Silverfleet buys 7days from Odewald

It is the seventh investment from Silverfleet Capital Partners II, an €870m vehicle that held a final close in June 2015.

The GP saw off competition from Quadriga Capital, Vendis Capital and a US-based strategic bidder in the final round of bidding after FSN, Gilde and Riverside dropped out, according to unquote" sister publication Debtwire.

The Debtwire report added that bids above €90m had been received, with leverage touted at up to 5.5x the company's €10m EBITDA through a unitranche package. Debt was arranged by a consortium of DZ, BKB and Commerzbank, according to a source close to the situation.

Silverfleet plans to increase 7days' market share in Germany while looking at further international expansion to markets such as Scandinavia and other customer segments in its existing markets.

Previous funding
Odewald acquired a majority stake in 7days in November 2014 alongside owner and founder Marc Staperfeld, who retained a significant minority holding.

Company
Founded in 1999 by Marc Staperfeld and Ulrich Doelken and based in Lotte, Germany, 7days is an online and mail-order retailer of clothing and accessories to the healthcare industry, specifically medical practices and dentists. It projects EBITDA of €10m from €25m revenues for 2017. The company is headquartered in Germany and also has offices in Belgium and a production plant in Morocco. It employs 160 people.

People
Silverfleet Capital – Joachim Braun (managing director); Benjamin Hubner, Jennifer Regehr (investment executives); Jan Kux (associate).
7days – Marc Staperfeld (CEO).

Advisers
Acquirer – Alvarez & Marsal (financial due diligence); Goetzpartners (commercial due diligence); Noerr (legal); Shearman (legal); Deloitte (tax); Herter & Co (debt advisory); Eccelerate (IT due diligence); KPMG (M&A); Marsh (insurance due diligence).
Vendor – William Blair (M&A).

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• Topics
• Buyouts
• Exits
• DACH
• Consumer
• Germany
• Silverfleet Capital
• Odewald & Compagnie
• Secondary buyout
• Alvarez & Marsal
• Deloitte
• KPMG
• William Blair