Bech-Bruun advises Altor on sale of Euro Cater Group
The PE fund Altor has entered into an agreement on a favourable sale of the Euro Cater Group to English Intermediate Capital Group (ICG) and the management.
During the well-planned sales process, Bech-Bruun has rendered legal assistance within contract drafting, data room, vendor due diligence, finance law issues and negotiations.
Assisted by Bech-Bruun, Euro Cater was established in 2006 as a partnership between Altor and key employees of the company and has since then developed into an extensive food service wholesaler through organic growth and acquisitions. Today, Euro Cater is the leading Danish food service wholesaler with 16 branches in Denmark (including two cash & carry businesses) and the third-largest wholesaler in Sweden, serving customers from 20 local branches. The Euro Cater Group has approx. 1,800 employees, a turnover of DKK 7bn and includes approx. 30 companies in Denmark and Sweden.
The buyer, Intermediate Capital Group PLC, is a leading alternative fund manager managing assets of EUR 13bn based on ICG’s own capital as well as third-party capital. ICG has investment portfolios in Europe, USA, Asia and the Pacific area and has made more than 30 investments in Scandinavia over the past 20 years. ICG is quoted on the London Stock Exchange.
Many players acting for the various parties and banks have been involved in the transaction. The final negotiations and signing took place at the end of April at Bech-Bruun’s and were attended by a total of 30 persons.
The sale is subject to approval by the competition authorities.