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KKR Completes Acquisition of Varsity Brands from Bain Capital and Charlesbank

KKR

New investment supports Varsity Brands’ growth strategy and mission to serve sports teams, schools, and student-athletes

DALLAS & NEW YORK–(BUSINESS WIRE)– Varsity Brands (the “Company”), a leader in team sports, athletics and spirit, and KKR, a leading global investment firm, today announced the completion of the acquisition of Varsity Brands by KKR from Bain Capital and Charlesbank. As the new majority owner of Varsity Brands, KKR will support the Company as it continues to grow its business.

The Varsity Brands platform offers an extensive range of high-quality, customized solutions, services and experiences that support school and team sports, athletics and spirit programs, reaching over eight million athletes and students annually. The Company is a national marketer, manufacturer and distributor of customized team uniform and apparel solutions and team-specific sporting goods and equipment serving more than 150,000 customers, including colleges, universities, schools, club teams and recreational programs. Additionally, the Company has strong, long-standing relationships with iconic global athletic brands such as Nike, adidas, Under Armor, New Balance and lululemon. Varsity Brands is also a leading organizer of cheerleading competitions and training camp programs.

“Today is a pivotal moment for Varsity Brands as we welcome KKR as our new investor. We see immense growth potential as we advance our mission to support teams, schools and communities, elevating the experience for young people nationwide. This is a proud day for the Varsity Brands team, whose commitment and performance are critical to our continued success. I am also excited for our colleagues to join KKR and our leadership team as co-owners of the Company,” said Adam Blumenfeld, CEO of Varsity Brands. “We are grateful for the support and partnership from Bain Capital and Charlesbank. Their support has been instrumental in laying the foundation for our continued success. I want to express my sincere gratitude for their belief in our mission and role in shaping the Varsity Brands we know today.”

With a history spanning five decades, Varsity Brands serves as a catalyst for positive change, supporting the physical, mental and emotional well-being of students and athletes through innovative resources and programs that help kids feel connected, supported and inspired to excel. Most recently, the Company debuted a new initiative, SURGE, which stands for Strength, Unity, Resilience, Growth and Equity, aiming to empower girls to stay in sports. SURGE encourages female athletes to lead healthy, successful lives through a variety of free online tools for coaches to build self-esteem, instill confidence and prioritize mental health. Additionally, the Varsity Brands IMPACT School Partnership Program offers schools tailored solutions to enhance school pride, boost student engagement, and foster community spirit.

“Varsity Brands is a leading solutions-oriented services provider with a mission to elevate the student experience through sport and spirit, helping schools and teams foster greater participation, enthusiasm and community,” said Felix Gernburd, Partner at KKR.

“We look forward to working alongside Adam and his passionate team to support their strategy for growing Varsity Brands’ platform in new markets and categories while continuing to deliver exceptional products, services and contributions to the sports and education ecosystems,” said Angad Singh, Director at KKR.

KKR will support Varsity Brands in creating a broad-based equity ownership program to provide all the Company’s employees with the opportunity to participate in the benefits of ownership. This strategy is based on the belief that team member engagement through ownership is a key driver in building stronger companies. Since 2011, more than 50 KKR portfolio companies have awarded billions of dollars of total equity value to over 100,000 non-senior management employees.

KKR is making this investment primarily through its North America Fund XIII. Terms of the transaction were not disclosed.

Goldman Sachs and Jefferies served as financial advisors and Simpson Thacher & Bartlett LLP served as legal advisor to KKR.

BofA Securities and William Blair served as joint financial advisors and Kirkland & Ellis LLP served as legal advisor to Varsity Brands.

About Varsity Brands

Varsity Brands is a premier team sports platform, providing a comprehensive range of services and solutions for sports, cheer, dance, band, and yearbook programs. Varsity Brands supports athletic programs, schools, gyms and teams with customizable uniforms, gear, competitions, experiences, training, education and more. Our mission is to elevate the experience of more than 55 million students nationwide through sport and spirit. Discover how Varsity Brands champions youth participation, well-being and engagement at varsitybrands.com.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Varsity Brands
Sue Crumpton
media.relations@varsitybrands.com

Samantha Gaspar
samantha.gaspar@teneo.com

KKR
Miles Radcliffe-Trenner / Liidia Liuksila / Emily Cummings
212-750-8300
media@kkr.com

Source: KKR

 

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AutoScout24 Finalizes Agreement to Acquire TRADER Corporation

Hellman & Friedman

AutoScout24, the leading pan-European online automotive marketplace, has signed an agreement to acquire TRADER Corporation (“TRADER Canada”) from Thoma Bravo. In conjunction with this acquisition, funds affiliated with existing majority shareholder Hellman & Friedman (“H&F”) will make a meaningful incremental equity investment in AutoScout24.

With this acquisition, the AutoScout24 Group, which includes leading online automotive marketplaces in continental Europe, Germany’s largest online automotive market for leasing offers, LeasingMarkt.de, and one of Europe’s fastest-growing B2B used car trading platforms, AutoProff, extends its presence outside of Europe and strengthens its position as a leading global online automotive marketplace. The transaction also expands AutoScout24’s service offering into automotive dealer software and lender solutions through TRADER Canada’s leading offerings.

TRADER Canada operates Canada’s leading online automotive marketplaces, English-language AutoTrader.ca and French-language AutoHebdo.net, with 26 million monthly visits, more than 450,000 vehicle listings, and 5,000 dealer partners. Founded in 1975 and headquartered in Toronto, the company also provides several automotive dealer software solutions under the AutoSync brand and operates DealerTrack, the leading Canadian portal connecting automotive dealers and lenders, as well as Collateral Management Solutions, the primary provider of lien and registration services, recovery services, and insolvency management solutions to Canadian Lenders. Throughout their ownership, Thoma Bravo worked closely with TRADER Canada to expand its innovative product portfolio through both organic investments and strategic acquisitions to better serve the company’s growing customer base.

Peter Brooks-Johnson, CEO of the AutoScout24 Group: “I am delighted to welcome the TRADER Canada team and its leading brands to the AutoScout24 family. TRADER Canada’s impressive long-term track record, clear position as Canada’s most important automotive marketplace, and comprehensive expertise in dealer software and fintech solutions speak for themselves. This acquisition strengthens AutoScout24’s position as a leading global online automotive marketplace and will help accelerate the growth of both platforms. As a result, we will offer our customers, trade partners, OEMs, and financing partners in Europe and Canada better services and more innovative solutions.”

Sebastian Baldwin, President and CEO of TRADER Corporation: “AutoScout24’s track record of success with their automotive marketplaces presents a perfect alignment with the TRADER Canada business and our future long-term goals. In addition to our marketplaces, which are the #1 most trusted choice for Canadian car shoppers, our market-leading software and automotive finance solutions businesses represent further opportunities for collaboration. We look forward to working together to continue strengthening TRADER Canada’s market leading position across the breadth of the Canadian automotive sector.”

Blake Kleinman, Partner at H&F: “We have been successful investors in the automotive classifieds sector since 2014 and have come to appreciate the commonality, across all geographies, of the strategic product innovations required to maximize the efficiency of the car buying journey for consumers and dealers. Bringing TRADER Canada into the AutoScout24 family significantly enhances our ability to leverage our global scale and common technology platform to invest in innovation that will better serve consumers, dealers, and our other partners. The additional equity investment from H&F in this transaction demonstrates our long-term vision of building the leading global automotive classifieds platform.”

Holden Spaht, a Managing Partner at Thoma Bravo: “It’s been a privilege to work with Sebastian and the TRADER Canada team. Through the application of our software expertise and M&A strategy, we helped transform TRADER Canada from an online automotive marketplace to a market leading platform of digital retail solutions for consumers and automotive dealers in Canada. We are confident that AutoScout24 is a great home for TRADER Canada, and we look forward to following their continued success together.” Peter Stefanski, a Partner at Thoma Bravo added: “We are proud to have supported TRADER Canada over the course of our investment, driving growth and innovation while creating a better experience for both dealers and car-buyers across all of Canada.”

The transaction is expected to close in the fourth quarter of 2024. RBC Capital Markets and Deutsche Bank are acting as M&A advisors to AutoScout24 and Simpson Thacher & Bartlett LLP, Davies Ward Philipps & Vineberg LLP and Freshfields Bruckhaus Deringer LLP are acting as legal counsel. Goldman Sachs & Co. LLC is acting as lead financial advisor; BofA Securities and HSBC Securities (USA) Inc. are also acting as financial advisors to TRADER Canada and Kirkland & Ellis LLP, McMillan LLP and Goodmans LLP are acting as legal counsel.

About AutoScout24
With over 2 million vehicle listings, around 30 million users per month and more than 43,000 dealer partners, AutoScout24 is the largest pan-European online car market. In addition to Germany, the AutoScout24 Group is also represented in the European core markets of Belgium, Luxembourg, the Netherlands, Italy, France, Austria, Norway, Denmark, Poland and Sweden. As a comprehensive marketplace for mobility, AutoScout24 is making targeted investments in the growth areas of leasing, car subscriptions, electromobility and online car purchases. With AutoScout24 smyle, the marketplace enables its users to purchase vehicles completely online – free of charge and delivered ready-to-drive directly to their doorstep. Leasing specialist LeasingMarkt.de has also been part of the AutoScout24 Group since 2020 and the B2B auction platform AUTOproff since 2022. Together, the marketplaces are significantly driving the digitalisation of the European car trade.

More information on www.autoscout24.de

Media Contact:
Julia Dreßen
Fon +49 89 444 56-1185
presse@autoscout24.de

About TRADER Corporation:
TRADER Corporation is a trusted Canadian leader in online media, dealership and OEM software, and lender services. The company is comprised of AutoTrader.ca™, AutoHebdo.net™, LesPac.com, AutoSync™, Dealertrack™ and Collateral Management Solutions™. AutoTrader.ca and AutoHebdo.net offer the largest inventory of new and used vehicles in Canada, receiving over 26 million monthly visits to over 450,000 vehicles listed by over 5,000 dealers. With over 2,500 subscribers and counting, AutoSync is the largest and fastest growing dealer and OEM software provider in Canada. The platform’s suite of connected automotive software solutions brings advertising, conversion and operational support together, synchronizing the entire retail process. The portfolio is rounded out by DealerTrack, the leader in Canadian automotive finance solutions, and Collateral Management Solutions, the primary provider of lien and registration services, recovery services, and insolvency management solutions to Canadian Lenders.

For more information, please visit www.tradercorporation.com

Media Contact:
Jessica Huynh
Jessica.huynh@labourcreative.ca

SOURCE AutoScout24

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OMERS Infrastructure and DWS to acquire Italy’s Grandi Stazioni Retail

Omers Infrastructure

Grandi Stazioni Retail

August 6, 2024 – OMERS Infrastructure and an Infrastructure Investment fund managed and advised by DWS Group today announced that they have signed an agreement to acquire 100% of Grandi Stazioni Retail from Antin Infrastructure Partners, ICAMAP and Borletti Group.

Grandi Stazioni Retail manages the entirety of commercial and advertising spaces in 14 of Italy’s major railway stations and hubs for the high-speed rail network, which collectively receive over 800 million visits a year. The stations include over 800 commercial units, totaling around 190,000 Sqm of leasable space, and over 1,800 media assets.

The investment becomes OMERS first-ever in Italy, its 19th in Europe, and 14th transportation asset globally. DWS has a strong track record in rail transportation, including its investments in Akiem, Streem and Corelink, as well as in Italian infrastructure via its investments in Gruppo SAVE, Rimorchiatori Mediterranei and Ergéa.

Michael Hill, Executive Vice President and Global Head of Infrastructure, OMERS said: “We are delighted to be partnering with DWS to acquire Grandi Stazioni Retail. The acquisition is highly consistent with the OMERS Infrastructure strategy and will be an excellent complement to our world-class portfolio of infrastructure investments.”

Alastair Hall, Head of Europe, OMERS Infrastructure, said: “We’re delighted to acquire Grandi Stazioni Retail, which marks our entry into Italy and further expands OMERS presence in Europe. The investment presents us with an exciting opportunity to grow our exposure to the resilient and dynamic European rail sector. We are hugely impressed by Grandi Stazioni Retail’s management team, their commercial strategy and successful track-record of growth.”

Hamish Mackenzie, Global Head of Infrastructure at DWS, said: “This acquisition is a testament to our commitment to investing in high-quality infrastructure assets. Grandi Stazioni Retail offers a unique platform that aligns with our long-term vision for growth and providing essential services to the passengers and communities served by our portfolio companies, as well as a strong alignment with the key sustainability trend of reduction of transportation emissions, a theme supported by local and European policies. We are particularly impressed by the Grandi Stazioni Retail’s strategic direction and operational excellence of the management team, led by Alberto Baldan. We are excited to partner with OMERS and leverage our expertise and resources to further enhance the value of this asset and ensure it continues to serve as a vibrant travel hub for connectivity.”

The transaction is expected to be completed by the end of the year, subject to certain customary closing conditions and regulatory approvals.

 

Media contacts

OMERS James Thompson

Director of Communications

E: JaThompson@OMERS.com

T: +44(0)7443 264 154

 

DWS

Nick Bone

E: nick.bone@dws.com

T: +44 (0) 20 754 72603

About OMERS Infrastructure

OMERS Infrastructure manages infrastructure investments globally on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada, and third-party investors through its Strategic Partnership Program. OMERS Infrastructure manages approximately C$36 billion, including capital invested on behalf of OMERS and third parties, in approximately 30 investments located in North America, Western Europe, India and Australia, and across sectors including energy, digital and transportation. OMERS Infrastructure has employees in Toronto, New York, London, Amsterdam, Singapore and Sydney.

About DWS Group

DWS Group (DWS) with EUR 933bn of assets under management (as of 30 June 2024) aspires to be one of the world’s leading asset managers. Building on more than 60 years of experience, it has a reputation for excellence in Germany, Europe, the Americas and Asia. DWS is recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines.

We offer individuals and institutions access to our strong investment capabilities across all major liquid and illiquid asset classes as well as solutions aligned to growth trends. Our diverse expertise in Active, Passive and Alternatives asset management – as well as our deep environmental, social and governance focus – complement each other when creating targeted solutions for our clients. Our expertise and on-the-ground knowledge of our economists, research analysts and investment professionals are brought together in one consistent global CIO View, giving strategic guidance to our investment approach.

DWS wants to innovate and shape the future of investing. We understand that, both as a corporate as well as a trusted advisor to our clients, we have a crucial role in helping to navigate the transition to a more sustainable future. With approximately 4,600 employees in offices all over the world, we are local while being one global team. We are committed to acting on behalf of our clients and investing with their best interests at heart so that they can reach their financial goals, no matter what the future holds. With our entrepreneurial, collaborative spirit, we work every day to deliver outstanding investment results, in both good and challenging times to build the best foundation for our clients’ financial future.

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Bridgepoint agrees sale of investment in Vitamin Well

Bridgepoint
  • Since Bridgepoint partnered with Vitamin Well in 2016, the business has grown revenue twelvefold through international expansion and new product development.
  • The Bridgepoint funds will retain a significant minority stake in the business with a compelling opportunity for substantial value creation in the years ahead.
  • Bridgepoint welcomes Cinven as new lead investor with a mutual vision to continue to support Vitamin Well’s growth aspirations through further international expansion and continued product development.

 

Bridgepoint, one of the leading private asset growth investors, is pleased to announce that the Bridgepoint funds have agreed the exit of their investment in Vitamin Well, the high-growth functional food and beverage business, welcoming Cinven, the international private equity firm, as new lead investor. Through the transaction, Cinven will become the largest shareholder in the company, while Bridgepoint will retain a significant minority shareholding.

Established in 2008 and headquartered in Stockholm, Vitamin Well is a fast-growing functional food and beverage business, offering premium products for health-conscious and active consumers. Today, the company has c. 500 employees, with a broad product portfolio across several brands, including core brands Vitamin Well (vitamin and mineral-enriched drinks), NOCCO (performance energy drinks) and Barebells (protein bars and shakes), which are sold internationally across more than 40 markets.

Since Bridgepoint partnered with the Vitamin Well founders and management in 2016, the company has experienced a period of exceptional growth and development. Bridgepoint has supported the founders and the management team in pursuing international growth, gaining traction in several international markets, including the DACH region, the UK, Spain and the US.

The investment in Vitamin Well was initially made in 2016 by a fund managed by Bridgepoint Development Capital (“BDC III”), Bridgepoint’s lower middle-market strategy. It has been co-owned with Bridgepoint Europe (“BE VI”), Bridgepoint’s middle-market strategy, since 2021 following additional investment. Both funds will retain a significant minority stake in the business going forward.

Christopher Bley and Johan Dahlfors, Partners and Co-Heads of the Nordics at Bridgepoint, said:

“We are proud to have been part of the remarkable growth and transformation that Vitamin Well has achieved, with revenue increasing twelvefold during our partnership, and the company expanding from 50 employees in 2016 to 500 employees today. The Vitamin Well management team and the broader organisation are exceptionally strong and highly motivated, and we have strong conviction in the company’s ability to sustain its growth momentum. We look forward to continuing to work with Vitamin Well and welcome Cinven as a new partner to help support the continued global expansion.”

Jonas Pettersson, CEO and Co-Founder at Vitamin Well, said:

“With Bridgepoint as a partner, we have strengthened our presence in our core market, the Nordic region, and expanded our international presence. We look forward to continuing our journey with both Bridgepoint and Cinven as we further expand our presence globally. With their continued support, we are confident in our ability to innovate, grow and develop, bringing our premium products to even more health-conscious consumers around the world.”

Pontus Pettersson, Partner and Head of the Nordic regional team at Cinven, commented:

“We are delighted to partner with co-founder Jonas Pettersson, the management team and Bridgepoint to support Vitamin Well in its next stage of growth. This is an exciting time for the business – while it has achieved a huge amount in its first 15 years, we think its journey has just begun. Cinven has significant experience investing in both the Consumer sector and the Nordic region, including backing leading businesses to expand internationally, and we believe that we can use this knowledge to support the management team to effectively deliver and achieve their ambitious targets.”

The transaction is subject to customary conditions and regulatory approvals. It is expected to complete in the second half of 2024.

Bridgepoint was advised by Jefferies (M&A), Vinge (Legal), McKinsey (Commercial), PwC (Financial and Tax).

Bridgepoint is one of the world’s leading quoted private asset growth investors, specialising in private equity, infrastructure and private credit.

With over €67bn of assets under management and a strong local presence in Europe, North America and Asia, we combine global scale with local market insight and sector expertise, consistently delivering strong returns through cycles.

Bridgepoint Advisers Limited, a subsidiary of Bridgepoint Group plc, is authorised and regulated by the Financial Conduct Authority.

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Blackstone and Goldman Sachs Alternatives complete investment to support privatization of L’Occitane International S.A.

Blackstone

LONDON, UK & HONG KONG – July 29, 2024 – Blackstone (NYSE: BX), through funds managed by Blackstone Tactical Opportunities and its affiliates as well as Blackstone’s private equity strategy for individual investors (“Blackstone”) and Goldman Sachs Alternatives, today announced the closing of a significant financing capital investment to support controlling shareholder Reinold Geiger and related entities (the “Offeror”) in a take-private of listed global multi-brand beauty and skincare group L’Occitane International S.A. (the “Company”).

Supported by a commitment by Blackstone and Goldman Sachs Alternatives of up to €1.551 billion, on 29 April 2024 the Offeror announced a tender offer to acquire and delist the Company for HK$34.00 per share, representing a compelling premium for shareholders. The offer has been declared unconditional as of 23 July 2024, with a compulsory acquisition of remaining shares to follow. Upon delisting, the Company will operate as a privately held business. Following completion of the take-private, Reinold Geiger and other existing shareholders will remain controlling shareholders of the Company.

Since first investing in the business in 1994, Reinold Geiger has transformed L’Occitane International S.A. into a worldwide multi-brand group that manufactures and retails premium beauty and wellness products. The Company operates in 90 countries worldwide and has more than 3,000 retail outlets, including over 1,300 of its own stores. Within its portfolio of premium beauty brands that champion organic and natural ingredients are: L’OCCITANE en Provence, Melvita, Erborian, L’OCCITANE au Brésil, LimeLife, ELEMIS, Sol de Janeiro and Dr. Vranjes Firenze.

Raphael de Botton, Senior Managing Director at Blackstone Tactical Opportunities, said: “We are pleased to partner with Reinold Geiger and L’Occitane Groupe S.A.’s management team to provide capital to a growing, high-quality family-led business.

“Supporting family-owned businesses like L’Occitane Groupe S.A. and entrepreneurs like Reinold Geiger with bespoke, patient capital solutions are hallmarks of what we seek to do at Blackstone. We look forward to supporting the Company as it begins the next phase of its growth.”

Moritz Jobke, Head of Hybrid Capital for EMEA at Goldman Sachs Alternatives, said: “We are excited to embark on the next stage in L’Occitane Groupe S.A.’s development with Reinold Geiger and his team. Partnering with exceptional entrepreneurs is core to our Hybrid Capital strategy and we look forward to bringing the resources of the Goldman Sachs platform to support the business’s growth.”

Blackstone and Goldman Sachs Alternatives were advised by Jefferies and The Hongkong and Shanghai Banking Corporation Limited (“HSBC”).

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About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.

The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.

The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has over $2.8 trillion in assets under supervision globally as of December 31, 2023. Follow us on LinkedIn.

Contacts
Blackstone
Rebecca Flower
Rebecca.Flower@blackstone.com
+44 (0)7918 360372

Goldman Sachs Alternatives
Joseph Stein
+ 44 207 774 4080

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PAI Partners to acquire majority stake in Nutripure – PAI

PAI Partners

PAI Partners (“PAI”), a pre-eminent private equity firm, today announced its agreement to acquire Nutripure, a holistic sport and wellness platform that allows consumers to take better care of their health, from Ardian, a world-leading private investment house. The acquisition will be made through the PAI Mid-Market Fund (“PAI MMF”), PAI’s fund dedicated to mid-market opportunities. Upon completion, PAI will be the majority shareholder with a controlling stake, alongside the founders and Bpifrance.

Created in France in 2017 by Florent and Christophe Carrio, Nutripure is a digital active nutrition brand that provides a comprehensive ecosystem of products and services, including food supplements and sports nutrition, primarily through its own website. Initially designed for top-level athletes, Nutripure now provides almost 40 high-quality products for all consumers across Health & Metabolism, Sports & Endurance, Physical Recovery and Healthy Nutrition. The brand has a scalable and efficient operating model, with internalised R&D, premium ingredient sourcing, digital marketing and distribution.

Since its inception, Nutripure has maintained very strong growth, significantly outperforming the wider active nutrition market, building solid brand awareness and serving over 200,000 clients. The company is strategically positioned to seize growth opportunities in the rapidly expanding market, driven by robust megatrends that are expected to persist in the coming years: an increasing interest in health and exercise, a behavioural shift towards preventive medicine and the growing penetration of e-commerce. PAI’s investment will support Nutripure’s growth trajectory, new product development and innovation, and expand the company’s community in health and sports.

Florent Carrio, co-founder of Nutripure, said: “Christophe and I are very pleased to welcome PAI onboard. This is a significant milestone in our journey and is a testament to the hard work and dedication of our entire team, driving Nutripure towards new heights and making a positive impact in the health and wellness industry. Since founding Nutripure, our mission has been to preserve tomorrow’s health today, for all people willing to activate their potential and take better care of themselves.”

Frédéric Quéru, Managing Director, Growth at Ardian, said: “We would like to thank and congratulate Florent and Christophe for this exceptional journey. In less than three years, Nutripure has more than quadrupled its turnover, while achieving intensive recruitment and strengthening the top management. It has been a great pleasure to work alongside them and the entire Nutripure team, leveraging our cross-vertical expertise in e-commerce and healthcare to support the company’s scaling and sustain its remarkable growth. We wish the founders and PAI all the best for the next phase.”

Stefano Drago, a Founding Partner of PAI Mid-Market Fund, said: “We are excited to partner with Florent and Christophe Carrio to support Nutripure in its next phase of growth, leveraging our Food & Consumer playbook into Healthcare. Nutripure has demonstrated exceptional growth and innovation in the sports nutrition and wellness space, and is well placed to benefit from structural trends revolving around a healthier lifestyle.”

Arnaud Despoisse, Investment Director at Bpifrance said: “Two years after opening its equity to Ardian and Bpifrance, Nutripure has become the lead brand in its market, combining strong values and high-quality products. Bpifrance assisted the company in its internal structuring, allowing it to successfully achieve this skyrocketing development. We are thrilled about continuing the adventure alongside the founders and reinvesting with PAI to make Nutripure a French champion on a European scale.”

Contacts

PAI Partners
Dania Saidam
+44 20 7297 4678

Ardian
HEADLAND
ardian@headlandconsultancy.com

Bpifrance
Sophie.santandre@bpifrance.fr
presse@bpifrance.fr

About Nutripure

Nutripure is a holistic sport and wellness platform that allows consumers to take better care of their health. Initially designed to meet the demands of top-level athletes, Nutripure has developed a universal offer meeting top-level product requirements while prioritising health for the benefit of all consumers. The company services more than 200,000 clients, providing a comprehensive ecosystem of products and services, including food supplements and sports nutrition, primarily through its own website.

About Ardian

Ardian is a world-leading private investment house, managing or advising $166bn of assets on behalf of more than 1,650 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.

At Ardian we invest all of ourselves in building companies that last.
www.ardian.com

About PAI Partners

PAI Partners is a pre-eminent private equity firm investing in market-leading companies across the globe. The Firm has €28+ billion of assets under management and, since 1994, has completed over 100 investments in 12 countries and realised more than €25+ billion in proceeds from 61 exits. PAI has built an outstanding track record through partnering with ambitious management teams where its unique perspective, unrivalled sector experience, and long-term vision enable companies to pursue their full potential – and push beyond.

PAI Mid-Market Fund, PAI’s first vehicle fully dedicated to investing in mid-market companies across Europe, draws on PAI’s core investment DNA and capabilities, leveraging the firm’s European expertise, its local market presence, and its specialist sector knowledge to create an extension of the firm’s platform across the mid-market. Learn more about the PAI story, the team and their approach at: www.paipartners.com.

About Bpifrance

Bpifrance Investissement is the management company that handles Bpifrance’s equity investments. Bpifrance is the French national investment bank: it finances businesses – at every stage of their development – through loans, guarantees, equity investments and export insurances. Bpifrance also provides extra financial services (training, consultancy) to help entrepreneurs meet their challenges (innovation, export…).

For more information, please visit: https://www.bpifrance.com/ Follow us on Twitter: @Bpifrance – @BpifrancePresse

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PAI Partners to acquire majority stake in Nutripure

Ardian

PAI Partners (“PAI”), a pre-eminent private equity firm, today announced its agreement to acquire Nutripure, a holistic sport and wellness platform that allows consumers to take better care of their health, from Ardian, a world-leading private investment house. The acquisition will be made through the PAI Mid-Market Fund (“PAI MMF”), PAI’s fund dedicated to mid-market opportunities. Upon completion, PAI will be the majority shareholder with a controlling stake, alongside the founders and Bpifrance.

Created in France in 2017 by Florent and Christophe Carrio, Nutripure is a digital active nutrition brand that provides a comprehensive ecosystem of products and services, including food supplements and sports nutrition, primarily through its own website. Initially designed for top-level athletes, Nutripure now provides almost 40 high-quality products for all consumers across Health & Metabolism, Sports & Endurance, Physical Recovery and Healthy Nutrition. The brand has a scalable and efficient operating model, with internalised R&D, premium ingredient sourcing, digital marketing and distribution.

Since its inception, Nutripure has maintained very strong growth, significantly outperforming the wider active nutrition market, building solid brand awareness and serving over 200,000 clients. The company is strategically positioned to seize growth opportunities in the rapidly expanding market, driven by robust megatrends that are expected to persist in the coming years: an increasing interest in health and exercise, a behavioural shift towards preventive medicine and the growing penetration of e-commerce. PAI’s investment will support Nutripure’s growth trajectory, new product development and innovation, and expand the company’s community in health and sports.

“Christophe and I are very pleased to welcome PAI onboard. This is a significant milestone in our journey and is a testament to the hard work and dedication of our entire team, driving Nutripure towards new heights and making a positive impact in the health and wellness industry. Since founding Nutripure, our mission has been to preserve tomorrow’s health today, for all people willing to activate their potential and take better care of themselves.” Florent Carrio, Co-Founder of Nutripure

“We would like to thank and congratulate Florent and Christophe for this exceptional journey. In less than three years, Nutripure has more than quadrupled its turnover, while achieving intensive recruitment and strengthening the top management. It has been a great pleasure to work alongside them and the entire Nutripure team, leveraging our cross-vertical expertise in e-commerce and healthcare to support the company’s scaling and sustain its remarkable growth. We wish the founders and PAI all the best for the next phase.” Frédéric Quéru, Managing Director Growth, Ardian

“We are excited to partner with Florent and Christophe Carrio to support Nutripure in its next phase of growth, leveraging our Food & Consumer playbook into Healthcare. Nutripure has demonstrated exceptional growth and innovation in the sports nutrition and wellness space, and is well placed to benefit from structural trends revolving around a healthier lifestyle.” Stefano Drago, Founding Partner of PAI Mid-Market Fund, PAI Partners

“Two years after opening its equity to Ardian and Bpifrance, Nutripure has become the lead brand in its market, combining strong values and high-quality products. Bpifrance assisted the company in its internal structuring, allowing it to successfully achieve this skyrocketing development. We are thrilled about continuing the adventure alongside the founders and reinvesting with PAI to make Nutripure a French champion on a European scale.” Arnaud Despoisse, Directeur de Participations, Bpifrance

PARTICIPANTS

  • NUTRIPURE

    • FLORENT CARRIO, CHRISTOPHE CARRIO
    • M&A ADVISOR: NATIXIS PARTNER (FRANÇOIS RIVALLAND, GUILLAUME DU REPAIRE, VÉRAN BERARD-QUELIN, ELVIRE SIDOS, THÉO PIJOULAT)
    • LEGAL ADVISOR: MCDERMOTT, WILL & EMERY (DIANA HUND, MARIE-MURIEL BARTHELET, ELODIE PIERAGGI)
    • FINANCIAL DUE DILIGENCE ADVISOR: ERNST & YOUNG (VICTOR DE FROMONT)
    • STRATEGIC DUE DILIGENCE: INDEFI X SINGULIER (DAVID TOLEDANO, ALI HAYEK)

  • PAI

    • STEFANO DRAGO, YASMINE KARGER, LYNA LALAMI
    • CORPORATE LAWYERS: WILLKIE FARR & GALLAGHER
    • FINANCING LAWYERS: WILLKIE FARR & GALLAGHER
    • COMMERCIAL DUE DILIGENCE: ADVANCY
    • FINANCIAL DUE DILIGENCE: D’ORNANO & CO.
    • LEGAL DUE DILIGENCE: D’ORNANO & CO.
    • TAX DUE DILIGENCE: HOGAN LOVELLS
    • ESG DUE DILIGENCE: ERM

  • ARDIAN

    • FRÉDÉRIC QUÉRU, NICCOLÒ SALIGARI
    • LEGAL ADVISOR: GWL (MICKAËL LEVI, SARAH MOBTAHIJ)

  • BPIFRANCE

    • ARNAUD DESPOISSE

ABOUT NUTRIPURE

Nutripure is a holistic sport and wellness platform that allows consumers to take better care of their health. Initially designed to meet the demands of top-level athletes, Nutripure has developed a universal offer meeting top-level product requirements while prioritising health for the benefit of all consumers. The company services more than 200,000 clients, providing a comprehensive ecosystem of products and services, including food supplements and sports nutrition, primarily through its own website.

nutripure.fr

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $166bn of assets on behalf of more than 1,600 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

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Portfolio company Serpis acquires brands Ibérica and Maestro de Oliva to boost international growth

Miura Capital
    • Following these acquisitions, Miura Partners creates the holding Olive&Co to consolidate the olives and healthy snacks space

 

Cándido Miró, a leading company in high-quality olives, best known for its flagship brand Serpis, has completed the acquisition of brands Ibérica and Maestro de Oliva, specialized in the distribution of olives, olive oil and pickles.

 

This initiative will enhance the group’s international footprint, leveraging Ibérica’s and Maestro de Oliva’s strong position in Europe and the Asia-Pacific region.

 

Following the acquisition of Cándido Miró last June 2023, Miura Partners has now created Olive&Co, a platform aimed at consolidating the market and building value through the acquisition of leading, high-quality brands in the natural and healthy snack categories.

 

Olive&Co expects to reach combined revenues in excess of €70 million in 2024, with each brand keeping its commercial identity, operations and value chain.

 

Fernando Clúa, partner at Miura Partners:

“We are integrating two brands with significant presence and exposure in key segments like olives, olive oil, and pickles, which complement Candido Miro’s categories and other brands within the group. This is the first step in a growth plan where, through Olive&Co, we will continue to incorporate new brands, value, and geographic presence.”

 

About Miura Partners

 

Miura Partners is a purpose-driven Private Equity firm. With offices in Barcelona and Madrid, the firm specializes in investing in small and medium-sized family-owned and entrepreneurial companies. Miura provides attractive growth and innovation plans with a clear focus on sustainability and internationalization, under its three investment strategies: Buy-outs, Impact and Long-Term Capital.

 

Since 2008, Miura has invested in more than 70 companies, for a total value in excess of €3.0bn. Currently, the firm has more than €1.5bn of Assets under Management.

 

About Candido Miro

 

Serpis is the flagship brand of the company Candido Miro specializing in the production and distribution of olives and pickles. This family-owned business, based in Alicante, was a pioneer in Spain, commercializing anchovy-stuffed olives in 1926. Since then, it has grown to become a market leader domestically and has established a significant international presence, exporting to over 40 countries.

 

Its facilities span 16,000 square meters dedicated to the production and storage of high-quality products, offering an extensive catalog.

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Platinum Equity to Acquire GSM Outdoors

Platinum

LOS ANGELES (July 23, 2024) – Platinum Equity announced today the signing of a definitive agreement to acquire GSM Outdoors from Gridiron Capital.

Financial terms were not disclosed. The acquisition is expected to be completed in Q3 2024.

Headquartered in Irving, Texas, GSM Outdoors is a leading outdoor and consumer sporting goods company with a diverse, growing portfolio of more than 50 different brands.

“The sector is characterized by an attractive combination of resilience, growth potential and M&A opportunities, which suits our firm well. We believe GSM’s distribution network, experience bringing new products to market, rigorous quality control and care for its customers position it well to capitalize on those dynamics and diversify its portfolio to meet the growing demand.”

Louis Samson, Co-President, Platinum Equity

The company equips its customers with branded consumables, accessories and high-quality gear for a variety of outdoor pursuits. It sells through a diverse mix of channels, including online retailers, sporting goods stores, mass merchants, outdoor product retailers, farm and fleet stores and dealers and distributors across the United States and Canada.

“The popularity of outdoor recreation is driving increased demand for a wide range of innovative, technically advanced products tailored for enthusiasts and adventure seekers of all kinds,” said Platinum Equity Co-President Louis Samson. “The sector is characterized by an attractive combination of resilience, growth potential and M&A opportunities, which suits our firm well. We believe GSM’s distribution network, experience bringing new products to market, rigorous quality control and care for its customers position it well to capitalize on those dynamics and diversify its portfolio to meet the growing demand.”

Samson praised the company’s leadership and culture as vital to its success.

“GSM is led by an experienced team of outdoor enthusiasts who are passionate about their mission and the products they bring to market,” said Samson. “We look forward to working with the management team to support a new phase of growth and expansion.”

GSM Outdoors CEO Eddie Castro will continue to lead the company going forward.

“We are proud of the company we’ve built and the success we have had, and now look forward to a new chapter,” said Castro. “Platinum’s expanded access to capital, M&A resources and operational expertise can help further accelerate our growth and create more opportunities for GSM to serve our customers.”

“Our work has proven out that GSM is highly regarded among consumers and channel partners for its customer service, diverse product portfolio and efficient operations,” said Platinum Equity Managing Director David Glatt. “The company is an excellent platform for growth in a highly fragmented market and has proven to be an attractive home for brands looking to increase their reach and maximize their potential.”

Glatt said GSM Outdoors will continue investing in organic growth and M&A under Platinum Equity’s ownership.

“We will partner with the company to expand its offerings through in-house R&D and pursue the large and growing pipeline of prospective acquisitions in both existing product categories and new segments,” added Glatt. “We share the company’s passion for serving outdoor enthusiasts and are excited to get to work.”

Platinum Equity previously owned Fishing Holdings, LLC, the Flippin, Arkansas-based manufacturer of the Ranger Boats, Stratos and Triton fishing boat brands, which the firm sold to Bass Pro Group.

Financing for the GSM acquisition will be arranged Bank of America Merrill Lynch. Latham and Watkins is serving as legal counsel to Platinum Equity 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.

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Alantra Private Equity to sell Frías Nutrición, a leading Spanish manufacturer of plant-based drinks, to Refresco

Alantra
  • This transaction marks the successful completion of a five-year growth project led by Alantra Private Equity alongside the Frías family
  • Since 2019, Frías has established itself as a market leader in Iberia, and expanded its presence abroad
  • This transaction strengthens Alantra Private Equity’s track record in the food sector

Madrid – Alantra Private Equity is pleased to announce it has agreed to sell its portfolio company Frías Nutrición (“Frías”), a leading manufacturer of plant-based drinks, to Refresco, a global independent beverage group with presence in Europe, North America, and Australia. The parties agreed not to disclose the financial terms of the transaction.

With a production facility in Burgos, Spain, Frías employs around 250 people. The company produces plant-based drinks (mainly oat, almond and soy drinks), as well as broths, creams and tofu for key European retailers.

Headquartered in Rotterdam, the Netherlands, and employing more than 14,500 people, Refresco offers an extensive range of products, from juices to carbonated soft drinks and mineral waters.

Alantra Private Equity Fund III acquired Frías in 2019 and implemented an ambitious growth strategy in collaboration with the Frías family, which included professionalizing the management and transitioning the founding family who also sold to Refresco. Today, Frías is well positioned to capitalize on the growing global popularity of healthy food and beverage options.

Bruno Delgado Luque, Partner of Alantra Private Equity, commented: “Since we acquired Frías in 2019, the company has been on a remarkable growth trajectory, confirming its leadership position in the Iberian Peninsula, and expanding its international business. Together with the Frías family, we launched a major investment plan that resulted in the creation of one of the most modern and efficient plant-based drinks factories in Europe. We are confident that Frías has a bright future ahead and will continue its successful growth with the support of Refresco.”

Hans Roelofs, CEO of Refresco, added: “As part of our proven Buy & Build strategy, we are looking to expand our capabilities in existing and adjacent beverage categories. The acquisition of Frias significantly strengthens our position in the fast-growing plant-based drinks category. It complements our existing footprint in Spain with a production facility solely dedicated to plant-based products. In addition, acquiring Frias enables us to further expand our service offering to retailers and branded customers and retailers across Europe, accelerates our product innovation capabilities in the plant-based drinks category, and underscores our ability to capture opportunities in the market.”

The transaction is subject to regulatory approval and expected to close later this year.

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