Equistone gets rid of Global Blue for €1bn
TAX-FREE shopping specialist Global Blue has been sold by its private equity owner to buyout firms Silver Lake and Partners Group for €1bn (£802m).
Global Blue has trebled in value since Equistone Partners bought the firm from management in 2007, and the sale will help the current owner return cash to its investors.
Partners Group and tech-focused Silver Lake beat a handful of other buyout groups including BC Partners, EQT and TH Lee to buy the fast-growing business.
Swiss-based Global Blue, which helps European shoppers claim back tax on overseas purchases, offers its services in more than 270,000 shops worldwide.
Chief executive Per Setterberg yesterday thanked Equistone for its “tremendous support” and said he expects to see further long-term growth as the firm expands into new regions.
Marcel Erni, chief investment officer of new co-owner Partners Group, said of the deal in a statement: “We will leverage our global industry network to support Global Blue to further benefit from the fast growing travel activity and demand for luxury goods from emerging markets.”
Equistone, which was spun out from Barclays last year, said this latest disposal means it has now handed 60 per cent of the cash in its Fund III back to investors.
The €2.4bn fund has made 38 acquisitions and eight disposals since it was put together in 2007, while still part of Barclays Private Equity.
ADVISERS EQUISTONE’S SALE OF GLOBAL BLUE
DAVID WALKER
CLIFFORD CHANCE
Equistone’s sale of Global Blue has been billed as one of the largest private equity-backed leveraged buyouts in Europe this year – and a formidable team of bankers and lawyers were on board to ensure its success.
The vendor took on JP Morgan and Evercore to advise on the sale. JPM’s team includes head of the EMEA private equity exit business Eamon Brabazon, executive director David Harvey-Evers and head of software Anil Rachwani.
On Evercore’s side, European investment banking head Andrew Sibbald and Mark Hennessy, managing director of European financial institutions, led the team.
Long-standing legal adviser Clifford Chance also lent a hand, led by head of private equity David Walker (top left) alongside Andrew Mills, Ross Dawson and Charlotte Clarke.
Marlborough Partners, led by Jonathan Guise, provided debt advice.
Global Blue’s management, which were bought out of the firm in 2007, were advised by Smith Square and Baker & McKenzie during the deal. Bakers’ team was led by David Allen (top right), a private equity partner specialising in cross-border restructurings and buyouts. Acting for buyers Silver Lake and Partners Group were RBC Capital Markets and law firm Weil Gotshal & Manges.
by Anaam Raza & Marion Dakers
DAVID ALLEN
BAKER & MCKENZIE
Equistone’s sale of Global Blue has been billed as one of the largest private equity-backed leveraged buyouts in Europe this year – and a formidable team of bankers and lawyers were on board to ensure its success.
The vendor took on JP Morgan and Evercore to advise on the sale. JPM’s team includes head of the EMEA private equity exit business Eamon Brabazon, executive director David Harvey-Evers and head of software Anil Rachwani.
On Evercore’s side, European investment banking head Andrew Sibbald and Mark Hennessy, managing director of European financial institutions, led the team.
Long-standing legal adviser Clifford Chance also lent a hand, led by head of private equity David Walker (top left) alongside Andrew Mills, Ross Dawson and Charlotte Clarke.
Marlborough Partners, led by Jonathan Guise, provided debt advice.
Global Blue’s management, which were bought out of the firm in 2007, were advised by Smith Square and Baker & McKenzie during the deal. Bakers’ team was led by David Allen (top right), a private equity partner specialising in cross-border restructurings and buyouts. Acting for buyers Silver Lake and Partners Group were RBC Capital Markets and law firm Weil Gotshal & Manges.
by Anaam Raza & Marion Dakers