Lion cleared to sell Ad van Geloven stake to Avedon

Lion Capital has sold a stake in Dutch frozen snack company Ad van Geloven to Avedon Capital Partners. Little information about the sale has been released but it is known that Lion will continue to hold a controlling stake in the business, with Avedon acquiring a 'significant minority' position. It is not known whether the deal involved any new leverage facilities.

Lion acquired the company in August 2008 for €290m, €190m of which was provided as debt by Barclays, Bank of Ireland and ING, according to unquote" data.  It bought the business from Dutch buyout firm Egeria, which had acquired Ad van Geloven in February 2004.

The company has also undergone several expansion deals, including a capital injection from Egeria in March 2006 to allow Ad van Geloven to acquire frozen snack manufacturer Mora from Unilever.

Company
Ad van Geloven was founded in Tilburg in 1960 and employs approximately 900 staff. The company owns five factories across the Netherlands and Belgium and reportedly saw turnover of €179m in 2012.

The company produces branded frozen snacks under a range of subsidiaries, including Mora, Welton Snacks and Hebro.

People
Peter Doodeman is the managing director of Ad van Geloven. Rikkert Beerekamp is CFO at Avedon, while Lyndon Lea, Robert Darwent and Neil Richardson are the founding partners of Lion.

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• Topics
• Exits
• Buyouts
• Benelux
• Consumer
• Secondary buyout
• Lion Capital
• Netherlands