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

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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

Finnish Chemicals

Business overview

Finnish Chemicals, now renamed Kemira Chemicals and part of the pulp and paper chemicals segment of Kemira, is the largest producer of sodium chlorate in the Nordic region. Sodium chlorate is the main bleaching agent used in the production of the chemical pulp used in papermaking. In addition the company produces chlorine dioxide, chloralkali products and sodium borohydride, as well as having the largest caustic soda distribution business in Finland. Through the $96 million acquisition of Huron Tech in 2000 the company also became the fourth largest sodium chlorate producer in North America.

Investment rationale

Based in Finland and therefore in close proximity to its customer pulp mills, Finnish Chemicals had a strong domestic market position, proprietary technology and a high level of profitability. In support of an experienced chemical industry executive, who bought into the business alongside us, we saw the opportunity to develop the company through adding additional capacity in certain product lines and also to use it as a platform for buy and build in pulp and paper chemicals.

Value creation

The first step was to re-orientate the business towards its customer industries and away from functional lines thereby bringing a greater focus on providing services as well as products. This was followed by a significant investment into a new sodium borohydride manufacturing plant.

In 2000 the company acquired Huron Tech Corp. based in the South East USA for $96 million making it the fourth largest supplier of sodium chlorate in the North American market. In addition the businesses built sodium chlorate storage capacity in Sweden allowing it to win long-term supply contracts in that country.

As one of the largest buyouts completed in the Nordic region at the time, this was a landmark deal in which we used our UK deal-doing experience to complete an investment in a market where very few such transactions had ever taken place. The platform company was then expanded significantly through successful entry into key markets such as Sweden and the USA. At the same time additional capacity was added in complex high margin products and in value-added services.

Outcome

In April 2005 after a focussed auction process the business was sold to Kemira, Finland’s largest chemical company, in a transaction that generated a more than 4x money multiple.

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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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