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 €25 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

Services

Main location

Denmark

Investment date

2020

Deal size

N/D

Website

collectia.dk

Silverfleet Capital contact

Mark Piasecki

Fund

Mid-market fund

Status

Unrealised

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Sector

Manufacturing

Main location

Benelux

Investment date

2019

Deal size

N/D

Website

coredux.com

Silverfleet Capital contact

Jean Châtillon

Fund

Mid-market fund

Status

Unrealised

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Sector

Services

Main location

United Kingdom

Investment date

2019

Deal size

N/D

Website

microgen.com

Silverfleet Capital contact

David MacKenzie

Fund

European Development Fund (EDF)

Status

Unrealised

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Sector

Healthcare

Main location

United Kingdom

Investment date

2019

Deal size

N/D

Website

carefertility.com

Silverfleet Capital contact

Alfa Chan

Fund

Mid-market fund

Status

Unrealised

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Sector

Healthcare

Main location

Benelux

Investment date

2019

Deal size

N/D

Website

staxs.eu

Silverfleet Capital contact

Alex Brebbia

Fund

European Development Fund (EDF)

Status

Unrealised

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Sector

Manufacturing

Main location

Germany

Investment date

2018

Deal size

N/D

Website

prefereresins.com

Silverfleet Capital contact

Adrian Yurkwich

Fund

Mid-market fund

Status

Unrealised

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Sector

Services

Main location

Germany

Investment date

2018

Deal size

N/D

Website

7days.de

Silverfleet Capital contact

Joachim Braun

Fund

Mid-market fund

Status

Unrealised

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Sector

Consumer

Main location

United Kingdom

Investment date

2017

Deal size

N/D

Website

rivieratravel.co.uk

Silverfleet Capital contact

Gareth Whiley

Fund

Mid-market fund

Status

Unrealised

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Sector

Manufacturing

Main location

Germany

Investment date

2017

Deal size

N/D

Website

wangen.com

Silverfleet Capital contact

Joachim Braun

Fund

Mid-market fund

Status

Unrealised

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Sector

Services

Main location

United Kingdom

Investment date

2016

Deal size

N/D

Website

lifetimetraining.co.uk

Silverfleet Capital contact

Adrian Yurkwich

Fund

Mid-market fund

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

Fund

Mid-market fund

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

Fund

Mid-market fund

Status

Unrealised

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Sector

Consumer

Main location

France

Investment date

2012

Deal size

€65m

Website

lafeemaraboutee.fr

Silverfleet Capital contact

Alexandre Lefebvre

Fund

Mid-market fund

Status

Unrealised

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Sector

Manufacturing

Main location

Denmark

Investment date

2014

Exit date

2019

Deal size

N/D

Website

phaseone.com

Fund

Mid-market fund

Status

Realised

Phase One

Business overview

Phase One is a leading technology business specialising in high-end digital imaging software and equipment.

Founded in 1994, the company designs and manufactures medium format camera systems for the world's most demanding professional photographers and advanced amateurs, as well as having an industrial division supplying camera systems, predominantly for aerial photography. Furthermore, Phase One is a world leader in software for processing RAW images.

Investment rationale

Silverfleet acquired a majority stake in Phase One in 2014, having identified strong growth in the use of high resolution, medium format imaging e.g. aerial imaging for 3D mapping and homeland security applications; and in the number of digital images being captured and shared globally.

The investment by Silverfleet would enable the business to grow through continued innovation as well as new product and software launches, additional marketing and the potential acquisition of complementary businesses or technology.

Value creation

Silverfleet supported Phase One to undergo a significant transformation, from a hardware to software-centric business focus while adopting a subscription-based revenue model within its software offering. These initiatives in addition to the implementation of a new e-commerce solution, and significant investment in software related R&D and marketing, helped drive a revenue CAGR of +38% in the company’s Software Imaging Systems business unit between 2014 and 2018. As a result, software grew from contributing less than 10% of group EBITDA at entry to c70% at exit.

With our support Phase One also made two add-on acquisitions including its main supplier in Japan. We also invested significantly in R&D, to drive continuous innovation in medium format imaging, with the successful launch of the IQ4 and IXM systems for individual photographers and industrial end uses.

Today, Phase One has two divisions: Software Imaging Systems (“SIS”), which provides market leading raw image processing software to professional and amateur photographers and enterprises under the Capture One brand; and Image Capture Solutions (“ICS”), which supplies ultra-high-end, medium format camera systems for industrial applications (such as aerial mapping and inspection), as well as for professional and amateur photographers, and cultural heritage institutions. The Business is headquartered in Copenhagen, Denmark, with operations in Germany, Hong Kong, Israel, Japan and the US.

Outcome

As a result of the significant strategic repositioning of the company undertaken by us, the Cash EBITDA multiple (adjusting for capitalised R&D) went from 6.1x on entry to 15.4x on exit. The sale generated a 4.6x money multiple and a 32% gross IRR.

Global sales force & distribution network

Global sales force & distribution network Global sales force & distribution network

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Sector

Services

Main location

Guernsey

Investment date

2013

Exit date

2019

Deal size

N/D

Website

ipes.com

Fund

Mid-market fund

Status

Realised

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Sector

Services

Main location

Germany

Investment date

2013

Exit date

2018

Deal size

N/D

Website

yourccc.com

Fund

Mid-market fund

Status

Realised

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Sector

Manufacturing

Main location

Denmark

Investment date

2013

Exit date

2016

Deal size (exit)

€310m

Website

cimbria.com

Fund

Mid-market fund

Status

Realised

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Sector

Manufacturing

Main location

Germany

Investment date

2009

Exit date

2016

Deal size

N/D

Website

kalle.de

Fund

Mid-market fund

Status

Realised

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Sector

Consumer

Main location

United Kingdom

Investment date

2010

Exit date

2015

Deal size (exit)

£256m

Website

office.co.uk

Fund

Mid-market fund

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.com

Fund

Mid-market fund

Status

Realised

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Sector

Healthcare

Main location

Germany

Investment date

2004

Exit date

2011

Deal size (exit)

€170m

Website

mwdental.de

Fund

Mid-market fund

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

Fund

Mid-market fund

Status

Realised

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Sector

Consumer

Main location

France

Investment date

2006

Exit date

2010

Deal size (exit)

€417m

Website

histoiredor.com

Fund

Mid-market fund

Status

Realised

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Sector

Services

Main location

Benelux

Investment date

2004

Exit date

2008

Deal size (exit)

€750m

Website

tmf-group.com

Fund

Mid-market fund

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

Fund

Mid-market fund

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

Fund

Mid-market fund

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

Fund

Mid-market fund

Status

Realised

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Sector

Services

Main location

France

Investment date

1998

Exit date

2006

Deal size (exit)

€117m

Website

group-iph.com

Fund

Mid-market fund

Status

Realised

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Sector

Consumer

Main location

United Kingdom

Investment date

2000

Exit date

2005

Deal size (exit)

£262m

Fund

Mid-market fund

Status

Realised

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Sector

Services

Main location

United Kingdom

Investment date

2000

Exit date

2005

Deal size (exit)

£520m

Website

rrdonnelley.com/gds

Fund

Mid-market fund

Status

Realised

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Sector

Manufacturing

Main location

Finland

Investment date

1996

Exit date

2005

Deal size (exit)

€345m

Website

kemira.com

Fund

Mid-market fund

Status

Realised

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Sector

Services

Main location

United Kingdom

Investment date

2000

Exit date

2005

Deal size

N/D

Website

linkfinancial.co.uk

Fund

Mid-market fund

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

Fund

Mid-market fund

Status

Realised

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Sector

Consumer

Main location

United Kingdom

Investment date

2001

Exit date

2003

Deal size (exit)

£150m

Website

oasis-stores.com

Fund

Mid-market fund

Status

Realised

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Sector

Consumer

Main location

United Kingdom

Investment date

1997

Exit date

2003

Deal size (exit)

£1.2bn

Website

galabingo.co.uk

Fund

Mid-market fund

Status

Realised

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Sector

Consumer

Main location

France

Investment date

1999

Exit date

2002

Deal size (exit)

€402m

Website

joa-casino.com

Fund

Mid-market fund

Status

Realised

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Sector

Consumer

Main location

United Kingdom

Investment date

1998

Exit date

2001

Deal size (exit)

£30m

Website

firedearth.com

Fund

Mid-market fund

Status

Realised

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Sector

Consumer

Main location

United Kingdom

Investment date

1996

Exit date

2000

Deal size (exit)

£499m

Fund

Mid-market fund

Status

Realised

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