<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------
SCHEDULE 13D
UNDER THE SECURITIES ACT OF 1934
(Amendment No. ___)
The Cronos Group
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Shares, par value $2.00 per share
- -------------------------------------------------------------------------------
(Title of Class of Securities)
L20708 10 0
- -------------------------------------------------------------------------------
(CUSIP Number)
David S. Richter
Waveland Capital Management, L.P.
333 West Wacker Drive
Chicago, Illinois 60606
(312) 739-2138
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 2, 1998
- -------------------------------------------------------------------------------
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1 (b) (3) or (4), check the following box / /
<PAGE>
CUSIP NO.: L20708-10-0 13D
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S IDENTIFICATION NOS. OF ABOVE PERSONS
Waveland Partners, L.P.
___________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_)
(b) ( )
___________________________________________________________________________
3 SEC USE ONLY
4 SOURCE OF FUNDS WC
___________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) (_)
___________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
___________________________________________________________________________
7 SOLE VOTING POWER
_______________________________________________________________
NUMBER OF 8 SHARED VOTING POWER
SHARES 454,500
BENEFICIALLY_______________________________________________________________
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING _______________________________________________________________
PERSON 10 SHARED DISPOSITIVE POWER
454,500
___________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
454,500 Common Shares
___________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_)
___________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.1%
___________________________________________________________________________
14 TYPE OF REPORTING PERSON
PN
Page 2 of 9 Pages
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CUSIP NO.: L20708 10 0 13D
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S IDENTIFICATION NOS. OF ABOVE PERSONS
Waveland Capital Management, L.P.
___________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_)
(b) ( )
___________________________________________________________________________
3 SEC USE ONLY
4 SOURCE OF FUNDS WC
___________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) (_)
___________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
___________________________________________________________________________
7 SOLE VOTING POWER
_______________________________________________________________
NUMBER OF 8 SHARED VOTING POWER
SHARES 454,500
BENEFICIALLY_______________________________________________________________
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING _______________________________________________________________
PERSON 10 SHARED DISPOSITIVE POWER
454,500
___________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
454,500 Common Shares
___________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_)
___________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.1%
___________________________________________________________________________
14 TYPE OF REPORTING PERSON
PN
Page 3 of 9 Pages
<PAGE>
CUSIP NO.: L20708 10 0 13D
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S IDENTIFICATION NOS. OF ABOVE PERSONS
Clincher Capital Corporation
___________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_)
(b) (_)
___________________________________________________________________________
3 SEC USE ONLY
4 SOURCE OF FUNDS WC
___________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) (_)
___________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
___________________________________________________________________________
7 SOLE VOTING POWER
_______________________________________________________________
NUMBER OF 8 SHARED VOTING POWER
SHARES 454,500
BENEFICIALLY_______________________________________________________________
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING _______________________________________________________________
PERSON 10 SHARED DISPOSITIVE POWER
454,500
___________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
454,500 Common Shares
___________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_)
___________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.1%
___________________________________________________________________________
14 TYPE OF REPORTING PERSON
CO
Page 4 of 9 Pages
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ITEM 1. SECURITY AND ISSUER.
The class of equity securities to which this statement relates is the
common shares, par value $2.00 per share (the "Common Shares") of The Cronos
Group, a limited liability company (societe anonyme) organized under the laws of
Luxembourg (the "Issuer") with its principal executive office located at
Winkfield Lane, Winkfield Windsor, Berkshire SL4 4RU, England.
ITEM 2. IDENTITY AND BACKGROUND.
This statement is being filed by Waveland Partners, L.P., an Illinois
limited partnership ("Waveland"), Waveland Capital Management, L.P., an Illinois
limited partnership ("Waveland Capital") and Clincher Capital Corporation, an
Illinois corporation ("Clincher" and together with Waveland and Waveland
Capital, the "reporting persons").
The reporting persons have their principal offices at 333 West Wacker
Drive, Suite 1600, Chicago, Illinois 60606. Clincher's principal business is as
the general partner of Waveland Capital. Waveland Capital's principal business
is as the general partner of Waveland. Waveland is a private investment
partnership whose primary activities include investments in marketable
securities and private investments.
(a) -- (c) The names, principal occupation or employment and the name,
and, except where such information is provided elsewhere herein, the principal
business and address of any organization in which such employment is conducted
of each officer and director of Clincher is set forth below. Unless otherwise
indicated below, each of the following persons is a United States citizen and
the business address of each of the following persons is c/o Clincher Capital
Corporation, 333 West Wacker Drive, Suite 1600, Chicago, Illinois 60606.
<TABLE>
<CAPTION>
Name Principal Occupation or Employment
- ---- ----------------------------------
<S> <C>
David S. Richter Director, President, Secretary and Treasurer, Clincher
Capital Corporation.
Stephen J. Malkin Director and Chairman of the Board, Clincher Capital
Corporation.
Michael J. Sacks Director and Chief Executive Officer, Clincher Capital
Corporation.
</TABLE>
Page 5 of 9 Pages
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Paul A. Meister Vice President and Assistant Secretary, Clincher
Capital Corporation.
</TABLE>
(d) During the last five years, none of the persons identified in this
Item 2 has been convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors).
(e) During the last five years, none of the persons identified in this
Item 2 has been a party to a civil proceeding of a judicial or administrative
body of competent jurisdiction and as a result of such proceeding was or is
subject to a judgment, decree or final order enjoining future violations or, or
prohibiting or mandating activities subject to Federal or State securities laws
or finding any violation with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The working capital of Waveland is the source of funds used in making
purchases of Common Shares.
ITEM 4. PURPOSE OF TRANSACTION.
The acquisition of Common Shares reported herein is for investment
purposes. The reporting persons routinely monitor the performance of their
investments, including their investment in the Issuer. In this connection,
the reporting persons intend to continuously evaluate the Issuer's business,
financial condition, operating results, capital structure, management, stock
market performance, competitive outlook and other relevant factors. As part
of such evaluations, the reporting persons may seek the views of, hold
discussions with and respond to inquiries from representatives of the Issuer
and other persons regarding the Issuer's affairs. Depending on such
evaluations, the reporting persons may, at any time and from time to time,
purchase additional Common Shares or may dispose of any and all Common Shares
held by them. In the interest of maximizing shareholder value, the reporting
persons may from time to time develop plans respecting, or propose changes
in, the management, policies, operations, capital structure or business of
the Issuer. Such plans or proposals may include or relate to one or more of
the transactions specified in subparagraphs (a) through (j) of Item 4 of
Schedule 13D, including, without limitation, acquisitions or dispositions of
one or more businesses, business combinations involving the Issuer, changes
in the Issuer's board of directors or management, changes in the Issuer's
capitalization, actions respecting anti-takeover measures, or changes in the
Issuer's compensation or dividend policies. Notwithstanding the foregoing,
the reporting persons have no current plan or proposal which relates to, or
would result in, any of the actions enumerated in subparagraphs (a) through
(j) of Item 4 of Schedule 13D.
Page 6 of 9 Pages
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ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) Waveland has acquired 454,500 Common Shares representing approximately
5.1% of the Common Shares outstanding as of December 31, 1996 (as reported in
the Issuer's Annual Report on Form 20-F for the fiscal year ended December 31,
1996).
(b) Each of the reporting persons may be deemed to share beneficial
ownership of the Common Shares acquired by Waveland.
(c) In the past 60 days, Waveland effected the following open market
purchases of Common Shares:
Page 7 of 9 Pages
<PAGE>
<TABLE>
<CAPTION>
Number of
Common
Date Shares Acquired Price Per Share
- ---- --------------- ---------------
<S> <C> <C>
12/02/97 20,000 $ 5.876
12/16/97 75,000 $ 4.875
12/17/97 17,500 $ 4.876
12/22/97 13,000 $ 5.627
12/23/97 56,000 $ 5.375
12/24/97 6,000 $ 4.804
12/30/97 25,000 $ 4.626
02/02/98 15,000 $ 6.114
</TABLE>
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
<TABLE>
<CAPTION>
Exhibit
Number Description
- ------ -----------
<S> <C>
99.1 Joint Filing Agreement
</TABLE>
Page 8 of 9 Pages
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 10, 1998
WAVELAND PARTNERS, L.P.
By: Waveland Capital Management, L.P.
Its: General Partner
By: Clincher Capital Corporation
Its: General Partner
By:/s/ David S. Richter
--------------------------
David S. Richter, President
WAVELAND CAPITAL MANAGEMENT, L.P.
By: Clincher Capital Corporation
Its: General Partner
By:/s/ David S. Richter
--------------------------
David S. Richter, President
CLINCHER CAPITAL CORPORATION
By:/s/ David S. Richter
--------------------------
David S. Richter, President
<PAGE>
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act of
1934, as amended, each of the persons named below agrees to the joint filing
of a Statement on Schedule 13D (including amendments thereto) with respect to
the Common Shares, par value $2.00 per share of The Cronos Group, a limited
liability company (societe anonyme) organized under the laws of Luxembourg,
and further agrees that this Joint Filing Agreement be included as an exhibit
to such filings provided that, as contemplated by Section 13d-1(f)(l)(ii), no
person shall be responsible for the completeness or accuracy of the
information concerning the other persons making the filing, unless such
person knows or has reason to believe that such information is inaccurate.
This Joint Filing may be executed in any number of counterparts, all of which
together shall constitute one and the same instrument.
Dated: February 10, 1998
WAVELAND PARTNERS, L.P.
By: Waveland Capital Management, L.P.
Its: General Partner
By: Clincher Capital Corporation
Its: General Partner
By:/s/ David S. Richter
--------------------------
David S. Richter, President
WAVELAND CAPITAL MANAGEMENT, L.P.
By: Clincher Capital Corporation
Its: General Partner
By:/s/ David S. Richter
--------------------------
David S. Richter, President
CLINCHER CAPITAL CORPORATION
By:/s/ David S. Richter
--------------------------
David S. Richter, President
