Silverfleet Capital has agreed to acquire a majority stake in 7days, a German maker of medical workwear. No financial terms were disclosed. Alvarez & Marsal provided financial advice to Silverfleet on the transaction.
Silverfleet Capital, the Pan-European private equity firm that specialises in buy-to-build, has entered into a binding contract with Odewald KMU and the founders to acquire a majority stake in the 7days group (“7days” or the “Company”), a leading designer, manufacturer and supplier of medical workwear. Completion is subject to regulatory approval and the terms of the transaction were not disclosed. The founders will reinvest alongside Silverfleet Capital and remain with the Company.
Founded in 1999 by Marc Staperfeld and Ulrich Doelken and based in Lotte, Germany, 7days is a vertically integrated online and mail order business, which supplies clothing and accessories to the healthcare industry, specifically medical practices and dentists.
The Company offers a comprehensive product portfolio designed exclusively for medical professionals that includes tunics, tops (polo shirts, sweatshirts etc.), trousers, lab coats, shoes and accessories. 7days continuously tailors its portfolio, which currently comprises over 2,600 products, to customer requirements and offers a high degree of customisation with a focus on quality and value for money. The Company’s design studio and procurement departments are based in Lotte, Germany with production facilities in Tangier, Morocco.
7days markets its products through online (web-shop, newsletters) and offline (catalogues) channels and can execute orders online or by phone or fax.
Silverfleet Capital’s investment will enable 7days to increase its market penetration in Germany, further expand in existing international markets, enter new geographies such as Scandinavia and move into new customer segments.
7days represents the second German acquisition by Silverfleet Capital in the second half of 2017 and the seventh investment completed in Silverfleet Capital’s current fund. This transaction follows Silverfleet Capital’s recent announcement that it has acquired a majority stake in Riviera Travel, a leading specialist holiday operator offering a global portfolio of escorted tours and cruises.
Joachim Braun, Partner at Silverfleet Capital with responsibility for Silverfleet Capital’s operations in Germany, Switzerland and Austria (“DACH”) commented: “7days is a textbook investment for us – a leading service provider with a strong brand and loyal customer base operating in a specialised and fast-growing international market. We look forward to working closely with Marc and his talented management team to continue developing the business.”
Marc Staperfeld, founder and CEO of 7days added: “I have been privileged to lead 7days through significant growth since founding the business in 1999 and I am delighted Silverfleet Capital will be joining us as we embark on the next stage in our development. Silverfleet is the ideal partner for 7days as their pan-European presence and extensive investment experience will be invaluable as we look to execute on our growth plan. They clearly share our vision for expansion and a belief in the values that have been fundamental to the company’s success.”
The Silverfleet Capital team that worked on the transaction included Joachim Braun, Benjamin Hubner, Jennifer Regehr and Jan Kux, who are based in Silverfleet Capital’s Munich office.
Silverfleet Capital was advised by Alvarez & Marsal (financial), Goetzpartners (commercial), Noerr (corporate legal), Shearman (banking legal), Deloitte (tax), Herter & Co. (debt advisory), eccelarate (digital/online), KPMG (M&A) and Marsh (insurance).
About Silverfleet Capital:
Silverfleet Capital has been an active European mid-market private equity investor for more than 30 years. The investment team of 28 executives is based in London, Munich, Paris and Stockholm and currently manages around €1.2 billion.
Silverfleet Capital’s second independent fund closed in 2015 with commitments of €870 million. Since its close, the fund has completed the following six investments:
The Masai Clothing Company, a Danish headquartered women’s fashion retailer
Coventya, a speciality chemicals business headquartered near Paris, France
Sigma Components, a UK precision aerospace components manufacturer
Lifetime Training, an apprenticeship provider to the UK market
Wangen Pumps, a manufacturer of specialist pumps based in Germany
Riviera Travel, a leading specialist holiday operator offering a global portfolio of escorted tours and cruises1
Silverfleet Capital seeks to create value through its “buy-to-build” investment strategy. This means working closely with companies to accelerate their growth through investment in new products, production capacity or people, or rolling out successful retail formats or through making follow-on acquisitions. Since 2004, Silverfleet Capital has invested €1.8 billion in 26 companies.
Silverfleet Capital invests in four sectors: i) business and financial services; ii) healthcare; iii) manufacturing; and iv) retail, leisure and consumer goods.
Silverfleet Capital invests in companies with headquarters in four regions:
the UK and Ireland which accounted for 33% of capital invested since 2004
the DACH region which received 28% of new investment capital
the Nordic Region where 21% of invested capital has been deployed
France, the Benelux region with the remaining 18%2
Silverfleet Capital has a consistently strong realised investment track record. Recent exits include: CCC, one of Europe’s leading German speaking BPO service providers3; Cimbria, a Danish agricultural manufacturer4; Kalle, a German artificial casings manufacturer (3.5x cost); OFFICE, the UK shoe retailer (3.4x cost); and Aesica, a leading pharmaceutical CDMO business (3.3x cost).
(1) Completion expected on December 15, 2017
(2) Includes a US headquartered investment sourced in Belgium
(3) Completion expected in January 2018
(4) Money multiple not disclosed for legal reasons
To find out more: www.silverfleetcapital.com
7days is a leading supplier of fashionable medical workwear used by healthcare professionals across Germany, France, Austria, Belgium, the Netherlands and Switzerland. Founded in 1999, the company currently employs approximately 190 people and has offices in Germany and Belgium with a manufacturing plant in Morocco. To find out more: www.7days.de