The management team will continue to be a significant shareholder in the company. The terms of the agreement have not been disclosed.
Peter de Heer, managing director of HG International, comments: “Under the successful ownership of Gilde Equity Management, HG has further increased its market position in specialty cleaning products in the Benelux from the DIY and drugstore segment into the supermarket channel. We now wish to strengthen our position in these channels as the leading consumer specialty cleaning brand in the Benelux and accelerate our roll-out strategy throughout Europe and beyond with a new partner. In Gilde Buy Out Partners we have found a partner with a pan-European focus that will support us financially as well as through its know-how and well-established network”.
HG International is a leading European supplier of specialist consumer cleaning and maintenance products under the HG brand. HG has a dominant position in its niche categories across the Benelux and a growing market share in other European countries, such as the United Kingdom, Germany, Spain, Italy and France. The company has a comprehensive assortment of over 250 niche cleaning and maintenance solutions, including products for bathrooms, kitchens, fabrics, gardens, floors and furniture.
Gilde Buy Out Partners is one of the largest mid-market private equity investors in continental Europe, with assets under management of over EUR 2.0 billion. Through local offices Gilde Buy Out Partners is active in the Benelux and the neighbouring economies of Germany, Switzerland and Austria. Since its inception in 1982, Gilde Buy Out Partners has invested in over 250 companies across a diverse range of sectors.
The most recent fund is Gilde Buy Out Fund IV which will include HG International and contains total assets of EUR 800 million, committed by more than 30 leading international financial institutions, pension funds, government funds and specialised investment funds. Previous investments by Gilde Buy Out Fund IV are TMC, Teleplan, Roompot, Eismann and Spandex.
Gilde Equity Management Benelux is a private equity investor, focused on realizing midmarket management buy-outs in the Benelux region, with EUR 500 million of assets under management. Examples of (previous) investments include Salad Signature, the leading Benelux salad producer and marketer, owning strong brand names like Delio, Johma and Hamal (divested in 2012); Actief Interim, one of the largest independent staffing companies in Belgium; Sovitec, European market leader in glass beads for road marking, and BlueCielo, developer and marketer of Asset Information Management (software) solutions.