H.I.G. Capital Announces the Sale of Kondor
H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with more than €20 billion of equity capital under management, announced today that one of its affiliates has sold Kondor Limited, a specialist provider of category management solutions for audio and mobile accessory products into the retail and mobile network channels in the UK and Europe, to DCC Technology (which principally trades under the Exertis brand), part of DCC plc, the leading international sales, marketing and support services group. Terms of the transaction were not disclosed.
Headquartered in Dorset, England, Kondor distributes audio and mobile accessory products to a broad range of e-tail, retail and mobile operator customers. H.I.G. invested in Kondor in 2014, and has since overseen a full reorganisation of the business. H.I.G. worked in partnership with Kondor to professionalise back office systems, develop Kondor’s access to market data, optimise the company’s product range, improve stock management and fulfillment, and grow the headcount of the business from 188 to around 250 employees. A new CEO, Beatrice Lafon, was appointed in 2017.
Carl Harring, Managing Director at H.I.G. Capital, commented on the transaction: “The consumer electronics accessories market has grown over recent years and is set for further expansion. We have enjoyed working with the Kondor team and, following intensive efforts to re-focus the business on its core product offering, it is now best positioned for future growth, both domestically and internationally.”
Beatrice Lafon, Chief Executive Office at Kondor, commented: “I would like to thank H.I.G. for their support in the expansion of Kondor. Their assistance in improving internal operations and refining our customer base leaves us in a market-leading position, with the potential for significant organic and inorganic growth. With the financial backing of DCC, and the combined benefits of working with the European retail divisions at Exertis, we will be in a strong position to continue to grow and develop the range of bespoke services we offer to our partners.”
Donal Murphy, Chief Executive of DCC plc, commented: “The acquisition of Kondor is in line with DCC Technology’s strategy to expand its service offering to both our suppliers and customers. Increasingly DCC Technology’s partners are seeking full category management solutions, as well as data driven insights into product performance, and the acquisition of Kondor will further enhance our service offering.”
Kondor is a market maker connecting over 100 brands to over 250 customers with a dominance in Mobile and Consumer Electronics Accessories. Kondor operates in all major channels, creating partnerships across brands, retailers and territories, on line and off line, thanks to its insights, speed-to-market, sector and product expertise.
What makes Kondor stand out is its ability to create value for all its partners through a complete range of in-house bespoke services: Category Management, Advanced eCommerce Solutions, Marketing Agency, R&D and Sourcing, IT Capability, Logistics & Warehousing.
Kondor is the Master Distributor for Samsung, represents three of the top five best-performing case brands in the UK, and owns multiple category-leading and award-winning own brands covering Audio, Imaging, Protection and Power.
Its state-of-the-art 120,000 sq ft warehouse holds over 34,000 pick locations, turns over 100,000 units per day, and as many as 90% of all the products Kondor distributes are customised in some way.
Kondor’s vision is to be the ultimate sales and distribution partner, trusted by its partners globally for its insights, its innovation, its pace, its network and its results. Kondor is The Smart Choice.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over €20 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
1. H.I.G.’s. equity funds invest in management buyouts, recapitalisations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
2. 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. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3. H.I.G.’s real assets funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of €28 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
About DCC Technology
DCC Technology, is a leading route-to-market and supply chain partner for global technology brands.
DCC Technology, which principally trades under the Exertis brand, provides a broad range of consumer and business technology products and services to customers across the consumer, B2B and enterprise markets. It operates in 13 countries with its principal operations in the UK, Ireland France, Sweden, and the United Arab Emirates. It also has operations in Poland, China, the US, Germany, Spain and Norway.
About DCC plc
DCC is a leading international sales, marketing and support services group with a clear focus on performance and growth. It operates through four divisions: LPG, Retail & Oil, Healthcare and Technology.
DCC is an ambitious and entrepreneurial business operating in 15 countries, supplying products and services used by millions of people every day throughout Europe. Building strong routes to market, driving for results, focusing on cash conversion and generating superior sustainable returns on capital employed enable the Group to reinvest in its business, creating value for its stakeholders.
Headquartered in Dublin, employing approximately 11,000 people, DCC’s four divisions are:
- DCC LPG - a leading LPG sales and marketing business with operations in Europe, Asia and the US and a developing business in the retailing of natural gas and electricity;
- DCC Retail & Oil - a leader in the sales, marketing and retailing of transport and commercial fuels, heating oils and related products and services in Europe;
- DCC Healthcare - a leading healthcare business, providing products and services to healthcare providers and health and beauty brand owners; and
- DCC Technology - a leading European sales, marketing and services partner for global technology brands.
DCC plc is listed on the London Stock Exchange and is a constituent of the FTSE 100. In its financial year ended 31 March 2018, DCC generated revenue of £14.3 billion and operating profit of £383.4 million.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.
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