News & Analysis

Coller runs point on German water sports single asset

The mid-market deal is at least the second European single-asset transaction London-headquartered Coller Capital has done this month.

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EMERAM Capital Partners, an investor in medium-sized companies in the German-speaking region, is nearing the close of a continuation vehicle on an asset in its first formal fund.

The transaction, which will close Monday, Secondaries Investor understands, will see water sports and cycling company Boards & More lifted from the €350 million, 2013-vintage EMERAM Capital Partners Fund I and placed in a single-asset special purpose vehicle with LPs given the option to lock in returns or roll.

Coller Capital led the transaction and Cebile Capital, acquired by Raymond James earlier this year, advised EMERAM, according to the release SI has seen exclusively. Financial terms of the transaction were not disclosed.

This is at least the second single-asset transaction Coller has done this month, following the €1.25 billion lift-out of Wireless Logic, a UK-headquartered internet of things connectivity provider, from Montagu Private Equity‘s 2015-vintage Montagu V. That transaction, one of the biggest in Europe this year, was co-led by Coller and Hamilton Lane.

Of the $29 billion of GP-led deal volume in the first half of this year, about 45 percent was accounted for by single-asset continuation fund transactions, according to investment bank Jefferies.

In January, Coller closed Coller International Partners VIII, with committed capital (including co-investment vehicles) of just over $9 billion.

EMERAM, based in Munich, has more than €350 million in assets under management and invests primarily in technology/software, value-added services and new consumer staples sectors. Currently, its portfolio contains six platform investments.

Boards & More, established in 2000, is a provider of windsurfing, kitesurfing, wingfoiling and stand-up paddling equipment as well as a leading supplier of mountain bike accessories.

Since EMERAM came on board in 2013, Boards & More has increased its sales by 4x and almost doubled its workforce to 180. In addition, it has launched DUOTONE, a new kiteboarding brand to complement the existing Fanatic and ION brands.