Tesi launches 150 million euro fund-of-funds

Investments in funds25.10.2017

Since 2009, the KRR fund-of-funds concept has accelerated the growth and internationalisation of 150 companies

Helsinki, Finland – Tesi, in co-operation with Finnish institutional investors Ilmarinen, Keva, VER, Elo, LähiTapiola and Fennia, has established a new fund-of-funds KRR III. Similarly to its predecessors, KRR III invests in Finnish venture capital and small buyout funds. Its total capital is 150 million euros.

”KRR is a great example of collaboration between Tesi and Finnish pension and insurance companies to ensure that Finnish companies are able to raise capital to grow on international markets. KRR plays a significant role in accelerating the growth of these companies,” says Mika Lintilä, Minister of Economic Affairs.

In 2009-2017, KRR I and KRR II invested in altogether 19 Finnish venture capital and small buyout funds. These funds have, to date, invested in roughly 150 companies generating a total turnover of 1,6 billion euros and employing 13 000 people. With KRR III in place, the number of portfolio companies will be more than 300.

“As a repeated investment vehicle, KRR III ensures the continuity of capital supply to selected risk capital funds in Finland. In addition to capital, these fund managers will bring their own expertise and networks to their portfolio companies,” comments Jan Sasse, CEO at Tesi.

“We are excited about participating in KRR III. For us, KRR provides an efficient way to participate in the growth of many companies through only one investment decision,” says Esko Torsti, Director at Ilmarinen. “This is a great way to combine profitable investments with a positive economic and societal impact,” points out Markus Pauli, Director at Keva.

For more information, please contact:

Jan Sasse, CEO, Tesi
Tel. +358 40 861 9151, e-mail: jan.sasse(at)tesi.fi


Tesi
(Finnish Industry Investment Ltd) is a venture capital and private equity company that accelerates companies’ success stories by investing in them directly and via funds. Tesi always invests together with other investors, providing them with access to high quality deal-flow in Finland. Our investments under management total 1 billion euros and we have altogether 723 companies in portfolio. www.tesi.fi / @TesiFII

 

Categories: News

Tags:

PAI Europe VI – PAI and bcIMC Acquisition of Refresco

PAI Partners

Paris, France / Victoria, British Columbia, Canada / Rotterdam, the Netherlands – 25 October 2017

A Consortium of PAI Partners SAS (“PAI”) and British Columbia Investment Management Corporation (“bcIMC”) to make a recommended offer of EUR 20 (cum dividend) in cash per ordinary share of Refresco (the “Offer Price”) for a consideration of EUR 1.623 billion.

The Offer Price represents a premium of approximately 22% to the average Refresco closing share price of EUR 16.37 since the announcement of the acquisition of Cott’s bottling activities (“Cott TB”) on 25 July 2017 (the “Average Share Price”) ; a premium of approximately 41% to the Refresco closing share price of EUR 14.21 on 5 April 2017 (the “April Share Price”) ; and an Enterprise Value to EBITDA multiple of approximately 8.5x post Cott TB synergies for the twelve-month period ending 30 June 2017.

The Consortium fully supports Refresco’s buy-and-build strategy going forward, including the completion of the Cott TB acquisition. Major shareholders and shareholding members of the Boards, holding in aggregate 26.5% of the total issued and outstanding shares, have committed to tender all their shares. The Consortium has committed financing in place, providing high deal certainty. Refresco’s Executive Board and Supervisory Board fully support and unanimously recommend the offer.

With reference to the press releases of Refresco Group N.V. on 3 October 2017 and 17 October 2017, PAI, bcIMC and Refresco today jointly announce that they have reached conditional agreement on a recommended, fully funded, public offer by a consortium of PAI and bcIMC, acting jointly through Sunshine Investments B.V. (“the Offeror” or the “Consortium”) for all the issued and outstanding ordinary shares of Refresco (the “Shares”) at an offer price of EUR 20 (cum dividend) in cash per Share (the “Offer”).

The Offer Price represents a premium of approximately 22% to the Average Share Price, a premium of approximately 41% to the April Share Price, and a premium of approximately 38% to the Refresco IPO price. The Offer Price values 100% of the Shares at EUR 1.623 billion and equates to an Enterprise Value of approximately EUR 3.3 billion, which implies an EBITDA multiple of 8.5x post Cott TB synergies for the twelve-month period ending 30 June 2017.
The Offer provides Refresco’s shareholders with a fair price for their Shares including an attractive premium. The Consortium has fully committed financing in place on a “certain funds” basis and has completed its due diligence, providing high deal certainty and facilitating a swift and efficient transaction process to completion.

Hans Roelofs, CEO of Refresco: “This Offer represents a fair value for our shareholders and is yet another milestone for the Company. The Consortium fully supports our strategy and with its track record, financial strength and understanding of our business, they can support the Company whilst we accelerate our growth plan going forward.

Obtaining a public listing in 2015 was a well-considered decision and it has brought the Company many opportunities. However, we have also grown and prospered under private equity ownership. Our ownership structure is never a goal in itself. Rather, our focus remains on being in an environment that allows us to continue executing our proven strategy of buy-and-build.

The first time PAI approached us was prior to our public listing in 2015. They have always been impressed by our business and performance, and the agreement reached today reflects the important steps Refresco has realised since the IPO. Our latest acquisition of Cott TB, creating the world’s largest independent bottler with leadership positions across Europe and North America, is a truly transformational acquisition right at the heart of our buy-and-build strategy.

We are convinced that this is a good transaction for the Company and all stakeholders involved and we therefore recommend our shareholders to accept the Offer. Our focus of growing alongside our customers in the markets where we currently operate and expanding geographically remains unchanged. I look forward to this new phase of private ownership, and for all our employees and customers to capitalize on the opportunities ahead of us.”

Frédéric Stévenin, Managing Partner, PAI: “Refresco is a high-quality business and an attractive consolidation platform in the beverage industry which we intend to fully support using PAI’s wealth of experience in the European food and beverage industry. We share the Refresco management team’s overall vision for the group and we are excited by the opportunity to work with them and the team at bcIMC to realise its potential.”

Jim Pittman, Senior Vice President, Private Equity at bcIMC: “bcIMC has followed Refresco with interest for several years. We feel its scale, global presence, and track record of growth are a good fit for our clients’ portfolios. We are keen to work with PAI, a long-term strategic partner, to support Refresco and management in the execution of its strategic plans over the coming years.”

Process and strategic rationale

In April of this year, Refresco announced that it was approached by PAI with a proposal for the acquisition of 100% of its shares for a consideration of EUR 1.4 billion. The Executive Board and the Supervisory Board (together the “Boards”) did not object to the strategic proposition of a take-private transaction, in particular, as PAI’s interest was principally based on Refresco’s successful buy-and-build strategy, which represented the most important condition for the Boards in considering any proposal. However, at that time, the Boards were of the opinion that the proposed terms and conditions did not reflect the value creation potential stemming from the intended acquisition of Cott TB. Refresco signed the acquisition agreement for Cott TB in July, which is intended to transform Refresco from a pan-European player into the world’s largest independent bottler with leadership positions across Europe and North America, annual turnover of EUR 3.6 billion and 59 production sites with combined production volumes of approximately 12 billion litres.

Over the past few months, there have been various interactions between Refresco and the Consortium. Since early August, the Consortium, as well as other parties, liaised with Refresco in relation to the equity raise that was planned as part of the financing of the Cott TB acquisition. This process confirmed and strengthened the Consortium’s interest in the Company, its operations and its management team. As a result, the Consortium submitted a revised offer on 3 October 2017 of EUR 19.75 per Share in cash (representing a consideration of EUR 1.6 billion), reflecting the progress and developments at Refresco since April.

After due and careful consideration, and interaction on a number of topics, including financial and non-financial conditions, Refresco entered into detailed negotiations with the Consortium. Throughout the process, the Boards of Refresco have met regularly to discuss developments of the process and make key decisions. The Boards of Refresco have received financial and legal advice and have given careful consideration to the strategic, financial and social aspects and consequences of the proposed transaction. On 24 October 2017, the parties reached conditional agreement on a final offer of EUR 20 (cum dividend) in cash per Share and including other terms and conditions that were acceptable to the Company.

The Consortium intends to fully support Refresco management’s existing buy-and-build strategy and would seek to provide access to its extensive network and relationships across the consumer goods sector globally for the Company’s benefit. The Consortium also intends to provide access to capital for the Company to accelerate its buy-and-build strategy, both in Europe and North America. The Consortium believes that the Company will play a prominent role in the consolidation and outsourcing trends of the beverage industry in Europe, North America and worldwide.

The Boards are of the opinion that the Offer Price fully reflects the value creation potential of the Company, including the recent Cott TB acquisition. Accepting the Offer now allows Refresco’s shareholders to realise the value potential immediately instead of over time, whilst eliminating the associated execution risk. Furthermore, it prevents the anticipated dilution from the equity issuance of EUR 200 million that was planned in connection with the financing of the acquisition of Cott TB. The Boards of Refresco believe that the Offer represents a fair price to the Refresco shareholders and is in the best interests of Refresco and all of its stakeholders.

Irrevocables and recommendation

Refresco’s major shareholders (Ferskur, 3i and Tamoa) and the shareholding members of the Boards, representing together 26.5% of the issued and outstanding ordinary shares, have entered into irrevocable undertakings to, subject to customary conditions, tender their Shares if the Offer is launched. The members of the Executive Board will reinvest a part of the proceeds of their tendered Shares in Refresco after the Offer.

In accordance with the applicable public offer rules, any information shared with these major shareholders about the Offer shall, if not published prior to the Offer Memorandum being made generally available, be included in the Offer Memorandum in respect of the Offer (if and when issued) and these major shareholders will tender their Shares on the same terms and conditions as the other shareholders.

In reaching its recommendation, the Boards have explicitly taken into account the interests of all stakeholders. The Offer provides high deal certainty, as the Consortium has completed its due diligence and has fully committed financing in place on a “certain funds” basis. This should also allow for swift execution, eliminating uncertainty and unnecessary distraction for the Company. The Consortium will support the Company in the execution of its successful buy-and-build strategy and is able to provide Refresco with expertise and access to capital in support of continued capital expenditures, investments and acquisitions. The Consortium will maintain the current company structure, headquarters, management and employee commitments. PAI and bcIMC respect Refresco’s culture of excellence, which requires highly talented employees and they also fully support the Company’s commitment to its customers.

J.P. Morgan Securities plc has issued a fairness opinion to the Executive Board and Supervisory Board of Refresco and Rabobank has issued a fairness opinion to the Supervisory Board of Refresco.

Taking all these considerations into account, both the Executive Board and the Supervisory Board fully support and unanimously recommend to Refresco shareholders to tender their Shares under the Offer, if and when made.

Categories: News

Tags:

DCLI to acquire TRAC Intermodal’s domestic chassis fleet

eqt

Direct ChassisLink Inc. (“DCLI”), acquired by EQT Infrastructure II in June 2016, is a leading provider of marine chassis and asset management services to the US intermodal industry. As a result of the acquisition, DCLI will own, lease or manage approximately 136,000 marine chassis, as well as approximately 80,000 domestic chassis, for a total chassis fleet of over 216,000. In addition, through its REZ-1 asset management platform, the company manages over 86,000 domestic intermodal containers for third parties.

After combining the businesses, customers will benefit from a single source for intermodal marine and domestic chassis leasing services through DCLI’s expanded national footprint now encompassing all major ports and railway terminals in the US, and with the benefits of operating on the REZ-1 asset management platform.

“DCLI’s operating expertise in chassis management creates a natural strategic fit with TRAC Intermodal’s domestic fleet. We strongly believe in DCLI and are excited to support the management team through its growth. This acquisition in combination with DCLI and REZ-1 will create a unique intermodal infrastructure asset,” says Erwin Thompson, Partner at EQT Partners and Investment Advisor to EQT Infrastructure.

The transaction is expected to close in early January 2018, subject to customary closing conditions.

Read the full DCLI press release or visit DCLI’s website for more information.

Categories: News

Tags:

DCLI to acquire TRAC Intermodal’s domestic chassis fleet

eqt

Direct ChassisLink Inc. (“DCLI”), acquired by EQT Infrastructure II in June 2016, is a leading provider of marine chassis and asset management services to the US intermodal industry. As a result of the acquisition, DCLI will own, lease or manage approximately 136,000 marine chassis, as well as approximately 80,000 domestic chassis, for a total chassis fleet of over 216,000. In addition, through its REZ-1 asset management platform, the company manages over 86,000 domestic intermodal containers for third parties.

After combining the businesses, customers will benefit from a single source for intermodal marine and domestic chassis leasing services through DCLI’s expanded national footprint now encompassing all major ports and railway terminals in the US, and with the benefits of operating on the REZ-1 asset management platform.

“DCLI’s operating expertise in chassis management creates a natural strategic fit with TRAC Intermodal’s domestic fleet. We strongly believe in DCLI and are excited to support the management team through its growth. This acquisition in combination with DCLI and REZ-1 will create a unique intermodal infrastructure asset,” says Erwin Thompson, Partner at EQT Partners and Investment Advisor to EQT Infrastructure.

The transaction is expected to close in early January 2018, subject to customary closing conditions.

Read the full DCLI press release or visit DCLI’s website for more information.

Categories: News

Tags:

Industrifonden co-leads $6 million Series A round in Adfenix

IndustrieFonden

We are thrilled to announce our latest investment in real-estate tech pioneer Adfenix. Together with Notion Capital, we are co-leading the $6 million Series A round. Starbright Invest and Goodfellows also participated in the round.

The financing will fuel continued innovation and acceleration of Adfenix’s cloud-based customer services offering to real-estate agencies across Europe, and entrance into the US market during 2018.

Founded on a vision that today’s real-estate market is highly inefficient and that customers should expect a significantly better experience when buying or selling a home, Adfenix today services 85+ real estate agents globally. Leaders including RE/MAX, Sotheby’s, Harcourts are using the Adfenix B2B cloud platform to automatically reach significantly more potential home buyers, increase viewings, maximise end price and ultimately empower their agents to shorten sales cycles and sell more homes with less manual effort.

– The real estate industry is ripe for disruption: massive, broken, yet clearly defined. We believe Adfenix has the opportunity to up-end this industry with its platform offering, and catch massive value in the meantime. The team’s achievements so far in terms of growth is very impressive – also taking into account they bootstrapped up until now. Together with an excellent international investor syndicate, we are very excited to help build the global suite for the real estate industry, says John Sjölander, Industrifonden investment lead.

The global real estate industry presents a massive market, being worth more than $217 trillion. While digital transformation has already disrupted many sectors, the real estate industry has been very slow to move with the times – until now. As a result, agents are now open to using tech platforms to reach and grow their relationship with buyers and sellers. The market for value-added services within property tech is growing fast, enabled by megatrends including AI, big data and social marketing.

– We are equipping real estate agents and their clients with the power to sell and buy homes easier and quicker. I believe that the real estate agents of tomorrow are all going to be tech-enabled, and we want to help both traditional agencies to make this leap as well as boosting the new class of hybrid online agencies with their value proposition, says Gabriel Kamienny, co-founder of Adfenix.

– We have had the great pleasure of having many awesome people joining our force lately, and this is a key reason for our success. We are delighted to have Notion Capital, Industrifonden, Starbright and Goodfellows as investors as we continue our quest to help the worlds’ estate agents reinvent themselves, Gabriel adds.

 

Categories: News

Tags:

Eurazeo sells its stake in ANF Immobilier

No Comments

Eurazeo

Eurazeo announces the completion of the sale of Eurazeo’s majority stake in ANF Immobilier at €22.15 per share, following satisfaction of the conditions precedent set-out in the sales agreement of October 10, 2017 (see Eurazeo press release of October 11, 2017). As a long-term responsible shareholder, Eurazeo is proud to have accompanied ANF Immobilier’s development for 13 years.  With this support, ANF Immobilier successfully restructured its historical assets in Marseille and Lyon. The real estate investment company also implemented an active development policy in its two historic cities, as well as Bordeaux and Toulouse, becoming a pivotal tertiary real estate player in the French regions.

Eurazeo realizes a disposal gain of €213 million, an investment multiple of 2. 3x and an IRR of 13%. Pro forma of this transaction and taking account of recently announced transactions, Eurazeo has net cash of nearly €700 million.

ANF Immobilier also signed today provisional sales agreements with Two companies controlled by Primonial REIM for its historic housing and commercial real estate portfolio mainly located in Marseille, and a building in Lyon. These agreements were entered into for a total consideration of €400 million, excluding transfer taxes payable by the purchaser.

The sale of Eurazeo’s majority stake will be followed by a mandatory public takeover bid(the “Public Takeover Bid”) by Icade for the remaining ANF Immobilier shares at €22.15 per share, representing a 10.2% premium on the average price over the three months preceding the start of exclusive negotiations announced on July 24, 2017.

The Public Takeover Bid is expected to be launched in November 2017, subject to publication by the AMF of a compliance notice.

***

About Eurazeo

With a diversified portfolio of approximately €6 billion in assets under management, of which €1 billion is from third parties, Eurazeo is one of the leading listed investment companies in Europe. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. The Company covers most private equity segments through its five business divisions – Eurazeo Capital, Eurazeo Croissance, Eurazeo PME, Eurazeo Patrimoine and Eurazeo Brands. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. Eurazeo is notably a shareholder in AccorHotels, Asmodee, CIFA, CPK, Desigual, Elis, Europcar, Fintrax, Grape Hospitality,Iberchem,Les Petits Chaperons, Rouges, Moncler, Neovia, Novacap, Sommet Education, Trader Interactive, and also SMEs such as Péters Surgical and Groupe Flash, as well as start-ups such as Farfetch and Vestiaire Collective.

 

Categories: News

Tags:

Gimv’s & UI Gestion’s majority stake in Almaviva Santé to be acquired by Antin Infrastructure Partners

GIMV

Gimv and UI Gestion today announced having signed exclusivity to negotiate the sale of their stake in Almaviva, the fifth largest private hospital group in France, to Antin Infrastructure Partners. In the period that Gimv and UI Gestion were involved with Almaviva, the company more than tripled in size to become the number one player in the PACA-region and to establish a strong second pole of clinics in the Paris’ region.

Almaviva Santé (www.almaviva-sante.fr) was founded in 2007 by its CEO Bruno Marie with the acquisition of only one hospital in Marseille, but with the clear ambition to create a regional group of high quality private hospitals. Towards the end of 2013, when Almaviva had already grown into a small group of seven private clinics, Gimv and UI Gestion acquired a majority stake in the group. The goal was to help transform Almaviva into one of the leading private clinic groups in France. Today, after a very intense growth trajectory – consisting of acquisitions, mergers, and organic growth – Almaviva has grown into the fifth largest private hospital group in France with 30 clinics, of which 16 in Provence-Alpe-Côte d’Azur (making it the number 1 player in the region) and 14 in the Paris region. An important step in this development was the merger with Domus clinics owned by Sagesse Retraite Santé (SRS), the investment vehicle of Yves Journel.

Almaviva covers most medical and surgical disciplines: surgery, gynaecology-obstetrics (maternity), general medicine and rehabilitation care. It has an excellent reputation in all surgical fields, but especially in orthopaedics, ophthalmology, cardiology and urology. The whole group manages 2,700 beds, 190 operating and examination rooms, employs more than 3,300 people as well as 1,100 independent physicians. In 2017, Almaviva is expected to generate revenues in excess of EUR 300 million, or a more than tripling from the EUR 100 million it realised back in 2012. The different clinics have been able to develop their medical project in order to create an efficient healthcare network that offers its patients an integrated care pathway with a local touch whereby quality, comfort and safety are being combined. It is Almaviva’s ambition to further strengthen its position as a leader in the region by pursuing further expansion and continued operational improvement of its clinics and by extending its care offering.

Gimv and UI Gestion have entered into exclusive negotiation to sell their majority stake in Almaviva Santé to Antin Infrastructure Partners, a leading European private equity firm focused on companies with infra characteristics, amongst which social infrastructure. SRS, as well as the company’s management-team will remain shareholders of Almaviva Santé.

Bruno Marie, CEO of Almaviva Santé, on his experience with a private equity partner:We are pleased having had Gimv and UI Gestion to accompany us during the past 4 years. Thanks to their support, we were able to run a successful partnership during this period of exceptional expansion for Almaviva. We are confident that we will be able to pursue this trajectory with strong partners such as Antin and Yves Journel.

“Almaviva Santé is a role model of a successful growth investment, which perfectly fits with our Health & Care strategy. We are glad that we were able to play an important role in the shaping & execution of the group’s strategy & organization, its buy & build trajectory and its financing. Our team is proud that it was able to contribute significantly to the second growth phase in the company’s expansion,” adds Bart Diels, Managing Partner of Gimv’s Health & Care platform.

Benoit Chastaing, Partner in Gimv‘s Health & Care team and board member of the company comments: “Whereas buy & build strategies in this type of market obviously need to be driven by economic reasons such as critical mass and synergies, Almaviva and Bruno Marie chose to differentiate themselves from other consolidators by focusing on the implementation of ambitious medical projects, the search for excellence and the preservation of the strong identity of the different Almaviva clinics. This is the key to the success of Almaviva Santé and its management team. Therefore we are proud having contributed to this achievement.”

Olivier Jarrousse, Managing Partner of UI Gestion, concludes: Moving from seven establishments to thirty, tripling the turnover, while continuously keeping the focus on excellence is a tremendous achievement. We are proud having been able to participate and contribute to this project, which was carried by Bruno Marie, an excellent developer. It is UI’s goal to play an important role in the transformation of companies. Therefore we are happy that our Health-team led by Sébastien Alauzet contributed to this achievement. We are also proud and happy to hand over this project to a prestigious actor such as Antin, who will enable the group to take the next step in its development.”

Almaviva Santé was the first investment of the Gimv Health & Care Fund, which was launched in 2013. Today, it is also the Fund’s first exit. Over the entire holding period, the investment in Almaviva generated a return well above Gimv’s long-term average return, with a positive impact on the equity value at 30 June 2017 of about EUR 0.75 per Gimv-share. No further details about this transaction will be disclosed.

The transaction, which is expected to close by end December, is subject to customary closing conditions with Almaviva’s work councils and approval by the competition authorities.

Categories: News

Tags:

Altor enters partnership with the founders of RevolutionRace

Altor

On October 18th, Altor Fund IV (“Altor”) has signed an agreement to acquire a significant minority ownership in the fast growing Swedish consumer brand, RevolutionRace, from the founders Pernilla and Niclas Nyrensten. The founders will remain as majority owners of the company and continue in their operational roles as CEO and Head of Product.

RevolutionRace sells outdoor apparel products through a direct to consumer model, with an innovative design, high quality & functionality at an affordable price point. The company was founded in 2013 and has grown at an impressive speed to a turnover of approximately SEK 120m for the fiscal year that ended in June 2017.

“When we started searching for a partner, we wanted someone that could complement us and contribute with relevant experience” says Pernilla and Niclas Nyrensten, founders of RevolutionRace. “Altor had two key attributes that appealed to us; they have relevant knowledge of the outdoor industry from Helly Hansen and Rossignol and they have put together a dream team that we believe will support us reaching our goal of making RevolutionRace the leading brand in the outdoor industry. We are super excited to make this journey together with Altor.”

“We are highly impressed with the growth, successful digital strategy and direct-to-consumer business model of the company. The outdoor apparel market is attractive and RevolutionRace is targeting an underserved segment through the affordable high quality product offering”, says Johan Blomquist, partner at Altor. “Furthermore, we actively look for partnerships with outstanding founders, which is something we have found in Pernilla and Niclas.”

The transaction is subject to customary regulatory requirements and approvals.

For more information, please contact:
Niclas Nyrensten, Co-founder of RevolutionRace, Tel: +46 10 155 63 30
Johan Blomquist, Partner at Altor, Tel: +46 8 678 91 00

About Altor
Since inception, the family of Altor funds has raised some EUR 5.8 billion in total commitments. The funds have invested in excess of EUR 3.8 billion in more than 40 companies. The investments have been made in medium sized Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Helly Hansen, Carnegie Investment Bank, Dustin, Rossignol and SATS ELIXIA. For more information visit www.altor.com

 

Categories: News

Tags:

AMRA and BioTelemetry Research Raise the Standard for Medical Imaging

IndustrieFonden

AMRA and BioTelemetry Research, a leading global imaging and cardiac core lab, announced today the formation of an exclusive alliance for non-alcoholic fatty liver disease (NAFLD) and non-alcoholic steatohepatitis (NASH) clinical trials. This first-to-market partnership will advance imaging science and benefit clinical trial sponsors in several musculoskeletal and metabolic therapeutic areas.

In clinical studies, muscle and fat fractions have traditionally been measured by scanning individual organs such as the liver, or particular body regions such as the abdomen. Commonly, researchers would prefer to scan the entire body in order to learn exactly where study participants are losing or gaining muscle or fat mass. However, until now they have been constrained by prohibitive costs and insufficiently precise outcomes.

AMRA’s body composition analysis service has introduced a new and better paradigm where rapid, six-minute whole body MRI scans are transformed into precise, three dimensional-volumetric fat and muscle measurements. This standardized, automated method eliminates reader variability and reduces processing costs. With those advancements, BioTelemetry Research is able to provide clinical trial sponsors with new, high-value information to about their drug compounds’ efficacy and mechanisms of action, including the identification of previously undetectable changes within and beyond the liver.

Tommy Johansson, Chief Executive Officer of AMRA, commented, “BioTelemetry Research is the ideal core lab to help us deliver this enhanced value to clinical trial sponsors. They bring unique expertise managing the protocol complexity, site training intensity and equipment variability that are common to non-standard-of-care MRI trials.” He continued, “BioTelemetry was a leading pioneer in proton density fat fraction (PDFF) analysis, and have analysed more liver fat cases, from more sites, in more regions than any other group in industry. I am excited to see where our partnership will take us.”

BioTelemetry Research President and General Manager, Scott Satin, added, “By employing AMRA’s automated analysis, we are now able to efficiently provide more actionable data to our pharmaceutical partners. Ordinarily, a whole body MRI scan takes 10 to 15 minutes and produces hundreds of images. Prior to AMRA, such analyses were infeasible in clinical trials largely because of the time needed to label fat and muscle tissues within every image. With those challenges eliminated, we can now help sponsors assess the effects of their treatments more quickly and completely.”

Categories: News

Tags:

CapMan establishes new pan-Nordic open-ended real estate fund

Capman

CapMan establishes a new pan-Nordic real estate fund, CapMan Nordic Property Income Fund (“CMNPI”), which is CapMan’s first open-ended real estate fund with a non-UCITS structure.

CapMan Real Estate widens its product offering by establishing the CMNPI fund, which focuses on stable income generating properties in the largest and most liquid Nordic cities with solid long-term growth fundamentals. In line with the recently announced second pan-Nordic value-add fund, CapMan Nordic Real Estate II, the CMNPI fund targets mainly offices and necessity-driven retail assets, but it also will invest in other real estate sectors providing stable and predictable income, such as logistics properties.

By launching the CMNPI fund CapMan aims to offer its real estate expertise to an increasing number of investors. In addition to CapMan’s typical large institutional clients, the open-ended structure of the fund makes it suitable for smaller investors. The fund accepts new investments each quarter, while the investors may redeem their investments on a semi-annual basis. The fund has a strong pipeline of investment opportunities, and expects to make its first acquisitions during 2017. The fund has no pre-set target size, but aims to accumulate over EUR 200 million of equity during the first two years of its operations.

“In the prevailing low interest rate environment there is an immense demand for income-producing real estate instruments that also provide liquidity. During the pre-marketing the fund has received strong interest from prospective investors. CapMan Nordic Property Income Fund targets stable returns by diversifying its portfolio across the Nordic growth cities. We typically target properties with long leases with strong anchor tenants or expect the properties to have a well-diversified tenant base,” says Mika Matikainen, Managing Partner of CapMan Real Estate.

“CapMan Nordic Property Income  Fund is CapMan’s first open-ended fund. Our target is to offer more flexible investment products to our clients, and to be able to serve an ever-wider group of investors. CapMan’s new open-ended real estate fund is an example of a product that is well-suited for many different investor groups. CapMan Real Estate has a unique platform with a strong experience and track record in the Nordics, which will be instrumental for the success of the new fund,” says Joakim Frimodig, CEO of CapMan Plc.

CapMan Real Estate has a team consisting of over 30 real estate professionals in Helsinki, Stockholm and Copenhagen. CapMan Real Estate was established in 2005 and it currently has over EUR 1.7 billion of assets under management.

For further information, please contact:
Mika Matikainen, Managing Partner, CapMan Real Estate, tel. +358 40 519 0707
Joakim Frimodig, CEO, CapMan Plc., tel. +358 50 529 0665

CapMan  
www.capman.com
twitter.com/CapManPE

CapMan is a leading Nordic investment and specialised asset management company. As one of the Nordic private equity pioneers we have actively developed hundreds of companies and real estate and thereby created substantial value in these businesses and assets over the last 28 years. CapMan has today 110 private equity professionals and manages €2.7 billion in assets. We mainly manage the assets of our customers, the investors, but also make direct investments from our own balance sheet in areas without an active fund. Our objective is to provide attractive returns and innovative solutions to investors and value adding services to professional investment partnerships, growth-oriented companies and tenants. Our current investment strategies cover Buyout, Growth Equity, Real Estate, Russia, Credit, Infrastructure and Tactical Opportunities. We also have a growing service business that currently includes fundraising advisory, procurement activities and fund management.

Categories: News

Tags: