Transaction

Clearwater advises the Honoré family, owners of Plantas Group A/S, on the partnership with Elkær Group and Lars Bay-Smidt

Transaction

Plantas Group A/S sold a minority stake to Elkær Group and Lars Bay-Smidt

Sell-side

Undisclosed

Role

Adviser to Plantas Group A/S on the sale of minority stakes to Elkær Group and Lars Bay-Smidt

Sector

Business Services

Region

Denmark

Clearwater has advised the Honoré family - owners, and operators of Plantas Group A/S - on the sale of minority stakes to family office Elkær Group and Lars Bay-Smidt. Plantas Group is one of Europe's largest wholesalers of plants and flowers, and supplies its products to supermarkets, florists, garden centers, kiosks and petrol stations. It employs 180 people and generated revenue of €112m (DKK 840m) and EBITDA of €4m (DKK 30m) in 2019/20.

The Honoré family has owned and operated Plantas since 2006, and through this transaction, the Group aims to strengthen the ownership structure to ensure future growth, new business opportunities and management succession.

In addition to his role as a co-owner, Lars Bay-Smidt will take over as the new CEO of Plantas Group. Lars Bay-Schmidt has vast operational experience within the industry and has been a member of Plantas Group’s board for the past six years. Michael Honoré joins as chairman of the board after several years as CEO of the company.

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Clearwater have been very professional and provided highly supportive advice during the process. The team has supported us in a broad range of areas and are experienced in the various processes involved. The Clearwater team were always available, well-prepared and an important sparring partner to help us reach this successful outcome. We are very pleased with their role in the process and would recommend them as an adviser to others.

Michael Honoré, Chairman of the Board, Plantas Group
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With the new ownership structure, Plantas Group has ensured a strong growth journey and facilitated a future generational change. We are proud to have contributed to a process in which three parties, with a common set of values came together with a Danish company which has a strong heritage. The commitment from a family office with long-term involvement, as well as industry expertise with buy-in from an existing board member, is precisely the future-proof solution that the Honoré family was looking for. We often advise Danish companies with a strong historic foundation, that a partnership with a family office can form a strong basis for a generational change in a unique partnership model.

John Jensen, Partner, Clearwater

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