Phi Industrial announces closing of a €287m Phi Continuation Fund I

Phi Industrial announces closing of a €287m Phi Continuation Fund I led by Hollyport Capital, with Kline Hill Partners as Co-Underwriter

• Hollyport Capital provided an anchor commitment as lead investor alongside Kline Hill as co-underwriter, complemented by meaningful support from existing investors, new institutional investors and an investment from Phi Fund III
• €61m of new commitments were raised to support the growth of BlueSun

Madrid, March 12th – Phi Industrial (“Phi”), a specialist industrial operationally-focused private equity firm, is pleased to announce that Phi Fund II (“Phi Fund II”) has successfully closed its divestment of BlueSun Holdco S.L. (“BlueSun” or “the Company”) following a competitive auction process, to a newly formed continuation fund vehicle, Phi Continuation Fund I SCSp SICAV-RAIF (“Phi CF I” or “the Continuation Fund”), that will be managed by Phi.

This transaction will allow Phi, as well as the BlueSun management team, to continue growing the business over its next ownership cycle, with the benefit of €61m of new capital to execute on a highly attractive M&A pipeline in Europe.

BlueSun is a best-in-class, market-leading manufacturer and brand manager of household care products, operating a 3-in-1 business model through its branded business, contract manufacturing, and private label verticals, which give BlueSun positive exposure to structural trends in household care while retaining the attractive characteristics of the branded business at its core. Under Phi’s ownership, the company has grown considerably becoming a clear leader in its market through organic growth and highly strategic proprietary acquisitions of non-core brands for large multi-nationals.

Phi CF I was led by Hollyport Capital, a global secondary investor with over $5bn in assets under management and a focus on acquiring legacy private equity assets. Kline Hill Partners, the co-underwriter, is a global investment firm with over $5.4bn in assets under management specializing in the private equity secondary market. The transaction was further supported by other institutional investors acting as syndicates, and by Phi’s team committing significant capital through both a large GP commitment and a meaningful flagship fund investment, in alignment with both new and re-investing investors. All existing investors had the option of re-investing into Phi CF I or receiving full or partial liquidity.

Phi was advised by Evercore, Kirkland & Ellis and Tribeca Abogados on the creation and closing of the Continuation Fund.

About Phi Industrial

Phi is a leading operational fund in Spain, where it began operating in 2006. Since then, it has acquired more than 30 companies, focusing on active management and ensuring the viability of businesses facing profitability challenges or those considered non-strategic by their shareholders. To achieve this, Phi has a dedicated operations task force with extensive experience in handling complex operational situations.