TowerBrook tucks into Dutch frozen food business

The acquisition was made by TowerBrook’s Fund IV, a $3.7bn vehicle that closed in February 2013

New York- and London-based investment firm TowerBrook Capital Partners has agreed to acquire Van Geloven, a Netherlands-based frozen food snack company.

Financial details of the transaction were undisclosed, but TowerBrook will buy the business from Lion Capital and Dutch private equity house Avedon Capital Partners.

The acquisition of Van Geloven was supported by a unitranche coordinated and lead-arranged by ICG, alongside Investec Bank and KKR.

Tilburg-based Van Geloven produces frozen convenience snacks and foods, supplying a full range of both traditional Benelux snacks like croquettes and frikandels, and more internationally known foods like spring rolls and satay. In 2014 Van Geloven generated sales of €195.4 million.

TowerBrook will aim to grow the business substantially, targeting new product lines and international expansion, including pursuing a consolidation strategy in what is a fragmented market across Europe, according to the statement.

TowerBrook will make the investment using capital from its Fund IV, which closed on its $3.7 billion hard-cap in February 2013. With more than $8 billion under management, the firm primarily seeks control-oriented investments in large and mid-market companies.