Silverfleet: 7days expands to Scandinavia with practice
Munich, London, Paris — Following its investment in the Westphalian company 7days at the beginning of the year, the European private equity firm Silverfleet Capital is starting to implement its buy & build strategy: With the support of Silverfleet Capital, the specialist for workwear in the healthcare sector is taking over the Danish company Praxis Herning A/S, thus opening up additional sales markets. The private sellers of the majority shares also include the two managing directors Jesper Rasmussen and Søren Wortmann, who will continue to remain on board in their functions and take a retroactive stake. The parties have agreed not to disclose the purchase price.
Praxis was founded in 1995 and is based in the Danish textile capital Herning. The company specializes in the design, production and distribution of clothing for healthcare professionals. The product portfolio includes tops such as t‑shirts or polo shirts, pants and shoes. Praxis primarily serves customers from the Scandinavian region (Sweden, Norway, Finland) in addition to Denmark.
Founded in 1999, 7days from Lotte near Osnabrück is one of Europe’s leading specialists in medical workwear. A particular focus of the product range, which comprises more than 2,000 articles, is on furnishing medical and dental practices in Germany, Austria, Switzerland, France, Belgium and the Netherlands. Similar to Praxis, 7days markets its items online via webshop and newsletter as well as via catalog.
Joachim Braun, Partner at Silverfleet Capital and responsible for 7days, says: “7days and Praxis are ideal partners based on their focus, strategy and business philosophy. Both stand for high-quality materials and workmanship as well as optimal comfort at an attractive price-performance ratio. The tie-up is the first step in our growth strategy for 7days, which aims to strengthen our domestic market position as well as tap into other regions and additional customer segments.”
“With Praxis, we have found the perfect partner for entering the Scandinavian market,” say Carsten Meyer and Ulrich Dölken, the managing directors of 7days. “We are now a big step closer to our goal of further expanding our market leadership in Europe. We are very pleased to bring Jesper and Søren on board, as both our business model and our business culture are a perfect fit.”
Jesper Rasmussen, Managing Director of Praxis: “It is great to now become part of the 7days Group with our company Praxis. 7days is a strong partner with whom we want to leverage many more market and sales potentials from now on.”
The Silverfleet team entrusted with the transaction includes Munich-based investment experts Joachim Braun, Benjamin Hubner and Jan Kux.
7days was advised by McDermott (Legal Corporate, Germany), Moalem Weitemeyer Bendtsen (Legal Corporate, Denmark), Latham & Watkins (Legal Tax), Shearman & Sterling (Legal Financing) and Deloitte (Financial & Tax Denmark).
About Silverfleet Capital
Silverfleet Capital has been active as a private equity investor in the European mid-market for more than 30 years and currently manages around €1.2 billion with its 30-strong investment team in Munich, London, Paris, Stockholm and Amsterdam.
Eight investments have already been made from the second independent fund closed in 2015 with a volume of 870 million euros: The Masai Clothing Company, a women’s fashion wholesaler and retailer headquartered in Denmark; Coventya, a French developer of specialty chemicals; Sigma Components, a U.K. manufacturer of precision components for civil aviation; Lifetime Training, a U.K. provider of training programs; Pumpenfabrik Wangen, a manufacturer of specialty pumps based in Germany; Riviera Travel, a British operator of escorted group tours and cruises; 7days, a Westphalian supplier of medical workwear; and Prefere Resins, a leading phenolic and amino resin manufacturer in Europe.
Silverfleet achieves value growth through its “buy to build” investment strategy. As part of this strategy, Silverfleet is accelerating the growth of its subsidiaries by investing in new products, production capacity and employees, installing successful retail formats or making follow-up acquisitions. Since 2004, Silverfleet Capital has invested €1.9 billion in 28 companies.
Silverfleet specializes in four key industries: Business and Financial Services, Healthcare, Manufacturing, and Retail and Consumer Goods. Since 2004, the private equity investor has invested 33 percent of its assets in companies headquartered in the DACH region, 31 percent in the UK and Ireland, 19 percent in Scandinavia and 17 percent mainly in France and the Benelux countries (1).