Press release
H2 acquires Agribio activities
from Japanese Kirin
Amsterdam, February 2010
Dutch investment company H2 Equity Partners B.V. (“H2”) will acquire the leading international flower and potato breeder Kirin Agribio Company, Limited and Kirin Agribio EC B.V. (collectively “Agribio Group”) from Japanese listed Kirin Holdings Company, Limited (“Kirin”), both companies announced today. Kirin Agribio Group owns leading breeders such as Fides, Barberet & Blanc and Germicopa. Post-acquisition, the group with annual sales of around €120 million, will expand its global business. H2 has signed the purchase agreement and expects closing of the deal in March of this year. H2 is poised to further leverage the leading position of Agribio Group via the introduction of new varieties and add-on acquisitions.
Following a thorough assessment, H2 concluded that Agribio Group is particularly well positioned to expand its current leadership in a number of flower and potato varieties, given its exceptional nowledge base. Over the years, Agribio Group has demonstrated the ability of market orientated breeding through cutting-edge R&D. On this basis the group has become a world market leader in different products such as Chrysanthemum, Kalanchoe, Carnations and seed potatoes. Kirin decided to divest the Agribio Group as part of its continuous business portfolio realignment. H2 sees potential to transform Agribio Group into a larger integrated group with stable growth and increased profitability, thereby ensuring long-term continuity. “We see exciting opportunities, given the current market dynamics”, says Peter Kroeze partner of H2 Equity Partners. “We seized the opportunity to acquire Agribio Group as it is a knowledge intensive breeder that is very well positioned to unlock the full potential that this business offers. Together with management we will actively pursue product development, strategic partnerships and add-on acquisitions.”
About Agribio Group
Agribio Group is one of the world’s leading breeders in horticulture (flowers and flowering pot and bedding plants) and seed potatoes. The horticulture companies – Fides with its headquarters in The Netherlands, Barberet & Blanc in Spain, Southern Glasshouse Produce in the United Kingdom and Agribio in Japan and China – offer their customers a wide range of products and varieties with a superior quality of the cuttings and service. Agribio’s horticultural breeding business is a global top-5 company. Annual sales amount to approximately € 70 million. The potato breeding business, holds a global top-5 position and is the only non-cooperative player active in Japan. Annual sales are around € 50 million. The 2009 total turnover for Agribio group amounted to approximately € 120 million, the company is profitable and employs about 2.100 people. Agribio Group boasts of some recent major achievements, such as the development by Fides of Calandiva, a Kalanchoe with a double flower. Spanish Barberet & Blanc recently has customized a virus test based on molecular hybridisation. French Germicopa, breeder of the famous Charlotte potato, launched its very promising ‘Princesse Amandine’ new potato variety in 2009 with a prime time commercial on French TV.
About H2 Equity Partners
H2 Equity Partners is an independent private equity firm founded in 1991, headquartered in mthe Netherlands. H2 focuses on investments in mid-sized companies in the Benelux, Germany and the UK that can benefit from its in-house operating skills and expertise. H2 has a proven track record of growing its portfolio companies substantially in revenue and profit. H2 is being advised by KPMG (Corporate Finance, Transaction Services, and KPMG Meijburg & Co), FBM Mahler, M&A Advisory, Kratos Merger Management, Houthoff Buruma and Nagashima Ohno & Tsunematsu. New HBU II N.V. will provide the bank financing.
About Kirin Holdings Company
Kirin is a Japanese-listed company and is one of the leading food and beverage manufacturers in Asia and Oceania. Kirin operates in an extensive range of businesses from alcoholic beverages and soft drinks to dairy foods and pharmaceuticals through its various group companies.
For more information:
Hill & Knowlton Netherlands B.V.
Ariën Stuijt, +31 (0)20 404 470 7
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