Monthly Archives: December 2018

APRIL announces the entry into exclusive negotiations by Evolem and CVC Fund VII

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Negotiations regard proposed transfer by Evolem of its majority shareholding to CVC Fund VII followed by public tender offer

Following an analysis of various strategic options regarding the future of its equity interest in APRIL, Evolem, which holds a 65.13% equity stake in APRIL, launched a competitive bidding process resulting in a number of offers being handed out.

At the end of this process, Evolem entered into exclusive negotiations with CVC Capital Partners (“CVC”) regarding the transfer by Evolem of its majority shareholding in the Company to a takeover company controlled by funds managed by CVC in which Evolem would hold a minority stake alongside the funds controlled by CVC and APRIL’s management.

The transfer of the majority block would be carried out at a price of € 22 per APRIL share, entailing a 27.2% premium over the last closing price before the announcement of the offer (on 28 December 2018), 36.9% and 40.4% over the weighted average share price for the last 3 and 6 months, respectively, and 75.3% over the undisturbed closing share price (before April’s October 22, 2018 press release announcing the review of strategic options by Evolem regarding its majority stake in APRIL).

This price could be subject to an adjustment equal to the cost (on a cost per share basis) incurred by APRIL (or its best estimate) at the date of transfer of the controlling block held by Evolem, subject to a 10 million euros deductible, in connection with the proposed tax reassessment from the French tax administration, following investigations on the territoriality of the reinsurance business conducted by Axeria Re, its subsidiary in Malta (see the APRIL press release dated 24 December 2018)1. The price could also be reduced by any distribution which would occur prior to the completion of the block transfer.2

APRIL’s Board of Directors, who met on 28 December 2018, favourably welcomed the principle of CVC Fund VII’s offer and appointed Associés en Finance as independent expert to issue a report on the financial conditions and fairness of the simplified public tender offer.

In accordance with applicable regulations, upon completion of the block transfer, the takeover company controlled by funds managed by CVC will file a simplified public tender offer for the remainder of APRIL’s share capital at the same price as paid to Evolem.

Definitive agreements relating to the bloc transfer could be entered into following the completion of the relevant legal obligation procedure with respect to the employees. The completion of the block transfer would also be subject to regulatory approvals in France and abroad and is expected to be completed during the second quarter of 2019.

1 i.e., by way of example, a downward adjustment of € 0.12 per share on the basis of the provision the company intends to register in its 2018 accounts (see the APRIL press release dated 24 December 2018).
2 i.e., by way of example, a downward adjustment of € 0.27 per share on the basis of a dividend equal to the dividend distributed with respect to the 2017 fiscal year.

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Radiant Life Care and KKR to Acquire Majority Stake in Max Healthcare Through Merger

KKR

New Delhi, Delhi, India

  • Newly listed combined entity of Max Healthcare and Radiant with an equity valuation of INR 7,242 crs will be promoted by Abhay Soi and co-promoted by global investment firm KKR
  • Max India to demerge its non-healthcare businesses into a new listed entity

Radiant Life Care Private Limited (“Radiant”), a leading Indian hospital management company promoted by Abhay Soi and backed by global investment firm KKR, announced today that it has entered into a transaction whereby its shareholders will eventually acquire a majority stake in Max Healthcare Institute Limited (“Max Healthcare”) from Max India Limited (“Max India”). The acquisition will be undertaken through a series of transactions, including Radiant’s purchase of a 49.7% stake in Max Healthcare from South Africa-based hospital operator Life Healthcare in an all cash deal, followed by demerger of Radiant’s healthcare assets into Max Healthcare which will result in KKR and Radiant promoter Abhay Soi together acquiring a majority stake in Max Healthcare.

The combination of Radiant and Max Healthcare will create the largest hospital network in North India, which will become among the top three hospital networks in India by revenue and the fourth largest in India in terms of operating beds. The merged entity will operate over 3,200 beds throughout 16 hospitals across India, including tertiary and quaternary care facilities offering high end critical and super speciality care supported by strong local brands such as BLK Hospital, Max Saket Hospital, Max Smart Hospital, Max Patparganj Hospital, and Nanavati Hospital. The combined business is expected to provide significant growth potential and compelling business synergies. By providing best-in-class patient care, the combined business plans to address India’s growing demand for quality medical treatment.

Upon closing, Abhay Soi will lead the combined company as its Chairman, supported by a strong leadership team.

Abhay Soi, Chairman and Managing Director of Radiant, said, “Radiant has achieved significant growth and expansion during a time of rapid industry consolidation, and the proposed acquisition of a majority stake in Max Healthcare marks an exciting step forward in our strategy to increase scale by merging with a leading and complementary hospital network. We are fortunate to have strong support from KKR as we continue our mission of providing superior medical services in India.”

Analjit Singh, Founder & Chairman Emeritus of Max Group, said, “Max Healthcare has been an integral part of my entrepreneurial journey and I can’t think of better partners than Radiant, backed by KKR, to carry forward this legacy. Over the years, the business has come to be known for its consistently high level of service and clinical excellence across 14 world class facilities, and to this day, it continues to set new benchmarks in clinical quality. The merger offers significant growth potential with revenue and cost efficiencies to be extracted. Both Max and Radiant possess complementary sets of capabilities in running healthcare establishments and KKR brings with it extensive global experience and expertise in healthcare investments as well as capabilities in prudent financial management and efficient capital allocation.”

Sanjay Nayar, Member & CEO of KKR India, said, “We are excited to back Radiant’s efforts towards consolidation in the healthcare sector by helping them create an effective platform in India for the highest-quality healthcare service providers, best in class infrastructure, practices, doctors and management teams. The country’s private hospital market has grown rapidly in recent years, and we expect demand for quality healthcare to outpace overall economic growth as Indians demand better quality care. The combined business will enjoy a leadership position amongst the attractive metros of Delhi and Mumbai.”

Transaction Details
As per the Composite Scheme announced today by Max India, the transaction will be completed through the following steps:

  1. Prior to the merger transaction involving Radiant and Max Healthcare, Max India will demerge its non- healthcare businesses (comprising of Max Bupa and Antara Senior Living) into a new wholly owned subsidiary of Max India whose shares will be listed separately on both BSE Limited and National Stock Exchange of India Limited.
  2. This new company will be spun off, and shareholders of Max India will receive one share of INR 10/- each of the new company for every five shares of Rs 2/- each that they hold in existing Max India.
  3. Following the demerger and the spin-off, Radiant’s healthcare assets will be demerged into Max Healthcare which will then undertake a reverse merger with Max India to create Merged Max Healthcare (“Combined Entity” or “Merged Entity”). As a result of the reverse merger, shareholders of Max India will receive 99 shares of the Merged Entity of INR 10/- each for every 100 share of INR 2/- each that they hold in Max India.
  4. Post-merger, Max India will get dissolved without being wound up and subsequently the equity shares of the Merged Entity will get listed on both BSE Limited and National Stock Exchange of India Limited.
  5. Based on the share exchange ratio recommended in the valuation report issued by S.R. Batliboi & Co LLP and B.S.R Associates LLP, the resultant shareholding of the Combined Entity will be 51.9%, 23.2% and 7.0% (post sale of 4.99% as mentioned below) held by KKR, Abhay Soi and Max Promoters respectively, with the balance being held by public and other shareholders.

A record date will be fixed in due course by the Board of Max India in conjunction with the Board of Radiant.
The Combined Entity will be promoted by Abhay Soi and co-promoted by KKR. Max India’s current promoters (“Max Promoters”) will subsequently step down through the process of de-promoterisation after completion of the merger. KKR will also acquire an additional stake of 4.99% in the Merged Entity from Max Promoters, funded primarily from KKR Asian Fund III. The transaction is subject to regulatory approvals and other customary closing conditions.
The merged entity will continue to use the current brand name Max Healthcare, with appropriate adjustments to its logo.

Rationale
Consolidation of the healthcare business of Radiant with Max Healthcare in a single listed entity can create significant value for all stakeholders:

  • One of the top three hospital chains in India
  • Attractively positioned in two large healthcare markets
  • Well recognized local brands
  • Promoter led strong leadership team
  • Balanced vintage mix of hospitals
  • Track record of robust financial performance
  • Significant potential to extract cost savings, realize synergies and improve margins
  • Strong platform to consolidate through acquisitions of attractive healthcare assets

About Radiant Life Care

Radiant is promoted by Abhay Soi and is in the business of developing/redeveloping hospitals to provide high end quaternary care. Presently, Radiant has two iconic facilities in its portfolio namely: BLK Super Specialty Hospital, Delhi and Nanavati Super Specialty Hospital, Mumbai.

Radiant forayed into healthcare in 2010 with the re-development and commissioning of BLK, a 650-bed hospital, one of the largest private sector hospitals in Delhi and NCR. Besides this flagship hospital, Radiant collaborated with the Nanavati Hospital Trust in 2014 to take over the operations of Nanavati, a 350-bed multi-specialty hospital. Over the next four years, Radiant plans to transform Nanavati into an 800 bed state-of-the-art quaternary care institute and expand BLK by another 200 beds. For additional information, visit the company’s website at www.radiantlifecare.com

About Max India

Max India, the holding company of Max Bupa Health Insurance and Antara Senior Living and equal joint venture partner in Max Healthcare, is focused on health and allied businesses. Max Healthcare and Max Bupa Health Insurance are joint ventures with global leaders, Life Healthcare (South Africa) and Bupa Finance Plc. (UK), respectively. These businesses have well-entrenched positions in their respective categories and are recognized for their outstanding service standards. The Company owns and actively manages a 49.70% per cent stake in Max Healthcare, a 51% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living. Max India is listed on both the Bombay Stock Exchange as well as the National Stock Exchange. For additional information, visit the company’s website at www.maxindia.com

About Max Healthcare

Max Healthcare (MHC) is the Country’s leading comprehensive provider of standardized, seamless and international-class healthcare services. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education.

Max Healthcare has 14 facilities in North India, offering services in over 30 medical disciplines. Of this, 11 facilities are located in Delhi & NCR and the others in Mohali, Bathinda and Dehradun. The Max network includes state-of-the-art tertiary care hospitals in Saket, Patparganj, Vaishali, Shalimar Bagh, Mohali, Bathinda and Dehradun, secondary care hospitals at Gurgaon, Pitampura, Noida & Greater Noida and an out-patient facility and speciality centre at Panchsheel Park. The Super Speciality Hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab.

Max Healthcare has a base of over 3,000 doctors, 10,000 employees and over 2.2 million patients from over 80 countries, across its network of 14 hospitals. For additional information, visit the company’s website at www.maxhealthcare.in

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 partners 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. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Disclaimer
The information in this release has been included in good faith and is meant for general purposes only. Such information is based on the perception of business, market conditions and overall growth potential by the relevant parties. This information is disseminated generally and not addressed to any person or party or for any purpose specific or otherwise. It should not be relied upon for any specific purpose and no representation or warranty is given as regards to its accuracy or completeness. No information in this release shall constitute an invitation to invest in any of the entities referenced in this announcement or their affiliates. None of the parties referenced in this announcement (including their affiliates) or their officers, employees or agents shall be liable for any loss, damage or expense arising out of any action taken on the basis of this release, including, without limitation, any loss of opportunity, profit, indirect, incidental or consequential loss or any actions undertaken in contemplation of the proposed Transaction.

Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, non – completion of conditions agreed between parties to the transaction, approval for the merger not being obtained, ability to recognize the anticipated benefits of the merger including potential growth and business synergies, fluctuations in earnings, dependency on good monsoons and other climatic conditions, fluctuations in foreign currencies, ability of each of the relevant parties to manage growth, intense competition in the business any other business and corporate actions. There can be no assurance that the forward looking statements made herein will prove to be accurate, and issuance of such forward looking statements should not be regarded as a direct or indirect, express or implied, representation or warranty of any nature whatsoever by any of the relevant parties, or any other person, that the objective and plans envisaged by the parties hereto will be achieved. All forward looking statements made herein are based on information presently available to the managements of the relevant entities set out herein and they do not undertake or are in anyway obliged to update any forward-looking statement that may be made from time to time by or on behalf of the each of the entities or the proposed transaction.

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Flux raises $7.5M Series A to bring its digital receipts platform to more banks and merchants

Profounders

 

Flux, the London fintech that has built a technology platform for banks and merchants to power itemised digital receipts and a lot more, has raised $7.5 million in Series A funding. The round is led by VC firm e.ventures (which has previously backed the likes of Farfetch, Sonos and Groupon), with participation from existing investors PROfounders, and Anthemis.

Founded in 2016 by former early employees at Revolut, Flux bridges the gap between the itemised receipt data captured by a merchant’s point-of-sale (POS) system and what little information typically shows up on your bank statement or mobile banking app. Off the back of this, it can also power loyalty schemes and card-linked offers, as well as give merchants much deeper POS analytics via aggregated and anonymised data on consumer behaviour, such as which products are selling best in unique baskets.

On the banking side, Flux is currently available through Barclays (via Barclays Launchpad), challenger bank Starling, and for a small alpha group of Monzo customers. Once banking customers link their account to the service, Flux delivers digital receipts (and where available rewards and loyalty) for transactions at Flux retailer partners.

To that end, merchant partnerships include Costa Coffee, EAT, pod and itsu. Flux also recently announced that Pure is joining the service.

“Our mission has always been to liberate the world’s receipt data because by doing this we can enrich trillions of experiences globally,” Flux co-founder and CEO Matty Cusden-Ross tells me.

“The information on a receipt is used all the time in everyday life, from budgeting to loyalty to expensing but today these all require manual steps. We see a future in which all of these manual processes become seamless experiences, simplifying and enriching people’s lives. Our focus today is on establishing a standard, the Flux platform, to make this a reality within the U.K. before expanding to our first international market”.

Of course, Flux’s attempts to become a standard for the interchange of item level digital receipt data — and the proprietary platform that powers that standard — has always faced a chicken and egg problem: It needs bank integrations to sign up merchants and it needs merchant integrations to sign up banks. Cracking this problem has clearly started to gather momentum, something that hasn’t gone unnoticed by investors.

“We’ve transitioned from having to prove it’s possible to now scaling and that’s a great feeling,” says Cusden-Ross. “The aim for this round is to continue making Flux the gold standard for anything that touches receipt data, [ensuring] Flux remains super easy to use for everyone — consumers, banks and retailers. What this means is going fully live across some of the largest U.K. retail banks as well as ramping our up our live merchants”.

(Related, I understand that Flux has already begun integrating with one of the major U.K. supermarkets and an “international fast food chain,” amongst other unannounced partnerships.)

“Creating a real-time platform that handles massive data volumes is hard, but we’ve cracked it,” adds the Flux CEO. “We’re investing heavily in bringing on the best engineers to continue scaling in a big way. Having figured out the recipe for working with banks and retailers quickly, it’s now all about growing as fast as possible”.

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Veritas Capital Completes Acquisition of Cambium Learning Group

Veritas Capital

DALLAS, TX. – Cambium Learning® Group, Inc. (“Cambium” or the “Company”), a leading educational technology solutions company committed to helping all students reach their full potential, announced today that it has completed its previously announced sale to certain affiliates of Veritas Capital, a leading private equity investment firm.

The Company also completed its previously announced acquisition of VKIDZ Holdings Inc. (“VKidz”), an award winning edtech company dedicated to helping deliver the best education to students using digital solutions.

“We are excited to welcome the Cambium management team and employees and look forward to supporting their many growth opportunities ahead,” said Ramzi Musallam, CEO and Managing Partner of Veritas Capital. “The education technology space is a key focus area for Veritas, and we believe our partnership with Cambium will accelerate the company’s mission of improving outcomes for districts, educators, students and parents.”

John Campbell, Chief Executive Officer of the Company commented, “We are thrilled to partner with Veritas Capital as we embark on the next chapter of our long-term growth. I am proud of the transformation we have accomplished at Cambium as we continue to improve our product suite in terms of technology, efficacy, and engagement. We look forward to helping even more students with the addition of VKidz.”

“It has been our pleasure to work with John and the world-class team at Cambium,” said David Bainbridge, Managing Director of Veronis Suhler Stevenson (“VSS”), an affiliate of the former majority stockholder of the Company. “Since our investment, we have partnered with management to invest in new technology, execute strategic acquisitions, and implement initiatives to accelerate the Company’s growth, and are proud of the progress the Company has made in transitioning to a digital subscription business. We thank Cambium’s leadership and employees for their tremendous efforts and collaboration over the years and wish them well in their next phase of growth.”

Cambium Learning® Group’s stock will cease trading on the NASDAQ under the ticker symbol ABCD effective today.

Macquarie Capital acted as the Company’s financial advisor and Lowenstein Sandler LLP acted as the Company’s legal counsel in connection with the transactions.

Schulte Roth & Zabel LLP acted as Veritas Capital’s legal counsel in connection with the transactions.

About Cambium Learning Group

Cambium Learning® Group, Inc. is an award-winning educational technology solutions leader dedicated to helping all students reach their potential through individualized and differentiated instruction. Using a research-based, personalized approach, Cambium Learning Group, Inc. delivers SaaS resources and instructional products that engage students and support teachers in fun, positive, safe and scalable environments. These solutions are provided through Learning A-Z® (online differentiated instruction for elementary school reading, writing and science), ExploreLearning® (online interactive math and science simulations and a math fact fluency solution) and Voyager Sopris Learning® (blended solutions that accelerate struggling learners to achieve in literacy and math and professional development for teachers). We believe that every student has unlimited potential, that teachers matter, and that data, instruction, and practice are the keys to success in the classroom and beyond. Come learn with us at www.cambiumlearning.com.

About Veritas Capital

Veritas Capital is a leading private equity firm that invests in companies that provide critical products and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide, including those operating in the aerospace & defense, healthcare, technology, national security, communications, energy, government services and education industries. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. For more information on Veritas Capital and its current and past investments, visit www.veritascapital.com.

About VSS

Veronis Suhler Stevenson (www.vss.com) is a private investment firm that invests in the information, education, healthcare, and tech-enabled business services industries.  VSS provides capital for growth financings, recapitalizations, strategic acquisitions and buyouts to lower middle market companies and management teams with the goal of building companies organically as well as through a focused add-on acquisition program.  VSS makes privately-negotiated investments across the capital structure and invests in situations requiring control or non-control equity, mezzanine securities and structured equity securities.

Media Contacts:

Cambium Learning Group, Inc.
Barbara Benson
investorrelations@cambiumlearning.com

or

Jody Burfening/Carolyn Capaccio
LHA
212.838.3777
ccapaccio@lhai.com

Veritas Capital
Andrew Cole/David Millar/Julie Rudnick
Sard Verbinnen & Co
212.687.8080
VeritasCapital-SVC@sardverb.com

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Leadec closes Veltec sale to Plant Systems & Services PSS GmbH

Triton

Stuttgart/Niedernberg, 2018-12-21 – Today, the Leadec Group announced the closing of the sale of the Veltec Group to Plant Systems & Services PSS GmbH after receiving the competent competition authorities’ approval.

The signing took place on November 23, 2018. The Veltec Group was taken over retroactively as of December 31, 2017. It has been agreed to maintain silence on the framework conditions of the sale.

Leadec will completely focus on its strategic growth targets in the manufacturing industry, while Veltec will strengthen its position in the process industry with PSS as a strategic partner. The sale has no impact on Veltec’s current projects and framework contracts.

About Leadec

Leadec is the leading provider of technical services for the automotive and manufacturing industries. The company, which is headquartered in Stuttgart, employs almost 20,000 people worldwide. In 2017 Leadec earned sales of around EUR 900 million. For more than 50 years, Leadec has been supporting its customers along the entire production supply chain. The service provider is based at more than 200 locations, often directly at the customers’ plants and facilities.

Leadec’s global services comprise: Install (installation and automation, disassembly and reassembly), Maintain (production equipment maintenance and technical cleaning), Support (IFM/TFM and internal logistics) and Digitize&Optimize (process engineering and digital services) as well as other local services.

For more information about Leadec go to: www.leadec-services.com

About Veltec

Veltec is a leading European provider of technical maintenance services for the process and power plant industries, focusing on customers in Central and Northern Europe. Veltec currently has 9 branches and the Veltec service team supports customers in the process industries oil and gas, chemicals, life sciences, raw materials and power plants on site at 35 additional sites.

For more information about Veltec go to: www.veltec-services.com

About Plant Systems & Services PSS GmbH

Plant Systems & Services PSS GmbH is the holding company for a group of specialized companies that provide services for the energy and process industry, such as for power plants and chemical and steel companies, waste incineration plants and district heating suppliers.

The group is composed of four companies, including Etabo Energietechnik und Anlagenservice GmbH, which has its headquarters in Bochum, Germany and has more than 40 years of experience in construction and maintenance of pipelines and components for power plants and industrial sites in Germany. The group also comprises three smaller companies in other locations in North Rhine-Westphalia and Lower Saxony.

For more information about Plant Systems & Services PSS GmbH go to: www.elka-beteiligungs.de

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Fresks acquires XL-BYGG Vetlanda

Litorina

Fresks continues to expand through the acquisition of XL-Bygg Vetlanda, a builder’s merchant located in Vetlanda in Jönköping county. The current owners, Johan and Catrine Aronsson, will reinvest part of the proceeds from the transaction and become shareholders in Fresks Group.

XL-BYGG Vetlanda (Vetlanda Trävaru AB) was foundedin 1972, at the time operating a plaining mill, and today the business is a focused full-service builder’s merchant with a turnover of approximately SEK 70million.

After the acquisition Fresks Group will have a total of 33 stores with pro forma revenues of approximately SEK 2.2 billion and 530 employees.

The transaction will complete on 15 January 2019.

For further information, please contact:
Leif Lindholm, +46 70 698 27 00, CEO Fresks Group

Fresks, founded in 1862 is a leading Swedish builder’s merchant group. The company has 33 stores under various local brands whereof the majority is branded XL-BYGG. Fresks sells high quality building material with high degree of service primarily to small and mid-sized professional customers. For more information, please visit www.fresks.se

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H.I.G. Portfolio Company Maillis Group Sells Wulftec to Duravant

HAMBURG – December 21, 2018 – The Maillis Group (“Maillis”), a portfolio company of H.I.G. Capital LLC (“H.I.G.”), and the world’s second largest manufacturer of end-of-line packaging equipment, has sold Wulftec International, Inc. (“Wulftec”) to Duravant, a global engineered equipment and automation solutions provider to the food processing, packaging and material handling sectors.

Wulftec is the market-leading provider of end-of-line packaging automation solutions in North America. Wulftec leverages decades of engineering expertise and manufacturing know-how to deliver highly customized and scalable solutions that address the most complex end-of-line packaging challenges across a diversified customer base. Founded in 1990, Wulftec is located in Ayer’s Cliff, Quebec.

Wolfgang Biedermann, Managing Director of H.I.G. Europe, commented: “Wulftec is the leader in the end-of-line packaging automation market with a truly compelling value proposition. The capability to deliver highly value-added solutions, and to provide around-the-clock customer service with a best in class technical support team are unmatched in the industry. Since our acquisition of Maillis, we have significantly invested into Wulftec’s expansion and management has done an outstanding job to drive the company’s strong growth trajectory”.

About Maillis
Established in 1968, Maillis is the world’s second largest manufacturer of end-of-line packaging equipment and offers its customers “one-stop solutions”. In addition to supplying consumables such as strapping and film products, Maillis produces innovative packaging machines under well-known brand names and offers its customers international after-sales services.

Maillis is an international company with seven production sites located in Germany, Greece, Italy, Poland, Canada and the United States, with approximately 1,300 employees. With more than 15,000 customers and a broad product portfolio, Maillis generates more than €260 million in revenues. The company’s customer base extends to the food and beverage, aluminium, steel, construction, timber and bailing industries and it is the exclusive or preferred supplier to major industrial and consumer products multinationals such as US Steel, Nestle, Coca Cola, P&G, Henkel, Pepsi, Mars, Lafarge, Alcoa, ArcelorMittal, Corus, Wall-mart and others. www.maillis.com.

About Duravant
Headquartered in Downers Grove, Illinois, Duravant is a global engineered equipment company with manufacturing, sales and service facilities throughout North America, Europe and Asia. Through their portfolio of operating companies, Duravant delivers trusted end-to-end process solutions for customers and partners through engineering and integration expertise, project management and operational excellence. With worldwide sales distribution and service networks, they provide immediate and lifetime aftermarket support to all the markets they serve in the food processing, packaging and material handling sectors. Duravant’s market-leading brands are synonymous with innovation, durability and reliability. Duravant is a portfolio company of Warburg Pincus. www.duravant.com

About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over €26 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:

  1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
  3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of €28 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

 

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ucandoo makes vacationing easily affordable

BM-T

The finTech-company, ucandoo, is revolutionizing the market for travel financing

Erfurt, Germany based ucandoo raised a single-digit million investment from lead-investor bm|t beteiligungsmanagement thüringen gmbh and Alpanekino Ltd. ucandoo is a fintech start-up that has developed a platform to make financing travel hassle-free. Experts estimate that today 25 percent of all travel is financed, and the market is growing strongly.

ucandoo´s platform replaces the current cumbersome path via banks and unites the largely separate worlds of travel booking and travel financing.

Customers can now decide in a travel agency if they would like to pay for travel in the conventional manner or with a credit financing with a maximum 12-month duration and a fair interest rate. With only a few data inputs, ucandoo´s partner bank performs an instant creditworthiness check and delivers a financing decision. The service is simple and transparent for the customer and saves significant time spent filling out paperwork at a bank, and, importantly, allows for the time-shifting of payment for travel.

Ucandoo Makes Vacationing Easily Affordable

ucandoo is first launching its platform for physical travel agencies and will then address the online market in a second phase. In Germany, for example, over 60% of leisure travel is still booked with physical travel agencies. ucandoo has already won the largest travel-coop in Europe, Raiffeisen-Touristikgruppe, with 7,000 travel agencies in Germany, Austria, Belgian, Holland, and Luxemburg as a key partner. The service will be successively rolled out in Raiffeisen-Touristikgruppe travel agencies throughout 2019. “The product should allow people to take trips that they previously could not have afforded,” explained shareholder and manager Julien Bahadir. Mr. Bahadir also believes the availability of easy financing will result in the booking of higher-end travel. “This investment will allow us to sustainably change the market for financed travel,” he added.

“We strengthen Thüringen´s Economy through targeted investments in innovative growth companies with high potential,” said Kevin Reeder, CEO of bm|t beteiligungsmanagement gmbh. “We believe in the ucandoo team and that they will significantly contribute to the travel market. The startup from Erfurt has a strong idea and vision for disrupting the travel financing market with a sleek technology platform that creates a win-win situation. The travel agencies can offer an added-value service that will increase their bookings and travelers will now have additional options for their travel.”

Contact:

Annette Brünger
ucandoo GmbH
+49 (0) 163 3345100
www.ucandoo.de

About bm|t:

bm|t beteiligungsmanagement thüringen gmbh currently manages eight investment funds with a volume of 320 Mio. EUR. As the universal investment company for the federal state of Thuringia, bm|t invests in innovative companies across all sectors and stages, from seed investments in startups to growth equity and mezzanine funding for established companies to succession investments such as MBOs and MBIs. The company´s mission is to strengthen Thuringia´s economy while generating positive investment results through targeted investments in innovative growth companies with high potential. In addition to capital, bm|t brings a wealth of experience and a strong network to its investee-partners.

www.bm-t.de

 

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EURAZEO completes its acquisition of a stake in ALBINGIA

Eurazeo

Eurazeo announced today the completion of the acquisition of Albingia, a French insurance company, through a co-investment with Financière de Blacailloux, controlled by Bruno Chamoin (Albingia’s CEO), and the management team.
Eurazeo has invested around €263 million to acquire 70% of the share capital, based on an enterprise value of €508 million.
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About Eurazeo
o Eurazeo is a leading global investment company, with a diversified portfolio of €17 billion in assets under management, including nearly €11 billion from third parties, invested in over 300 companies. With its considerable private equity, venture capital, real estate, private debt and fund of funds expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its 235 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. 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 has offices in Paris, New York, Sao Paulo, Buenos Aires, Shanghai, London, Luxembourg, Frankfurt and Madrid.

o Eurazeo is listed on Euronext Paris.
o ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

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First exit by EQT Ventures – sells stake in Small Giant Games at USD 700 million valuation

EQT Ventures

  • EQT Ventures sells its stake in mobile games company Small Giant Games to Zynga, a leading social games developer
  • EQT Ventures led a USD 5.7 million Series A round in March 2017 and an additional USD 41 million investment at the end of January 2018

The EQT Ventures fund (“EQT Ventures”) today announces that it entered an agreement to sell its ownership stake in the Finnish mobile gaming studio, Small Giant Games (“the Company”) to Zynga Inc. (Nasdaq: ZNGA), a leading social game developer, headquartered in San Francisco, California. The implied valuation of the Small Giant Games transaction is at USD 700 million. EQT Ventures led a USD 5.7 million Series A round in March 2017 and then led an additional USD 41 million investment in January 2018.

Founded in 2013, Small Giant Games’ team of 47 employees developed the hit franchise Empires & Puzzles. The game blends approachable Match-3 battles with deeper gameplay elements including Hero Collection, Base Building and Social Alliances. Just ten months after Empires & Puzzles’ launch in March 2017, the game had developed a strong new brand and loyal following, and Small Giant Games reported USD 33 million in revenues. In the first four months of 2018, the company had already exceeded 2017’s revenue. In addition, Empires & Puzzles has frequently made it into the the Top 10 Grossing Games on the Google Play Store and Apple App Store and has now been downloaded more than 26 million times.

In March 2017, EQT Ventures led Small Giant Games’ USD 5.7 million Series A round and has remained the largest individual owner in the Company since. Following the successful launch of Empires & Puzzles, EQT Ventures was dedicated to supporting the Company’s continued growth journey and, at the end of January 2018, the fund led an additional USD 41 million investment. During the investment period, EQT Ventures – with its team’s mobile gaming experience – supported the Company as it sought to scale Empires & Puzzles.

Timo Soininen, CEO at Small Giant Games, commented: “Our studio has always believed that small, focused and talented teams with a big vision can achieve huge things. EQT Ventures has supported us from the start – not just with capital, but also strategic advice and guidance. The EQT Ventures team’s extensive mobile gaming experience and entrepreneurial mindset has proved invaluable when scaling Empires & Puzzles and we’ve enjoyed working closely with Lars and the rest of the team. I’m confident that partnering with Zynga is now the right next step in our evolution.”

Lars Jörnow, Partner at EQT Partners and Investment Advisor to EQT Ventures, concluded: “Huge congratulations to Timo, Markus, Otto and the rest of the Small Giant team – this is a well-deserved milestone for everyone at the company. The Small Giant team checked all the boxes for EQT Ventures: small, passionate, agile, data-driven and determined to build a global hit game. The EQT Ventures team would like to thank Small Giant Games for letting us be part of their journey – it has been a true partnership and we look forward to the next phase!”

Contact
Lucy Wimmer, Communications Partner, EQT Ventures, lucy@eqtventures.com, +44 7551 289 177
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT Ventures
EQT Ventures is a multi-stage VC fund with commitments of just over EUR 566 million. The fund is based in Luxembourg and has investment advisors stationed in Stockholm, Amsterdam, London, San Francisco and Berlin. Fuelled by some of Europe’s most experienced company builders and scalers, EQT Ventures helps the next generation of entrepreneurs with capital and hands on support. EQT Ventures is part of EQT, a leading investment firm with more than EUR 50 billion in raised capital across 28 funds.

More info: www.eqtpartners.com

About EQT
EQT is a leading investments firm with more than EUR 50 billion in raised capital across 28 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 Small Giant Games
Small Giant Games was founded in early 2013 with the belief that small, talented teams can do extraordinary things. We bring years of experience to the table, with a crew of top players in game development, software engineering and graphic design. We’re based right in the heart of downtown Helsinki, Finland.

More info: www.smallgiantgames.com

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