3i invests in International Cruise & Excursions to accelerate global expansion of its unique travel loyalty platform

3I

3i Group plc (“3i”) today announces that it will invest in International Cruise & Excursions, Inc. (“ICE”), a unique global travel and loyalty company that connects leading brands, travel suppliers and end consumers. 3i is investing alongside the founders, John and Marcia Rowley, and other senior executives, who will retain a significant minority stake.

ICE was founded in 1997, has over 2,000 employees and is based in Scottsdale, Arizona with additional offices in Australia, Europe, India, Mexico, New Zealand and the UK. ICE is a B2B technology business that partners with leading brands including financial services and travel companies to offer their customers access to travel and leisure products at preferred rates. The Company has developed proprietary technology that enables it to offer a wide range of loyalty, rewards and open-itinerary travel products across a variety of inventory types, including cruise, resort and hotel offerings.

The business has grown strongly with c.15% revenue CAGR from 2012 to 2017 supported by underlying growth in travel and increasing usage of loyalty programmes as a way to retain clients. There is significant potential in growth of both its domestic and international business, with international sales currently representing only 15% of revenues.

Andrew Olinick, Co-Head 3i North America, commented:

“This is an exciting investment opportunity and an excellent fit for 3i’s experience and track record in travel and technology-enabled services. ICE is a unique business that offers tangible benefits to all its stakeholders. We believe 3i can provide significant support to help ICE grow internationally and improve its offering for customers through enhanced sales and marketing initiatives.”

John Rowley, Co-Founder & CEO, added:

“We are delighted to be partnering with 3i and believe the team is well-suited to assist our business in continuing to grow and scale. 3i has a proven track record in the travel industry and an impressive international network which will be of great value to ICE.”

Marty Cole, previously Chief Executive of Accenture Technology, will join as a board member. Marty’s extensive experience of, and insight into, technology-led businesses, will be instrumental as ICE continues its impressive growth trajectory.
Kirkland & Ellis and OC&C Strategy Consultants acted as advisers to 3i.

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Weener Plastics acquires Proenfar to create a leading player in the Latin American dispensing products market

3I

3i Group plc (“3i”) today announces that Weener Plastics Group (“WP”), a leading manufacturer of innovative plastic packaging products for fast moving consumer goods companies in which 3i invested in June 2015, is acquiring Proenfar, a Colombia-based manufacturer of pharmaceutical and cosmetics plastic packaging solutions for the Latin American market.

This acquisition fits WP’s strategy of strengthening its geographic footprint, adding new innovative products to its existing portfolio and increasing its market share in strategic product categories such as deodorant packaging as well as entering new end markets, i.e. pharmaceutical.

The combined business will make WP a leading player in Latin America with revenues in excess of €90m in the region, through expanding its existing Mexican operations and adding new manufacturing sites in Colombia and Argentina, as well as a number of regional sales offices.

Proenfar, which employs more than 1,600 staff, was founded in 1946 and is a manufacturer of value-added packaging solutions for the pharmaceutical and cosmetic end markets. The company has four production sites and seven sales offices across Latin America. It serves clients across 20 countries and approximately 30% of its revenues are exports. The company’s services cover the entire value chain from project management and concept development, through tool building and testing, to production and filling.

Ulf von Haacke, 3i Managing Director and Head of Industrial, 3i Private Equity, commented:

“Proenfar fits perfectly into WP’s strategy of strengthening its emerging markets presence, growing in strategic product categories and adding innovative products. By acquiring Proenfar, WP will become a leading player in the Latin American dispensing products market and Proenfar will diversify WP’s current end market exposure through the addition of high margin pharma packaging.”

Roel Zeevat, Chief Executive Officer of WP, said:

“I am delighted by the acquisition of Proenfar which expands our offering into new geographies and products. The company is a leading player in the Latin American plastic dispensing packaging market and is very focused on innovation, with 40 R&D employees dedicated to launching new products and improvements, which will benefit our customers. We look forward to working with our new colleagues at Proenfar to drive further growth in our business.”

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IK Small Cap II Fund to support Bahr Modultechnik GmbH

ik-investment-partners

IK Investment Partners (“IK”), a leading Pan-European private equity firm, is pleased to announce that the IK Small Cap II Fund together with Management and the founders has reached an agreement to acquire Bahr Modultechnik GmbH (“Bahr” or “the Company”), a leading manufacturer of modular positioning systems. Financial terms of the transaction are not disclosed, and the completion of the transaction is subject to regulatory approvals.

Founded in 1990 by the brothers Frank and Dirk Bahr, Bahr Modultechnik focuses on delivering individual solutions based on a sophisticated portfolio of customisable and technologically leading products. Accurate and robust positioning systems are required in a wide variety of industries from mechanical engineering to medical technology. The Company’s unique linear positioning systems are sold in more than 20 countries around the globe.

The investment marks the first acquisition of IK’s recently raised IK Small Cap II Fund which closed at its hard cap of EUR 550 million in February 2018. Bahr represents the core characteristics that IK looks for in a business including: (i) highly sophisticated product offering at industry leading quality and performance levels, (ii) strong customer retention with >90% of sales related to recurring and repeating loyal customers, (iii) capable management team and (iv) track record of long-term and sustainable profitability and growth.

Bahr is a market leading family-owned business, led by founder Dirk Bahr who will continue to manage the business day-to-day alongside Cihan Halavurt (Head of Sales and Strategy). IK will work with Dirk and Cihan to accelerate the Company’s organic growth strategy and will continue to invest in its operations, route-to-market and product development.

Frank Bahr, Founder, said:
”We are very proud of the Company’s development and to have found the right partner in IK for the years to come. This is a natural time for a change in ownership structure.”

Dirk Bahr, Founder, commented:
”Innovation has always been at the heart of our business as we seek to provide our customers with practical solutions using the highest quality materials and technology. In IK we have found a partner who shares our mind-set. We look forward to working together with their experienced team to continuously develop the Company and its market positioning.”

Nils Pohlmann, Partner at IK Investment Partners and advisor to the IK Small Cap II Fund said:
“We are delighted to be working with the management team to build on the great achievements of the Bahr family, who has successfully established Bahr as one of the most innovative industrial companies for linear positioning systems. IK has a strong track record of successful investments in industrial companies and also in managing succession situations. We look forward to supporting the Company’s expansion.”

The acquisition of Bahr represents IK’s sixth small cap investment in DACH and first investment in the newly established IK Small Cap II Fund.

For further questions, please contact:

IK Investment Partners
Nils Pohlmann, Partner
Phone: +49 40 369 88 50

Mikaela Hedborg, Director Communications & ESG
Phone: +44 77 87 573 566
mikaela.hedborg@ikinvest.com

Bahr Modultechnik
www.bahr-modultechnik.de
Phone: +49 5722 99 33 0

About Bahr Modultechnik GmbH
Bahr is an expert partner for sophisticated and practice-oriented customized linear technology, which is sold in more than 20 countries throughout the world. Depending on the individual requirements, Bahr’s systems are provided with spindle drive, toothed rack drive, belt drive or a different drive concept. Bahr is certified according to the standards of DIN EN 9001 and 14001 – for first-in-class quality. For more information, visit
www.bahr-modultechnik.de

About IK Investment Partners
IK Investment Partners (“IK”) is a Pan- European private equity firm focused on investments in the Nordics, DACH region, France, and Benelux. Since 1989, IK has raised more than €9.5 billion of capital and invested in over 115 European companies. IK funds support companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikinvest.com

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EQT to sell E.I.S. Aircraft Group’s aviation operations business to QinetiQ

eqt

  • EQT Mid Market sells airborne training services business E.I.S. Aircraft Operations, part of E.I.S. Aircraft Group, to QinetiQ
  • EQT Mid Market remains invested in E.I.S. Aircraft Group’s light-weight aviation cabin interior products and maintenance services business E.I.S. Aircraft Products & Services
  • The transaction has a strong industrial fit and will benefit both parties’ international growth strategies, both in terms of regional and global reach and the ability to deliver additional customer services

Supported by EQT Mid Market since 2015, E.I.S. Aircraft Operations, part of portfolio company E.I.S. Aircraft Group, has strengthened its position as a leading provider of airborne training services for threat representation and operational readiness. The positive development is the result of a continuous broadening of the airborne training service offering, and the provision of aircraft modification for special missions through the integration of sensors and digital systems for Intelligence, Surveillance and Reconnaissance (“ISR”).

By increasing the number of airplanes operated by E.I.S. Aircraft Operations from 9 to 14, the company achieved a compound annual revenue growth rate of 17% over the past three years.

The combination of E.I.S. Aircraft Operations, as a leading provider in Germany, and QinetiQ, a world leader in training, test and evaluation, makes a strong industrial fit and both parties look forward to a successful development of their partnership.

“We look forward to welcoming the E.I.S. Aircraft Operations’ team in Germany to QinetiQ and working with them to continue to grow the business both within their existing markets and beyond”, comments Steve Wadey, CEO at QinetiQ.

Christoph Otten, Head of E.I.S. Aircraft Operations, adds: “This is an important and logical next step for E.I.S. Aircraft Operations. With EQT’s support and as part of E.I.S. Aircraft Group, we have become a leading player in Germany. We now look forward to entering the partnership with QinetiQ and joining forces with a world leader in training, test and evaluation”.

Andreas Fischer, Partner at EQT Partners and Investment Advisor to EQT Mid Market, comments: ”We are proud of the high growth development of E.I.S. Aircraft Operations over the last three years and are convinced that QinetiQ is the right strategic partner for the company’s next growth phase”.

Christoph Otten, Head of E.I.S. Aircraft Operations, as well as his team will stay with the company and continue to be responsible for the business.

The transaction is subject to approval from the relevant authorities.

Contacts
Andreas Fischer, Partner at EQT Partners, Investment Advisor to EQT Mid Market, +49 892 55 49 906
EQT Press Contact, +46 8 506 55 334

About EQT
EQT is a leading investment firm with approximately EUR 49 billion in raised capital across 26 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About E.I.S. Aircraft Group
With 60+ years in the aviation industry, E.I.S. Aircraft Group is a well-established product & service provider for high-growth segments of the aerospace market, consisting of two business units: E.I.S. Aircraft Products & Services is a key supplier of light-weight cabin interior products, offering an array of composites & specialized thermoplastics solutions, as well as maintenance service provider. E.I.S. Aircraft Operations is a provider of mission-critical airborne services and technical solutions to the global defense community.

More info: www.eis-group.de/

About QinetiQ
Listed on the London Stock Exchange (LSE: QQ.L), QinetiQ is a leading science and engineering company operating primarily in the defence, security and aerospace markets. Our customers are predominantly government organisations including defence departments, as well as international customers in other targeted sectors.

More info: www.QinetiQ.com

 

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Public value new focus area for EQT

eqt

Seeking new business opportunities is a natural part of EQT’s DNA. New initiatives typically tap into an asset class, sector or region where the EQT platform can make a difference. EQT has not yet explored the opportunities within the public setting – until now.

The core of EQT’s business model is to build strong and sustainable companies that are future-proofed for the long-run. Portfolio companies have an average increase in sales by 10%, EBITDA by 11% and number of employees by 10% – each year. EQT is also an active stakeholder within the equity capital markets, more specifically in Northern Europe, and has made 16 IPOs since inception.

As a first step to dig deeper into the opportunities that lie within publicly listed mid-market companies, Investment Advisor EQT Partners is teaming up with Zeres Capital, creating a Public Value team with both strong buyout and public market advisory experience. Fredrik Åtting, Partner at EQT Partners, will head the initiative together with Joakim Rubin, founder of Zeres Capital, who subsequently will become Partner and Investment Advisor at EQT Partners. Fredrik Åtting comments:

“Over the years, we have come across many listed mid-cap companies where we believe an active ownership approach could have unlocked their full potential. We believe this represents an opportunity for an active ownership and value creation model. Having access to the EQT network, the firm’s widespread sector expertise in addition to all the other benefits the global EQT platform offers would enable further value creation opportunities.”

Zeres Capital is an independent Stockholm-based investment firm, founded in 2013, with a history of creating value by supporting the building of robust, healthy businesses within the public market. Joakim Rubin highlights some of the aspects behind why he, together with a team of six public markets specialists, have decided to join EQT Partners:

“EQT Partners and Zeres Capital share the same philosophy when it comes to active and responsible ownership, and the importance of engaged management teams, boards and shareholders that are aligned on strategy – we believe our skills will be a great combination.”

Fredrik Åtting concludes: “The combination of a private equity mindset and a significant public market experience, will enable EQT to explore and leverage the EQT way of developing companies in a new and attractive marketplace.”

 

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IK Small Cap II Fund to support Bahr Modultechnik GmbH

ik-investment-partners

IK Investment Partners (“IK”), a leading Pan-European private equity firm, is pleased to announce that the IK Small Cap II Fund together with Management and the founders has reached an agreement to acquire Bahr Modultechnik GmbH (“Bahr” or “the Company”), a leading manufacturer of modular positioning systems. Financial terms of the transaction are not disclosed, and the completion of the transaction is subject to regulatory approvals.

Founded in 1990 by the brothers Frank and Dirk Bahr, Bahr Modultechnik focuses on delivering individual solutions based on a sophisticated portfolio of customisable and technologically leading products. Accurate and robust positioning systems are required in a wide variety of industries from mechanical engineering to medical technology. The Company’s unique linear positioning systems are sold in more than 20 countries around the globe.

The investment marks the first acquisition of IK’s recently raised IK Small Cap II Fund which closed at its hard cap of EUR 550 million in February 2018. Bahr represents the core characteristics that IK looks for in a business including: (i) highly sophisticated product offering at industry leading quality and performance levels, (ii) strong customer retention with >90% of sales related to recurring and repeating loyal customers, (iii) capable management team and (iv) track record of long-term and sustainable profitability and growth.

Bahr is a market leading family-owned business, led by founder Dirk Bahr who will continue to manage the business day-to-day alongside Cihan Halavurt (Head of Sales and Strategy). IK will work with Dirk and Cihan to accelerate the Company’s organic growth strategy and will continue to invest in its operations, route-to-market and product development.

Frank Bahr, Founder, said:

”We are very proud of the Company’s development and to have found the right partner in IK for the years to come. This is a natural time for a change in ownership structure.”

Dirk Bahr, Founder, commented:

”Innovation has always been at the heart of our business as we seek to provide our customers with practical solutions using the highest quality materials and technology. In IK we have found a partner who shares our mind-set. We look forward to working together with their experienced team to continuously develop the Company and its market positioning.”

Nils Pohlmann, Partner at IK Investment Partners and advisor to the IK Small Cap II Fund said:

“We are delighted to be working with the management team to build on the great achievements of the Bahr family, who has successfully established Bahr as one of the most innovative industrial companies for linear positioning systems. IK has a strong track record of successful investments in industrial companies and also in managing succession situations. We look forward to supporting the Company’s expansion.”

The acquisition of Bahr represents IK’s sixth small cap investment in DACH and first investment in the newly established IK Small Cap II Fund.

For further questions, please contact:

IK Investment Partners
Nils Pohlmann, Partner
Phone: +49 40 369 88 50

Mikaela Hedborg, Director Communications & ESG
Phone: +44 77 87 573 566
mikaela.hedborg@ikinvest.com

Bahr Modultechnik
www.bahr-modultechnik.de
Phone: +49 5722 99 33 0

About Bahr Modultechnik GmbH
Bahr is an expert partner for sophisticated and practice-oriented customized linear technology, which is sold in more than 20 countries throughout the world. Depending on the individual requirements, Bahr’s systems are provided with spindle drive, toothed rack drive, belt drive or a different drive concept. Bahr is certified according to the standards of DIN EN 9001 and 14001 – for first-in-class quality. For more information, visit www.bahr-modultechnik.de

About IK Investment Partners
IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Nordics, DACH region, France, and Benelux. Since 1989, IK has raised more than €9.5 billion of capital and invested in over 115 European companies. IK funds support companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikinvest.com

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Hg agrees sale of Allocate Software to Vista Equity Partners

HG Capital

23 April 2018: Hg today announces the sale of Allocate Software (“Allocate”), the leading international provider of healthcare workforce management software, to Vista Equity Partners (“Vista”). The terms of the transaction have not been disclosed.

Allocate supports the operational and administrative needs of healthcare professionals in all healthcare settings, enabling the delivery of safe and effective care at optimal cost, by helping organisations to have the right people in the right place at the right time. Allocate serves the largest public and private healthcare institutions around the world, with over 800 clients and over a million staff rostered daily – over 700,000 of which are now managed on the ‘Optima’ software-as-a-service platform. Allocate has 500 employees, with over 170 working in the R&D and product management function. It is headquartered in the UK.

Hg initially invested in Allocate at the end of 2014, completing a public-to-private transaction from the London Stock Exchange. Since then Hg has worked with management to materially enhance the capabilities of Allocate’s software suite, achieved greater customer engagement and supported a substantial increase in employment and skills development – with the business now employing 500 people, compared to 300 when Hg first invested. Allocate has also recently initiated a programme of international growth, seeding the future roll-out of Allocate’s core ‘Optima’ product in France, Germany, Spain and Denmark.

This is the fifth realisation from the Mercury 1 Fund to date, which in aggregate has delivered realised returns of 3.2x and a gross IRR of 46%, including proceeds from the prior sales of Zitcom to Intelligent (announced in June 2017 for 3.3x and 141% gross IRR) and Relay Software to Applied Systems (announced in August 2016 for 2.1x cost and 39% gross IRR).

Dr. Sati Sian, CEO, Allocate, said:
“The significant investment and partnership with Hg over the period has supported the company to provide valued solutions to over a million additional healthcare, and other, workers in around 11 different countries worldwide. This has helped our customers improve care delivery, provide a better experience for workers, while at the same time enabling individual organisations each to unlock as much as £4 million in annualised savings.”

David Issott, Partner at Hg, said:
“We have been delighted to partner with all of the team at Allocate over the last 3 years. Together we have built a leader in its sector and, working with an impressive management team, we have improved the operational performance of Allocate across every metric. We wish Sati and the management team well as they partner with Vista for their next phase of growth.”  

Ratos AB: HENT divests residential development operations

Ratos

Ratos’s subsidiary HENT has signed an agreement to sell its residential development operations, HENT Eiendomsinvest, to Fredensborg Bolig. The sale will generate a capital gain of approximately NOK 85m.

HENT has signed an agreement to sell its subsidiary HENT Eiendomsinvest to Fredensborg Bolig. The agreement includes a potential additional purchase consideration if Fredensborg Bolig decides to utilise an option linked to the expansion of a project outside Oslo. The sale of the operations is expected to generate a capital gain of approximately NOK 85m, including the potential additional purchase consideration. The sale is expected to be completed in the second quarter of 2018.

HENT Eiendomsinvest makes up the majority of HENT’s current residential development operations and comprises some 1,200 planned apartments in which HENT’s average holding is nearly 50%. As of
31 December 2017, the operations had not yet made any significant contributions in terms of earnings.

“In a short period of time, HENT has established itself as a player in the Norwegian residential development market, with the intention of a long-term commitment. However, Fredensborg Bolig has made us a very attractive offer and is a buyer with significant competence to develop the operations going forward,” says Mårten Bernow, Director at Ratos.

For further information, please contact:

Mårten Bernow, Director Ratos, +46 8 700 17 00
Helene Gustafsson, Head of IR and Press, +46 8 700 17 98

Financial calendar from Ratos:
Interim report January-March 2018                 3 May 2018
Annual General Meeting 2018                         3 May 2018
Interim report January-June 2018                   17 August 2018
Interim report January-September 2018          25 October 2018

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Lingit acquires Claro Software

Verdane

Verdane Capital IX portfolio company Lingit AS, which provides software that offers multilingual literacy support for dyslexics and others with reading and writing difficulties, makes its first international move through the acquisition of its British peer Claro Software.

An estimated 10-15% of the population have some form of reading and writing difficulty, and around 5-10% have dyslexia. Lingit develops software that makes reading and writing easier by assisting with spelling, vocabulary and reading in text processing programmes for computers and tablets. The user must do the actual work, but receives support so that many reading and writing errors can be avoided

“Verdane Capital IX invested in Lingit in 2017, with a plan to launch the technology internationally. Through the acquisition of Claro Software, a British software company offering reading and writing support to dyslexics and others with reading and writing difficulties, Lingit has taken its first step abroad”, says Joakim Kjemperud, Investment Professional in Verdane Capital Advisors.

“Both companies offer software to the same target groups, and we are approximately of the same size. Claro Software, however, has a strong position in the British market, and has established sales to countries such as France, the Netherlands, Spain, Switzerland and Sweden. The acquisition represents the perfect starting point for our future international growth, says Frode M. Thulien, CEO of Lingit AS.

Founded in 2004, Claro Software has 14 employees and is headquartered in Preston, UK. Claro Software offers software for reading and writing support for PC, Mac and several other platforms. The company had revenues of NOK 35 million in 2017.

“By combining our development teams and experience from working with different customer groups and users, we will create even better products to help dyslexics and others with reading and writing difficulties in Norway, England and the rest of Europe. Our technology may help millions of dyslexics globally, and we are only at the beginning of our international growth journey,” says Thulien.

Lingit offers a range of software based products for reading and writing support in Norwegian, English, German, French and Spanish for PC, Mac and tablets, and has recently launched upgraded versions of its reading and writing tools Textpilot and Lingdys.

“We have set a new standard for reading and writing support software. Everyone in Lingit is passionate about language and learning. Our tools ensure that children and adults receive the necessary support to deal with their dyslexia, so that they can have the same educational, vocational and career opportunities as everyone else. Use of our software is fairly widespread in Norway, but there are still many Norwegians with reading and writing difficulties who are unaware of the tools available to them,” says Thulien.

About Lingit AS

Lingit was founded in 2001 by leading academics at NTNU in Trondheim, including professor in language technology, Torbjørn Nordgård, who is today the company’s head of research and development. In 2012, Lingit merged with its Bergen based competitor Include, a company founded by Sverre Andreas Holbye, a teacher of the visually impaired, today responsible for Lingit’s business development. The company has programmers in Bergen, Norway, and Ukraine. In 2017, Verdane Capital IX invested in Lingit and became the company’s largest shareholder, with the plan to launch the company internationally. In 2018, Lingit acquired Claro Software, which has a strong market position in the UK and sales to several European countries. Lingit AS’ headquarters are in Trondheim. www.lingit.no

About Verdane Capital

Verdane funds provide flexible growth capital to fast growing software, consumer internet, energy or high-technology industry businesses. The funds are distinctive in that they can invest either in a single company, or in portfolios of companies. Verdane funds have €900m under management and have invested in over 300 holdings over the past 14 years. Verdane Capital Advisors has 29 employees working out of offices in Copenhagen, Helsinki, Oslo and Stockholm. More information can be found at: www.verdanecapital.com

 

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3i-backed Smarte Carte acquires Aviation Mobility and closes a $225 million refinancing

3I

3i-backed Smarte Carte, a leading concessionaire of essential infrastructure equipment, has acquired Aviation Mobility, LLC (‘Aviation Mobility’), a leading US provider of legally mandated wheelchairs in the commercial aviation sector.

Aviation Mobility is present at over 300 airports, primarily in the US, and has a fleet of c.15,000 wheelchairs. The company is known for its strong customer service and its industry-leading deployment times and has long-term customer relationships, averaging 15 years.

In addition, Smarte Carte successfully closed a $225m senior debt refinancing. Proceeds were used to refinance existing debt and provide a distribution to shareholders.

Rob Collins, Managing Partner, 3i North American Infrastructure, commented:

“The acquisition of Aviation Mobility, which offers identifiable synergies and cross-selling opportunities with our existing platform, is consistent with our thesis to acquire complementary businesses and integrate them into Smarte Carte.

We are also pleased with the company’s successful refinancing which saw strong demand from infrastructure lenders, reflecting a high level of confidence in Smarte Carte’s essential service offering, strategy and management team.” 

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