CHAM, Switzerland & LONDON & MUNICH--(BUSINESS WIRE)--KKR, a leading global investment firm, announced today the closing of the acquisition of Allianz Capital Partners’ (“ACP”) stake in the Selecta Group (“Selecta”). All conditions precedent in the acquisition agreement entered into between KKR and ACP in October 2015 have been fulfilled, including the consent of Selecta’s bondholders.
The partnership with KKR aims at further strengthening Selecta’s leading position in European vending and coffee services. Selecta is geographically diversified across Europe with operations in 21 countries and a special focus on Switzerland, Sweden and France. The company operates more than 145,000 vending machines, employing approximately 4,500 people, and serves more than 6 million consumers daily.
Under ACP’s stewardship, Selecta has been able to maintain and strengthen its competitive position despite a difficult overall vending environment in recent years. KKR has already supported Selecta since 2014, when KKR provided €220 million in long-term financing as part of the Group's overall refinancing, which was a major milestone for Selecta in driving identified growth initiatives.
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About Selecta Group
Selecta is a leading vending and coffee services company in Europe, with a turnover of €714 million (for the twelve months ended June 30, 2015) and employing approximately 4,500 people. Founded in 1957 and headquartered in Switzerland, Selecta has grown its geographic market presence to 21 countries across Europe. Selecta serves 6 million consumers every day at its 145,000 point of sales addressing the growing need for out of home food and beverage services at the workplace and on the go. Selecta is putting a strong focus on improving the coffee experience at workplaces through an exclusive partnership with Starbucks as well as by offering a full range of high quality coffee blends such as Selecta’s own miofino brand. In addition, Selecta offers state of the art coffee machines, which are serviced by its own highly professional service organisation. Selecta’s Swiss roots stand for service excellence, a high-quality product offering and innovative concepts for out of home food and beverage services. For further information, please visit Selecta’s website at www.selecta.com.
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.
About Allianz Capital Partners
Allianz Capital Partners is the Allianz Group's in-house investment manager for alternative investments. With offices in Munich, London, New York and Singapore, Allianz Capital Partners manages more than €14 billion of alternative assets. The investment focus is on direct investments in infrastructure and renewable energy as well as private equity fund investments. ACP’s investment strategy is targeted to generate attractive, long-term and stable returns while diversifying the overall investment portfolio for the Allianz Group insurance companies.