BC Partners reaps 2x money on €940m Spotless sale

The deal value is equal to 12x Spotless's forecast EBITDA for 2014.

The sale resulted from direct negotiations between the two parties.

Under BC's four-year ownership, the company undertook an acquisitive strategy most notably within the insect control sector, having built up a portfolio of more than six brands.

BC acquired Spotless in February 2010 for €640m. A €256m senior debt package was arranged for the deal by Bank of Ireland, HSBC, Lloyds TSB and Societe Generale, according to unquote" data.

The deal, in which founding investor Ardian sold its 65.6% stake in the business, was completed after an auction process that saw BC fend off rival bids from Bridgepoint and Lion Capital.

Ardian (then Axa Private Equity) established Spotless in 2005 following the firm's acquisition of fabric care company Eau Ecarlate for €150m from Natixis Private Equity and Equistone (then Barclays Private Equity).

In March 2007, European Capital invested €95m in the company, according to unquote" data.

In February 2009, Ardian upped its stake in the company following the withdrawal of the sale the previous year. The firm purchased the 50% stake previously held by the Gualandi family, taking its shareholding to 65.6%.

Company
Founded in 2005 and headquartered in Neuilly-sur-Seine, Spotless manufactures homecare products such as laundry aids (stain removers, fabric dyes), air fresheners, plant and petcare products, and insect control products.

The company has a market presence across Europe, notably in France, Italy, Spain, the UK and the Benelux region.

Spotless employs 470 staff and generated revenues of €280m last year. At the time of BC's acquisition, the company employed 400 staff and generated €350m in revenues.

People
Pierre Le Tanneur is the CEO of Spotless. BC managing partner Jean-Baptiste Wautier managed the firm's investment alongside senior partner Cédric Dubourdieu and partner Benjamin Hara.

Advisers
Vendor – JP Morgan (Corporate finance); Rothschild (Corporate finance).

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