EQT Partners AB
EQT Expansion Capital II Sells its entire investment in Sausalitos Holding to Ergon Capital Partners III
EQT Expansion Capital II Sells its entire investment in Sausalitos Holding to Ergon Capital Partners III – EQT Expansion Capital II exits the investment in Sausalitos Holding GmbH by selling its 47% equity stake and being repaid the outstanding Expansion Capital Facility – Sausalitos expanded its store network by 9 new stores, introduced various sales initiatives and substantially strengthened its operational platform during EQT Expansion Capital II’s investment period EQT Expansion Capital II Limited (“EQT Expansion Capital II”) has agreed to sell Sausalitos Holding GmbH (“Sausalitos” or “the Company”), one of the leading German leisure restaurant and bar chains to Ergon Capital Partners III (“Ergon Capital”). “Sausalitos is among the leading German leisure restaurant chains, differentiating itself with a dynamic and trendy appearance. The leisure restaurant chain segment is an attractive part of the German gastronomy market and has shown substantial growth and increased market share over the last years. With a highly attractive store pipeline, Sausalitos is ideally positioned to capitalize on the underlying market trend. Under joint ownership of the founder Thomas Hirschberger and EQT Expansion Capital II, management has been strengthened and a strong operational platform has been built. This now enables the Company to transition into the next phase of growth”, says Michael Föcking, Partner at EQT Partners, Investment Advisor to EQT Expansion Capital II. Sausalitos operates 27 restaurants in Germany and offers its customers a unique experience through the combination of lifestyle concept, innovative cocktails, international cuisine and high quality service. Through its innovative marketing, including social media coverage and frequent promotions, Sausalitos has achieved above market like-for-like sales growth of 25% in the last 3 years. Since EQT Expansion Capital Il’s investment, Sausalitos expanded its store network by 9 new stores, introduced various sales initiatives and substantially strengthened its operational platform, thereby growing the top line by 10% CAGR over the last 5 years. Management (including Gunilla Hirschberger, COO of Sausalitos and Thomas Hirschberger’s wife) will continue to run the business after the completion of the transaction. Gunilla Hirschberger said: “Over the last couple of years we have succeeded in building a strong brand, a loyal customer base and continuously innovating the Sausalitos concept. In combination with our attractive pipeline of new stores to be opened, we are well positioned to materially increase the number of stores in Germany and to also expand abroad. We are glad to have Ergon Capital as a new partner who will continue to back our strategy and growth plans.” The transaction is subject to approval from the German competition authority and is expected to be completed in July 2014. Contacts: About EQT More information can be found on www.eqt.se About Sausalitos Holding GmbH More information can be found on www.sausalitos.de
End of Media Release Issuer: EQT Partners AB Key word(s): Enterprise 28.05.2014 Dissemination of a Press Release, transmitted by DGAP – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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