CVC Fund VII acquires controlling stake in Recordati S.p.A.

Andrea Recordati remains as CEO and invests alongside the consortium.

CVC is pleased to announce that a consortium of funds (the “Consortium”) led by CVC Fund VII has agreed to buy the holding company that owns a majority interest in Recordati.

Chairman Alberto Recordati said: “Today is an important moment in the further development of the company my grandfather founded over 90 years ago. We have found in CVC a partner who shares our vision, values and passion for the company, its employees and its role in developing and distributing healthcare around the world.”

Andrea Recordati, CEO, said: “I believe that this is a great outcome for the company and its employees who will benefit greatly from having CVC as a partner. In the process of finding the best partner to take Recordati forward, it was important to find a party that would allow Recordati to remain independent, with continuity for management and employees, and accelerate its growth strategy as a leading global consolidator in the pharmaceutical industry. I am very pleased to be working alongside CVC in accelerating Recordati’s global expansion. I am personally reinvesting alongside the Consortium as I believe in and support Recordati.”

Giampiero Mazza, Head of CVC Italy, said: “We are honoured to be chosen by the Recordati family who have put great trust in us to continue in their role as the majority shareholder of their company. We have a great admiration for the business which we have known for over many years since Giovanni Recordati was CEO. We are excited by the opportunity to support this excellent management team, led by Andrea Recordati who we have asked to remain as CEO and who carries on the company’s legacy and provides the continuity of the business and its strategy alongside Fritz Squindo, Recordati’s Managing Director and CFO.”

Cathrin Petty, Head of EMEA Healthcare at CVC, added: “Recordati has always been a very carefully managed, international pharma company with a broad platform of products and a strong geographical footprint in primary care. Over the last decade Recordati has built up a very attractive rare disease business which we look forward to expanding in addition to the core business. We hope that through our expertise and global healthcare network we will help accelerate this growth across orphan and specialty care to build a global leader in the industry.”

The transaction is structured as a fully financed acquisition by the Consortium of the family’s holding company FIMEI S.p.A for an Enterprise Value of €3.03bn. FIMEI owns 51.8% of Recordati S.p.A., implying a 100% equity value for Recordati S.p.A. of €5.86bn, equivalent to €28.00 per share. The members of the Recordati family will receive part of the consideration in the form of a deferred and subordinated long-term debt security in the amount of €750 million. Furthermore, Andrea Recordati in his capacity as CEO will invest alongside the Consortium.

Closing of the FIMEI purchase is anticipated to take place in the last quarter of 2018 and is subject only to mandatory competition approvals. Following closing, in accordance with CONSOB rules, the Consortium will make a mandatory tender offer (“MTO”) to the remaining minority shareholders. The Consortium’s current expectation is that Recordati will remain a publicly listed company. The Recordati family requested, and the Consortium has agreed, to provide other shareholders with a full cash offer at €28.00 per share, which implies a higher economic value than the cash and deferred payment made to the Recordati family. The offer of the full price in cash to the minority shareholders in the MTO is subject to the absence of a material market correction prior to closing of the FIMEI transaction (defined as a decrease in the FTSE MIB index of more than 20%). In such an event, the Consortium intends to lower the cash offer price in the MTO, in consultation and agreement with CONSOB, to a price equivalent to the actual consideration paid to the Recordati family (taking into account the present value of the deferred payment).

Leopoldo Zambeletti and Rothschild are acting as financial advisor to CVC. Gattai, Minoli, Agostinelli & Partners together with White & Case LLP are acting as legal advisors to CVC. Facchini, Rossi are acting as tax advisor to CVC. Committed financing for the transaction is being provided by Deutsche Bank, Credit Suisse, Jefferies and Unicredit.

The Consortium led by CVC Fund VII includes PSP Investments and StepStone.

Categories: News

Tags:

Ardian Growth invests in italian group Seri Jakala

Ardian

Paris, 27 June 2018 – Ardian, a world-leading private investment house, today announces its investment in Seri Jakala, the Italian leader in the outsourcing of marketing services.

Founded in 2000 by Matteo de Brabant, the Jakala Group merged with the Seri Group in 2014 to become Seri Jakala. The company has sales of more than €200 million and more than 40 per cent of its activity abroad. Thanks to its integrated offer, the company can combine its expertise in analytics, big data and customer insight with the use of engagement platforms to optimise marketing performance. This has enabled the company to establish itself as the market leader in Italy and the third-largest player in Europe. The group has a portfolio of more than 400 clients including Carrefour, Tesco, Vodafone and Intesa Sanpaolo.

Matteo de Brabant, founder of the Jakala Group, commented, “Ardian Growth is exactly the international partner we needed to come on board which includes reliable local Italian players. We have an ambitious vision for Seri Jakala, and in this respect, Ardian Growth stood out thanks to its entrepreneurial DNA, its digital expertise and its track record in Italy.”

In addition to supporting the company through Ardian Growth’s strong network and expertise in advising fast-growing companies, Ardian Growth will assist the management team in its strategy to extend the group’s digital offer, while at the same time strengthening its presence across Europe. Investment by Ardian Growth will be made through a club deal alongside the Equity Partners Investment Club (Mediobanca) and the holding companies of several large Italian entrepreneurs.

Laurent Foata, Head of Ardian Growth, added “We have been impressed by how Matteo de Brabant and his team have developed the business’ pan-European activity to a critical mass in less than three years. This club deal illustrates perfectly the entrepreneurial values that we share with the group. We are looking forward to working with Seri Jakala over the coming years.”

Bertrand Schapiro, Senior Investment Manager at Ardian Growth, added, “The Seri Jakala directors have demonstrated that they know how to capitalise on the specificities of the Italian market while at the same time successfully initiating international development. Having engaged closely with the company over several years leading up to this investment, we have been able to – from the very start – put in place a roadmap that allows the group to maintain its unique character while at the same time speeding up its penetration of new markets.”

ABOUT SERI JAKALA

Seri Jakala is the leader in Italy for the outsourcing of marketing services and the third-largest player in Europe. Its offer on integrated services includes defining strategies for client commitment as well as setting up programmes for the development of client loyalty and the use of big data analytics. The company has more than 400 clients and 500 employees.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$71bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 500 employees working from fourteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo). It manages funds on behalf of around 700 clients through five pillars of investment expertise: Funds of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

LIST OF PARTICIPANTS

Seri Jakala: Matteo de Brabant, Stefano Pedron

Ardian: Laurent Foata, Bertrand Schapiro, Frédéric Quéru

Legal counsel: Giovannelli & Associati (Fabrizio Scaparo, Matilde Finucci)

Categories: News

Tags:

3i announces sale of Etanco generating proceeds of c. €102m

3I

3i Group plc (“3i”), and funds managed by 3i, today announce that they have entered into a sale and purchase agreement to sell their investment in Etanco, the leading designer, manufacturer and distributor of building fasteners and fixing systems in France, Italy and Eastern Europe, to its CEO Ronan Lebraut and management team supported by Intermediate Capital Group (“ICG”). Proceeds to 3i will be c. €102m, which represents a c. 36% uplift on its 31 March 2018 valuation of £66m / €75m.

Headquartered near Paris with 800 employees, the company has distribution entities in Belgium, Italy and Eastern Europe and exports to more than 20 countries through its Italian subsidiary, Friulsider. Etanco provides a broad range of 80,000 products which meet all the fastening needs of the “building envelope”, including waterproofing, roofing, cladding, facades and safety lines.

3i invested in Etanco in 2011, alongside Ronan Lebraut and Five Arrows Principal Investment. Since then, the company has grown organically and through acquisitions. Etanco successfully delivered a sales force effectiveness optimisation programme and refocused its export approach, resulting in a 20% annual growth of exports while further cementing its leading positions in the French and Italian markets. During 3i’s investment period, the company also pursued a buy-and-build strategy notably with the acquisitions of leading fastening players in Poland and Romania to establish a solid presence in this region.

Rémi Carnimolla, Partner & Managing Director, 3i France, commented:

“During our investment period, Etanco has strengthened its presence in France and in Italy and restructured its sales force organisation to gain market share against a challenging market backdrop. We have helped the company expand internationally, notably into Eastern Europe, thereby successfully diversifying its presence. Etanco is well prepared to benefit from the very positive market trends in the coming years and we wish them well in the future”.

Ronan Lebraut, CEO of Etanco, added:

“With 3i’s active support, Etanco has grown significantly organically and through acquisitions, in France and Italy but also in Eastern Europe. We have structured our organisation and procedures to be the prime beneficiaries of the positive market trends ahead of us. We look forward to working with ICG on the next stage of our company’s development.”

Hadj Djemai, Head of Southern Europe, Equity & Mezzanine, of ICG commented:

“ICG is thrilled to support Ronan Lebraut, the grandson of the founder, and the management team in the acquisition of Etanco from 3i. We are convinced of the strengths of Etanco and its management, and will actively support the Group’s growth strategy to take advantage of the favourable market conditions and reinforce its leadership in Europe.”

Categories: News

Tags:

Arlington Capital Partners has sold Zemax, global leader in optical and illumination design software, to EQT

eqt

EQT to support the continued growth of Zemax by leveraging EQT’s global network, experience in scaling businesses and history of developing enterprise software leaders

Arlington Capital Partners (“Arlington Capital”) and EQT Mid Market US GP B.V. (“EQT”) today announced that EQT has acquired Zemax Software Holdings, LLC. (“Zemax” or the “Company”), a leading global provider of optical and illumination design software, from Arlington Capital. The Company will continue to be led by current CEO Mark Nicholson.

Founded in 1990, Zemax enables its customers to more efficiently and accurately design optical components through its physics-based optimization and design software. Zemax helps companies achieve a qualified design more efficiently by streamlining the workflow and communication between optical and mechanical engineers. Zemax Virtual Prototyping tools include OpticStudio®, the industry-leading optical design software, and LensMechanix®, a unique application that allows mechanical engineers to package optical systems in CAD software. Zemax allows its customers to improve optical performance, get to market faster and reduce both production and development costs. Zemax’s software is used to develop a range of products including space telescopes, augmented reality glasses, LIDAR in autonomous vehicles, smartphone cameras and biomedical imaging devices. Zemax is headquartered in Kirkland, Washington with over 80 employees and operations in the US, Europe and Asia.

Michael Lustbader, a Managing Partner at Arlington Capital, said “We have been thrilled to partner with the Zemax management team over the last four years. The Company has done a tremendous job capitalizing on its market leadership with OpticStudio® to drive rapid organic growth across both new and existing geographies. During our ownership, Zemax has also developed and introduced complementary products such as LensMechanix® that further expand the user base and provide innovative solutions that better serve its customers. We are excited to watch Zemax’s continued success under EQT’s tenure.”

Brendan Scollans, Partner at EQT Partners and Investment Advisor to EQT, commented, “Zemax aligns perfectly with EQT’s focus of investing in market leaders in attractive and growing niche markets globally. EQT’s software expertise and international presence will help Zemax further expand its product offering, both organically and through acquisitions, to best serve its global customer base. We are excited to partner with the talented Zemax management team to support the next phase of growth.”

“Our partnership with Arlington has been a tremendous success. During their ownership, Zemax made substantial investments and demonstrated consistent strong organic growth,” said Mark Nicholson, CEO of Zemax. “As we enter our next stage of growth, we are pleased to partner with EQT as we continue to expand our product offerings and deepen our customer focus. EQT’s relationships, global presence and investment philosophy position Zemax to enter into a new phase of investment and growth that stays true to our vision to offer software based on a strong physics architecture, uphold a culture of excellence and innovation and drive customer success.”

Spurrier Capital Partners served as financial advisor to Zemax. Sheppard Mullin served as legal advisor to Zemax. Kirkland & Ellis LLP served as legal advisor to EQT. Shea & Company served as financial advisor to EQT. Ares Capital Corporation and Carlyle Global Credit provided debt financing in support of the transaction.

Financial terms were not disclosed.

Contacts
Michael Lustbader, Managing Partner at Arlington Capital Partners, +1 202 337 7500
Bilal Noor, Vice President at Arlington Capital Partners, +1 202 337 7500
Brendan Scollans, Partner at EQT Partners, Investment Advisor to EQT, +1 917 281 0850
EQT Press Office: US +1 646 687 6810 and Europe +46 8 506 55 334
Julie Burke, Principal at GA Creative for Zemax, +1 425 454 0101 x127

About Arlington Capital Partners
Arlington Capital Partners is a Washington, D.C.-area private equity firm that has managed $2.2 billion of committed capital via four investment funds. Arlington focuses on middle market investment opportunities in growth industries, including: government services and technology, aerospace/defense, healthcare, and business services and software. The firm’s professionals and network have a unique combination of operating and private equity experience that enable Arlington to be a value-added investor. Arlington invests in companies in partnership with high quality management teams that are motivated to establish and/or advance their company’s position as leading competitors in their field.

For more information: www.arlingtoncap.com

About EQT
EQT is a leading investment firm with approximately EUR 50 billion in raised capital across 27 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.

For more information www.eqtpartners.com

About Zemax
Zemax’s industry-leading optical product design software, OpticStudio and LensMechanix, helps optical and mechanical engineering teams turn their ideas into reality through Zemax Virtual Prototyping, which reduces design iterations and repeated prototypes, speeding time to market and reducing development costs. Zemax is headquartered in the Seattle, Washington area and has offices in the UK, Japan, Taiwan, and China.

For more information: www.zemax.com

Eurazeo PME is to become the new majority shareholder of ST GROUP

Eurazeo

Eurazeo PME is to become the new majority shareholder of STGROUP renamed VITAPROTECH, replacing UIGestion, and has announced it has signed a share purchase agreement under which it will invest €40 million in the company to hold approximately 60% of the sharecapital. This investment will be conducted alongside the managers, Eric Thord and Emmanuel Chopin, and other senior managers. The joint project between Eurazeo PME and senior executives relies on accelerating the group’s international growth, mainly through an ambitious external growth strategy. This transaction is scheduled to close in July 2018.

With a turnover of €29 million in 2017, VITAPROTECH has notably arisen as a result of the merger in 2014 of SORHEA and TILTechnologies led by Eric Thord. Founded in 1987 in the Lyon region, SORHEA is a pioneer in the detection of physical intrusions nearby sensitive areas In France thanks to its high performance infrared barriers, and holds 25% of the French market. Founded in 1988 in Aix-en-Provence, TILTechnologies is also the leader in its segment in France with 20% of the market, thanks to its supervising software for access control systems of critical sites. Investing about 10% of their turnover in R&D, both brands design high-end solutions they market through a network of integrators, for operators of vital importance in France or their equivalent in other countries(power generation facilities, utilities, prisons, logistics infrastructure, public safety/defense sites, bank and insurance headquarters, etc.).The group began its internationalization a few years ago through three build-up operations (United States, Canada, Belgium) and carries out 22% of its activity abroad. VITAPROTECH employs approximately 160 people spread over five sites, including two in France.

Supported by its new shareholders, VITAPROTECH aims at becoming a global reference in sensitive areas security. This project relies on three axis: the ramp-up of technologic al investments and the associated development of new products and services, the acceleration of the European and American expansion, and the implementation of external growth operations. Through it soffices(USA, Brazil, China) or partnerships (Germany), and its operational support expertise(governance, digital, CSR, integration of build-ups, etc.), Eurazeo PME will leverage on its worldwide network to support the group excellence strategy.

Joanne Dubail, Principal of Eurazeo PME:“We are delighted with this operation, which embodies the ambitious development project designed with Eric Thord and his team. We particularly appreciate the strong positioning of VITAPROTECH, relying on its many managerial and technological talents. We are committedtotransformingthisnationalchampionintoanintegratedandglobalmidcapcompany,andchannelallourexpertisetonurtureitsfuturegrowth.Acquisitionswilldefinitelybeanimportantlever.”2

 

ELISABETH AUCLAIR

Mail : eauclair@eurazeo-pme.com

Tél. : +33 (0)1 53 83 81 72

MAEL EVI N

Email: mael.evin@havas.com

Tel: +33 (0)6 44 12 14 91

EURAZEO PME CONTACT

PRESS CONTACT – HAVAS WORLDWIDE PARIS

Eric Thord, President of VITAPROTECH: “This is another major step towards developping our group. We started alongside UI Gestion, Bpifrance and Carvest to accelerate the transformation of ST GROUP. Alongside Eurazeo PME, my ambition for the group (renamed VITAPROTECH for the occasion) is to move up to a new dimension, firstly by capitalising on the synergies between SORHEA and TIL Technologies businesses, around a unique value proposal for securing sensitive sites, and secondly by structuring an ambitious approach to building international leadership.”

Olivier Jarrousse, Managing Partner of UI Gestion: “Participating in the majority takeover of a SME with a turnover of €9 million alongside Eric Thord, picking up the pace together and transforming it into a group that’s now worth nearly €30 million and boasts an international presence… this was an exciting adventure for our team. Bringing the project to the forefront today, and working together with Eurazeo PME and the management to pass on the baton to this key player who will offer its resources and expertise to serve the shared ambition, involved an approach that was different and yet aligned with our ambitions as investors.”

About Eurazeo PME

A subsidiary of Eurazeo, Eurazeo PME is an investment company dedicated to majority investments in French SMEs with a value of under €200 million. As a long-term professional shareholder, it provides its investments with all the financial, human and organisational resources necessary for long-term change, and supports those companies in its portfolio in implementing sustainable and therefore responsible growth. This commitment is formalised and deployed through a CSR (Corporate Social Responsibility) policy.

Eurazeo PME achieved a consolidated turnover of €1.1 billion in 2017 and supports the development of the following companies: Dessange International, Léon de Bruxelles, Péters Surgical, Vignal Lighting Group, Redspher, the MK Direct Group, Orolia, Odealim, Smile, In’Tech Medical. These companies are solidly established within their market and driven by experienced management teams.

For further information, please visit our website: www.eurazeo-pme.com

Follow us on Twitter,

Categories: News

Tags:

KKR’s Henry McVey: New Investment Playbook Required

KKR

 

ew Mid-Year Report Provides Update on Global Macro Trends

NEW YORK–(BUSINESS WIRE)– KKR today announced the release of its 2018 mid-year outlook piece by Henry McVey, Head of Global Macro and Asset Allocation (GMAA). In New Playbook Required, McVey outlines his perspective on the current investing environment and updates his asset allocation targets.

“From a macro and asset allocation perspective, we feel confident that we are on the cusp of a secular shift where a new playbook for investing may be required,” Henry McVey says. “We now see a significant ‘baton hand-off’ in many of the markets that we cover from monetary policy towards fiscal stimulus — perhaps the most important shift in the last decade. This change in policy leads us to favor investments with greater linkages to the real economy — versus purely financial assets — than in the past.”

McVey continues, “We also continue to see nationalist agendas, particularly as they relate to cross-border trade, supplanting more global ones. Against this backdrop, we now favor more upfront yield in the portfolio, we advocate shortening duration, and we place a premium on low cost liabilities. We also continue to view Asia as the world’s incremental growth engine.”

In his latest report, Henry McVey and his team note the following macroeconomic investment trends that are driving his team’s thinking:

  1. Asset allocators and macro players must now invest through the lens of fiscal policy accommodation, not monetary policy accommodation, which has dominated the landscape since the Global Financial Crisis.
  2. Nationalist agendas are now aggressively being emphasized over global ones.
  3. The structural bid for yielding assets remains outsized, but we are further turning our focus towards hard assets that benefit more from nominal GDP.
  4. Buy complexity, sell simplicity. Similar to the late 1990s, we think that the market is giving investors a wonderful opportunity to buy complexity at a discount.
  5. We remain bullish on our ‘Deconglomerization’ thesis, and we continue to see a burst of corporate carve-outs across the globe.
  6. We are increasingly struck by how fast overall consumer behavior patterns are changing and continue to be bullish on our ‘Experiences Over Things’ thesis.
  7. While we continue to favor Emerging Markets over Developed Markets, we acknowledge that our mid-cycle pause thesis is playing out more intensely than we originally envisioned. As such, we continue to advocate more selectivity in the second phase of this secular bull market in Emerging Markets.

Key highlights of Mr. McVey’s asset allocation framework include a substantial underweight to global government bonds, particularly at the long-end of the curve; an increasing overweight to Real Assets with Yield and Growth; the decision to remain equal-weight Public Equities by underweighting Turkey and adding to the U.S.; the addition of Grains (Corn) to the portfolio; and a decrease to Cash.

Links to access this report as well as an archive of Henry McVey’s previous publications follow:

About Henry McVey

Henry H. McVey joined KKR in 2011 and is Head of the Global Macro and Asset Allocation team. Mr. McVey also serves as Chief Investment Officer for the Firm’s Balance Sheet and oversees Firmwide Market Risk at KKR. As part of these roles, he sits on the Firm’s Investment Management & Distribution Committee and the Risk & Operations Committee. Prior to joining KKR, Mr. McVey was a managing director, lead portfolio manager and head of global macro and asset allocation at Morgan Stanley Investment Management (MSIM). Earlier in his career he was a portfolio manager at Fortress Investment Group and chief U.S. investment strategist for Morgan Stanley. While at Morgan Stanley, Mr. McVey was also a member of the asset allocation committee and was the top-ranked asset management and brokerage analyst by Institutional Investor for four consecutive years before becoming the firm’s strategist in January 2004. He earned his B.A. from the University of Virginia and an M.B.A. from the Wharton School of the University of Pennsylvania. Mr. McVey is a member of the TEAK Fellowship Board of Trustees after previously serving as co-chair of the board for five years. Henry is also a member of the Pritzker Foundation Investment Committee, a board member of the University of Virginia Investment Management Company (UVIMCO), a member of the national advisory board for the Jefferson Scholarship at the University of Virginia, and a member of the Council on Foreign Relations Corporate Leader Program.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

The views expressed in the report and summarized herein are the personal views of Henry McVey of KKR and do not necessarily reflect the views of KKR or the strategies and products that KKR offers or invests. This release contains projections or other forward-looking statements, which are based on beliefs, assumptions and expectations that may change as a result of many possible events or factors. If a change occurs, actual results may vary materially from those expressed in the forward-looking statements. All forward-looking statements speak only as of the date such statements are made, and neither KKR nor Mr. McVey assumes any duty to update such statements except as required by law.

KKR
Kristi Huller or Cara Major
212-750-8300
media@kkr.com

Source: KKR

News Provided by Acquire Media

Categories: News

Tags:

Ufinet International agrees strategic partnership with minority investor, Enel

Cinven

Ufinet International (‘the Company’), a leading independent fibre network operator, today announces that Enel, the multinational power company, has signed an agreement to invest €150 million for a 21% stake in the Company.

This follows the announcement on 14 May 2018 that international private equity firm, Cinven (through its Sixth Fund), agreed to acquire Ufinet International for an undisclosed consideration. Post-completion, Cinven will retain a 79% majority shareholding in the Company.

Ufinet International provides fibre infrastructure and transmission services to telecom operators across 14 countries including Colombia, Panama, Guatemala and Costa Rica. Its international connectivity network has more than 49,200 kilometres of optical fibre deployed across major cities in the regions in which it operates.

Enel is a leading integrated player in the global power, gas and renewables markets. It is Europe’s largest utility and one of Europe’s leading power companies. Operating across more than 30 countries worldwide with around 72 million customers, it is one of the major independent operators in the energy sector of South America, where it serves more than 26 million customers. It operates in the generation, distribution and transmission sectors through its subsidiaries in Argentina, Brazil, Chile, Colombia and Peru. It is also one of the leading players in the region’s green energy sector.

The partnership between Ufinet International and Enel represents the opportunity to create the largest telecom infrastructure company in Latin America, with significant strategic benefits for Ufinet International, including:

  • Access to additional capital to increase the Company’s international presence through a combination of value-accretive M&A, and further capital investment to expand existing networks, accelerating organic growth;
  • The ability to leverage Enel’s assets in certain Latin American markets (including Brazil, Argentina, Chile, Colombia and Peru) to deploy fibre for wholesale services and fibre to the home (‘FTTH’) neutral networks, as well as lease poles to co-locate mobile sites; and
  • The realisation of significant synergies and network benefits, given Enel and Ufinet International have highly complementary geographic coverage and service offerings.

Ufinet International will continue to be led CEO, Iñigo García del Cerro, who said:

“In the past three years, Ufinet International has scaled its network in key Latin American countries. We are now able to leverage our infrastructure to provide new services to our customers, to consolidate and further grow our strong market position, and create additional value for our shareholders.”

“We are delighted to be forming a strategic partnership with Enel who is investing in the business alongside our majority shareholder Cinven. This will enable us to capitalise on the significant growth opportunities in the nascent Latin American markets organically and through acquisition, by combining our knowledge and technologies. We believe this is a very positive development for Ufinet International, its employees, partners and customers.”

 

Categories: News

Tags:

Nord-Lock Group acquires main distributor in Spain

Latour logo

Investment AB Latour (publ) has, through its wholly owned business area Nord-Lock Group, signed an agreement to acquire all shares in the distributor IDQ Investigación Diseno y Calidad, S.A.U. (IDQ).
Closing date is planned for the beginning of September 2018.

The acquisition is another natural step in the growth strategy of Nord-Lock Group and will strengthen the local presence in Spain ensuring the levels of service and support that customers expect. Spain is a significant market for bolt securing and tensioning and the aim is to secure the continued strong growth Nord-Lock Group currently achieves.

IDQ had a turn-over of SEK 17 m and 7 employees in 2017.

Göteborg, June 20, 2018

INVESTMENT AB LATOUR (PUBL)
Jan Svensson President and CEO

For further information, please contact:
Graham Souter, Regional Sales Director EMEA, Nord-Lock Group, +44 7917528813

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of ten substantial holdings with a market value of about SEK 53 billion. The wholly-owned industrial operations has an annual turnover of about SEK 10 billion.  

Categories: News

Tags:

KKR Enters into an Exclusivity Agreement with Altice France

KKR

LONDON & PARIS–(BUSINESS WIRE)– KKR, a leading global investment firm, today announces that KKR has entered into an exclusivity agreement with Altice France to acquire a stake of 49.99 per cent in the to be formed tower company, SFR TowerCo. The deal is subject to regulatory approvals in France and is expected to close in Q4 2018.

SFR TowerCo will comprise of 10,198 sites across France currently operated by SFR. KKR’s financial and operational support will help drive the continued growth and development of the company’s portfolio, strengthening its position as a leading telecom infrastructure provider in France. The transaction will give SFR TowerCo an enterprise value of €3.6 billion.

Under the terms of the deal, KKR and Altice France will partner to develop the largest independent TowerCo in France. The partnership with Altice further demonstrates KKR’s extensive experience investing in the telecommunication infrastructure sector, supporting the development of digital connectivity required for modern societies. Last year, KKR acquired a stake in Telxius, a leading critical telecom infrastructure owner and service provider in Europe and the Americas.

Vincent Policard, Member at KKR in the European Infrastructure team, said: “KKR is proud to be the preferred partner for Altice and SFR based on our strong experience in telecom infrastructure, our shared outlook for the sector and our track record in structuring partnerships alongside corporates.”

The investment is being funded by KKR’s global infrastructure funds.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit and, through its strategic partners, hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside its partners’ capital and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180620006384/en/

Finsbury
Alastair Elwen, +44(0)20 7251 3801
alastair.elwen@finsbury.com
or
Adding Value Conseils
Olivier Blain, +33 6 72 28 29 20
ob@addingvalueconseils.com

Source: KKR

Categories: News

Tags:

Gimv and Mérieux Développement accelerate the expansion of SGH Healthcaring – Stiplastics’ parent company embarks on its first external growth deals with the acquisition of Rovipharm and RR Plastiques

GIMV

20/06/2018 – 18:00 | Portfolio

Antwerp / Lyon / Saint-Marcellin, 20 June 2018, 6:00pm

Just six months after having acquired Stiplastics Healthcaring and setting up the SGH Healthcaring Group, Gimv and Mérieux Développement are pleased to announce the acquisition by SGH Healthcaring of French companies Rovipharm and RR Plastiques. These first acquisitions will enable the Group to take on a new dimension, doubling in size, and to complete its product range thanks to the complementary fit of their product portfolios.

SGH Healthcaring designs, develops and manufactures standard and smart plastic solutions for the pharmaceutical industries and the health sector. The Group structures its activities around two strategic areas:

  • specific developments of devices in four main areas: the observance and administration of medication, respiratory devices, pre-analytics and e-health with IoC® [Internet of Care],
  • a standard range of medical devices for the dosage and administration of medication.

Rovipharm and RR Plastiques bring their know-how in this second area, bolstering SGH Healthcaring’s portfolio of dispensers for medication in liquid form. Rovipharm is a leader in Europe in medication dosage pipettes. It stands out due to its capacity to develop high-quality products in cleanrooms at a competitive cost. RR Plastiques is a leading player in droppers to dispense ear and eye care solutions and will notably bring to the table its capacity to use various specific materials (Sebs, Eva, Santoprène®, plasticised PVC, etc.). As part of this transaction, Médicos is retaining RR Plastiques’ minor applications for the cosmetic industry.

When they made their joint investment in Stiplastics Healthcaring in January 2018, Gimv and Mérieux Développement wanted to create a European leader in the manufacture of medical devices, notably for the administration of medication in both liquid and solid form. This objective hinged on a buy & build roadmap that was carefully thought out well ahead of the acquisition. This preparation and the active support of the Group’s shareholders – notably through discussions with the sellers – facilitated the rapid implementation of SGH Healthcaring’s external growth strategy with as goal to establish a market leader in its sector.

While Gimv and Mérieux Développement had opted to make their initial investment in Stiplastics Healthcaring without LBO financing, this double acquisition was done in parallel with a refinancing process that puts SGH Healthcaring in perfect stead to pursue its buy & build strategy. Its solid shareholders and a financing package that has been put together by Bluebay will help to fulfil its ambitions.

“We are very proud to welcome these two established companies and their talented people to SGH Healthcaring, where they will join us in our ambitious plan to expand in a consolidating market. These first deals lift our turnover up to approximately EUR 40 million for 2018. These acquisitions and the external financing put in place provide a firm basis for SGH Healthcaring to pursue its development strategy” explained Benoit Chastaing, Partner Health & Care at Gimv.

“Less than six months after investing in Stiplastics Healthcaring, we are very pleased to achieve this first major milestone in the roadmap that we have put together with the management team of Stiplastics Healthcaring to form a large group that can meet the increasing demands of the healthcare industry” said Jean-François Billet, Senior Partner at Mérieux Développement.

“When the ownership structure was changed, we clearly expressed our ambition to create a European leader in medical devices, amid increasingly-stringent regulatory constraints and greater demands from clients. These two acquisitions mark a first step in our ambitious growth” added Jérôme Empereur, Chairman and Chief Executive Officer at SGH Healthcaring.

The financial details of the transactions will not be disclosed.

Categories: News

Tags: