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

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

Kalle

Business overview

Kalle is a leading global producer of viscose, polymer and specialty casings for sausages. At the date of our investment, the company, which is headquartered in Germany, operated from nine countries with sixteen production sites globally.

Kalle focuses on leadership through innovation, and is probably the most innovative casings supplier in the world, with a wide range of products for a broad spectrum of applications.

Investment rationale

Silverfleet Capital has a long history of backing experienced and ambitious management teams such as the one found at Kalle. The business has an international profile with a market leading position, and has a reputation for delivering best quality products, competitive prices and new innovations that are developed together with customer needs.

Kalle has a large portfolio of new and ambitious product innovations that enable the company to address growth opportunities in new segments and potentially new regions.

The business provides an exciting platform for a global buy and build approach both in casings and adjacent areas.

Value creation

We have worked with management on the international growth plans for the business – particularly in the US, as well as a buy and build strategy. Addressing both of these areas, in December 2010 we were pleased to announce the acquisition of Jif-Pak Manufacturing Inc, a California-based producer of innovative meat nettings and casings. The acquisition of Jif-Pak broadens Kalle’s product range and significantly increases the scale of its North American operations. Under Silverfleet’s ownership, Kalle has made a substantial investment in its production facilities in the US, Czech Republic and Germany. Silverfleet has also continued to support Kalle’s pipeline of new products, with NaloProSpice, NaloFerm, NaloEco and clean label NaloProtex each coming to market prior to our exit.

Outcome

For the year ended December 2015, Kalle had sales of €281 million, and employed some 1,700 people serving more than 100 countries around the globe. The company’s position as a leading global supplier of artificial casings for meat products attracted several financial and strategic trade purchasers. Ultimately we sold Kalle to funds managed by Clayton, Dubilier & Rice, generating a 3.5 times multiple of Silverfleet Capital's original investment and an IRR of 22.5%.

Products and market positioning

Viscose casings Market leader Viscose casings
Polymer casings Market leader Polymer casings
Value adding casings Technology leadership Value adding casings
Net casings Strong position through Jif-Pak acquisition in the US Net casings

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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

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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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