CapMan and Litorina acquire Cederroth
Funds advised by CapMan and Litorina acquire Cederroth International AB (”Cederroth”) from American Alberto Culver Company (NYSE: ACV). Cederroth develops, manufactures, sells and distributes consumer brands within wound care, personal care, health care and household care. The goal is to continue to develop Cederroth and strengthen the company’s position as a leading local consumer brand company in the Nordic region and in other select markets. Litorina will own ca 20% of Cederroth.
Cederroth’s strategy is to provide local brands to local markets within the woundcare, household, health care, and personal care sectors. The company operates in 30 European countries, of which Sweden is currently the largest single market. The Nordic countries together represent some 67 per cent of the company’s net sales. Cederroth’s product portfolio comprises of approximately 50 brands. Many of them are well-known with long heritage in their respective markets, such as Salvequick, Bliw, Family Fresh, Samarin, Soraya, Asan and Grumme among others. Cederroth has some 870 employees and the company’s net sales for 2007 totalled approximately SEK 1.7 billion.
Cederroth was originally founded in 1895 by the Cederroth family in Sweden. The company has grown both organically and via acquisitions and has shown steady growth during the last decade. Cederroth has been a subsidiary of Alberto-Culver Company since 1992.
”Cederroth is relatively non-cyclical and has a strong established position in its key markets and now that the company becomes independent from Alberto Culver, we see opportunities to develop and strengthen the company further together with Cederroth’s management.”, says Litorina’s Managing Partner Harold Kaiser.
The acquisition is made by CapMan Buyout VIII in a syndicate with Litorina Kapital III LP. The execution of the transaction is subject to approval by relevant competition authorities, and it is expected to be finalised by the end of July.
Advisors in the transaction were Catella Consumer (financial), Vinge (legal), KPMG Transaction Services (financial) and Environ (environmental).
For further information, please contact:
Managing Partner, Litorina Kapital
Tel: +46 708 543800
Litorina Kapital, founded in 1998, is a private equity firm that focuses on acquiring and industrially developing small to medium-sized primarily Swedish companies. Litorina offers broad and deep expertise via its own organization as well as through its network of industrial advisors. Litorina Capital Advisors AB acts as an investment advisor to Litorina’s third fund, Litorina Kapital III LP, which is currently in an active investment phase. Litorina Kapital is backed by a number of venerable and reputable Swedish and international institutions who have together invested approximately SEK 2,400 million in Litorina Kapital’s three funds. For more information please see http://www.litorina.se/