M&A Deal Summary

Exponent Private Equity and Epiris Acquire PhotoBox

On October 20, 2015, private equity firms Exponent Private Equity and Epiris acquired consumer services company PhotoBox from Quilvest Capital Partners and HarbourVest Partners for 618M USD

Acquisition Highlights
  • This is Exponent Private Equity’s 2nd and Epiris’ 2nd transaction in the Consumer Services sector.
  • This is Exponent Private Equity’s and Epiris’ 4th largest (disclosed) transaction.
  • This is Exponent Private Equity’s 18th and Epiris’ 43rd transaction in the United Kingdom.
Investment Fate
  • PhotoBox merged with another company in 2022.

M&A Deal Summary

Date 2015-10-20
Target PhotoBox
Sector Consumer Services
Buyer(s) Exponent Private Equity
Epiris
Sellers(s) Quilvest Capital Partners
HarbourVest Partners
Deal Type Secondary Buyout
Deal Value 618M USD

Target

PhotoBox

London, United Kingdom
Photobox offers a wide range of photo gifting products including photo books, calendars, canvases and wall-art, mugs, gifts, jigsaws, prints and magnets. The company has strong market positions in United Kingdom, France, Spain and Germany as well as other European markets. Photobox serves its key geographical markets through three online brands: Photobox, Hofmann & PosterXXL.

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Buyer(S) 2

Buyer

Exponent Private Equity

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 2.9B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Exponent is a private equity firm focused on acquiring middle-market businesses located in the UK and broader Europe. Exponent targets opportunities in the media, business and financial services, healthcare, consumer, and leisure sectors. The Firm seeks to invest in businesses valued from £150 to £500 million. Exponent has a particular interest in businesses that are prominent in their respective markets, but may benefit from or need operational improvement. Exponent Private Equity was formed in 2004 and is based in London.


DEAL STATS #
Overall 20 of 38
Sector (Consumer Services) 2 of 3
Type (Secondary Buyout) 7 of 13
Country (United Kingdom) 18 of 32
Year (2015) 3 of 4
Size (of disclosed) 1 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-30 Quorn Foods

Westport, Connecticut, United States

Quorn Foods trades under the brands Quorn and Cauldron. Quorn is a UK market leader in meat-alternative foods and is one of the largest meat-alternative brands in the world.

Sell £550M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-23 Planet

Galway, Ireland

Planet is a provider of VAT refund and dynamic currency conversion (“DCC”) services to retailers, governments, and financial institutions globally. Planet is based in Galway, Ireland.

Sell €585M
Buyer

Epiris

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1976
PE ASSETS 1.5B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Electra Partners is a UK-based private equity firm focused on buyouts, co-investments, secondary fund purchases, and debt investing. The Firm's direct investing group looks to make majority or minority investments of £50 to £250 million in deals valued up to £500 million. Electra was formed in 1976 and is based in London.


DEAL STATS #
Overall 55 of 73
Sector (Consumer Services) 2 of 3
Type (Secondary Buyout) 12 of 17
Country (United Kingdom) 43 of 61
Year (2015) 1 of 1
Size (of disclosed) 4 of 29
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-09 Zensar

Pune, India

Zensar is a digital solutions and technology services company focusing on enterprise digital transformation. The company has offerings across the digital value chain, with a proven track record of innovation delivered through its ‘Return on Digital NeXT (RoDNeXT)’ framework. Zensar was formed in 1963 and is based in Pune, India.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-04 Daler-Rowney

Bracknell, United Kingdom

Daler-Rowney Ltd. is one of the largest suppliers of fine art materials in the world with a comprehensive product range including artists’ paints, brushes, papers and canvases which meet the needs of artists from beginners to professionals.

Sell €81M

Seller(S) 2

SELLER

Quilvest Capital Partners

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1972
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Quilvest Capital Partners is the private equity investment arm of asset management firm Quilvest. Quilvest Capital Partners invests in private equity and debt funds as well as makes direct investments. The direct investment group looks for opportunities in the US, Europe, and 'opportunistically' in Asia with a preference for buyout, growth capital, and venture transactions. Quilvest Capital Partners will consider both minority and majority positions. Quilvest Capital Partners was established in 1972 and is based Paris.


DEAL STATS #
Overall 40 of 68
Sector (Consumer Services) 1 of 2
Type (Secondary Buyout) 14 of 25
Country (United Kingdom) 3 of 5
Year (2015) 4 of 5
Size (of disclosed) 8 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-01 PFG

Richmond, Virginia, United States

PFG is a distributor of food products and snacks. PFG delivers food and food-related products to more than 130,000 independent and national chain restaurants, quick-service eateries, pizzerias, theaters, schools, hotels, healthcare facilities and other institutions across the United States. PFG was founded in 1885 and is based in Richmond, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-24 YO! Sushi

London, United Kingdom

YO! Sushi is a chain of conveyor belt Japanese restaurants offering 'sophisticated fast food'. YO! Sushi was founded in 1997 and is based in London, United Kingdom.

Sell £100M
SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 71 of 132
Sector (Consumer Services) 2 of 2
Type (Secondary Buyout) 20 of 34
Country (United Kingdom) 9 of 9
Year (2015) 13 of 14
Size (of disclosed) 24 of 39
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-20 Risk Strategies

Boston, Massachusetts, United States

Risk Strategies is a national brokerage firm focused on delivering risk management and insurance solutions toprivately-held and publicly-traded commercial clients and high net worth individuals. Risk Strategies focuses on client risk management challenges and delivers pragmatic, costeffective financial and business solutions. Risk Strategies was founded in 1997 and is based in Boston, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-23 Petco Health and Wellness Company

San Diego, California, United States

Petco Health and Wellness Company is a health and wellness company focused on improving the lives of pets, pet parents, and their own Petco partners. The company is focused on delivering comprehensive wellness solutions through its products and services, and creating communities that deepen the pet-pet parent bond. It operates more than 1,500 Petco locations across the U.S., Mexico, and Puerto Rico, including a growing network of more than 100 in-store veterinary hospitals, and offer a complete online resource for pet health and wellness. Petco Health and Wellness Company was founded in 1965 and is based in San Diego, California.

Sell $4.6B