OakNorth Bank provides fund facility to BlueGem

Alessia Argentieri
20 August 2020

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OakNorth Bank has providedТ a subscription facility to BlueGem Capital Partners, a private equity firm focused on European consumer businesses.

Key investors include Glendower Capital, Blackstone's secondaries division Strategic Partners, BMO Global Asset Management and BlueGem GP.

Marlborough Partners was the adviser on this transaction.

Founded in 2007 by Marco Capello and Emilio Di Spiezio, BlueGem Capital is a London-based private equity firm dedicated to European companies that operate across the consumer sector. Its investments include British luxury retailer Liberty London, sold to a consortium led by Glendower in a deal valuing the business at £300m; and UK childcare products retailer Mamas & Papas, which was reacquired by BlueGem out of administration in November 2019.

The GP is currently managing its third buyout fund, BlueGem III, which was launched in July 2019 with a €400m target and a €500m hard-cap.

The fund deploys equity tickets of €25-75m in buyout transactions targeting European consumer brand companies, with a focus on the UK, Ireland, France, Belgium, Denmark, Spain, Portugal and Italy. It has already inked its first acquisition by purchasing Italian hair care products manufacturer Pool Service in a deal that values the business at €64m.

In addition, the GP raised BlueGem Secondary Fund in June 2018 in order to transfer the four remaining assets in the portfolio of its debut 2007 vehicle BlueGem I. The fund restructuring was backed by Glendower Capital, a spinout from Deutsche Bank's secondaries private equity business.

OakNorth Bank provides flexible debt finance from £500,000 to £50m. It has debt finance teams in London, Manchester, Bristol, Birmingham, Leeds and East Anglia.