Category Archives: News

Sofina invests in team.blue

HG Capital

Brussels and Ghent, Belgium. 23 July 2024. team.blue and Hg today announce that Sofina , a family-run, global investment company listed on Euronext, has agreed to make a direct, minority investment in team.blue, Europe’s leading digital enabler for entrepreneurs and SMBs (small and medium-sized businesses).

Today team.blue represents one of the largest European digital solution providers to 3.3 million SMB customers across 22 countries. The business continues expanding its product offering to cover all end-to-end and evolving needs of customers, helping them to remain relevant, competitive and successful end-to-end in their digital journey. These solutions are designed to enhance security, ensure GDPR compliance, boost visitor attraction and conversion rates, improve customer engagement through various marketing tools, and assist in both online and offline commerce strategies.

Jonas Dhaenens, Founder and President of team.blue said: “It’s an amazing feat to bring in another highly respected investor to team.blue. We have a decades-long vision on how to stay ahead as one of the largest and most relevant European digital solution providers to SMBs. Sofina, CPP Investments and Hg are crucial, long-term investors who share this enduring vision for the business and together we’re excited for the future.”

Founded 125 years ago, Sofina is a Belgium-based investment company, with a supportive long-term vision to partner with entrepreneurs and families managing growing companies. Sofina backs innovative entrepreneurs with patient growth capital and advice to build tomorrow’s winners, with sustainability at their core. Sofina invests both directly and through Private Equity funds. Its geographical scope is Europe, the United States, and Asia.

Harold Boël, CEO of Sofina, said: “We’re very glad to accompany Jonas and team.blue in the next stage of the company’s development. This investment is a testimony of Sofina’s aim to be a relevant partner for the strongest companies, entrepreneurs and investors in our sectors and geographies of interest.”

Sofina joins CPP Investments who announced an investment in team.blue in early July, valuing the business at around €4.8bn. Hg, a leading investor in European and transatlantic software and services businesses and investor in team.blue since 2019, will remain the largest single investor in the business. President of team.blue Jonas Dhaenens and Ali Niknam will also still remain cornerstone investors alongside the wider management team led by CEO Claudio Corbetta.

Joris Van Gool, Partner at Hg, said: “We warmly welcome the Sofina team. Today the business is one of the largest privately owned technology companies in Europe with an unbroken 20-year growth track record – enabling us to attract quality investors like Sofina with deep Belgian roots, a long-term growth horizon and a global track record. A huge congratulations to everyone at team.blue for achieving this recognition.” This transaction has been signed and is subject to customary conditions and regulatory approvals.

For further information, please contact:

team.blue
Gaia Zampaglione
gaia.zampaglione@team.blue

Sofina SA
Dirk Delmartino, Head of Communications
dirk.delmartino@sofinagroup.com
+32 470 614965

Hg
Tom Eckersley
tom.eckersley@hgcapital.com

About team.blue

team.blue is a leading digital enabler for businesses and entrepreneurs across Europe (Belgium, Bulgaria, Cyprus, Czechia, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, The Netherlands, Portugal, Serbia, Slovakia, Spain, Sweden, Switzerland, Türkiye and United Kingdom). The company is made up of 60+ successful brands who serve 3,3 million customers. team.blue is a one-stop partner for web hosting, domains, e-commerce, online compliance, lead generation and application solutions, supported by more than 2.500 experts. team.blue’s vision is to make online business simpler by shaping technology and providing customers with innovative online products and services.

About Sofina

Sofina is a Belgian investment company, listed on Euronext Brussels. Sofina’s mission is to partner with leading entrepreneurs and families, backing them with patient capital and supportive advice to foster sustainable growth of their businesses. Relationships and alignment are at the heart of what we do. Sofina has investments in Europe, Asia and the United States in various sectors, with a particular focus on Consumer and retail, Digital transformation, Education, Healthcare and Sustainable Supply Chains. For more information, please visit www.sofinagroup.com

About Hg

Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers. This industry is characterised by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.

With a vast European network and strong presence across North America, Hg’s 400 employees and around $70 billion in funds under management support a portfolio of around 50 businesses, worth over $150 billion aggregate enterprise value, with around 110,000 employees, consistently growing revenues at more than 20% annually. https://hgcapital.com/

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Platinum Equity to Acquire GSM Outdoors

Platinum

LOS ANGELES (July 23, 2024) – Platinum Equity announced today the signing of a definitive agreement to acquire GSM Outdoors from Gridiron Capital.

Financial terms were not disclosed. The acquisition is expected to be completed in Q3 2024.

Headquartered in Irving, Texas, GSM Outdoors is a leading outdoor and consumer sporting goods company with a diverse, growing portfolio of more than 50 different brands.

“The sector is characterized by an attractive combination of resilience, growth potential and M&A opportunities, which suits our firm well. We believe GSM’s distribution network, experience bringing new products to market, rigorous quality control and care for its customers position it well to capitalize on those dynamics and diversify its portfolio to meet the growing demand.”

Louis Samson, Co-President, Platinum Equity

The company equips its customers with branded consumables, accessories and high-quality gear for a variety of outdoor pursuits. It sells through a diverse mix of channels, including online retailers, sporting goods stores, mass merchants, outdoor product retailers, farm and fleet stores and dealers and distributors across the United States and Canada.

“The popularity of outdoor recreation is driving increased demand for a wide range of innovative, technically advanced products tailored for enthusiasts and adventure seekers of all kinds,” said Platinum Equity Co-President Louis Samson. “The sector is characterized by an attractive combination of resilience, growth potential and M&A opportunities, which suits our firm well. We believe GSM’s distribution network, experience bringing new products to market, rigorous quality control and care for its customers position it well to capitalize on those dynamics and diversify its portfolio to meet the growing demand.”

Samson praised the company’s leadership and culture as vital to its success.

“GSM is led by an experienced team of outdoor enthusiasts who are passionate about their mission and the products they bring to market,” said Samson. “We look forward to working with the management team to support a new phase of growth and expansion.”

GSM Outdoors CEO Eddie Castro will continue to lead the company going forward.

“We are proud of the company we’ve built and the success we have had, and now look forward to a new chapter,” said Castro. “Platinum’s expanded access to capital, M&A resources and operational expertise can help further accelerate our growth and create more opportunities for GSM to serve our customers.”

“Our work has proven out that GSM is highly regarded among consumers and channel partners for its customer service, diverse product portfolio and efficient operations,” said Platinum Equity Managing Director David Glatt. “The company is an excellent platform for growth in a highly fragmented market and has proven to be an attractive home for brands looking to increase their reach and maximize their potential.”

Glatt said GSM Outdoors will continue investing in organic growth and M&A under Platinum Equity’s ownership.

“We will partner with the company to expand its offerings through in-house R&D and pursue the large and growing pipeline of prospective acquisitions in both existing product categories and new segments,” added Glatt. “We share the company’s passion for serving outdoor enthusiasts and are excited to get to work.”

Platinum Equity previously owned Fishing Holdings, LLC, the Flippin, Arkansas-based manufacturer of the Ranger Boats, Stratos and Triton fishing boat brands, which the firm sold to Bass Pro Group.

Financing for the GSM acquisition will be arranged Bank of America Merrill Lynch. Latham and Watkins is serving as legal counsel to Platinum Equity on the transaction.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.

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Holland Capital Announces Successful Exit of Defibrion to IK Partners

Holland Capital

Amsterdam/Groningen, 23 July 2024 – Holland Capital is proud to announce that IK Partners (IK) has signed an agreement to acquire our portfolio company, Defibrion. Since 2019, Defibrion’s management team has successfully collaborated with Holland Capital. The shares of Defibrion are being sold to IK and the company’s management team. IK is a leading European private equity firm focused on investments in  the Benelux, DACH, France, Nordics and the UK.

Defibrion: A Leading Provider in AED Distribution and Safety Products

 Founded in 2008 by the current CEO Joshua Valkenier and based in Groningen, Defibrion is a market leader in the distribution of automated external defibrillators (AEDs) and related safety products. The company offers a wide range of products and services aimed at enhancing workplace safety. With over 6,400 customers worldwide, Defibrion serves as a one-stop-shop for emergency response needs. Its customer base, which includes more than 900 resellers in Europe and North America, comprises various end users such as offices, sports clubs, and government institutions.

Strategic Growth and Expansion

Since 2019, Holland Capital has been involved with Defibrion as a shareholder. They actively supported the management in professionalizing the organization and the strategic development of the company. Through a successful buy-and-build strategy and a focus on geographical expansion in Western Europe, Defibrion has been able to grow successfully.

Defibrion is now on the brink of a new phase in its development, which will be supported by IK. In this new phase, Defibrion will further scale up its existing operations, broaden its offerings, and expand into new markets. The strategic plan also includes exploring further buy-and-build opportunities to promote consolidation in the fragmented market of AEDs and related safety products.

Joshua Valkenier, founder and CEO of Defibrion, said: “When Holland Capital joined Defibrion as a shareholder in 2019, we had the ambition to internationalize, professionalize, and further expand our organization. I am pleased that we have achieved this and am grateful to Holland Capital for the pleasant and successful collaboration.”

Ewout Prins, managing partner of Holland Capital, commented: “The collaboration with Joshua Valkenier and the Defibrion team was both successful and enjoyable. When we joined, we were convinced that the AED market offered interesting growth opportunities, and Defibrion has demonstrated this. Their dedication and vision have played a crucial role in achieving this growth. We are proud to have contributed to the successful growth of Defibrion and its life-saving products. We wish the team much success in this next phase of growth.”

About Holland Capital

Holland Capital has been responsibly and successfully investing in promising Dutch and German SMEs with growth ambitions for over 40 years. The team understands entrepreneurship and strives for an open, sustainable, and professional relationship with the management teams of the companies they invest in, with the common goal of realizing growth. Holland Capital has offices in Amsterdam and Düsseldorf. With specialized sector teams, it focuses on the Healthcare, Technology, and Agrifood-Tech sectors. They understand the dynamics and opportunities, and have an extensive network in these sectors.

Categories: News

Alantra Private Equity to sell Frías Nutrición, a leading Spanish manufacturer of plant-based drinks, to Refresco

Alantra
  • This transaction marks the successful completion of a five-year growth project led by Alantra Private Equity alongside the Frías family
  • Since 2019, Frías has established itself as a market leader in Iberia, and expanded its presence abroad
  • This transaction strengthens Alantra Private Equity’s track record in the food sector

Madrid – Alantra Private Equity is pleased to announce it has agreed to sell its portfolio company Frías Nutrición (“Frías”), a leading manufacturer of plant-based drinks, to Refresco, a global independent beverage group with presence in Europe, North America, and Australia. The parties agreed not to disclose the financial terms of the transaction.

With a production facility in Burgos, Spain, Frías employs around 250 people. The company produces plant-based drinks (mainly oat, almond and soy drinks), as well as broths, creams and tofu for key European retailers.

Headquartered in Rotterdam, the Netherlands, and employing more than 14,500 people, Refresco offers an extensive range of products, from juices to carbonated soft drinks and mineral waters.

Alantra Private Equity Fund III acquired Frías in 2019 and implemented an ambitious growth strategy in collaboration with the Frías family, which included professionalizing the management and transitioning the founding family who also sold to Refresco. Today, Frías is well positioned to capitalize on the growing global popularity of healthy food and beverage options.

Bruno Delgado Luque, Partner of Alantra Private Equity, commented: “Since we acquired Frías in 2019, the company has been on a remarkable growth trajectory, confirming its leadership position in the Iberian Peninsula, and expanding its international business. Together with the Frías family, we launched a major investment plan that resulted in the creation of one of the most modern and efficient plant-based drinks factories in Europe. We are confident that Frías has a bright future ahead and will continue its successful growth with the support of Refresco.”

Hans Roelofs, CEO of Refresco, added: “As part of our proven Buy & Build strategy, we are looking to expand our capabilities in existing and adjacent beverage categories. The acquisition of Frias significantly strengthens our position in the fast-growing plant-based drinks category. It complements our existing footprint in Spain with a production facility solely dedicated to plant-based products. In addition, acquiring Frias enables us to further expand our service offering to retailers and branded customers and retailers across Europe, accelerates our product innovation capabilities in the plant-based drinks category, and underscores our ability to capture opportunities in the market.”

The transaction is subject to regulatory approval and expected to close later this year.

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CapMan Growth together with the consortium announces a public tender offer for all the shares in Innofactor Plc

Capman

CapMan Growth together with the consortium announces a public tender offer for all the shares in Innofactor Plc

The CapMan Growth Equity III fund and Innofactor’s founder, main shareholder and long-time CEO Sami Ensio, through his company Ensio Investment Group Ltd, have formed a consortium for a voluntary, recommended public cash tender offer for all shares issued by Innofactor Oyj. Osprey Capital Ltd is involved in the consortium as a co-investor.

Innofactor offers IT services, such as design services for critical IT solutions, delivery projects, implementation support and maintenance services with the Microsoft ecosystem solutions. The company also develops its own software and services. Innofactor is a respected and strong partner for about 1,000 private and public sector organizations in the Nordic countries. In 2023, Innofactor’s net sales was around 80 million euros and EBITDA was around 9 million euros.

With the experience and versatile resources offered by CapMan Growth and Sami Ensio’s company and industry knowledge, the consortium has exceptional operational experience and know-how to further develop Innofactor ‘s operations and grow the business.

”As a strategic partner, CapMan Growth provides the company with extensive experience in developing IT service companies and a range of resources to accelerate Innofactor’s growth strategy, particularly through acquisitions, as well as a stable and secure domestic owner for the demanding Nordic customer base. I am excited about the opportunity to develop the company together with the company’s founder Sami Ensio”, says Antti Kummu, Managing Partner of CapMan Growth.

As a private company, Innofactor would be able to better focus on its customers, innovations and the implementation of the growth strategy, as well as obtain more flexible financing opportunities.

”I have acted as the CEO of Innofactor during its almost 15 years as a listed company and, in my view, while being a listed company has brought about many positive things to Innofactor, it has also limited Innofactor’s growth and profit potential due to, among others, increased reporting obligations and low liquidity in shares. After careful consideration and exploring a wide range of options, I believe that the current tender offer, supported by CapMan Growth, is the best option for Innofactor ‘s future and its existing shareholders. I am very committed to continue leading the company and to executing its growth strategy. At the same time, I will increase my ownership stake in the company if the public tender offer is completed”, says Sami Ensio, main shareholder of Innofactor and member of the consortium.

Osprey Capital Ltd is involved in the consortium as a co-investor. Osprey Capital Ltd is an investment company founded in 2014 and owned by Timo Larjomaa, a Senior Advisor of CapMan Growth, and his family. Osprey Capital invests e.g. in IT-companies and private equity funds.

CapMan Growth is the leading Finnish growth investor making investments in entrepreneur-led growth companies with revenues ranging between €10–200 million euros. CapMan Growth offers entrepreneurs an alternative to selling the majority of their business by facilitating a partial exit while also supporting growth and internationalisation. CapMan Growth has been part of building companies such as Coronaria, Cloud2, Digital Workforce, Fennoa, Fluido, Neural DSP, Picosun, Sofigate, Silmäasema and Unikie.

For further information, please contact:

Antti Kummu, Managing Partner, CapMan Growth, +358 50 432 4486

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €5.7 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

Innofactor

Innofactor is the leading driver of the modern digital organization in the Nordic Countries for its about 1,000 customers in commercial and public sector. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor has about 600 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. For more information: www.innofactor.com

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Platinum Equity Completes Sale of Hunterstown Power

Platinum

LOS ANGELES (July 19, 2024) – Platinum Equity announced today that the sale of the Hunterstown power generation facility and related assets to LS Power has been completed.

Financial terms were not disclosed.

Located in Gettysburg, Pennsylvania, the Hunterstown facility is a combined-cycle gas turbine generating power plant that provides 810 MW to the PJM (Met-Ed) 500kV grid, with enough to supply more than 600,000 homes.

“Hunterstown is a good example of how Platinum can use its playbook to create value in different ways,” said Platinum Equity Co-President Louis Samson. “The Hunterstown facility is an outstanding asset, with high free cash flow and strong recurring revenue, acquired from a seller that needed a divestiture solution during a time of distress, so it checked a lot of the boxes we typically look for. Our experience with corporate carveouts and our willingness to be open minded put us in position to help.”

Platinum Equity acquired the facility in 2018 from GenOn, a unit of NRG Energy Inc. (NYSE: NRG), which had filed for bankruptcy protection in June 2017, and managed it as a standalone business in the firm’s portfolio.

“Hunterstown performed well and benefited from meaningful investment and operational oversite during our ownership,” said Platinum Equity Managing Director David Glatt. “We then found a new home for the facility with a buyer who is a natural fit for the long term. We are proud of the outcome and will continue seeking opportunities to put our M&A capabilities to work in creative ways.”

Evercore served as financial advisor to Platinum Equity on the sale of Hunterstown and Latham & Watkins LLP provided legal counsel to Platinum Equity.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.

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Stoneweg and Bain Capital Sell Casa Lit Barcelona Hotel

BainCapital

Stoneweg and Bain Capital Sell Casa Lit Barcelona Hotel

LONDON and BARCELONA, SPAIN – July 22, 2024 – Stoneweg, the real estate investment company, and Bain Capital, the global private equity firm, through their hotel real estate joint venture, have sold the Casa Lit Barcelona hotel to Grupo Hoteles Gargallo.

Situated in the heart of Barcelona just 400 metres from Las Ramblas, the [4*] hotel was constructed in 2010 on the site of the former Colón theatres. It comprises 89 rooms, blending historic charm with contemporary design. Since taking over the management in 2022, Stoneweg Hospitality has delivered a successful renovation and introduced the Casa Lit brand (previously Acta Mimic hotel), infusing it with a fresh and innovative style. The property has been managed by the Ona Hotels chain.

Benefitting from its proximity to Barcelona’s main tourist and cultural attractions, the hotel has become increasingly popular with tourists, business travelers, and meeting attendees, which has underpinned its very strong its operational performance.

The acquisition of Casa Lit Barcelona by the Gargallo Hotels Group marks a significant expansion for the chain, reinforcing Gargallo’s position in the competitive Barcelona market with a commitment to excellence and innovation in the hospitality sector.

Miguel Casas, Managing Director of Stoneweg Hospitality, commented” We are very proud to have owned and managed Casa Lit Barcelona and to have contributed to its success. We have every confidence that the sale to Grupo Hoteles Gargallo, a dynamic and fast growing operator, will see a continuation of what is currently an exceptional guest experience in the economy segment, under a management committed to quality.”

Francisco Bello, Operating Partner, from Bain Capital added: “This transaction is a testament to our focus on creating value through strategic investments in high-quality real estate assets. We are confident that Grupo Hoteles Gargallo will take the hotel to new heights.”

Xenia Gargallo Gay, Managing Director of Grupo Hotelero Gargallo, said: “We are delighted to add Casa Lit Barcelona to our portfolio, bringing our total number of hotels in Barcelona to eleven and reinforcing our leadership in the iconic Ciutat Vella district of Barcelona. This hotel aligns perfectly with our vision of offering exceptional accommodations in key locations. We look forward to continuing its legacy of excellence and providing an unforgettable experience for our guests.”

The integration of Casa Lit Barcelona into the Grupo Hoteles Gargallo stable is scheduled for next month, with plans for its immediate incorporation into the chain’s offerings and quality standards.

About Bain Capital Credit 

Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $52 billion in assets under management. Bain Capital Credit invests across a full spectrum of strategies, including leveraged loans, high-yield bonds, distressed debt and special situations, private lending, structured products, non-performing loans, special situations real estate and majority and minority equity stakes. Founded in 1998 as a private, employee-owned firm, Bain Capital Credit’s experienced team of over 150 investment professionals seeks to identify attractive equity and credit investment opportunities across North America, Europe, and Asia-Pacific. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, real estate and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.

About Stoneweg

Stoneweg (www.stoneweg.com) is a real estate investment adviser and asset manager established in 2015 and headquartered in Geneva, Switzerland. The firm leverages in-house local operational teams to source, develop and manage real estate investments. To date, Stoneweg has executed and advised on almost €5 billion of real estate investments across different sectors including developments. Stoneweg expertise includes both equity and debt strategies, advising its client base of financial institutions and family offices across a range of structures including club deals, joint ventures, co-investments and funds. The firm’s investment philosophy is driven by a bottom-up approach to project selection, utilising Stoneweg’s own teams on the ground and deep networks to seize the best opportunities. Stoneweg has a dedicated presence in Switzerland, the United States, Spain, Italy, Andorra and Ireland, enabling many of the operational aspects of the firm’s investments to be carried out in house and locally. Stoneweg has completed more than 300 acquisitions alongside best-in-class partners since 2015.

About Grupo Hotelero Gargallo

Grupo Hotelero Gargallo is a Spanish hotel chain with more than 60 years of experience in the sector. With an outstanding presence in Barcelona and other key cities in Aragon such as Huesca or Teruel, the chain is characterized by its commitment to quality and customer service with a total of 20 hotel establishments. Currently the Hotel Group Gargallo, in its third generation, is immersed in a process of renewal of its strategic vision led by Xenia Gargallo Gay, in her capacity as administrator, characterized by a commitment to the family legacy appropriate to the new times, highlighting the attractive heritage of the Group with several of its hotel establishments located in emblematic and historic buildings and always with a clear philosophy of service and prioritization of the customer experience.

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Accountor And Vitruvian Announce KKR Investment To Support Next Chapter Of Growth

KKR

Finland, 19 July 2024: Accountor Software, a leading provider of mission critical business software in Finland and Sweden, and selling majority shareholder Vitruvian Partners, today announced that KKR, a leading global investment firm, has agreed to acquire a majority stake in Accountor. Financial terms of the transaction, which is subject to customary closing conditions, were not disclosed. Vitruvian Partners have retained an option to re-invest into Accountor.

Accountor Software provides cloud financial management and human capital software to over 130,000 customers in the Nordics. Customers of Accountor use its solutions in a wide range of use cases including automating accounting workflows, processing invoices, keeping a record of employee data and digitizing payroll. Accountor serves its customers directly as well as via a leading network of accounting offices and partners. It has a track record of strong performance with 10 years of uninterrupted growth at 19% CAGR and revenues of €132m for the year to May 2024.

Under Vitruvian ownership, Accountor has undergone a programme of long-term growth investment and strategic product portfolio evolution, which recently reached a conclusion with the sale of Accountor’s outsourcing business to Aspia. As a result, Accountor now holds a unique position as the leading pure-play business software champion in Finland and Sweden, with ample growth opportunities across the Nordic region and beyond. Going forward, Accountor will leverage KKR’s expertise in scaling high-growth software companies to enhance its value proposition for customers in Finland and expand internationally. KKR will also work with the company to implement a broad-based employee ownership program to help further motivate and engage the Accountor team to accelerate its growth.

Mikko Soirola, CEO of Accountor Software, commented: “We are delighted to welcome KKR as our new strategic partner. KKR is one of oldest, largest and most successful global investment firms and its investment in Accountor is a testament to our track record of achieving profitable growth through delivering world class and mission critical solutions to our customers. We are grateful for the active and invaluable support we have received from Vitruvian over the last couple of years in accelerating our growth journey to become one of the leading financial and HR management software businesses in the Nordics. We look forward to continuing our journey with KKR’s support”.

 

Jussi Wuoristo, Partner at Vitruvian Partners, added: “We are very pleased with the exceptionally strong development that the Accountor management and employees have achieved over the years. Since our investment, Accountor has multiplied in size and become a leading software business through a combination of organic growth and strategic acquisitions as well as select divestments. Accountor’s growth over the past years has been truly remarkable and we look forward to following their continued success.”

 

Hans Arstad, Managing Director and Head of Private Equity in the Nordics, said: “We are excited to back Accountor Software on their continued growth journey. We have been impressed with the company’s strong standing in the Finnish market, and see significant potential to expand that across the Nordics and beyond. We look forward to supporting the company going forward.”

KKR brings significant expertise in scaling SaaS businesses and European software providers focused on SMEs, with a strong track record of working with management teams to deliver growth. KKR’s investment in Accountor builds on a track record of supporting category leading European software companies including Cegid, Contabo, Darktrace, Exact, Körber Supply Chain Software, and Visma.

KKR has been investing in the Nordics since 2007 and opened an office in Stockholm in 2021. KKR has deployed over €6bn of equity into businesses with more than €30bn combined Enterprise Value, including leading Nordics businesses such as Söderberg & Partners, Sector Alarm and Visma, supporting their wider expansion in the region and internationally. KKR is making the investment in Accountor through its European Fund VI.

 

About Accountor

Accountor specialises in cloud financial management and human capital software. Our mission is to help our customers use the possibilities of modern technology and digitalization in their everyday work. Accountor is a participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business. The group’s headquarters is in Espoo, Finland.

About Vitruvian Partners

Vitruvian is a leading international investment firm with nine offices in Europe, the USA and Asia. Vitruvian focuses on dynamic situations characterized by rapid growth and change across industries. Vitruvian has backed over 80 companies and has assets under management of over €15 billion. Notable investments include global market leaders and innovators in their field such as Just Eat, EasyPark, CRF Health, Farfetch, Darktrace, Trustpilot, Marqeta, TransferWise, Skyscanner and others. Vitruvian has a strong presence in the Nordics with a Stockholm office established in 2011 and a track record of fifteen investments across the region, including Accountor, Benify, CRF Health, Easypark, Just Eat and Trustpilot. For more information, visit www.vitruvianpartners.com.

 

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 worldclass 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 KKRs 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.

 

Accountor

Katarina Ylikorkala
katarina.ylikorkala@finago.com
+358503870635

 

 

Vitruvian Partners

Siobhan Loftus

siobhan.loftus@vitruvianpartners.com

 

KKR

Alastair Elwen / Jack Shelley

FGS Global

+44 20 7251 3801

KKR-LON@fgsglobal.com

 

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RECO enters the next phase of growth with Parcom

Parcom

The Reigwein family and investment company Parcom have reached an agreement regarding the acquisition of RECO, a specialist in equipment rental for the professional market. In partnership with Parcom, RECO’s management aims to continue its current growth strategy and company culture. In the coming years, the company will focus on sustainable growth within the equipment rental market, aiming to become the go-to partner for all equipment-related needs of its professional clients. The acquisition will not lead to changes for employees, customers, suppliers, and partners.

RECO is a Dutch family business based in Koudekerk aan den Rijn with 280 employees. RECO has been the specialist in equipment rental for the professional market for over 70 years. RECO offers an extensive portfolio of rental equipment to various sectors, including construction, rail & infrastructure, maritime, and events. RECO’s proposition focuses on unburdening customers by providing technical advice and other complementary services. As a family business, RECO values personal communication and fast decision-making, hereby ensuring reliability for its customers.

RECO has ambitious plans for the future. After 70 successful years under the leadership of the Reigwein family, both the family and the current management believe it is time for the next phase of growth. Parcom paves the way for further expansion of RECO’s current proposition within the Netherlands and the UK, as well as acquisitive growth. This partnership provides the opportunity to further invest in new product groups for the professional market, further geographic expansion within the Netherlands and the UK, and establish a leading position as a provider of sustainable solutions in (temporary) energy supply.

The RECO Lift Solutions business unit in Waddinxveen, which focuses on rental activities of temporary passenger lifts, emergency lifts, and stairlifts, will not be transferred to Parcom. This business unit, with approximately 30 employees, will continue its operations under Robin Reigwein.

Robin Reigwein, RECO: “I have great confidence in Parcom as partner for RECO in its next phase of growth. The input and experience of the Parcom team will be a valuable addition to the management team. Parcom recognizes the strength of RECO’s dynamic and responsive family-oriented culture and aims to preserve the culture in the future. I will remain actively involved in RECO Lift Solutions and look forward to capitalizing on international opportunities with the team, while maintaining close cooperation with RECO.”

Willem-Jan Merckel, Parcom: “We are very pleased to invest in RECO and become a partner of the management team. We are impressed by RECO’s development since its founding under the Reigwein family. The company offers a unique proposition to its professional clients based on unburdening clients of its equipment-related matters. We look forward to supporting the company in its further development.”

Financial details of the transaction will not be disclosed. The transaction is amongst others subject to approval by The Dutch Competition Authority (Autoriteit Consument & Markt).

About RECO

RECO is a dynamic and successful family business and has been a specialist in equipment rental for over 70 years, serving sectors such as construction, rail & infrastructure, and events. RECO combines equipment rental with technical advice and additional services to its clients such as design & calculation, transport and assembly. Through expert advice and an extensive product range, RECO provides a complete solution for any project. RECO operates with approximately 280 employees in the Netherlands and the UK. Although the RECO philosophy has remained unchanged over the years, the company has grown to become the go-to partner for equipment rental in the Dutch market. More information: www.reco.eu.

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Green Mobility Holding Acquires Ubike, A Leading (E-)Bike Leasing Provider in Belgium

Rivean
  • Second acquisition in Belgium
  • Further step towards internationalization with support from Rivean Capital
  • With the French-speaking team of Ubike, Green Mobility Holding is meeting customer needs in multilingual Belgium

19 July 2024

Munich/Brussels. Green Mobility Holding (GMH), one of the leading technology-based (e-)bike leasing providers in Europe, continues its course of internationalization and acquires Ubike, one of the market leaders in Belgium.
Ubike was founded in 2016 with the goal of making cycling more accessible and attractive for company employees. With technological innovations and a strong commitment to sustainability, Ubike helps companies and individuals transition to more eco-friendly and healthier transportation. Ubike places a strong focus on user-friendliness and easy availability of bikes. The company’s goal is to continuously improve the leasing of bicycles and e-bikes.

“The acquisition of Ubike is another important step to strengthen our Belgian business,” said Maximilian Acht, CEO of Green Mobility Holding. “We will leverage synergies by structuring the sales orientation of both companies and utilize Ubike’s French-speaking team and the Brussels office to further expand GMH’s market position in the Walloon Region.”

“With GMH and o2o, we have found ideal partners to further expand our business in Belgium and to capture the strong market growth more intensively,” said Michel Lagasse, founder and CEO of Ubike. “We share the common goal of promoting employee mobility through affordable and easily accessible leasing offers while simultaneously reducing the ecological footprint of commuting to work. Importantly, as we expand, we remain committed to preserving our unique Belgian identity – our ‘Belgitude’ – ensuring that our growth never compromises the local values and cultural heritage that define us.”

“When we invested in GMH a year ago, we announced that we would support the company’s further growth in Germany and Europe with capital and strategic know-how. With the acquisition of o2o and Ubike in Belgium, the first key milestones on this path have been set,” said Matthias Wilcken, Senior Partner at Rivean Capital.

Michel Lagasse and the rest of the Ubike management team will remain on board after the acquisition. Michel Lagasse will reinvest a portion of his sale proceeds into GMH, thus becoming a shareholder of GMH.

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Weblinks:
www.greenmobilityholding.com
www.ubike.be
www.o2o.be
company-bike.com
www.mein-dienstrad.de

About GMH
Green Mobility Holding GmbH is one of the leading technology-based (e-)bike leasing groups in Europe. It brings together independent brands with innovative product offerings under one roof, creating unique solutions for companies of all sizes through shared synergies. With over 350 employees, the group is represented at more than 15 locations.

About Rivean Capital
Rivean Capital is a leading European private equity investor for mid-market transactions, active in the DACH region, the Benelux countries, and Italy. Funds advised by Rivean Capital manage over €5 billion in assets. Since its founding in 1982, Rivean Capital has supported more than 250 companies in achieving their growth goals.

For more information, visit www.riveancapital.com

Media Contacts:

Rivean Capital
Maikel Wieland
Head of Investor Relations
Email: m.wieland@riveancapital.com

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