KKR sells Afriflora to Sun European

Financial details of the transaction remain undisclosed, though according to unquote" sister publication Mergermarket, Afriflora generates EBITDA of around €30m.

Sun European is currently investing from its sixth fund, a $2.1bn vehicle that held its final close in July 2014.

Under KKR's tenure, the business has invested in new land in order to expand its greenhouse and farm footprint.

The deal is subject to regulatory approval. It comes two years after Sun European acquired UK-based flower and vegetable business Flamingo Horticulture (then known as Finlays Horticulture) from James Finlay with capital also drawn from its sixth fund.

Previous funding
KKR backed Afriflora in June 2014, with Mergermarket reporting the GP invested €147m in the deal.

Company
Founded in 2005 and headquartered in Aalsmeer, the Netherlands, Afriflora cultivates, produces and sells roses from three farms in Ethiopia. It sells around 1.1 billion stem roses, primarily to the European market.

People
KKR – Nicolas Gheysens (managing director).
Sun European Partners – Paul Daccus (managing director).
Afriflora – Peter Barnhoorn (CEO).

Advisers
Vendor – William Blair (corporate finance); Clifford Chance (legal); Van Benthem & Keulen (legal); Deloitte (financial due diligence); Londen & Van Holland (tax).
Equity – Rabobank (corporate finance); Kirkland & Ellis (legal); Houlihan Lokey (financial due diligence); EY (tax).

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• Topics
• Exits
• Buyouts
• Benelux
• Consumer
• Netherlands
• KKR
• Sun European Partners
• Secondary buyout
• William Blair
• Clifford Chance
• Deloitte
• Kirkland & Ellis
• EY (Ernst & Young)