Alternative asset manager The Carlyle Group has sold Britax Childcare, a manufacturer of children’s car safety seats, to Nordic Capital.
Financial details of the transaction were not disclosed.
Carlyle Europe Partners acquired Britax Childcare from Britax International in October 2005 and focused on the growth of the business through expansion into new markets and diversification of the product range.
Carlyle facilitated the company’s development into new geographies, especially in emerging markets, and enhanced its online presence.
Carlyle has invested to develop new products, including the company’s launch into wheeled goods and travel systems. Earnings have more than doubled under Carlyle’s ownership.
Karl Kahofer, chief executive of Britax Childcare, says: “We are delighted to have partnered with Carlyle, which has supported Britax’s transformation from a regional to a global business during its five years of ownership, in which time our revenues have approximately doubled. Their understanding of our business from a consumer, retail and manufacturing perspective, has been invaluable to the company and fundamental to the growth and success we have enjoyed. We are excited about the partnership with Nordic Capital due to their excellent track record and long experience in consumer investments.”
Andrew Burgess, managing director at The Carlyle Group, says: “Britax is an outstanding example of a company that delivers strong growth through innovation and excellence in execution. Furthermore, it is a business underpinned by regulatory and legislative drivers that have increased demand for Britax products, especially in emerging markets, as stricter child car seat regulations have been adopted. We are proud to have supported the company’s growth through our investment and sector expertise. We are particularly delighted with this outcome. Nordic Capital is an excellent partner for the business – we wish the company and its new shareholders every success in the future.”
Hans Eckerstrom, partner at Nordic Capital, adds: “Britax Childcare has demonstrated exceptional market performance during the downturn and we are confident in the continued high growth potential of the company. The company is renowned for manufacturing top quality products at the highest standards of safety, which are also aesthetically appealing to consumers. We are now particularly well-positioned to take this company to the next level due to our specific sector expertise with Thule Group, which we have owned since May 2007 and is a similar business to Britax Childcare.”
The investment in Britax was made through Carlyle Europe Partners II, a EUR1.8bn fund that launched in 2003. This is Carlyle’s eighth buyout transaction in Europe in 2010 following the exits of AZ Electronic materials (IPO), FRS Global (sale), and Otor (sale), and acquisitions of B&B Hotel Group, Gianonni, NBTY (parent company of Holland and Barrett) and Commscope.
