• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • Buyouts

Equistone's Group of Butchers sold to Parcom

  • Harriet Matthews
  • Harriet Matthews
  • 23 October 2020
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

Equistone portfolio company Group of Butchers is to be acquired by Parcom in a secondary buyout.

The deal values Group of Butchers at almost €300m, according to a source close to the situation. The company was valued at around €100m at the time of Equistone's original investment.

Equistone initiated the sale process for Group of Butchers in 2019, with the business set to come to market in October that year, Mergermarket reported. Final-round bidders in December 2019 included Capvest, TowerBrook, Telemos Capital and Lindsay Goldberg. The process was marketed based on EBITDA of €25m.

Group of Butchers

  • DEAL:

    SBO

  • VALUE:

    €300m (est)

  • LOCATION:

    Tilburg

  • SECTOR:

    Food products

  • FOUNDED:

    1997

  • TURNOVER:

    €280m (2020)

  • EBITDA:

    >€40m

  • STAFF:

    900

  • VENDOR:

    Equistone Partners Europe

However, the original process stalled due to the coronavirus pandemic, although the business performed strongly during this period. Unquote sister publication Mergermarket subsequently reported in September 2020 that Parcom was in exclusive negotiations to acquire the asset.

Parcom is currently deploying equity via Parcom Fund VI, which held a final close in April 2020 on its hard-cap of €775m. The fund deploys equity tickets of €30-70m, targeting mid-market companies in the Netherlands. Group of Butchers will be Parcom's first investment from the fund, according to Unquote Data.

Parcom said in a statement that it plans to support Group of Butchers' organic growth and the integration of its previous add-on acquisitions. The GP is also seeking buy-and-build opportunities for the company with the aim of adding new customers and product categories.

Pemberton provided acquisition financing to back the deal. Unquote sister publication Mergermarket reported that leverage offers were pitched at 4-5x.

Previous funding
Equistone acquired Group of Butchers in an SBO from Nordian Capital in December 2016. Nordian had owned the business since 2012.

Equistone invested via Equistone Partners Europe Fund V, which held a final close in 2015 on €2bn and invested in businesses with enterprise values of €50-300m. NIBC Bank provided debt to back the buyout.

During the investment period, Equistone supported a number of bolt-ons for the company, including Germany-based meat producer Gmyrek in 2018. The company made seven add-ons in total in the Benelux and DACH regions, with the aim of expanding its product offering and geographical presence.

Company
Founded in 1997 and based in Tilburg, Group of Butchers produces and distributes meat products in the European market. The company was originally known as Dutch Grill Specialists. Its clients include Netherlands-based supermarkets.

The company employs 900 people at 12 production sites and two distribution facilities. It is expected to generate revenues of €280m in 2020. Group of Butchers generated revenues of €128m and employed 350 people at the time of the Equistone's initial investment in 2016.

People
Equistone – Marc Arens (partner); Maximilian Göppert (investment director).
Parcom – Maurits Werkhoven (partner).
Group of Butchers
– Remko Rosman (CEO).

Advisers
Equity
– Rabobank (corporate finance); Squarefield (financial due diligence).
Vendor
– Rothschild (M&A); EY (commercial & financial due diligence, tax); Allen & Overy (legal).

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Buyouts
  • Benelux
  • Consumer
  • Netherlands
  • Equistone Partners Europe
  • Secondary buyout

More on Buyouts

Clinical trials and biotechnology
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • Buyouts
  • 04 September 2023
EMEA Public to Private M&A
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • Investments
  • 04 September 2023
HR software solutions providers
Main Capital’s Assessio to be sold to Pollen Street

Recruitment software company tripled in revenue under Main Capital’s ownership

  • Buyouts
  • 25 August 2023
Ice cream
Exponent divests ‘significant' stake in Meadow to Canadian investor

Since 2018, GP has diversified food ingredients company's focus beyond commodity dairy

  • Exits
  • 22 August 2023

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013