HIG exits Kondor in trade sale to DCC Technology

Terms of the individual transaction were not disclosed; however, in a statement announcing the joint acquisitions of Kondor and US-based business Stampede, DCC stated that the combined initial enterprise value of Stampede and Kondor is around £110m.

Unquote sister publication Mergermarket reported in March this year that HIG had mandated William Blair to sell Kondor, with the business being sold off at approximately £10.4m EBITDA.

The buyer, DCC, is an international sales, marketing and support services group that principally trades under the Exertis brand.

HIG acquired Kondor in 2014 for an undisclosed amount. It marked HIG's first investment from its HIG Europe Capital Partners II fund, which closed on €825m in 2013.

HIG stated that the initiatives to develop the business during the holding period included the professionalisation of back-office systems, the development of Kondor's access to market data and the optimisation of the product range. Headcount has grown from 188 to 250 employees during that time, with a £10m revenue increase.

Company
Headquartered in Dorset, Kondor distributes audio and mobile accessory products to a range of e-commerce, retail and mobile operator customers.

Kondor also provides outsourced category management services, such as marketing support, promotional display and brand support. Kondor generated revenues slightly in excess of £110m in 2017, against £100m when HIG acquired it in 2014, according to Unquote Data. For its 2016 financial year, the business reported EBITDA of £12.6m on revenues of £130m, according to publicly available information. The company employs 250 staff.

People
HIG Capital – Carl Harring (managing director).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Industrials
• UK / Ireland
• HIG Capital
• Trade sale
• United Kingdom