M&A Deal Summary

Silverfleet Capital Acquires Cimbria A/S

On January 7, 2013, private equity firm Silverfleet Capital acquired machinery company Cimbria A/S from EQT and Axcel for 137M EUR

Acquisition Highlights
  • This is Silverfleet Capital’s 1st transaction in the Machinery sector.
  • This is Silverfleet Capital’s 9th largest (disclosed) transaction.
  • This is Silverfleet Capital’s 1st transaction in Denmark.
Investment Fate
  • Cimbria A/S was sold to a publicly-traded strategic buyer in 2016 for 340M USD.

M&A Deal Summary

Date 2013-01-07
Target Cimbria A/S
Sector Machinery
Buyer(s) Silverfleet Capital
Sellers(s) EQT
Axcel
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 137M EUR

Target

Cimbria A/S

Thisted, Denmark
Cimbria A/S is a manufacturer of equipment used for either seed processing or post-harvest grain handling. The company’s products include equipment for cleaning, drying and storing grain and seed, as well as conveyors linking equipment in a handling or processing line. Products range from standalone equipment pieces to large custom built project installations. Cimbria operates two production facilities in Denmark, and one in each of Austria, the Czech Republic and Italy.

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Buyer(S) 1

Buyer

Silverfleet Capital

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1985
PE ASSETS 2.1B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Silverfleet Capital is an independent private equity firm that invests in market leading businesses in growing sectors. Silverfleet looks to acquire companies headquartered in Western Europe or US-based businesses with a substantial European presence. Target companies are typically valued between €75 and €500 million and operate in sectors spanning business and financial services, healthcare, leisure, and retail/consumer. Silverfleet Capital was formerly known as PPM Capital, operating under Prudential plc. Silverfleet has offices in London, Paris, Munich, and Chicago.


DEAL STATS #
Overall 32 of 50
Sector (Machinery) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 22 of 24
Country (Denmark) 1 of 4
Year (2013) 1 of 3
Size (of disclosed) 9 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-14 La Fee Maraboutee

Roanne, France

La Fee Maraboutee is a wholesaler and retailer of women’s fashion, offering a wide variety of products. La Fee Maraboutee was founded in 1996 and is based in Roanne, France.

Buy €65M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-08 IPES

London, United Kingdom

IPES is a specialist fund administration company within the European private equity market. Ipes’ team of 265 people located in five European offices works with 195 clients and provides administration and depositary oversight to $165 billion of assets for 390 funds. Annual turnover has grown organically at a CAGR in excess of 13% for the previous ten years. Ipes’ growth has been driven by understanding the challenges facing investment managers, including increasing regulatory, reporting and investor demands, and developing innovative new services to help its clients succeed.

Buy £50M

Seller(S) 2

SELLER

EQT

Stockholm, Sweden

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 242.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.


DEAL STATS #
Overall 50 of 190
Sector (Machinery) 8 of 13
Type (Buyout (LBO, MBO, MBI)) 2 of 3
Country (Denmark) 10 of 22
Year (2013) 1 of 6
Size (of disclosed) 42 of 44
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-20 Westway Group

New Orleans, Louisiana, United States

Westway Group, Inc. is a provider of bulk liquid storage and related value-added services and a prominent manufacturer and distributor of liquid animal feed supplements. Westway operates an extensive global network of operating facilities providing bulk liquid storage capacity and liquid feed supplement production.

Buy $419M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-02-08 BTX Group AS

Brande, Denmark

The BTX Group consists of 15 individual clothing brands all positioned in the mid market value for money segment. During the past 15 years BTX has moved from being a production company to being primarily a wholesaler, with more than 95% of its production outsourced. BTX has 78 own stores, primarily in the Nordic region, and more than 8,000 points of sales across Europe.

Sell -
SELLER

Axcel

Copenhagen, Denmark

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 4.1B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Axcel Management AS is a private equity firm focused on mid-market buyouts in Denmark and Sweden. Axcel primarily seeks companies with a strong Danish or Swedish base and international potential. The Firm looks to invest in companies with revenues of DKK 250 million (€ 35 million) to DKK 4 billion (€ 535 million). Axcel prefers majority positions. Axcel Management A/S was formed in 1994. The Firm is based in Copenhagen with an additional office in Stockholm.


DEAL STATS #
Overall 20 of 49
Sector (Machinery) 1 of 3
Type (Buyout (LBO, MBO, MBI)) 7 of 7
Country (Denmark) 15 of 36
Year (2013) 2 of 2
Size (of disclosed) 6 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-01 JB Education

Jonkobing, Sweden

John Bauer Organization AB is an owns and provider of private upper secondary schools since 1999, the first being the John Bauer upper secondary school in Jönköping. The schools are located in 29 different places in Sweden. JB Education's upper secondary schools offer tuition to approx. 12,000 pupils aged between 16 and 19.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-10 NeTel Group

Stockholm, Sweden

NeTel Group is an infranet service provider to telecom operators, utilities and municipalities. NeTel Group was founded in 2000 and is based in Stockholm, Sweden.

Buy -