Vendis kickstarts second fund with Petrol buyout

Pedro van Zon and Elwin Flint, Petrol's co-founders and previously the sole owners of the company, sold their stake and re-invested to stay as minority shareholders.

Vincent Braams, who was made partner by Vendis last May, told unquote" van Zon and Flint began seeking an institutional buyer for Petrol towards the end of last summer. The co-founder duo hired ING's M&A arm to set up an auction process; of all competing bidders, Vendis was chosen and a deal was signed at the end of December.

According to Braams, Petrol's managers were keen to add a new investor to finance the company's rapid expansion. Having reportedly doubled in size every two years, the fashion brand needed support to professionalise its internal structure to keep up with the growth pace.

Under Vendis's tenure, Petrol will retain its existing build-up strategy but will also focus on growing organically. 

The MBO represents the maiden deal for Vendis's second fund. Launched in February 2015, the consumer-focused fund writes €5-25m tickets – in Petrol's case, the investment fell closer to the upper end of that bracket, Braams said.

Having held a €125m first close in February 2015, Vendis Capital II has already surpassed its €150m target and will likely hit its €180m hard-cap once fundraising concludes in a couple of months, the partner added.

In addition, the Petrol takeover is the fifth Dutch foray for Vendis since being founded by Mitiska alumni Michiel Deturck, Cedric Olbrechts and Willem Van Aelten in 2009. The GP's earlier four deals in the country involved pet food producer Yarrah, equestrian equipment wholesaler Hypo, womenswear retailer Humanoid and optic retailer eyes + more.

Debt
The MBO was financed with a debt facility from Rabobank, unquote" understands.

Company
Petrol Industries is a denim fashion brand targeting men and children via its Petrol brand. With headquarters in Tilburg, the business is active in the Netherlands, Belgium and Germany, among other European markets. The retailer's revenues and EBITDA figures remain confidential but Vendis typically backs assets where turnover and EBITDA sit in the €10-100m and €2-15m regions, respectively.

People
Vendis Capital – Vincent Braams (partner).
Petrol Industries – Pedro van Zon (co-founder); Elwin Flint (co-founder).

Advisers
Equity – Accuracy (Financial due diligence); Van Iersel Luchtman, Freek Haerkens (Legal).

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