M&A Deal Summary

Affinity Equity Partners and Intermediate Capital Group Acquire Tegel

On May 1, 2011, private equity firm Affinity Equity Partners and mezzanine finance firm Intermediate Capital Group acquired food company Tegel from Pacific Equity Partners and Intermediate Capital Group

Acquisition Highlights
  • This is Affinity Equity Partners’ 2nd and Intermediate Capital Group’s 9th transaction in the Food sector.
  • This is Affinity Equity Partners’ 1st and Intermediate Capital Group’s 3rd transaction in New Zealand.
Investment Fate
  • Tegel was sold to a strategic buyer in 2018 for 438M NZD.

M&A Deal Summary

Date 2011-05-01
Target Tegel
Sector Food
Buyer(s) Affinity Equity Partners
Intermediate Capital Group
Sellers(s) Pacific Equity Partners
Intermediate Capital Group
Deal Type Secondary Buyout

Target

Tegel

Auckland, New Zealand
Tegel manufactures a range of other processed meat products, including sausages, for which it is the country's second-largest producer. It has a network of 38 breeder farms, three hatcheries, 93 farms, three processing plants, and five distribution centers. Tegel was established in 1961 and is based in Auckland, New Zealand.

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Buyer(S) 2

Buyer

Affinity Equity Partners

Hong Kong, China

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 14.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Affinity Equity Partners is an independent private equity firm focused on traditional buyout and control oriented investments across Asia-Pacific valued up to US$1 billion. Sectors of interest include businesses in consumer-related goods and services, value-added manufacturing, healthcare, financial services and business services. Affinity prefers companies with an established track record as well as proven, consistent earning power and cash flow generating ability. Affinity will not consider investments in real estate, biotechnology, tobacco, oil and gas exploration, and weaponry development and sales. Affinity Equity Partners was spun out of UBS Capital Asia Pacific in 2004 and is headquartered in Hong Kong.


DEAL STATS #
Overall 15 of 46
Sector: Food M&A 2 of 5
Type: Secondary Buyout M&A Deals 1 of 3
Country: New Zealand M&A 1 of 1
Year: 2011 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-13 Jaya Holdings

Singapore

The Jaya Group traces its origins to 1981 when three young friends came together to form a single-vessel owning company. From then, and through the eighties, Jaya grew to own and operate a fleet of tugs and barges, plying regionally. The Group was listed on the Singapore Stock Exchange in 1992. Thereafter, it forayed into ownership and chartering of conventional and container vessels, before taking a strategic decision to focus on the Offshore Energy domain.

Sell $206M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-01 Pulmuone Foods

Seoul, South Korea

Pulmuone Foods engages in the food manufacturing and food ingredients distribution businesses. Currently, the company has 25 affiliates, including Pulmuone Foods Co., Ltd and Pulmuone Foods USA, Inc., and is a leader in refrigerated all-natural food products. Pulmuone Foods was established in 1984 and is based in Seoul, South Korea.

Buy -
Buyer

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.


DEAL STATS #
Overall 231 of 294
Sector: Food M&A 9 of 14
Type: Secondary Buyout M&A Deals 72 of 115
Country: New Zealand M&A 3 of 3
Year: 2011 M&A 6 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-28 WSH

Reading, United Kingdom

Westbury Street Holdings is an independent food and hospitality services provider. The company operates a chef-led model promoting high quality fresh food and locally sourced ingredients. WSH serves customers in the Business & Industry, Education, and Concession & Hospitality catering segments through its portfolio of brands, which include BaxterStorey, Benugo, Caterlink, Holroyd Howe, Portico, and Searcys. Westbury Street Holdings is based in Reading, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-26 Bureau van Dijk

Amsterdam, Netherlands

Bureau van Dijk is a global provider of business intelligence and company information. Bureau van Dijk, operating from its Amsterdam headquarters, aggregates, standardizes and distributes one of the world’s most extensive private company datasets, with coverage exceeding 220 million companies. Over 30 years, the company has built partnerships with more than 160 independent information providers, creating a platform that connects customers with data that addresses a wide range of business challenges. Bureau van Dijk’s solutions support the credit analysis, investment research, tax risk, transfer pricing, compliance and third-party due diligence needs of financial institutions, corporations, professional services firms and governmental authorities worldwide.

Buy €960M

Seller(S) 2

SELLER

Pacific Equity Partners

Sydney, Australia

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 10.0B AUD
Size Mega
Type Sector Agnostic
DESCRIPTION

Pacific Equity Partner (PEP) is a private equity firm focused on buyout and late stage expansion capital investments in Australia and New Zealand. PEP typically partners with management teams in acquiring businesses and focuses on transactions valued up to AU$1 Billion. The Firm prefers control situations and typically holds investments for three to six years. PEP will not invest in start-ups or unprofitable businesses, as well as gambling or tobacco companies. Pacific Equity Partners was formed in 1998 and is based in Sydney, Australia. The Firm targets various industries.


DEAL STATS #
Overall 5 of 23
Sector: Food M&A 1 of 7
Type: Secondary Buyout M&A Deals 1 of 5
Country: New Zealand M&A 2 of 6
Year: 2011 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-10-19 Energy Developments

Eight Mile Plains Qld, Australia

Energy Developments Limited (EDL) is an international provider of low cost renewable and low carbon emissions electricity.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-18 Independent Liquor

Papakura, New Zealand

Independent Liquor is the market leader in the Australasian ready-to-drink alcoholic beverages category, the fastest growing component of the Australasian industry. Independent Liquor also manufactures and distributes beer, wine and spirits.

Sell NZ$1.5B
SELLER

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.


DEAL STATS #
Overall 119 of 225
Sector: Food M&A 3 of 12
Type: Secondary Buyout M&A Deals 50 of 86
Country: New Zealand M&A 1 of 2
Year: 2011 M&A 5 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-28 WSH

Reading, United Kingdom

Westbury Street Holdings is an independent food and hospitality services provider. The company operates a chef-led model promoting high quality fresh food and locally sourced ingredients. WSH serves customers in the Business & Industry, Education, and Concession & Hospitality catering segments through its portfolio of brands, which include BaxterStorey, Benugo, Caterlink, Holroyd Howe, Portico, and Searcys. Westbury Street Holdings is based in Reading, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-26 Bureau van Dijk

Amsterdam, Netherlands

Bureau van Dijk is a global provider of business intelligence and company information. Bureau van Dijk, operating from its Amsterdam headquarters, aggregates, standardizes and distributes one of the world’s most extensive private company datasets, with coverage exceeding 220 million companies. Over 30 years, the company has built partnerships with more than 160 independent information providers, creating a platform that connects customers with data that addresses a wide range of business challenges. Bureau van Dijk’s solutions support the credit analysis, investment research, tax risk, transfer pricing, compliance and third-party due diligence needs of financial institutions, corporations, professional services firms and governmental authorities worldwide.

Buy €960M