An affiliate of Sun European Partners, LLP ("Sun European Partners"),
today announces that it has entered into an agreement with KKR to
acquire a majority stake in Afriflora ("the Company"), the world's
largest grower of roses, alongside the Barnhoorn family. The proposed
transaction is subject to customary regulatory approvals.
Afriflora is the leading supplier of quality roses at fair trade
standards to Europe. Established in 2005 by the Barnhoorn family,
Afriflora has over 11,000 employees. The Company is headquartered in
Aalsmeer, Holland and operates three farms in Ethiopia covering 500
hectares. It cultivates, produces and sells over 1.1 billion stem roses
annually with the majority of these to the European market.
The Barnhoorn family, who are the founders and significant shareholders
of the Company, are to remain as shareholders and directors in the
Afriflora group. With the support of Sun European Partners, they will
continue to run the business with a focus on customer service and
implementing best environmental and social practices, and with a sense
of responsibility for local communities in Ethiopia.
Peter Barnhoorn, CEO of Afriflora said; "Our new shareholder will help
Afriflora to achieve its growth aims and expedite its continued
development. Our company has for many years been committed to investing
in the local marketplace and building a future not only for the business
but also for the workforce who have supported us through our growth and
development, and this will not change. We would like to thank KKR for
the support they have provided us to date and look forward to an
exciting future working alongside Sun European Partners to take this
company to the next level."
Paul Daccus, Managing Director at Sun European Partners, said;
"Afriflora is a world leader in an attractive sector that we know very
well. We look forward to working with the Barnhoorn family and the
management team over the coming years, to support the continued
development and success of the business."
Nicolas Gheysens, Managing Director at KKR, said; "We have been pleased
with our partnership with Afriflora and the Barnhoorn family. Over the
past years Afriflora has further strengthened its leadership position in
its key markets but we are also proud to have contributed - together
with the Barnhoorn family - to the development of the region. We wish
Afriflora, Sun and the Barnhoorn family continued success."
Sun European Partners has significant experience making acquisitions in
the horticulture sector. Its affiliated portfolio companies include
Flamingo Horticulture, a vertically integrated horticulture business.
For further information on Afriflora, please visit www.afriflora.nl/en/.
Sun European Partners was advised by Rabobank, Kirkland & Ellis,
Houlihan Lokey, and Ernst & Young. The Barnhoorn family and KKR were
advised by William Blair, Clifford Chance, Van Benthem & Keulen,
Deloitte, and Londen & Van Holland.
About Sun European Partners, LLP
Sun European Partners, LLP
is a leading private investment advisory firm, focused on identifying
companies' untapped potential and leveraging its deep operational and
financial resources to transform results. Sun European is a trusted
partner that is recognised for its investment and operational
experience, including particular expertise in the consumer products and
services, food and beverage, industrial, packaging, chemicals, building
products, automotive, restaurant and retail sectors. Since 1995,
affiliates of Sun European have invested in more than 345 companies
worldwide across a broad range of industries and transaction structures
with turnover in excess of €43 billion. Further information on Sun
European Partners, LLP is available at www.SunEuropeanPartners.com.
KKR is a leading global investment firm that
manages multiple alternative asset classes, including private equity,
energy, infrastructure, real estate, credit and, through its strategic
manager partnerships, hedge funds. KKR aims to generate attractive
investment returns by following a patient and disciplined investment
approach, employing world-class people, and driving growth and value
creation with KKR portfolio companies. KKR invests its own capital
alongside its partners' capital and provides financing solutions and
investment opportunities through its capital markets business.
References to KKR's investments may include the activities of its
sponsored funds. For additional information about KKR & Co. L.P. (NYSE:
KKR), please visit KKR's website at www.kkr.com
and on Twitter @KKR_Co.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171220005400/en/
For Sun European Partners
/ Alex Le May
+44 20 3727 1522 / 1308
+44 207 251 3801
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