Investcorp, a leading global alternative investment firm, today announced a majority investment in Shearer Supply (“Shearer” or “the Company”), a leading independent distributor of Heating, Ventilation and Air Conditioning (“HVAC”) equipment for residential and commercial properties in the southern United States region. Shearer’s management team, the Shearer family and PNC Riverarch Capital will remain shareholders in the Company alongside Investcorp. Additional financial terms of the transaction were not disclosed.

Founded in 1983, Shearer is one of the nation’s largest independent distributors of HVAC equipment, parts and supplies serving over 5,500 customers from 22 branches across Texas, Oklahoma, Arkansas, Tennessee and Louisiana. Headquartered in Dallas, TX, Shearer’s core product lines include American Standard Residential and Commercial HVAC, Ameristar Heating and Air Conditioning and Samsung HVAC.

“Shearer operates in a large, resilient and highly fragmented market driven by non-discretionary replacement demand and will continue to benefit from strong secular tailwinds including an aging housing stock, shortening replacement cycles and favorable regulation, in addition to its attractive Southern US geographic footprint. We are excited to partner with the Shearer family to drive organic growth and further expansion,” said Dave Tayeh, Head of Private Equity – North America at Investcorp. “We have experienced robust activity across our North American Private Equity platform this year, underscoring the strength of our strategy in partnering with growing, founder-led businesses as they look to scale their businesses.”

“Investcorp has an established history of working with companies like Shearer and have demonstrated a strong track record in HVAC and specialty distribution,” said Michelle Shearer-Rodriguez, CEO at Shearer Supply. “We are looking forward to partnering with them on our next phase of growth and leveraging their strong industry insights.”

“Shearer provides a compelling value proposition for both contractors and original equipment manufacturers, acting as a one-stop-shop local partner with a breadth of products, expertise and value-added services,” said Steve Miller, Managing Director, Private Equity – North America at Investcorp. “This is an impressive family-owned and run business that has differentiated itself in its ability to scale and grow in excess of the market throughout its history and we are thrilled to be partnering with the Company’s highly motivated management team.”

Investcorp has unique experience in the HVAC industry and specialty distribution, with investments including Arrowhead, ATD, Berlin Packaging and The Wrench Group.

This announcement follows the final closing of Investcorp North American Private Equity Fund I, L.P., which focuses on control buy-out investments in middle market service businesses in North America. Fund I closed at over $1.2 billion in capital commitments. Investcorp’s North America Private Equity group has been investing in North American mid-market businesses for over 40 years and has completed approximately 70 transactions, deploying more than $22 billion in transaction value since inception.

Dear Investors, Pfaeffikon SZ, Switzerland, March 2023

Partners and Friends of Ufenau Capital Partners,
We are delighted to announce that Ufenau has acquired a substantial stake in MolenQ Industrial Services (“MolenQ”), a leading Dutch lifting-, hoisting- and tools specialist headquartered in Voorschoten, in the Netherlands. With this investment the company will be empowered to accelerate its growth in its current and new markets.
MolenQ has been active in the lifting industry for two decades. With c. 130 employees today, the group has evolved into a leading Testing, Inspection & Certification (TIC) and Maintenance, Repair & Overhaul (MRO) provider in the Dutch lifting, hoisting and tools markets. It also manufactures some of the required specialized lifting parts. Its long-standing customers include elevator OEMs, property owners and managers, installation companies, wind turbine operators and logistics services providers.

The management team, including the company’s CEO and CCO, will continue to lead the company into the next growth phase and holds a significant stake next to Ufenau. With the support of Ufenau, the objective of MolenQ is to expand the position in its current markets and to continue to invest in integration and digitization of the group. Additional strategic acquisitions will further reinforce the company’s position broadening its service offering and specific know-how as well as expanding its geographical reach in the Dutch and international markets.
Jorrit Kuijpers, CEO of MolenQ: “We are very pleased that we have partnered with Ufenau to further accelerate our already strong growth. Together, we intend to bring MolenQ to a next level of size and scope in order to service our customers even better and more efficiently.”

„MolenQ has built an excellent reputation and expertise in the areas of TIC and MRO in lifting, hoisting and tools. It provides market-leading quality of services to its customers. We are looking forward to supporting the company in its next growth phase” explains Marinus Schmitt, Partner at Ufenau. Erik Fuchs, Ufenau’s Head of Benelux adds: “We are excited to team up with Jorrit and his talented team at MolenQ in order to actively support the group’s continued evolution. This also marks Ufenau’s first platform investment in the Benelux, after having already made 11 add-on acquisitions in the region over the years.”
Your Ufenau Team

About Ufenau Capital Partners
Ufenau Capital Partners is a privately-owned Swiss Investor Group headquartered at Lake Zurich which advises private and institutional investors with their investments in private equity. Ufenau Capital Partners is focused on investments in service companies in German-speaking Europe, the Benelux region and Iberia and invests in Education & Lifestyle, Business Services, Healthcare, IT Services and Financial Services sectors. Since 2011, Ufenau invested in >280 service companies in Europe. Through a renowned group of experienced Industry Partners (owners, CEOs, CFOs), Ufenau has an active value-adding investment approach at eye-level with entrepreneurs and managers. Ufenau raised its seventh flagship fund and its third Continuation Vehicle early last year with a volume of EUR 1.6bn and advises capital of EUR 2.5bn.
Ufenau invests in MolenQ Industrial Services

Ufenau Capital Partners AG Huobstrasse 3 CH-8808 Pfäffikon, Schwyz
www.ucp.ch
Tel: + 41 44 482 66 66 Fax: + 41 44 482 66 63 info@ucp.ch
Invests in
March 2023
MolenQ Industrial Services Voorschoten, The Netherlands

HL Display has signed an agreement to acquire Oechsle Display Systems, a manufacturer of communication and shelf management solutions, and its sister company werba print & display, a provider of print and display solutions. The acquisitions are the sixth and seventh respectively since HL Display’s acquisition journey started in 2021, and they will create major industrial synergies.

The acquisition will expand HL Display’s footprint in Germany and further strengthen its position as the leading supplier for in-store merchandising and communication solutions to grocery retailers in Europe.

“HL Display’s growth journey is characterized by underlying good organic growth combined with a high acquisition rate of fine companies, precisely the type of deals that have great industrial synergies. Now HL Display is taking further big and important steps in Germany, and thereby strengthening its position as the leading European player. Furthermore, these ad-on acquisitions are numbers six and seven since HL’s acquisition journey started in 2021, it is impressive both in terms of quality and pace. We are very satisfied with the development so far and look forward to the next steps,” says Anders Slettengren, Chairman of the Board of HL Display and Executive Vice President, Ratos.

“I am glad to announce the acquisitions of Oechsle Display Systems and werba print & display. Both companies are a great addition to HL, given their impressive track record and strong footprint in Germany, a market where we are looking to expand our presence. As Oechsle’s product assortment is close to HL’s, the offering of both companies can be combined to provide a stronger proposition to our customers. werba on the other hand will enable us to provide printed and bespoke solutions to our customers in Central Europe, similar to our offer to customers in the UK today. I am confident this acquisition will set us up for a successful future together,” says Björn Borgman, CEO of HL Display.

Founded in 1956, Oechsle Display Systems is based in Leipheim, Germany and has 160 employees. The family-owned company has a track record of innovation, including the plastic poster frame introduced in the 1970ies. Today, Oechsle Display Systems has annual sales of €13M from a large assortment of solutions for shelf management, price labelling and sales promotion.

The Sister company werba print & display develops, designs and produces customised POS display solutions out of various materials but also offers high quality print products for grocery trade as well as non-food retailers such as drug stores and brand suppliers. Founded in 1975, the company has been owned by the Oechsle family since 2004 and generates an annual turnover of €13M. Its 140 employees are based in Buhl, Germany.

The acquisition is expected to be finalized by 3 April 2023.

About HL
HL is a global leader in in-store merchandising and communication solutions, helping customers to create a better shopping experience around the world. Founded in 1954, HL today is present in more than 70 countries and solutions can be found in 330,000 stores, supporting customers to grow sales, inspire shoppers, drive automation, and reduce waste. The three customer segments are retail food, branded good suppliers and non-food retail.

The HL Display Group has its headquarters in Stockholm, Sweden and sales offices in 23 countries covering 39 markets as well as distribution partners covering the remaining markets globally. The five production facilities are located in Sweden, Poland, the UK and China and handle a variety of industrial processes, including plastics and metal fabrication, printing and assembly.

The company has 1,100 employees and net sales of 1,900 MSEK.

For more information, please contact:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21
Björn Borgman, CEO HL Display, +46 72 264 17 90

About Ratos
Ratos is a business group consisting of 16 companies divided into three business areas: Construction & Services, Consumer and Industry. The companies have approximately SEK 32 billion in net sales (LTM). Our business concept is to own and develop companies that are or can become market leaders. We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas.

CSi packaging is proud to announce that it joins forces with Madern Group, a well-established and high-quality player in the post-press converting of paperboard packaging. This further strengthens the position of both companies to serve their customers throughout various post-press production steps, adequately respond to market trends and further solidifies their coverage in Europe, the US and Asia. The combination is backed by Torqx Capital Partners who will become majority shareholder of the group in combination with management.

Jean Madern, former CEO and in the new combination the Chairman of the Advisory Board, comments: “Madern already has a long history of working together with CSi packaging on optimizing client solutions. It is a great step for both companies to further intensify this cooperation by actually becoming one company. CSi packaging perfectly fits the Madern company culture and the high-quality standard we aim to offer our customers and I look forward to seeing my legacy, Madern Group, grow further under the Madern Industries combination.”

Mark van de Klundert, CEO of the new combination of Madern Industries and former CEO of CSi packaging, added: “Joining forces with Madern marks an important milestone in the rapid growth path that CSi packaging has experienced over the last couple of years. Madern is an incredibly strong brand name with an exceptional product, and we look forward to combining solutions of both companies to serve our customers even better, with high quality and high performing solutions. The extensive track record Madern has built in Europe and the US, as well as Asia, will underpin the further growth of both CSi packaging and Madern and will unlock further opportunities for the combined companies in the general folding and liquid packaging markets.”

Rik Leunissen, Partner at Torqx Capital Partners, adds: “We are very excited to be able to form the combination of these two high-quality companies and create a clear, global market leader in its field. We thank Jean Madern for his trust in us and look forward, with his support, to accelerate the growth of Madern Industries under the new leadership.”

About Madern
Founded in 1954, Madern has a long history of excellent craftmanship and has grown to become a household name in the cardboard packaging market with its offering of rotary converting solutions for the general folding and liquid packaging markets. Its extensive experience allows Madern to produce systems and tools with the highest quality available on the market, including the highest speeds and highest durability in terms of waste and energy use. Madern is globally active, with presence in The Netherlands, multiple locations in the US and Hong Kong and offers the highest quality rotary tools focusing on the lowest cost of ownership for its customers and high durability and sustainability. The company’s headquarters are located in Vlaardingen, the Netherlands. For more information, please visit: www.madern.com

About CSi packaging
CSi packaging is the world market leader in development and assembly of high-speed post press automation solutions. Paperboard packaging producers globally work with CSi packaging to automate the logistical handling of printed and cut (‘post press’) packaging material. The solutions provided by CSi packaging help customers to speed up their production process, to reduce the average production costs per unit, and to optimize the output of their expensive printing presses. For the handling of packaging material, the company has developed a range of innovative solutions including blank stackers, stack handlers, case packers and blank feeders. CSi packaging is located in Raamsdonksveer (NL) and Richmond (US). For more information please visit: www.CSipackaging.com

Wendel (Euronext: MF.FP) announces today that Stahl has signed an agreement to acquire ICP Industrial Solutions Group (ISG), a leader in high-performance packaging coatings, which will reinforce Stahl’s position as the global leader in the field of specialty coatings for flexible materials. ISG, a division of the ICP (Innovative Chemical Products) Group, offers a comprehensive portfolio of high-performance coatings used primarily in packaging and labeling applications, notably in the resilient food and pharmaceutical sectors.

It is mostly present in North America (close to 70% of sales), where it is a recognized technical leader. ISG coating technologies (water-based and energy cured1) help its customers transition to more sustainable packaging. ISG is expected to report 2022 sales of c. $140 million. Following this acquisition, Stahl sales will cross the €1 billion mark with an EBITDA margin above 20%. The transaction will be carried out at an enterprise value of c. $205 million.

Concurrently, Stahl has secured a new financing of $580 million with a group of relationship banks, extending maturities until 2028. It will be available to finance this acquisition, refinance its existing credit facilities and fund future external growth, with a focus on specialty coatings opportunities. The ISG transaction is expected to close before the end of Q1 2023, subject to customary conditions.

Maarten Heijbroek, CEO of Stahl, said: “ISG is a strong strategic fit for Stahl, given the complementary nature of our business models, technologies, and footprints. The acquisition will enhance Stahl’s growth profile, diversify our target markets, and broaden our technology base. Going forward, specialty coatings will represent approximately 75% of group sales2. ISG will be able to take advantage of Stahl’s know-how and ESG leadership position to support the transition towards more sustainable value chains. We are excited about this opportunity and look forward to welcoming the excellent ISG team into the Stahl family.”

Laurent Mignon, CEO of Wendel, said: “Wendel is pleased to have another opportunity to support Stahl in its successful growth trajectory. As a long-term investor, Wendel always encourages its portfolio companies to grow both organically and inorganically. After the successful acquisitions and integrations of Clariant LS in 2014 and BASF LC in 2017, and following the acquisition of ISG, Stahl
1 Energy-cured coatings are recognized to provide significant advantages in terms of faster cure times, often improved coating properties, reduced Volatile Organic Compounds, waste, and energy consumption, and smaller manufacturing footprints
2 Based on pro forma sales including ISG. Specialty coatings include existing performance coatings and leather finish activities plus ISG.
2/3
sales will exceed the €1 billion mark. The company is making another major step in its strategy to become the global leader in the field of specialty coatings for flexible materials.”

About ICP Industrial Solutions Group
For more information: https://www.icpindustrial.com/about/
Find here the key milestones of Wendel investment in Stahl since 2006: https://www.wendelgroup.com/en/companies/stahl/