Grand Cayman – Vita Group is now part of Strategic Value Partners (SVP Global), a privately-owned investment company.
Vita Cayman, the holding company which ultimately owns Vita Group, was purchased on 10 May 2018 for an undisclosed sum.
The Vita Group CEO, Jon Cheele, said: 'This is an new and exciting partnership. We look forward to working with the team from SVP Global and continuing to serve our customers.'
He added: 'SVP Global will help Vita Group to grow our business through maintaining and developing customer partnerships.'
Victor Kosla, SVP CIO said: 'We will be working with the management to support Vita's strategy and look forward to a close collaboration with its teams across all the Vita sites.'
SVP Global made a cash offer to buy Vita Cayman, and notified the EC of its plan in early March. The EC approved it on 3 April 2018.
SVP is privately owned. It manages hedge funds and private equity funds. The European Commission approved the merger because there is no link between Vita Group and any of Strategic Value Partners’ other companies.
SVP said it focuses on ‘deep-value opportunities, where we typically take an active role’. The company added that this could be ‘by driving the strategic and operational direction of companies’.
Vita Group’s previous majority owner was TPG. This is also a private equity fund.