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

Manufacturing

Main location

Germany

Investment date

2017

Deal size

N/D

Website

wangen.com

Silverfleet Capital contact

Klaus Maurer

Status

Unrealised

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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

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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

Oasis

Business overview

Oasis Stores plc was a quoted ladies fashion retailer with two brands, Oasis and Coast, both aimed at the upper end of the high street market but targeting 18-30 year olds and 30 years plus respectively. Oasis traded from 130 stores in the UK (a mixture of own stores and department store concessions) and concessions in Europe, the Middle East and the Far East. Coast was a relatively new, loss-making brand, trading from 18 concessions and nine own stores in the UK only.

Investment rationale

The Oasis group had been established by three highly successful retail entrepreneurs, but by 2000-2001 it was struggling with the next phase of its development. Hampered by poor management controls and obsolete stock issues the Company was required to issue a profit warning to the London Stock Exchange in 2001.

The company had recently recruited an experienced, professional CEO, Derek Lovelock, who was ambitious to conduct a public-to-private buyout, and our extensive sector knowledge in retail, and in particular in fashion retail, made us an obvious financial partner for them. The buyout was completed in 2001.

Silverfleet Capital had the retail insight to see that the business’ internal reporting issues could be resolved and were prepared to support Derek as he did this. In addition we were convinced that it was right to allow the management team time to see if Coast could be turned into a profitable brand.

Value creation

The public-to-private acquisition was launched in 2001, in the face of some minority shareholder dissent. Our extensive public-to-private transaction experience and some decisive action allowed us to successfully complete the deal.

Straightforward dialogue with management and our retail experience allowed us to rapidly improve the internal controls within the business, reduce working capital and develop a growth strategy for both brands. Coast was successfully repositioned as an up-market brand and swiftly moved from being loss-making to being highly profitable. We supported the rapid roll-out of the brand and by exit Coast had grown from 30 outlets to 123 outlets. We also worked with management to develop the more mature Oasis brand – through the roll-out of new stores and concessions, and also through range extensions into accessories, lingerie and shoes. We also successfully negotiated a joint venture in China for the roll-out of Oasis clothing into Chinese department stores.

Outcome

In 2003 we conducted a focused auction of trade and private equity purchasers. The auction resulted in the sale of the business to the Icelandic investment group, Baugur, for £150 million – a return of 3.6x cost and an 89% IRR.

The deal was awarded Middle Market Buy-Out of the Year 2004 by the Invest Europe/Real Deals.

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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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