Polaris makes 4x on Hamlet Protein sale to Altor and Goldman

The exit is understood to have returned more than 4x Danish GP Polaris's initial investment, according to market sources.

Altor and Goldman will be equal partners in Hamlet following the deal, although a precise split has yet to be determined, Altor told unquote". A spokesperson for the GP said it had been presented with, and accepted, the opportunity to invest in Hamlet alongside Goldman.

The transaction sees Altor and Goldman acquire Polaris's 55% stake in the company, as well as shares from the business's founder, Ole K Hansen. Prior to the deal, Hansen had held a 41% stake in Hamlet through OK Biotech while the board, management and key employees owned 4% of the shares.

Hamlet's new owners will focus on continuing the company's international growth, both organically and through acquisitions.

The deal marks the fourth investment from the €2bn Altor IV vehicle, and the second by the GP this year after it acquired a 24.5% stake in publicly listed Transcom for SEK 421m in March.

Altor IV has so far stuck to two investment types, completing two secondary buyouts and two minority investments in public companies.

Debt
Nordea provided a debt package for the deal.

Previous funding
Danish private equity firm Polaris bought a 55% stake in Hamlet Protein in June 2007 from the company's founders and shareholders, through the GP's Polaris Private Equity II fund.

Company
Hamlet Protein is Danish company that produces soy-based protein ingredients for enriched animal feed.

The Horsens-based company was founded in 1992 and today has production facilities in Denmark and Ohio. The company sells its products in 50 countries.

Hamlet had a turnover of around $97m in 2014 with a pre-tax profit of around DKK 33m. The business employs a staff of 90.

People
Altor partner Søren Johansen led the deal alongside Goldman Sachs Merchant Bank Division managing director Michael Specht Bruun. Partner Niels Worning worked on the deal for Polaris Private Equity and Søren Munch is the CEO of Hamlet Protein.

Advisers
Equity – Nordea (Debt)
Vendor – William Blair (Corporate finance)

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• Topics
• Nordics
• Buyouts
• Consumer
• Exits
• Denmark
• Altor
• Goldman Sachs
• Polaris Private Equity
• Secondary buyout
• Unq2015June