Argos Soditic reaps 4.2x on Kägi exit

Argos Soditic has sold its stake in Kägi to an undisclosed Swiss industrial family, which acquired the company with all cash and wiped out its debt, for a 4.2x multiple and an IRR of 125 to 130. During the 18 months of the holding period, Argos Soditic was approached about 40 times by various interested parties for the company. The buyer has a strong interest in the fast moving consumer goods (fmcg) market. This represents Argos Soditic's second exit in a week, after it sold the French company Dinno Santé to the healthcare business of Air Liquide for a 4.5x return or 79% IRR.

Guy Semmens and Cedric Perlet handled the transaction for Argos Soditic.

Exit deal
Argos Soditic acquired Kägi Söhne AG alongside Swiss Roland Murten AG and French Cansimag France SA from listed Swiss distribution company Valora
Holding AG for an undisclosed amount in a single transaction (May 2008, page 42). Kägi Söhne was the strongest of the three companies and was retained after the other two were sold to Swiss food company Cornu SA for an undisclosed amount (July 2008, pages 59-60).

During the holding period, Kägi stabilized and grew in Switzerland, and grew between 15-20% in its export markets in the Middle East, China and Russia. The chocolate wafer maker launched dark chocolate products to grow market share especially in Germany and Russia. Kägi Söhne is based in Lichtensteig, and produces chocolate wafers. It was founded in 1934 and employs 70 people.

Advisers
Equity - Lenz & Staehlin, Andreas Roetheli, Felix Gey (Legal); Altium Capital, Christian Wipf, Daniel Fritz (Corporate finance).
Buyer - Baker Mackenzie, Martin Furrer (Legal).

 

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• Exits
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• DACH
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