H.I.G. Capital Announces Sale of Acqua & Sapone to TDR Capital

H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $64 billion of capital under management, is pleased to announce that an affiliate has signed a definitive agreement to sell its portfolio company Acqua & Sapone (the “Company”) to funds managed by TDR Capital LLP (“TDR”), a leading European private equity firm. H.I.G. and the Barbarossa family will retain a significant equity stake in the Company. The transaction is subject to clearance by antitrust authorities.

The Company generates over €1.1 billion in annual revenues and is Italy’s leading non-food discount retailer, selling a wide range of household and personal care products at value prices through a network of over 700 retail locations.

Stefano Giambelli, Managing Director, and Markus Noe-Nordberg, Managing Director and Head of the H.I.G. European Middle Market LBO team, commented: “Acqua & Sapone has been a great investment for H.I.G. Working in partnership with the Barbarossa family, the Company has more than doubled its earnings and cemented its position as Italy’s leading non-food discount retailer. We are proud of the outstanding performance of the management team, and we look forward to continuing to support the business in its next chapter alongside TDR.”

Nando Barbarossa, on behalf of the Barbarossa family, said: “H.I.G. has been a tremendous partner in helping us to further scale the business, execute M&A, improve service levels, achieve synergies, and make Acqua & Sapone the undisputed leader in the Italian market. We are grateful for the continued support from H.I.G., and we welcome our new partnership with TDR to keep building on our 40 year-long success story.”

Tom Mitchell, Managing Partner, and Jonathan Rosen, Partner, at TDR, said: “Acqua & Sapone is a standout business in its sector which has thrived with the support of its current owners. We believe that it has great potential to continue on this trajectory and are looking forward to working with the Acqua & Sapone team, the Barbarossa family, and H.I.G. to continue the growth of the business.”

About Acqua & Sapone

Acqua & Sapone is Italy’s leading non-food discount retail brand, selling a wide range of household and personal care products at value prices through a network of over 700 retail locations. For more information, visit acquaesapone.it.

About H.I.G. Capital

H.I.G. Capital is a leading global alternative investment firm with $64 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, and Dubai, H.I.G. specializes in providing both debt and equity capital to mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:

• H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
• H.I.G.’s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
• H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
• H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm's current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

About TDR Capital

TDR Capital LLP is a leading European private equity firm with over €15 billion of assets under management. Founded in 2002, TDR typically acquires majority stakes in strong, market-leading European companies with the potential for robust growth and resilience throughout economic cycles.

The firm has managed five European mid-market buyout funds. The team of 59 professionals currently manages assets across four European mid-market buyout funds from its headquarters in London. To date, the firm has made 27 platform investments, and its portfolio companies employ over 270,000 people around the world.

TDR takes a long-term approach to investment and, in addition to capital invested, also provides expert resource to help drive sustainable value creation and positive, transformational change within the businesses it owns. For more information, visit tdrcapital.com.

*Based on total capital raised by H.I.G. Capital and its affiliates.

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