Chequers Capital acquires Sport & Leisure Group

Chequers Capital acquired the business through the holding company SLG Invest, according to a statement.

Belgian publication De Tijd reported at least two other bidders were involved in the transaction, including industrial group FieldTurf and Tarkett.

Prior to Chequers' acquisition, Domo Gent Industries owned 75% of the company, with the balance held by company CEO John Penninck. Penninck will continue to perform his role in the new structure.

Chequers Capital is reportedly gathering funds for its 17th buyout fund, Chequers Capital XVII, for which it is targeting €1bn.

The vehicle's previous generation, Chequers Capital XVI, closed on €850m in 2011 and looked to take primarily majority stakes in buyouts of French mid-market companies valued in the €30-300m range, without sector restrictions. The usual equity ticket ranged from €20-100m, with 15 buyouts planned over the investment period.

Company
Based in Sint-Niklaas, East Flanders, Sport & Leisure Group is a manufacturer of synthetic turf for sports and leisure activities, including football, hockey, tennis, rugby and golf. The group says it produces more than 12 million square metres of artificial grass per year.

The company works in collaboration with wholesalers. According to De Tijd, Sport & Leisure Group currently generates a €55m turnover and €4m in profits.

Advisers
Vendor – Deloitte (corporate finance).

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