Ardian sells ProduceShop stake to Gilde Buy Out

Harriet Matthews
11 February 2022

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Ardian has sold its stake in home and living goods e-retailer MBK Fincom (MBK), known as ProduceShop, to Gilde Buy Out Partners.

MBK's founders and management are re-investing in the business as part of the buyout, according to a statement.

Ardian bought a minority stake in the Switzerland-based company in 2020, deploying equity via Ardian Growth II which held a final close in April 2018 on EUR 230m. The fund deploys equity tickets of EUR 5m-25m, backing digital businesses with revenues of EUR 5m-100m. It has invested in 18 companies, according to Unquote Data.

The company tripled its revenues during Ardian's investment period and now sells its products in 24 countries, Ardian said in a statement. The GP stated at the time of its initial investment that it intended to support the company with its international expansion.

Gilde now intends to support the company's future growth in partnership with its management, the firm said in a separate statement.

Gilde is currently deploying equity via Gilde Buy Out Fund VI, which held a final close in 2019 on EUR 1.4bn. The GP focuses on mid-market DACH and Benelux companies, focusing on businesses with enterprise values of EUR 100m-250m.

Company
Founded in 2015 and headquartered in Lugano, MBK Fincom (known commercially as ProduceShop) co-designs and sells a variety of home and living goods via its online shop. Its products include home furniture, accessories for above ground pools, beach accessories, garden and patio furniture, and sports and fitness products. It has 29 brands, as well as various third-party brands.

People
Ardian – Laurent Foata (head of Ardian Growth); Romain Chiudini (director); Bertrand Schapiro (managing director); Olivier Roy (senior investment manager).
Gilde Buy Out – Gianluigi Manna (partner).

Advisers
Equity – Houlihan Lokey (M&A, debt advisory); Ommax (commercial due diligence); Lenz & Staehelin (legal); PwC (financial due diligence, tax); MJ Hudson (ESG due diligence).
Vendor – Blue Circle Capital (M&A); Vischer Rechtsanwälte (legal); Winston & Strawn (legal).