European Capital Receives Proceeds Of 27.9 Million Euro Equivalents From Unipex Group And Invests 20 Million Euro Equivalents In The Multi-Currency Unitranche Bonds Supporting The Unipex Group Acquisition
ST. PETER PORT, Guernsey, Oct. 18, 2012 /PRNewswire/ -- European Capital Limited and its affiliates ("European Capital") announced today that they have received proceeds of 27.9 million euro equivalents from exiting their investments in Unipex Group ("the Company") and completed the investment of 20 million euro equivalents in the multi-currency (including USD and EUR) unitranche bonds supporting the Unipex Group's acquisition by IK2007 Fund, advised by IK Investment Partners. Both transactions occurred in September 2012.
Unipex Group is a leading global manufacturer and distributor of natural active ingredients and specialty chemicals for the cosmetic, pharmaceutical, nutrition and industrial sectors. Over recent years, Unipex Group has strengthened its position as a world-class company serving the needs of a high-end clientele and large brand owners across five continents, through a broad portfolio of sourced ingredients and innovative proprietary active ingredients. Unipex Group has also completed four build-up acquisitions extending both its geographic reach and product offering.
In May 2008, European Capital invested 22 million USD in a mezzanine facility then put in place to support the spin-off of Unipex Group from Atrium Innovations, led by AXA Private Equity. In July 2011, European Capital invested 7 USD million in additional mezzanine financing to support Unipex Group's acquisition of Lucas Meyer Cosmetics.
European Capital's exit comes as Unipex Group's majority shareholder, AXA Private Equity, has sold 100% of its shares of the Company to IK2007 Fund. The exit, which took place in September 2012, allowed European Capital to realize a c. 1.5x money multiple on its initial investment, representing a 14.2% IRR.
"Despite the tough economic environment, European Capital proved to be a reliable and reactive partner," said Beatrice Beitmann, Managing Director at AXA Private Equity. "We appreciated their ability to support Unipex Group in its acquisitions in various countries and in different currencies."
The Company will remain under the leadership of Patrice Barthelmes and the existing management team.
"As a long term Unipex Group partner, European Capital is pleased to accompany the Company's future growth through this new transaction, with IK Investment Partners, as majority shareholder," stated Etienne Haubold, director at European Capital Financial Services Limited. "This investment illustrates European Capital's ability to provide flexible financing solutions, from mezzanine and unitranche to minority or majority equity investments, with multi-currency funding capabilities, and follow-up investments to growing companies."
Remi Buttiaux, Partner at IK and advisor to the IK2007 Fund, said "As a long-time trusted partner of the Unipex Group, European Capital has been really supportive of Unipex Group's expansion in the past. We appreciate their good knowledge of the Group and its sector, which could prove useful in the future developments."
Since its inception, European Capital Limited has invested 3.5 billion euros in over 100 companies in Europe.
ABOUT EUROPEAN CAPITAL LIMITED
European Capital Limited is an investment company for pan-European equity, mezzanine and senior debt investments with 1.2 billion euros in assets under management. European Capital Limited is a wholly-owned affiliate of American Capital, Ltd ("American Capital"). It is managed by European Capital Financial Services (Guernsey) Limited ("ECFSG" or the "Investment Manager"), a wholly-owned affiliate of American Capital. The Investment Manager has offices in London and Paris. As of 30 June 2012 the Investment Manager had 5 investment teams with 21 investment professionals and employed 26 support staff. European Capital Limited and its affiliate, American Capital, will consider senior and mezzanine debt investment opportunities from 10 million to 40 million in either euros or sterling and up to 400 million for One Stop Buyouts®. For further information, please refer to www.EuropeanCapital.com.
ABOUT AMERICAN CAPITAL
American Capital is a publicly traded private equity firm and global asset manager. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate and structured products. American Capital manages 17 billion USD of assets, including assets on its balance sheet and fee earning assets under management by affiliated managers, with 100 billion USD of total assets under management (including levered assets). From its seven offices in the U.S. and Europe, American Capital and its affiliate, European Capital Limited, will consider investment opportunities from 10 million to 500 million USD. For further information, please refer to www.AmericanCapital.com.
Contact: European Capital Financial Services Limited
+ 33 1 40 68 06 66
Tristan Parisot, Managing Director
SOURCE European Capital Limited