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

No Comments

eqt

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

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

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

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

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

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

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

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

The transaction is subject to approval from the relevant authorities.

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

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

More info: www.eqtpartners.com

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

More info: www.eis-group.de/

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

More info: www.QinetiQ.com

Categories: News

Tags:

Public value new focus area for EQT

eqt

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

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

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

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

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

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

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

 

Categories: News

Tags:

IK Small Cap II Fund to support Bahr Modultechnik GmbH

ik-investment-partners

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

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

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

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

Frank Bahr, Founder, said:

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

Dirk Bahr, Founder, commented:

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

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

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

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

For further questions, please contact:

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

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

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

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

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

Categories: News

Tags:

Ratos AB: HENT divests residential development operations

Ratos

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

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

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

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

For further information, please contact:

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

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

Categories: News

Tags:

IK sells specialist tourism group Touristry to TGH

ik-investment-partners

IK Small Cap I Fund, advised by IK Investment Partners (“IK”), the leading Pan-European private equity firm, announces today that it has reached an agreement to sell Touristry Group Holding AB (“Touristry” or “the Company”), a market leading operator of sightseeing buses and boats and a provider of tourism related services, to Amsterdam-based Tourism Group Holding B.V. (“TGH”). Financial terms of the transaction are not disclosed.

Founded in Stockholm in 2011, Touristry quickly gained market share from the incumbent market dominating player. Originally launched as a new brand of “hop on, hop off” buses, Touristry transformed the Nordic tourism sector by unveiling a fleet of modern bright red vehicles equipped with free Wi-Fi and multilingual audio guides. In 2014, the Company further expanded by adding hop-on, hop off sightseeing boats to its offering in Stockholm. Touristry offers an array of tourism services to approximately 2 million customers a year.

In addition to helping cement Touristry’s market leading position in the Nordic region, IK enabled the company to expand into Germany via two add-on acquisitions. Touristy now boasts a presence across Northern European tourist destination cities, including Stockholm, Copenhagen, Helsinki, Tallinn, Riga, and Berlin.

Commenting on the sale, Kristian Carlsson Kemppinen, Partner at IK Investment Partners and advisor to the IK Small Cap I Fund said: “Touristry has been a success story and we have greatly enjoyed working with its entrepreneurial team. It has been a pleasure seeing the business grow to new heights. IK remains very interested in supporting management teams and investing in growing and innovative companies across Europe, and helping them to become market leaders like Touristry.”

Micha Gottfarb, founder of Touristry and CEO, commented: “Since our very first meeting, the business relationship with IK has been underpinned by mutual trust and a shared vision. With IK’s help we were able to transform Touristry into a truly international business, with the scale and functionality to grow and sustain our market share. I look forward to building on our success in this next chapter for the company together with our new partner, TGH.”

Dirk Lubbers, CEO of TGH, said: “In Touristry we identified a company which had all the ingredients of a great business: innovation, a unique concept, and a product that was widely loved by the market. We look forward to working with Micha and his team to expand Touristry even further and ensure that the European tourism market continues to benefit from the great customer experience Touristry is able to provide. After our very successful expansion in Amsterdam we are thrilled to be able to realise a powerful urban tourism concept abroad. And as a result of our first foreign acquisition, I am proud to announce our new name; Tourism Group International.”

For further questions, please contact:

IK Investment Partners

Kristian Carlsson Kemppinen, Partner
Phone: +46 8 678 9500

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

Touristry
Micha Gottfarb, CEO
Phone: +46 709 35 53 93
micha@touristry.se

Tourism Group Holding
Dirk Lubbers, CEO
Phone: +31 (0)20 5300 919
d.lubbers@tourismgroupholding.com

About Touristry
Touristry is a market leading provider of tourism related services in the Nordics, primarily focused on bus and boat sightseeing (“Hop-On, Hop-Off”). Headquartered in Stockholm, the company has grown rapidly by expanding with its main brands Red Buses and Red Sightseeing and today provides services to over 2 million tourists per year in the Nordic region.

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

About Tourism Group Holding
Founded by Erik de Visser in 1983, TGH has grown from a family owned ticket reseller into the leading tour operator for urban tourism in the Netherlands. Through several strategic acquisitions TGH created a fully integrated urban tourism company offering unrivalled visitor experience by offering a broad range of tickets to local museums, attractions, Amsterdam canal cruises, hop-on hop-off bus trips, and fun excursions to other places in the Netherlands and Belgium. For more information visit www.tours-tickets.com

Categories: News

Tags:

GP Bullhound advises Solita Group on its sale to Apax Digital

No Comments

Gp Bullhound

GP Bullhound acted as exclusive financial advisor to digital transformation agency Solita Group on its sale to Apax Digital, a high growth tech focused minority and buyout fund advised by global private equity firm Apax Partners
Solita Group is a leading provider of data-driven digital transformation services to premier Nordic and European private and public clients, with headquarters in Tampere and offices in Helsinki, Oulu, Stockholm and Tallinn. The Company offers an end-to-end digital transformation service with a focus on using data to underpin the digital transformation process.

Jari Niska, CEO of Solita Group commented: “We are pleased to team up with Apax Digital for the next phase of our exciting journey. Apax’s superior sector expertise will be pivotal in growing Solita both internationally and domestically. The highly professional team from GP Bullhound, coupled with their global presence, was instrumental in making this process a success.”

Sven Raeymaekers, Partner at GP Bullhound, commented: “With data, machine learning and artificial intelligence impacting digital agendas across public and private organisations, we see significant international potential for agencies such as Solita. We are delighted to have advised Solita Group and Vaaka Partners on this transaction to help them find the right partner for the next phase of growth.”

This is GP Bullhound’s second transaction in Finland, following the €64m sale of Rightware to Thundersoft, and further underlines GP Bullhound’s expertise in advising category leaders in the Digital Services sector, with 27 transactions completed in the last 24 months for clients including In2Media (sold to KMD), Ansira (acquired by Advent International) and Karmarama (sold to Accenture), among many others.

Enquiries
For enquiries please contact:
Sven Raeymaekers, Partner, at sven.raeymaekers@gpbullhound.com, or Ravi Ghedia, Vice President, at ravi.ghedia@gpbullhound.com.

About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999, the firm today has offices in London, San Francisco, Stockholm, Berlin, Manchester, Paris, Hong Kong, Madrid and New York. For more information, please visit www.gpbullhound.com, or follow on Twitter @GPBullhound.

 

Dealmakers in Technology

Categories: News

Tags:

The Access Group announces strategic investment from Hg

HG Capital

The Access Group announces strategic investment from Hg alongside existing investor TA Associates at an enterprise value of £1 billion

The Access Group, a leading provider of fully integrated business management software to UK mid-market organisations, announced today a strategic investment from Hg valuing the business at an enterprise value of approximately £1 billion. Current majority shareholder TA Associates will retain joint control of The Access Group.

With its portfolio spanning Finance, HR, Payroll, Hospitality, Recruitment, Health & Social Care, Manufacturing & Distribution, Education and Not for Profit sectors, The Access Group is the leading vendor of mission-critical business software to mid-market organisations in the UK.

Chris Bayne, CEO of The Access Group, commented, “We have enjoyed our close partnership with the team at TA Associates, and we’re very proud of the considerable growth we’ve achieved together to date. We look forward to continuing our relationship with them and welcoming our new investors, Hg, to further assist us in our journey as one of the UK’s leading providers of cloud-enabled business application software. With these two marquee investors, we will have access to significant resources and expertise to continue to deliver innovation and value for our clients.”

“We are very impressed by Chris Bayne, his strong management team and vision for the business, focused on delivering an ever-expanding portfolio of mission-critical software to a growing base of very satisfied and loyal customers.” said Jonathan Boyes, Partner at Hg.

“It has been a pleasure to partner with Chris Bayne and his team since we invested in the business in January 2015,” said J. Morgan Seigler, Managing Director at TA Associates. “The business has experienced strong organic growth, executed 11 acquisitions, entered three new vertical markets and grown its customer base to more than 12,700 UK businesses and not-for-profit organisations. We look forward to partnering with Hg to support the company through its next phase of growth.”

Arma Partners is serving as financial advisor to The Access Group. Harris Williams is serving as advisor to The Access Group’s Management. Travers Smith is serving as legal advisor to TA Associates and The Access Group. Linklaters is serving as legal advisor to Hg.

Categories: News

Tags:

EQT completes purchase of majority stake in Spirit Communications

eqt

  • Will Combine Assets with Lumos Networks
  • Combination of Spirit Communications and Lumos Networks Will Create a Super-Regional Fiber Bandwidth Provider Operating in Nine States in the Mid-Atlantic and Southeast

Waynesboro, Va., and Columbia, S.C., April 10, 2018 – Lumos Networks Corp. (“Lumos”) and Spirit Communications (“Spirit”) announced today that the EQT Infrastructure III fund (“EQT Infrastructure”) has completed its majority stake investment in Spirit. With the transaction complete, Spirit will be combined with Lumos, which was acquired in November of 2017.

The combination of Spirit and Lumos creates a super-regional fiber network stretching from Pittsburgh to Atlanta, with the vast majority of revenue and fiber network concentrated in the high-growth markets of Virginia, North Carolina and South Carolina. Together, Spirit and Lumos will operate a network of approximately 21,000 fiber route miles and well over one million total fiber strand miles. The combined business will have over 9,000 on-net locations, comprised of approximately 4,500 on-net enterprise locations and more than 4,500 unique contracted fiber to the cell (“FTTC”) locations.

Jan Vesely, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, said, “The combination of Spirit and Lumos has strong industrial logic and immediately creates a leading fiber bandwidth platform in the United States. Both companies share many of the same attributes that EQT seeks in its infrastructure investments. We are very much looking forward to supporting the combined business in its ambitious growth plans and working alongside Spirit’s Member Companies.”

Timothy G. Biltz, President and CEO of Lumos, will serve as the CEO of the combined company. Robert Keane, President and CEO of Spirit prior to the combination, and Brian Singleton, CEO of TruVista and Chairman of the Spirit Board of Directors prior to the combination, will serve on the combined company’s Board of Directors.

“Spirit and Lumos have similar operating strategies, our fiber footprint is contiguous with very little overlap and we share the same tireless focus on providing an excellent customer experience,” said Mr. Biltz. “Quite simply, we belong together. We are excited that EQT had the vision to execute on its plan to create a platform that is, based on a number of metrics, the largest independent fiber bandwidth company in the U.S.”

Robert Keane, former CEO of Spirit, said, “In an industry where most combinations are focused on eliminating cost benefits, this business combination is born out of expectations for revenue growth. We now have twice the footprint to reach more of our customers’ locations, and we expect to utilize both companies’ product portfolios to cross-sell these services across the expansive combined enterprise base.”

“I look forward to working closely with Bob Keane and Brian Singleton, who will both play an important role on our Board of Directors alongside the existing board members,” added Doug Gilstrap, Chairman of the Board of the combined entity. “Collectively, we will strive to maintain our focus on excellent customer experience by increasing our offerings of products and services while continuing the investments required to build a fiber network with world-class reliability and performance.”

Mr. Biltz concluded, “I would like to conclude with a very special thank you to the approximately 900 combined employees from Lumos and Spirit for their ingenuity, sacrifice and devotion to solving our customers’ problems and building a world-class fiber network with world-class performance and metrics. The best is yet to come.”

Contacts
Will Davis, +1-917-519-6994, davisw@lumosnet.com

US inquiries: Alicia Battistoni, +1-646-687-6810, alicia.battistoni@eqtpartners.com
International inquiries: EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

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

More info: www.eqtpartners.com

About the Combination of Spirit Communications and Lumos Networks
The combination of Spirit Communications and Lumos Networks creates a super-regional fiber bandwidth network with over 21,000 miles of fiber and more than 9,000 on-net locations across nine states in the Mid-Atlantic and Southeast United States. The new entity offers a full range of Ethernet, MPLS, dark fiber, advanced voice and cloud services to thousands of carrier, enterprise, data center and government customers. The entity also connects 44 total data centers, including 12 co-location and data centers.

More info: www.spiritcom.com and www.lumosnetworks.com

Categories: News

Tags:

EQT Infrastructure acquires Broadnet, Norway’s leading alternative fiber-based data communications provider

eqt

  • EQT Infrastructure acquires Broadnet, the leading alternative Norwegian provider of fiber-based data communications to businesses, telecom operators and the public sector
  • Broadnet operates in the highly attractive fiber infrastructure sector characterized by growing data traffic
  • EQT Infrastructure is committed to actively supporting Broadnet in its pursuit of growth and continued operational improvement opportunities

The EQT Infrastructure III fund (“EQT Infrastructure”) has agreed to acquire Broadnet Holding AS (“Broadnet” or the “Company”) from the EQT V and VI funds.

Broadnet controls ~24,000km of fiber through its nationwide backbone network in addition to expansive regional as well as local networks, connecting more than 90 cities across Norway. The Company has grown to become the leading independent fiber-based datacom provider in the Norwegian B2B market (~85% of sales), but also serves the B2C market through its HomeNet brand (~15% of sales). The product offering includes VPN, Internet, Ethernet and dedicated capacity to both the wholesale market and to end-customers. The customer base includes some of the largest Norwegian enterprises as well as other telecom operators and consumers.

EQT Infrastructure will support the continued development of Broadnet and assist the Company in its pursuit of new opportunities to grow and commercialize its extensive fiber network assets. Moreover, the value creation strategy is focused on realization of identified operational improvement opportunities, for instance automation and customer service initiatives.

Daniel Pérez, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, said: “Broadnet was created under the ownership of EQT V/VI and has developed into a leader in the highly attractive Norwegian fiber infrastructure market under the leadership of CEO Martin Lippert. We are excited about the prospects of the Company and thrilled with the opportunity to support Martin and his team with their growth and development plans going forward.”

Martin Lippert, CEO of Broadnet said: “The sale of Broadnet is another proof of our success over the last years. We have, through hard work from all employees and support from our owners, positioned Broadnet as a market leader within fiber infrastructure. We will continue the journey through further development of infrastructure and by providing outstanding customer experiences in the years to come. Broadnet is ideally positioned to take further market shares in a growing Norwegian fiber market, with the backing of our new owner who has extensive experience from our industry.”

The transaction is expected to close in May 2018.

Contacts:
Daniel Pérez, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, +46 8 506 554 72

EQT Press office +46 8 506 55 334

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

More info: www.eqtpartners.com

About Broadnet
Broadnet is the largest alternative Datacom provider in Norway. The company controls one of two optical fiber networks in Norway in addition to a substantial regional and local network. The group consist of two brands: Broadnet, serving the business and wholesale market, and HomeNet, serving the consumer market

More info: www.broadnet.no

Categories: News

Tags:

FS Investments and KKR Close Transaction, Creating Largest BDC Platform

KKR

Investors Overwhelmingly Approve New Partnership

PHILADELPHIA and NEW YORK, April 9, 2018 /PRNewswire/ — FS Investments and KKR today announced the closing of their previously announced transaction to create the market’s largest business development company (BDC) platform, with $18 billion in combined assets under management.

Effective today, a new partnership, FS/KKR Advisor, LLC, will serve as the investment adviser to six BDCs:  FS Investment Corporation (NYSE: FSIC), FS Investment Corporation II (FSIC II), FS Investment Corporation III (FSIC III), FS Investment Corporation IV (FSIC IV), Corporate Capital Trust, Inc. (NYSE: CCT) and Corporate Capital Trust II (CCT II).  All of the BDCs are able to participate in the same transactions alongside each other and KKR Credit’s institutional funds and accounts.

“We have been working closely with the KKR team over the past several months to prepare for this transition and are now looking forward to realizing the full benefits of our combined platform for investors,” said Michael Forman, Chairman and Chief Executive Officer of FS Investments. “Our focus will continue to be on optimizing the platform and enhancing performance as we also evaluate potential mergers of these BDCs to create value.”

Todd Builione, President of KKR Credit and Markets, said, “We have enjoyed working with our partners at FS over the past many months.  We firmly believe that through our collective scale and complementary expertise, our combined BDC franchise is positioned to drive superior results for our investors – and holistic financing solutions to our sponsor and corporate clients.”

FS Investments and GSO Capital Partners (GSO) have concluded their relationship with respect to all of FS Investments’ sponsored funds that were sub-advised by GSO.

About FS/KKR Advisor LLC 
FS/KKR Advisor, LLC is a partnership between FS Investments and KKR Credit that serves as the investment adviser to six business development companies (BDCs) with approximately $18 billion in assets under management as of December 31, 2017. The BDCs managed by FS/KKR include FS Investment Corporation, FS Investment Corporation II, FS Investment Corporation III, FS Investment Corporation IV, Corporate Capital Trust, Inc. and Corporate Capital Trust II.

About FS Investments
FS Investments is a leading asset manager dedicated to helping individuals, financial professionals and institutions design better portfolios. The firm provides access to alternative sources of income and growth and focuses on setting industry standards for investor protection, education and transparency.

FS Investments is headquartered in Philadelphia, PA with offices in New York, NY, Orlando, FL and Washington, DC. Visit fsinvestments.com to learn more.

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.

Contact Information:

Media (FS Investments)
Marc Yaklofsky or Kate Beers
media@fsinvestments.com
215-495-1174

Media (KKR)
Kristi Huller or Cara Kleiman Major
media@kkr.com
212-750-8300

Forward-Looking Statements
This press release may contain certain forward-looking statements, including statements with regard to the future performance or operations of FSIC, FSIC II, FSIC III, FSIC IV, CCT and CCT II (collectively, the “Funds”). Words such as “believes,” “expects,” “projects” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the filings the Funds make with the U.S. Securities and Exchange Commission. The Funds undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/fs-investments-and-kkr-close-transaction-creating-largest-bdc-platform-300626249.html

SOURCE FS Investments

Categories: News

Tags: