Vendis Capital backs SoLow

The GP approached SoLow's management in the summer of 2020, a source close to the situation told Unquote, and the deal was structured as a one-on-one process.

Vendis said in a statement that a new management team will be formed as part of the transaction. The team will be led by new CEO Gert-Jan Becks, and will comprise both current and new employees.

Vendis sees growth opportunities in SoLow's differentiated non-food discount retail model, the GP said in the same statement.

The transaction is the second investment from Vendis Capital III, which held a final close in July 2019 on €300m. The vehicle invests in consumer businesses in the Benelux, DACH and Nordic regions, as well as in France. The fund deploys equity tickets of €15-40m and makes both growth capital and buyout deals.

Vendis invested in France-based poke bowl restaurant chain Pokawa in September 2020.

Company
Founded in 2003 by Danny and Francois Dame, and headquartered in Culemborg, SoLow is a retailer that sells affordable non-food goods, including party, hobby and craft products. The company has 350 employees.

People
Vendis Capital – David de Graaf (investment director).
SoLow – Gert-Jan Becks (CEO); Danny Dame, Francois Dame (co-founders).

Advisers
Equity – EY (commercial due diligence).

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• Topics
• Buyouts
• Benelux
• Consumer
• Netherlands
• Vendis Capital