Global investment firm 3G Capital is to acquire a controlling interest in Hunter Douglas, a specialist in window coverings and a major manufacturer of architectural products, from controlling shareholder Ralph Sonnenberg based on a value of EUR175 per Ordinary Share, which values the company at approximately USD7.1 billion.
The Sonnenberg Family will continue to hold a 25 per cent interest in Hunter Douglas, pro forma for the new capital structure. The Board of Directors of Hunter Douglas, represented only by its Independent Directors, unanimously supports the transaction and has entered into a separate agreement with 3G Capital and Ralph Sonnenberg to facilitate and secure a cash exit for all minority shareholders based on the same price per Ordinary Share. Completion of the transaction is subject to limited closing conditions, including approval by the general meeting of Hunter Douglas.
The Ordinary Share Price represents a 73 per cent premium to Hunter Douglas’ closing ordinary share price on 30 December, 2021 of EUR101.40 and a 64 per chant premium to Hunter Douglas’ all-time high closing ordinary share price of EUR106.40.
Current Hunter Douglas Group Co-President and Co-CEO, David Sonnenberg, will transition to Executive Chairman of the Board of Directors of the Hunter Douglas Group after the closing of the transaction and will continue to be highly involved in the day-to-day business and business strategy, tapping into his 30 years of knowledge and active experience in the company.
João Castro Neves, a Senior Partner at 3G Capital, is expected to serve as Hunter Douglas Group CEO upon completion of the transaction.
