Financial services provider KKR remains invested in vending machine operator Selecta for the time being
The private equity company KKR currently sees no immediate need to part with its investment in the Swiss vending machine operator Selecta. In the long term, an IPO of Selecta remains an option.
30.07.2024, 07:58
SDA
"Selecta has two outstanding managers who we have known for many years: CEO Christian Schmitz and Chairman of the Board of Directors Joe Plumeri. They have done a great job of getting sales growing again," said Scott Nuttall, Co-CEO of KKR, in an interview with "Finanz und Wirtschaft" (online).
The company struggled with high debt and liquidity shortages during the corona pandemic, mainly because people traveled 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'll 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 consider this when it feels that a large part of the value creation that could 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, 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 anticipate that this company will have a number of opportunities to realize the value that the team is creating," he added.
