Shearman & Sterling advised Equistone Partners Europe on the refinancing of GALA Kerzen and on the financing of the add-on acquisitions of Ramesh Flowers Pvt. Ltd., JuwelKerze JewelCandle GmbH and KORONA Candles S.A.
Ramesh Flowers is an India-based maker of scented potpourris, dried flowers and scented oils and candles. The company has production sites in India and California and supplies international retail chains in its target markets in Europe and the U.S. The deal represents the first purchase for Gala Kerzen since its acquisition by funds managed by Equistone in 2016. The acquisition will expand GALA Kerzen’s range of high-end scented and decorative products and enable the company to move into new markets outside Europe.
The Berlin-based company JewelCandle is a strongly positioned e-commerce retailer, selling scented candles with pieces of jewelry hidden inside them under the established brand names of JuwelKerze and JewelCandle. The acquisition of JewelCandle establishes a strong strategic partnership with digital and e-commerce capabilities. The founders of JewelCandle, Martin Werle and Marius Stolarski, will retain shares in the company as well as receive a significant interest in GALA Kerzen.
KORONA Candles S.A. occupies a leading position in the global market of candle production and simultaneously is one of the biggest scented candle manufacturers in Europe, as well as a supplier of its own brands (“private labels") for renowned international companies.
Equistone is one of the leading private equity investors in Europe and one of the most active in the German mid-cap market. Shearman & Sterling advised Equistone in 2016 on the financing of the acquisitions of GALA Kerzen and regularly advises Equistone on acquisition financings.