exclusive negotiations with a consortium led by Altice, and including Allianz Capital Partners, AXA Investment Managers – Real Assets, acting on behalf of its clients, and OMERS Infrastructure, to sell its 50% stake in Covage (“Covage” or “the Company”). The transaction gives Covage an equity value of EUR 1 billion.

Covage is a leading open-access fiber infrastructure platform with a national footprint across low-, medium-, and high-density areas in France. The Company operates 45 local networks, complemented by a fully-owned national fiber backbone of 9,000 km. Covage’s awarded perimeter includes 2.4 million homes and 21,000 existing connected businesses. Its connections are built and operated under the support of France’s national rural broadband access program, a key social ESG initiative to bridge the digital divide between rural and urban regions.

The sale of Partners Group’s 50% stake in Covage would be the final divestment from Partners Group’s acquisition of Axia NetMedia Corporation, on behalf of its clients, in a public-to-private transaction that resulted in its delisting from the Toronto stock exchange in July 2016. It follows the divestment of the Canadian operations of Axia NetMedia, which were sold to BCE Inc (Bell Canada) in 2018. The sale of Covage is subject to customary regulatory clearances and is expected to take place during the first half of 2020.

Esther Peiner, Managing Director, Private Infrastructure Europe, Partners Group, comments: “We are very proud of our contribution to the strong growth Covage has experienced over our holding period. Consistent with our platform expansion strategy, significant capital investments from the shareholders have enabled Covage to deliver a material increase in high bandwidth connectivity nationwide and establish itself as a leading provider in the French communication infrastructure market. Partners Group, through the Covage board, worked with CEO Pascal Rialland and his team to successfully institutionalize the fiber roll-out and commercialization framework of the Company, thus demonstrating the considerable value that can be added through entrepreneurial governance.”

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Blackstone to Take Majority Stake in MagicLab, Owner of Bumble and Badoo, at $3 Billion Valuation

Blackstone

Blackstone (NYSE:BX) announced today that funds managed by Blackstone (“Blackstone”) are taking a majority stake in MagicLab, which builds and operates leading dating and social networking apps, including Bumble and Badoo. The transaction values the company at approximately $3 billion.

Founded in 2006 by Andrey Andreev, MagicLab helped invent how people meet in the modern, mobile age. MagicLab’s suite of brands has connected and transformed the lives of over 500 million people around the world across dating, social, and business. The group shares a foundation of technology, talent, and experience to constantly innovate new ways for people to meet and create life-changing moments by building relationships. Over his career, Mr. Andreev has been at the forefront of innovation in the dating industry and has continued to invest in finding the most talented entrepreneurs and tech visionaries to mentor.

As part of the acquisition, Mr. Andreev will be selling his stake and stepping down from the business. He will be replaced as CEO by Whitney Wolfe Herd, Founder and CEO of Bumble, who, together with Blackstone, will work to accelerate the business’ growth even further.

Commenting on the transaction, Andrey Andreev said: “Blackstone presented MagicLab with a great opportunity to further develop the brands and platform, and I am confident Blackstone will take MagicLab to the next level in terms of growth and expansion. I am incredibly proud of the company, and of how we have connected millions of people around the world. At MagicLab, I have had the pleasure of working with some of the best and most talented entrepreneurs. My aim now is to ensure a smooth and successful transition before I embark on a new business venture in search of innovative leaders with new and exciting ideas. I am grateful for all the support of my partners and employees over the years as we couldn’t have gotten to this point without them. I wish MagicLab and Blackstone every success.”

Whitney Wolfe Herd added: “This transaction is an incredibly important and exciting moment for Bumble and the MagicLab group of brands and team members. Blackstone is world-class at maximizing the success of entrepreneur-led companies, which presents a tremendous opportunity. We are very excited to build the next chapter with them. I am honored to take on the role of CEO of the group. I will strive to lead the group with a continued values-based and mission-first focus, the same one that has been core to Bumble since I founded the company five years ago. We will keep working towards our goal of recalibrating gender norms and empowering people to connect globally, and now at a much faster pace with our new partner.”

Jon Korngold, Head of Blackstone Growth (BXG), said: “We’re excited to invest in MagicLab, which is a pioneer in the fast-growing online dating industry. They have a highly talented team and strong set of platforms, including Bumble, which was built on a commitment to inclusion and female empowerment. This partnership is a perfect example of Blackstone’s ability to use its scale, long-term investment horizon, and deep bench of operational resources to help entrepreneurs take advantage of transformational growth opportunities in order to create global industry leaders over time.”

Martin Brand, a Senior Managing Director at Blackstone, added: “We look forward to partnering with MagicLab to help fuel the company’s continued expansion in the years ahead.”

Citi Global Capital Markets Inc. is serving as an exclusive financial advisor to MagicLab and is providing financing in support of the acquisition by Blackstone. Davis Polk & Wardwell LLP is serving as legal advisor to Whitney Wolfe Herd, the founder and CEO of Bumble. Baker McKenzie is serving as legal advisor to the majority shareholders of MagicLab (including Andrey Andreev) and Simpson Thacher & Bartlett LLP is serving as legal advisor to Blackstone.

About MagicLab
Founded by Andrey Andreev, MagicLab invented how people meet in the modern, mobile age. Through its growing family of brands that include Badoo, Bumble, Chappy, and Lumen, MagicLab has connected and transformed the lives of over 500 million people around the world across dating, social, and business. Our group shares a foundation of technology, talent, and experience to constantly innovate new ways for people to meet and drive long-term growth.

About Blackstone
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with $554 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Contacts

For Blackstone:
Matt Anderson
Matthew.Anderson@blackstone.com
212-390-2472

For MagicLab:
press@magiclab.co

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Bruin Sports Capital announces strategic partnership with CVC Capital Partners and the Jordan Company

Deal gives Bruin access to billions in capital, plus a global network of resources from the partners

Bruin Sports Capital (Bruin), the privately held global investing, operating and holding company today announced a wide-ranging, long-term strategic partnership with renowned private equity firms CVC Capital Partners (CVC) and The Jordan Company (TJC), to build best-in-class sports and entertainment companies. The deal gives Bruin access to billions in capital, plus a global network of resources from the partners beginning with an initial combined investment for $600 million from CVC Fund VII and TJC’s Resolute Fund IV.

“We are extremely proud to have the partnership and support of CVC Capital Partners and The Jordan Company, not only for what it says about our progress but also what it means for our businesses and future opportunities,” said George Pyne. “To be able to say to a partner that on top of our track record and user-friendly model, we can tap into all the capital and global resources necessary to accelerate their business is quite powerful. This begins the next chapter for Bruin, on an even much bigger and more global scale.”

Founded in 2015 by George Pyne, Bruin invests in, acquires, and builds leading-edge, global sports and entertainment companies. It supports owners and CEOs to achieve the full potential for their assets, bringing its resources and capabilities, backed by decades of experience in transforming businesses in a variety of sports and entertainment segments worldwide. The new partnership builds on this as Bruin can access the deep capital and resources of CVC, a leading global private equity firm with 24 offices around the globe and TJC, a US middle-market private equity firm with 37 years of experience managing funds invested in a wide range of industries.

Today, Bruin companies operate across five continents and engage billions of consumers. They include Deltatre, the industry leader in media technology products and services, On Location Experiences, a joint venture with the NFL to deliver premium sports and entertainment experiences and services to more than 1,000 events per year, Engine Shop, a leading sports and entertainment marketing agency that produces thousands of brand experiences annually, Soulsight, an award-winning brand strategy and design agency that leads product innovation for dozens of Fortune 100 brands and OverTier, which operates direct-to-consumer premium streaming services worldwide.

“George and his team have built an impressive franchise, and we are delighted to be partnering with them to invest in and develop high-growth, high-performing global sports and entertainment companies,” said Chris Stadler, Managing Partner at CVC Capital Partners. “Our extensive European network and deep experience in sports, media, and entertainment ideally complement Bruin’s impressive existing platform.”

“We are excited to partner with George, an extremely talented leader with an exceptional track record of business transformation, that continues with Bruin Sports Capital,” said Rich Caputo, Chief Executive Partner of The Jordan Company. “In a sector undergoing fundamental shifts to the way it does business, he and the team have demonstrated a unique ability to uncover potential and turn it into significant value. We are going to provide the full gamut of our resources to Bruin and the partnership, and we look forward to great things ahead.”

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EQT Credit completes unitranche financing for Sykes Cottages

eqt

EQT Credit, through its Direct Lending strategy, is pleased to provide committed senior debt facilities to support Vitruvian Partners’ acquisition of Sykes Cottages Holdings Limited (“Sykes” or the “Company”). Proceeds were used to finance the acquisition and refinance the Company’s existing debt as well as provide committed acquisition facilities to support future growth.

Sykes is a leading vacation rental management company, with more than 17,000 exclusively managed properties in the United Kingdom and New Zealand. The business has grown rapidly with significant investment in technology, providing a strong foundation for future expansion.

Paul Johnson, Partner at EQT Partners and Investment Advisor to EQT Credit, commented: “EQT Credit is delighted to be supporting Vitruvian and management as they continue to develop Sykes into one of the leading international players in the vacation rental market. With an exceptional management team and a well-invested technology platform, EQT believes the Company is well positioned to continue its strong growth trajectory. We would like to thank the advisors in the EQT Network, who added their knowledge of the vacation rental industry and provided key support and insight throughout the due diligence process.”

Michael Graham, CFO, at Sykes, commented: “We are very pleased to continue our strong relationship with EQT Credit and look forward to their continued support as we grow and build our business together with Vitruvian Partners.”

Contact
Paul Johnson, Partner at EQT Partners, Investment Advisor to EQT Credit
EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on Twitter and LinkedIn

About EQT Credit
EQT Credit invests through three complementary strategies: Senior Debt, Direct Lending, and Special Situations. Since inception, EQT Credit has raised over EUR 7 billion of capital and invested in over 160 companies. EQT Credit’s Direct Lending strategy seeks to provide flexible, long-term debt solutions to support European businesses, across a wide range of sectors. These businesses include privately-owned companies seeking growth capital as well as those that are the subject of private equity-led acquisitions or refinancings.

More info: www.eqtgroup.com/business-segments/credit/strategies/

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Altor and Stordalen new owners of Vinggruppen

Altor

Yesterday, the new ownership trio of the Ving Group was presented, it consists of Altor Fund V (Altor), Strawberry Group, controlled by Petter Stordalen and TDR Capital. The ownership group ensures a strong and long-term Nordic majority ownership of the Nordic business, consisting of 2,300 employees. Early Thursday morning, the deal could be formally closed, which means that, as of today, the new Nordic Leisure Travel Group, formed by the owners, owns Ving, Spies, Tjäreborg and the Nordic airline, which has now changed its name to Sunclass Airlines.

“It is a fantastic business that ended up in a very unfortunate situation. The Ving Group is the market leader in the holiday business, thanks to its own hotel concepts such as Sunwing and Sunprime and has also been the leaders in the transition to online bookings. Through a financial restructuring, we, as new owners, together with other financiers, have secured about SEK 6 billion in liquidity and guarantees. It secures jobs for employees and vacation trips to all customers and it creates a stable base for future development” says Harald Mix, partner at Altor.

“I am extremely pleased that Altor, Stordalen and TDR will be our new owners. It secures the business, all booked trips and our employees’ jobs. I would like to take this opportunity to thank all the employees who have worked day and night over the past few weeks to keep our business alive and to all the guests and partners who have shown us fantastic support. Of course, I would also like to extend a big thank you to the new owners. I am incredibly proud and happy that we are here today and I am convinced that our new owners will bring fantastic opportunities for us in the future” says Magnus Wikner, CEO of the Ving Group in the Nordic region.

About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in more than 60 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Dustin, Byggmax, Navico, Infotheek, Orchid, Wrist Ship Supply, Sbanken, Rossignol, Helly Hansen, SATS and Carnegie Investment Bank. For more information visit www.altor.com.

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CapMan’s exit from Kämp Collection Hotels has been completed

CapMan Buyout press release
10 October 2019 at 10.15 am EEST

CapMan’s exit from Kämp Collection Hotels has been completed

The competition authority has approved Nordic Choice Hotels’ acquisition of Kämp Collection Hotels from funds managed by CapMan Buyout and other owners. The acquisition, announced in August, was finalised on 9 October. The new owner aims at significantly increasing the hotel supply in Helsinki.

CapMan Buyout X fund invested in Kämp Collection Hotels in 2014. The transaction is the fifth exit from the 2013 fund, which has developed well overall. CapMan Buyout is the largest mid-market private equity team in the Nordic region, with 11 investment professionals in Finland and Sweden and 30 years of industry experience. CapMan Buyout has made a total of more than 80 investments and more than 70 exits since 1989 and it is actively looking for suitable investments for its eleventh fund, which held a first close at €160 million in June 2019.

Additional information:
Tomi Alén, Investment Director, CapMan Buyout, tel. +358 50412 1947

About CapMan
CapMan Buyout is part of CapMan Group, a leading Nordic private asset expert with an active approach to value-creation in its portfolio companies and assets, with assets under management of more than €3 billion. CapMan has a broad presence in the unlisted market through our local and specialised teams. The investment strategies cover Private Equity, Real Estate and Infra. CapMan also has a growing service business that includes procurement services, fundraising advisory, and analysis, reporting and wealth management services. Altogether, CapMan employs 140 people in Helsinki, Stockholm, Copenhagen, London, Moscow and Luxembourg. For more information, please visit www.capman.com

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Delisting of the Wessanen shares will occur on 1 November 2019

PAI Partners

This is a joint press release by PAI Partners SAS (“PAI”) and various entities (indirectly) controlled by or affiliated to Charles Jobson and/or his family members (“Charles Jobson”), acting jointly through Best of Nature Bidco B.V. (“Bidco”, and together with PAI and Charles Jobson, the “Consortium”), and Koninklijke Wessanen N.V. (“Wessanen” or the “Company”).

Paris, France / Boston Massachusetts, the U.S. / Amsterdam, the Netherlands – 2 October 2019

With reference to the joint press release dated 30 September 2019, the Consortium and Wessanen jointly announce that, in connection with the Consortium holding more than 95% of the issued and outstanding shares in Wessanen following completion of its public offer, Euronext Amsterdam N.V. (“Euronext Amsterdam”) has consented to the delisting of the Shares from Euronext Amsterdam.

Delisting shall occur on Friday 1 November 2019 and, accordingly, the last trading day of the Shares shall be Thursday 31 October 2019.

For more information, please contact:

Press enquiries for the Consortium
CFF Communications
Presthaya Fixter
T: +31 (0)6 2959 7748
E: presthaya.fixter@cffcommunications.nl

Press enquiries for Wessanen
Hill+Knowlton Strategies
Ingo Heijnen
T: +31 (0)6 5586 7904
E: ingo.heijnen@hkstrategies.com

Wessanen
Koninklijke Wessanen N.V.
Hoogoorddreef 5 Atlas Arena, (1101 BA) Amsterdam, the Netherlands

About PAI Partners

PAI Partners is a leading European private equity firm with offices in Paris, London, Luxembourg, Madrid, Milan, Munich, New York and Stockholm. PAI Partners manages EUR 13.4 billion of dedicated buyout funds. Since 1994, the company has completed 71 transactions in 11 countries, representing over EUR 50 billion in transaction value. PAI Partners is characterised by its industrial approach to ownership combined with its sector-based organisation. PAI Partners provides the companies it owns with the financial and strategic support required to pursue their development and enhance strategic value creation.

About Charles Jobson

Charles Jobson, CFA, has been a director at Good Times Restaurants Inc. (listed on NASDAQ) since May 24, 2018. He co-founded Delta Partners, LLC in 1999 and serves as its portfolio manager. Charles Jobson has been a long-term shareholder of Wessanen since 2009. Charles Jobson has shown strong support for the current management of Wessanen and believes in the current strategy. He would like to continue investing in the business to unlock its further potential as a growth company.

About Koninklijke Wessanen

Koninklijke Wessanen is a leading company in the European market for healthy and sustainable food. In 2018, revenue was EUR 628 million, and the company employed on average 1,350 people. With its purpose ‘connect to nature’ Wessanen focuses on organic, vegetarian, fair trade and nutritionally beneficial products. The family of companies is committed to driving positive change in food in Europe. Wessanen’s own brands include many pioneers and market leaders: Allos, Alter Eco, Bjorg, Bonneterre, Clipper, Destination, El Granero, Isola Bio, Kallø, Mrs Crimble’s, Tartex, Whole Earth and Zonnatura.

General restrictions

The distribution of this press release may, in some jurisdiction other than the Netherlands, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, the Offeror and Wessanen disclaim any responsibility or liability for the violation of any such restrictions by any person. Any failure to comply with these restrictions may constitute a violation of the securities laws of that jurisdiction. Neither the Offeror, nor Wessanen, nor any of their advisors assumes any responsibility for any violation by any of these restrictions. Any Shareholder who is in any doubt as to his or her position should consult an appropriate professional advisor without delay.

This announcement is for information purposes only and does not constitute an offer or an invitation to acquire or dispose of any securities or investment advice or an inducement to enter into investment activity. This announcement does not constitute an offer to sell or the solicitation of an offer to buy or acquire the securities of Wessanen in any jurisdiction.

To the extent permissible under applicable law or regulation, the Offeror and its affiliates or brokers (acting as agents for the Offeror or its affiliates, as applicable) may from time to time after the date hereof, and other than pursuant to the intended offer, directly or indirectly purchase, or arrange to purchase, ordinary shares in the share capital of Wessanen, that are the subject of the Offer. To the extent information about such purchases or arrangements to purchase is made public in the Netherlands, such information will be disclosed by means of a press release to inform Shareholders of such information. In addition, financial advisors to the Offeror may also engage in ordinary course trading activities in securities of Wessanen, to the extent permissible under law or regulation, which may include purchases or arrangements to purchase such securities.

Forward-looking statements

Certain statements in this press release may be considered “forward-looking statements”, such as statements relating to the impact of this transaction on the Offeror and Wessanen. Forward-looking statements include those preceded by, followed by or that include the words “anticipated,” “expected” or similar expressions. These forward-looking statements speak only as of the date of this release. Although the Offeror and Wessanen believe that the assumptions upon which their respective financial information and their respective forward-looking statements are based are reasonable, they can give no assurance that these forward-looking statements will prove to be correct. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, receipt of regulatory approvals without unexpected delays or conditions, the Offeror’s ability to achieve the anticipated results from the acquisition of Wessanen, the effects of competition (in particular the response to the transaction in the marketplace), economic conditions in the global markets in which the Offeror and Wessanen operate, and other factors that can be found in the Offeror’s and Wessanen press releases and public filings. Neither the Offeror, nor Wessanen, nor any of their advisors, accepts any responsibility for any financial information contained in this press release relating to the business, results of operations or financial condition of the other or their respective groups. Each of the Offeror and Wessanen expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such forward-looking statement is based.

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