M&A Deal Summary

Vestar Capital Partners and Synergo Capital SGR Acquire FL Selenia

On September 3, 2003, private equity firms Vestar Capital Partners and Synergo Capital SGR acquired chemicals company FL Selenia from DH Private Equity Partners for 670M EUR

Acquisition Highlights
  • This is Vestar Capital Partners’ 3rd and Synergo Capital SGR’s 1st transaction in the Chemicals sector.
  • This is Vestar Capital Partners’ 5th and Synergo Capital SGR’s 0th largest (disclosed) transaction.
  • This is Vestar Capital Partners’ 2nd and Synergo Capital SGR’s 1st transaction in Italy.
Investment Fate
  • FL Selenia was sold to a consortium of financial buyers in 2005 for 835M USD.
  • FL Selenia was sold to a publicly-traded strategic buyer in 2007 for 1.0B EUR.

M&A Deal Summary
Date 2003-09-03
Target FL Selenia
Sector Chemicals
Buyer(s) Vestar Capital Partners
Synergo Capital SGR
Sellers(s) DH Private Equity Partners
Deal Type Secondary Buyout
Deal Value 670M EUR

Target

FL Selenia

Villastellone, TO, Italy
FL Selenia is a leading player in the development, manufacture and sale of lubricants and functional fluids for passenger, commercial and agricultural vehicles, and for industrial applications.

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Buyer(S) 2

Buyer

Vestar Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1988
PE ASSETS 11.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Vestar Capital Partners is a private equity firm that targets management buyouts and growth capital investments across North America and Europe in the consumer, business services, and healthcare sectors. The Firm looks to invest $50 to $150 million in transactions valued up to $1 billion. Specific areas of interest include food, apparel, household goods, retail, consumer services, industrial services, information services, manufacturing, distribution, transportation, financial services, media/communications, digital health media, and medical technology. Vestar Capital Partners was formed in 1988 and is based in New York City.

DEAL STATS #
Overall 41 of 86
Sector (Chemicals) 3 of 4
Type (Secondary Buyout) 1 of 14
Country (Italy) 2 of 4
Year (2003) 1 of 1
Size (of disclosed) 5 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-09-01 Foundation Wellness

Wadsworth, Ohio, United States

Foundation Wellness is a specialty designer and manufacturer of branded and private label orthotic solutions, including footbeds/insoles, foot care products, orthopedic braces, sports support, and ergonomic safety products. Foundation Wellness was founded in 1934 and is based in Wadsworth, Ohio.

Sell $322M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-11-01 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 $1.1B
Buyer

Synergo Capital SGR

Milan, Italy

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2004
PE ASSETS 1.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Synergo SGR SpA is a private equity firm that targets mid-sized companies located in Italy. The Firm focuses on companies with good cash flow, international expansion opportunities, sustainable competitive advantages, and led by strong management teams. It typically looks to invest €20 to €50 million and will consider majority or significant minority stakes. The Firm does not pursue startups, small company investments, and turnarounds. Synergo SGR was formed in 2004 and is based in Milan.

DEAL STATS #
Overall 2 of 34
Sector (Chemicals) 1 of 2
Type (Secondary Buyout) 1 of 2
Country (Italy) 1 of 31
Year (2003) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-06-01 Colony Sardegna S.à.r.l.

Luxembourg

The Company owns four luxury hotels, an 18-hole golf course and club, a shipyard and a marina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-02-01 GIOVANNI BOZZETTO

Filago, Italy

Giovanni Bozzetto is a provider of naphthalenesulfonated formaldehyde condensates used as plasticizers for concrete and applications in other markets. The company operates in three chemical segments: textiles, construction and additives for other applications. GIOVANNI BOZZETTO was founded in 1919 and is based in Filago, Italy.

Buy -

Seller(S) 1

SELLER

DH Private Equity Partners

London, United Kingdom
Category Private Equity Firm
Founded 1985
PE ASSETS 10.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

DH Private Equity Partners is an independent private equity firm focused on investments in traditional private equity, real estate, and venture capital. DH private equity group targets European mid-market businesses valued between €200 and €600 million. The Firm usually takes a majority stake in acquisitions, and looks for management participation as well. DH will consider investments across a range of industries, including building materials, packaging, energy, automotive, media, beverages, and luxury goods. DH Private Equity was formed in 1985 and is based in London.

DEAL STATS #
Overall 9 of 35
Sector (Chemicals) 1 of 1
Type (Secondary Buyout) 1 of 9
Country (Italy) 1 of 2
Year (2003) 1 of 1
Size (of disclosed) 9 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-07-01 ATU Handels KG

Weiden, Germany

Germany's leading operator of automotive retail stores and repair shops, with an expanding international footprint.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-01 Saft Groupe S.A.

Bagnolet, France

Saft Groupe S.A. is a designer and manufacturer of advanced technology batteries for industry. The Group is the world’s major manufacturer of nickel batteries and primary lithium batteries for the industrial infrastructure and processes, transportation and civil and military electronics markets. Saft is the world leader in space and defense batteries with its Li-ion technologies which are also deployed in the energy storage, transportation and telecommunication network markets. More than 4,100 employees in 19 countries, 14 manufacturing sites and an extensive sales network all contribute to accelerating the Group’s growth for the future.

Buy €390M
Mergr

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