Danish private equity fund Polaris has bought a controlling interest in Hamlet Protein, a developer, manufacturer and supplier of soya protein for special-purpose animal feed.
Danish private equity fund Polaris has bought a controlling interest in Hamlet Protein, a developer, manufacturer and supplier of soya protein for special-purpose animal feed.
Hamlet Protein’s vendors, managing director Ole Kaae Hansen and sales director Stephen Paul Rose, remain with the company as minority shareholders.
Polaris now holds a 52% shareholding in the company and bought the stake as part of Hansen and Rose’s succession plan. The firm intends to grow Hamlet Protein by increasing sales in Europe and the US.
Polaris will strengthen the company’s board with new directors and has already appointed Ole Andersen as chairman.
“We expect further consolidation within our industry,” Andersen said. “Hamlet is determined to be active in this process by considering strategic alliances with key players, in due course possibly also within food.”
Also joining the board is Hans Henrik Hjorth, a former chief executive of Copenhagen Pectin and the Danisco Group. Polaris’ Niels Worning also takes a seat on the board alongside Tom Hertel, a former executive of SAS Catering.
Polaris was joined in the deal by Jyske Bank, which provided the acquisition finance.
The bank backed the deal through its Horsens branch and was represented by manager Lars Skovbjerg and account manager Steen Karlsen.
Polaris was supported by Deloitte Transaction Services, which carried out financial and tax due diligence reviews of the target business.
Deloitte, which was led by Copenhagen-based partner Lars Berg-Nielsen, has worked with Polaris on several of its previous transactions and as a result of the good relationship between the two it was approached to work on this transaction.
The vendors were advised on the sale of the company by an Advizer team led by managing partner Søren Nørbjerg.
He said the firm was introduced to the company in early 2006 to advise on a deal as part of its growth plan.
“Taking into account the age of the seller, it was obvious to bring on board a financial partner,” Nørbjerg said. “Advizer led the tender inviting a handful of private equity to bid for the company.
“Polaris turned out to be the best partner for the company moving forward.”
Last year it reported a profit after tax of €2.5 million (£1.6 million) from revenues of some €28 million (£18.7 million).
