AAC Capital Partners exits Baarsma Wine Group

InVivo is acquiring 100% of Baarsma's shares from the group's current shareholders: the management team and AAC, which became majority owner in 2007.

The acquisition is in line with InVivo Wine's strategy to accelerate international development, especially in Asia and North America, according to AAC.

InVivo Wine and Baarsma, subsidiaries included, will continue to operate autonomously under their own names. In the years to come, the expansion outside of France will be driven mainly from the Netherlands, with a leading role for the management of Baarsma, the GP said in a statement.

Baarsma's incumbent CEO Cees de Rade and CFO Ed van der Sluijs will become members of InVivo Wine's executive committee, which will be chaired by group CEO Bertrand Girard.

The transaction is subject to approval by the relevant authorities. Both parties expect to finalise the deal over the summer.

Previous funding
In 2007, AAC (formerly known as ABN Amro Capital) reached an agreement to acquire a majority stake in Baarsma from the company's founders and former shareholders, Friesland Bank Investments and ING Corporate Investments. The management team would retain a 40% stake in the firm and managers in key positions were also given the opportunity to invest in the business. The transaction was privately sourced, and ING Bank provided debt for the acquisition.

In 2008, the GP backed Baarsma's acquisition of English wine merchant Armit, following its buy-and-build strategy. The acquisition was supported by a senior debt package provided by Rabobank, ING and Friesland Bank.

Company
Established in 1977, Baarsma is a wine distributor based in Oudeschoot, the Netherlands. Baarsma is also active in Belgium, the UK, Switzerland and South Africa. It services the retail, hospitality and food sectors, and sells its wines to consumers directly in certain locations.

It currently employs 250 full-time employees and has a turnover approaching €210m.

People
AAC Capital Partners – Paul Hugenholtz (managing partner); Frank Trijbels (partner).
InVivo Wine – Bertrand Girard (CEO).
Baarsma Wine Group – Cees de Rade (CEO).

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