Sun European Affiliate sells sports & leisure group to TenCate Grass
An affiliate of Sun European Partners, LLP (“Sun European Partners” or “Sun European”), a leading private investment advisory firm focused on defensible businesses in growing markets with tangible performance improvement opportunities, today announced that it has sold its entire shareholding in Sports & Leisure Group (“SLG”) to TenCate Grass Holding B.V. (“TenCate”).
The former shareholders in SLG, including the Sun European affiliate, will use part of the sale proceeds to reinvest in TenCate.
Headquartered in Sint-Niklaas, Belgium, SLG is a leading vertically-integrated artificial turf systems provider covering a broad range of end-markets, countries, products and services. With more than 30 years of experience in the production and marketing of artificial grass, SLG supplies over 1,000 customers in 90 countries from four production sites located in Belgium, Italy, China and Paraguay. SLG was acquired by an affiliate of Sun European in October 2021.
Nicolas Devriese, Vice President at Sun European Partners, said: “SLG has a strong reputation as a leader in the artificial turf sector, known for its exceptional service, reliability, and commitment to sustainable solutions. It has been a pleasure partnering with the SLG team over the past four years as we supported the business through operational enhancements and strategic add-on acquisitions. We believe TenCate is a natural partner to guide SLG through its next phase of growth, and we wish them continued success in the future.
Michael Vogel, Chief Executive Officer of TenCate, said: “The acquisition of SLG further strengthens TenCate’s position in the main European markets. SLG’s subsidiaries Limonta Sport and Domo Sports Grass allow for TenCate to significantly expand its presence in Italy, the Middle East, Africa, Southeast Asia, and South America. Moreover, the diverse Outdoor Living brands under SLG will further reinforce TenCate's strategic position within this market segment. We have known SLG and its management for over a decade and have profound respect for the reputation and customer relationships that they have built. We see great opportunities in combining the quality of TenCate’s product portfolio and SLG’s geographical presence.
John Penninck, Chief Executive Officer of Sports & Leisure Group, added: “Our partnership with the Sun European Team has been a success, and we have benefitted significantly from their support and resources over the past few years as we have continued to grow the business, expand our scope and focus on supplying sustainable artificial grass solutions. We are now excited to be joining the TenCate family, an exciting move which we expect to result in a number of synergies, and we look forward to a new phase of growth.”
Eubelius (Brussels), Weil, Gotshal & Manges (London) LLP and NautaDutilh N.V. acted as legal advisors to SLG.