AAC exits Salad Signature to IK

IK plans to expand the company into new countries and to support further bolt-ons.

The GP acquired the company from its IK VII fund, which closed on €1.4bn (around €300m short of its original target) in October 2013.

Salad Signature is IK's second investment in a food-related business this year. In May, the GP acquired a 66.6% stake in French dough producer Cérélia Group from Sagard Private Equity, Capzanine, Céréa Capital and BNP Développement. In September, IK supported the bolt-on by Cérélia Group of De Bioderij, a Dutch pancake manufacturer.

Previous funding
AAC acquired Gilde Equity Management Benelux's stake in Salad Signature in May 2012. ING Bank, BNP Paribas Fortis, Rabobank and Belfius provided debt financing for the transaction.

Gilde had backed the MBO of Uniq Belgium in November 2006, a transaction valued at €60m. Following the deal, the company was rebranded to Hamal Signature. Fortis Bank and ING provided debt for the initial deal.

Company
Salad Signature is a producer of chilled salads and convenience food active in the Belgian and Dutch markets. The group comprises Belgian companies Hamal, VH, Le Cobourg and Délio, and Dutch companies Johma and Westland. Salad Signature generated revenues of €176m in 2015. The company employs 490 staff and is headquartered in Turnhout, Belgium.  

People
Erik Bras is CEO of Salad Signature. Remko Hilhorst is a partner at IK. Alvar de Wolff is an investment director at AAC.

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• Topics
• Buyouts
• Consumer
• Benelux
• Exits
• Belgium
• Secondary buyout