Investcorp buys gift co from BC Partners for €440m

The global investment group has acquired European corporate gift distributor Polyconcept in a secondary buyout.

Funds advised by European private equity firm BC Partners has agreed to sell business gifts distributor Polyconcept to global investment firm Investcorp.

Although financial details of the transaction were not disclosed, a source close to the deal said the purchase price was “around €440 million” ($575 million) according to Dow Jones.

BC Partners acquired the corporate gift business – which also distributes Zippo lighters in Europe through a joint venture with Zippo Manufacturing – in July 2000 from Dutch conglomerate Hagemeyer.

Polyconcept employs approximately 1000 staff in Asia, Europe and the US and has main offices in France, Hong Kong and the Netherlands. The company

Polyconcept acts as European distributor for Zippo

supplies promotional, lifestyle and gift products to retailers and advertising distributors across Europe.

CEO Philippe Varnier and CFO Yann Leca will remain at the company in their current roles. Varnier said that Investcorp would support future organic growth of the company as well as allowing the group to seek external growth opportunities in Europe and the US.

Last week, funds advised by BC Partners agreed to buy Dometic, a Swedish manufacturer of refrigeration and recreational equipment, from Nordic buyout firm EQT in a transaction valued at approximately SEK10.1 billion (€1.1 billion; $1.4 billion).

In February, Investcorp acquired American Tire Distributors for $700 million from Charlesbank Capital. Investcorp, established in 1982, currently manages total investments in alternative assets of approximately $8.6 billion. The firm is publicly listed on the Bahrain Stock Exchange but has offices in London and New York.