Vision acquires Speyside Equity portfolio

The portfolio is comprised of German-based United Initiators and US-based Sweet Ovations.

This proprietary deal was originated thanks to an existing relationship between the vendor and Matthew Constantino, managing partner of Vision Capital Americas. Speyside is said to have been convinced by Vision's transatlantic experience and willingness to allow the firm to stay involved in the portfolio.

Vision will hold a majority stake in United Initiators, while Speyside will retain a stake in the speciality chemicals company, supporting its continued organic growth and the acquisition of bolt-on businesses. It was attracted to the international growth potential of both the acquired firms.

The investment represents Vision's fifth of this year and its second in the DACH region, following on from its acquisition of a Paragon Secondary Partners portfolio in June. At the time the investor said it had noted significant opportunity in the German-speaking region.

This latest deal was channelled via the Vision Capital Partners VII fund, which closed on €680m in 2009.

Company
Pullach-based United Initiators focuses on the manufacture of organic peroxides and persulfates. It has operations in Germany, the US, China and Australia, and generates annual revenues in excess of €150m.

The company was founded in 1962 and employs more than 600 people.

People
Dave Lamb, partner, led the deal for Vision Capital. Lamb and Johan van der Steen, also a partner, join United Initiators' board. Oliver Maier, partner, represented Speyside. Maier is currently CEO of the German company, but will be replaced within a year by chemicals professional Ed Hoozemans.

Advisers
Equity – PrinceRidge (Corporate finance).

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• Topics
• DACH
• Industrials
• Secondaries
• Direct secondary
• Germany