Daniel Shvartsman

3G Capital acquires a leading manufacturer of windows coverings, according to Investing.com Hunter Douglas In a deal that was announced yesterday afternoon by NV (AS),

The global investing firm will pay €175/share for Hunter Douglas’s shares, buying out minority shareholders as well as the Sonnenberg family, which owned 88% of the company. In the agreement, 25% of the business will remain in the hands of the Sonnenbergs.

Hunter Douglas shareholders have ended a turbulent, but profitable year. The Sonnenberg family had attempted to buy out minority shareholders at €64/share in a deal announced last December. Due to shareholder appeals about what was perceived as an opportunistic, lowball offer, the family raised the bid to €82 in a tender deal. The tender deal was rejected by shareholders as only 1.8% were offered. Therefore, the Sonnenberg family withdrew their offer.

Hunter Douglas saw a rise in global sales, and its first nine month of 2021 produced 23% more than 2019. It also experienced an 81% increase of EBITDA, and a 106% growth in net income. This highlights the entrepreneurial nature of the Sonnenbergs.

3G Capital is announcing this deal for the first time since 2015’s merger of Kraft Foods with Heinz. It was once highly respected for its zero-based budgeting philosophy, as well as for working with Warren Buffett in several deals, including Kraft Heinz (NASDAQ ). However, its reputation has suffered since Kraft Heinz, Anheuser Busch (BR:) (NV ADR (NYSE :), and other of its businesses, have struggled to pay their dividends, experienced slow growth and debt over the last five years. The firm also has came under fireUnilever failed to take over Unilever.

3G Capital’s offer was 73% higher than yesterday’s closing. This deal should close during Q1 2022. João Castro Neves, a senior partner at 3G, will assume the role of CEO after the merger.