Dutch sun protection brand Luxaflex sells three quarters of its shares

The Dutch company Hunter Douglas, known for the sun protection brand Luxaflex, has been sold to the Brazilian-American investment company 3G. That’s what Hunter Douglas has on Friday announced. The company is valued at more than 6 billion euros, now that 3G has paid 175 euros per share.

Billionaire Sonnenberg family, which owned just over 93 percent of the company before the sale to 3G, will retain a quarter of the shares. Patriarch Ralph Sonnenberg (87) is stepping down as CEO of Hunter Douglas to make way for his son David. The Eindhovens Dagblad writes that Sonnenberg earlier this year tried to take the company off the stock exchange. That attempt failed, because minority shareholders were strongly opposed to the offer at 82 euros per share.

3G also plans to buy out the minority shareholders. The stock market was trading at EUR 101.40 per share on Thursday. The fact that 3G is willing to pay 175 euros for a share of Hunter Douglas may mean that this buyout attempt may well succeed. The company invests in large restaurant chains such as Burger King, but also food producer Kraft Heinz, which carries well-known brands such as Honig, De Ruijter and Karvan Cévitam.

Also read: Six striking things about the Dutch Luxaflex inventor