Clairfield competes in Stockholm run - Syncap

Fourth quarter 2010
CLAIRFIELD REVIEW
A publication of Clairfield Partners: leaders in mid-market M&A and corporate finance in Europe, the Americas, and Asia Pacific
Clairfield competes in Stockholm run
Under the slogan “No Distance Too Far”, Clairfield athletes cross the finish line
Rob van der Laan and Albert Schander cross the
finish line in Stockholm.
The most recent Clairfield Partners meeting
coincided with the annual Stockholm
half-marathon on September 11th. After
two days of intense M&A discussions,
running 22 km through this beautiful
Swedish city was a welcome change, and a
challenge. Under the slogan “No Distance
Too Far”, five of our Clairfield athletes
from Spain, Holland, and Germany made
it through the finish line.
Clairfield’s best time was achieved by
partner Dirk Freiland of Germany, who finished
in 1 hour, 31 minutes. Mr. Freiland
is a keen runner who usually runs 50 km
every week. He is currently in training
for the Athens marathon where he hopes
to beat his best time for a marathon of 3
hours, 7 minutes.
For Daphne Bergwerff of Holland, Stockholm
was her first competitive run. She
began training just 6 weeks earlier. Still,
she clocked in at exactly 2 hours.
The Spanish office was well-represented
by Iñigo Elustondo and Brian O’Hare.
Albert Schander of Germany and Rob van
der Laan of Holland crossed the finish line
together. Dr. Schander has participated in
one race per year for the past four years,
and Mr. van der Laan has run in over 16
marathons. “This is the first time I’ve run
with a group and it was a wonderful experience,”
Mr. van der Laan said. “There’s
such a feeling of achievement after a race
that nothing else can match. It was great
fun to share that exhileration with my
partners at Clairfield.”
Clairfield Partners adds firm in the UK
Orbis Partners joins the partnership to cover this key territory
Clairfield Partners, the international partnership
of midmarket corporate finance
boutiques, is pleased to announce that
Orbis Partners has become Clairfield’s
partner firm in the United Kingdom.
Orbis Partners was founded in 2006
through an MBO from Kroll Corporate
Finance. The firm currently employs
13 professionals offering corporate
finance services including mergers and
acquisitions, disposals, management
buy-out and restructuring advice. The
firm offers special expertise in healthcare,
technology, specialist manufacturing and
engineering, and support services. Orbis
also maintains an investment portfolio in
mid-cap companies in a range of sectors.
Recent transactions closed by Orbis
Partners include a buyout of Antler
Limited, a designer and global distributor
of luggage and associated products; the
sale of Biscom Limited, a training provider,
to Rescare Inc., a US-based company with
revenues of US$2 billion; and the sale of
Craig & Derricott, a leading switchgear
manufacturer, to Victory Solutions, an
Indian engineering company.
Orbis prides itself on building long-lasting
relationships with clients and working
with them through the business lifecycle.
Since inception the firm has annually
either won or been shortlisted for the
Corporate Finance Team of the Year by
the Midlands Dealmakers Awards.
Albert Schander, partner at Clairfield
Germany (SynCap), and director of Clairfield
Partners said, “The United Kingdom
is a crucial territory for an international
partnership such as ours. We are happy to
have found in Orbis a firm with the same
dedication to building long-term relationships
with clients as all Clairfield Partners
firms. Sector experts from Orbis will also
be a welcome addition to our industry
working groups.”
For more half-marathon photos, see our blog at
www.clairfield.com
Chris Gregory, partner and founder of
Orbis Partners said, “Orbis is built upon a
strong foundation and having established
ourself as a leading corporate finance
boutique in the UK it was clear that the
next step would be to join an international
partnership. We are delighted to become
Clairfield’s exclusive representative in the
United Kingdom, thereby strengthening
our M&A offering and providing to our
clients excellent access to international
buyers and sellers.”
INSIDE
•
•
Dutch office shines
3Q transactions

SPOTLIGHT ON THE NETHERLANDS
Dutch team places in top two of M&A rankings
Clairfield Netherlands beats out larger competitors in first half of 2010
Boer & Croon, Clairfield’s partner in Holland, has taken the
business community by storm, finishing in the top two in the
ranking for number of deals advised in the first half of 2010.
Boer & Croon was second only to Rabobank and finished ahead
of giants such as ING, Deloitte, and RBS. It is the only independent
bank in the magazine Overfusies’ ranking of the top five.
In addition, Maarten Vijverberg, the head of corporate finance
at Boer & Croon, emerged as the number one dealmaker, advising
on four transactions in the first half of 2010. The deals
were closed in sectors such as plastics, business services, and
IT services. Boer & Croon also closed a crossborder deal with
Clairfield Spain in the industrial packaging sector.
Boer & Croon has long been one of the best-regarded investment
banks in the Netherlands. The M&A division was founded
in 2004 and quickly established a niche in the middle market.
Recently under the chairmanship of Rob van der Laan, Boer &
Croon has also made a play for larger deals, an effort led by dealmaker
Alexander van Rossum. The strategy has been paying off
– Mr. van Rossum recently completed a EUR 712 million deal
in the energy sector. Partners in M&A are rounded out by Dagmaar
Enklaar, a specialist in healthcare-related transactions.
“Distrust in large banks in the wake of the financial crisis has
undoubtedly played a role in our success this year as clients
sought a special one-to-one relationship with a trustworthy
and local presence,” says Mr. Vijverberg. “However the largest
factor in our winning formula is a fantastic team of dealmakers
and analysts; a sector approach where our colleagues leverage
their experience to focus on certain industries and become experts
in the field; and access to international partners through
Clairfield.”
Boer & Croon continues to go strong with a record-breaking
number of transactions closed in the third quarter, including a
recently closed sale of an office furniture company.
The Dutch team will have a lot to celebrate with their Clairfield
colleagues at the fourth quarter meeting to be held in November
18-19 in Amsterdam.
Selected transactions closed in the third quarter by Clairfield’s Dutch team
Payroll and HR services provider ADP Nederland BV acquired the payroll activities of Logica Nederland.
With the acquisition of the payroll services of Logica Nederland, the position of ADP’s organization will grow
to approximately eighty professionals in the area of payroll, account management, and product development.
The transaction also includes the payroll operations for approximately 260 customers.
Hogeschool Windesheim, one of the largest Dutch universities of applied sciences, acquired four schools
from the Hogeschool van Amsterdam in Almere. The transaction was the first step in Windesheim’s plan
to found a new higher education institution in the province of Flevoland, aiming to eventually reach 6000
students.
MaetisArdyn, part of the Tinguely Netwerk B.V., and KLM Health Services entered a strategic alliance
whereby MaetisArdyn acquired absenteeism and occupational health services from KLM. MaetisArdyn is
one of the largest providers of occupational health services in the Netherlands. It is a subsidiary of Tinguely,
a major player in the Dutch market in labor and health.
Sanvier B.V., consisting of the Dutch supermarket chain Sanders Supermarkten and a meat processing business,
was sold to Sligro Food Group N.V. for a debt-free purchase price of nearly €50 million. Sanders Supermarkten
has 22 full-service supermarkets with floor space of over 17,000 m2 in the Twente region of Holland.
In 2009, sales were €100 million, with a net profit of €4 million. The supermarkets, meat processing company,
distribution centres and head office employ roughly 500 staff on a full-time basis.
SFINC, a Benelux-based manufacturer of ingredients for the food processing industry, merged with the
Dutch Jadico group, which operates in the same market. The Sfinc group manufactures and markets spices,
marinades, and functional food mixes for agro-food businesses. In 2007, its business was boosted with the
acquisition of three complementary activities: Maes Specerijen, Surplus, and FFI in the Netherlands. The
merged Sfinc/Jadico entity has combined revenues of close to €70 million.
Sandd, the second largest postal services company in the Netherlands, underwent a financial restructuring
and recapitalization. Sandd was recapitalized with a cash injection of over EUR 10 million received from new
shareholders, and equity holdings were transferred to Sandd Houdstermaatschappij B.V. (Newco). With the
entrance of the new shareholders, a group of Sandds’ previous investors (NIBC Capital Partners, Neon Private
Equity, and Trimoteur) realized an exit.
2 Clairfield Review Q4 10

Sale
India/Germany
Gumasol-Werke
Dr. Mayer
GmbH & Co. KG
was acquired by
Equirus Capital
Ruia Group
Joint Venture
United States
formed a
joint venture with
RLJ Equity Partners
McColl Partners
was sold to
Pi Strategic Equity
InterFinancial
Talentsquare
acquired
Institut de Langage
International Aéronautique
intuitucapital
SynCap
Sale
Australia
Acquisition
France
Acquisition
Germany
was acquired by
private investors
Clairfield Review Q4 10
SELECTED RECENT TRANSACTIONS
Gumasol-Werke Dr. Mayer GmbH & Co. KG
is a Germany-based specialist in elastomer
technology and products.
Ruia Group is a USD 600 million Indian
conglomerate with presence in auto-component
and rubber space. Gumasol’s rubber product
portfolio complements Ruia Group’s existing
auto component capabilities in India as well
as in Europe, acquired through its purchase of
Schlegel Automotive and Henniges Automotive.
ERC is one of the fastest growing accounts
receivable management companies in the
United States. ERC employs over 900 people
and provides collection services to a diversified
clients with a broad range of asset classes and
account segment types.
RLJ Equity Partners was formed through a
strategic alliance with The Carlyle Group, one
of the world’s largest private equity firms with
more than $85 billion under management.
Heavy Maintenance Group (HMG) sold ATMR, a
provider of heavy-duty repair and maintenance
services to Australia’s resources, infrastructure,
utilities and manufacturing sectors, to Pi
Strategic Equity.
ATMR was founded in 2001, and purchased by
HMG in 2008 in a transaction also advised by
InterFinancial.
Pi Strategic Equity is an Australian private equity
firm that focuses on SMEs.
Talentsquare is a human resources consulting
firm offering recruitment, coaching, business
development assistance, transition management
and professional training. The company is 100%
owned by the intuitucapital holding branch.
ILIA is a leading French provider of professional
training for the aviation industry. ILIA provides
exam training for pilots and flight attendants, as
well as aviation English sessions.
RAU Maschinenbau GmbH was acquired by private
investors via an asset deal out of insolvency
proceedings managed by Beck Rechtsanwälte.
RAU Maschinenbau GmbH was founded in 1950.
RAU specializes in development and construction
of conveyor technique for conveying systems,
storage systems, buffer systems, and distribution
systems. Headquartered in the south of Germany,
RAU serves clients mainly from the automotive,
supply and food industry and is known for its
patented “RAU-Band”.
Acquisition
France
acquired a majority stake in
Financière Montalivet
from
Winch Capital/Edmond
de Rothschild Investment
Partners and Alliance
Entreprendre
intuitucapital
Sale
Australia
sold its distribution
business to
Clifford Hallam Healthcare
InterFinancial
Recapitalization
United States
has completed a
recapitalization with
Stonebridge Partners
McColl Partners
SynCap
Acquisition
Belgium/Romania
acquired
Agetim Prod SRL
and
Mecanoplast Assets
SynCap
Acquisition
Belgium
acquired
Radio 106.5 FM
from
Eurosound bvba
and created
Euradio FM
ACT Research NV is a Belgian company specializing
in transformation of vans and utility vehicles for
large OEM’s (Ford, Mercedes, Volkswagen, etc.)
that deliver to utility companies such as Belgacom,
Fluxys, Coca Cola distributors, etc.
Mecanoplast was formerly a production subcontractor
to ACT and owns a complete production
site. Acquiring these assets allows the ACT group
to extend its production capacity and better
serve both the local and international market.
LBO France is one of the leading private equity
firms in France. The fund is focused on LBO
transactions, where it generally acquires a
majority stake, with enterprise value from €10
million to over 2.5 billion.
Financière Montalivet is the holding company
of Ideal Residences, a French nursing care and
rehabilitation care site. The group, strategically
organized as a platform for build-up acquisitions,
has sales of € 25 million.
Intouch was founded by the Spinal Injuries
Association (SIA) to meet the needs of individual
consumers, health professionals, and industry
associations by providing the highest possible
service focusing on quality-of-life issues.
Clifford Hallam Healthcare Pty Ltd (CH2) is
Australia’s largest wholesaler and distributor of
healthcare products and services to healthcare
organizations.
Specialty Bakers (the primary producer of
ladyfingers in the United States) is a leading
provider of high-quality branded, in-store bakery,
and private label baked products. The Company
manufactures and supplies a unique portfolio
of specialty cakes and pies, including French
Twirls (Crème Horns), Dessert Shells, Cake
Rolls, Angel Food Cakes and a full complement
of pre-baked frozen and unbaked frozen 4”,
8”, and 10” pies. The Company’s products are
distributed primarily to retail supermarkets and
food service distributors as well as co-packed for
other manufacturers.
Single Switch is a recruitment firm specializing in
artistic talent. Besides supporting its corporate
and private clientele by obtaining a wide range
of artists for their events, Single Switch is the
central point of contact for payroll management
services for artists.
Single Switch acquired the radio frequency 106.5
FM from Eurosound bvba and is launching Euradio
FM, the first and only Brussels based English
radio station.
3

New colleagues
Phillip Lee has been appointed partner at Clairfield Brazil
(V2Finance). Mr. Lee has 25 years of financial management and
corporate finance experience earned primarily in emerging economies
and dynamic markets. Holder of an MBA in finance and
international business from a top-tier US university, Mr. Lee
has worked in industry, consulting and banking with a focus on
technology. He executed numerous cross-border acquisitions,
both as a principal and as an advisor and has broad experience
in financial and strategic planning of acquisitions, new projects
and long-term capital investments. Mr. Lee has extensive international
experience, having lived and worked in more than 15
countries.
4
CLAIRFIELD PARTNERS
www.clairfield.com
Australia
InterFinancial Corporate
Finance Limited
145 Eagle Street, Level 3
Brisbane QLD 4000
Tel: +61 7 3218 9100
www.interfinancial.com.au
France
intuitucapital
Place Vendôme
356 rue Saint Honore
75001 Paris
Tel: +33 1 40 20 12 34
www.intuitu.com
Italy
K Finance
Via Durini 27
20122 Milano
Tel: +39 02 763 948 88
www.kfinance.com
Russia
Taiga Capital
Trehprudny Pereulok 9, stroenie 2
123001 Moscow
Tel: +7 495 740 03 68
www.taigacap.com
United Kingdom
Orbis Partners
134 Edmund Street
Birmingham B3 2ES
Tel: +44 121 234 6070
www.orbiscf.com
Belgium
SynCap Management
Avenue de Tervueren 212
1150 Brussels
Tel: +32 2 768 0569
www.syncap.be
Germany
SynCap Management
Mendelssohnstrasse 72
D-60325 Frankfurt am Main
Tel: +49 69 707 969 60
www.syncap.de
The Netherlands
Boer & Croon
Amstelveenseweg 760
1081 JK Amsterdam
Tel: +31 20 301 4350
www.boercroon.nl
Spain
Coram Clairfield
Diagonal 520, 6-5
08006 Barcelona
Tel: +34 93 487 0330
www.coram-clairfield.com
United States
Clairfield Partners
18 East 41st Street
Suite 1901
New York NY 10017
Tel: +1 212 370 4343
www.clairfield.com
Niklas Flyborg has joined Clairfield Sweden (R&R Partners) as
an advisor. Mr. Flyborg has more than 20 years of experience in
executive management positions, conducting M&A and IPOs
especially in the technology, media, and telecom sector. He has
spent more than 10 years as CEO of listed Swedish and international
companies and has served as a board member of several
private and listed companies. In addition to his advisor position
with R & R Partners, Mr. Flyborg is active as a management consultant,
board member, and private investor. Mr. Flyborg holds
an MBA from the Stockholm School of Economics.
Brazil
V2Finance
Av. Paulista 2073 conj. 421
01311-300 São Paulo
Tel: +55 11 3283-1146
www.v2finance.com.br
India
Equirus Capital
Fortune 2000 ‘A’ Wing, 4th Floor,
BKC, Bandra (E), Mumbai – 400 051
Tel: +91 22 26530600
www.equirus.com
Poland
Central Europe Trust Polska
Ul. Ks. J. Skorupki 5
00-546 Warsaw
Tel: +48 22 583 68 50
www.cet.com.pl
Sweden
R&R Partners
Nybrokajen 7
111 48 Stockholm
Tel: +46 8 566 133 90
www.rrpartners.se
United States
McColl Partners
100 North Tryon Street
54th Floor
Charlotte NC 28202
Tel: +1 704 333 0525
www.mccollpartners.com
DISCLAIMER: No part of this report may be reproduced without the written permission of Clairfield Partners or one of its partner firms. The information herein has been obtained from sources that we believe
to be reliable, but we do not guarantee its accuracy or completeness. While we endeavour to update on a reasonable basis the information presented in this report, there may be regulatory, compliance
or other reasons that prevent us from doing so. Much of the information contained in this report is subject to variation due to changes in market conditions, legislation or regulatory matters and Clairfield
Partners does not undertake to notify any recipient of the report of changes to the information contained herein. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any
security in any jurisdiction. Additional supporting information is available upon request. Please contact: Research Desk, Clairfield Partners, Tel: +34 93 487 0330, email: research@clairfield.com.
Clairfield Clairfield Review Review Q3 Q4 0910