Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERG ER-REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 13.9.2018  
C(2018 ) 6051 final  
PUBLIC VERSION  
 
To the notifying parties  
 
Subject : Case M .9035 — Charlesbank /Partners Group /H-Food Holdings  
Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) 
No 139/20041 and Article 57 of the Agreement on the European Economic Area2  
Dear Sir or Madam,  
1. On 22 August  2018 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the undertakings 
Charlesbank Capital Partners, LLC (‘Charlesbank’, U.S.A.) and Partners Group AG 
(‘Partners Group’, Switzerland)  acquire within the meaning of Article 3(1)(b) and 
Article  3(4) of the Merger Regulation joint control over the whole of the und ertaking H-
Food Holdings, LLC (‘Hearthside’, U.S.A.)  by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for Charlesbank : a private equity investment firm  focusing on management -led 
buyouts and growth capital financing  and also engaging in opportunistic credit 
investments. Its portfolio includes companies active in a wide range of sectors such as 
business services and education, consumer, energy, financial services, healthcare, 
industrial services and distribution, tech nology, media or telecommunications,  
 for Partners Group : a global private markets investment management company 
focusing on private equity, private real estate, private infrastructure and private debt. 
Hearthside, which is solely controlled by affiliates o f Partners Group, is active as a 
contract food manufacturer for food brands and food companies. Hearthside is also 
active in the field of contract food packaging and contract food packaging equipment.  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the 'Merger Regulation '). With effect from 1 December 2009,  the Treaty on the 
Functioning of the European Union ( 'TFEU ') has introduced certain changes, such as the replacement of 
'Community ' by 'Union ' and 'common market ' by 'internal market '. The terminology of the TFEU will be used 
throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the 'EEA Agreement '). 
3  Publication in the Official Journal of the European Union No C 303, 29.8.2018, p. 20. 

2 3. After examination of the notification, the European Com mission has concluded that the 
notified operation falls within the scope of the Merger  Regulation  and of par agraph 5 (c) of 
the Commission Notice on a simplified procedure for treatment of certain concentrations 
under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European Commission 
has decided not to oppose the notified operation and to declare it compatible with the 
internal market and with the EEA Agreement. This decision is adopted in applicat ion of 
Article 6(1)(b) of the Merger  Regulation  and Article 57 of the EEA Agreement . 
For the Commission  
 
(Signed)  
Johannes LAITENBERGER  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .