Amsterdam, Paris, Frankfurt, 20 July 2023 - Tikehau Capital, the global alternative asset management group, announced today that it has signed an agreement to acquire a majority stake in CReators of the Outside WorlD (“CROWD”, or “the Company”), a panEuropean leading provider of cycling infrastructure and sustainable street furniture, based in the Netherlands, with a strong presence in the DACH Region, from Convent Capital, an investment company based in Amsterdam.
Founded in 2014, CROWD provides premium cycling infrastructure
and street furnitureproducts, with a focus on circularity and digital
city solutions. Through solid organic growth,coupled with several
strategic acquisitions, CROWD has experienced strong growth to become a
leading pan-European player in the industry, boasting superior market
shares across DACH, Benelux, UK and Nordics. In 2022, the Company
generated over €120m inrevenue and grew to nearly 500 employees.
Tikehau Capital’s majority investment in CROWD will mark a key
milestone in the execution of the Company’s growth strategy. Through
this partnership, Tikehau Capital will provide CROWD with operational
and strategic support to consolidate its market-leading position,
leverage its global network to help accelerate its international
development and expand its product portfolio with tech-enabled products,
among others. CROWD’s management team will be reinvesting significantly
alongside Tikehau Capital.
Tikehau Capital’s investment will be made via its private equity
decarbonisation strategy* and represents it’s twelfth investment to
date. Launched in 2018, in partnership with TotalEnergies,the first
vintage of this €1.4 billion strategy is one of the largest private
equity vehicles singularly committed to supporting small and
medium-sized companies that are driving the decarbonisation of the
economy.
CROWD is a sustainability-driven company that prioritises
circularity throughout its value chain, adhering to the principles of
“maintain, re-use, re-furbish, and re-cycle”. CROWD promotes low-carbon
mobility, delivering high-quality, sustainable and safe products to
cyclists everywhere. CROWD’s commitment drives the shift towards greener
spaces and a healthier lifestyle and is fully in line with the
investment philosophy of Tikehau Capital’s Private Equity
decarbonisation strategy.
CROWD was founded by Convent Capital back
in 2014 with a vision to create a pan-European company supporting the
transition to low carbon-mobility and promoting the circular economy in
its industry. Convent Capital has been actively involved in building the
company into a leading player it is today. The acquisition of CROWD by
Tikehau Capital marks Convent Capital’s third exit from its first
investment fund launched in 2011, demonstrating its active support in
enabling its investments to capitalise on the opportunities presented by
the circular economy.
"CROWD has outperformed the European market and is well
positioned to continue its growth trajectory, thanks to its innovative
product offering, which supports the shift towards greenerspaces and
growth of low-carbon mobility. We look forward to working with CROWD’s
management team in its next chapter of development and expansion, and we
are confident in our ability to leverage Tikehau Capital’s global
network and expertise to support the Company in its strategic
objectives. This cross-border deal showcases the strength of our
multilocal setup as our private equity teams from Germany, France, and
Benelux collaborate in their endeavour to achieve this significant
operation," said Emmanuel Laillier, Head of Private Equity at Tikehau
Capital. James Steward, CEO of CROWD, confirms that, "Tikehau Capital’s
investment marks a truly defining moment for us all at CROWD! With the
combined resource, network and support from the private equity
decarbonisation strategy, we will be able to accelerate our efforts
across all areas ensuring the continued facilitation of the micro
mobility shift within the built environment and public domain.
Additionally, it will allow us to continue to furnish the outside world,
encouraging public socialisation, interaction and movement. CROWD’s
entire management are fully committed and excited to start this next
chapter with Tikehau Capital.
With a clear focus on expanding into new territories, making
internal investments, and improving within manufacturing, insourcing and
operational excellence, we aim to enhance intercompany trading and
expand our group platform in marketing, finance and ICT. In our view,
this newly formed partnership will actively assist in the
decarbonisation of the public realm. Lastly, we would like take this
opportunity to thank Convent Capital, our previous investor, for the
faith, trust and support they have showed over the last years in
developing CROWD into the pan-European leader it is today!"
“Looking back on CROWD’s exciting and successful journey,
building the company from a regional player to the European market
leader it is today, we are proud of what we have achieved together with
everyone involved. We would like to thank all employees and CROWD’s
management in particular for their contribution and effort in realising
its success, and for the joy we have had working with them over the
years. We believe a bright future lies ahead for CROWD, and although it
is with some sadness that we part, we are confident Tikehau Capital is
the right partner to guide the company through the next chapter of its
successful journey,” added Dirk Hoorn, Founding Partner of Convent
Capital.
About Tikehau Capital
Tikehau Capital is a global
alternative asset management group with €39.7 billion of assets under
management (at 31 March 2023). Tikehau Capital has developed a wide
range of expertise across four asset classes (private debt, real assets,
private equity and capital markets strategies) as well as multiasset
and special opportunities strategies. Tikehau Capital is a founder led
team with a differentiated business model, a strong balance sheet,
proprietary global deal flow and a track record of backing high quality
companies and executives. Deeply rooted in the real economy, Tikehau
Capital provides bespoke and innovative alternative financing solutions
to companies it invests in and seeks to create long-term value for its
investors, while generating positive impacts on society. Leveraging its
strong equity base (€3.1 billion of shareholders’ equity at 31 December
2022), the firm invests its own capital alongside its investor-clients
within each of its strategies. Controlled by its managers alongside
leading institutional partners, Tikehau Capital is guided by a strong
entrepreneurial spirit and DNA, shared by its 742 employees (at 31
December 2022) across its 15 offices in Europe, the Middle East, Asia
and North America. Tikehau Capital is listed in compartment A of the
regulated Euronext Paris market (ISIN
code: FR0013230612; Ticker: TKO.FP). For more information, please visit: www.tikehaucapital.com.
About CROWD
CReators of the Outside WorlD is an
innovative group of established companies that designs and furnishes the
public space and built environment. CROWD’s key focus areas are within
cycling infrastructure, public shelters and street furniture. CROWD aims
to make a conscious contribution to the living environment of society
by developing products which enable modal transport, socialisation, and
interaction, along with sustainable and circularity design principles.
Whilst CROWD was founded
in 2014, via its buy & build strategy,
executed in the main the last 4 years, it consists currently of 6
companies, namely Lumiguide, VelopA, ZIEGLER, IJslander, HITSA
(including LAMPAS) and Bailey Street Furniture Group (including
Cyclepods). Group turnover is more than €120 mio, with a total of 10
main office locations throughout 8 countries and 5 production locations
(as of 30 June 2023). Therefore, CROWD is proud to be Europe’s largest
street furniture and cycling infrastructure group.
For more information, please visit: www.crowdoutside.com
About Convent Capital
Founded in 2011, Convent
Capital is an independent investment company based in the Amsterdam, the
Netherlands. From the start, Convent Capital has had a strong focus on
sustainability and a dedication to the transition from the current
linear economy to a circular economy. Its long-term strategy creates
sustainable, high returns for its stakeholders combined with positive
societal impact. Convent Capital currently manages two funds. Its first
evergreen fund focuses on Dutch SMEs with a
strong track record and
strategic and operational capabilities. With its recently launched Agri
Food Growth Fund, Convent allocates growth capital to innovative and
sustainable companies in the agricultural and food industries, and aims
to generate a positive impact through every investment.
For more information,
please visit: www.conventcapital.nl
Press contacts:
Tikehau Capital: Valérie Sueur – +33 1 40 06 39 30
UK – Prosek Partners: Matthieu Roussellier – +44 (0) 7843 279 966
USA – Prosek Partners: Trevor Gibbons – +1 646 818 9238
press@tikehaucapital.com
Shareholder and investor contacts:
Louis Igonet – +33 1 40 06 11 11
Théodora Xu – +33 1 40 06 18 56
shareholders@tikehaucapital.com
Parties have reached the agreement on the mains terms and conditions for the transaction subject to customary conditions such us works council advice and regulatory filings.
Disclaimer:
*The strategy mentioned in this press
release is reserved for professional investors, is no longer open to
marketing nor subscription and is managed by Tikehau Investment
Management SAS, a portfolio management company approved by the AMF since
19/01/ 2007 under the number GP-07000006. Noncontractual document
intended exclusively for journalists and media professionals. The
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This document contains only general information and is not intended to
represent general or specific investment advice. Past performance is not
a reliable indicator of future results and targets are not guaranteed.
Certain statements and forecasted data are based on current forecasts,
prevailing market and economic conditions, estimates, projections and
opinions of Tikehau Capital and/or its affiliates. Owing to various
risks and uncertainties actual results may differ materially
from
those reflected or expected in such forward-looking statements or in any
of the case studies or forecasts. Tikehau Capital accepts no liability,
direct or indirect, arising from the information contained in this
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persons relate to Tikehau Capital North America.
