Category Archives: News

BSI Software partners with new investor Bregal Unternehmerkapital, to continue its customer-oriented growth strategy in Europe

Bregal unternehmerkapital
Funds advised by Bregal Unternehmerkapital partner with leading provider of innovative CRM and CX software in its focus industries. The transaction marks a full exit of Capvis Equity V LP. This new partnership is built to support the BSI team in the continuation of its customer-orientated growth strategy, expansion in Europe and the continuous expansion of the software platform. The existing team of founders, management and employees will continue to have a significant stake in BSI.
Baden, 04.07.2024

Funds advised by Bregal Unternehmerkapital (“BU”) acquire a majority stake in the Baden-based company, BSI Software AG (“BSI”), a leading provider of software solutions for customer relationship management (“CRM”) and customer experience (“CX”) in its focus industries.

As part of BU’s investment, Capvis Equity V LP, the fund advised by the Swiss investment company Capvis AG (“Capvis”), sells its shares after four years of successful partnership with BSI. The BSI management team remains invested and will continue its successful work together with BU.

Holistic software platform for CRM & CX
For more than 25 years, BSI has been providing innovative software solutions for companies that strive to lead the way in digitalisation and customer centricity. More than 500 employees work “with heart and soul” for their customers and the “BSI Customer Suite”, which now comprises seven integrated products. The modern cloud solution is primarily used by sophisticated customers from the financial services, insurance, energy & utility, and retail sectors to digitise relationships with millions of end customers in a customer-oriented, efficient and intelligent way. The BSI Customer Suite comes with an Industry Cloud that integrates in-depth industry knowledge with specific processes and regulations into the software. A Existing IT systems are always fully integrated via various standard connectors to enable a high degree of automation and a consistent data flow. The software and data are stored in Swiss or German data centres.

Markus Brunold, CEO of BSI comments: ”BSI connects people and software. The BSI Customer Suite combines customer focus and industry expertise based on a sophisticated no-code/low-code platform. With this recipe for success, we are continuing our growth strategy in Europe to inspire more customers.”

Successful partnership with Capvis in recent years 
When Capvis partnered with BSI in 2020, the aim was to continue BSI’s success story and at the same time provide further impulses for growth. Over the past four years, new software products have been developed, state-of-the-art cloud architectures rolled out, and the industry modules expanded. BSI has also been able to acquire three companies and expand the functionality of the Customer Suite with Snapview (GDPR-compliant video consulting), inSign (electronic signatures of the highest security level) and Riskine (software solution for advisory processes at banks and insurance companies).

André Perwas, Partner at Capvis, adds, “We were delighted when the founders and management chose Capvis in 2020. We have achieved a great deal in this partnership and are convinced of BSI’s success in the next chapter of its growth.”

Partnership with BU continues to focus on customer-centred growth and supports BSI’s expansion in Europe
With BU, BSI has gained a partner with a long track record of experience in the software sector. BU is the largest mid-cap investor headquartered in the DACH region and has been active in the investment area since 2015. BU has offices in Zug, Munich and Milan.

”Of course, our customers and our products will remain the focus of our further growth strategy,” explains Markus Brunold, CEO of BSI, adding, “with BU, we can simultaneously drive forward internationalisation and expand in our focus industries within Europe”.

Chris Rusche, co-founder and board member of BSI, adds, “The growing size allows us to continue to invest in our employees and products. All our customers benefit from BSI’s success with a strong, comprehensive, European software platform for CRM and CX”.

Philipp Struth, Partner at BU, commented, “BSI convinced us not only with its innovative product portfolio but, above all, with its unique corporate culture, which has turned a large part of its workforce into real co-entrepreneurs. At BU, we feel honoured to be able to help shape and support BSI’s future growth.”

The parties have agreed not to disclose the financial terms of the transaction. The completion of the transaction is still subject to the approval of the relevant authorities.
About BSI
With its Customer Suite, the Swiss software company BSI offers a holistic, AI-supported platform for the digitalisation of customer relationships. BSI provides everything that an excellent customer experience needs for banking, insurance, retail and energy & utilities. In addition to its many years of industry expertise, this also includes BSI’s CRM system with a generative 360° customer view and a BSI Companion. Around 230 corporate customers use BSI’s software to reach their more than 150 million end customers throughout Europe. Since its foundation in Switzerland in 1996, the company has established itself as the market leader in its focus industries in the DACH region. Its customers include renowned companies such as ADAC, the Raiffeisen Banking Group, Signal Iduna, PostFinance and Merkur Software and people working together – that’s what BSI stands for. www.bsi-software.com  

About Capvis
Capvis AG, Baar, Switzerland, is the exclusive adviser of the Capvis funds that primarily acquire majority stakes in leading medium-sized technological firms. Its activity is founded on its longstanding experience in creating local and global market leaders in the fields of healthcare, industrial technology, and advanced services & software from family or entrepreneurial owned companies. Close cooperation with strong management teams ensures that the potential of companies is developed to the full while creating long-term values. Capvis has a track record of more than 30 years in private equity and invested more than EUR 4 billion in 63 companies. The remarkable number of 10 IPOs documents the quality of the investments managed and developed by Capvis. www.capvis.com

About Bregal Unternehmerkapital
Bregal Unternehmerkapital (“BU”) is a leading investment firm with offices in Zug, Munich, and Milan. With €7.0bn in capital raised to date, BU is the largest mid-cap investor headquartered in the DACH region. The funds advised by BU invest in mid-sized companies based in Germany, Switzerland, Italy, and Austria. With the mission to be the partner of choice for entrepreneurs and family-owned businesses, BU seeks to partner with market leaders and “hidden champions” with strong management teams and outbreak potential. Since its founding in 2015, the funds advised by BU have invested over €3.0 billion in more than 100 companies with more than 27,000 employees. Thereby, more than 7,700 jobs have been created. BU supports entrepreneurs and families as a strategic partner to develop, internationalize, and digitize their businesses, while helping them generate sustainable value on a responsible basis with the next generation in mind. www.bregal.ch

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Press contact
Ira Wülfing / Florian Bergmann
IWK Communication Partner
bregal@iwk-cp.com
+49 89 2000 30 30

Sandra Schäfer
Head of Marketing & Communications
sandra.schaefer@bregal.de
+49 89 435 715 007

Categories: News

Gimv announces strategic investment in Curana, leading bicycle components manufacturer

GIMV

Topic: Investment

Gimv is pleased to announce its strategic investment in Curana, a leading developer and manufacturer of high-end bicycle components, specialising in fenders, chain guards and dress guards. Based in Ardooie, Belgium, Curana is renowned for its design and innovation capabilities, providing custom-built solutions for top-tier bicycle manufacturers.

Gimv’s investment in Curana underscores its commitment to the sector of sustainable mobility and lifestyle consumer products and its confidence in Curana’s potential for continued success.

In partnership with Gimv, Curana intends to professionalise its organisation and accelerate its international growth strategy, building upon its reputation as the go-to partner for top-tier bicycle manufacturers. This investment comes at a pivotal moment for Curana, following the untimely passing of its owner, Dirk Vens, during the investment process. Gimv is committed to honouring Dirk’s legacy by continuing to build on the robust foundation he established. Gimv is investing alongside Jean-Charles Malherbe, the newly appointed buy-in CEO, and management to drive this next phase of growth for Curana.

Jean-Charles Malherbe, CEO Curana, states: “Curana has always been at the forefront of design and innovation in the bicycle components industry. Our small but dedicated team is passionate about delivering tailor-made solutions that meet the unique needs of our customers. I am honoured to lead Curana into its next chapter, building on Dirk Vens’ remarkable legacy. Together with Gimv, we will continue to push the boundaries of innovation and maintain the high standards of quality and customer satisfaction for which Curana is known.”

David De Peuter, Partner Gimv Consumer, adds: “Curana is a perfect fit for Gimv’s consumer investment strategy, particularly given its strong presence in the bicycle and e-bike sectors. We are confident in the mid- and long-term prospects for the bicycle industry driven by robust and favourable fundamental trends. We see tremendous potential in Curana’s innovative approach and high-quality products. Our goal is to guide Curana in its next growth phase, ensuring that the company continues to deliver exceptional value to its customers and partners.”

Financial details of the transaction will not be disclosed.

 

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AnaCap in exclusivity talks to acquire Cleva, a leading insurance software solutions provider from Inetum

Anacap

AnaCap, a market-leading private equity investor specialised in partnering with founders and entrepreneurial management teams across services, technology and software within the European financial ecosystem, today announces that it has entered into exclusive negotiations to acquire insurance software provider Cleva from Inetum Group.

This latest development will represent AnaCap’s second platform investment in 2024 following the acquisition of a majority stake in Yard Reaas, a leading investment services and property management platform in April 2024.

Cleva is a leading provider of core life, health and non-life insurance software solutions. The company is headquartered in Paris, operating predominantly in France and Portugal and serving more than 60 insurance carriers and brokers. Cleva employs approximately 550 people with offices in Paris, Lyon, Porto and Lisbon. Prior to AnaCap’s exclusive negotiations, the business was part of Inetum Group, an information technology service provider that was acquired by Bain Capital in 2022.

Cleva is led by CEO Rodolphe Peim, alongside a very experienced management team based in France and Portugal. Working collaboratively, they will continue to drive the growth and development of the company under AnaCap’s ownership.

Cleva is well positioned to benefit from the continued outsourcing trends within the insurance industry which is experiencing accelerated penetration of third-party software solutions. With the support of AnaCap and its unique and unrivalled track record across both insurance and software, Cleva aims to accelerate its growth plans and expand its geographic footprint, especially in the Iberia region.

The transaction is subject to the information and consultation of Inetum Group’s employee representative bodies and to the usual closing conditions (including antitrust approval) and is expected to close second half of 2024. AnaCap received financial advice from Cambon Partners and legal advice from Proskauer Rose LLP.

Nassim Cherchali, Managing Partner at AnaCap, commented:
“We are delighted to announce our investment in Cleva. We look forward to partnering with the management team and supporting the company during its next stage of growth. We believe that Cleva is well positioned to grow its offering as a leading insurance software provider across Europe but also to expand its business reach into new geographies. We were particularly impressed by the efforts made by the management team over the last 3 years in developing a modern tech stack across both life and non-life solutions and we are very excited to begin the next phase of growth with Cleva.”

Steven Gringoire, Investment Director at AnaCap, added:
“We are very pleased to announce our latest investment in France and within the insurance sector in which AnaCap demonstrates a truly unique track record across Europe over the past decade. AnaCap’s acquisition of Cleva is yet another example of how we partner with ambitious management teams to support and accelerate their growth ambitions. We look forward to working closely with all the team at Cleva and are very excited for them to join the AnaCap platform.”

Rodolphe Peim, CEO at Cleva, concluded:
“Over the past years, Cleva has been recognised for the quality of our solutions and its ability to carry out large-scale, transformative projects for our clients. This success represents a great source of pride for all Cleva employees. From our first discussions, AnaCap showed a total commitment to pursue and support our growth strategy and thus demonstrated a true alignment with our fundamentals. I am delighted to partner with AnaCap, and we look forward to this new chapter together.”

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Aquiline Capital Acquires Majority Stake in Isio Group

Aquiline

LONDON, July 2, 2024 /PRNewswire/ — Aquiline Capital Partners LP (“Aquiline”), a private investment specialist in financial services and related technologies, has agreed to a majority investment in Isio Group Limited (“Isio”), one of the fastest growing pensions, reward and benefit and investment advisory businesses in the UK.

Since Isio was launched in 2020 it has undergone four successive years of double-digit organic growth and continues to gain market share. It has completed two acquisitions which expanded the company’s scale, geographical footprint, and range of services. Isio is now one of the UK’s largest retirement advisory businesses, with 1,200 employees and 10 offices across the UK.

Aquiline is well-established as an investor in the global retirement and wealth management services sectors. In the UK, Aquiline has invested in Smart Pension, the global pension software and solution provider, Wealth at Work, the provider of workplace financial education, guidance and advice and Landytech, the private markets investment management technology provider, among others. In addition, Aquiline has invested in Ascensus, the US’s largest provider of independent retirement and college savings services, Mirador, a tech-enabled middle office solution for private markets investors and SageView, a registered investment advisor serving retirement plan sponsors and individuals.

Aquiline’s investment will support Isio’s growth strategy of innovation by expanding its core services and growing adjacent practices, including rewards & benefits, investment advice and private capital. This will be achieved through a combination of targeted M&A to build additional service lines and advisory capabilities, and by attracting new talent to the business.

Aquiline is acquiring its majority shareholding from Exponent Private Equity LLP, who have backed Isio since its carve out. Isio’s management team will continue to retain a significant minority investment.

Igno van Waesberghe, Managing Partner at Aquiline, said: “We are delighted to be investing in Isio. It operates in sectors where we have extensive experience and deep networks.

“Isio is a business we have admired and got to know well, not simply as an investment, but first as our advisor and then our partner. We have been particularly impressed by the depth of their expertise in creating better outcomes for clients. It has delivered impressive organic growth and successful expansion through strategic M&A. We look forward to working with Isio’s management team to continue to develop their offering, diversify the business, and support them in further accelerating growth.”

Andrew Coles, Isio’s CEO, said: “This new investment from Aquiline will enable us to continue the journey of bringing high quality service and better outcomes to our clients. Key to this is having a culture that appeals to the best talent in the sector with long-term, high quality career opportunities. I am personally excited about the future and look forward to continuing to lead Isio in its next phase of evolution and growth.”

The transaction is subject to standard regulatory approvals.

Aquiline were advised by RBC Capital Markets and Herbert Smith Freehills LLP. Exponent and Isio were advised by Evercore (financial adviser) and Macfarlanes (legal adviser). Isio’s management were also advised by Liberty Corporate Finance and Proskauer.

Notes to Editors

About Aquiline Capital Partners LP

Aquiline Capital Partners LP is a private investment firm based in New York, London, Philadelphia, and Greenwich, Connecticut, that is dedicated to financial services and related technologies. The Firm has approximately $10.4 billion in assets under management as of March 31, 2024.

For more information about Aquiline, its investment professionals, and its portfolio companies, visit www.aquiline.com

About Isio

Isio is a leading independent UK provider of actuarial & consulting, pensions administration, investment advisory, employee reward & benefits and wealth advisory services. With a national team of 1,200 people across ten UK offices, Isio is committed to promoting financial wellbeing for all and works with companies, trustees and individuals to help them make informed decisions to protect their financial future.

For more information about Isio, please visit www.isio.com

About Exponent

Established in 2004 with a presence in London, Dublin and Amsterdam, Exponent is a leading private equity firm. The Firm invests in mid-market companies headquartered across Europe (UK, Ireland, Benelux and Nordics). Exponent has a distinctive approach, central to which is identifying the potential in corporate, family or founder owned businesses.

Exponent has raised more than €3 billion to date. A selection of Exponent’s current and past investments include market leading businesses such as Trainline, Moonpig, Ambassador Theatre Group, H&MV, Xeinadin and Quorn Foods.

Exponent has been investing in corporate carve out deals since its inception, with the acquisition of TES from News Corporation in 2005. In recent years the Firm has acquired Enva from DCC plc in 2017, SHL from Gartner, Inc. in 2018, Gü from Noble Foods in 2021 and most recently, in 2023, Natara from International Flavors and Fragrances, Inc.

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Ardian signs exclusive agreement to acquire a stake in DIAM, to support a new phase of growth alongside management

Ardian

Ardian, a world-leading private investment house, today announced that it has entered into exclusive negotiations to acquire a majority stake in DIAM, a world leader in the Visual Merchandising and Shopfitting markets for the beauty and luxury sectors, alongside the management team, which would reinvest significantly, and BNP Paribas Développement.

After an initial successful collaboration with Ardian between 2016 and 2018, DIAM has since continued to grow and strengthen its geographical positions, supported by EMZ Partners and a consortium of investors including BNP Développement, Idia and Socadif. The group now employs over 3,200 people spread over 30 sites in 20 countries, supporting its customers on a local-to-local basis in Europe, Asia, Africa and the Americas. In 2023, DIAM’s sales exceeded 400 million euros, mainly in the Visual Merchandising, Shopfitting, Niche Packaging and Point of Sales’ Services segments. The Group’s recent growth has been driven by strong geographic expansion, the extension of its product range, and the close proximity to customers that lies at the heart of DIAM’s culture. Today, the Group is recognized as the sector’s front runner in terms of CSR commitments, working to implement key actions for beauty and luxury brands.

DIAM acts for its customers across the entire value chain, with an offer combining consulting, creative and technical design, engineering, production, delivery, installation, after-sales services and recycling.

For more than 50 years, DIAM has forged close relationships with leading groups such as L’Oréal, LVMH, Estée Lauder, Richemont, Shiseido, Chanel, Hermès and independent brands. To best meet their expectations, the Group has always focused on a dual understanding of the Groups and the distribution systems. In addition, DIAM is resolutely focused on building significant innovation and CSR benefits, notably from the angles of carbon reduction and with a  strong focus on the development of people and teams.

Ardian, which has known the DIAM Group for many years, will support the management team’s strategy of:
•    Reinforce CSR benefits and social commitment
•    Develop Visual Merchandising, Shopfitting, Niche Packaging, Connectivity and In-Store Services, through a number of organic initiatives and possible acquisitions
•    Develop all DIAM Group brands: Diam, Prugent, Field Flex, Fine Packaging Manufacturers, MR, Retail3D, Conex, B2D.

The completion of the transaction remains subject to the usual conditions precedent and the approval of the relevant regulatory authorities.

“The entire management team is delighted to welcome Ardian Expansion back into our capital. After going through the complex period of Covid, clarifying our core businesses, growing our teams and ensuring 4 years of strong development. DIAM has become much more balanced, both in terms of geographical distribution and in terms of broadening the offer and number of brands served, and more solid both in financial and extra-financial terms. We therefore need a leading shareholder to support a new phase of ambitious growth. Ardian will be a major asset for DIAM and our customers in this new phase of the Group’s development.” Françoise Raoul-Duval, President and CEO, DIAM

“We are delighted to once again support DIAM in this new phase of its development. The Group’s strong performance over the last few years demonstrates its leadership and ability to adapt to demanding market trends. We are convinced that this strategic partnership will enable DIAM to pursue its growth trajectory and assert its global leadership.” Arnaud Dufer, Head of Expansion France, Ardian

“DIAM, led by a tremendous management team, will target external growth in services and packaging. The Group’s ESG approach will continue to be a very strong marker of its strategy.” Alexis Lavaillote, Managing Director Expansion, Ardian

“Diam has a management team with exceptional leadership, with an entrepreneurial spirit and a deeply human dimension. We are delighted to have been at their side over the last few years.” Ajit Jayaratnam & Ludovic Bart, EMZ Partners

LIST OF PARTICIPANTS

  • PARTICIPANTS

    • DIAM GROUP: FRANÇOISE RAOUL-DUVAL, THIERRY CHETAILLE, LOUIS DUPÉRÉ, STÉPHANE MICHEL-GROSJEAN, MICHEL VAISSAIRE AND ALL THE TEAM MEMBERS
    • EXPANSION, ARDIAN: ARNAUD DUFER, ALEXIS LAVAILLOTE, STEVEN BARROIS, THOMAS GRÉTÉRÉ, VICTOR LESÉNÉCAL
    • BNP PARIBAS DÉVELOPPEMENT: DELPHINE LARRANDABURU, JEAN CHARLES MOULIN, JULIEN LEMAIRE
    • EMZ PARTNERS: THIERRY RAIFF, AJIT JAYARATNAM, LUDOVIC BART
    • IDIA: NICOLAS LAMBERT
    • SOCADIF: THIERRY ANTONINI

  • BUYER ADVISORS

    • M&A LAWYERS: PROSKAUER (MATTHIEU LAMPEL, BENJAMIN BENZAKINE, VANESSA HAMIANE)
    • FINANCING LAWYERS: PROSKAUER (MAUD MANON, PIERRE TARDIVO, ANTOINE COTTIN)
    • ANTITRUST LAWYERS: JOUVENSAL (KARIN-AMÉLIE JOUVENSAL) AND MARCK (GEORG SCHMITTMANN)
    • M&A LAWYERS – SELLERS: DE PARDIEU BROCAS MAFFEI (JEAN-FRANÇOIS POURDIEU, HUGUES DE FOUCHIER)
    • STRATEGIC DUE DILIGENCE: KEARNEY (JÉRÔME SOUIED, PIERRE-ALEXANDRE KOCH, HADI BENKIRANE, CHARLOTTE ROYER, ARTHUR LAVEST, VERA GAIDACH, DIMITRI IORDANOVITCH)
    • FINANCIAL DUE DILIGENCE: KPMG (OLIVIER BOUMENDIL, MEHDI CHAFAI EL ALAOUI, ANTOINE LAFFONT, MARIE HUEBER, SOUFIANE ROKNEDDINE)
    • LEGAL, TAX AND SOCIAL DUE DILIGENCE: KPMG AVOCATS (XAVIER HOUARD, FLORENCE OLIVIER, ALBANE EGLINGER, THOMAS CHARDENAL)
    • ESG DUE DILIGENCE: AXA CLIMATE (JULIEN FAMY, LAETITIA CANON)
    • INSURANCE DUE DILIGENCE: FINAXY (DÉBORAH HAUCHEMAILLE)

  • SELLERS, COMPANY AND MANAGEMENT ADVISORS

    • M&A ADVISORS: NATIXIS PARTNERS (BORIS PICCHIOTTINO, SIMON LE GUILLOU, MARTIN FREVAL, LÉA RAHAB, BAPTISTE ZURAWSKI)
    • FINANCING ADVISORS: NATIXIS PARTNERS (PHILIPPE CHARBONNIER, MARTIN CHALANSET)
    • MANAGEMENT ADVISORS: CALLISTO (VINCENT AYME, TANCREDE CAULLIEZ)
    • M&A LAWYERS: CLARIS AVOCAT (MANFRED NOÉ, PIERRE-ALEXIS MOREAU, MANON FORTIN, ANA MOLINA) / DE PARDIEU BROCAS MAFFEI (JEAN-FRANÇOIS POURDIEU)
    • STRATEGIC VENDOR DUE DILIGENCE: LEK (REMY OSSMANN, PHILIPPE GORGE)
    • FINANCIAL VENDOR DUE DILIGENCE: ALVAREZ & MARSAL (BENOIT BESTION, BAPTISTE RIDEAU, AYMERIC DE FOLLIN, GREGORY PEREIRA)
    • TAX VENDOR DUE DILIGENCE: ARSÈNE (ALEXANDRE ROCCHI)
    • ESG VENDOR DUE DILIGENCE: INDEFI (EMMANUEL PARMENTIER, CHARLOTTE SALMON, VICTOR LE MAROIS)

  • FINANCING

    • BANKING POOL: BNPP, SG, CIC, CADIF, LCL, EIFFEL, ALLIANZ, SPG, SCOR, ARTEMID, GROUPAMA, AMUNDI, CIC PD, BOI, LBP / LBP AM, ING, HSBC, SMBC
    • FINANCING LAWYERS : GIDE (ERIC CARTIER-MILLION, NATHALIE BENOIT)

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $166bn of assets on behalf of more than 1,650 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT DIAM

Founded in 1973, the DIAM Group has become the global and local partner of beauty and luxury groups and brands, designing and supplying visual merchandising solutions, shopfitting, niche packaging, connectivity and in-store services. DIAM is present in 30 locations and 20 countries, and today employs more than 3,200 people, who are the core of our expertise, carrying a strong culture of entrepreneurship, agility and responsiveness.
In 2023, the group achieved sales of over €400 million, 70% of which in Merchandising, with significant growth (over 20%) on all continents and in all business lines (visual merchandising, shopfitting, packaging, services), thanks in particular to strong commitments and clear actions on CSR, in line with the Eco-design demands of its customers.
The DIAM Group is highly committed to environmental and social responsibility and has made its CSR approach a clear pillar of its strategy and employee retention assets.

www.diaminter.com

ABOUT BNP PARIBAS DEVELOPPEMENT

BNP Paribas Développement, an autonomous subsidiary of the international banking group BNP Paribas, is a limited company which, for over 30 years, has invested its own funds directly as a minority shareholder to support the development of successful SMEs & SMIs and ensure their long-term survival by facilitating their transfer. In addition to providing companies with stable financial resources, BNP Paribas Développement’s mission is to support the management team over the long term as it implements its medium-term strategic projects. Our position as a minority shareholder ensures that our partners benefit from appropriate governance without interference in day-to-day management, while benefiting from the strength of a recognized group and the experience of a partner with a portfolio of over 500 diversified holdings.

https://www.bnpparibasdeveloppement.com/

ABOUT EMZ

EMZ is a pan-European, independent investment company specializing in medium-sized companies. Since 1999, EMZ has contributed to the financing of more than 160 buyouts and expansion transactions (external growth, industrial investments, etc.) for a total invested amount of over 5 billion euros. EMZ’s investment strategy focuses on companies run by experienced management teams who are willing to enter into a collaborative, horizontal partnership with their financial partner.

emzpartners.com

MEDIA CONTACTS

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Omnissa Is Now An Independent Software Company And Digital Workspace Leader With The Closing Of Acquisition By KKR

KKR

With best-in-class technology, global reach and growth investment from KKR, Omnissa is positioned to deliver on its autonomous workspace vision

 

PALO ALTO, Calif.–(BUSINESS WIRE)–Today, Omnissa officially launches as an independent software company and digital work platform leader, with $1.5 billion in annual recurring revenue and 26,000 customers around the world. The announcement follows the completion of the previously-announced acquisition of Omnissa by global investment firm KKR, for approximately $4 billion from Broadcom Inc.

The company will continue under its existing management team led by CEO Shankar Iyer and overseeing 4,000 employees dedicated to technology, partner and customer leadership. As an independent business with a supportive investor in KKR, Omnissa will expand its industry leading platform with new investments in AI, open APIs and simplified product and pricing strategies to create the industry’s first autonomous workspace experience.

“Hybrid work forever changed the concept of the workspace,” said Shankar Iyer, Omnissa CEO. “For organizations fighting to attract talent that means a seamless digital work experience built on flexibility and choice, that moves with the employee. It also means automated provisioning and security given that two-thirds of IT departments suffer persistent talent shortages. Omnissa is how organizations meet that need.”

“Omnissa is a customer-centric technology and innovation leader with a talented team and a compelling opportunity to define and lead the $26 billion digital workspace market,” said Bradley Brown, Managing Director at KKR. “The closing of our investment concludes a two-year journey and marks the start of an exciting new chapter. As a standalone company, Omnissa is positioned to focus exclusively on its vision for the future of digital workspace experiences and achieving long-term growth by delivering next-generation work environments for its loyal customers and partners.”

As an independent software company, Omnissa will combine its industry-leading products across Unified Endpoint Management, Virtual Apps and Desktops, Digital Employee Experience and Security & Compliance into an AI-driven platform that automates the provisioning and securing of employee devices and applications, while providing the intelligence to roll out new services and use cases for employees and for management.

Omnissa’s leadership team, including CEO Shankar Iyer, SVP of Products Bharath Rangarajan and SVP of Marketing Renu Upadhyay, will address customers and partners at the upcoming Omnissa Live event being hosted on July 23 to provide more details on Omnissa’s strategy to redefine the future of work.

The transaction will also include local closings in certain jurisdictions, which are expected to occur during the balance of 2024.

About Omnissa

Omnissa is the leading digital work platform company, empowering the world’s dynamic workforces to do their best work from anywhere. The company’s AI-driven workspace platform helps organizations and their people unlock exponential business value with industry-leading solutions that include Unified Endpoint Management, Virtual Apps and Desktops, Digital Employee Experience and Security & Compliance. Trusted by 26,000 customers worldwide, Omnissa has a 20-year track record in defining digital workspaces. Omnissa, formerly a VMware business, is a privately-held company with 4,000 employees around the globe. For more information, visit www.omnissa.com.

Contacts

Media
Press@Omnissa.com

 

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Bruhn NewTech welcomes Adelis Equity as partner and majority shareholder in the first step towards the creation of a leading European technology defence group

Adelis Equity

Bruhn NewTech, the leading provider of CBRN knowledge management software, announces Adelis Equity as new majority shareholder. Adelis will, through Adelis Equity Partners Fund III AB, support Bruhn NewTech in its next stage of its growth and product development. Bruhn NewTech marks the first milestone in Adelis’ establishment of a company group of leading niche software companies to support the protection of people and societies.

Bruhn NewTech, the Danish provider of knowledge management software that increases societies readiness towards chemical, biological, radiological and nuclear (CBRN) threats, has announced Adelis Equity Partners (“Adelis”) as its new majority shareholder. Adelis will provide strategic support to Bruhn NewTech as a partner to the management team, led by Erik Juel Ellinghaus, and Chairman, Kristoffer Basse, and leverage its expertise in how to develop and scale software companies based in Northern Europe.
Bruhn NewTech is the world’s leading provider of CBRN knowledge management software, with over 30 years’ experience in its field. The company’s main purpose is to protect people from airborne threats, and it serves more than 80% of NATO forces and more than 40 countries worldwide. Furthermore, Bruhn NewTech’s software has enhanced the security related to airborne threats in public settings, such as the Olympic Games. The company is seeing increased demand from countries and organisations to increase its CBRN readiness and has grown by ~20% per annum in recent years.
“We are looking forward to the partnership with Adelis. They have an impressive background in supporting software companies to grow globally and we are excited to actively participate in the creation of a strong technology defence group. Furthermore, we are encouraged to see that they share our vision to make the world a safer place and better prepared for CBRN events”, say CEO Erik Juel Ellinghaus and Chairman Kristoffer Basse, who will both remain shareholders in the company.

Continued growth and development of its offering

Through the partnership with Adelis, Bruhn NewTech will continue its growth journey and support more countries and societies in their efforts to protect their citizens. With the support from Adelis, Bruhn NewTech will continue to enhance its software to increase the capabilities of its current and future customers when it comes to CBRN readiness.
“We are impressed by Bruhn NewTech’s position within the niche of CBRN related software. Through persistency over the years, Erik and his team have established Bruhn NewTech as the clear global leader in their field of expertise. We are excited to support Bruhn NewTech to further enhance its product and offering to help them protect societies and people across the world”, say Hampus Nestius and Joel Russ at Adelis.

The first milestone in Adelis’ establishment of a defense software group

Adelis aspires to support Western and democratic countries to protect people and societies, as well as to support small- to mid-sized defense companies to scale and develop. The acquisition of Bruhn NewTech marks Adelis’ first investment in its recently established defense technology group that will consist of leading niche software and technology companies focused on the defense sector.

The transaction closed on June 28th, after having received applicable regulatory approvals. Financial terms of the transaction were not disclosed.

For further information:

Kristoffer Basse, Bruhn Newtech: kb@newtech.dk

Hampus Nestius, Adelis Equity Partners: hampus.nestius@adelisequity.com

Joel Russ, Adelis Equity Partners: joel.russ@adelisequity.com

About Bruhn NewTech

Bruhn NewTech exists to increase the number of people protected from airborne threats. One human life at a time. With more than 30 years of experience with CBRN software solutions, Bruhn NewTech supplies civil authorities and more than 80% of NATO forces in more than 40 countries worldwide with proven and lifesaving CBRN knowledge management software. For more information, please visit www.bruhn-newtech.com.

About Adelis Equity Partners

Adelis is a growth partner for well-positioned companies in the Nordic and DACH regions. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 41 platform investments and more than 230 add-on acquisitions. Adelis manages approximately €3.0 billion in capital. For more information, please visit www.adelisequity.com.

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Ardian raises $3.2 billion for sixth-generation Co-Investment platform

Ardian

The fundraise represents a 23% increase on the previous fund generation.
• Ardian Co-Investment Fund VI attracted commitments from 188 investors across the North America, South America, Europe, the Middle East and Asia.

Ardian, a world-leading private investment house, today announces it has raised $3.2 billion for the sixth generation of its global Co-Investment platform, Ardian Co-Investment Fund VI, including Fund commitments and mandates from Ardian Customized Solutions.

This represents a 23% increase on funds raised by Ardian’s fifth generation Co-Investment Fund, Ardian Co-Investment Fund V, in 2019.

The new Fund attracted 188 investors globally, including from Europe, the Americas, the Middle East, and Asia. Investors in the Fund comprise pensions funds, HNWIs, insurance companies and sovereign wealth funds, with Ardian’s Co-Investment strategy continuing to see strong growth amongst HNWIs in this latest generation.

Fund VI builds on the success of Ardian’s established Co-Investment strategy, offering access to minority investments in companies alongside top-tier private equity sponsors. These GPs rely on Ardian’s scale, expertise, local presence, and the team’s dedication to partnering with them, as demonstrated by GPs offering Ardian to co-underwrite most transactions. Fund VI investments are diversified across strategies, industries, company size, GPs, and geographies – including North America, Europe, and Asia. The team will continue to leverage Ardian’s market-leading Secondaries and Primaries platform, one of the largest in the world with deep roots in North America, and access to a global network of 600+ GPs, to drive its unique approach to deal sourcing.

The Fund is already around 40% invested through 18 transactions. These include investments in Potter Global Technologies, a leading manufacturer of fire and life safety equipment in the US, alongside KKR, as well as Schwind, a leading provider of eye laser systems, alongside Adagia Partners.

“This successful close for our sixth-generation platform is testament to both Ardian’s strong track record in delivering returns from co-investment and the attractiveness of the asset class for delivering stable returns, particularly against a more challenging macroeconomic backdrop. Investors are drawn to the diversification and cost advantages of our strategy, offering exposure to a well-balanced portfolio alongside some of the best GPs in the world. As the co-investment market continues to grow, it is not surprising that we have seen strong interest in this latest Fund from both institutional investors and HNWIs looking to capitalize on the diversification that co-investment provides.” Alexandre Motte, Co-Head of Co-Investment and Senior Managing Director, Ardian

“As the private markets mature and deal sizes grow, GPs increasingly turn to professional co-investors to provide equity in their deals, no matter the geography. That certainly applies to North America where, with the support of Ardian’s leading Secondaries and Primaries platform, our co-investment strategy has a proven track record of identifying top-quartile deals from US and Canadian GPs. This exceptional deal pipeline allows us to select high-quality assets and GPs, generating robust and stable returns for our limited partners. A growing number of compelling deals have come to market since our previous fund generation, and we expect these opportunities to not only increase in Europe but also in North America.” Patrick Kocsi, Co-Head of Co-Investment and Senior Managing Director, Ardian

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $166bn of assets on behalf of more than 1,600 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

MEDIA CONTACTS

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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New Mountain Capital Closes on $15.4 Billion for New Mountain Partners VII

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New Mountain Capital
  • Growth-oriented firm raises $15.4 billion for private equity fund focused on control and control-oriented investments
  • $14 billion “hard cap” reached from its Limited Partners: Investors include approximately 400 institutions, nearly 100 of which are new investors to New Mountain; fund was oversubscribed
  • $1.4 billion GP commitment from over 130 internal team members
  • New Mountain is dedicated to “building great businesses” within carefully selected acyclical growth sectors, focusing on the middle market
  • Over $85 billion of enterprise value created for all shareholders since firm’s inception, with no PE bankruptcies or missed interest payments
  • Firm’s total assets under management are now nearly $55 billion, with a team of 250 professionals, across four strategies: private equity, strategic equity, credit and net lease

New York, NY – (BUSINESS WIRE) – July 1, 2024 – New Mountain Capital, LLC (“New Mountain”), a leading growth-oriented alternative investment firm headquartered in New York, announced the $15.4 billion closing of its seventh control/control-oriented fund, New Mountain Partners VII, L.P. and its related vehicles (collectively, “Fund VII” or the “Fund”). New Mountain describes itself as “a business that builds businesses,” and has generated over $85 billion of enterprise value gains in its private equity companies since the firm’s inception, without one PE bankruptcy or missed interest payment.

Investor demand for Fund VII substantially exceeded the Fund’s supply, and the Fund closed at its “hard cap” amount of $14.0 billion of Limited Partner commitments, plus approximately $1.4 billion of General Partner commitments.  This was the firm’s largest General Partner commitment to date and exceeded the contractual amount by more than 2x.

New Mountain’s previous flagship fund, Fund VI, was also oversubscribed and closed with approximately $9.6 billion of commitments in 2020. That fund is now fully invested in platform companies, with the remaining capital reserved for follow-on growth investments.

Investors in Fund VII include approximately 400 of the world’s leading pension funds, insurance companies, sovereign wealth funds, asset managers, foundations, endowments, family offices, RIAs, and high net worth individuals, among others. In addition, the General Partner is itself the largest investor in the Fund, representing strong GP/LP alignment. The vast majority of Fund VI investors returned as investors for Fund VII, and the firm also added approximately 100 new investors globally.

“We thank our Limited Partners for their friendship and support,” said Steve Klinsky, Founder and CEO of New Mountain. “Since our founding nearly 25 years ago, New Mountain has sought to consistently ‘build great businesses’ in carefully chosen acyclical growth sectors. We are proud of the firm and team we have built, as we seek to build and improve businesses across market cycles. We strive to continuously improve in the years ahead.”

Consistent Execution of Strategy

Fund VII intends to continue to pursue New Mountain’s long-standing strategy emphasizing non-cyclical growth and business building for companies in carefully chosen “defensive growth” industries. New Mountain proactively develops operational expertise in these targeted, acyclical sectors through deep, fundamental research, resulting in what the firm believes are differentiated sourcing and value creation capabilities. It seeks to combine financial skills with operational and strategic skills at every step of the process, and primarily invests in “middle market” businesses.

Specific areas of focus for the firm, and Fund VII, include life sciences and advanced materials, healthcare technologies, advanced data and analytics, infrastructure services, digital transformation services, software, financial and insurance services, technology enabled business services, “future of work” enterprises, and others.

Fund VII has already acquired two companies ahead of its final close. These investments are Consor Holdings, a leading provider of transportation and waste water engineering, and Grant Thornton Advisors LLC, a leading US accounting, tax and advisory firm.

“New Mountain will continue to execute on our strategy of being a top ‘specialist’ in market niches we proactively select for investment,” said Matt Holt, Managing Director and President, Private Equity. “Our team intends to continue executing, refining and systemizing our approach to identifying and backing market leading platform companies with world class leadership teams in their respective sectors.”

“New Mountain has continued to focus on growing our team to support business building and value creation, which are core tenets of our strategy,” said Adam Weinstein, Managing Director, Chief Operating Officer and CFO. “We have also continued to scale and strengthen our internal systems and processes and build what we believe is a best in class non-investment team including compliance, finance and operations.”

New Mountain strives to be consistently successful through all market cycles and has had a strong period of results even during the challenging macro environment of recent years. Key recent events include:

  • Since January 2021, New Mountain has exited roughly 20 companies. It has deployed nearly $10 billion in approximately 30 new platform and add-on acquisitions. The firm’s investment pace has remained steady and predictable.  Realizations have outpaced deployment and have been consistent over the same period.
  • Based on the firm’s last “social dashboard,” as of December 31, 2023, New Mountain had added or created over 72,000 jobs at its private equity companies net of any job losses, with a median income of ~76% above the national average individual median income. In addition, these companies invested $8.3 billion in R&D, software development, and capital expenditures, and generated over $85 billion of enterprise value gains for all shareholders. In addition, work force members at NMC companies (not counting the C-suite and boards) received over $1.3 billion of equity gains, on companies sold since 2018.

Continued Investment in NMC Team and Client Service

New Mountain’s team has grown to over 250 investment professionals and staff with 20 private equity transaction leaders, and approximately 40 Operating Partners and Senior Advisors/Project Partners on its masthead, plus approximately 55 operating executives (Executive Advisory Council members) that are in addition to the team count.

New Mountain has also significantly expanded its local coverage supporting investors and consultants in different regions around the world.  The firm has expanded its London office and recently opened offices in Tokyo and Los Angeles. New Mountain has also sought to continuously build its own investment team, operating partner team, internal compliance, accounting, and operational team in a similar way.

“We thank our investors for their outstanding support of New Mountain, even in the face of a severely capital constrained period for the private equity industry,” said David Coquillette, Managing Director and Head of Business Development. “We look forward to working closely with our limited partners in the years ahead.”

Simpson Thacher & Bartlett serves as legal advisor for the Fund.

About New Mountain Capital

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than excessive risk, as it pursues long-term capital appreciation. The firm currently manages private equity, strategic equity, credit, and net lease real estate funds with nearly $55 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information, visit: www.newmountaincapital.com.

Under no circumstances does the information contained herein constitute an offer to sell or a solicitation of an offer to buy any security or interest in an investment vehicle managed by New Mountain Capital. Any such offer or solicitation can only be made through a definitive private placement memorandum describing the terms and risks of an investment to sophisticated persons who meet certain qualifications under the federal securities laws and are capable of evaluating the merits and risks of the investment. Nothing presented herein is intended to constitute investment advice, and no investment decision should be made based on any information provided herein. It should not be assumed that an investment will be profitable or that the performance of any particular investment will equal its past performance.  No guarantee of investment performance is being provided and no inference to the contrary should be made.  There is a risk of loss from an investment in securities, including the potential loss of principal. Past performance is not indicative of future results.

Media Contact:

Prosek Partners | Josh Clarkson

pro-nmc@prosek.com

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Dealmaker Steven Klinsky quietly hits home runs away from ’80s limelight

New Mountain Capital

New Mountain Capital founder played minor role in brawl for RJR Nabisco — and spent rest of career avoiding deals like it

Antoine Gara in New York, NY – (FINANCIAL TIMES) – June 30, 2024 – Dealmaker Steven Klinsky had a front-row seat to the most operatic takeover drama Wall Street has ever seen, the knives-out multibillion-dollar battle for control of RJR Nabisco.

From that 1980s contest he learned a formative lesson: stay far away from the highly leveraged takeovers orchestrated by swashbuckling debt junkies. The results have been a quiet success.

His New Mountain Capital has focused on building up mid-sized companies in predictable industries using modest amounts of debt. Returns have been robust and investors are rewarding the results, with the New York-based group raising $15.4bn for its seventh buyout fund, exceeding a $12bn target set last year — and bucking a recent trend of poor industry-wide fundraising.

New Mountain joins private equity groups such as CVC Capital Partners, Clayton, Dubilier & Rice, Warburg Pincus and EQT that have exceeded their fund targets at a time when many rivals have fallen short of their goals.

It is part of a rare successful streak of the past few years among buyout groups that steered away from pursuing peak-valuation deals during the frenzied markets of 2021 and instead consistently returned cash to investors.

“I preach against the old private equity model of 40 years ago where people think you borrow as much as you can, go play golf, and see if it all worked out in five years,” Klinsky said in an interview with the Financial Times.

The group is known for its ability to build small businesses in sectors including healthcare services, software and manufacturing into industry leaders by pushing their products into new markets, or by identifying acquisitions.

“New Mountain’s judicious use of leverage and its focus on building businesses in faster-growing parts of the economy have insulated the firm from the brunt of the Federal Reserve’s interest rate hikes,” said Maxwell Snyder, vice-president of alternatives at NewEdge Wealth, an investor in its funds.

Fundraising for the private equity industry slowed dramatically in 2022 when interest rates rose quickly and public stock valuations fell, causing large investors to become overexposed to private assets and pull back from investing in new funds.

The industry’s challenges have been exacerbated by a slowdown in dealmaking and initial public offering activity that has made it hard for PE groups to exit their investments even as public markets reach new highs. In 2023, buyout firms distributed the lowest amount of cash versus what they called from investors since the 2008 financial crisis, according to Bain & Co.

New Mountain, however, has returned more capital than it has invested in recent years. Since January 2021, the firm has sold more than 20 companies, returning well over $10bn in cash to its investors because of successful deals such as Signify Health, a healthcare IT company.

Its 2017-era buyout fund returned 1.16 times what investors had committed by the end of 2023, making it the rare fund from that year to have returned a surplus of cash to investors, according to documents published by public pension funds. When including the fund’s remaining unsold investments, it has generated a 2.4 times gain.

New Mountain’s assets under management have more than doubled to $55bn since 2018, when Klinsky sold a minority stake in the group to Blackstone that cemented his billionaire status. The investment allowed him and his partners to invest $1.4bn into their new fund. It has also given them the financial heft to remain private and resist seeking a tie-up with a larger asset manager, Klinsky added.

As a partner in his early 30s at Forstmann Little, an early pioneer of the $4tn private equity industry, Klinsky became a top lieutenant to Ted Forstmann as the prolific financier studied a bid for RJR Nabisco. It was the seminal deal of the go-go 1980s, later chronicled in the book Barbarians at the Gate.

Klinsky had a memorable bit part in the saga.

Ross Johnson, the chief executive of RJR, had approached Forstmann about teaming up as a “white knight” to counter a takeover effort led by KKR. After hearing Johnson’s pitch, Forstmann consulted Klinsky, a trusted number cruncher, to see whether it was workable. “I think he’s totally insane,” Klinsky is quoted as saying in the book.

Forstmann never bid on RJR, which was sold to KKR for $29bn, but quickly became an emblem of the private equity industry’s hubris as it struggled under the crippling weight of its takeover debt.

When he left Forstmann Little in 1999 to create his own private equity outfit, Klinsky decided on a different approach.

Many of the companies New Mountain buys are family-owned businesses that have never made an acquisition or built operations outside of the US. In many deals, New Mountain forges novel corporate strategies.

The style has helped the firm earn large windfalls at a time when many rivals are contending with an industry reckoning.

In 2017 New Mountain made a push into so-called “value-added care”, with companies focused on preventive health measures to lower costs. It acquired and merged two small companies in the sector for less than $500mn and renamed the group Signify Health. Last year, New Mountain sold the company to CVS for $8bn.

It also had success in technology investments. Klinsky’s firm acquired a small logistics software company called RedPrairie in 2010 for $550mn. Under new management, the company plotted acquisitions and built artificial intelligence tools that propelled it into a leader in identifying supply chain bottlenecks. In 2021, it sold the rebranded company, Blue Yonder, to Panasonic for $8bn, generating more than $5bn for its investors and employees at the company.

Another big windfall has been Avantor, a pharmaceutical chemicals company that New Mountain acquired from Mallinckrodt for less than $300mn in 2010. Klinsky’s firm pushed Avantor into specialised chemicals that earn higher margins. In 2019, it listed Avantor, which now trades at a $15bn valuation. New Mountain has earned gains exceeding $3bn, according to the FT’s calculations.

Klinsky said he prefers investing in these midsized companies partially because they offer many more growth opportunities for his 200-plus dealmakers and consultants to pursue.

“[A] $500mn company could be a leader in an important niche industry, but there are so many things that the management hasn’t done yet . . . If you are a $10bn company, you probably have done almost everything smart there is to do,” he said. Such businesses are easier to sell to corporate buyers and other buyout firms, he added.

Though private equity is under pressure from the slowdown in dealmaking, Klinsky does not see a coming industry washout. He said the sector has become more professional with less-cavalier capital structures.

“I don’t see a hard landing or crisis in private equity,” he said. “The companies are much less leveraged than they were in the old days. In 1981, a buyout had 19 parts debt and just one part equity. So people threw away the keys on bad deals.”

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