M&A Deal Summary

Rutland Partners and Indigo Capital Acquire Cedo

On September 16, 2009, private equity firm Rutland Partners and mezzanine finance firm Indigo Capital acquired consumer products company Cedo from Delton AG for 52M GBP

Acquisition Highlights
  • This is Rutland Partners’ 3rd and Indigo Capital’s 3rd transaction in the Consumer Products sector.
  • This is Rutland Partners’ 8th and Indigo Capital’s 4th largest (disclosed) transaction.
  • This is Rutland Partners’ 12th and Indigo Capital’s 10th transaction in the United Kingdom.
Investment Fate
  • Cedo was sold to a consortium of financial buyers in 2014.

M&A Deal Summary

Date 2009-09-16
Target Cedo
Sector Consumer Products
Buyer(s) Rutland Partners
Indigo Capital
Sellers(s) Delton AG
Deal Type Divestiture
Deal Value 52M GBP

Target

Cedo

Shropshire, United Kingdom
website
Cedo is a manufacturer of household disposables, manufacturing both own-label and proprietary products such as refuse sacks, bin liners and other speciality kitchen and household disposable products including nappy sacks, cling film and aluminium foil. Cedo was founded in 1965 and is based in Shropshire, United Kingdom.

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Buyer(S) 2

Buyer

Rutland Partners

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1986
PE ASSETS 650M GBP
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Rutland Partners is a generalist private equity firm focused on investing in mid-market companies based in or with a significant presence in the UK. Rutland looks to commit £10-50 million of equity capital in companies valued up to £150 million. Prospective transactions can take the form of take privates, management buyouts, management buy-ins, replacement capital, turnarounds, and secondary purchases. Rutland Partners was formed in 1986 and is based in London.


DEAL STATS #
Overall 15 of 34
Sector (Consumer Products) 3 of 5
Type (Divestiture) 3 of 7
Country (United Kingdom) 12 of 30
Year (2009) 1 of 1
Size (of disclosed) 8 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-06 Pulse Home Products

Oldham, United Kingdom

Pulse is a providers of branded goods to the UK home products market with a portfolio of brands including Breville, Nicky Clarke, JCB, Bush, Dirt Devil, Hinari and Power Devil. It designs and innovates the majority of its products which are then manufactured by third party suppliers in the Far East. Pulse sells to a wide range of multiple and catalogue retailers in the UK.

Buy £52M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-03-01 The Music Group

Nauheim, United Kingdom

Music Group a manufacturer and distributor of musical instruments and accessories.

Sell £30M
Buyer

Indigo Capital

London, United Kingdom

website


Category Mezzanine Finance Firm
Founded 1990
PE ASSETS 1.6B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Indigo Capital is a provider of mezzanine capital to help fund buyouts, corporate acquisitions, expansions, and recapitalizations. Indigo typically invests alongside other private equity firms, however the Firm invests independently as well. Indigo is active throughout Europe and looks to commit €10 to €100 million per transaction. Indigo is sector agnostic and generally backs businesses with 'established market positions, strong, ambitious and incentivized management and attractive growth prospects.' Indigo Capital raised its first fund in 1990. The Firm has offices in London and Paris.


DEAL STATS #
Overall 37 of 46
Sector (Consumer Products) 3 of 3
Type (Divestiture) 3 of 4
Country (United Kingdom) 10 of 13
Year (2009) 2 of 2
Size (of disclosed) 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-01-01 Prezioso-Technilor SAS

Vienne, France

Prezioso-Technilor SAS is a provider of coating and insulation services which maintain vital industrial infrastructures in the energy and infrastructure sector. Prezioso's services are critical to protecting the integrity of off-shore oil and gas and nuclear installations.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-01 Accelya

Barcelona, Spain

Accelya is a provider of integrated technology platforms, software and services to the travel and transport industry. The Company’s platform offers technology solutions for the travel industry to solve critical business problems including commercial planning and optimization, sales and distribution management, financial reconciliation and settlement. Accelya delivers business-critical financial, commercial, cargo, analytics and industry solutions to over 400 airlines, travel agents and shippers in over 150 countries. Accelya was founded in 1976 and is based in Barcelona, Spain.

Sell -

Seller(S) 1

SELLER

Delton AG

Hohe, Germany

website


Category Company
Sector Transportation
DESCRIPTION

Delton AG provides Logistics business services in Germany.


DEAL STATS #
Overall 1 of 1
Sector (Consumer Products) 1 of 1
Type (Divestiture) 1 of 1
Country (United Kingdom) 1 of 1
Year (2009) 1 of 1
Size (of disclosed) 1 of 1