French global private equity firm Ardian agreed to acquire SLV, a German provider of residential and technical lighting, from global private equity firm Cinven.
Cinven acquired SLV in 2011 from its founder and HgCapital.
The move follows Cinven’s agreement last week, to sell Italian-headquartered Avio Spazio to Space2 and Leonardo-Finmeccanica. Cinven other current investments in Germany include CeramTec, HEG, Jost, Synlab and Viridium.
“During Cinven’s ownership, we have worked closely with SLV’s management team to deliver our growth strategy, improving product development and internal processes, completing the acquisition of three value-accretive businesses and expanding SLV internationally,” said Cinven partner Bruno Schick.
“SLV is an innovative company with a proven and successful business model. The sale of SLV is an example of another successful Industrials investment for Cinven, this time in Germany, following the recent sale of Avio Spazio in Italy,” he added.
“Cinven has been an excellent partner to SLV. The team has consistently been able to provide support and guidance both in Europe and Asia, which have had a fundamentally positive impact on SLV’s business performance,” said SLV chief executive Robert Fellner-Feldegg. “SLV is extremely well positioned for future growth and we are looking forward to the next phase of our development supported by my strong international team who shares a clear vision going forward.”
SLV is an innovative provider of residential and technical lighting products for indoor and outdoor use. Founded in 1979 and based in Übach-Palenberg, Germany, The company is one of the fastest-growing and most successful providers of lighting products in Europe. It has consistently outperformed the market in the last several years and has increased its market share in Germany and internationally. SLV operates subsidiaries and associated companies in Germany, France, Italy, Belgium, Switzerland, Hong Kong, the US and Russia.
SLV sources its products mostly from Asia and distributes them through a wide range of multipliers, wholesalers, electricians, specialized retail partners, internet shops and other resellers in 60 countries, while managing product development, marketing and order fulfillment in-house.
Advisors to Cinven on this transaction included Goldman Sachs International (M&A), McKinsey (commercial), Deloitte (financial), Hengeler Mueller (legal) and KPMG and EY (tax & structuring).
Cinven was founded in 1977, and has offices in Guernsey, London, Frankfurt, Paris, Madrid, Milan, Luxembourg, Hong Kong and New York.
Ardian, founded in 1996 and led by Dominique Senequier, is an independent private investment company with $60 billion in assets managed or advised in Europe, North America and Asia.
Photo: Dominique Senequier, Founder and president of Ardian.