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SunFire Announces Investment From KKR

KKR

NEW YORK–(BUSINESS WIRE)– SunFireMatrix, Inc. (“SunFire” or the “Company”), a leading software and tech-enabled services platform serving the insurance distribution and health plan markets, announced today that it has been acquired by funds managed by KKR, a leading global investment firm. Funds managed by Stone Point Capital LLC, the Company’s previous majority owner, will continue to be a significant minority shareholder in the Company. Financial details of the transaction were not disclosed.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240402643144/en/

“We are excited to strategically partner with KKR, given our shared commitment to transforming the healthcare landscape. KKR and Stone Point’s support provides us with unique access and guidance, helping us to continue to grow and serve our customers and beneficiaries,” said David Graf, CEO of SunFire.

“SunFire is a leading, purpose-built platform with a culture of customer centricity and patient focus that we believe is highly differentiated,” said Ali Satvat, Partner and Global Head of Health Care Strategic Growth at KKR. “We have been impressed by what Dave and the entire SunFire team have achieved and look forward to collaborating closely with them during the next phase of the Company’s growth.”

“We are thrilled to support SunFire in its mission to utilize industry-leading technology and best-in-class customer service to create a more seamless and reliable experience for patients, health plans, and its distribution partners,” said Johnny Kim, Director at KKR.

“We are delighted to continue our partnership with David Graf and Kevin Waldman and the entire SunFire team, and welcome KKR, in this next phase of growth for the Company. Over the past three years, SunFire has maintained its leadership position by developing innovative solutions to simplify beneficiary enrollment and to provide critical tools to agents and its carrier clients,” said Nick Zerbib from Stone Point Capital.

KKR is funding this investment through its Health Care Strategic Growth (HCSG) Fund II, which is focused on investing in high-growth health care companies to which KKR can be a unique strategic partner in helping reach scale.

Evercore and William Blair acted as financial advisors to KKR and SunFire respectively.

About SunFire

SunFire is a SaaS technology company providing transformative and proven IT solutions and services to support the rapidly growing Medicare market. SunFire’s core quoting and enrollment technologies enable brokers to compliantly sell Medicare Advantage, Prescription Drug and Medicare Supplement plans within a proprietary cloud-based platform. SunFire delivers innovative post enrollment engagement solutions providing third party verification technology and advocate services, ensuring the beneficiaries intent to enroll, health risk assessment completion as well as the activation of plan benefits. As a mission-driven company, SunFire is deeply passionate about their commitment to improving the lives of the senior community.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Stone Point Capital

Stone Point is an alternative investment firm based in Greenwich, CT. Stone Point targets investments in companies in the global financial services industry and related sectors. The firm invests in alternative asset classes, including private equity through its flagship Trident Funds and credit through commingled funds and separately managed accounts. In addition, Stone Point Capital Markets supports our firm, portfolio companies and other clients by providing dedicated financing solutions. For more information, please visit www.stonepoint.com.

Media:
Liidia Liuksila
(212) 750-8300
media@kkr.com

Anne Gilliland
(203) 862-2926
agilliland@stonepoint.com

Source: KKR

 

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EQT Private Equity to Acquire Avetta from WCAS

eqt
  • Avetta’s platform is the world’s largest supply chain risk management network with over 500 hiring clients and 130,000 suppliers across more than 130 countries
  • Avetta’s solution improves the resilience of supply chains worldwide by helping hiring clients and suppliers manage their supply chain risk effectively and improve safety, security, sustainability, worker competency, and performance across major industries
  • EQT commits to supporting Avetta in its ongoing growth and innovation journey

EQT Private Equity announced today that the EQT X fund (“EQT”) has agreed to acquire Avetta (the “Company”) from Welsh, Carson, Anderson & Stowe (“WCAS”). Avetta is a global leader in supply chain risk management software.

For more than two decades, Avetta’s innovative SaaS platform has enabled clients to manage supply chain risks across health, safety, and sustainability, among other risk vectors. With 12 offices around the globe and more than 750 employees, Avetta’s global network spans over 130 countries, empowering over 500 hiring clients and 130,000 contractors to reduce accidents, improve compliance rates, and achieve higher levels of operational, sustainability, and ethical excellence.

Global supply chains face increasing complexity from globalization and digitization, as well as heightened safety, compliance and sustainability requirements. As an established, cloud-based SCRM platform backed by decades of innovation and with global scale, Avetta is well-positioned to help clients manage this complexity, creating higher resilience in global supply chains.

By leveraging its global footprint, purpose-driven approach, and digital and sustainability expertise, EQT will support Avetta’s ongoing growth journey. Through the development of new products and technologies, adoption of AI / automation, and global expansion, Avetta will further enhance its value proposition to both hiring clients and suppliers. Together, EQT and Avetta are committed to investing in innovation to address the critical challenges facing global supply chains today.

Arvindh Kumar, Partner and Co-Head of Technology within EQT’s Private Equity Advisory Team, said, “Avetta’s leadership position, world-class SaaS platform, and commitment to ESG represent a highly thematic investment opportunity for EQT. As one of the most active technology investors worldwide, EQT has deep software expertise and a broad network of advisors in the space. We look forward to partnering with Avetta and the management team on its next phase of growth and are excited to address some of the most pressing challenges in the supply chain sector.”

“Our partnership with EQT propels Avetta into a new era of innovation and growth, reinforcing our dedication to fostering safer, more sustainable workplaces across our global clients and suppliers,” remarked Arshad Matin, CEO of Avetta. “This transition is not just a significant milestone for Avetta but for the supply chain risk management (SCRM) industry at large. With the support of EQT, we are poised to enhance our product suite and operational reach further, as demonstrated by ‘Ask Ava,’ our pioneering generative AI risk assistant. As we embrace this exciting phase of expansion, we extend our deepest gratitude to WCAS for their unwavering support and partnership over the past six years.”

Christopher Hooper, General Partner at WCAS, stated, “WCAS is proud to have helped guide Avetta’s strategic evolution and achievement of substantial growth, both organically and through strategic acquisitions. Avetta is an excellent example of how WCAS supports accelerating value creation and driving technology businesses to the next level. With our co-investors TCV and Norwest Ventures Partners (NVP), we’re proud to have helped transform Avetta into a leading network for managing third-party supplier risk across a broad array of risk types including safety, business risk, ESG and workforce management.”

“Critical to this transformation has been the assembly of a world-class management team, led by Arshad Matin. Their leadership has been pivotal in Avetta’s enterprise scaling and innovation,” said Mr. Hooper. “We are confident in Avetta’s continued success under EQT’s ownership, assured that the foundation we’ve built will continue to thrive and set new benchmarks.”

With this transaction, EQT X is expected to be 35-40 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on the actual fund size and subject to customary regulatory approvals.

The transaction is subject to customary conditions and approvals and slated for completion in the coming months, pending customary closing conditions and regulatory approvals. Financial terms of the transaction were not disclosed.

Advisors

Goldman Sachs & Co. LLC served as exclusive financial advisor and Kirkland & Ellis served as legal counsel to Avetta. Citi served as exclusive financial advisor and Ropes & Gray served as legal counsel to EQT.

Contacts:

 

For EQT:

 

press@eqtpartners.com

 

For WCAS:

 

Fran Higgins
212 893-9504
fhiggins@wcas.com

 

Greg Lau
212 893-9586
glau@wcas.com

 

For Avetta:

 

Jenn Zimmer

avetta@hoffman.com

About EQT

EQT is a purpose-driven global investment organization with EUR 232 billion in total assets under management (EUR 130 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com 

Follow EQT on LinkedIn, X, YouTube and Instagram

About WCAS

WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the Firm’s strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has raised and managed funds totaling over $33 billion of committed capital. For more information, please visit www.wcas.com.

About Avetta

The Avetta SaaS platform helps clients manage supply chain risk and their suppliers to become more qualified for jobs. For the hiring clients in our network, we offer the world’s largest supply chain risk management network to manage supplier safety, sustainability, worker competency and performance. We perform contractor prequalification and worker competency management across major industries, all over the globe, including construction, energy, facilities, high tech, manufacturing, mining and telecom. More info: www.avetta.com

About Norwest

Norwest Venture Partners is a global venture and growth equity investment firm managing more than $12.5 billion in capital. Since its inception, Norwest has invested in more than 700 companies and currently partners with more than 230 companies in its venture and growth equity portfolio. The firm invests in early- to late-stage businesses across key sectors with a focus on enterprise, consumer and healthcare. The Norwest team offers a deep network of connections, extensive operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Menlo Park and San Francisco, Calif.; Mumbai and Tel Aviv. For more information, please visit www.nvp.com.

About TCV

TCV is a leading growth equity investment firm focused on investing in global, category-defining, technology companies. Leveraging its deep industry expertise and strategic resources, TCV’s mission is to provide long-term capital and support to high-quality management teams across their growth journey. Since its founding in 1995, TCV has invested over $18 billion in more than 350 technology companies worldwide and has supported over 150 IPOs and strategic acquisitions, making it one of the most active technology investors. TCV has a global presence in Menlo Park, New York, London and Melbourne. For more information on TCV and its investments, visit www.tcv.com.

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DIF Capital Partners opens office in Italy

DIF

DIF Capital Partners, a leading global infrastructure fund manager, is pleased to announce the opening of its new office in Italy. The Milan office will be DIF’s twelfth office.

The new office will target investments in Italy as well as allowing DIF to better serve its growing Italian investor base.

DIF’s Milan office will be headed by Roberta Battaglia. Roberta was most recently Head of Infrastructure at Italian sovereign wealth fund CDP Equity. While at CDP Equity, Roberta was responsible for the origination, transaction execution and portfolio management of assets operating in the infrastructure sector. In this role she also led the acquisition of Autostrade per l’Italia, Italy’s largest motorway network.

Roberta Battaglia

Prior to this, Roberta spent ten years in the investment team at Antin Infrastructure Partners in Paris. While there, she oversaw numerous European investments in – and management of – the telecom, transport and energy sectors. Before that, Roberta worked at Deutsche Bank – first in the Milan Corporate Finance team and later in the EMEA Infrastructure sector team in London.

Wim Blaasse, CEO at DIF Capital Partners, says: “We are delighted that Roberta is joining the DIF team to lead this latest step in the expansion of our global network. Italy is a highly attractive market with an increasing number of interesting investment opportunities across our key target sectors. Having a local team, on the ground, will really enhance our sourcing and management capabilities on the ground.”

“We’ve also expanded our investor base amongst Italian institutions so this new office will enable our investor relations team to better serve our existing and future investors in the region.”

Roberta Battaglia says: “I’m incredibly excited to be heading up DIF’s new Italian office in Milan. DIF has a reputation as one of the best mid-market infrastructure players in Europe and I look forward to working with my new colleagues to accelerate our expansion in Italy.”

“Italy is major beneficiary of the EU’s National Recovery and Resilience Plan (PNRR) – worth almost EUR 200 billion of investments in the energy and digital transitions. With the PNRR set to continue until 2026, the injection of money into Italy’s infrastructure will trigger further investment from private investors, making Italy a very active market.”

 

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with more than EUR 17 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe and North America.

DIF follows two strategies: its traditional DIF funds invest in infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as concessions. The firm’s CIF funds invest in companies with strong growth potential that are active in infrastructure sectors such as digital infrastructure, energy transition and sustainable transportation.

With a team of over 240 professionals in 12 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, Milan, New York, Paris, Santiago, Sydney and Toronto.

In September 2023, CVC, a leading global private markets manager, announced that it would be acquiring a majority stake in DIF Capital Partners. Closing of the transaction is subject to regulatory approvals and is expected in Q2 2024.

For more information, please visit www.dif.eu or follow us on LinkedIn.

 

Press contact:

DIF Capital Partners: press@dif.eu

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CD&R to Acquire Presidio from BC Partners

Clayton Dubilier Rice

Positions the Company to Expand Its Digital Solutions and Managed Cloud Services Offerings to Accelerate Growth

BC Partners to Retain Minority Ownership Position

Presidio
Tuesday, April 2, 2024
New York

Clayton Dubilier & Rice (“CD&R” or the “Firm”) and BC Partners today announced that they have entered into a definitive agreement under which funds affiliated with CD&R will acquire a majority ownership position in Presidio, a leading technology services and solutions provider, from BC Partners. As part of the transaction, funds affiliated with BC Partners will retain minority ownership interest in Presidio. Terms of the transaction were not disclosed.

With more than 6,660 customers, relationships with leading technology providers such as Amazon, Palo Alto Networks, Microsoft, Google, Cisco and Dell and more than 3,500 team members, Presidio is a leading provider of IT and digital solutions. It offers customers a full suite of solutions from data and analytics, cloud services, cybersecurity solutions and infrastructure to keep pace with evolving digital transformation, rising security needs, and new workplace demands.

“CD&R is an experienced technology investor with a longstanding track record of applying an operational mindset to build businesses with enduring value, and our leadership team and I are excited to welcome CD&R as Presidio’s new investment partner,” said Bob Cagnazzi, CEO of Presidio. “We remain committed to growing by continuing to deliver high-quality technology solutions and services to help our customers deliver impactful outcomes through the strategic use of technology. The technology depth of our Presidio team, along with the operating expertise of CD&R and continued support of BC Partners, will help us execute on our ongoing business evolution to deliver world-class solutions to customers, drive deeper relationships with our technology ecosystem partners, and create opportunities for our employees worldwide.”

Mr. Cagnazzi continued, “I would like to thank BC Partners for their true partnership, as we expanded our offerings as a leading technology services and solutions provider. We are well positioned for the future and look forward to working closely with our investors as we advance our business strategy.”

BC Partners acquired Presidio in 2019, successfully delisting the Company from the Nasdaq in a $2.1 billion take private transaction. Under BC Partners’ ownership, Presidio initiated and completed a transformative growth plan, developing a leading cloud services business and expanding internationally. In turn, the Company realized strong growth across key financial metrics.

“It has been a pleasure to partner with Bob Cagnazzi and the entire Presidio team, who have done an incredible job of transforming the business and positioning it as a true global market leader,” said Fahim Ahmed, Partner at BC Partners. “Over the last four years, Presidio has expanded its portfolio in critical offerings such as cloud services and compelling new geographies. This investment further exemplifies BC Partners’ proven approach of working closely with our portfolio partners to help them accelerate their growth trajectories and reach their potential, for the benefit of all stakeholders. Presidio is well positioned for continued success, and we look forward to their next chapter of growth.”

Upon completion of the transaction, CD&R Operating Partner Bill Berutti will serve as Chair of Presidio’s Board of Directors.

“Presidio is at an important and exciting inflection point, and we are thrilled to have the opportunity to partner with Bob and his colleagues and the BC Partners team to help the company seize the numerous growth opportunities in front of it,” said Bill Berutti, Operating Partner at CD&R and former CEO of Plex Systems. “We have followed Presidio closely for some time and continue to be impressed by its growth and the management team’s strategic vision and execution abilities. We are excited to support the business and build on the already strong relationships they have with their customers.”

“We look forward to bringing our technology and distribution experience to further deepen Presidio’s technology ecosystem relationships and expand the company’s software, cloud and managed services offerings to make Presidio an even more valuable and trusted partner to its customers,” said Harsh Agarwal, Partner at CD&R.

The transaction is expected to close in the second quarter of 2024, subject to customary closing conditions.

J.P. Morgan Securities LLC, Citi, Wells Fargo, RBC Capital Markets LLC, BNP Paribas Securities Corp., UBS Investment Bank and Deutsche Bank Securities Inc. provided financing and served as financial advisors to CD&R. Debevoise & Plimpton LLP served as legal advisor to CD&R. Guggenheim Securities, LLC and LionTree Advisors served as financial advisors to BC Partners and Kirkland & Ellis LLP acted as legal advisor.

About Presidio
At Presidio, speed and quality meet technology and innovation. With a decades-long history of building traditional IT foundations and deep expertise in automation, security, networking, digital transformation, and cloud computing, Presidio is a trusted ally for organizations across industries. Presidio fills in gaps, removes hurdles, optimizes costs, and reduces risk. Presidio’s renowned technical team develops custom applications, provides managed services, enables actionable data insights and builds forward-thinking solutions that drive extraordinary outcomes for customers globally. For more information, visit www.presidio.com.

About Clayton, Dubilier & Rice
Founded in 1978, CD&R is a leading private investment firm with a strategy of generating strong investment returns by building more robust and sustainable businesses through the combination of skilled investment experience and deep operating capabilities. In partnership with the management teams of its portfolio companies, CD&R takes a long-term view of value creation and emphasizes positive stewardship and impact. The firm invests in businesses that span a broad range of industries, including industrial, healthcare, consumer, technology and financial services end markets. CD&R is privately owned by its partners and has offices in New York and London. For more information, please visit www.cdr-inc.com and follow the firm’s activities through LinkedIn and @CDRBuilds on X/Twitter.

About BC Partners
BC Partners is a leading investment firm with over €40 billion in assets under management across private equity, private debt, and real estate strategies. Established in 1986, BC Partners has played an active role for over three decades in developing the European buy-out market. Today BC Partners integrated transatlantic investment teams work from offices in Europe and North America and are aligned across our four core sectors: TMT, Healthcare, Services & Industrials, and Consumer. Since its foundation, BC Partners has completed over 127 private equity investments in companies with a total enterprise value of over €160 billion and is currently investing its eleventh private equity buyout fund.

For further information, visit www.bcpartners.com

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Blackstone Announces First Quarter 2024 Investor Call

Blackstone

NEW YORK – March 28, 2024 – Blackstone (NYSE:BX) announced today that it will host its first quarter 2024 investor conference call via public webcast on April 18, 2024 at 9:00 a.m. ET.

To register, please use the following link: https://event.webcasts.com/viewer/event.jsp?ei=1662836&tp_key=79511c5e2b.

For those unable to listen to the live broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at https://ir.blackstone.com/.

The audio replay will also be available on our podcast channels, including Spotify, Apple Podcasts and SoundCloud, approximately 24 hours after the event.

Blackstone distributes its earnings releases via its website, email lists and Twitter account. Those interested in firm updates can sign up here to receive Blackstone press releases via email or follow the company on X (Twitter) @Blackstone.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Contact
Public Affairs
New York
+1 (212) 583-5263

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McCarthy Capital Closed $870 Million Private Equity Fund

McCarthy-Capital-Logo

OMAHA, NE – April 1, 2024 – McCarthy Partners Management, LLC (“McCarthy Capital”), an Omaha-based growth equity firm, today announced the final closing of McCarthy Capital Fund VIII, L.P. (“Fund VIII”), an $870 million private equity fund. Fund VIII will invest in growing, lower middle-market companies.

“We are pleased to announce the closing of Fund VIII,” said Patrick Duffy, President and Managing Partner of McCarthy Capital. “We are thankful for the continued support of our long-term partners as well as the opportunity to partner with new institutional investors, all of whom enabled us to complete this capital raise quickly.”

McCarthy Capital experienced strong demand for its eighth private equity fund, which was oversubscribed and exceeded its initial target of $700 million.

McCarthy Capital brings a disciplined adherence to its longstanding mission of growing businesses in partnership with management teams that retain substantial ownership and operational control.  This specialization has resulted in more than seventy partnerships with closely-held businesses seeking an experienced capital partner.

Through Fund VIII, McCarthy Capital will target investments to support growth equity investments, management buyouts and recapitalizations.  Fund VIII seeks to invest in established companies with demonstrated profitability and attractive growth prospects.  With conservative capital structures and the addition of McCarthy Capital resources, portfolio companies are enabled to pursue accelerated growth through identifiable value-creation initiatives.

Kirkland & Ellis LLP provided legal counsel, and Lazard provided certain advisory services in connection with the offering.

About McCarthy Capital

McCarthy Partners Management, LLC is a registered investment advisor that conducts business as McCarthy Capital. McCarthy Capital, headquartered in Omaha, NE, is focused exclusively on lower middle-market companies. For more than 35 years, the McCarthy Capital organization has been partnering with founders, families and exceptional management teams to support the growth of their companies. More information about McCarthy Capital can be obtained at www.mccarthycapital.com.

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paraDIGMA group, a differentiated occupational health provider in the Netherlands, and Castik Capital enter into partnership

Castik Capital

Funds managed by Castik Capital S.à r.l. (“Castik”) have entered into an agreement to acquire a majority stake in paraDIGMA group from Mentha, paraDIGMA group’s founder Rudo Vissers and management, who will remain shareholders in the business. The company is led by CEO Peter Kruissen who will continue to lead paraDIGMA group together with the management team.

paraDIGMA group is one of the Netherlands’ leading occupational health providers in the field of sustainable employability. With currently c.1,000 employees across 9 offices and more than 80 locations, paraDIGMA group covers customers’ occupational health needs nationwide. The company offers an extensive portfolio of complementary preventive, curative and re-integrative services through its nine specialised labels. In recent years, the largest label de Arbodienst has successfully transitioned to an innovative subscription model, which aligns interests best between customers and paraDIGMA group.

paraDIGMA group plans to continue its organic and inorganic growth, further strengthen its service portfolio and expand its digital offering. Based on this, paraDIGMA group can offer a differentiated customer experience in pursuit of the common goal: improved health, greater job satisfaction and engagement as well as lower absenteeism.

About paraDIGMA

paraDIGMA group is active in the field of sustainable employability, with c.1,000 staff located in the Netherlands. Together with its clients, paraDIGMA group works on improving clients’ employees’ health, job satisfaction and engagement as well as lowering absenteeism. paraDIGMA group does this using its nine labels, each with its own speciality. For example, de Arbodienst provides sick leave case management. Other services comprise psychological interventions as well as outplacement and reintegration services, amongst others. The company was founded in 2003 by Rudo Vissers, who remains a shareholder.

More information is available at: www.paradigma.nl.

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Mentha sells Paradigma Group to Castik Capital

Mentha Capital

Mentha is selling its majority stake in paraDIGMA group to Castik Capital. paraDIGMA group, active in the field of employee health & wellbeing, has grown considerably in recent years in collaboration with Mentha, founder Rudo Vissers and the wider management team. Now the group will be owned by Castik Capital and will take the next step in the strategy and growth plan, under the leadership of the current management.

Through various companies, paraDIGMA group focuses on sustainable employability within organisations, by offering curative and preventive services aimed at the health, well-being, and job satisfaction of employees. The largest division of the group, De Arbodienst, adopts a progressive approach aiming towards prevention. The focus is on creating a healthy organizational culture and working on personal leadership with the objective to actively reduce absenteeism. In addition, it offers related services such as vitality policy, reintegration issues, psychological or physical guidance and training and development. All with the common goal: improved health, more job satisfaction and enthusiasm and less absenteeism in the Dutch working population.

The collaboration with Mentha started in 2020 and resulted in a professionalization and growth surge for the organization. The number of employees has quadrupled, and national coverage has been achieved through an office network with nine locations spread across the Netherlands. In addition to strong growth through expansion of the organization and attracting new customers, various acquisitions have expanded the service offering of the paraDIGMA group. Now is the time to look ahead to the next phase, including exploring opportunities abroad.

Barend Rutten of Mentha comments: “It was a great pleasure to work together with Rudo Vissers, Peter Kruissen, the wider management team and all the talented employees. We have worked extremely hard over the past four years to build the organization into what it is today: a sizable, unique player in the Netherlands. We now confidently transfer the organization to Castik Capital, the right partner for paraDIGMA group. We wish Castik and paraDIGMA group all the best for the future.”

Peter Kruissen, CEO paraDIGMA group adds: “Together with Mentha, we have grown rapidly in the past few years and taken significant steps in professionalisation. Now it is time for the next phasestep. I am confident that we will achieve this together with Castik Capital.”

The sale is subject to approval from the Dutch Healthcare Authority (NZa) and the Dutch Authority for Consumers and Markets (ACM).

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Digital Spotlight for CVC portfolio companies

CVC Capital Partners

On 19 March, CVC hosted a Digital Spotlight at London’s Science Museum for portfolio companies, as well as tech partners. The purpose of the event was to provide portfolio companies with inspiration and practical support to capitalise on AI opportunities while enhancing cyber security.

Over 200 executives joined us, representing 60 CVC companies with a keynote session, interactive workshops and networking focusing on:

  • Cyber security
  • Opportunities from AI

A number of portfolio companies, including STARK, Unily and twoday shared practical examples illustrating how they are using AI to improve customer engagement, operational efficiency and enhancing products and services. CVC’s tech partners delved into approaches to prevent organisations from hacking and how to respond to cyber incidents.

CVC Spotlight events are a chance for our portfolio companies around the world to hear from experts, as well as providing a forum to share their experiences and best practice with fellow professionals from across the CVC Network.

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Rexford Industrial Acquires Blackstone Industrial Assets in Combined $1 Billion Investment

Blackstone

Los Angeles and New York – March 28, 2024 – Rexford Industrial Realty, Inc. (“Rexford Industrial”) (NYSE: REXR), a real estate investment trust focused on creating value by investing in and operating industrial properties located throughout infill Southern California, and Blackstone (NYSE: BX), today announced Rexford Industrial acquired approximately 3 million square feet of industrial properties pursuant to separate transactions with Blackstone Real Estate, including the Blackstone Property Partners strategy as well as Blackstone Real Estate Partners and Blackstone Real Estate Income Trust, for an aggregate purchase price of $1.0 billion.

The combined portfolio comprises 48 properties, totaling 3,008,000 square feet, acquired for $1.0 billion or $332 per square foot on average. The combined portfolio is 98% leased, with 99% of the property square footage located within core, infill submarkets in Los Angeles and Orange counties. In aggregate, the investments are expected to generate a weighted average initial unlevered cash yield of 4.7% and an anticipated stabilized unlevered cash yield of 5.6%. These investments were funded using proceeds from Rexford Industrial’s recent exchangeable senior note offerings and cash on hand.

“These strategic investments in exceptionally well-located, high-quality assets within infill Southern California, the nation’s highest-barrier and lowest supply industrial market, represent a significant opportunity to drive accretive cash flow growth, increased operating margins and long-term value creation,” stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of Rexford Industrial. “With these transactions, we are pleased to further our Blackstone relationship, and look forward to identifying opportunities for future collaboration. Looking forward, our total pipeline comprises approximately $300 million of investments under contract or accepted offer, bringing the aggregate year-to-date $1.4 billion of investments completed or in the pipeline, to a weighted average 5.0% anticipated initial unlevered cash yield and anticipated 5.7% stabilized unlevered cash yield.”

David Levine, Co-Head of Americas Acquisitions for Blackstone Real Estate, said, “These transactions represent an excellent outcome for our investors and demonstrate the strong institutional demand for high-quality assets in attractive markets like Southern California, where we own over 50 million square feet of warehouses. Logistics continues to experience near record low vacancy and remains a high conviction theme for Blackstone Real Estate globally; we are proud owners of $175 billion of warehouses around the world. Along with our portfolio company Link Logistics, we are pleased to work with Rexford on these transactions, who will be an excellent steward of these properties going forward.”

About Rexford Industrial
Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world’s fourth largest industrial market and consistently the highest-demand, lowest supply market in the nation. Rexford Industrial’s highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. Rexford Industrial’s high-quality, irreplaceable portfolio comprises 422 properties with approximately 49.1 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker “REXR,” Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit www.rexfordindustrial.com.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $337 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, residential, office, hospitality and retail. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT), a U.S. non-listed REIT, and Blackstone’s European yield-oriented strategy. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “identified,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “confident,” “conviction,” or other similar words or the negatives thereof.  These may include financial estimates and their underlying assumptions, statements about plans, objectives, intentions, and expectations with respect to positioning, including the impact of macroeconomic trends and market forces, future operations, repurchases, acquisitions, future performance and statements regarding identified but not yet closed acquisitions. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. Rexford Industrial and BREIT believe these factors include but are not limited to those described under the section entitled “Risk Factors” in Rexford Industrial’s and BREIT’s respective prospectus and annual report for the most recent fiscal year, and any such updated factors included in Rexford Industrial’s and BREIT’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein (or in Rexford Industrial’s and BREIT’s public filings). Except as otherwise required by federal securities laws, each of Rexford Industrial and BREIT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Contacts:

Rexford Industrial
investorrelations@rexfordindustrial.com

Blackstone
Jeffrey Kauth
Jeffrey.Kauth@Blackstone.com

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