Vendis Capital reaches first closing on EUR55m

Funds

Belgian private equity firm Vendis Capital has raised EUR55m for the first close of its maiden fund. The target has been set at EUR100m. The fund has a regular 10+1+1 structure with management fees, carry and hurdle set at the standard 2%, 20% and 6% respectively. The GP has invested 1% and minimum subscriptions have been set at EUR1m.

The fund, which is restricted to the retail and consumer business sector, will be able to fundraise again on year six or when 70% invested.

The fund is planning a second close with non-institutional investors in the months to come with a final closing planned for summer 2010.

Investors

During the initial fundraising phase, Vendis Capital relied on its contacts within the retail sector. Anchor investors consist of the Colruyt family and Colruyt Group, retail sector players Emiel Lathouwers (founder and ex-CEO of AS Adventure), Mitiska, and Jacques Hayez (founder and CEO of Cassis and Paprika). The next fundraising phase will be open to both private and institutional investors and will target the Belgian, French and Dutch markets in particular.

Investments

Vendis Capital will provide growth capital and buyout capital to non-food retail and consumer businesses in Europe. The vehicle plans to close 8-12 deals, investing around EUR5-15m (equity) per deal in companies valued between EUR5-100m. The specialist fund will focus primarily on the Benelux and French markets (60-70%) but will consider interesting opportunities in other European markets. As for deal structure, the vehicle is flexible and equally comfortable acquiring majority stakes or taking minority positions.

Vendis Capital believes that sector specialisation will lead to the best investment opportunities in the sector and that it provides more value-add to the companies and the operating teams. Given the team's previous experience in the sector and the market segment in which the targets are sourced (lower-/mid-market), financing for the deals is less difficult to obtain.

People

The fund will be managed by Michiel Deturck, Luc Geuten, Cedric Olbrechts and Willem Van Aelten, who were formerly the management team of listed investment management firm Mitiska. Mitiska, which was taken private in May this year, will be recycled into a family office and will channel its future consumer business investments through the new fund.

Name: Vendis Capital I

First close: EUR55m October 2009

Target: EUR100m

Focus: Buyouts, growth

Retail and consumer business sector: Benelux, France, Europe

Contact: Michiel Deturck

Address: Vendis Capital

Pontbeekstraat 2

1702 Groot-Bijgaarden (Dilbeek)

Belgium

Tel: +32 475 420 257

Advisers

Linklaters (Legal).

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• Benelux