News 2005
Investcorp and Polyconcept management to acquire Polyconcept from the BC Partners Funds
Investcorp, the global investment group, and Polyconcept management announced today that they have signed an agreement to acquire Polyconcept, the European leader in the development and distribution of promotional, lifestyle and gift products, from the BC Partners Funds. Terms of the transaction have not been disclosed.
Polyconcept employs around 1000 staff in Asia, Europe and the United States with main offices in France, the Netherlands and Hong Kong. The company supplies a wide range of promotional, lifestyle and gift products to over 10,000 advertising specialty distributors across Europe, as well as to various retail channels. End-users range from large corporations to small enterprises and consumers.
Polyconcept chief executive officer, Philippe Varnier, said that Investcorp would position the company for the future both by supporting organic growth and by seeking external growth opportunities in Europe and the United States: "This will allow us to stay on the strategic course we have charted so successfully with BC Partners. With Investcorp on board, we feel that our group is better than ever positioned to pursue its strategy to become the global leader in its field."
Upon completion of the transaction, the Polyconcept management team, led by Varnier and chief financial officer Yann Leca, will continue in their current roles.
Investcorp managing director Yves Alexandre said that Investcorp saw Polyconcept as a highly attractive investment opportunity given its leadership position in the European market and its superior business model, supported by a strong sourcing platform in Asia: "Polyconcept's management has an exceptional track record of developing the business through innovative product development and excellent customer service. Investcorp is committed to supporting Polyconcept in its growth plans," he said.
The BC Partners Funds, together with Polyconcept management, acquired the company from Dutch listed conglomerate Hagemeyer in July 2000.
Raymond Svider, a Managing Partner at BC Partners said: "We have been proud to have developed a close and fruitful relationship with the high quality management team at Polyconcept. During our joint ownership, the company managed to grow substantially, improve its competitive position, and gain market share. We feel the business is in good hands with Investcorp and we are confident about its ability to pursue its successful development."
The completion of the transaction is only subject to antitrust clearance and closing is expected at the end of May 2005.
Further information on Polyconcept is available at www.polyconcept.com.
About Investcorp
Investcorp is a global investment group with offices in New York, London and Bahrain. The firm has four lines of business: corporate investment, real estate investment, asset management and technology investment. It was established in 1982 and has since completed transactions with an aggregate value of approximately $25 billion.
In Europe, Investcorp and its clients currently own corporate investments that include APCOA, Hilding Anders and Minimax. In the United States, Investcorp and its clients currently own corporate investments that include American Tire, Associated Materials and Source Media.
Further information is available at www.investcorp.com.
About BC Partners
BC Partners (www.bcpartners.com) is a leading pan-European private equity firm, operating through integrated teams based in Paris, Hamburg, London, Milan and Geneva. The BC European Capital VII funds have total commitments of €4.3bn, one of the largest buyout funds in Europe to date. Over 17 years the firm has developed a long track record of successfully acquiring and developing European businesses in partnership with management, investing in 57 acquisitions with a combined enterprise value of €33bn.
For further information, please contact:
BC Partners:
Alex Pettifer, Cardew Group, Tel: +44 20 7930 0777, alex.pettifer@cardewgroup.com