Innova Capital sells Marmite stake to Cranemere

Cranemere purchased a 100% stake in the company, also acquiring minority shareholders' stakes and becoming the sole owner, bringing an end to Innova's nine-year investment.

Innova invested in Marmite in 2010 via its Innova 4 and Innova 5 funds, acquiring a 70% stake in the group for an undisclosed amount from founder Roger Johansson. This was the ninth founder succession deal in which Innova was involved.

Between 2010-2016, Marmite built a pan-European sales team, improved productivity and capacity in its Poznan production plant, and developed design capabilities.

Company
Marmite is a European manufacturer of washbasins, shower trays and bathtubs made of cast marble.

40-year-old Marmite employs more than 550 employees and manufactures products for 200 clients from around 40 different countries.

The company's latest recorded turnover was €50m. The majority of its products are sold for export.

People
Innova Capital – Robert L Conn (founding partner); Leszek Muzyczyszyn (partner); Michal Wojdyla (director).
Cranemere – Olivier Weddrien (head of European activities).

Advisers
Vendor – William Blair (M&A); Roland Berger (commercial due diligence);
KPMG (financial due diligence); Allen & Overy (legal); Grzywaczewski Napiórkowska i Partnerzy (legal).
Equity – DC Advisory (M&A); Bain & Company (commercial due diligence); EY (tax); Freshfields Bruckhaus Deringer (legal); Wardyński+Wspólnicy (legal).

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• Topics
• Buyouts
• Consumer
• CEE
• Poland
• Secondary buyout
• Innova Capital