INVESTMENT DETAIL
Our current and realised investments
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Performance Fluids Experts Group (PFX)
Leading Producer of Automotive, Industrial and Household Fluids
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Performance Fluid Experts Group is a global manufacturer of mission-critical fluids, serving the automotive, industrial, and household end markets through consumer and commercial channels. PFX was created through the combination of Recochem, the Canadian leader if automotive and household fluids, and Prestone Products, a leading United States based manufacturer of essential automotive fluids. The combined group has a diversified portfolio of automotive and industrial products including coolant, car care chemicals, windshield washer fluid, diesel emission fluid, and thermal transfer fluids. These products are essential to the ongoing operation and maintenance of consumer and industrial vehicles and systems, both on and off-road. The Company provides products to over 4,600 clients, diversified across geographies, end markets, and channels. Customers range from large blue-chip organizations, major retailers, and large OEMs to SMEs, micro customers, and individual consumers. Based in Montreal, Canada and Rosemont, Illinois, Performance Fluid Experts Group has 1,500+ employees serving over 50 countries across four continents and operates 21 manufacturing facilities. The Company owns several well-known consumer brands including the iconic Prestone brand, which has been around for nearly 100 years and Adam’s Polishes – a mainstay in the automotive appearance category. The Company also has significant international operations in the United Kingdom through the Holts brand, Australia, and Belgium.
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Novus Foods
Leading manufacturer of branded and private label refrigerated food products in the US.
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Novus Foods is a Cincinnati Ohio based refrigerated food manufacturer with ~1,200 employees across 6 manufacturing locations. The Company produces refrigerated dips, desserts, salsa and yogurt across a stable of market leading brands and strategic private label products. Novus holds leading positions in its categories with strong brands including noosa, Senior Rico, La Mexicana, Rojo’s, Fresh Cravings, Raymundo’s, Winky, Tabla Fresca Farmstand, Tribe and Salads of the Sea. The business currently operates salsa plants in California and Florida, a hummus site in Massachusetts, a yogurt site in Colorado and the dips and desserts are manufactured in collocated sites in Delphos, OH. Novus has national distribution and sells to all major US food retailers, complemented by co-manufacturing and foodservice sales. The strategy for the platform is to build further scale, product breadth, and bring sophisticated leadership to the refrigerated perimeter of the grocery store.
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Klipboard
Global vertically-specialised SaaS ERP software provider
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Klipboard (formerly known as Kerridge Commercial Systems) is a leading vertically-specialised ERP platform providing business management software to distribution, servicing, rental and transport businesses globally. Klipboard’s portfolio of products support complex, vertical specific workflows, and can deliver fully integrated trading and mission critical solutions to its clients. These end-to-end capabilities allow customers to source effectively, stock efficiently, sell profitably and service competitively.
Klipboard serves a diverse customer base of 55k+ clients ranging from blue-chip organisations to SMEs and micro customers across 70+ countries. Based in Hungerford UK, Klipboard has 1,600+ employees and 28 global offices across Europe, North America, Africa and Australia.
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Natra
European producer and distributor of chocolates and cocoa products
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Founded in 1943 and headquartered in Spain, Natra is a global manufacturer specialised in cocoa ingredients and chocolate products for private labels and co-manufacturing for other brands. The Company is vertically integrated across the chocolate value chain through its ingredients division (focused on cocoa processing and industrial chocolate manufacturing) and its consumer division (producing chocolate spreads, count lines tablets and gifting products). Natra employs approximately 1,000 people and has a global manufacturing footprint with 6 facilities of which 2 in Spain, 1 in France, 2 in Belgium and 1 in Canada, totalling approximately 200,000 metric tons of production capacity. The Company produces over 400 chocolate varieties and its products are sold in over 90 countries in five continents.
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Second Nature Brands
CREATORS OF NUTRITIONAL AND LIFESTYLE SNACKS AND TREATS
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With a heritage stretching over 140 years, Second Nature is a leader in the fast-growing snacks and treats market, focussing on the nutritional and lifestyle needs of health-conscious consumers. The Company’s brands comprise: Kar’s Nuts, the number 1 branded trail mix delivering value oriented better-for-you, on-the-go fuelling snacks; Second Nature Snacks, a pioneer in natural, non-GMO-verified premium snacks and trail mixes created for a healthy, on-the-go lifestyle; and Sanders, the leader in premium, small-batch, kettle-cooked sea salt caramels. The Company has 380 employees across the US, primarily based at two manufacturing facilities in Detroit.
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Rodericks Dental Partners
CLINICALLY LED UK BASED DENTAL & HYGIENE GROUP
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Rodericks Dental Partners is a leading UK dental group offering comprehensive NHS and private dental care in England and Wales. Driven by its clinically led approach, the Company promotes a culture focused on education, development, and support for its dentists, therapists and hygienists, resulting in outstanding dentist satisfaction, recruitment, and retention as well as best-in-class quality of care and patient outcomes.
The strategy for the Company is to build further scale by consolidating the highly fragmented UK dental market which is currently c.20% consolidated and realise synergies through acquisitions of individual practices and medium-sized dental corporates. In addition, the Company plans to significantly expand and grow their private dental offering.
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Datasite
SaaS technology provider to the M&A industry
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Datasite is a leading SaaS-technology provider for the mergers and acquisition industry, empowering dealmakers in the investment banking, corporate development, private equity and legal professions around the world with the tools they need to succeed across the entire deal lifecycle. Clients trust Datasite’s award-winning functionality, world-class customer service and ironclad security to successfully navigate the secure sharing of their most sensitive content.
The Datasite platform uses innovative technologies, including artificial intelligence and machine learning, to decrease deal friction, accelerate deal velocity and improve deal outcomes. Datasite’s applications include Datasite Diligence™, which helps manage due diligence in a virtual data room (VDR); Datasite Prepare™, which aids in the preparation of transactions; Datasite Outreach™, which optimizes the early stage asset marketing process; and Datasite Acquire™, the industry’s first dedicated buy-side application. With a growing customer base in over 180 countries, Datasite facilitates over 10,000 deals annually. All top 20 global financial advisory firms, and 74 of the top 100 global legal firms, use Datasite to take control of the entire lifespan of a deal, including preparation, marketing, due diligence, and integration. Datasite is where deals are made.
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Curium
Leader in the production of nuclear tracers used in diagnostic imaging
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Curium is a global leader in the production of critical nuclear tracers used in diagnostic imaging, an established and defensive segment within healthcare underpinned by regulation and attractive long-term trends. Headquartered in London, Curium has entrenched market-leading positions reinforced by material economies of scale and significant barriers to entry. The Company has a broad portfolio of 45 SPECT and PET products that are used in nuclear diagnostics. Both types of technologies involve injecting patients with small amounts of radioactive compounds that when scanned with specialised cameras result in accurate 3D images of functional processes in the human body to identify disease.
Curium was created through the acquisition and integration by IBA Molecular of the carved-out nuclear imaging business of Mallinckrodt, an Irish listed pharmaceutical company, in January 2017. Curium provides life-saving diagnostics to 14 million patients worldwide each year by supplying 6,000 private and public hospitals in over 70 countries. Curium has 1 molybdenum production facility in the Netherlands, making it the only vertically integrated SPECT manufacturer, 3 large SPECT facilities in France, the Netherlands, and the USA, and close to 50 PET cyclotrons and SPECT radiopharmacies across the United Kingdom, Europe and, most recently, the US with the acquisition of the world's largest commercial cyclotron located in Noblesville, IN
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Inspired Pet Nutrition
Major UK pet food manufacturing business
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With nearly 100 years of history behind it, Inspired Pet Nutrition is an award-winning pet food manufacturer based in North Yorkshire. IPN’s market-leading Harringtons and Wagg brands, in addition to its value-added own label partnerships with the major UK grocers and pet specialty channels, combine to create the leading independent pet food platform in the UK with over 250 full time employees.
IPN is proud to work closely with farmers, suppliers, customers, nutritionists, and vets to supply high-quality, affordable pet food. The Company has three key segments: Harrington’s, Wagg and private label. IPN operates two scale manufacturing plants in each of Thirsk, Yorkshire, and Kinmel, Wales. Dalton Mill manufactures dry extruded and packed pet food, whilst baked food is manufactured at Kinmel.
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NextPharma
Pharmaceutical contract development and manufacturing organisation
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NextPharma is a pan-European pharmaceutical contract development and manufacturing organisation (“CDMO”) with operations in Germany, France, Austria and Switzerland. The Company produces finished dosage forms across solids, liquids and semi-solid products for their customers. NextPharma also offers ancillary services which notably serve as business feeders: development services for commercial manufacturing of new product formulations, clinical trial services, and complementary logistics services.
NextPharma has a broad portfolio of products which allows it to target a wide range of customers consisting predominantly of small to mid-size specialty pharma and generics customers in Western Europe. In addition to standard formulations such as solids and oral liquids, the Company has capabilities in specialised molecules such as hormones and antibiotics that require dedicated facilities and where there is only limited competition in Europe, as well as more specialised formulations such as pellets and stick packs.
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Valeo
Multinational producer of branded food and beverage products
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Valeo Foods was created by CapVest as a vehicle to acquire two Irish ambient food businesses: Batchelors and Origin Foods. The businesses were acquired simultaneously with Batchelors purchased from private shareholders and Origin Foods being a divisional carve-out from Origin Enterprises Plc. Subsequently, the Company acquired Jacob Fruitfield Food Group in August 2011, Rowse Honey in the UK in February 2014, the food & beverage division of DCC in February 2015, Balconi in May 2015, Val D’Enza in April 2017 as well as Big Bear, Candy Plus and Nimbus in the UK and Czech Republic in December 2017. Valeo also made two further confectionery acquisitions in 2018 with Oatfield and Tangerine being acquired in Q3 2018. In October 2019, Valeo acquired UK potato crisps and popcorn manufacturer Kettle Foods, as well as Matthew Walker, the UK’s leading Christmas pudding manufacturer. The combined business owns a collection of market leading ambient food brands in Ireland, the UK and across Europe. Core own brands include Rowse (honey), Kettle (crisps), Metcalfe’s Skinny (popcorn), Kelkin (health foods), Robert Roberts (hot beverages), Fox’s Glaciers (confectionery), Odlums (flour), Shamrock (baking ingredients), Roma (Italian foods and sauces), Batchelors (tinned beans and peas), Erin (dry sauces & meal mixes), Jacob’s (sweet and savoury biscuits), Chef (sauces), Fruitfield (preserves), Balconi (sponge cakes, wafers) and Sqeez (ambient juices).
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Eight Fifty Food Group
European multi protein food group
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Eight Fifty Food Group is a leading supplier of both branded and private label pork and seafood in Europe.
Eight Fifty is focussed on providing sustainable, high-quality food products while continuing to grow alongside their valued customer base. The Company’s well-established, vertically integrated business model provides customer’s with secure, reliable and quality supply.
The seafood division is a leading provider of chilled and frozen seafood in the UK and across Europe. Products are sold through brands such as ‘Young’s’ as well as on a private label basis. The pork division is a leading provider of fresh and value-added pork products in the UK, fully integrated from ‘farm-to-fork’.
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Mater
SPECIALIST PRIVATE HOSPITAL GROUP
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Mater Private Healthcare is Ireland’s leading specialist private hospital group. The primary facility is located in Dublin and capacity for 202 beds, the hospital has 7 operating theatres, 3 cath labs, 190+ specialist consultants and over 800 staff. It was established by the Sisters of Mercy in 1986 on a site adjacent to the Mater Misericordiae University Hospital, one of Ireland’s leading academic teaching hospitals, providing Mater with access to high-quality consultants and medical staff. Mater is considered a centre of excellence for cardiac and cancer related procedures. In December 2012 Cork Medical centre was acquired to form the Mater Private Cork. The Cork facility is a new hi-tech facility, with all single rooms and the most modern facilities available in Ireland.
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Reno Norden
Scandinavian waste collection business
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RenoNorden is the Nordic region’s leading household waste collection business with operations in Norway, Sweden, Denmark and Finland. RenoNorden competes for contracts put out to tender under legislation which results in highly visible and stable revenue streams.
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FoodVest
Pan-European Frozen Food Supplier
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FoodVest was a holding company created through the merger of Young’s, Findus AB and several smaller acquisitions. Findus AB was the market leading Pan European frozen food supplier focused on the three core categories of ready meals, fish/seafood and vegetables.
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United Coffee
European coffee business
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With a history dating back to 1818, United Coffee (formally Drie Mollen International) is one of Europe’s leading specialty coffee businesses. The Company produces and distributes a wide range of coffee, tea, coffee equipment and related services to the retail and out of home channels. United Coffee has operations in the Netherlands, the United Kingdom, Switzerland, Spain, Germany and France. CapVest sold United Coffee to Japan’s UCC Ueshima Coffee, a privately held company engaged in the production and sale of coffee related products.
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Scandza
Scandinavian FMCG business
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Scandza is a leading Scandinavian consumer food and beverage business focused on developing strong positions and brands within select FMCG categories, including chilled foods, snacking and baked goods. The portfolio includes brands such as Sorlandschips, Norway’s second largest potato chip, Synnove Finden, one of Norway’s leading dairy brands and Karen Volf and Bisca, leading Danish branded biscuit and cake brands. The Company is actively engaged in the consolidation of high quality food processing for the retail trade across Scandinavia.
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Scandi Standard
Prime producer of chilled, frozen and ready-made chicken products
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Scandinavian Standard AB was formed in June 2013 through the amalgamation of Kronfågel Holding AB a carve out and Cardinal Foods A/S. Kronfågel is the largest chicken producer in Sweden and Denmark, producing and marketing refrigerated, frozen and processed chicken through the strong brands Kronfågel, Danpo, Ivars, Chicky World and Kronfågel Stina. Cardinal is the number 2 player in Norway for poultry under the brand name “Den Stolte Hane”. The combined group has undisputed market leadership in Scandinavia. In June 2014 CapVest successfully listed Scandi Standard in Sweden.
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Vaasan & Vaasan
Finnish bakery company operating in the Baltic countries
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Vaasan & Vaasan is the leading producer and distributor of branded bakery products in Finland, Sweden and the Baltic region. The Company manufactures fresh bread, bake-off, crispbread and other bakery products in Finland and the Baltic States. It is also the number two maker of bake-off products in the Nordic region and the second largest producer of crispbread in the world.
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Punch Taverns
Largest pub and bar operator in the United Kingdom
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Headquartered in Burton-upon-Trent, Staffordshire, Punch Taverns was the largest pub and bar operator in the UK. Founded in 1997 when the original portfolio of approx. 1,400 leased pubs was acquired from Bass, the business has grown through acquisitions to over 4,200 venues today, spanning from community pubs to high street pubs and destination pubs. The team focused on growing revenues, supporting capex and implementing supply chain efficiencies, and in 2002, Punch Tavern plc was listed in London.