Novum Capital sells Schluckwerder to CapVest's Valeo

Novum said in a statement that 2020 saw Schluckwerder record its highest ever revenues figure, having reported turnover of €99m in 2019.

Novum invested in Schluckwerder from former owner Rolf Schluckwerder in January 2019 via Novum Capital Special Opportunities Fund I, according to Unquote Data. The vehicle held a final close in February 2017 on €75m.

During the investment period, Novum appointed a new management team comprising Gérard Rog as CEO, Jochen Rock as chief operating officer and Marc Dieck as CFO. The company's management implemented initiatives to optimise the company's operations and also introduced new products and marketing strategies, according to a statement.

The company's management is to remain on board following the transaction, according to the same statement.

Unquote sister publication Mergermarket reported in September 2020 that the sale of Schluckwerder was in its second round. A source close to the situation told Unquote that the process comprised both trade buyers and sponsors. The report added that the company was expected to report 2020 EBITDA of €10m and generated EBITDA of €9.3m in 2019.

CapVest acquired Batchelors and OriginValeo in September 2010, merging the two companies to form Valeo. Following the acquisition of Schluckwerder, the company will report revenues of €1.2bn. The company has now made 18 add-ons during the investment period, according to a statement.

Valeo's add-ons have included a number of private equity portfolio companies in the food industry. Valeo acquired Blackstone's Tangerine Confectionery in August 2018. According to Unquote Data, Valeo reported 2018 revenues of €900m. Most recently, the company acquired NVM Capital's It's All Good, as reported by Unquote in December 2020.

Company
Founded in 1845 and headquartered in Adendorf, Schluckwerder produces marzipan, nougat and chocolate confectionery products. The company also comprises marzipan producer Erasmi & Carstens. The company reported 2019 revenues of €99m and employs approximately 500 people.

People
Novum Capital – Felix Homann (partner).
Schluckwerder – Gérard Rog (CEO); Jochen Rock (chief operating officer); Marc Dieck (CFO).
Valeo – Seamus Kearney (CEO).

Advisers
Vendor – Network Corporate Finance (M&A, debt advisory); Kümmerlein (legal); Taxess (tax).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Portfolio management
• DACH
• Consumer
• Build-up
• Germany
• CapVest Equity Partners