Clearwater International has advised Avedon Capital Partners B.V. (Avedon) on raising finance to support the acquisition of Hauck GmbH + Co. KG (Hauck), a leading European nursery products brand. The financing comprised of an opco and holdco PIK tranche as well as a significant first out facility in the opco facilitating moderate debt service and significant covenant headroom.
Hauck, is a 4th-generation family business, founded in 1923. The company is headquartered in Sonnefeld (Germany) and employs more than 140 employees. The company provides for a comprehensive range of products centering around children in the earlier baby years. It is most renowned for strollers, high chairs, safety seats and adjacent indoor products and operates as one of the largest players in Europe. Hauck products are sold via all major on and offline retail channels.
Avedon is a leading private equity investor for small to medium-sized companies in Germany and the Benelux. Avedon invests in companies with strong founders/owners and management teams that have distinctive and ambitious growth plans. The Avedon team is based in Düsseldorf and Amsterdam and manages over €500m in capital.
In partnership with Avedon, Hauck aims to accelerate growth in its European core markets as well as expansion into selected international regions in the coming years.