M&A Deal Summary

Chequers Capital Acquires Spandex

On December 14, 2015, private equity firm Chequers Capital acquired distribution company Spandex from Indigo Capital and Rivean Capital

Acquisition Highlights
  • This is Chequers Capital’s 3rd transaction in the Distribution sector.
  • This is Chequers Capital’s 2nd transaction in Switzerland.

M&A Deal Summary
Date 2015-12-14
Target Spandex
Sector Distribution
Buyer(s) Chequers Capital
Sellers(s) Indigo Capital
Rivean Capital
Deal Type Secondary Buyout
Advisor(s) Greenhill & Co. (Financial)

Target

Spandex

Dietlikon, Switzerland
Spandex is a distributor of graphic media products and equipment & services to the signage and visual communication industry. The company offers advice and guidance, next day delivery, bespoke pricing, business growth incentives, product application training, and technical support. Spandex was formed in 1976 and is based in Dietlikon, Switzerland.

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Buyer(S) 1

Buyer

Chequers Capital

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1972
PE ASSETS 2.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Chequers Capital is a private equity group focused on acquiring and developing small, medium and large-sized companies in partnership with management. Chequers primarily seeks opportunities in France, Germany, Italy, Benelux, Switzerland and Spain. The Firm looks to commit €40 to €150 million per investment in transactions valued between €80 and €500 million. Sectors of interest broadly include all areas of industrial, distribution, and services. Target transaction situations include turnarounds, recapitalizations, buyouts, and divestitures. Chequers Capital was formed in 1972 and is based in Paris.

DEAL STATS #
Overall 17 of 38
Sector (Distribution) 3 of 3
Type (Secondary Buyout) 9 of 19
Country (Switzerland) 2 of 3
Year (2015) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-14 Spandex

Rümlang, Switzerland

Spandex is a distributor of graphic media and equipment to the signage and visual communication industry.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-27 Phoenix

Verdello, Italy

Phoenix engages in design, manufacturing, and sale of aluminum extrusion dies for the construction, transportation, and industrial markets. The range of dies is distinguished by technology (flat and porthole), size (150 to 1,200 mm) and the complexity of the profile to be obtained. The die is produced according to the customers' specifications. Phoenix. was founded in 1972 and is based in Verdello, Italy.

Buy -

Seller(S) 2

SELLER

Indigo Capital

London, United Kingdom
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 34 of 41
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 18 of 23
Country (Switzerland) 1 of 1
Year (2015) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-10 Cenexi

Fontenay sous Bois, France

Cenexi engages in the contract manufacturing and packaging of pharmaceuticals for human and veterinary markets in the Americas, Asia, Oceania, Africa, and Europe. Cenexi was founded in 2004 and is based in Fontenay sous Bois, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-17 Premier Research

Morrisville, North Carolina, United States

Premier Research is a clinical development service provider that helps highly innovative biotech and specialty pharma companies transform breakthrough ideas into reality. The company has a wealth of experience in the execution of global, regional, and local clinical development programs with a special focus on addressing unmet needs in areas such as neuroscience, oncology, pediatric, and rare disease. Premier Research was founded in 1989 and is based in Morrisville, North Carolina.

Sell -
SELLER

Rivean Capital

Amsterdam, Netherlands

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1982
PE ASSETS 5.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Gilde Buy Out Partners (GBO) is unit of Gilde Investment Management, a Dutch private equity group. Gilde Buy Out Partners (GBO) targets investments in larger businesses valued from €75 and €600 million with at least €8 million in cash flow. Broad sectors of interest include services, consumer goods, manufacturing, and industrial products. GBO looks for investments across Western Europe, with an emphasis on opportunities in Belgium, The Netherlands, Luxembourg, France, Germany, Switzerland and Austria. Gilde was formed in 1982 and has offices in Utrecht, Paris, Brussels, and Zurich.

DEAL STATS #
Overall 27 of 43
Sector (Distribution) 3 of 5
Type (Secondary Buyout) 14 of 22
Country (Switzerland) 3 of 4
Year (2015) 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-14 Spandex

Rümlang, Switzerland

Spandex is a distributor of graphic media and equipment to the signage and visual communication industry.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-10 Reesink

Apeldoorn, Netherlands

Reesink is an international distributor of high-quality machines and components for agriculture, landscape maintenance, warehouse design, and civil engineering. Reesink was founded in 1786 and is based in Apeldoorn, Netherlands.

Buy €279M
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