KKR remains invested in vending machine operator Selecta for the time being
Published: Tuesday, Jul 30th 2024, 08:10
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The private equity company KKR currently sees no immediate need to part with its stake in the Swiss vending machine operator Selecta. In the long term, an IPO of Selecta remains an option.
"Selecta has two outstanding managers who we have known for many years: CEO Christian Schmitz and Chairman Joe Plumeri. They have done a great job in getting sales growing again," said Scott Nuttall, Co-CEO of KKR, in an interview with "Finanz und Wirtschaft" (online).
During the coronavirus pandemic, the company struggled with high debts and liquidity bottlenecks, mainly because people were traveling less and offices remained empty. Despite these challenges, Nuttall is optimistic: "If you create value, you have options for a later exit. But we are still developing the full potential of the business, so an exit is not imminent."
When asked whether KKR is actively looking for a buyer for Selecta, Nuttall replied: "Not at the moment, but we will see what happens over time." An IPO is also a possibility, but remains in limbo for the time being: "We are always looking at all options for how we can exit. This is usually an IPO or a strategic buyer."
KKR will think about it when it feels that a lot of the value creation that can be achieved has already taken place. "But at the moment we are still in value creation mode," said Nuttall.
Other Swiss companies
In addition to Selecta, KKR is also invested in other companies with a connection to Switzerland, including Biosynth, Get Your Guide, Scout24, SoftwareOne and the German company Wella (with holding headquarters in Geneva since 2020). Wella is also on the list of potential IPOs.
Business is going well and KKR is very satisfied with the management team led by Annie Young-Scrivner and the value created. However, there is not yet a concrete plan for an IPO. "I can't anticipate any plans for an IPO, but we expect that this company will have a number of opportunities to realize the value that the team is creating," he added.
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