Decision Nº M/13/031 from Competition and Consumer Protection Commission, 2013-11-29

• Jurisdiction: Ireland
• Parties: R Griggs Group Limited,Permira Holdings Limited
• Date: 29 November 2013
• Decision Date: 29 November 2013
• Decision Number: M/13/031
• Court: Commissioner for Environmental Information

Merger Notification No. M/13/031 – Permira / R Griggs

DETERMINATION OF MERGER NOTIFICATION M/13/031 -

Permira / R Griggs

Section 21 of the Competition Act 2002

Proposed acquisition by Permira Holdings Limited / R Griggs Group

Limited

Dated 29 November 2013

Introduction

1. On 6 November 2013, in accordance with section 18 of the

Competition Act 2002 (“the Act”), the Competition Authority (“the

Authority”) received a notification of a proposed acquisition whereby

Permira Holdings Limited (“Permira”), through IngreLux S.à r.l., would

acquire sole control of R Griggs Group Limited (“Griggs”).

Permira

2. Permira is a European private equi ty firm with global operati ons.

Permira operates out of offices in Frankfurt, London, Milan and Paris.

Its funds, raised from pension funds and other institutions, make long-

term investments. Permira’s team s advise funds with a total

committed capital of approximately €[…].

3. Permira will acquire sole control of Griggs vi a a special purpose vehicle,

IngreLux S.à.r.l, established for the purposes of the proposed

transaction.

1

The acquisition will be made via a number of companies

ultimately owned and controlled by Ingrelux S.à r.l.

2

4. Permira’s global portfolio includes controlling interests in companies in

various sectors including clothing and fashion, financial services,

healthcare, chemicals, travel services and technology, media and

telecommunications.

5. On the island of Ireland, Permira is active, through a number of its

portfolio companies, in various sectors including clothing and fashion

retailing, insurance services, frozen food retailing and medical device

manufacturing.

3

The only companies in Permira’s portfolio that are

active in the same sector as Griggs are New Look and Hug o Boss.

6. For the 2012 financial year, Permira had a worldwide turnover of €[…]

billion and a turnover in the State of €[…] million.

4

1

IngreLux S.à r.l. is controlled by Permira V Fund which itself is controlled by Permira.

2

Doc Bidco Limited will acquire the entire issued share capital of Griggs. Doc Bidco is wholly

owned by Doc Midco Limited, which is wholly owned by Doc Debtco Limited, which is wholly

owned by Doc Topco Limited, which in turn is wholly owned by IngreLux S.àr.l.

3

These include: AA Ireland Limited, Ancestry Creganna-Tactx Medical, Freescale Semiconductor

Inc, Hugo Boss, Iglo Group (through its Birds Eye Brand) and New Look.

4

Permira turnover is calculated as the sum of the turnover of Permira Fund portfolio companies.

These companies have differing financial years and hence Permira’s turnover figure is updated on

an ongoing basis.