Strategic Value acquires remainder of Vita Group

Unquote understands that the acquisition comprises TPG Capital's majority holding in the company and additional minority stakes from other shareholders.

The deal follows a previous transaction inked in May 2017 by SVP, which acquired a minority stake in the business. 

Unquote reported in February that TPG had agreed to sell its stake in Vita to SVP.

A debt package was provided by Barclays and NatWest Markets to support the acquisition, which was financed by the GP with capital from its vehicles Fund III and Fund IV, Unquote understands.

Following the deal, SVP will be working with the company's management to support Vita's strategy for innovation and growth, according to a statement.

Previous funding
TPG took the company private in 2005, drawing equity from TPG Partners IV, a $5.3bn global buyout fund that held a final close in June 2003 and is now fully invested.

Company
Founded in 1949 and based in Manchester, Vita specialises in processing polymers to make flexible polyurethane foam for a variety of industries, such as bedding, automotive, healthcare, construction and aviation. The company operates 38 sites in 15 countries and employs around 2,700 people. In 2017, Vita recorded sales of €674m, up 12% on 2016.

People
Strategic Value Partners – Victor Khosla (founder, chief investment officer).
The Vita Group – Jon Cheele (CEO).

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