Silverfleet Capital has closed its second fund at 850 million euros (US$928.4 million), surpassing its 700 million target. Twentyfive LPs committed to the fund, including insurance groups (42%), pension funds (29%), fund-of-funds groups (15%), sovereign wealth funds (9%) and the balance came from family offices. Silverfleet, a European mid-market PE firm invests in business & financial services, healthcare, manufacturing and retail, leisure & consumer products.
1 June 2015 – Silverfleet Capital, the European mid-market private equity firm, today announces the final closing of Silverfleet Capital Partners II, LP (“Silverfleet II”), with total capital commitments of €850 million. The closing marks the conclusion of a successful fundraising, which started in H2 2014 and exceeded its original target of €700 million.
Silverfleet II received commitments from 25 institutional investors allowing the firm to diversify its investor base both by investor type and geographically. Insurance groups committed 42%, pension funds 29%, fund-of-funds groups 15%, sovereign wealth funds 9% and the balance came from family offices. 75% of commitments came from European investors, of which Nordic, German, Swiss and Dutch investors represented half, 15% came from investors in the USA and 10% from the rest of the world.
Silverfleet will continue to implement the buy-to-build investment strategy that it has pursued for 30 years. Silverfleet invests in businesses with enterprise values of €75 – 250 million, headquartered in the UK & Ireland, DACH, France & Benelux and Nordic regions of Europe. The four sectors on which Silverfleet focuses are business & financial services, healthcare, manufacturing and retail, leisure & consumer products.
Neil MacDougall, Managing Partner of Silverfleet Capital said: “Raising our second fund marks another significant step forward for Silverfleet Capital since the firm’s buyout in 2007. Not only have we received strong support from existing long-term investors, for which we are very grateful, but we have also been able to establish several new investor relationships. The European mid-market, in which we have operated for 30 years, continues to offer attractive buyout opportunities and we look forward to deploying this fund into our four target sectors within the four European regions that we focus on.”
Annette Wilson, Head of Investor Relations of Silverfleet Capital said: “One of the firm’s key objectives has been to diversify its sources of capital and broaden its range of investor relationships. This fundraising has achieved that objective and we are very pleased to have received new commitments from a number of widely respected and highly experienced investors in the asset class and we would like to welcome them and thank them for their support.”
Credit Suisse Asset Management acted as adviser and exclusive placement agent to Silverfleet II and Proskauer Rose LLP acted as legal, tax and regulatory adviser for the fundraising.
For further information please contact:
UK – Equity Dynamics
Emily Weston – +44 (0)7825 326 442 Corinna Osborne – +44 (0)7825 326 440
Notes to editors: About Silverfleet Capital
Silverfleet Capital has been an active European mid-market private equity investor for 30 years and currently manages around €1.6 billion. A network of offices in London, Munich and Paris enables Silverfleet Capital to execute complex, multi-jurisdictional investments and then achieve value creation through its “buy-to-build” investment strategy. This investment strategy means working with companies to create value by accelerating their growth through investment in new products, production capacity or people, or rolling out successful retail formats or through making follow-on acquisitions. Since 1990 Silverfleet Capital has invested €3 billion in 115 businesses.
Silverfleet focuses on four sectors: business & financial services, healthcare, manufacturing and retail, leisure & consumer products. Over the last ten years 33% of invested capital has been invested in businesses headquartered in Germany, 27% in the UK, 22% in the Nordic region and 18% elsewhere mainly in France and the Benelux. Silverfleet’s existing portfolio includes well-known brands such as OFFICE, the young fashion footwear retailer and La Fée Maraboutée, a wholesaler & retailer of women’s fashion. Kalle, the producer of artificial sausages casings, Cimbria, a seed & grain processing equipment manufacturer and Ipes, the fund administrator and service provider focused on private equity are examples of other current portfolio companies.
Silverfleet Capital has a consistently strong investment track record. Most recently Silverfleet successfully exited Aesica, the leading pharmaceutical CDMO business (3.3x cost). Other notable exits include Sterigenics International Inc., the world’s leading medical device sterilization company*; Histoire d’Or, the European jewellery retailer (3.2x cost); TMF, the global independent administrators (6.1x cost) and Phadia, the world’s leading allergy diagnostics company (4.8x cost).