NEW YORK--(BUSINESS WIRE)--
Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, "KKR")
today announced that affiliate investment vehicles and accounts advised
by KKR Asset Management LLC ("KAM") led the €105 million mezzanine
financing, which included leading credit investor Sankaty, as part of
the acquisition of IMCD Group ("IMCD") by Bain Capital Partners LLC.
Headquartered in the Netherlands, IMCD is a leader in the marketing,
sales and distribution of specialty chemicals, and food and
pharmaceutical ingredients, with offices and warehouses in 34 countries
in Europe, Africa and Australia/Asia.
"We are delighted to support Bain Capital in the acquisition of IMCD. In
addition to having a highly cash generative business model and an
extremely diversified customer base and product range, IMCD has a
management team with a proven ability to operate a business throughout
all types of economic conditions. Today, the business is at an exciting
point in its evolution, and we look forward to working with Bain Capital
and the company as they continue to grow the business," Frederick M.
Goltz, head of KKR's mezzanine business, said. "We believe this
transaction clearly reflects how mezzanine financing can support
acquisitions by offering certainty of funding from a long-term investor
with deep knowledge of a specific company and industry," Goltz said.
The transaction, which closed on February 28, 2011, represents the
seventh transaction in the last twelve months in which affiliate
investment vehicles and accounts advised by KAM provided mezzanine
financing. Across these transactions, KAM has participated in over €1
billion of mezzanine financings and five of the most recent deals
involved European companies.
This is the second transaction in which affiliate investment vehicles
and accounts advised by KAM provided mezzanine debt financing to support
an acquisition by Bain Capital in Europe.
Launched by KKR in 2004, KAM invests on behalf of its managed funds,
clients and accounts across the corporate credit spectrum, including
secured credit, bank loans and high yield securities as well as in
equities and alternative assets such as mezzanine financing, distressed
investing and structured finance. With more than 100 employees,
including 45 investment professionals, KAM's investment teams are
closely aligned with KKR's wealth of private equity investment and
industry resources. As of December 31, 2010, KAM has $14.8 billion in
assets under management, of which $7.8 billion is fee-paying.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a
leading global investment firm with $61.0 billion in assets under
management as of December 31, 2010. With 14 offices around the world,
KKR manages assets through a variety of investment funds and accounts
covering multiple asset classes. KKR seeks to create value by bringing
operational expertise to its portfolio companies and through active
oversight and monitoring of its investments. KKR complements its
investment expertise and strengthens interactions with investors through
its client relationships and capital markets platforms. KKR is publicly
traded on the New York Stock Exchange (NYSE: KKR). For additional
information, please visit KKR's website at www.kkr.com.
Kohlberg Kravis Roberts & Co. L.P.
Source: Kohlberg Kravis Roberts & Co. L.P.
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