IK Investment Partners has sold chilled food company Signature Foods to Pamplona Capital Management.
The acquirer is currently investing from Pamplona Capital Partners V, which closed on €3bn in July 2017.
AAC acquired Gilde Equity Management Benelux's stake in Salad Signature in May 2012. ING Bank, BNP Paribas Fortis, Rabobank and Belfius provided debt financing for the transaction. Gilde had backed the MBO of Uniq Belgium in November 2006, a transaction valued at €60m. Following the deal, the company was rebranded to Hamal Signature. Fortis Bank and ING provided debt for the initial deal.
IK invested in Signature Foods in January 2016; during IK's holding period, the company expanded into new products and markets, completing four strategic acquisitions, according to a statement. The GP acquired Signature Foods from its IK VII fund, which closed on €1.4bn in October 2013. The fund has made several realisations to date, including food products company Cérélia Group.
Headquartered in Hilversum, the Netherlands, Signature Foods employs more than 600 people across seven manufacturing sites in the Netherlands, Belgium and Poland. It produces spreads and dips, bites and tapas, and other food products. It generates revenues of more than €300m.
IK Investment Partners – Norman Bremer (partner).
Signature Foods – Erik Bras (CEO).
Vendor – JP Morgan (corporate finance); ING (corporate finance); Allen & Overy (legal); OC&C (operational due diligence); PwC (financial due diligence, tax); Ramboll (environmental due diligence).
Management – Jamieson (corporate finance); Vriman (legal); PwC (tax).
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