Monthly Archives: March 2019

Onex Completes Sale of BrightSpring Health Services

Onex

Toronto, March 5, 2019 – Onex Corporation (“Onex”) (TSX: ONEX) and its affiliates (the “Onex
Group”) today announced they have completed the sale of BrightSpring Health Services
(“BrightSpring”) to affiliates of KKR. BrightSpring is a leading provider of diversified home and
community-based health services to complex, high-cost populations.
In June 2004, Onex Partners I made an initial minority investment in BrightSpring (formerly
ResCare) and in November 2010, Onex Partners III invested additional capital to acquire a
majority stake in a take-private transaction. In total, the Onex Group invested $204 million, of
which Onex’ portion was $41 million. The Onex Group has received total proceeds of
approximately $1.0 billion, including prior distributions of $218 million. Onex’ portion of the sale
proceeds was approximately $190 million, including $39 million of carried interest. This results
in a blended gross multiple of invested capital of 5.7 times and a 17% gross rate of return on
Onex’ investment.

About Onex
Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and
ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with
talented management teams. At Onex Credit, Onex manages and invests in leveraged loans,
collateralized loan obligations and other credit securities. Onex has $31 billion of assets under
management, including $6.4 billion of Onex proprietary capital, in private equity and credit
securities. With offices in Toronto, New York, New Jersey and London, Onex and the team are
collectively the largest investors across Onex’ platforms.
Onex’ businesses have assets of $51 billion, generate annual revenues of $32 billion and employ
approximately 217,000 people worldwide. Onex shares trade on the Toronto Stock Exchange
under the stock symbol ONEX.

For more information on Onex, visit its website at
www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

This news release may contain forward-looking statements that are based on management’s current
expectations and are subject to known and unknown uncertainties and risks, which could cause
actual results to differ materially from those contemplated or implied by such forward-looking
statements. Onex is under no obligation to update any forward-looking statements contained
herein should material facts change due to new information, future events or otherwise.

For further information:
Emilie Blouin
Director, Investor Relations
Tel: +1 416.362.7711

Categories: News

Tags:

KKR Completes Acquisition of BrightSpring Health Services

KKR

BrightSpring merges with PharMerica to form leading provider of health and pharmacy services

 

LOUISVILLE, Ky.–(BUSINESS WIRE)–Global investment firm KKR and BrightSpring Health Services (“BrightSpring”), one of the largest home and community-based health services providers, announced today that KKR has closed on its acquisition of BrightSpring. As part of this transaction, BrightSpring has merged with PharMerica Corporation (“PharMerica”) to now become a leading provider of both home and community-based health and pharmacy services for high-need and medically complex populations.

The strategic combination of BrightSpring and PharMerica creates a uniquely positioned, diversified health care platform with comprehensive care capabilities across clinical, pharmacy, and non-clinical support services in multiple care settings. Upon close, the combined company will serve over 300,000 clients daily in 47 states, Puerto Rico and Canada with combined revenue of approximately $4.5 billion.

“Today marks the start of a new and exciting chapter for BrightSpring and PharMerica. We look forward to working with the team on the combined company’s next phase of growth and development,” said KKR member Max Lin.

“Combining BrightSpring and PharMerica brings together two well-respected, high quality and innovative leaders within their markets. Together, we will have unmatched capabilities to drive improved outcomes and reduced costs through integrated service and care models for all of the people and stakeholders we serve. Through the combination of our community-based health services and pharmacy capabilities, our complementary offerings will have valuable benefits to our clients, patients and customers and provide new opportunities together,” said Jon Rousseau, President and Chief Executive Officer of BrightSpring and Chief Executive Officer of PharMerica.

With the combined enterprise led by Rousseau as CEO, Bob Dries has been named the President of PharMerica as part of the combination. “Greater independence, improved health outcomes and reduced hospitalizations all depend on three things to be present – non-clinical support services, daily medication optimization and clinical monitoring and interventions when required, which is what we are focused on providing to deliver value as a combined company,” said Dries. “With PharMerica, we provide industry leading medication availability, cost containment results, and clinical, regulatory and education support for our customers and their residents and patients – through our proprietary programs and systems,” he added.

BrightSpring and PharMerica will continue to support all operations from Louisville, Kentucky, where both businesses are headquartered, and anticipate many benefits to its customers and people served from its scale and scope of integrated services. The combined organization will continue to take a local and customized approach when serving its behavioral, senior and specialty populations in the community, as well as offering differentiated capabilities and a unique set of comprehensive offerings to the skilled nursing, senior living, hospital, behavioral provider, and home infusion and specialty clinic customers that it serves. The increased breadth of the company’s services and its proximity in serving complex populations, which are most often significant polypharmacy populations, will provide added solutions and opportunities for working with Medicare, states and other payers to improve outcomes and lower costs.

Under the terms of the deal originally announced on Dec. 10, 2018, KKR has purchased BrightSpring for approximately $1.32 billion with an affiliate of Walgreens Boots Alliance, Inc. as a minority investor. KKR is making the investment from KKR’s Americas XII Fund.

About BrightSpring

BrightSpring Health Services is the parent company of a family of brands and services that provides clinical, nonclinical and pharmacy and other ancillary care services for people of all ages, health and skill levels across home and community settings. BrightSpring is one of the largest providers of diversified home and community-based health services to complex, high-cost populations. Its primary businesses include: behavioral health (including autism services), home health care (including personal care, home health, and hospice), neuro therapy, and job placement and vocational training, supported by pharmacy and telecare ancillary technologies and services. These businesses employ over 45,000 dedicated team members in more than 40 states and provide services to over 2 million people annually.

BrightSpring Health Services is focused on providing quality and lower-cost outcomes to challenging and high-cost populations, through best-in-class services and technology innovation. Its Connected Home care model is becoming an industry-leading approach to the future of health care services to achieve strong quality and compliance while also driving efficiency and cutting waste. The company’s care professionals work in thousands of communities across the United States providing critically needed daily support services, as well as clinical and pharmacy health services, in community settings. Founded and headquartered in Louisville, Kentucky, BrightSpring has been making a difference in people’s lives and communities since 1974 – helping people live their best life. For more information, visit www.BrightSpringHealth.com.

About PharMerica

PharMerica Corporation is a leading provider of institutional and community-based pharmacy services. The company serves the long-term care, senior living, hospital, home infusion, behavioral, specialty and oncology pharmacy markets. Today, PharMerica operates 96 institutional pharmacies, 20 specialty home infusion pharmacies and five specialty oncology pharmacies in 45 states. PharMerica is a customer service and patient-focused organization serving institutional healthcare providers, such as skilled nursing facilities, senior living communities, hospitals, behavioral and seniors individuals receiving in-home care, and patients with cancer. The company provides highly reliable and accurate medication delivery and support services to approximately 250,000 individuals a day with unmatched service reliability, cost containment, and clinical, regulatory and educational support for its clients and their residents and patients. For more information visit www.PharMerica.com.

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_C.

Contacts
KKR Americas
Kristi Huller
+1 212-750-8300
Media@KKR.com

BrightSpring / PharMerica
Barnard Baker
+1 502-630-7254
Barnard.Baker@BrightSpringHealth.com

Categories: News

Tags:

Cinven to acquire INSEEC U.

Cinven

Investment in a leading European private higher education group

International private equity firm, Cinven, today announces that it has agreed the acquisition of INSEEC U. (‘the Group’), a leading European institution of private higher education and research. The consideration is not disclosed.

Founded in 1975 in Bordeaux, France, today INSEEC U. operates 16 schools worldwide with campuses across France, the UK, the US, China, Switzerland and Monaco, as well as online education programmes. INSEEC U. offers degrees and accreditation programmes principally in Management & Business, Engineering, Communications & Marketing and Political Science, providing courses for approx. 25,000 students annually. Over the past few years, INSEEC U. has become the first cross-disciplinary education platform in France, combining cutting-edge research, agile teaching, innovative teaching methods and CSR values, in order to provide strong and enduring employability to its students.

Having focused on the education subsector for some time, based on its attractive market dynamics, Cinven’s Business Services Sector team worked closely with its French Regional team to identify INSEEC U. as a compelling investment opportunity, given:

  • The European higher education market represents a growing and non-cyclical market, driven by the increasing numbers of students enrolling in higher education;
  • The private sector is gaining share within higher education, due to attractive employability prospects for graduates; and it has material scope for consolidation;
  • The Group has proven its ability to deliver strong organic growth across the economic cycle supported by the quality of its courses in attractive disciplines, strong student employment outcomes, its strong brand positioning and product innovation;
  • INSEEC U. has successfully developed its online education programmes, which have benefitted from investment in technology supported by the Group’s scale advantage, with further scope for significant growth;
  • INSEEC U. is well positioned to continue its consolidation of the highly fragmented private higher education market, both in France where it is already the market leader and internationally; and
  • INSEEC U. is led by a strong management team with a proven track record of developing the Group successfully over the long-term.

Bpifrance, the French government agency, has been a minority investor in INSEEC U. since 2016 and is fully committed to continue supporting the development of the business and the private higher education sector in the years ahead.

Rory Neeson, Partner at Cinven, said:

“Our Business Services Sector team has been focused on investment prospects in education for some time given the attractive trends we see in this sector. INSEEC U. represents an excellent opportunity given its strong student outcomes, market-leading position, and the scale and professionalism of its operations. In particular, INSEEC U. ranks as a leader across its key disciplines and is highly regarded by students and recruiters for both the quality of its teaching and its students’ post-graduation employability. We look forward to working with the highly talented management team, led by Catherine Lespine, to further grow the business in France and internationally, both organically and through acquisition.”

Pierre Estrade, Partner at Cinven, added:

“INSEEC U. operates in a highly attractive, scalable and resilient market, with strong underlying macro trends expected to continue driving growth, particularly across Europe. The Cinven team is highly experienced at growing businesses internationally as well as executing successful buy and build strategies and we look forward to working with the team at INSEEC U., led by Catherine Lespine, to achieve this.”

Nicolas Paulmier, Partner at Cinven added:

“In this fast changing world, higher and continuous education is a key enabler for societies to evolve. Through its size and agility, Inseec U is set to become a major European player in higher education.”

Catherine Lespine, Chief Executive Officer of INSEEC U., commented:

“We are delighted to be partnering with Cinven, whose strategy for our business is fully aligned with the vision the INSEEC U. senior management team has for the Group. We look forward to working together: continuing INSEEC U’s successful growth trajectory and benefitting from Cinven’s international footprint and significant experience of supporting growth both organically and through consolidation.”

The transaction is subject to customary regulatory and antitrust approvals.

Advisors to Cinven on the transaction included: Messier Maris et Associés and Financière de Courcelles (M&A), Eight Advisory (Financial), Freshfields (Legal), TAJ (Tax), BCG and PMSI (Commercial)

Advisors to the Group and Shareholders on the transaction included: Rothschild (M&A), PwC (Financial), Linklaters (Legal, Tax), TAJ (Legal), LEK (Commercial), Fidufrance (Management)

Categories: News

Tags:

The Carlyle Group to Make Strategic Investment in Aerospace Company NORDAM

Carlyle

Investment will accelerate growth and support strategic plan

New York, NY and Tulsa, OK – Global investment firm The Carlyle Group (NASDAQ: CG) and family-owned aerospace company NORDAM today announced that The Carlyle Group has agreed to make an equity investment in The NORDAM Group, Inc., an aerospace manufacturing and repair company. Carlyle’s equity, along with new debt financing, will fund NORDAM’s exit from Chapter 11, de-lever the business and position the company for continued growth. The Siegfried family will retain its 50-year ownership and oversight of the business, and continue to lead the company forward. Carlyle’s equity will come from Carlyle Strategic Partners IV L.P.

Founded in 1969 by the Siegfried family’s late patriarch, aerospace-industry leader Ray Siegfried II, NORDAM is an aerospace manufacturer and provider of critical maintenance, repair and overhaul services (MRO) to the business, commercial and military aviation end-markets. With highly differentiated composites capabilities, NORDAM is committed to the superior performance and quality of its products as well as its customer-centric approach to MRO services. The company provides services to a global customer base through its nine strategically-located operations and customer support facilities on three continents.

“This is an important milestone for NORDAM as we exit Chapter 11 and embark on our next chapter of growth,” said Meredith Siegfried Madden, Chief Executive Officer of NORDAM. “We are thrilled to partner with Carlyle and look forward to working together to continue providing world-class products and services to our valued customers and enhancing flight safety globally. With Carlyle’s deep industry, operational and financial expertise, we believe we will be well positioned to execute on our strategic plan, expand our business and take advantage of the many growth opportunities that lie ahead.”

Shary Moalemzadeh, Managing Director and Co-Head of Carlyle Strategic Partners, said, “We are excited to partner with NORDAM’s outstanding management team and support the high-quality business they have built over the past 50 years. NORDAM has a stellar reputation for providing industry-leading products and services across global aviation end-markets. With this investment and the support of Carlyle’s global platform, we are confident that the company will have the right capital structure and resources to continue its legacy as a best-in-class aerospace manufacturer and provider of MRO services.”

Evan Middleton, Managing Director of Carlyle Strategic Partners, said, “NORDAM has established itself as a key partner to the U.S. military and business and commercial customers around the world. As a respected, differentiated provider of aerospace products and services, we see significant opportunities for continued growth, both organically and through acquisitions. We look forward to working closely with the NORDAM team to scale the business, expand into new end-markets and further develop the company’s composites capabilities – creating value for all stakeholders.”

The transaction is expected to close early in the first half of 2019, subject to Bankruptcy Court approval and satisfaction of customary closing conditions, including regulatory approval.

* * * * *

About NORDAM

Founded in 1969 on family values with multiple, strategically-located operations and customer support facilities around the world, Tulsa-based NORDAM is a leading independently owned aerospace company. The firm designs, certifies and manufactures integrated propulsion systems, nacelles and thrust reversers for business jets; builds composite aircraft structures, interior shells, custom cabinetry and radomes; and manufactures aircraft transparencies, such as cabin windows, wing-tip lens assemblies and flight deck windows. NORDAM also is a major third-party provider of maintenance, repair and overhaul services to the military, commercial airline and air freight markets. Learn more about NORDAM at NORDAM.com.

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $216 billion of assets under management as of December 31, 2018, Carlyle’s purpose is to invest wisely and create value on behalf of our investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,650 people in 31 offices across six continents.

Web: www.carlyle.com
Videos: www.youtube.com/onecarlyle
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary

Media Contacts

The Carlyle Group:
Devin Broda
Sard Verbinnen & Co.
+1 (212) 687-8080
Carlyle-SVC@sardverb.com

Categories: News

Tags:

ARI Announces Strategic Growth Investment from TA Associates

TA associates

MILWAUKEE – ARI Network Services, Inc. (“ARI”), a provider of software and marketing solutions to dealers, equipment manufacturers and distributors in select vertical markets, today announced it has received a strategic growth investment from TA Associates, a leading global growth private equity firm.

True Wind Capital, a San Francisco-based private equity firm that completed a take-private transaction of ARI in August 2017, will remain the largest shareholder in the company. Financial terms of the transaction were not disclosed.

Founded in 1981, ARI provides lead-generation, e-commerce, digital marketing, electronic catalog and dealer management solutions to dealers in end markets such as power sports, outdoor power equipment, marine, recreational vehicle, tire and wheel, aftermarket auto service, appliances and home medical equipment. The company’s suite of products are mission critical in helping dealers drive sales and manage operations. ARI has offices throughout the United States and around the globe.

“We are thrilled to complete an investment in ARI and help build upon the company’s outstanding record of supporting dealerships’ end-to-end technology needs,” said Ashutosh Agrawal, a Managing Director at TA Associates who will join the ARI Board of Directors. “We are confident that ARI is well positioned to continue to grow organically and through strategic add-on acquisitions, and look forward to contributing additional resources to support the ongoing momentum of the company.”

“ARI was built on the basis that manufacturers, distributors, dealers and service providers deserve premier solutions to automate and enhance their businesses,” said Roy W. Olivier, President and Chief Executive Officer of ARI. “In keeping with our roots, we believe it is critical to have value-add partners in place who are aligned with and supportive of our mission and goals. With True Wind retaining a significant stake in the business and TA Associates coming on board as a new partner, we feel fortunate to have two highly regarded investors at our side as we seek to continuously innovate and improve our suite of data-powered technology tools to enable our customers to drive sales. It is a pleasure to welcome TA to the ARI family.”

“We have thoroughly enjoyed our relationship with the entire ARI team since we successfully took the company private 18 months ago,” said Adam Clammer, a Founding Partner of True Wind Capital. “We are delighted to continue our relationship with ARI and are eager to begin working collaboratively with TA to help the company in its next phase of growth.”

In addition to Ashutosh Agrawal, Nicholas D. Leppla, a Vice President at TA Associates, will join the ARI Network Services Board of Directors.

About ARI Network Services
ARI Network Services, Inc. (ARI) offers an award-winning suite of SaaS, software tools and marketing services to help dealers, equipment manufacturers and distributors in selected vertical markets Sell More Stuff!™ – online and in-store. Our innovative products are powered by a proprietary data repository of enriched original equipment and aftermarket electronic content spanning more than 17 million active part and accessory SKUs and 750,000 equipment models. Business is complicated, but we believe our customers’ technology tools don’t have to be. We remove the complexity of selling and servicing new and used vehicle inventory, parts, garments and accessories (PG&A) for customers in the automotive tire and wheel aftermarket, power sports, outdoor power equipment, marine, home medical equipment, recreational vehicles and appliance industries. More than 23,500 equipment dealers, 195 distributors and 3,360 brands worldwide leverage our web and eCatalog platforms to Sell More Stuff!™ For more information on ARI, visit arinet.com.

About TA Associates
TA Associates is one of the largest and most experienced global growth private equity firms. Focused on five target industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in growth companies. TA has raised $24 billion in capital since its founding in 1968 and is committing to new investments at the pace of $2 billion per year. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.

About True Wind Capital
True Wind Capital is a San Francisco-based private equity firm focused on investing in leading technology companies. True Wind is a value-added partner, providing support and expertise that is rooted in 75+ years of collective investing experience. True Wind’s founding partners have successfully invested more than $15 billion of equity in transactions with over $75 billion of value across a variety of industries, geographies, economic cycles and transaction types. True Wind targets investments in which they partner directly with management teams to support their pursuit of market leadership and its investment professionals have completed more than 50 platform investments. Visit www.truewindcapital.com for more information.

Categories: News

Tags:

– Blair Fleming Joins Onex to Accelerate Loan Originations

Onex

Toronto, March 4, 2019 – Onex Corporation (“Onex”) (TSX: ONEX) today announced Blair
Fleming has joined Onex Credit as Head of Origination to accelerate development of the firm’s
middle-market origination capabilities.
“Onex Credit has grown from several hundred million to nearly $11 billion of assets under
management today,” said Michael Gelblat, Chief Executive Officer and Chief Investment Officer
at Onex Credit. “Blair’s proven abilities and long-standing financial sponsor relationships will be
valuable assets to the firm and our investors as we continue our growth.”
Walt Jackson, Portfolio Manager and Head of Private Debt at Onex Credit added, “I’m delighted
to be partnering with Blair to accelerate our origination efforts and continue to expand our private
lending business.”

Mr. Fleming has more than thirty years of experience in capital markets, most recently as U.S.
Head of Investment Banking at RBC Capital Markets. Prior to that, he held several roles within
RBC, including Head of U.S. Capital Markets.
“Joining Onex Credit is a unique opportunity for me, having known and worked with Onex for
more than 20 years,” said Mr. Fleming. “It’s an exciting time to join Onex Credit and help
accelerate growth of the platform.”

About Onex
Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and
ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with
talented management teams. At Onex Credit, Onex manages and invests in leveraged loans,
collateralized loan obligations and other credit securities. Onex has $31 billion of assets under
management, including $6.4 billion of Onex proprietary capital, in private equity and credit
securities. With offices in Toronto, New York, New Jersey and London, Onex and the team are
collectively the largest investors across Onex’ platforms.
Onex’ businesses have assets of $51 billion, generate annual revenues of $32 billion and employ
approximately 217,000 people worldwide. Onex shares trade on the Toronto Stock Exchange
under the stock symbol ONEX. For more information on Onex, visit its website at
www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

This news release may contain forward-looking statements that are based on management’s current
expectations and are subject to known and unknown uncertainties and risks, which could cause
actual results to differ materially from those contemplated or implied by such forward-looking
statements. Onex is under no obligation to update any forward-looking statements contained
herein should material facts change due to new information, future events or otherwise.

For further information:
Emilie Blouin
Director, Investor Relations
Tel: +1 416.362.7711

Categories: People

Tags:

BC Partners Completes Acquisition of United Group, South Eastern Europe’s Leading Cable, Telecoms and Media Group

 

 

One of the largest single foreign direct investments in South Eastern Europe

London and Amsterdam, 04 March 2019 – BC Partners, a leading international investment firm, today announced the completion of the acquisition of majority ownership of United Group B.V. (“United Group”) from KKR, following the receipt of all necessary regulatory approvals. KKR and United Group’s management team will retain a substantial minority stake.

Founded in Serbia, and headquartered in Amsterdam, United Group is the leading independent media and communication services provider across South East Europe. Through significant investments in digital infrastructure, content and proprietary technology, it provides market-leading services to its customers across the region. Over the past 18 years the Group has expanded its presence through both organic growth and acquisitions, now employing over 4,400 staff and providing services to over 1.8 million homes.

Nikos Stathopoulos, Partner at BC Partners said: “We are delighted to have completed this transaction with United Group’s management team and KKR, and look forward to supporting the company’s next phase of growth. United Group is a high-quality asset, with defensive growth characteristics, leading infrastructure, differentiated content and a growing base of loyal customers. Its attractive and integrated business model and regional leadership position provide an excellent platform for further organic growth and strategic acquisitions across Europe.”

Since its investment in 2014, KKR has supported United Group’s efforts to build the company into the leading provider of communications and media services in South Eastern Europe. United Group’s fibre and cable networks have the largest presence in the region, covering 1.8 million homes which benefit from broadband speeds over 2.4x higher than local peers and high quality local and international content.

Jean-Pierre Saad, Managing Director at KKR said: “We are proud of the many achievements of United Group over the last five years. It is a great example of a truly convergent operator across communications and media with market leading product innovation and services. We will remain closely committed to the further development of United Group and are looking forward to working with BC Partners and the management team to further strengthen the company’s growth.”

Morgan Stanley and LionTree acted as advisers to BC Partners while Credit Suisse advised United Group.

Media contact:
BC Partners – Prosek Partners
Pro-BCPartners@prosek.com
+44 (0)20 8323 0475

KKR
Alastair Elwen
Finsbury
alastair.elwen@finsbury.com
+44 (0)20 7251 3801

About BC Partners

BC Partners is a leading international investment firm with over €20 billion of assets under management in private equity and private credit. Established in 1986, BC Partners has played an active role in developing the European buy-out market for three decades. Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe.
Since inception, BC Partners has completed 105 private equity investments in companies with a total enterprise value of €130 billion and is currently investing its tenth private equity fund. For more information, please visit www.bcpartners.com.

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.

About United Group

Founded in 2000, United Group is the leading multi-play telecoms and media provider in South East Europe, providing customers with a full range of telecommunications services. It has the broadest network coverage in the region and offers customers an unrivalled selection of content, from local offerings to the best selection from across the globe. United Group operates in six countries (through brands such as SBB, Telemach, and United Media, and channels such as SportKlub, Nova TV and N1TV) plus a global OTT service, reaching 3.74 million subscribers in 1.8 million homes, employing 4,400 people.

United Group’s international investors include KKR and now BC Partners as the majority investor.

www.united.group/about/

KKR

Categories: News

Tags:

KKR Expands Renewable Energy Portfolio through Investment with NextEra Energy Partners

KKR

NEW YORK–(BUSINESS WIRE)–Mar. 4, 2019– KKR today announced the signing of a definitive agreement with NextEra Energy Partners, LP (NYSE: NEP or “NEP”) to acquire an equity interest in a newly-formed partnership with NEP that owns a geographically diverse portfolio of ten utility scale wind and solar projects across the United States, collectively consisting of approximately 1,192 megawatts.

“We’re excited to partner with NextEra, a world class renewable energy developer and operator, on this portfolio of high quality contracted wind and solar assets,” said Brandon Freiman, Member of KKR and Head of the Firm’s Infrastructure business in the Americas. “This diverse portfolio of ten fully-operational renewable energy projects, all of which benefit from long-term contracts with investment grade customers, is an excellent addition to our portfolio.”

KKR has a track-record of investing in renewable energy, with significant capital deployed in renewable assets including more than 4 GW of installed renewable capacity. KKR invests in infrastructure assets on a global basis, with $12.6 billion in assets under management within its Infrastructure strategy.

KKR’s investment will be in the form of an equity interest in a newly-formed structured partnership with NEP in which NEP has certain rights to acquire KKR’s interest over time at pre-determined return levels between 3.5 and 7.0 years after the formation of the partnership. KKR’s share of partnership cash flows increases to 99% in the event that such call options are not exercised within certain milestones. KKR’s $900 million investment will be funded via a mix of new term loan financing and equity from its third Global Infrastructure Investors fund, which closed in September 2018 with $7.4 billion in commitments.

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.

Source: KKR

Media:
Kristi Huller or Cara Major
Tel: + 1 (212) 750-8300
media@kkr.com

Categories: News

Tags:

Creating a high-end offshore accommodation player – Merger of Master Marine and Crossway Holdings

Nordic Capital

Master Marine AS and Crossway Holdings, both leaders in offshore accommodation services, have agreed to merge operations. The merger will be executed through the formation of a new holding company majority owned by Nordic Capital and with Paragon Outcomes Management LLC being a significant minority holder. The current holding companies of Master Marine and Crossway Holdings will be owned 100% by the new joint company. The Group will build upon its successful track record of 100% uptime performance and solid contract backlog to create a top-tier accommodation services business.

“We are delighted by the continued strong support from Nordic Capital and welcome Crossway Holdings and Paragon to the Group,” said Bjorn Henriksen, CEO of Master Marine AS. ”We look forward to continue to build on the solid platform this combination provides us for the future”.

Following completion of the merger, the Group will hold two high end accommodation jack-up rigs, Haven and Crossway Eagle, currently contracted to Equinor and Total respectively. In addition, the Group will control a further high-end accommodation jack-up rig currently under construction at DSIC Offshore in Dalian, China which will be available for contracting in 2019.

The current management team of Master Marine will be appointed management of the Group.

“We are extremely pleased that Nordic Capital and the management team of Master Marine AS embody our own vision to thoughtfully build a premier accommodation business over the next several years,” said Frank Tripoli, Managing Partner and Chief Investment Officer of Paragon Outcomes. Henrik Bakken, Director at the Advisor to the Nordic Capital Funds, further commented “Master Marine has over the last decade set the benchmark for offshore accommodation on the Norwegian Continental Shelf. Together with Paragon Outcomes and Crossway Holdings we now enthusiastically commence the journey toward becoming the preferred and leading high-end accommodation provider”.

The merger is subject to customary approvals. Closing of the merger transaction is expected during Q2 2019.

About Master Marine AS
Master Marine AS is a Norwegian accommodation provider, with a strong track record in providing safe, efficient, reliable and comfortable accommodation services. The company has since commencement of services provided clients with 100 % uptime and strong HSE results.

About Crossway Holdings
A leader in offshore jack-up accommodation. Crossway Holdings owns two accommodation jack-up rigs, the Crossway Eagle and Crossway Dolphin, offering dual-use features in accommodation and construction support. For more information, visit https://www.crosswayholdings.com.

About Nordic Capital
Nordic Capital is a leading private equity investor in the Nordic region with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services, Industrial Goods & Services and Consumer & Retail, and key regions are the Nordics, Northern Europe, and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 13 billion in over 100 investments. The most recent fund is Nordic Capital Fund IX with EUR 4.3 billion in committed capital, principally provided by international institutional investors such as pension funds. The Nordic Capital Funds and vehicles are based in Jersey and are advised by advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital, please visit www.nordiccapital.com

About Paragon Outcomes Management LLC
Founded in 2009 and based in New York City, Paragon Outcomes Management LLC is a SEC-registered private investment firm focused on real assets and credit-oriented investments. For more information, visit https://www.paragonoutcomes.com.

 

Media contacts:
Master Marine AS
Bjørn Eie Henriksen, Chief Executive Officer
Tel: +47 941 30 432

Nordic Capital
Katarina Janerud, Communications Manager
Advisor to the Nordic Capital Funds
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

Categories: News

Tags:

Sivantos and Widex successfully complete merger: new company to operate as WS Audiology

eqt

  • Global top three contender with revenues of EUR 1.7 billion and a comprehensive sales and distribution platform in more than 125 markets
  • Jørgen Jensen, until now CEO of Widex, appointed CEO; Wolfgang Ollig, Sivantos’ current CFO, appointed CFO of WS Audiology
  • Thomas Ebeling, Chairman of the Board of Directors of Sivantos, appointed Chairman of the Board of Directors of WS Audiology; Jan Tøpholm, Chairman of Widex A/S, appointed Deputy Chairman
  • Ignacio Martinez, to date CEO of Sivantos, will join the Board of Directors

Lynge/Denmark and Singapore – March 1, 2019: EQT funds, owners of Sivantos Pte. Ltd. (“Sivantos”), and the Tøpholm and Westermann families, owners of Widex A/S (“Widex”), today announced the successful completion of the business combination between Sivantos and Widex. The newly created company will operate under the name WS Audiology and be headquartered in Lynge, Denmark and Singapore.

The successful merger between two leading hearing aid companies has created a strong player with combined revenues of more than EUR 1.7 billion, over 10,000 employees and one of the strongest R&D teams in the industry. WS Audiology is driven by a passion to improve the quality of life for more than 700 million people with hearing needs. Together, the two pioneers have a combined experience of more than 170 years and will redefine the competitive landscape in the more than 125 countries they are present in.

WS Audiology will be led by a highly experienced management team with a balanced representation from both Sivantos and Widex. Jørgen Jensen, until now CEO of Widex, will head the new company as Chief Executive Officer. Before joining Widex in 2013, he spent 15 years at Nilfisk-Advance, the last eight of which as President and CEO. He previously worked for McKinsey.

Wolfgang Ollig, Sivantos’ current CFO, will continue in the same position at the new company. Prior to joining Sivantos in 2016, he held the role of CFO at Hella, one of the world’s leading automotive suppliers, for 10 years. Like Jørgen Jensen, he started his career at McKinsey.

Thomas Ebeling, Chairman of the Board of Directors of Sivantos, has been appointed Chairman of the Board of Directors of WS Audiology. Jan Tøpholm, up to now Chairman of Widex, will take on the role as Deputy Chairman. Ignacio Martinez, to date CEO of Sivantos, will join the Board of Directors, and Henrik Bender, until now CFO of Widex, will lead the integration process.

“Today marks the beginning of a great new journey. Two pioneers joining forces with one clear ambition: to expand access to hearing aids and care to serve the millions of people with hearing needs across the world. This merger gives WS Audiology the scale and innovation capabilities to deliver on this goal. We are setting out to excel with best-in-class products and accelerate our shared growth across all our brands. The future holds great opportunities and together, as one team, we will be able to seize the momentum we have gained,” said Jørgen Jensen, CEO of WS Audiology.

“Both Widex and Sivantos have been at the forefront of innovation in the industry. Together, WS Audiology has abundant resources to create excellent products and further accelerate innovation with creative, high-tech and easy-to-use products and services, broadening the choice for hearing aid users,” said Thomas Ebeling, Chairman of the Board of Directors of WS Audiology.

“As WS Audiology takes shape today, we are one big step closer to becoming the clear innovation leader, developing the best possible hearing aids to improve the life of those with hearing needs. We are united by our proud heritage, our long history as ‘first movers’, and our insatiable curiosity that drives our innovation and technology,” said Jan Tøpholm, Deputy Chairman of the Board of Directors of WS Audiology.

WS Audiology will offer a diverse portfolio of technologically advanced hearing aid products and services. With its brands Signia, Widex, Rexton, Audio Service and others, WS Audiology addresses the needs of the millions of people with hearing requirements.

Going forward, WS Audiology will accelerate its growth, strengthen its market penetration and enhance efficiencies to enable additional investments in R&D and the supply chain. This will allow the company to expand access to hearing healthcare via its dedicated salesforce, increasing the quality of life for millions of people and allowing them to experience the world of sound to the fullest.

This press release is translated into multiple languages for information purposes. In case of a discrepancy, the English version shall prevail.

Contacts

  • Andrew Arnold (Corporate Communications): + 45 25 65 75 47
  • Gert van Santen (Corporate Communications): +49 152 028 743 20
  • EQT (Press office): press@eqtpartners.com | +46 8 506 55 334

About WS Audiology
WS Audiology was formed in 2019 through the combination of Singapore-headquartered Sivantos with Lynge/Denmark-based Widex. Today, the business employs more than 10,000 people worldwide, is active in more than 125 markets and has revenues of more than EUR 1.7 billion annually. WS Audiology offers a diverse portfolio of technologically advanced hearing aid products and services across its brands Signia, Widex, Rexton, Audio Service and others. WS Audiology is owned by the Tøpholm and Westermann families and funds under the management of global investment firm EQT as well as the Strüngmann family.

More info: www.wsaudiology.com

About EQT
EQT is a leading investment 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

Categories: News

Tags: