Portfolio Companies

Long-standing commitment to European mid-market investments

We have supported the European mid-market since 1985, and we have been active investors in each of our three principal markets – UK, France and Germany – as well as in the Nordic and Benelux regions.

We typically invest in high quality international businesses with an enterprise value of between €75 million and €300 million, which we look to back through their next phase of growth, which will typically include a buy & build, roll-out or expansion strategy.

Investments

Sector

Business & Financial Services

Main location

United Kingdom

Investment date

2016

Deal size

N/D

Website

lifetimetraining.co.uk

Silverfleet Capital contact

Adrian Yurkwich

Status

Unrealised

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Sector

Manufacturing

Main location

United Kingdom

Investment date

2016

Deal size

£65m

Website

sigmacomponents.com

Silverfleet Capital contact

David MacKenzie

Status

Unrealised

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Sector

Manufacturing

Main location

France

Investment date

2016

Deal size

N/D

Website

coventya.com

Silverfleet Capital contact

Alexandre Lefebvre

Status

Unrealised

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Sector

Retail, Leisure & Consumer

Main location

Denmark

Investment date

2015

Deal size

N/D

Website

masai.eu

Silverfleet Capital contact

Gareth Whiley

Status

Unrealised

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Sector

Business & Financial Services

Main location

Norway

Investment date

2014

Deal size

€195m

Website

agr.com

Silverfleet Capital contact

Adrian Yurkwich

Status

Unrealised

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Sector

Manufacturing

Main location

Denmark

Investment date

2014

Deal size

N/D

Website

phaseone.com

Silverfleet Capital contact

Gareth Whiley

Status

Unrealised

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Sector

Business & Financial Services

Main location

Germany

Investment date

2013

Deal size

N/D

Website

yourccc.com

Silverfleet Capital contact

Guido May

Status

Unrealised

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Sector

Business & Financial Services

Main location

Guernsey

Investment date

2013

Deal size

£50m

Website

ipes.com

Silverfleet Capital contacts

Kay Ashton
Mark Piasecki

Status

Unrealised

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Sector

Retail, Leisure & Consumer

Main location

France

Investment date

2012

Deal size

€65m

Website

lafeemaraboutee.fr

Silverfleet Capital contact

Alexandre Lefebvre

Status

Unrealised

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Sector

Retail, Leisure & Consumer

Main location

Germany

Investment date

2010

Deal size

N/D

Website

creatrade-holding.de

Silverfleet Capital contact

Guido May

Status

Unrealised

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Sector

Manufacturing

Main location

Denmark

Investment date

2013

Exit date

2016

Deal size (exit)

€310m

Website

cimbria.com

Status

Realised

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Sector

Manufacturing

Main location

Germany

Investment date

2009

Exit date

2016

Deal size

N/D

Website

kalle.de

Status

Realised

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Sector

Retail, Leisure & Consumer

Main location

United Kingdom

Investment date

2010

Exit date

2015

Deal size (exit)

£256m

Website

office.co.uk

Status

Realised

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Sector

Healthcare

Main location

United Kingdom

Investment date

2011

Exit date

2014

Deal size (exit)

£230m

Website

aesica-pharma.co.uk

Status

Realised

Aesica Pharmaceuticals

Business overview

Aesica Pharmaceuticals was one of the world’s top 10 pharmaceutical contract development and manufacturing organisations (“CDMOs”), with manufacturing and development facilities in the UK, Germany and Italy.

Aesica has the expertise to both develop and manufacture primary (API) and secondary stage (finished product dosage form) pharmaceuticals, partnering with pharmaceutical companies throughout the key stages of a drug’s life cycle to supply product from initial development through to final commercial supply.

Aesica was founded in 2004 when the management team acquired a BASF production facility in Cramlington, Northumberland, and today supplies many of the world’s leading pharmaceutical companies. The company’s unique proposition lies in its flexible and bespoke approach to service delivery, as well as a capability to supply to each stage of pharmaceutical development. The long-established and proven expertise within Aesica enables it to provide primary and secondary contract manufacturing services to the highest possible regulatory standards.

Investment rationale

Global outsourcing of pharmaceutical manufacturing was worth approximately $44 billion in 2010, and is forecast to grow at c7% for the foreseeable future. This growth will principally be directed towards those CMOs that are focussed on quality, reliability, delivery and excellent customer service. Aesica’s reputation within the marketplace as such a high quality CMO partner, with the scale and breadth of service capability to serve a range of outsourcing opportunities, makes it well positioned to win new contracts and to acquire further sites.

Value creation

In order to support Aesica’s continued success in securing drug manufacturing projects, we have backed the £30 million expansion of the Queenborough production facility – the largest new UK pharma facility in 2013.

The outcome

For the year ended December 2013 Aesica had sales of £179 million (a 16% increase from 2011) and an adjusted EBITDA of £20 million (a 27% uplift compared to 2011). The company's valuable strategic position in the CDMO sector combined with a strong financial performance attracted several strategic trade purchasers. Ultimately the international healthcare company Consort Medical plc tabled a very attractive bid of £230 million to acquire the business generating a 50% IRR and a 3.3 times multiple of Silverfleet Capital's original investment.

Aesica operations

Aesica operations

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Sector

Healthcare

Main location

Germany

Investment date

2004

Exit date

2011

Deal size (exit)

€170m

Website

mwdental.de

Status

Realised

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Sector

Healthcare

Main location

United States

Investment date

2004

Exit date

2011

Deal size (exit)

$675m

Website

sterigenics.com

Status

Realised

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Sector

Retail, Leisure & Consumer

Main location

France

Investment date

2006

Exit date

2010

Deal size (exit)

€417m

Website

histoiredor.com

Status

Realised

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Sector

Business & Financial Services

Main location

Benelux

Investment date

2004

Exit date

2008

Deal size (exit)

€750m

Website

tmf-group.com

Status

Realised

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Sector

Manufacturing

Main location

Germany

Investment date

2005

Exit date

2008

Deal size (acquisition)

€320m

Website

jost-world.com

Status

Realised

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Sector

Healthcare

Main location

Sweden

Investment date

2004

Exit date

2007

Deal size (exit)

€1.3bn

Website

phadia.com

Status

Realised

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Sector

Manufacturing

Main location

Germany

Investment date

2005

Exit date

2006

Deal size (exit)

€157m

Website

global-safety-textiles.com

Status

Realised

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Sector

Business & Financial Services

Main location

France

Investment date

1998

Exit date

2006

Deal size (exit)

€117m

Website

group-iph.com

Status

Realised

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Sector

Retail, Leisure & Consumer

Main location

United Kingdom

Investment date

2000

Exit date

2005

Deal size (exit)

£262m

Status

Realised

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Sector

Business & Financial Services

Main location

United Kingdom

Investment date

2000

Exit date

2005

Deal size (exit)

£520m

Website

rrdonnelley.com/gds

Status

Realised

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Sector

Manufacturing

Main location

Finland

Investment date

1996

Exit date

2005

Deal size (exit)

€345m

Website

kemira.com

Status

Realised

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Sector

Business & Financial Services

Main location

United Kingdom

Investment date

2000

Exit date

2005

Deal size

N/D

Website

linkfinancial.co.uk

Status

Realised

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Sector

Healthcare

Main location

United Kingdom

Investment date

2000

Exit date

2004

Deal size (exit)

£177m

Website

oxoid.com

Status

Realised

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Sector

Retail, Leisure & Consumer

Main location

United Kingdom

Investment date

2001

Exit date

2003

Deal size (exit)

£150m

Website

oasis-stores.com

Status

Realised

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Sector

Retail, Leisure & Consumer

Main location

United Kingdom

Investment date

1997

Exit date

2003

Deal size (exit)

£1.2bn

Website

galabingo.co.uk

Status

Realised

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Sector

Retail, Leisure & Consumer

Main location

France

Investment date

1999

Exit date

2002

Deal size (exit)

€402m

Website

joa-casino.com

Status

Realised

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Sector

Retail, Leisure & Consumer

Main location

United Kingdom

Investment date

1998

Exit date

2001

Deal size (exit)

£30m

Website

firedearth.com

Status

Realised

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Sector

Retail, Leisure & Consumer

Main location

United Kingdom

Investment date

1996

Exit date

2000

Deal size (exit)

£499m

Status

Realised

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