Decision Nº M/11/007 from Competition and Consumer Protection Commission, 2011-03-11

• Jurisdiction: Ireland
• Parties: Oaktree Management, L.P.,Beluga Group GmbH
• Date: 11 March 2011
• Decision Number: M/11/007
• Decision Date: 11 March 2011
• Court: Commissioner for Environmental Information

Merger Notification No. M/11/007 – Oaktree/Beluga

DETERMINATION OF MERGER NOTIFICATION M/11/007 -

OAKTREE/BELUGA

Section 21 of the Competition Act 2002

Proposed acquisition by Oaktree Management L.P. of sole control of

Beluga Group

Dated 11 March 2011

Introduction

1. On 1 March 2011, in ac cordance with section 18 of the Competition Act

2002, the Competition Authority (the “Authority”) received a

notification of a proposed acquisition whereby Oaktree Management

L.P. (“Oaktree”) would acquire sole control of Beluga G roup (“Beluga”).

Beluga is currently jointly controlled by Oaktree and Mr. Niels

Stolberg.

1

2. As a result of the proposed acquisition, Oaktree will acquire […]% of

the total share capital of Beluga. Mr. Stolber g will own the remainin g

[…]% of t he total share capital of Beluga. Follow ing completion of the

proposed acquisition, Oaktree will solely contro l Beluga.

The Undertakings Involved

Oaktree

3. Oaktree is an investment management firm whose core activity

focuses on investments in specialised private equity, distressed debt,

high yield a nd convertible bonds, emerging market and Japanese

securities, rea l estate, and mezzanine finance. Oaktree’s investments

are in a variety of industries including packaging, manufacturing,

healthcare, clothing, travel, real estate, exploration and mining, food,

telecommunications, media and entertainment. Eight of Oaktree’s

portfolio companies are active in the State.

2

4. Oaktree’s worldwide tu rnover for the financial year ending 31

March

2009 was €[…]. Oaktr ee’s turnove r in the State for the financial year

ending 31

March 2009 was €[…].

Beluga

1

The Authority approved the proposed acquisition by Oaktree and Mr. Stolberg of joint control of

Beluga on 23 August 2010 (M/10/025).

2

The eight portfolio companies are engaged in the following activities: the manufacture of flexible

packaging; the production of ice cream; the supply of cartons, labels and leaflets; the

manufacture and distribution of products used in concrete construction and masonry construction;

the design, manufacture and marketing of three commercial carpet brands; the design,

manufacture, distribution, marketing and installation of complete lines of consoles, enclosures

and furniture for data centers, control rooms, and network operation centers; the production and

sale of aluminum rolled and extruded products, recycled aluminum, and specification alloys; and,

the manufacture of packaging and tubing products serving primarily the food, healthcare and

consumer markets.