Nordic Capital Fund V and CVC Capital Partners have sold 15.6% of the shares in Cloetta AB
22 May 2013
Nordic Capital Fund V (”Nordic Capital”) and funds advised by CVC Capital Partners (”CVC”) have through their respective holding companies Cidron Pord S.A.R.L. (”Cidron”) and Godis Holding S.A.R.L. (”Godis”) together sold 15.6 per cent of Cloetta AB B-shares in an accelerated placing to Swedish and international institutional investors at a price of SEK 17.60 per B-share. The interest to acquire shares in Cloetta has been very strong.
The sale of 45 million B-shares, worth SEK 792 million, in Cloetta was sold pro rata to Nordic Capital’s and CVC’s existing shareholdings, which were 25.1 million shares and 19.9 million shares (i.e. in a ratio of 55.9 : 44.1). The interest from investors was very strong and in order to meet demand the initial deal size was increased by 50% from 30 million shares to 45 million B-shares.
The sale was conducted through an accelerated bookbuild process whereby the price was set at SEK 17.60 per B-share. The shares were distributed to investors in Sweden, continental Europe and the US. Malfors Promotor, the largest shareholder of Cloetta, participated in the bookbuild and bought an additional 1.0 million B-shares. The Chairman of Cloetta, Lennart Bylock, has also increased his holding through the placing by acquiring an additional 50,000 B-shares and now owns in total 250,000 B-shares in Cloetta.
The share disposal will contribute to an increased liquidity and free float in the Cloetta share. After the sale, Nordic Capital and CVC will together own approx 22.3% of the capital of Cloetta. Nordic Capital will own 36.0 million B-shares (12.5% of the capital) and CVC will own 28.4 million B-shares (9.9% of the capital)
Nordic Capital and CVC will continue to have representatives on the board of Cloetta and actively participate to contribute to Cloetta’s long-term strategy and fully support management execution of this strategy.
Carnegie Investment Bank and Handelsbanken Capital Markets have acted as Joint Bookrunners in connection with the accelerated bookbuild. Nordic Capital and CVC have agreed with the Joint Bookrunners to a three month lock-up period after the placing.
For additional information please contact:
Nordic Capital
Katerina Janerud, Communications Manager
NC Advisory AB, advisor to Nordic Capital funds
Tel: +46 709 69 69 99
katerina.janerud@nordiccapital.com
CVC Capital Partners
James Olley, Brunswick Group
Tel: +44 (0)20 7404 5959
cvceurope@brunswickgroup.com
About Nordic Capital
Nordic Capital private equity funds have invested in large and medium sized companies primarily in the Nordic region since 1989. Through committed ownership and by targeting strategic development and operational improvements, Nordic Capital creates value in its investments. Nordic Capital Funds’ investors are principally international institutions. Nordic Capital Funds invest in companies in northern Europe and in selected investment opportunities internationally. Nordic Capital Funds are based in Jersey, Channel Islands and are advised by the NC Advisory companies in Sweden, Denmark, Finland, Norway, Germany and the UK. Additional information about Nordic Capital is available at www.nordiccapital.com.
About CVC
CVC is a leading international private equity and advisory firm. Founded in 1981, CVC today has a network of 21 offices and some 270 employees throughout Europe, Asia and the US. CVC manages funds on behalf of over 300 investors including pension funds, financial institutions, sovereign wealth funds and other investors. To date, CVC has raised over US$50 billion in funds and has completed over 300 investments in a wide range of industries and countries across the globe, with an aggregate transaction value of US$167 billion. CVC Funds currently own over 60 companies worldwide, which generate over US$130 billion in revenues and employ around 400,000 people. For further information please visit www.cvc.com.