Global investment firm takes controlling interest in Hunter Douglas

The Sonnenberg family will continue to hold a 25% interest in Hunter Douglas, pro forma for the new capital structure. The board of directors of Hunter Douglas, represented only by its independent directors, unanimously supports the transaction.

It has entered into a separate agreement with 3G Capital and Ralph Sonnenberg to facilitate and secure a cash exit for all minority shareholders based on the same price per ordinary share (€175) implying an enterprise value of approximately US$7.1 billion.

“3G Capital has deep respect for Hunter Douglas, its diverse portfolio of brands and the steadfast leadership of the Sonnenberg family over three generations. We are honoured to be partnering with the Sonnenberg family and to work with Hunter Douglas’ management team on the company’s next phase of global expansion,” said Daniel Schwartz, Co-Managing Partner and Alex Behring, Co-Founder and Co-Managing Partner of 3G Capital. 

“Our team at 3G Capital has deep experience building consumer branded businesses over a long-term horizon, and we look forward to investing in Hunter Douglas to continue to strengthen its brands and further its expansion.” 

“Hunter Douglas’ strong market position is the product of its specialised expertise built over the past century. We are committed to preserving this expertise by empowering and supporting Hunter Douglas’ leadership and partnering closely with Hunter Douglas’ exceptional team of founders and entrepreneurial managers and unrivalled network of dealers and fabricators.” 

Current Hunter Douglas Group Co-President and Co-CEO, David Sonnenberg will transition to Executive Chairman of the Board of Directors of the Hunter Douglas Group after the closing of the transaction. He will continue to be highly involved in the day-to-day business and business strategy, tapping into his 30 years of knowledge and active experience in the company. 

“We look forward to partnering with 3G Capital in the next chapter of Hunter Douglas’ history. As owner-operators with a long-term investment horizon and significant experience operating global branded businesses alongside founding families, 3G Capital is a dynamic steward to continue the legacy of Hunter Douglas,” David Sonnenberg, Hunter Douglas, said. 

“As a private enterprise, Hunter Douglas will have the opportunity to advance and expand our business while preserving the family-led culture and strong relationships with stakeholders which have been core to our success.” 

João Castro Neves, a Senior Partner at 3G Capital, is expected to serve as Hunter Douglas Group CEO upon completion of the transaction. João Castro Neves has significant experience in consumer-facing companies growing global and local brands in both emerging and developed markets, and working closely with a network of independent wholesalers to better serve customers and consumers, including as CEO of Anheuser-Busch and North America Zone President of Anheuser-Busch InBev from January 2015 to December 2017. João Castro Neves is a Board Member of Kraft Heinz and Restaurant Brands International. 

The transaction is subject to only limited conditions including anti-trust approvals and is not subject to any financing or material adverse effect condition. An extraordinary general meeting of Hunter Douglas’ shareholders will be convened in connection with the transaction to adopt, among other things, certain resolutions relating to the asset sale. 

Window Furnishings Australia is unable to establish at this early stage how the transaction would affect the local manufacturing arm of Hunter Douglas and its Australian subsidiaries.

Hunter Douglas has its head office in Rotterdam, the Netherlands, and a management office in Lucerne, Switzerland. The Group is comprised of 136 companies with 47 manufacturing and 89 assembly operations in more than 100 countries. Hunter Douglas employs about 23,000 people and had sales in the first nine months of 2021 of USD 3.4 billion.