Change Capital leaves Vendex consortium

KKR and AlpInvest have made an unconditional offer for Royal Vendex KBB NV, the Dutch retailer, despite former supporter Change Capital pulling out of the consortium.

Global buyout house Kohlberg Kravis Roberts and Dutch investor AlpInvest Partners have declared their takeover bid for Dutch retailer Vendex unconditional, waiving a commitment to secure at least 95 percent of the issued share capital of the company according to reports from Bloomberg.

The third member of the KKR-led consortium, Change Capital Partners, led by former Marks & Spencer chairman Luc Vandevelde, has pulled out of the consortium, Bloomberg said. According to the report, KKR will take up Change Capital’s 20 percent position in the deal, taking KKR's proposed share in Vendex to 91 percent.

In April, the consortium lowered its offer to €15.4 per share from €16 as the non-food retailer cited “continued difficult macro economic conditions” for a slow trading start to the year.

According to Bloomberg, while KKR and AlpInvest were happy to accept investor offers of 88.1 percent of the ordinary shares in Vendex, a spokeswoman for KKR said: “Change Capital wasn’t prepared to go unconditional before 95 percent was reached.”

At the time of the original announcement of the proposed deal in March, a spokesperson for KKR said the VDXK Acquisition consortium was “uniquely suited” to the deal due to a combination of KKR’s financial capabilities, Change Capital’s expertise in the retail sector and AlpInvest’s knowledge of the Dutch market.

Change Capital completed its debut deal in February this year when it agreed to acquire Robert Dyas, the UK-based household products retailer for £60 million (€89 million; $113 million).