Monthly Archives: June 2017

HgCapital leads $5.3bn buyout of Visma, Europe’s largest ever software buyout

  • HgCapital leads the largest ever European software buyout in a transaction valued at NOK45bn / £4.2bn / $5.3bn
  • HgCapital led the buying investor group and will ultimately represent 41% of Visma equity as a result of this transaction; significant minority investors are Cinven, GIC, Montagu and ICG alongside management who will retain a 7% stake in the business
  • HgCapital led the public-to-private investment in Visma in 2006 and has been a key shareholder for 11 years, increasing its ownership in both 2014 and now in 2017

29 June 2017: HgCapital has today announced a further investment into Visma Group Holdings (“Visma”), a leading provider of business-critical software to SMBs in the Nordic and Benelux region. HgCapital will invest a further £238 million, in addition to its current holding, valuing the total business at an enterprise value of NOK45 billion (£4.2 billion, US$5.3 billion), making this the largest ever software buyout in Europe and one of the top 5 globally.

HgCapital will be the lead investor in the new transaction structure, representing 41% of the equity, alongside GIC, Singapore’s sovereign wealth fund, Montagu and ICG, who will hold minority stakes. Following this transaction, KKR will have realised its entire stake in the business, with Cinven separately retaining a shareholding of c. 17% in Visma. GIC, Montagu and ICG are all committing direct capital to the business, which continues to demonstrate the ability of Visma to attract world-class institutional investor support to help drive the future growth of the business.

This group is collectively acquiring 100% of KKR’s stake in Visma and 40% of Cinven’s shareholding as part of their exit process; investing a total of c. £1.4 billion of equity as part of the transaction. Completion is subject to regulatory approval.

This transaction values HgCapital ‘s 2014 investment in Visma at 2.4x original cost / c. 36% gross IRR in NOK, after less than three years of ownership.

In 2002, HgCapital’s TMT team identified regulatory-driven, subscription-based software as an attractive sub-sector with scope for considerable growth over the following decade.  HgCapital has made more than twelve investments in the regulatory-driven software space over the last fifteen years and more than 150 bolt-on acquisitions over this same period.  In total HgCapital has made 37 software TMT investments and over 200 bolt-on software acquisitions since 2002, making the firm comfortably the most active European TMT investor over this period.

HgCapital initially invested £101 million in Visma in 2006 (through the firm’s HgCapital 5 fund), completing a public-to-private de-listing from the Oslo stock exchange valuing the business at £382m at that time. HgCapital subsequently continued to hold a stake in the business and supported Visma’s continued growth over the next eight years, before re-investing again in 2014 (through its HgCapital 7 Fund), alongside both KKR and Cinven.

Visma gives investors ongoing exposure to a leading provider of mission critical accounting, resource planning and payroll software to small and medium-sized enterprises as well as the public sector in the Nordic region. HgCapital has known Visma and its management team since 2004 and will continue to support the business going forward in order to grow revenues both organically and through acquisitions.

HgCapital will continue to work with Visma’s management in the ongoing transition of the company’s software products to Software as a Service (“SaaS”).  Visma is one of the leading SaaS providers to SMB’s and the public sector in Europe, with the potential to accelerate this growth both through organic investment and further bolt-on acquisitions.

Producent van software voor (online) boekhouden, voorraadhoudende groothandel, projectadministratie, urenregistratie, accountancy, relatiebeheer en HRM- en salarisadministratie

Visma’s performance over the eleven years since 2006 has been consistently strong, growing both revenues, profit, employee numbers and research and development investment every year including throughout the financial crisis, Visma’s revenues grew from NOK1.6 billion in 2006 to NOK7.9 billion in 2016, a compound annual growth rate of 17%; EBITDA increased from NOK240 million in 2006 to NOK1.9 billion in 2016, (CAGR of 23%). Separately, the company has also completed more than 120 bolt-on acquisitions over the same period and improved operating margins from 15% to 25%.

“We have been incredibly fortunate to partner with Øystein Moan, CEO of Visma, and his exceptional management team over the last 11 years. They and we have an exciting vision for the business which sees us delivering an ever-increasing number of products and services to our millions of happy customers” said Nic Humphries, Senior Partner and Head of the TMT team at HgCapital.

Øystein Moan, CEO of Visma commented “With KKR now realising their holding after 7 years of investment in Visma, the management team appreciates our long-term investor HgCapital, increasing their holding in the business to 41%. KKR have been good owners of Visma and the company has enjoyed strong growth under their guidance. With deep sector knowledge, HgCapital has made a significant contribution to the development of Visma since 2006, and we look forward to working together towards pan-European expansion and transformation to a pure cloud computing company together with Cinven, GIC, Montagu and ICG. This global network and access to capital will be important when developing and growing Visma over the coming years.”

HgCapital and the buying investor group were advised on this transaction by Arma Partners, Lazard, Deloitte, Skadden, White & Case and Bain & Co.

 

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Bregal Unternehmerkapital is to acquire gabo Systemtechnik GmbH

Bregal unternehmerkapital

Bregal Unternehmerkapital is to acquire gabo Systemtechnik GmbH

Munich / Niederwinkling – Funds advised by Bregal Unternehmerkapital („Bregal Unternehmerkapital“) are to acquire a majority stake in gabo Systemtechnik GmbH, a specialist in innovative micro duct systems for telecommunication companies and network providers. Bregal Unternehmerkapital plans to continue the successful path together with the management team through a continued focus on internationalization, sales activities and development of new products.

gabo Systemtechnik, based in Niederwinkling/Bavaria, employs about 150 people and currently predominantly operates in Germany, Austria, Italy and Belgium. The company develops, produces and distributes micro duct systems to major European telecommunication companies as well as local fibre network operators and municipalities. Its array of products comprises more than 800 pipes, fittings and sealing elements which can individually be combined. The company has been recording significant and sustainable growth for many years.

About Bregal Unternehmerkapital

Bregal Unternehmerkapital is part of COFRA Holding (www.cofraholding.com), a family-owned business that has been built up over generations. Its investment activity is based on long-term commitment and independent of developments in the financial markets. Bregal Unternehmerkapital identifies companies, with strong management teams, that are regarded as market leaders or “hidden champions” in their particular segment. Flexible financing and transaction structures enable it to acquire both minority and majority stakes. In doing so, Bregal Unternehmerkapital is also able to handle complex industry spin-offs, management buy-outs and succession situations. Bregal Unternehmerkapital aims to help companies achieve a sustained improvement in sales and profitability, and provides them with capital, proven financial expertise and access to a broad network of entrepreneurs and industry experts. Further information: www.bregal.de/en

Pressekontakt

IRA WÜLFING KOMMUNIKATION GmbH
Dr. Reinhard Saller
Ohmstraße 1, D-80802 München
Tel. +49 89 2000 30-30,
E-Mail bregal@wuelfing-kommunikation.de
www.wuelfing-kommunikation.de

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Lasalle and Ardian acquire EUROPA, A 26,500 SQ M. building in Levallois, PARIS

    LaSalle Investment Management Logo

Paris, June 28, 2017

– LaSalle Investment Management (“LaSalle”), the global real estate investment manager, and Ardian, the independent private equity investment company, have acquired the Europa building in Levallois, one of the major business districts in the West of Paris. This has been acquired from Lagardère, the French media group, as a joint venture on behalf of the two pan-European funds. This is the first acquisition made by Ardian Real Estate in France.

Europa is a striking office building with a 180 met re-long façade on a prime street in Levallois, and is located right by the metro station ‘Pont de Levallois’, making the centre of Paris easily accessible.

Built in 1993, Europa is a 26,500 sq m. eight-store y headquarters-style building, offering flexible floor plates of 2,700 sq m., underground parking, numerous in-house services, gardens and terraces.

The building will be subject to a complete refurbishment after the departure of the Lagardère Group, with the aim of redeveloping it as a Grade A building, in line with the highest international building standards.

 

ABOUT LASALLE INVESTMENT MANAGEMENT

LaSalle Investment Management is one of the world’s

leading real estate investment managers with approximately $58 billion of private and public equity and private debt investments under management (as of Q1 2017). LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Inc. (NYSE: JLL), one of the world’s largest real estate companies.

 

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Cinven completes acquisition of CHRYSO

Cinven has today completed the acquisition of CHRYSO, a global specialty chemicals group for construction materials.

Cinven’s Industrials and French teams identified CHRYSO as a compelling investment opportunity based on the Group’s strong market position in an attractive industry segment; its successful track record of acquiring and integrating businesses; and its excellent innovation capabilities. CHRYSO is well positioned to benefit from the growing infrastructure spends in emerging countries, as well as housing market recovery in Europe and the US.

CHRYSO represents the 4th investment from The Sixth Cinven Fund.

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Kinnevik intends to sell its remaining stake in Lazada for USD 115 million

Kinnevik

In view of announcements made by other parties involved, Kinnevik AB (publ) (“Kinnevik”) today announced that it intends to sell its remaining 3.6% stake in Lazada Group S.A. (“Lazada”) to Alibaba Group Holding Limited (“Alibaba”) for a gross consideration of USD 115m.

Founded in 2012, Lazada is the one-stop eCommerce gateway for local and international sellers and brands to the consumers in six distinct Southeast Asian markets: Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

In April 2016, Kinnevik sold slightly less than half of its shares in Lazada to Alibaba for a gross consideration of USD 57m as part of a larger transaction where Alibaba became Lazada’s controlling shareholder. The 2016 transaction equated to a post-money equity valuation of USD 2.0bn for Lazada. In connection with the transaction, Kinnevik and other shareholders entered into a put-call arrangement with Alibaba, giving Alibaba the right to purchase, and the shareholders the right to collectively sell, the remaining stakes at fair market value within 12 to 18 months post closing of the transaction.

The intended sale of Kinnevik’s remaining 3.6% stake in Lazada for USD 115m equates to an implied valuation of USD 3.15bn for Lazada. The transaction implies a SEK 327m, or 47%, uplift versus Kinnevik’s recorded fair value per 31 March 2017. In total, Kinnevik’s investment of SEK 503m in Lazada is expected to result in a gain of SEK 933m, a cash-on-cash multiple of 2.9x and an IRR of 33%, as at 27 June 2017.

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)8 562 000 83
Mobile +46 (0)70 762 00 83

Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to build the digital consumer businesses that provide more and better choice. We do this by working in partnership with talented founders and management teams to create, invest in and lead fast growing businesses in developed and emerging markets. We believe in delivering both shareholder and social value by building well governed companies that contribute positively to society. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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KRY, the Swedish video-based healthcare provider, announces €20m Series A investment

KRY (kry.se), the Swedish digital health startup that makes healthcare more accessible and convenient through on-demand video consultations, today announces a €20m ($23m) Series A funding round led by global venture capital firm Accel with participation from existing investors Index Ventures, Creandum, and Project A. Index led KRY’s Seed round in 2016.

KRY will use the funding to deepen penetration in current markets, launch in new markets, and reach its goal of providing sustainable healthcare with equal access for everyone in Europe. As part of the investment, Sonali de Rycker, who led Accel’s investments in Spotify and Avito, will join KRY’s board.

KRY reduces pressure on highly strained healthcare systems, by offering a more accessible and convenient digital consultation service. KRY estimates that with existing technology, 90% of all primary care visits can be transferred online in future, with the service currently capable of handling 60% of the 100 most common diagnoses in primary healthcare. By using KRY, patients who do not need a physical examination can see a doctor faster, while time at a physical clinic is freed up for those who are most in need of in-person care. Additionally, KRY increases accessibility for those who may have difficulties travelling to a clinic due to long distances, waiting times, mental/physical disability, or language barriers. In contrast to other telemedicine companies, KRY is not built for the healthcare industry, with the company focussing on customer service and experience.

Johannes Schildt, KRY CEO and co-founder, comments: “KRY is built by patients, for patients. Our main priority is always to build a service that allow patients equal access to healthcare on their own terms. We welcome Accel who share a great ambition for healthcare to be revolutionised across Europe.”

Sonali de Rycker, Partner at Accel, adds: “KRY brings tremendous efficiencies and cost savings to the healthcare system while providing much needed access to timely healthcare for consumers. We are thrilled to back Johannes and the KRY team, who have already achieved impressive growth in Sweden, Norway and Spain in a short period of time.”

How KRY works

Stockholm-based KRY is Sweden’s first ever digital medical centre, allowing patients to have a video consultation with a KRY-employed healthcare professional via their mobile phone or tablet, rather than a physical appointment. KRY, which launched in 2015, serves more than 1% of all primary healthcare in Sweden, employing over 200 doctors. KRY is also available in Norway and Spain.

Patients can download the KRY app – available on iOS and Android – and select a suitable time for a video-based doctor’s appointment. Prior to the appointment, the patient describes their symptoms in writing, uploads relevant pictures, and responds to symptom-specific questions. At the scheduled time, the doctor calls the patient through the app to start the video consultation. During the video call,  patients may receive prescriptions for medication, advice, referral to a specialist, or lab or home tests with a follow-up appointment. Prescribed medication and home tests can then be delivered straight to the patient’s home within two hours.

KRY’s video conferences cost 250 Swedish Krona (around £25/$31) per session.

Societal impact

By 2025, Sweden aims to be a world leader in e-health facilities, making it easier for people to receive a good and equal provision of care. However, as with most European welfare states, Sweden’s healthcare system is currently struggling with staggering costs, strained resources, as well as unequal and decreasing access for patients, leaving vulnerable groups behind. KRY aims to play a central role in meeting current and future needs for patients and healthcare professionals, and while the service currently complements primary healthcare, in the future it will act as a viable substitute. Had they not had access to the service, 93% of KRY’s patients would have been in need of a physical appointment.

About KRY

Founded in 2014 by Johannes Schildt, Fredrik Jung-Abbou, Josefin Landgård, and Joachim Hedenius, KRY aims to provide around-the-clock healthcare for patients all over the world, reducing the pressure on traditional healthcare providers.

KRY, which has more than 100,000 users across Sweden, Norway, and Spain, is an approved healthcare provider, with its doctors all subject to the industry standard rules and regulations. KRY has hundreds of doctors available to connect with patients seven days a week. In August 2016 KRY raised €6.1 million seed funding, which helped the company launch in Norway and Spain and secure key hires.

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Norvestor invests in NetNordic

Norvestor

Norvestor VII, L.P. (“Norvestor”), a fund managed by Norvestor Equity AS, has signed an agreement to invest in NetNordic (“The Company”). Following the acquisition, Norvestor will become the largest shareholder in NetNordic with approximately 75% of the shares whilst the management and employees will hold the
remaining 25%.

NetNordic is one of the largest independent System Integrators in the Nordics with a leading position within communications solutions networks and security. The Company was established in 2001
and has experienced strong growth over the last few years
through organic initiatives and acquisitions. NetNordic partners include technology leading industry vendors like Juniper, Huawei, Nokia, Microsoft, Mitel, Palo Alto, Arbor and Avaya.

NetNordic delivers solutions and services for Unified Communication(i.e. integrated secure enterprise communication solutions including video, mobile, conferencing and contact centers), network security and network management, WiFi-as-a-service and tailor made system integration for its customers.
Nordic customers include LME , public administration,
municipalities, operators and service providers which all view
NetNordic ́s services as a critical component of their business.

“We are proud of what we have accomplished and foresee strong
Growth opportunities ahead of us.
In Norvestor we have found a partner with a proven track record and experience from our business which will contribute both to expand our business and to explore new opportunities. We are extremely happy about this new partnership and are confident that this will allow us to deliver even better and broader solutions, services and customer experiences in the future”, says Jarl Øverby, Group CEO of NetNordic.

“We’re excited to include NetNordic in our portfolio. It’s a company
that has shown strong growth with a highly skilled management and
organization. We are impressed by the ircompetence and the industrial platform they have built. The market fundamentals give NetNordic growth opportunities and we look forward to contributing to further development and success. We also aim to participate in consolidating a fragmented Nordic system integrator market, making NetNordic an ideal match for
Norvestor”, says Christian Sontum, Partner at Norvestor Equity and Chairman designate in NetNordic Holding.

“NetNordic has been a very special and successful journey for us since we entered as a venture investor back in 2007 when the company was fairly young. It is therefore both with pride and humility we now leave the majority ownership to Norvestor. We are confident in their future together and wish Norvestor and the NetNordic team all the best in continued growth by providing the utmost customer focus and highest industry standard”, says Tor Øystein Repstad, Managing Director in Agder Energi Venture.

Contact persons:
Jarl Øverby, CEO of NetNordic Group,
jarl.overby@netnordic.com, tel. +4798217009.
Christian Sontum, Partner of Norvestor Equity AS,
christian.sontum@norvestor.com, tel. +47 99153698
Tor Øystein Repstad, CEO of Agder Energi Venture AS,
tor.oystein.repstad@ae.no, tel. +47 90696862

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Ardian Acquires stake in T2O Media

Paris, 27 June 2017

– Ardian, the independent private equity company,today announces its acquisition of a minority stake in T2O media, the leading independent digital media agency in Spain.

Founded in 2004 by current CEO Oscar Alonso and CIO Tomas Hernandez, T2O media has cemented its status as Spain’s premier independent digital agency. In addition to its original locations in Madrid and Barcelona, the company has opened offices in Milan, Trento, Mexico City and, most recently, Houston, which it opened in 2016. The agency’s clients include top-tier Spanish companies active in the travel industry, including Barceló Hotel Group, Bahia Principe and Palladium, as well as financial institutions, such as Aegon, Axa and Unicredit.

Óscar Alonso, CEO of T2O media, said: ‘After acquiring Webperformance in Italy and opening our new office in the United States, we wanted to continue this development phase with support from a leading partner which understands the dynamics of our market and is capable of helping us seize opportunities. Given its expertise in the sector and its track record, Ardian Growth was the natural choice as the partner to work with us.’ In addition to the network and expertise Ardian can provide to support growing companies, this partnership will help the management team consolidate its position in Southern Europe and underwrite its ambitions of helping advertisers reach Spanish-speaking markets in Mexico and the United States. In this rapidly expanding industry, T2O media is one of the few independent agencies to have successfullypenetrated the Mexican market while at the same time drawing on its digital expertise to attract North American clients.

Bertrand Schapiro, Senior Investment Manager at Ardian Growth, added: ‘In the constantly evolving agency market, T2O media has cemented its leading position in Spain. The team has the reputation and the ambition to become a top international player for brands looking to reach the Spanish-speaking market in Europe and LATAM.’

Geoffroy de La Grandière, Director of Ardian Growth, added: ‘After making several investments in Italy,our first push into Spain solidifies our positioning as a premier growth equity player in France and Southern Europe.’

ABOUT T2O MEDIA

T2O media is a Digital Media Agency founded in 2004,that designs and manages marketing and communication strategies with a results orientated approach (Paid, Owned, Earned Media, relying always on Technology). His team has achieved important awards: T2O media has been named National Champion in the UKTI Innovation category by the Europeans Business Awards 2016 and is one of the first companies in the world to have obtained the title of DoubleClick Certified Marketing Partner. Currently has permanent offices in Europe, LATAM and US, where is the partner of major brands. Its clients include Barceló Hotel Group, Honda, Unicredit, José Cuervo, Movistar, Nextel and AXA insurance.

ABOUT ARDIAN

Ardian, founded in 1996 and led by Dominique Senequier, is an independent private equity company with assets of US$62bn managed or advised in Europe, North America and Asia. The company, which is majority- owned by its employees, keeps entrepreneurship at its heart and delivers investment performance to its global investors while fuelling growth in economies across the world. Ardian’s investment process embodies three values: excellence, loyalty and entrepreneurship. Ardian maintains a truly global network, with more than 450 employees working through twelve offices in Paris, London, Frankfurt, Milan, Madrid, Zurich, New York, San Francisco, Beijing, Singapore, Jersey, Luxembourg. The company offers its 580 investors a diversified choice of funds covering the full range of asset classes, including Ardian Funds of Funds (primary, early secondary and secondary), Ardian Private Debt, Ardian Buyout (including Ardian Mid Cap Buyout Europe & North America, Ardian Expansion, Ardian Growth and Ardian Co-Investment), Ardian Infrastructure, Ardian Real Estate and Ardian Mandates.

 

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FSN Capital V acquires a majority stake in Holmbergs Safety System

FSN Capital V (“FSN Capital”) has signed an agreement to acquire a majority stake in Holmbergs Safety System Holding AB (“Holmbergs”, the “Company”), a leading global supplier of mission critical safety systems to the child safety seat industry. Existing management and current owners will re-invest alongside FSN Capital and continue to own a material stake in the Company.

The Company has shown strong performance in recent years and established a global platform for continued expansion and holds a reputation for leading quality and engineering capabilities. The underlying child safety seat market is fast-growing and supported by favourable structural growth drivers such as stricter safety regulations and increased safety awareness.

Holmbergs is a joint global market leader in the fast-growing niche market of safety products and systems to the child safety seat industry. During the twelve months period ending on 30th April 2017 Holmbergs reported sales of SEK 316m and the Company has generated an organic sales CAGR of 18.5% 2014-2016. In partnership with FSN Capital, Holmbergs aspires to reinforce its strong market position and further accelerate international growth, primarily in Asia. Additionally, the Company intends to grow its adjacent secured transportation business, through both organic and inorganic initiatives.

“We are impressed by Holmbergs’ development over the last years and we are excited about the Company’s significant organic and inorganic growth potential. Holmbergs’ position as a market leader in a global niche market, supported by strong structural growth drivers, represents an attractive investment opportunity for FSN Capital and we are eager to support Holmbergs’ management team in the Company’s next growth journey”, says Marcus Egelstig, Principal at FSN Capital AB, acting as adviser to FSN Capital.

“It has been an exciting journey since I joined Holmbergs in 2008. We have successfully created a strong operational footprint with a joint leading position in all key markets and have consistently enjoyed double-digit growth with increasing profitability. We are recognized by our customers as a quality supplier in a market with strong underlying growth and is eager to continue the development together with our new principal owner FSN Capital”, says Anders Sandell, CEO of Holmbergs.

“The board is very proud of what the management team has achieved with the Company. Holmbergs has performed extremely well in all core markets and introduced new products, won new customers and continues to drive innovation forward. With a clear strategy for continued profitable growth, I am excited to continue to work with the Company under the FSN Capital ownership”, says Mikael Hägg, Chairman of the Board of Holmbergs.

FSN Capital was advised by White & Case, EY and Bain & Company. Financing is provided by Danske Bank.

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Georgi Ganev appointed CEO of Kinnevik

Kinnevik

Kinnevik AB (publ) (“Kinnevik”) today announced that it has appointed Georgi Ganev as its Chief Executive Office with effect from 1 January 2018.

Chairman of the Board of Kinnevik, Tom Boardman, commented:

“In Georgi Ganev, Kinnevik will have a CEO with a keen appreciation of Kinnevik’s strategy, our markets and our companies. Georgi combines a successful track record as a CEO, taking a fast-growing digital e-commerce company public, with a solid experience from the Nordic TMT sector. I am very pleased that he has accepted the position as CEO of Kinnevik in our next phase of identifying, scaling and transforming businesses to continue to create value for our shareholders.”

Georgi Ganev commented:

“I am proud and excited to become the CEO of Kinnevik. Having started my career at Tele2, I know that Kinnevik has a unique culture and capability as a business builder. Using my operational experience that I have gained across relevant sectors I will focus on unlocking further value from Kinnevik and its portfolio companies. I also look forward to working with the Kinnevik team and the broader network of founders, boards and management teams to continue to grow the digital investment business.”

Georgi Ganev joins Kinnevik from Dustin where he has served as CEO since 2012. He is also a board member of Tele2 since 2016. Prior to Dustin Georgi was CMO at Telenor Sweden AB between 2010-2012 and CEO of Bredbandsbolaget AB 2007-2010. Between 2002 and 2007, Georgi worked within the Kinnevik Group as Sales & Marketing Director and Product Manager at Tele2. Georgi holds a MSc in Engineering in Information Technology from Uppsala University.

Joakim Andersson will remain Acting CEO of Kinnevik until Georgi Ganev assumes the position as CEO on 1 January 2018.

 

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