| Hygiène Medica |
France |
SC Fund I |
May 1998 |
Hygiène MedicaLeading French producer of diapers
Facts
| Company Name: | Hygiène Medica |
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| Location: | France |
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| Sector: | Medical |
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| Date of investment: | May 1998 |
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| Date of exit: | Apr 1999 |
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| Deal Type: | LBO, growth |
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| Syntegra Role: | Co-lead investor |
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business description- Leading French producer of diapers for incontinent adults
- In the institutional widely spread and highly fragmented market Hygiène Médica runs 2 plants, the headquarters and production in Montpellier in the south of France and a production plant in Arras in the north of France. With 303 employees, 13 production lines of which 11 lines are dedicated to the production of incontinence products and 2 baby diaper lines Hygiène Médica acquired a wide spread customer portfolio throughout France with 3 internationally recognised brands of incontinence products (Slip-jet, Anaform and Protea)
transaction strategy- Hygiène Médica offered an opportunity to benefit from a growing market destined to consolidate in Europe
- Management team founded the company and consistently outperformed industry growth / margin
- Consolidate a leadership position in Europe and offer unique access to southern European market to leading players active in hygiene products
- Hygiène Médica was sold to Ontex in 1999, in 2003 Ontex was bought out by Candover
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| Infox TLG/TWI |
Germany |
SC Fund I |
Aug 2000 |
Infox TLG/TWILogistic services provider for tourism marketing
Facts
| Company Name: | Infox TLG/TWI |
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| Location: | Germany |
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| Sector: | Logistics |
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| Sales: | € 20m |
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| Homepage: | www.infox.de |
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| Date of investment: | Aug 2000 |
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| Deal Type: | MBO, buy & build / growth |
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| Syntegra Role: | Sole investor |
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business description- Provider of logistic services in support of marketing by tourism sector
- Infox is active in Germany and the Netherlands. The services include brochure and document mailing, communication facilities and online services. Infox combined dominant market positions, high profitability and strong cash generation, which could support the launch of new services to the travel sector; in particular to launch new IT- driven logistic services
transaction strategy- Develop an integrated outsourcing solution for European tourism providers
- Very experienced management with highly profitable/cash-generative platform
- Product-line extensions, including Web-based products, productivity gains through applying Dutch systems in Germany and purchase/merger with parallel companies in other European markets (B, F, GB)
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| Librairie du Savoir |
France |
SC Fund I |
Jun 1998 |
Librairie du SavoirLeading bookshop network located in France and Belgium
Facts
| Company Name: | Librairie du Savoir |
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| Location: | France |
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| Sector: | Retail |
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| Date of investment: | Jun 1998 |
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| Date of exit: | Apr 2005 |
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| Deal Type: | MBO, buy & build |
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| Syntegra Role: | Co-lead investor |
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business description- Leading network of bookshops located throughout France and Belgium
- Librairies du Savoir has 32 points of sale and is one of the largest independent retail book groups. It has adopted the big bookshop concept (500 sqm to 2,000 sqm) focusing on city centres with higher demand and providing a wider range of publications
transaction strategy- Buy & Build opportunity in a fragmented industry going through a consolidation process
- Industry still composed of a large number of independent family owned bookshops
- Capitalize on management operation and build-up experience
- Create a leading bookstores chain of local market leaders in large to medium size cities
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| Burton |
Germany |
SC Fund I |
Jul 1999 |
BurtonLeading producer of refractory systems for the bricks and roof tile production
Facts
| Company Name: | Burton |
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| Location: | Germany |
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| Sector: | Industrial ceramics / refractories |
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| Date of investment: | Jul 1999 |
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| Date of exit: | Jul 2006 |
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| Deal Type: | MBO |
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| Syntegra Role: | Sole investor |
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business description- Worldwide leader in producing and servicing refractory systems for producers of bricks and roof tiles
- Burton's customers are kiln manufacturers and end-producers for whom Burton's fireproof ceramic products (oven ceilings, carts and cassettes) are an essential element in their own production processes
transaction strategy- The plan was to create a company of interest to industrial groups by judicious additions to Burton's segment leadership
- Strong highly experienced management team
- Identify opportunities to develop other profitable niches through internal and external growth
- In February 2004, Burton Holding sold its Hungarian subsidiary Burton Apta Kft. to Imerys Group, France
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| Doucet |
France |
SC Fund I |
Nov 1999 |
DoucetBuild-up of medium size businesses involved in cleaning products
Facts
| Company Name: | Doucet |
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| Location: | France |
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| Sector: | Chemical Products |
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| Date of investment: | Nov 1999 |
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| Date of exit: | Jul 2004 |
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| Deal Type: | MBI, buy & build |
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| Syntegra Role: | Lead investor |
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business description- Build-up of medium size businesses involved in cleaning products
- In November 1999 Doucet commenced the build-up with the acquisition of Chimie Dérivés, a manufacturer of cleaning products distributed through traditional hardware stores. In December 1999, the company acquired Chimitex, a company operating in the private label market utilising mass distributions channels. In October 2000, a further add-on was made with the acquisition of Purodor, a direct sales operation to local communities
transaction strategy- Doucet was an opportunity to back a first rate MBI team in a fragmented sector
- Team of 3 experienced and complementary managers
- Add-on opportunities identified from start with cross-fertilisation and synergies potential - Three-pronged attractiveness at exit (brands, sales network, niche-specific financial stability)
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| Solutions Tertiaires |
France |
SC Fund I |
Dec 1999 |
Solutions TertiairesThird largest office furniture manufacturer in France
Facts
| Company Name: | Solutions Tertiaires |
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| Location: | France |
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| Sector: | Office furniture |
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| Date of investment: | Dec 1999 |
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| Date of exit: | Apr 2005 |
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| Deal Type: | MBI, turnaround |
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| Syntegra Role: | Co-Investor |
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business description- Third largest office furniture manufacturer in France with two major brands Atal and Arféo
- Arfeo sells through its wholly owned regional branches, directly to key accounts and through independent franchised and non-franchised distributors. Arfeo/Atal is considered a good platform to participate in the ongoing consolidation in this industry
transaction strategy- Solutions Tertiaires was an interesting special situation case in a recovering market
- Buy-in-manager with excellent turnaround track record gained in various industrial sectors
- Strategy to turn Atal around, develop synergies between two business units and regain market share
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| Joyau |
France |
SC Fund I |
Jan 2003 |
JoyauLeading French logistic group specialised in domestic quick parcel delivery
Facts
| Company Name: | Joyau |
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| Location: | France |
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| Sector: | Transportation |
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| Date of investment: | Mar 2000 |
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| Date of exit: | Jan 2003 |
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| Deal Type: | LBO, buy & build |
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| Syntegra Role: | Lead investor |
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business description- Leading French logistic group specialised in domestic quick parcel delivery
- Joyau is operating throughout France either through its own depots or via subcontractors in areas in which Joyau has no presence. Joyau represents one of the leading independent operators in this market based on its high quality management and a strong track record in a low margin industry. Nine acquisitions of reasonably priced smaller companies, gaining regional coverage and reducing reliance on subcontractors, were completed since buy-out of the company
transaction strategy- Joyau was a remarkable opportunity to consolidate a highly fragmented industry
- Outstanding management record in a low margin sector
- Strategy to reach a full coverage of French territory in 2 to3 years from a solid regional platform
- Building one of the few acquisition opportunities for a large logistic group to enter French market
- Sold to Schenker AG, itself owned by Deutsche Bahn AG, in January 2003
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| Unither |
France |
SC Fund I |
Aug 2000 |
UnitherContract pharmaceutical manufacturer of sterile, unidose products
Facts
| Company Name: | Unither |
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| Location: | France |
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| Sector: | Pharmaceutical |
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| Date of investment: | Aug 2000 |
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| Date of exit: | Nov 2006 |
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| Deal Type: | LBO, growth |
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| Syntegra Role: | Lead investor |
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business description- Contract pharmaceutical manufacturer of sterile, unidose products
- Unither is providing a sterile packaging service to the pharmaceutical and cosmetics industries with expertise in blow-fill-seal (BFS) polyethylene vials. It is the leading independent BFS manufacturer, which is a technology with significant potential. The company has started two new production lines as part of its manufacturing build-up, significantly increasing capacity
transaction strategy- Unither is an opportunity to leverage on growth and outsourcing trend in the pharmaceutical industry
- Bimbo with a strong commitment from the founder and relevant new management skills
- Strong growth potential in existing product lines and clients; build-up opportunities expected in contract manufacturing
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| Progetto Elettronica 92 |
Italy |
SC Fund II |
Feb 2002 |
Progetto Elettronica 92 Service provider for Telecom/IT manufacturers and operators
Facts
| Company Name: | Progetto Elettronica 92 |
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| Location: | Italy |
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| Sector: | IT Services |
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| Date of investment: | Feb 2002 |
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| Date of exit: | Jun 2005 |
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| Deal Type: | Development, buy & build |
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| Syntegra Role: | Sole investor |
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business description- Leading Italian provider of maintenance and technical assistance services Telecom /IT manufacturers and operators
- Gruppo Progetto Elettronica 92 is formed by companies with specific skills in the Telephone, Data Networking, Information Technology, Office Automation and Audio Video areas. Progetto Elettronica 92 S.p.A.: Service Integrator division of Gruppo PE 92, with head offices in Mazzo di Rho (Milan) specialised in the supply of services aimed at the Information & Communication Technology sector and technical assistance aimed at the mobile Telephone, ICT and Office Automation sectors
transaction strategy- Consolidation opportunity in a fragmented industry.
- Experienced management team with strong growth history
- Upward trend of outsourced services in IT and Telcom sectors
- Strategy to provide full geographical coverage and wide service range
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| Altice One |
Luxembourg |
SC Fund II |
Dec 2002 |
Altice OneCable TV / Internet operator in Alsace
Facts
| Company Name: | Altice One |
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| Location: | Luxembourg |
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| Sector: | TTM |
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| Date of investment: | Dec 2002 |
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| Date of exit: | Nov 05 |
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| Deal Type: | MBI, buy & build |
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| Syntegra Role: | Lead investor |
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business description- Cable TV / Internet operator in Alsace (East of France), Brussels, and Luxembourg
- Altice is a European Cable Venture whose purpose is to acquire, expand and consolidate cable clusters in French-speaking territories in Europe. In 2002, Altice One acquired Est Videocommunication, the leading cable operator in eastern France. Est Videocommunication provides Analog TV, Digital TV and Broadband Internet to more than 170.000 customers. In 2003, Altice completed its second acquisition by adding the Belgian cable operator Coditel to its network. Coditel serves 150.000 customers
transaction strategy- Buy & build opportunity in French speaking Europe while large strategic buyers busy with own debt restructuring
- Experienced management team with strong track record in the cable industry
- Strong predictable cash flows in double digit growth environment
- Strategy to restructure operations and benefit from scale from integration of similar businesses
- Sold to Numericable in November 2005 (Numericable was 70% owned by Cinven and 30% by Altice Three)
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| Lince |
Italy |
SC Fund II |
Sep 2003 |
LinceLeading Italian company in value added business information and credit collection
Facts
| Company Name: | Lince |
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| Location: | Italy |
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| Sector: | Value added business information |
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| Date of investment: | Sep 2003 |
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| Date of exit: | Jul 2006 |
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| Deal Type: | MBO, growth |
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| Syntegra Role: | Sole investor |
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business description- Leading Italian company in value added business information and credit collection
- With the 28% stake of the Italian market of value added information, 400 professionals, over 10.000 customers, the Group (Lince and Finservice) produces reports and analysis on the reliability and financial stability of corporate and private customers in commercial transactions. Founded in 1920 in Milan, where it is headquartered, Group Lince operates nationwide with branches in Milan, Bologna, Florence, Padova, Pescara, Rome and Turin
transaction strategy- Bring the company to absolute leadership in the Italian market:
- Peculiar business model with strong cash flows and high profitability
- Young and motivated management team
- Strategy to further strengthen market positioning and increase size
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| AEB |
Italy |
SC Fund II |
Jun 2003 |
AEBItalian leader in processing biotech products for the wine and agri-food sectors
Facts
| Company Name: | AEB |
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| Location: | Italy |
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| Sector: | Food supplements |
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| Date of investment: | Jun 2003 |
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| Date of exit: | Apr 07 |
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| Deal Type: | LBO, growth |
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| Syntegra Role: | Co-Lead investor |
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business description- Italian leader in the field of processing and marketing biotech and other products for the wine and agri-food sectors
- AEB is a world Biochemical group, with its lead quarters in Brescia, Italy.Together with the factories controlled by the Spindal Group and over 30 branches world-wide it produces and distributes a great variety of products for the agro-food industry. AEB is present on 5 continents with 18 factories connected and controlled with 15 Foreign Representatives and 60 Exclusive Agents
transaction strategy- Truly international company with sales worldwide
- Management team contributed to the internationalisation and growth in the last 5 years
- Further develop in emerging wine making countries as well as continue to develop biotech applications.
- External growth in related businesses of filtration
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| Sovitec |
Belgium |
SC Fund III |
Jul 2004 |
SovitecEuropean leader in the manufacturing of glass beads
Facts
| Company Name: | Sovitec |
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| Location: | Belgium |
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| Sector: | Chemical products |
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| Homepage: | www.sovitec.com |
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| Date of investment: | Jul 2004 |
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| Date of exit: | Oct 2008 |
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| Deal Type: | LBO, growth |
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| Syntegra Role: | Lead investor |
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business description> Sovitec is the European leader and second largest world player in the manufacturing of glass beads used as reflective materials in road markings. The glass beads produced by Sovitec are also used for certain surface treatment applications and as technical additives in, notably, the plastics industry > Sovitec has production facilities in Belgium (Fleurus), France, Germany, Spain and Argentina. The company's worldwide R&D centre is also based in Jumet (Belgium) transaction strategy> Investment in a recurring and growing business in road markings together with an experienced management team > Additional opportunities for growth in - Technical additive market - New geographic regions |
| Altice Two / Three |
Luxembourg |
SC Fund II |
May 2005 |
Altice Two / ThreeLeading French cable TV / Internet / telephone operator in France
Facts
| Company Name: | Altice Two / Three |
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| Location: | Luxembourg |
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| Sector: | TTM |
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| Date of investment: | Mar 2005 |
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| Date of exit: | Mar 2008 |
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| Deal Type: | MBI, buy & build |
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| Syntegra Role: | Initiated transaction / Minority stake |
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business description- Leading French cable TV / Internet / telephone operator in France
- Altice Two has been set up by Altice One shareholders in order to complete, with Cinven, the acquisition of Numericable, the French cable operator with a 50% market share. In 2005 and 2006 Numericable bought Altice One and Noos, and subsequently becam the sole cable operator in France (over 98% market share) with 9,5m home passed and 4.5m subscribers
transaction strategy- Roll over Altice One strategy on a larger scale:
- Management team with exeptionnal track record
- Strong predictable cash flows
- Restructure operations and benefit from scale from integration of similar businesses
- Seek to consolidate the whole French market
- Trigger appetite from PE megafunds / large telcos
- 100% of Syntegra Capital stake, together with 50% of Cinven stake, sold to Carlyle in March 2008.
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| Druck Chemie |
Germany |
SC Fund III |
Dec 2005 |
Druck Chemie Manufacturer of technical products to the printing industry in Germany and France
Facts
| Company Name: | Druck Chemie |
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| Location: | Germany |
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| Sector: | Specialty chemicals |
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| Date of investment: | Dec 2005 |
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| Date of exit: | May 2008 |
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| Deal Type: | MBO |
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| Syntegra Role: | Lead investor |
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business description- No. 1 manufacturer and distributor of technical products to the printing industry in Germany and France
- Druck Chemie is a traditional Mittelstand company, acquired from its original founders
- The company formulates, blends and supplies technical products to printers
- 19 branch offices are located across Europe and in Brazil and employ 220 staff
transaction strategy- Franco-German company with a unique and scaleable business model. Syntegra Capital shall be instrumental in
- strengthening further the existing solid management
- exploitation of regional European expansion
- introduction state-of-the-art MIS
- supporting the company in development of new growth areas, including additional service / product offerings
- identification and realisation of adequate acquisition targets
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| Stark Verlag |
Germany |
SC Fund III |
Dec 2006 |
Stark VerlagGerman publisher of educational material for teachers and pupils
Facts
| Company Name: | Stark Verlag |
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| Location: | Germany |
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| Sector: | Educational Publishing |
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| Sales: | € 22m (2009) |
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| Homepage: | www.stark-verlag.de |
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| Date of investment: | Dec 2006 |
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| Deal Type: | MBI |
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| Syntegra Role: | Sole Sector |
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business description- Stark-Verlag is active in the market segments of educational material for teachers and test preparation books for pupils in the German market
- Stark-Verlag targets a wide range of general educational schools in Germany. Originally the company had a strong presence in federal states where final high school exams where centralized such as Bavaria and Baden-Württemberg
- Products offered include books for pupils and loose leaflet products exclusively for teachers
transaction strategy- Leverage on a strong brand and editorial competence to fully exploit the growth potential in German federal states which are now introducing centralized high school exams and target new markets like primary schools
- Acquire companies in interesting niches
- MBI manager with direct marketing experience will improve sales and marketing
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| SVP |
France |
SC Fund III |
Jan 2007 |
SVPAdvisory services by phone
Facts
| Company Name: | SVP |
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| Location: | France |
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| Sector: | Advisory services by phone |
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| Sales: | € 44m |
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| Homepage: | www.svp.fr |
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| Date of investment: | Jan 2007 |
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| Deal Type: | LBO, growth |
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| Syntegra Role: | Lead investor |
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business description
- The SVP group provides specialist advice in a range of professional fields including finance, administration, human resources, technical information, legal and marketing to business clients only over the telephone
- The business currently serves about 7,000 companies, administrations and local communities, which represents a population of users of over 30,000 managers within those organisations
transaction strategy
- Investment in a company which generates solid and recurring cash-flows thanks to its unique business model
- Fully benefit from the in-depth restructuring of the company which has brought SVP back to organic growth
- Complete some targeted acquisitions to expand product offering and benefit from commercial synergies
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| Robert Clergerie |
France |
SC Fund I |
Oct 1999 |
Robert ClergerieLeading French manufacturer of womens luxury shoes sold worldwide
Facts
| Company Name: | Robert Clergerie |
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| Location: | France |
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| Sector: | Luxury shoes |
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| Sales: | € 23m |
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| Homepage: | www.robertclergerie.com |
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| Date of investment: | Oct 1999 |
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| Deal Type: | LBO, growth |
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| Syntegra Role: | Sole investor |
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business description- Leading French manufacturer of womens luxury shoes sold worldwide
- Robert Clergerie opened in Milan, London and Chicago. Two franchises in France (Toulouse and Montpellier) were converted into wholly owned stores in 2000
transaction strategy- Robert Clergerie game plan was to boost development through store openings in key cities
- Based on a solid reputation and brand image and key new hires
- Growth to be fuelled by more products (bags, accessories) and new stores (Italy, USA,..)
- Growing interest from luxury groups for luxury shoe specialists
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| Co.Import |
Italy |
SC Fund III |
Oct 2006 |
Co.ImportItalian household goods retail chain
Facts
| Company Name: | Co.Import |
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| Location: | Italy |
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| Sector: | Household goods retail |
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| Sales: | € 33m (2009) |
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| Homepage: | www.coimport.com |
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| Date of investment: | Oct 2006 |
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| Deal Type: | LBO, growth |
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| Syntegra Role: | Sole investor |
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business description- CO.Import is a retail chain distributing household goods, decoration and fashion accessories, gift articles and small furniture in the Italian market
- As of June 08, CO.Import directly operated a total of 41 stores, with a geographic concentration in Northern and Central Italy
- Three additional openings planned for 2008 all in commercial centers
- Establishment of a commercial presence in China through a representative office
transaction strategy- Leverage on the leading market position to grow the number of stores throughout Italy
- focus on shopping mall locations, a growth segment of the Italian retail market
- weak competition from household goods and gifts retailers
- healthy business model with good fundamentals and profitability margins
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| Dodo |
France |
SC Fund I |
May 2000 |
DodoFrench market leader in manufacturing duvets and pillows
Facts
| Company Name: | Dodo |
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| Location: | France |
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| Sector: | Textiles |
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| Sales: | € 70m |
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| Homepage: | www.dodo.fr |
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| Date of investment: | May 2000 |
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| Date of exit: | Dec 2009 |
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| Deal Type: | LBO, growth |
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business description- French market leader in manufacturing duvets and pillows
- Dodo operates with a flexible and cost efficient manufacturing system which enables the delivery of large volumes of duvets and pillows over a short period of time on a national scale
transaction strategy- Dodo attractiveness was to leverage on a leading market position to expand in Europe
- Top, experienced and service oriented management team
- Business and acquisition opportunities identified in Central Europe; natural piggy-backing on French mass retailers in Spain, Poland and Russia
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