Carnegie acted as exclusive financial adviser to Verdane in connection with its voluntary public tender offer to all shareholders in Re-Match, de-listing and additional funding. The investment and additional funding comprise five tranches with gross proceeds of up to DKK 235 where the first two, comprising DKK 50m are ensured, the third (DKK 25m) is subject to completion of the public tender offer, the fourth (85m) is subject to achievement of certain milestones and the fifth (DKK 75m) is at discretion. Of the DKK 235m, up to DKK 175m is committed by Verdane and up to DKK 60m is committed by, the existing shareholder, Nordic Alpha Partners.
Re-Match is an artificial turf recycler headquartered in Herning, Denmark, where the Company also operates its first factory while the second, larger factory is located in the Netherlands. The Company’s patented recycling process enables artificial turfs to be disposed in a sustainable way. Re-Match sources worn-out artificial turfs, for which the Company is paid a gatefee. The Company then processes the turfs through its mechanical recycling process and subsequently sells the clean recycled output materials back to turf producers, installers as well as other industries – ready to be used in new production cycles.
Verdane is a specialist growth investment firm that partners with tech-enabled and sustainable European businesses to help them reach the next stage of international growth. Verdane can invest as a minority or majority investor, either in single companies or through portfolios of companies. Verdane funds hold over EUR 4.5 billion in total commitments and have made over 140 investments in fast-growing businesses since 2003. Verdane’s team of over 140 investment professionals and operating experts, based out of Berlin,