M&A Deal Summary

Cinven, Permira, Mid Europa Partners, Ardian and HarbourVest Partners Acquire Allegro

On October 14, 2016, private equity firms Cinven, Permira, Mid Europa Partners, Ardian and HarbourVest Partners acquired e-commerce company Allegro from Naspers for 3.3B USD

Acquisition Highlights
  • This is Cinven’s 1st, Permira’s 1st, Mid Europa Partners’ 1st, Ardian’s 4th and HarbourVest Partners’ 3rd transaction in the E-Commerce sector.
  • This is Cinven’s 7th, Permira’s 13th, Mid Europa Partners’ , Ardian’s 18th and HarbourVest Partners’ 17th largest (disclosed) transaction.
  • This is Cinven’s 1st, Permira’s 1st, Mid Europa Partners’ 8th, Ardian’s 5th and HarbourVest Partners’ 2nd transaction in Poland.
Investment Fate
  • Allegro went public in 2020.

M&A Deal Summary
Date 2016-10-14
Target Allegro
Sector E-Commerce
Buyer(s) Cinven
Permira
Mid Europa Partners
Ardian
HarbourVest Partners
Sellers(s) Naspers
Deal Type Divestiture
Deal Value 3.3B USD

Target

Allegro

Poznan, Poland
Allegro is an online marketplace in Poland that connects consumers with merchants. With more than 20 million users per month, 13 million active buyers and 125,000 merchants. Allegro offers consumers a vibrant and expansive shopping experience, and merchants excellent commercial opportunities. The group also operates Ceneo.pl - Poland’s leading online price comparison website, and eBilet – the leading event ticket sales site in Poland. Allegro was founded in 1999 and is based in Poznan, Poland.

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Buyer(S) 5

Buyer

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1977
PE ASSETS 39.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cinven is a private equity firm focused on buyout investments in growing, profitable businesses located throughout Europe and North America. Sectors of interest include business and financial services, healthcare, industrial, retail, leisure, consumer, technology, media, and telecommunications. Cinven looks to invest a minimum of €200 million in companies with minimum enterprise values of €400 million. Cinven does not invest in start-ups or development phase companies. Cinven was established in 1977 and is headquartered in London.

DEAL STATS #
Overall 149 of 184
Sector (E-Commerce) 1 of 1
Type (Divestiture) 30 of 35
Country (Poland) 1 of 2
Year (2016) 6 of 6
Size (of disclosed) 7 of 62
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-11 NewDay

London, United Kingdom

NewDay is a UK specialty finance company. It operates in two business segments: near-prime, which provides Aqua and Marbles branded credit cards to customers who are new to credit or wish to rebuild their credit history; and co-brand, which provides credit cards in partnership with established retailers such as Debenhams and House of Fraser. NewDay was founded in 2000 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-28 SLV

Ubach-Palenberg, Germany

SLV is a provider of lighting fixtures for residential and commercial spaces. Its vertically integrated model delivers competitive advantages in development, sourcing, logistics, and distribution. It is able to offer high-quality products at attractive prices with leading levels of service. It has consistently outperformed the market in the last several years and has increased its market share in Germany and internationally. SLV was founded in 1979 and is based in Übach-Palenberg, Germany.

Sell -
Buyer

Permira

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1985
PE ASSETS 75.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Permira is a mega-sized private equity firm that targets large company investments around the world. Permira invests to support acquisitions, leveraged buyouts, take-privates, turnarounds, and growth buyouts. Areas of interest include healthcare, financial services, chemicals, consumer products and services, industrial products and services, technology, media, and telecom. Permira will consider opportunities in Europe, Asia, and North America. Permira was formed in 1985 and has offices in Menlo Park, Frankfurt, Luxembourg, London, Hong Kong, Madrid, Milan, Paris, Stockholm, Tokyo, Guernsey and New York City.

DEAL STATS #
Overall 106 of 159
Sector (E-Commerce) 1 of 2
Type (Divestiture) 14 of 18
Country (Poland) 1 of 1
Year (2016) 6 of 8
Size (of disclosed) 13 of 61
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-05 Tricor Group

Hong Kong, China

Tricor Group is a corporate services provider across 20 markets globally, with a strong presence in 13 markets in the APAC region. It offers a range of services across accounting and payroll for MNCs and SMEs, corporate governance and secretarial services for both listed and unlisted companies, and investor and share registry services. Tricor Group was founded in 2000 and is based in Hong Kong, China.

Buy HK$6.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-25 BestSecret

Munich, Germany

BestSecret sells more than 3,000 designer brands at attractive prices through its website BestSecret.com as well as three stores in Munich and Vienna. Its exclusive membership is based on invitation only which creates both high-desirability and strong customer engagement, driving double-digit annual growth over the past years. BestSecret was founded in 1924 and is based in Munich, Germany.

Buy -
Buyer

Mid Europa Partners

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 5.3B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Mid Europa Partners is a private equity firm focused on investing in Central and Eastern Europe. Mid Europa prefers control based investments in market leading companies operating in industries with high barriers to entry. Sectors of interest include telecom, media, utilities, transportation, natural resources, industrial, healthcare, building materials, manufacturing, and agriculture. The Firm looks to commit €75 to €200 million of equity capital per transaction in businesses valued up to €500 million. Prospective transaction types include buyouts, take-privates, divestitures, turnarounds, and large scale expansions. Mid Europa Partners is the successor entity to EMP Europe Ltd, which was formed in 1999. Mid Europa has offices in Budapest, Warsaw, and London.

DEAL STATS #
Overall 31 of 44
Sector (E-Commerce) 1 of 1
Type (Divestiture) 6 of 7
Country (Poland) 8 of 12
Year (2016) 1 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-22 Energy 21

Prague, Czech Republic

Energy 21 develop, acquire, construct, and operate renewable power plants. Energy 21 believe that their integrated approach can deliver and ensure a safe, reliable, and sustainable supply of green electricity to customers. Energy 21 was founded in 2007 and is based in Prague, Czech Republic.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-23 Profi

Timisoara, Romania

Profi is a supermarket chain in Romania, operating 65 stores in 47 Romanian cities. Profi is the modern retail network with the largest geographical expansion in Romania. Profi was founded in 2000 and is based in Timisoara, Romania.

Buy -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.

DEAL STATS #
Overall 280 of 418
Sector (E-Commerce) 4 of 8
Type (Divestiture) 18 of 30
Country (Poland) 5 of 5
Year (2016) 28 of 32
Size (of disclosed) 18 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-11 Bruni Glass

Milan, Italy

Bruni Glass SPA is a manufacturer of glass containers for wine, champagne, food and pharmaceutical products. Bruni’s primary markets are Italy and the key Western economies. Bruni Glass is headquartered in Milan and the company has other sites in Italy (Turin and Verona), the US and Canada. The Group offers a range of more than 3000 standard, speciality and personalised products. Satisfying these diversified customer requirements with a continuous emphasis on research and development can only be achieved by finding the correct balance between product innovation, stock availability and pricing strategy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-17 ProAmpac

Cincinnati, Ohio, United States

ProAmpac is a flexible packaging company with a comprehensive product offering. ProAmpac’s approach to sustainability – ProActive Sustainability provides innovative sustainable flexible packaging products to help our customers achieve their sustainability goals. ProAmpac was founded in 2015 and is based in Cincinnati, Ohio.

Buy -
Buyer

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 150 of 223
Sector (E-Commerce) 3 of 4
Type (Divestiture) 10 of 13
Country (Poland) 2 of 2
Year (2016) 14 of 16
Size (of disclosed) 17 of 68
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-26 Gotha Cosmetics

Bergamo, Italy

Gotha Cosmetics researches and creates new colouring cosmetics formulae, manufactures bulk products, industrializes new products, and offers add-on filling and packaging solutions. The company is a one-stop-shop partner for the global cosmetics industry ranging from prestige, masstige to mass-market brands. Gotha Cosmetics was founded in 2005 and is based in Bergamo, Italy.

Buy -
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(S) 1

SELLER

Naspers

Cape Town, South Africa
Category Company
Founded 1915
Sector Media
Employees25,564
Revenue 6.4B USD (2024)
DESCRIPTION

Naspers is a multinational media company with principal operations in electronic and print media. Naspers was founded in 1915 and is based in Cape Town, South Africa.

DEAL STATS #
Overall 4 of 8
Sector (E-Commerce) 1 of 2
Type (Divestiture) 4 of 6
Country (Poland) 1 of 1
Year (2016) 1 of 2
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-01 Avito SARL

Moscow City, Russia

Avito SARL is a classified advertisements website with sections devoted to general good for sale, jobs, real estate, personals, cars for sale, and services. Avito SARL was founded in 2007 and is based in Moscow, Russia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-18 ibiboGroup

Gurgaon, India

The ibibo Group operates integrated travel properties such as Goibibo.com (leading hotels and air aggregator), redBus.in (leading online bus ticketing platform), YourBus (Vehicle tracking application), and recently launched car sharing app, ibibo Ryde. The company's mission is to organize the transportation and accommodation industry and connect it with travellers. At 7.65mn unique transactions a quarter, ibibo is one of the leading travel companies in India.

Sell -
Mergr

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