TRACK RECORD & CREDENTIALS

• Crasner Capital has a long running track record of delivering value for clients in some of the world’s most challenging markets, across various sectors and transaction types.
• Consumer and industrials businesses, particularly those with a wider purpose, have become a key sector focus for Crasner Capital, given our skill base and the preferences of our investor contacts.
• We specialise in the art of fostering partnerships and, uniquely relative to other investment banks, we draw on a substantial network of family office investors.
• The team currently has two mandates in the wider consumer sector in Africa, neither of which represent any conflict but both of which have presented opportunities to further interact with potential investors in Pearl, including private family offices, private equity and (to a lesser extent) strategics.

• A key executive at Crasner Capital led the preparation for sale and the subsequent sale processes for Fonterra’s China Farms businesses for a combined total of USD 510m. Fonterra’s wholly owned China farms were sold for USD 395m to Yili, China’s largest dairy operator. Farms owned in joint venture with Abbott Nutrition were sold separately for USD 115m to AustAsia.
• The process included ~six months in China preparing the business for sale and assessing a potential partnership to merge farms with a local operator, a partnership which would have created the largest farming business in China.

• Soprole S.A is made up of the largest dairy consumer brands in Chile, as well as Prolesur, one of the largest dairy processors in the southern cone region. It was sold in 2023 to Grupo Gloria, a regional conglomerate, for approx. USD 650m.
• A key Crasner Capital executive led this process on behalf of Fonterra, including a one year period of sale preparation based in Santiago, Chile. This included negotiation of key management incentives, sale of non-core assets, working capital improvement and general pre-sale business improvement initiatives.

• In 2023, Fonterra sold DPA, a Brazilian dairy processing and brands joint venture with Nestle for approximately USD 145m to Lactalis. DPA is one of the leading dairy umbrella brands in Brazil.
• A key Crasner executive supervised the DPA sale process on behalf of Fonterra.

• A key Crasner executive led the valuation, due diligence process and commercial negotiation on behalf of Fonterra for the purchase of a 20% stake in German consumer nutrition start-up Foodspring.
• 14 months later, Foodspring was sold to Mars Inc. for EUR 325m, and Fonterra exited its position alongside the original founders and shareholders. Initial investment: EUR 21m. Sale proceeds: EUR 62m.

• Inlaca is one of Venezuela’s largest milk processors and dairy brand owners. In 2019, Fonterra made the decision to exit its South American investments, starting with Inlaca.
• A key Crasner Capital executive led the sale process for Inlaca on behalf of Fonterra, which concluded in the sale of Fonterra’s share for USD 16m to Mirona, an international food business.

• Fonterra sold Tip Top, New Zealand’s number 1 ice cream manufacturer and brand, for ~USD 250m.
• A key Crasner executive supported the sale process of Tip Top, New Zealand’s largest ice cream manufacturer and seller, to Froneri, a joint venture between PAI Partners and Nestle.