ABOUT US

Cælum means “chisel” in Latin, and it was formerly known as Caelum Sculptorium (“the engravers’ chisel”). It is representative of Cælum Capital's focus on active and hands-on investing, crafting the best value out of each of our investments.

We are a specialist independent sponsor focused on investments in the global beverages sector, across both alcoholic and non-alcoholic beverage segments. Our deep industry experience and network provides the Firm with proprietary deal flow, and the team intends to focus on those opportunities with potential for transformational growth and value creation.

THE TEAM

Core Team

Cælum Capital and its advisory board have over 100 years of operational, investment and brand-building experience in the global beverages sector, with a particular focus on alcoholic beverages and spirits.

The core team has a combination of transaction experience and operational expertise within the beverage sector. The team also has a global network in the beverages sector which provides a competitive advantage in originating unique investment opportunities in the sector and executing on value creation initiatives across operating assets.

Manish Rungta

Founder & Managing Partner

Manish has extensive transaction and investment experience in the beverage sector across multiple markets and beverages segments - both alcoholic & non-alcoholic. In his previous role, he was Managing Director at Duet Private Equity (a London-based middle market private equity firm with significant focus on the beverage sector) and involved with sourcing, execution, portfolio management and exit planning of private equity investments. Before that he was a member of the Global M&A team at Diageo, one of the largest alcoholic beverage companies in the world and led acquisitions, disposals, negotiated third party distribution agreements and strategic joint ventures in the beverage sector. Manish holds an MBA from INSEAD and is based in London, United Kingdom.

Mark Eames

Partner – Value Creation

Mark has extensive strategic, operational and financial planning experience within the beverage sector. As an entrepreneur, Mark found and led an independent management consulting firm for over 13 years with core focus on strategic planning and operational improvements for businesses in the beverage sector. Before that he held senior planning and operational roles at SAB Miller, a British multinational brewing and beverage company, for 11 years. Mark's experience spans multiple geographies and beverage segments. Some of his core areas of expertise are commercial due diligence, strategy formulation, route to market development, business planning, new business launches, and the implementation of systems and processes. Mark has a BSc in Engineering from the University of the Witwatersrand and is based in the United Kingdom.

Chris LaPierre

Senior Associate

Chris has several years of transaction and investment experience across multiple sectors and geographies. In his prior role, Chris helped manage the acquisition strategy for Aptiv PLC (a $15 billion multinational technology firm) where he led sourcing, due diligence, deal structuring, negotiations, closing, and integration. Before that, Chris was an associate at Bronson Point Management, a US-based hedge fund, and an analyst at Bank of America Merrill Lynch where he covered the consumer discretionary and consumer staples sectors. Chris was the captain of the men’s lacrosse team at the University of Virginia where he won the 2011 National Championship. He holds an MBA from the University of Oxford and is based in London, United Kingdom.

Shalini Bansal

Financial Controller

Shalini manages the accounting, operations and control functions at Cælum Capital and also supports portfolio companies on their finance functions. Shalini has several years of experience in accounting, operations and auditing. Prior to Cælum Capital, she was the Group Financial Controller at UK based private equity firm Epic Investment Partners, where she handled the administration and Group accounts for 19 companies. Before that, she was an external statutory auditor with EY for 8 years.

Shalini is a qualified UK accountant with an ACCA and holds a management degree with IIM Ahmedabad.

THE TEAM

Industry Advisors

The Founder and the Industry Advisors have a long standing relationship. The Industry Advisors have decades of experience within the beverage industry in leadership positions. They bring a multi-faceted expertise across functional areas including, finance, strategy, production (operations) and transactions. In addition, their deep sector networks increase access to proprietary investment opportunities. The Industry Advisors also have experience in negotiating and executing global beverage sector transactions of about $20 billion in enterprise value and greatly add to the knowledge base of the Cælum Capital team

Alan Rutherford, OBE
  • 53 years experience in beverages production
  • Involved in scotch production since 1975
  • One of the foremost industry experts in scotch production and valuation
  • President of the Malt Distillers Association of Scotland
  • Served for 10 years on the Council of the Scotch Whisky Association
Philip Jenkins
  • 25 years’ experience in beverages sector (Diageo, Scottish & Newcastle)
  • Member of Diageo Finance Leadership Team
  • Finance Director, Diageo Africa, Turkey, CEE
  • M&A Director, Diageo Group, Asia Pacific and Africa
  • Senior Advisor to McKinsey
Rudolfo Ruiz
  • 50 years’ experience of which 42 years in beverage sector on the sales and distribution side
  • 25 years in Bacardi and served as treasurer, CFO, CEO – USA and CEO – Asia/Pacific
  • 17 years as Executive Vice President at Southern Wine & Spirits (the largest alcohol distributor in USA)
  • Currently Managing Director at Park Street Companies (the largest alcoholic beverages importer in USA)

STRATEGY

Beverages Sector

Global beverages sector is a $2 trillion industry, within which exists a sizable and ever-expanding flow of niche investment opportunities:

  • Strong and stable fundamentals, attractive financial characteristics underpinned by some of the world’s strongest consumer brands
  • Significant growth segments driven by powerful consumer trends
  • Presence of large highly-acquisitive buyers in every subsegment creates an active M&A market to drive exits
  • Has demonstrated strong and sustainable growth with attractive margins. There is significant deal flow as a result of constant innovation and portfolio churn by both trans-national and multi-national companies

STRATEGY

Investment Criteria

Cælum Capital provides investors with the unique opportunity to invest in a high growth, global CPG subcategory alongside sector specialists. These criteria guide investment decisions:

  • Revenue: USD 10 – 50m
  • EBITDA: Negative – USD 50m
  • Equity Investment: USD 50 – 200m
  • Majority control only
  • Differentiated brands / products with defensible niches
  • Europe and North America focus with opportunistic investments in emerging markets

STRATEGY

Investment Targets

Corporate Carveouts

  • Non-core brands that have the scope for both geographic/portfolio expansion by enhancing operational focus and resource allocation

Privately-owned businesses requiring new investment and expertise

  • Standalone businesses with an existing brand portfolio ready to expand with new capital and industry knowledge
  • Branded businesses with advantaged route to market and the need for capital and professionalization

VALUE CREATION LEVERS

Deal-by-deal strategy will reinforce a methodical approach to identifying differentiated brands and companies with the most upside, as well as provide the flexibility to structure each investment to meet investor requirements.

Levers Impact Detail
Geographic Expansion Revenue Driver Introduce underinvested brands into new markets
Differentiated Route to Market Revenue Driver Optimize distribution, utilizing the best channels to create maximum visibility and drive retail presence
Portfolio Development Revenue Driver Build innovation pipeline to drive new liquids, packaging and SKU extensions creating new consumer occasions
Brand Building and Premiumization Margin Expansion Bring beverage brand building expertise to smaller brands with strong potential
Technical Expertise Cost Optimization Access to world class beverage production experts to optimize supply chain and drive cost efficiency
Financial Discipline Cost Optimization Operating improvements and discipline, including areas of pricing, stock management and working capital
Build Management Team Leadership Development Access industry networks to recruit best management talent

CONTACT

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CÆLUM CAPITAL LIMITED
3 Shortlands
London
W6 8DA

Email: contact@caelumcap.co.uk

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