Silver Lake Kraftwerk Announces Majority Stake in friedola®Tech, Marking First
Co-Investment with Kleiner Perkins Caufield & Byers
Investment Will Support Scale, Growth and Geographic Expansion for Leading
Recycled Plastics Supplier
MENLO PARK, Calif., Nov. 28, 2012
MENLO PARK, Calif., Nov. 28, 2012 /PRNewswire/ --Silver Lake Kraftwerk, a
leading global growth capital investment strategy focused on energy and
resource innovation, today announced a commitment of €31 million (USD$40.1
million) in friedola^®Tech, a premier recycled plastics processing company
that produces high-quality, environmentally-friendly products and components
for the automotive and packaging industries. Silver Lake Kraftwerk is the
energy investment strategy of Silver Lake, the world's leading investor in the
global technology industry.
The investment will provide growth capital to enable further product
innovation, development in key market segments and expansion into new
geographic regions, including the opening of a world-class manufacturing
facility in Greenville, South Carolina.
Under the terms of the transaction, WHEB Partners, a European-based resource
efficiency private equity firm, has agreed to sell its majority stake in
friedola^®Tech to Silver Lake Kraftwerk while remaining an important
shareholder. Once the transaction has closed, Silver Lake Kraftwerk will
become the majority owner, alongside existing co-investor Kleiner Perkins
Caufield & Byers (KPCB), which co-led the transaction and increased its
ownership of friedola^®Tech. This transaction marks the first co-investment
between Silver Lake and KPCB.
Based in Geismar, Germany, friedola^®Tech is a leading manufacturer and
marketer of recycled plastic products with a focus on the automotive and
packaging sectors. The company supplies lightweight, recyclable and
environmentally-friendly plastic solutions to a variety of industries and
boasts an innovative and proprietary product portfolio, including their
signature product platform, CON-Pearl. As a Tier-1 supplier, friedola^®Tech's
plastic solutions are a key component in the lightweight efforts of a number
of their customers, including leading car manufacturers.
A leader in innovative environmental technologies, friedola^®Tech directly
contributes to improved emissions and fuel economy standards in the automotive
industry, and greater efficiency in the logistics and packaging sectors.
"We are excited to partner with WHEB and KPCB as investors in friedola^®Tech,"
said Josh Raffaelli, Partner, Silver Lake Kraftwerk. "There is a growing
global market for engineered plastics and industrial products that are
lightweight and reusable. friedola^®Tech is uniquely positioned as a market
leader in this industry and we are eager to support their growth and
Silver Lake Kraftwerk invests in companies that leverage technology and
business model innovation in the energy and resource industries. Its stake in
friedola^®Tech marks Silver Lake Kraftwerk's first major investment in
resource efficiency and its first investment outside of the United States.
"We look forward to working with Silver Lake Kraftwerk, KPCB and WHEB Partners
as we position friedola^®Tech for continued growth and expansion," said
Christoph Holzapfel, Chief Executive Officer, friedola^®Tech. "With Silver
Lake's global presence, technology expertise and focus on value creation, we
are confident the firm will make an excellent partner as we grow our
business," added Werner Eisenhardt, Chief Financial Officer, friedola^®Tech.
"friedola®Tech is a great success story," said Jorg Sperling, a Partner at
WHEB Partners. "The company was an under-appreciated asset after facing
serious challenges during the 2008/09 crisis in the global automotive
industry. By stabilizing the company financially and by pursuing growth
aggressively, friedola®Tech is now the leading provider of highly innovative,
recyclable and lightweight plastic components used in a variety of industries.
The company is now ready to expand in the United States and we are thrilled to
bring such a renowned investor, Silver Lake Kraftwerk, on board to support the
Advisers on the deal were Blackwood Capital Group (M&A support for WHEB
Partners and friedola^®Tech), Taylor Wessing (legal adviser to
friedola^®Tech), mb+p (Commercial Due Diligence), Deloitte (Financial Due
Diligence), WilmerHale (legal adviser to Silver Lake Kraftwerk) and Hogan
Lovells (legal adviser to Kleiner Perkins Caufield & Byers).
The deal is currently pending anti-trust approval by the German authorities.
About Silver Lake Kraftwerk
Silver Lake Kraftwerk (SLK) is an initiative of Silver Lake Partners, the
global leader in private investments in technology and technology-enabled
industries, and strategic partner Soros Fund Management, LLC. SLK is designed
to provide growth capital to late-stage innovators in the energy and resource
About Kleiner Perkins Caufield & Byers
Kleiner Perkins Caufield & Byers (KPCB) has backed entrepreneurs in more than
500 ventures leading to 150 IPOs, 350,000 jobs and a deep strategic network.
The firm has helped build pioneering companies like Align, Amazon, Electronic
Arts, Genentech, Genomic Health, Google, Intuit, Juniper Networks, Netscape,
Symantec, VeriSign and WebMD. KPCB partners serve on the boards of Amazon,
Apple, Bloom Energy, Flipboard, Foundation Medicine, Google, Hewlett-Packard,
Nest, Square, Tesaro and Zynga, among others. KPCB accelerates the success of
entrepreneurs with a team of partners delivering company-building services
including strategy, operational scaling, recruiting, business development and
product delivery. The firm invests in all stages from seed and incubation to
growth companies. KPCB operates from offices in Menlo Park, San Francisco,
Shanghai and Beijing. http://www.kpcb.com.
About WHEB Partners
WHEB Partners is a European private equity manager that invests in resource
efficiency companies with high growth potential. It was founded in 2003 and
has offices in London and Munich. The company manages GBP130m in two private
equity funds on behalf of institutional and private clients. More information
WHEB Partners is supported by the European Union's Competitiveness and
Innovation Framework Programme (the CIP).
(415) 671 7676
Brunswick Group (San Francisco) for Silver Lake
+ 44 (0) 207 286 3404
SOURCE Silver Lake Kraftwerk
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