ECM sells Kadi to Paragon

Alongside Paragon, Kadi's management team reinvested as part of the transaction to retain its significant shareholding in the company.

Specifically, the members of Kadi's management who hold a stake in the company are Patrick Sievi, current CEO; Christof Lehmann, current director of marketing and sales; Kurt Mosimann, financial director; and Doris Hämmerli, head of the company's supply chain.

Previous funding
ECM originally invested in Kadi via its German Equity Partners III fund, which closed on €250m in September 2006. The GP acquired Kadi from its previous owner through a limited auction ran by PwC, alongside the company's management.

Details of ECM's original investment in Kadi were not disclosed, though UBS Zurich was confirmed to have provided debt.

Debt
UBS has continued to provide debt for the company, according to Kadi.

Company
Founded in 1951, Kadi is headquartered in Langenthal. The company primarily produces potato-based frozen snacks such as röstis and fries, as well as omelettes and fish fillets. Its products are provided to the Swiss restaurant and food retailer sectors.

Kadi employs 180 staff and recorded a CHF 66m turnover in 2012.

People
Patrick Sievi, currently Kadi's CEO, is becoming the company's new chairman for the board of directors, a position previously held by Oliver Blum. Kadi's current director of marketing and sales, Christof Lehmann, will become the company's new CEO next January. Carsten Schemmel is a director at ECM and led the deal for the GP alongside director Florian Kähler. Marco Attolini is a partner at Paragon.

Advisers
Vendor – Leonardo & Co, Stephan Brücher, Fabian Denneborg (M&A); CMS von Erlach Henrici, Oliver Blum (Legal); Ernst & Young, Chris Tattersall, Barbara Hicker, Georg Lutz, Gernot Zitter (Financial due diligence, tax).

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• Topics
• DACH
• Consumer
• Buyouts
• Exits
• Secondary buyout
• Switzerland
• ECM Equity Capital Management
• Paragon Partners GmbH