Pitch Best Deal 2021: Parcom & Mississippi Ventures – HEMA

Deze deal is door de jury genomineerd en maakt kans op de M&A Award voor Best Deal 2021. Stem nu op uw favoriete deal.

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De beste deal van het jaar is meer dan het hoogste cijfertje in de krant en de kunst van het dealmaken is meer dan het opstellen van een contract. De Awards voor de beste deal zou dus niet alleen op de prijs van de deal gebaseerd moeten zijn, maar vooral op de – toegevoegde – waarde voor een bedrijf en de exit.

Name of the deal: Parcom / Mississippi Ventures acquisition of HEMA 
Date announced: 21-10-2020 
Date closed: 01-02-2021  
Published value: 470 million (€) 
Buyer(s): A consortium consisting of Parcom and Mississippi Ventures 
Target: HEMA B.V. 
Seller: HEMA Bondholders 

Involved firms and advisors buy side: 
Quore Capital (M&A advisory and debt), ING (M&A Advisory), Allen & Overy (Legal Advisory Corporate/M&A), Clifford Chance (Legal Advisory Corporate/M&A), Mississippi Ventures (Private Equity Management), Parcom Capital (Private Equity Management) 
Involved firms  and  advisors  target: 
Involved firms and advisors sell side: 
Moelis & Company (M&A Advisory), Van Doorne (Legal Advisory Corporate/M&A), De Brauw Blackstone Westbroek (Legal Advisory Corporate/M&A and Tax Advisory), PwC (Financial Due Diligence and Tax Advisory) 


Brief description deal / Deal outline 

The acquisition of all shares in HEMA B.V. by a consortium consisting of Parcom and Mississippi Ventures, the investment vehicle of the Van Eerd family (from Jumbo Supermarkten). 

Why should this deal win the Award for Best Deal 2021? 
Hema is one of the best known brands in the Netherlands with a large group of true fans amidst its customers. HEMA has been part of Dutch shopping streets since 1926. The transaction was essential for HEMA to, after a challenging period, return to a healthy financial situation with decreased debt levels. The transaction facilitates Hema’s future as a stable operating platform going forward with very supportive new long term owners. 

Deal rationale: 
The consortium found it important to secure HEMA’s position in its core markets with its existing customer proposition. The consortium seized the opportunity to prepare HEMA for a new phase, while retaining the special character of the brand and its people: the good price-quality ratio, the appealing atmosphere and the distinctive design. 

What is the impact of this deal on the company? 
HEMA employees have shown great resilience and perseverance in recent times. The transaction facilitates Hema’s future as a stable operating platform going forward and a return to a healthy financial situation with decreased debt levels. 

What is the impact of this deal on the direct stakeholders? 
The transaction is a win-win situation for the direct stakeholders. It ends a period of financial uncertainty, offered an attractive exit opportunity to the bond holders, creates the new shareholders to build further on the stable operating platform going forward. 

What is the impact of this deal on society? 
Everybody loves HEMA. HEMA is so much more than rookworsten and tompoucen. The transaction has reinforced the passionate link customers have with the HEMA brand and the calmer waters created by the transaction will undoubtedly build on that success. 

What was most complex about this deal? 
The complex shareholder and bondholder structure of HEMA created complexity to reach agreement on the terms of the transaction. The combination of repayments to bondholders and payment of consideration added an extra layer to the dynamics. 

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