Exclusive: Silverfleet preps fundraise after camera deal

The firm, which hired Annette Wilson as head of IR last year, is preparing to raise a successor fund this year.

UK firm Silverfleet Capital has bought a majority stake in Phase One, a Danish digital camera systems manufacturer, as it finalises plans to return to market this year with a successor fund.

Financial details were not disclosed. Bank financing for the transaction, which still needs to be approved by competition authorities, will be provided by Nordea, according to a statement.

Phase One designs and manufactures cameras and camera lenses for professional photographers and advanced amateurs. Silverfleet said it would help the business grow through continued innovation and new product launches, additional marketing and potentially add-on acquisitions.

The investment is Silverfleet’s second Danish transaction in a year, having acquired A/S Cimbria, a global manufacturers of seed and grain processing equipment in April 2013.

The UK-based firm used equity from its current fund, a €670 million vehicle raised in 2009. It is understood this vehicle has capital left to do one or two additional deals.

The investment comes as Silverfleet prepares to come to market this year to raise a successor fund, according to several sources familiar with the matter. The fund, which is likely to have a similar target as its current fund, will be raised by Credit Suisse, it is understood.

Silverfleet declined to comment on fundraising, while Credit Suisse did not respond to a request for comment at press time.

Last year, Silverfleet hired Annette Wilson as head of investor relations. Wilson left Palamon after the firm recently closed an unusually-structured €210 million Auxiliary Fund, having struggled to raise a traditional 10-year fund.

Silverfleet invests in businesses with an enterprise value of between €75 million and €500 million that are headquartered in the UK, France, German-speaking Europe, Benelux and the Nordic region.