Investments

2016 has been a successful year in terms of new investments. Triodos Organic Growth Fund was able to complete three new investments for a total amount of EUR 13.5 million. The fund also made one divestment, as described below.

Fund data, December 31, 2016
 

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Total assets

EUR 40,639,031

Net assets

EUR 37,435,533

Portfolio value

EUR 28,956,793

Number of equity investments

5

Number of countries

4

 

 

Asset allocation (% of fund’s total assets),
December 31, 2016

Asset allocation (% of fund’s total assets) (pie chart)

As of April 2016, Triodos Organic Growth Fund is a shareholder in Naturfrisk Group Holding AS, a Danish producer of organic soft drinks, juices, beers and distilled spirits. Naturfrisk is amongst the first in the beverage industry to offer an organic alternative to consumers. The investment helps the company to maintain its independence and to realise its growth plans and ambitions.

In July 2016, Triodos Organic Growth Fund invested in Swedish company Naty AB. Naty was founded by Marlene Sandberg in 1994 to offer an alternative for disposable diapers and reduce the vast amount of waste that they generate. The investment supports Naty in consolidating its shareholder base.

As of September 2016, Triodos Organic Growth Fund is a shareholder in the Dutch company Organic Assistance BV. Organic Assistance is 100% owner of DO-IT BV, a Dutch company that buys organic products from farmers – predominantly in developing countries – and sells them throughout Europe. The investment supports DO-IT in its ambition to considerably increase its offering of organic products and improve the position of local farmers.

In November 2016, Triodos Organic Growth Fund sold its stake in Triaz Group GmbH, the German mail-order and on-line retailer in which the fund invested in June 2014. Contrary to earlier joint intentions to enter into a long-term partnership, Triaz sought to convert its shareholding into a new governance structure called a ‘purpose company’. One of the main features of a purpose company is that full (voting) rights remain with its management, while shareholder rights are restricted to limited financial returns with no voting or other rights. As this governance structure does not fit in with Triodos Organic Growth Fund’s goal of engaging in a strategic partnership with its investees, the fund decided not to take part in such restructuring and to sell its stake. Negotiations resulted in an agreed sale price of EUR 5.4 million, which, including dividends received and excluding deal costs, resulted in a realised IRR of 5.5% on the investment. The fund considers this return to be acceptable given the circumstances.

The investment in Triaz was structured via the German holding entity of Triodos Organic Growth Fund. As the proceeds of the sale were still in the German holding entity as at December 31, 2016, the proceeds are still reflected as an equity investment at fund level for accounting purposes.

Previously, in February 2014, Triodos Organic Growth Fund invested in Danish company Aarstiderne AS (Danish for ‘the Seasons’).

Aarstiderne is an organic Danish meal box company that delivers a variety of healthy organic meal options and fruit and vegetable boxes to 55,000 households on a weekly basis. The company is a truly inspiring frontrunner in the European organic food sector. Given the long-term investment horizon of Triodos Organic Growth Fund, the fund should be able to help Aarstiderne grow in a healthy manner in the coming years. The deal structure includes an earn-out mechanism for the founder, reflecting the growth expectations for the company, while ensuring a fair entry price for the fund.

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