Partners Group Nears Deal to Buy Bridgepoint’s Rovensa
Partners Group Nears Deal to Buy Bridgepoint’s Rovensa
(Bloomberg) -- Partners Group Holding AG has agreed to buy Iberian crop-protection company Rovensa from rival private equity firm Bridgepoint in a deal valuing the business at around 1 billion euros ($1.1 billion) including debt.
The mid-market private equity firm will acquire a “major equity stake” in Rovensa, it said in a statement Friday, confirming an earlier Bloomberg News report. Partners Group will work with Rovensa management to internationalize the company and make select further acquisitions, according to the statement.
Partners Group edged out other suitors including AEA Investors and Pamplona Capital Management, people familiar with the matter said, asking not to be identified as discussions were private. Spokespeople for AEA and Pamplona didn’t immediately respond to requests for comment.
The deal adds to the $117 billion of acquisitions in Europe involving private equity firms this year, according to data compiled by Bloomberg. Rovensa, formerly known as Sapec Agro, makes products including herbicides and fertilizers.
“The company is ideally positioned to capitalize on the growing trend towards sustainable agricultural products, which will be a core element of the strategy we will continue to pursue,” Andrew Deakin, a managing director at Partners Group in Europe, said in the statement.
Bridgepoint revived a sale process for Rovensa last month after the buyout firm had to postpone it earlier in the year due to the coronavirus pandemic, Bloomberg News had reported. A sale of Rovensa was initially expected to fetch more than 1.2 billion euros, people familiar with the matter had said in December. Bridgepoint agreed to buy the company for 456 million euros in 2016.
Founded in 1996, Partners Group has $96 billion in assets under management, with more than 1,500 employees across 20 offices globally, according to its website. In January, the firm acquired an 80% stake in Germany renewable energy developer VSB Group for an undisclosed amount.
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