AXA Private Equity, the European diversified private equity firm, has agreed to divest its 65.6% stake in Spotless Group following a successful five year plan to build up the company into the leader in the European laundry & home care market. The company has been acquired by BC Partners and the management (subject to antitrust approval and final banking documentation).

Spotless Group was created following the acquisition in 2005 of the market leader in French laundry & home care products, Eau Ecarlate. From the start, AXA Private Equity and Eau Ecarlate management set the objective to transform the French company into a pan-European group through targeted acquisitions. Since then, the Spotless Group has grown organically and through the acquisition of six laundry and household care brands across Europe (Guaber in Italy and Punch in Ireland in 2006; Citin in Holland, Eparcyl in France and Ballerina in Spain in 2007 and Dylon in 2008 in the UK). The Group has become a European leader of its sector, operating through eight national subsidiaries in Europe and employing over 300 people.

Philippe Poletti, Head of LBO Mid Cap for AXA Private Equity, said, “Building this European leader alongside the management team has been a fantastic project from both a human and a business point of view. And I am convinced that BC Partners is the right partner for Spotless to continue to expand the group.”

During the five year period, AXA Private Equity developed a strong partnership with the management team and broader company. In line with AXA Private Equity’s ongoing commitment to recognise the contributions of all employees to the success of the company, every Spotless employee will receive a bonus the equivalent of two months’ salary following the completion of the transaction.

Pierre Le Tanneur, CEO of the Spotless Group, said: “We have enjoyed a very special relationship with AXA Private Equity over the past five years and together with all our employees, we have built up the Group to become one of the European players in the laundry & home care market.”

AXA Private Equity and Spotless have been advised by Lazard in the transaction. The Spotless Group is the holding company of leading household and laundry care brands such as Dylon, Punch, Eau Ecarlate, Guaber across France, Benelux, Italy, the UK, Ireland and Spain.

About AXA Private Equity

AXA Private Equity, an AXA Investment Managers company, is a leading private equity firm with US$25 billion in managed assets and a global reach extending across Europe, North America and Asia. The firm offers investors the full spectrum of private equity services for every market segment: direct funds, infrastructure financing, mid cap and small cap buyouts, venture capital, co-investments, fund of funds as well as mezzanine financing.

With offices in Paris, Frankfurt, London, New York, Singapore, Milan, Zurich and Vienna, AXA Private Equity supports the development and long-term growth of its portfolio companies with sustainable growth strategies and by granting them access to the AXA international network. AXA Private Equity has earned the trust of its investors by regularly supplying them with transparent performance data on its funds and portfolio companies.

AXA Private Equity, Global Investments the European way
www.axaprivateequity.com

List of parties and advisors involved in the transaction

AXA Private Equity advisors:

M&A - Lazard – I.Xoual – A. Benais – C. Duhamel – S. Chabanier
Legal - Linklaters – V. Ponsonnaille – A. Peschard
Vendor assistance Financial DD - 8 Advisory – S. Vanbergue, Olivier Poncin
Tax/Strucuring – Ernst & Young - Lionel Benant – Mathieu Autret

Press Contacts

AXA Private Equity:

HeadLand

Maria Shum
mshum@headlandconsultancy.co.uk
Tel: +44(0)20 7367 5227

Daniel Kahn
dkahn@headlandconsultancy.co.uk
Tel: +44(0)20 7367 5227