BC PARTNERS & PSP INVESTMENTS take majority stake in KETER

Funds advised by BC Partners and PSP Investments agreed on 28 July 2016 to acquire a majority stake in Keter Group from its founding family, the Sagols, at an enterprise value of $1.7B. The family kept a minority holding and reinvested alongside the new shareholders, and completion was expected in the fourth quarter of 2016, subject to approvals. At the time of the deal, the Israeli maker of resin household and garden products ran 18 factories in 9 countries, employed more than 4,000 people and sold through over 25,000 retail outlets in 90 countries. BC Partners and PSP Investments pointed to its product development capabilities, intellectual property, manufacturing scale, commercial network and portfolio of brands, and planned to continue the existing growth strategy through investment in sales and marketing, product innovation, operational improvement and selective acquisitions. Rothschild, White & Case and EY advised the Sagol family, while UBS and J.P. Morgan acted as M&A advisers to BC Partners and PSP Investments, with Linklaters as legal counsel and EY on accounting and tax.