M&A Deal Summary

Goldman Sachs Merchant Banking and Koch Industries Acquire Flint Group Germany

On April 11, 2014, private equity firm Goldman Sachs Merchant Banking and Koch Industries acquired manufacturer Flint Group Germany from CVC Capital Partners for 2.2B EUR

Acquisition Highlights
  • This is Goldman Sachs Merchant Banking’s 1st and Koch Industries’ 1st transaction in the Manufacturing sector.
  • This is Goldman Sachs Merchant Banking’s 17th and Koch Industries’ 5th largest (disclosed) transaction.
  • This is Goldman Sachs Merchant Banking’s 7th and Koch Industries’ 1st transaction in Germany.

M&A Deal Summary

Date 2014-04-11
Target Flint Group Germany
Sector Manufacturing
Buyer(s) Goldman Sachs Merchant Banking
Koch Industries
Sellers(s) CVC Capital Partners
Deal Type Secondary Buyout
Deal Value 2.2B EUR
Advisor(s) Greenhill & Co., Inc. (Financial)

Target

Flint Group Germany

Ahaus-Ottenstein, Germany
Flint Group is a leading supplier of diversified consumable graphic arts products to the global printing, converting, and colorants industry. Inks include packaging inks, heatset inks (used primarily for printing glossy magazines), coldset inks (both colour and black newspaper ink), sheet-fed inks (short-run commercial applications) and publication gravure inks (high-run printed media).

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Buyer(S) 2

Buyer

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 98 of 181
Sector (Manufacturing) 1 of 2
Type (Secondary Buyout) 30 of 65
Country (Germany) 7 of 8
Year (2014) 3 of 9
Size (of disclosed) 17 of 52
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-13 ISS

SAborg, Denmark

ISS is one of the world?s largest facility services companies with more than 290,000 employees in more than 40 countries worldwide. The company holds market leading positions in most of the countries where it operates. ISS was founded in 1901 and is based in Søborg, Denmark.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-17 Michael Foods

Minnetonka, Minnesota, United States

Michael Foods is a producer of value-added food products and service solutions to customers across the foodservice, retail and food ingredient channels. It holds market positions in attractive categories including value-added egg products, refrigerated potato products and cheese and other dairy case products.

Sell $2.5B
Buyer

Koch Industries

Wichita, Kansas, United States

Category Company
Founded 1940
Sector Diversified
Employees60,000
Revenue 115.0B USD (2012)
DESCRIPTION

Koch Industries owns a diverse group of companies engaged in refining and chemicals; fibers and polymers; commodity and financial trading; and forest and consumer products. Koch Industries was formed in 1940 and is based in Wichita, Kansas.


DEAL STATS #
Overall 4 of 14
Sector (Manufacturing) 1 of 2
Type (Secondary Buyout) 1 of 1
Country (Germany) 1 of 1
Year (2014) 1 of 2
Size (of disclosed) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-09 Molex

Lisle, Illinois, United States

Molex Incorporated is a global manufacturer of electronic, electrical and fiber optic interconnection systems. Molex operates 45 manufacturing locations in 17 countries and employs more than 36,000 people globally.

Buy $7.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-19 Oplink Communications

Fremont, California, United States

Oplink is a provider of optical communication components, intelligent modules and subsystems. The company offers advanced solutions in DWDM and CWDM bandwidth creation, optical amplification, switching & routing, wavelength conditioning, monitoring & protection, connectivity and system-level integration, as well as a broad portfolio of optical transceivers for metro WDM, aggregation and access applications.

Buy $445M

Seller(S) 1

SELLER

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


DEAL STATS #
Overall 104 of 173
Sector (Manufacturing) 9 of 12
Type (Secondary Buyout) 23 of 42
Country (Germany) 7 of 8
Year (2014) 1 of 8
Size (of disclosed) 10 of 54
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-11 Deoleo

Rivas-Vaciamadrid, Spain

Deoleo is a manufacturer, marketer, and seller of olive oil worldwide. The company offers olive oil under the Bertolli, Carapelli, Carbonell brands. Deoleo was founded in 1995 and is based in Rivas-Vaciamadrid, Spain.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-21 Executive Centre

Hong Kong, China

Executive Centre provides serviced offices, virtual office representation services, meeting and conference facilities, and business concierge services to multinational corporations, small and medium enterprises, and start-ups. Executive Centre was founded in 1994 and is based in Hong Kong.

Buy -