Lemann Fund buys multinational blinds for $7 billion

RIO – Investment fund 3G Capital, which includes Jorge Paulo Lehmann among its founders, has agreed to acquire a controlling stake in Dutch curtain and blinds manufacturer Hunter Douglas for approximately US$7.1 billion.

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Famous for its investments in the food and beverage sector through companies such as Kraft Heinz3G Capital, founded by Lemann, Marcel Telles and Carlos Alberto Sicupira, will buy a 75% stake in Hunter Douglas for $198 (175 euros) per share.

This is a 73% premium over last Thursday’s closing price, the last day of trading on some exchanges around the world.

Hunter Douglas employs about 23,000 people in 100 countries, according to its website. In addition to Luxaflex, it manufactures shutters of the Duette and Silhouette brands and architectural products such as motorized blinds and sliding blinds.

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Ralph Sonnenberg, whose father founded a window covering maker more than 100 years ago and who owns 93.6% of the stock, accepted the offer.

After the deal, the Sonnenberg family will own 25% of the company’s share capital and David Sonnenberg will take over the role of CEO, succeeding his 87-year-old father, Ralph Sonnenberg.

said David Sonnenberg, who is now co-CEO of Inc.

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The statement said Joao Castro Neves, senior partner at 3G Capital, is expected to serve as CEO. Neves is also a consultant at Kraft Heinz.

The deal was priced at a premium of 64% over an all-time high of €106.40 reached on September 8 this year.

Sonnenbergs offered €82 a share in May to go public with the company, but the proposal failed to garner sufficient shareholder support.

Credit Suisse Group AG advised the Sonnenberg family. 3G Capital was advised by Lazard Ltd. and J.P. Morgan Chase & Co. and Morgan Stanley.

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Consumer Product Purchases

The billionaire founders of New York-based 3G Capital have orchestrated some of the largest acquisitions of consumer products.

In 2015, 3G Capital partnered with Berkshire Hathaway Inc, owned by US investor Warren Buffett, to create Kraft Heinz, having previously merged fast food chains Burger King and Tim Hortons in 2014 in a US dollar deal. 11 billion to form international restaurants brands.

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She pioneered the Budweiser Anheuser-Busch InBev brewery, which helped become the world’s largest brewery through a series of major mergers.

Panorama CBN 03 Photo: Arte