Saturday 20 October 2018

Fitzpatrick's Capvest exits Norwegian food firm Scandza

Capvest has also just sold the Mater Private healthcare group
Capvest has also just sold the Mater Private healthcare group
Gavin McLoughlin

Gavin McLoughlin

Seamus Fitzpatrick's private equity firm Capvest has exited its investment in Norwegian consumer foods business Scandza.

The Mayfair-based firm acquired the business in 2013 and has sold out to management and a consortium of local investors. Management already had a stake in the business alongside Capvest.

Scandza makes products including crisp brand Sorlandschips and dairy brand Synnove Finden.

Capvest has previously invested in food businesses in the region including frozen food business Findus and poultry company Scandi Standard.

It is also active in the food sector here with Valeo Foods, which owns brands including Kelkin, Robert Roberts and Batchelors.

It has recently acquired the confectionery division of Finnish business Raisio, adding brands like Fox's Glacier mints and Poppets to its portfolio.

Valeo has a turnover of €800m, and supplies 90 markets globally from its 13 manufacturing faculties across Ireland, the UK and continental Europe.

In addition, Capvest has just sold the Mater Private group, which encompasses facilities in Dublin and Cork as well as a number of smaller healthcare assets, to investment fund InfraVia Capital Partners.

Mater Private chief executive John Hurley said the deal would allow the group to "develop our facilities and services and significantly expand our services to meet the needs for Ireland growing population". The sector is seen by some observers as being ripe for consolidation.

Philip Doyle, principal of the State-backed Irish Infrastructure Fund, said recently that "the private hospital space in Ireland is fragmented, and there is an opportunity for a capable investor to consolidate these assets to deliver economies of scale and deliver improved health services more efficiently".

The Mater stake was one of two remaining assets - alongside the Valeo stake - in a Capvest fund entitled Capvest Fund II. The private equity firm recently executed a deal allowing investors to cash out of the fund and have their stakes bought by American private equity firm Harbourvest Partners.

Investors were also offered the chance to roll their interests over into a new vehicle which Capvest continued to manage.

Belturbet man Fitzpatrick was ranked 161st on the 'Sunday Independent' 2017 Rich List, with a personal wealth of €97m.

Irish Independent

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