PE-backed Sulo acquires San Sac from Accent

Sulo, formerly known as Plastic Omnium Environment, was acquired by Latour and BPI in a corporate carve-out in December 2018 for an enterprise value of €220m. Latour invested from Latour Capital II, which held a final close on its hard-cap of €300m in December 2015.

Unquote sister publication Mergermarket reported in October 2019 that Accent had mandated Livingstone to handle the sale process of San Sac. The company reported EBITDA of €12-13m at the time, according to the report.

Accent said in a statement that San Sac's EBITDA had increased by 5.3x and its revenues by 4.9x since 2014. San Sac made a number of add-on acquisitions under the GP's ownership, including Orwak.

Unquote understands that the multiple paid by Sulo was higher than the original entry multiple.

Accent also took an indirect ownership interest in Sulo, according to a statement.

Previous funding
Accent acquired a majority stake in San Sac and Enviro Pac in October 2014 via a newco structure, enabling the merger of the two waste management services. Nordea provided financing for the deal.

The GP invested from Accent Equity 2012, which held a final close in December 2011 on its hard-cap of SEK 3.8bn.

Company
San Sac produces products and services for the sorting, containment and compaction of waste. It also manufactures waste compaction machines. Its core market is the Nordic region, but it offers services globally. The company has subsidiaries in Sweden, Norway, Denmark, France, the UK, Russia, Poland, Japan and the US.

The business was founded in 2014, employs 510 staff and reports turnover of SEK 1.8bn. The group operates a number of companies including Orwak and Ilab.

People
San Sac Group – Fredrik Jaginder (CEO).
Sulo – Michel Kempinski (president).

Advisers
Equity – Messier Maris (M&A, debt advisory); Cleary Gottlieb Steen & Hamilton (legal); PwC (financial & environmental due diligence, legal).
Vendor – Livingstone Partners (M&A); MSA (legal).

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• Topics
• Exits
• Nordics
• Industrials
• Portfolio management
• Build-up
• Sweden
• BPI France
• Accent Equity Partners
• Trade sale