Capiton exits Fruitwork

The exit was set up as a limited auction process in which the management team – which expanded during Capiton's holding period – competed with private equity firms.

Before Capiton acquired its minority stake in Fruitwork, the company was mainly focused on Christmas-related business. With the GP's support, the company extended its product offering, which comprises baking ingredients and snacks, to a range that can be sold throughout the year.

On the buy-side, Capiton is currently investing from the Capiton V vehicle, which closed on its hard-cap of €425m in January 2015. The vehicle has done two transactions so far, both in Germany: it acquired a minority stake in optical systems manufacturer Trioptics in April 2015 and a majority stake in laser developer LAP Laser in December.

Previous funding
In December 2008, Capiton acquired shares via the Capiton C III fund from the company's founders, who continued to hold a majority stake. The contact was sourced on a proprietary basis via the investor's network and the deal included no leverage.

Company
Hamburg-based Fruitwork reports sales of €100m. It provides dried fruit and nuts, purchasing its products from plantations around the world, refining them and supplying grocery chains in Germany. In addition to dried fruit and nuts, Fruitwork supplies conventionally and organically grown fresh fruit. The company was founded in 1999.

People
Capiton – Christoph Karbenk (partner).
Fruitwork – Armin Griese (managing director).

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• Topics
• Exits
• DACH
• Consumer
• Management buyback
• Germany
• capiton AG