M&A Deal Summary

CD&R and XXXLutz KG Acquire BUT

On June 29, 2016, private equity firm CD&R and XXXLutz KG acquired retailer BUT from Colony Capital, Goldman Sachs Merchant Banking and OpCapita

Acquisition Highlights
  • This is CD&R’s 5th and XXXLutz KG’s 2nd transaction in the Retail sector.
  • This is CD&R’s 4th and XXXLutz KG’s 1st transaction in France.

M&A Deal Summary
Date 2016-06-29
Target BUT
Sector Retail
Buyer(s) CD&R
XXXLutz KG
Sellers(s) Colony Capital
Goldman Sachs Merchant Banking
OpCapita
Deal Type Secondary Buyout

Target

BUT

Emerainville, France
BUT is a home equipment retailers in France, operating through a network of more than 300 stores. The Company offers a comprehensive selection of furniture, appliances, and decorative products, all complemented by attractive financing and extended warranty services. BUT was founded in 1972 and is based in Emerainville, France.

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Buyer(S) 2

Buyer

CD&R

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1978
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Clayton, Dubilier & Rice LLC (CD&R) is a large private equity firm that targets non-core divestitures of large corporations, growth equity financings, traditional buyouts, and corporate/family partnerships. CD&R looks for opportunities in North America, Western Europe, and Asia and will consider businesses in a wide range of sectors including consumer/retail, healthcare, industrials, and services. Prospective companies generally lead their respective markets, have stable cash flows, and possess competitive advantages through differentiated products, services, or processes. CD&R was formed in 1978 and has offices in New York City and London.

DEAL STATS #
Overall 46 of 93
Sector (Retail) 5 of 5
Type (Secondary Buyout) 16 of 26
Country (France) 4 of 6
Year (2016) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-09 TranZact

Fort Lee, New Jersey, United States

TranZact specializes in addressing consumers' insurance needs through our comprehensive direct-to-consumer marketing, sales, servicing, and technology capabilities. TranZact was founded in 1997 and is based in Fort Lee, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-30 Drive DeVilbiss Healthcare

Port Washington, New York, United States

Drive DeVilbiss Healthcare manufactures a complete line of medical products, including mobility products, sleep and respiratory products, beds, bariatric products, wheelchairs, sleep surfaces and pressure prevention products, self-assist products, power operated wheelchairs, rehabilitation products, patient room equipment, personal care products and electrotherapy devices. Drive DeVilbiss Healthcare was founded in 2000 and is based in Port Washington, New York.

Buy -
Buyer

XXXLutz KG

Wels, Austria
Category Company
Sector Retail
DESCRIPTION

XXXLutz KG is a retailer of furniture.

DEAL STATS #
Overall 2 of 2
Sector (Retail) 2 of 2
Type (Secondary Buyout) 1 of 1
Country (France) 1 of 1
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-01 Hiendl + KG

Augsburg, Germany

Hiendl GmbH + Co. KG is a retailer and distributor of furniture.

Buy -

Seller(S) 3

SELLER

Colony Capital

Los Angeles, California, United States

Investor

Category Private Equity Real Estate
Founded 1991
Size Mega
Type Sector Focused
DESCRIPTION

Colony Capital is a global private equity real estate investor. The Firm looks to acquire operating companies backed by real estate including hotels, casinos, and other assets. The Firm was established in 1991 and is headquartered in Los Angeles, California.

DEAL STATS #
Overall 4 of 8
Sector (Retail) 1 of 2
Type (Secondary Buyout) 2 of 2
Country (France) 2 of 3
Year (2016) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-01 Miramax

Santa Monica, California, United States

Miramax LLC is a producer and distributor of films and television series in United States and internationally.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-12 Fairmont Hotels & Resorts

Toronto, Ontario, Canada

Fairmont Hotels & Resorts is an owner and operator of luxury hotels and resorts in North America. Its diverse portfolio includes historic icons, elegant resorts and modern city center properties. Fairmont Hotels & Resorts was formed in 1907 and is based in Toronto, Ontario.

Sell -
SELLER

Goldman Sachs Merchant Banking

New York, New York, United States
Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.

DEAL STATS #
Overall 66 of 110
Sector (Retail) 3 of 4
Type (Secondary Buyout) 17 of 32
Country (France) 2 of 4
Year (2016) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-08 Nuxeo

Brooklyn, New York, United States

Nuxeo provides an extensible and modular Enterprise Content Management Platform enabling architects and developers to easily build and run business applications. The Nuxeo Platform offers modern technologies, a powerful plug-in model and extensive packaging capabilities for Document Management, Digital Asset Management and Case Management applications. Over 1,000 organizations rely on Nuxeo to run business-critical applications, including TBWA, Electronic Arts, Verizon, Sharp, Capital One, and the U.S. Navy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-14 Navico

Tulsa, Oklahoma, United States

Navico is a provider in marine electronics for the recreational segment and is an innovative force within the commercial marine market. Navico offers multi-function displays, fish finders, autopilots, sonar, radar, and cartography. Navico strong brands serve most major powerboat and sailing markets for both recreational and commercial applications. Navico was founded in 2006 and is based in Tulsa, Oklahoma.

Buy -
SELLER

OpCapita

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2006
PE ASSETS 700M EUR
Size Middle-Market
Type Sector Focused
DESCRIPTION

OpCapita LLP invests in a variety of European retail, consumer and leisure businesses. The Firm looks to invest between €100 and €500 million in businesses that are 'strategically sound but operationally or financially challenged'. Sub-sectors of interest within retail/consumer include apparel, general retailers, food/beverage, household/lifestyle goods, and luxury/consumer goods. The Firm will consider a variety of transactions, including carve outs of non-core divisions, balance sheet restructurings, take privates, and sales of family owned businesses. OpCapita is the successor to Merchant Equity Partners. The Firm is based in London.

DEAL STATS #
Overall 4 of 6
Sector (Retail) 2 of 3
Type (Secondary Buyout) 1 of 2
Country (France) 1 of 1
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-03 La Sirena

Barcelona, Spain

La Sirena is a frozen food specialist operating more than 260 stores. The company also distributes its branded products via its own on-line platform and through wholesale agreements with Amazon, Glovo and national retailers such as Carrefour and Eroski. La Sirena was founded in 1984 and is based in Barcelona, Spain.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-17 Football Pools

Liverpool, United Kingdom

Football Pools is a UK-based operator of offline and online gaming, themed around predicting football match outcomes. The Company has a long heritage dating back to 1923 when the first coupons were distributed to fans outside Manchester United's Old Trafford ground. The current business was formed by the combination of Littlewoods Football Pools, Zetters Pools and Vernons Pools, re-branded under "The Football Pools" banner in 2008. The Company is headquartered in Liverpool.

Buy £83M
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