Category Archives: News

Boasso Global and Quala to Merge, Creating a Leading Infrastructure Service Provider for Liquid Bulk Logistics Industry

KKR

TAMPA, Fla.–(BUSINESS WIRE)– Boasso Global, Inc. (“Boasso”) and Q Super Holdings, Inc. (“Quala”) today announced the signing of a definitive agreement under which the companies will merge their complementary businesses to create one of the leading infrastructure services solution providers for the liquid bulk logistics industry. The transaction is supported by a new investment from Boasso’s majority shareholder, KKR, through its KKR Global Infrastructure Investors IV fund. Under the terms of the agreement, KKR will inject further growth capital into Boasso to facilitate the merger with Quala via a purchase of shares from Advent International (“Advent”) and invest in the strategic combination of the two businesses.

Quala is one of the North American leaders in liquid bulk container cleaning and maintenance services, including tank trailer, ISO tank container, railcar and IBC cleaning, and Boasso is a leading provider of mission-critical infrastructure services for the ISO tank container industry in North America and Europe. Upon completion of the merger, the companies will combine their complementary geographical footprints and service offerings to deliver enhanced solutions for customers across the liquid bulk logistics industry in North America and Europe.

“Boasso and Quala are premier infrastructure service providers to the global liquid bulk logistics ecosystem with trusted reputations and highly complementary networks and service offerings,” said Dash Lane, Partner at KKR. “This transaction is about growth and empowering the two great teams led by Joe Troy and Scott Harrison to come together and make long-term investments in quality, safety and superior solutions for customers.”

Joe Troy, Chief Executive Officer of Boasso, said: “We are focused on meeting the needs of our global customers and the combination of Boasso and Quala makes perfect strategic sense. This transaction will enhance our ability to deliver safe, compliant and best-in-class services to our ISO tank container customers and meaningfully expand our access to more locations across North America to better serve their needs. This is a rare opportunity to put together two Tampa-based, complementary businesses and I am excited to work with Scott and his talented team to unite the best of our organizations with a focus on enhanced efficiency and growing our range of premium solutions for the liquid bulk logistics industry.”

Scott Harrison, Chief Executive Officer of Quala, said: “Our organizations not only have a strong commercial relationship, but also shared cultures of delivering excellence, innovation and safety for our customers. This combination with Boasso and new investment from KKR will allow us to advance our position as a leading provider of container cleaning and maintenance services while continuing to seamlessly meet our customers’ needs. Together Quala and Boasso will benefit from greater connectivity to our customers, an expanded global footprint and new opportunities for our team members as part of a larger combined organization.”

Since Advent’s investment in Quala in 2016, the company cemented its position as the largest independent tank wash, inspection, maintenance and repair solutions provider in North America. Through both organic and inorganic initiatives, Quala has grown significantly, expanding across services and markets to further enhance its customer offering. Under Advent’s ownership, the company invested heavily in building out the platform – including critical investments in safety, talent and technology. Quala’s accomplishments include developing a proprietary technology suite, OnTrax, to make Quala’s services more seamless for customers. Advent’s investment enabled Quala to scale its footprint from 60 locations and 500 employees to 119 locations and over 1,800 employees today and the company has achieved substantial profitable growth across key metrics while building and growing its employee stock ownership program.

Stephen Hoffmeister, Managing Director at Advent International, said: “We have been proud to partner with Scott and Quala’s senior leadership team as they have transformed their company into an industry leader. The Quala management team has delivered compelling performance by driving an employee first culture, technological innovation and customer excellence. Quala is a well invested platform strategically positioned to continue its success and make important investments for its people.”

The transaction, which is subject to the receipt of required regulatory approvals and satisfying other customary closing conditions, is expected to close in the first half of 2023. Boasso and KKR were advised by Simpson Thacher & Bartlett, LLP as legal counsel and by Citi as financial advisor. Quala and Advent were advised by Weil Gotshal & Manges, LLP as legal counsel and by Credit Suisse as lead financial advisor and Bank of America as financial advisor.

About Boasso Global

Headquartered in Tampa, Florida, Boasso Global is a leading international provider of depot and transportation services to a fast-growing, global ISO tank container industry. Boasso offers a multitude of mission-critical services through a network of 34 international depots, including 17 in North America, 8 in the United Kingdom, and 9 in Continental Europe. Boasso is a Responsible Care certified member within the American Chemistry Council. For more information, visit www.boassoglobal.com.

About Quala

Headquartered in Tampa, Florida, Quala is the largest independent provider of comprehensive cleaning, test, and repair services for Tank Trailers, ISO Containers, IBCs, and Railcars. Founded in 1986, the company began independent operations in 2009 and today has 119 locations. For more information about Quala, visit our website at www.quala.us.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 world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 405 private equity investments across 42 countries, and as of September 30, 2022, had €91 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 290 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

For Boasso:
Kyle Parks, B2 Communications
727-895-5030
kyle@b2communications.com

For Quala:
Paul Hofley
248-219-0012
Phofley@quala.us.com

For KKR:
Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

For Advent:
Zachary Tramonti / Anna Epstein
FGS Global
212-687-8080
adventinternational-us@fgsglobal.com

Source: KKR & Co. Inc.

Categories: News

BNP Paribas Cardif and BNP Paribas Banque Privée expand their private equity offer with Ardian

Ardian

09 February 2023 Private Wealth Solutions France, PARIS

• “Ardian Access Solution” is a new private equity unit-linked product launched by BNP Paribas Cardif and BNP Paribas Banque Privée.
•Clients of BNP Paribas Banque Privée enjoy exclusive access to the “Ardian Access Solution” unit-linked product until April 8, 2023.
•This new life insurance vehicle is suited for investors seeking long-term¹ performance as part of an asset diversification strategy.

BNP Paribas Cardif and BNP Paribas Banque Privée are launching “Ardian Access Solution”, a private equity unit-linked product. The underlying asset is a venture capital fund (FCPR) managed by Ardian, a world-leading private investment house. Launched with an exclusive access period for clients of BNP Paribas Banque Privée, the “Ardian Access Solution” product will be available via life insurance and capitalization contracts and individual retirement savings plans distributed by BNP Paribas Cardif.

“Ardian Access Solution” is an evergreen² fund, which enables personal holding companies they might hold to access operations generally reserved to institutional investors while taking advantage of personalized support through life insurance and capitalization contracts and individual retirement savings plans distributed by BNP Paribas Cardif. To address growing demand for meaningful investment among savers, this unit-linked product provides opportunities to invest in the real economy by supporting the development and financing of unlisted businesses across a variety of sectors, located primarily in Europe and North America. The fund comprises a diversified portfolio of assets invested directly alongside Ardian institutional funds (co-investments, buyouts, growth capital), as well as indirectly, via secondary investments in funds that have previously completed investments.

N.B.: Potential investors should be aware of the fact that this investment involves a risk of loss of all or part of invested capital. Potential investors are advised to read the Key Investor Information Document and marketing materials for the FCPR fund before making any investment decision.

¹ Recommended investment horizon five years.
² Open-ended for 99 years

“We created this new solution to meet strong market demand. This initiative is in line with Ardian’s strategy. Our PWS activity is continually innovating, working with partners to build solutions that facilitate access to private equity.” Erwan Paugam, Head of Private Wealth Solutions and Managing Director, Ardian

“In an environment marked by inflation and high interest rates, this new fund underlines our commitment to bringing our clients solutions that target long-term performance, enabling them to focus their investments on the real economy, notably by investing in unlisted companies.” Fabrice Bagne, BNP Paribas Cardif Deputy Chief Executive Officer, France and Luxembourg

“We are delighted to launch exclusive access to “Ardian Access Solution”, a private equity unit-linked product. It will enable our clients to invest in unlisted companies, combining diversification of their assets with natural decorrelation from markets. BNP Paribas Banque Privée has solid internal expertise in private equity, enabling us to work with leading fund managers such as Ardian. We are extremely selective and we support our clients in proposing asset management solutions that take economic cycles into account.” Nicolas Otton, Head of BNP Paribas Banque Privée

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $140bn of assets on behalf of more than 1,400 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 is majority-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our1,000+ employees, spread across 16 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 BNP PARIBAS BANQUE PRIVÉE

As the leading private bank in France in terms of assets entrusted, BNP Paribas Banque Privée has nearly 121 billion euros in assets under management (end of December 2022). Present in all regions of France, Private Banking supports in all their wealth projects large families, business leaders, family shareholder managers, startups of Next 40 and French Tech 120, employees members of corporate management committees of the CAC 40 or stock optionaries.

https://mabanqueprivee.bnpparibas/

À PROPOS DE BNP PARIBAS CARDIF

The world leader in bancassurance partnerships* and creditor insurance**, BNP Paribas Cardif plays an essential role in the lives of its customers, providing them with savings and protection solutions that let them realize their goals while protecting themselves from unforeseen events. As a committed insurer, BNP Paribas Cardif works to have a positive impact on society and to make insurance more accessible. In a world that has been deeply transformed by the emergence of new uses and lifestyles, the company, a subsidiary of BNP Paribas, has a unique business model anchored in partnerships. It co-creates solutions with more than 500 partner distributors in a variety of sectors (including banks and financial institutions, automotive sector companies, retailers, telecommunications companies, energy companies among others), as well as financial advisors and brokers who market the products to their customers. With a presence in 33 countries and strong positions in three regions – Europe, Asia and Latin America – BNP Paribas Cardif is a global specialist in personal insurance and a major contributor to financing for the real economy. With nearly 8,000 employees worldwide, BNP Paribas Cardif had gross written premiums of €32.6 billion in 2021.
Follow the latest news about BNP Paribas Cardif on Twitter @bnpp_cardif
*Source : Finaccord – 2018
**Source : Finaccord – 2021

Press contacts

ARDIAN

IMAGE 7

ardian@image7.fr  

BNP PARIBAS BANQUE PRIVEE

Fatima El Allaly

fatima.elallaly@bnpparibas.com Tel : +33 7 65 66 79 53

BNP PARIBAS CARDIF

Géraldine Duprey

geraldine.duprey@bnpparibas.com Tel : +33 6 31 20 11 76

Amélie Rochette

amelie.rochette@bnpparibas.com Tel : +33 6 98 83 88 54

Charlotte Pietropoli

charlotte.pietropoli@bnpparibas.com Tel : +33 6 98 49 50 99

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Boasso Global and Quala to Merge, Creating a Leading Infrastructure Service Provider for Liquid Bulk Logistics Industry

KKR

TAMPA, Fla.–(BUSINESS WIRE)– Boasso Global, Inc. (“Boasso”) and Q Super Holdings, Inc. (“Quala”) today announced the signing of a definitive agreement under which the companies will merge their complementary businesses to create one of the leading infrastructure services solution providers for the liquid bulk logistics industry. The transaction is supported by a new investment from Boasso’s majority shareholder, KKR, through its KKR Global Infrastructure Investors IV fund. Under the terms of the agreement, KKR will inject further growth capital into Boasso to facilitate the merger with Quala via a purchase of shares from Advent International (“Advent”) and invest in the strategic combination of the two businesses.

Quala is one of the North American leaders in liquid bulk container cleaning and maintenance services, including tank trailer, ISO tank container, railcar and IBC cleaning, and Boasso is a leading provider of mission-critical infrastructure services for the ISO tank container industry in North America and Europe. Upon completion of the merger, the companies will combine their complementary geographical footprints and service offerings to deliver enhanced solutions for customers across the liquid bulk logistics industry in North America and Europe.

“Boasso and Quala are premier infrastructure service providers to the global liquid bulk logistics ecosystem with trusted reputations and highly complementary networks and service offerings,” said Dash Lane, Partner at KKR. “This transaction is about growth and empowering the two great teams led by Joe Troy and Scott Harrison to come together and make long-term investments in quality, safety and superior solutions for customers.”

Joe Troy, Chief Executive Officer of Boasso, said: “We are focused on meeting the needs of our global customers and the combination of Boasso and Quala makes perfect strategic sense. This transaction will enhance our ability to deliver safe, compliant and best-in-class services to our ISO tank container customers and meaningfully expand our access to more locations across North America to better serve their needs. This is a rare opportunity to put together two Tampa-based, complementary businesses and I am excited to work with Scott and his talented team to unite the best of our organizations with a focus on enhanced efficiency and growing our range of premium solutions for the liquid bulk logistics industry.”

Scott Harrison, Chief Executive Officer of Quala, said: “Our organizations not only have a strong commercial relationship, but also shared cultures of delivering excellence, innovation and safety for our customers. This combination with Boasso and new investment from KKR will allow us to advance our position as a leading provider of container cleaning and maintenance services while continuing to seamlessly meet our customers’ needs. Together Quala and Boasso will benefit from greater connectivity to our customers, an expanded global footprint and new opportunities for our team members as part of a larger combined organization.”

Since Advent’s investment in Quala in 2016, the company cemented its position as the largest independent tank wash, inspection, maintenance and repair solutions provider in North America. Through both organic and inorganic initiatives, Quala has grown significantly, expanding across services and markets to further enhance its customer offering. Under Advent’s ownership, the company invested heavily in building out the platform – including critical investments in safety, talent and technology. Quala’s accomplishments include developing a proprietary technology suite, OnTrax, to make Quala’s services more seamless for customers. Advent’s investment enabled Quala to scale its footprint from 60 locations and 500 employees to 119 locations and over 1,800 employees today and the company has achieved substantial profitable growth across key metrics while building and growing its employee stock ownership program.

Stephen Hoffmeister, Managing Director at Advent International, said: “We have been proud to partner with Scott and Quala’s senior leadership team as they have transformed their company into an industry leader. The Quala management team has delivered compelling performance by driving an employee first culture, technological innovation and customer excellence. Quala is a well invested platform strategically positioned to continue its success and make important investments for its people.”

The transaction, which is subject to the receipt of required regulatory approvals and satisfying other customary closing conditions, is expected to close in the first half of 2023. Boasso and KKR were advised by Simpson Thacher & Bartlett, LLP as legal counsel and by Citi as financial advisor. Quala and Advent were advised by Weil Gotshal & Manges, LLP as legal counsel and by Credit Suisse as lead financial advisor and Bank of America as financial advisor.

About Boasso Global

Headquartered in Tampa, Florida, Boasso Global is a leading international provider of depot and transportation services to a fast-growing, global ISO tank container industry. Boasso offers a multitude of mission-critical services through a network of 34 international depots, including 17 in North America, 8 in the United Kingdom, and 9 in Continental Europe. Boasso is a Responsible Care certified member within the American Chemistry Council. For more information, visit www.boassoglobal.com.

About Quala

Headquartered in Tampa, Florida, Quala is the largest independent provider of comprehensive cleaning, test, and repair services for Tank Trailers, ISO Containers, IBCs, and Railcars. Founded in 1986, the company began independent operations in 2009 and today has 119 locations. For more information about Quala, visit our website at www.quala.us.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 world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 405 private equity investments across 42 countries, and as of September 30, 2022, had €91 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 290 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

For Boasso:
Kyle Parks, B2 Communications
727-895-5030
kyle@b2communications.com

For Quala:
Paul Hofley
248-219-0012
Phofley@quala.us.com

For KKR:
Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

For Advent:
Zachary Tramonti / Anna Epstein
FGS Global
212-687-8080
adventinternational-us@fgsglobal.com

Source: KKR & Co. Inc.

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Ardian acquires stake in Théradial group, a leading provider of medical solutions for dialysis

Ardian

08 February 2023 Growth France, Paris

Ardian is partnering with UI Investissement, which led a first transaction in 2017 alongside Théradial’s current management team.

Ardian, a world-leading private investment house, has acquired a stake in Théradial, a leading French player in the dialysis sector targeting high value-add segments in three main divisions: medical devices, drugs and healthcare software.

Founded in 1998 by Bruno Duval, and led by CEO Frédéric le Pottier since 2017, Théradial group is the leading French distributor of medical devices, drugs, oral nutritional supplements and software solutions for dialysis, oncology, gastroenterology and clinical nutrition. The group is headquartered near Nantes, France, and has 90 employees across France and Italy.

The group’s activity is structured around several divisions. The first – based on the group’s initial offering – is centered around the distribution of haemodialysis machines and other medical devices related to dialysis, which enables the removal of toxins from the blood that are usually filtered by the kidneys. The second is its portfolio of specialties medicines, which were developed when Théradial became a pharmaceutical establishment in 2014. Since 2021, Théradial has also developed a range of nutritional supplements for patients undergoing dialysis, which the group offers in partnership with the pharmaceutical company Indigo Therapeutics. The group’s third major division is its digital activity with EMA and SINED, proprietary software developed by Thema Group to support dialysis centres which was acquired by Théradial in 2019.

Over the last five years, Théradial has strengthened its market position, notably by increasing market share through its medical device offering, the launch of its dedicated pharmaceutical division, and the acquisition of Thema Group in 2019. Théradial Group’s offerings are primarily aimed at public health institutions, in addition to offering solutions and services to associations, private clinics and homecare providers.

Théradial has a skilled and experienced management team, built around its CEO Frédéric Le Pottier, which has ensured the continued development of the company, notably by diversifying through organic and external growth initiatives.

Alongside the management team, Ardian’s Growth team will support Théradial in a new phase of growth, based on four main objectives: to maintain a strong positioning in its original areas of expertise; to continue strengthening its medicinal solutions business; to accelerate the development of its nutrition offering; and to increase the market penetration of its Digital division.

“We are proud of this strategic partnership with the Théradial Group. We have followed the company’s growth closely over the past five years, and we have seen its full potential, driven by a skilled management team that we are delighted to now work alongside.” Alexis Saada, Head of Growth and Managing Director, Ardian

“The services offered by Théradial are highly essential and Théradial has been able to develop a strong expertise, while exploring solutions to better support patients receiving dialysis care. We are pleased to support Frédéric Le Pottier and his management team in a new phase of growth and we thank them for their confidence in Ardian.” Frédéric Quéru, Managing Director, Ardian

“We are delighted to welcome Ardian, who will support our leadership team and strengthen our market positioning. Partnering with a renowned investor like Ardian will enable us to implement our ambitious growth strategy and to further enhance our digital expertise and capacity for innovation.” Frédéric Le Pottier, CEO, Théradial

“This partnership with Ardian, a leading private investment house, perfectly illustrates the high ambitions that UI Investissement has for Théradial.  Together, we will facilitate the handover from Bruno Duval to his management team, and support Frédéric Le Pottier and his team in implementing Théradial’s transformation, strengthening its offer and expertise, and enhancing its external growth. In a sector where public interest is paramount, we are confident in Théradial’s development and positive impact.” Olivier Jarrousse, Managing Partner, UI Investissement

ADVISOR

  • ARDIAN

    • Deal team: Alexis Saada, Frédéric Quéru, Florian Dupont, Léa Chaplain
    • Financial advisor: Deloitte (Vania Mermoud, Renaud Adam, William Bray, Anas Majbar)
    • Strategic advisor: Opus Line (Alix Pradere, Youssef Mallat, Bertrand De Neuville)
    • Legal, regulatory and tax advisor: McDermott (Anne-France Moreau, Caroline Noyez)
    • Corporate lawyer: McDermott (Diana Hund, Herschel Guez, Robin Lamour)
    • Financing lawyer: McDermott (Pierre-Arnoux Mayoly, Shirin Deyhim, Camille Judas, Martin Baffou)
    • Tax lawyer: McDermott (Côme De Saint-Vincent, Oriane Beauvois)

  • UI Investissement

    • Deal team: Olivier Jarrousse, Stéphanie Pépineau
    • Structuring advisor: EdR (Nicolas Durieux, Pierre Boscher et Alexis Platet)
    • Financial advisor: PWC (Philippe Serzec, Guillaume De Rancourt, Ghita Rais, Louis Morante)
    • Strategic advisor: Ariane Santé Social (Thierry Boval, Agnès Robert)
    • Corporate lawyer: De Pardieu Brocas Maffei (Cédric Chanas, Mathieu Retiveau, Warren Wilson, Enguerrand Maloisel, Priscilla Van Den Perre)

  • Management

    • Management team: Frédéric Le Pottier
    • Corporate lawyer: Fidal (Sally-Anne Mc Mahon, Caroline Vanhoucke)
    • Tax lawyer: Fidal (Rozenn Berthelot, Edith Gueye)

  • Financing

    • Debt team: LCL (Silvère Prin, Karine Segur, Marion Johan, Charley Boulet), CIC Ouest (Marie-Line Goudé), Société Générale (Benoît Douard, Julien Rissel)
    • Financing lawyer: Sabine Bironneau-Loy

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $140bn of assets on behalf of more than 1,400 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 is majority-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our1,000+ employees, spread across 16 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 UI INVESTISSEMENT

An independent company specializing in the development of unlisted French companies, UI has been committed to working alongside the managers of growing start-ups, SMEs and ETIs for more than 50 years to help them emerge and develop economically and sustainably successful companies.
UI Investissement manages nearly €1.5 billion and invests with 300 managers in sectors of activity that are essential to society, such as health, agribusiness, services and industry. Growth and buyout capital, the historical core of UI’s activity, represents more than half of the assets under management and some fifty companies that can rely on UI’s operational expertise and methodological tools. At the same time, the teams and investment vehicles dedicated to innovation and consolidation enable us to support companies throughout their life cycle and contribute to the economic dynamism of the regions. UI currently has more than 70 employees and 13 regional offices in Besançon, Clermont-Ferrand, Dijon, Lille, Limoges, Lyon, Marseille, Nantes, Orleans, Reims, Rennes and Strasbourg, in addition to its teams in Paris.

ui-investissement.com

ABOUT THÉRADIAL

Theradial group specialises in the distribution of medical devices, pharmaceutical specialities, oral nutritional supplements and software solutions for dialysis, oncology, gastroenterology and clinical nutrition

theradial.com

Press contact

ARDIAN

HEADLAND

ardian@headlandconsultancy.fr

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DIF Capital Partners divests portfolio of rail freight wagons

DIF

DIF Capital Partners is pleased to announce that it signed an agreement with Wascosa, a leading asset manager of freight wagons, to divest its portfolio consisting of 564 rail freight wagons (“Rota Rail II”). Closing of the transaction will occur in tranches in the first half of 2023. The assets are an investment of DIF’s core-plus CIF I fund.

DIF acquired and grew the portfolio to its current size between 2019 and 2021, and upgraded some of the railcars to ensure their compliance with the highest safety standards. The portfolio proved to be resilient throughout COVID and continued to perform well, despite an uncertain political and macroeconomic environment.

Andrew Freeman, partner and Head of Exits at DIF Capital Partners commented: “We have taken the opportunity to make an early sale in the fund life of DIF CIF I by tapping into the favourable market for high quality European rail cars. The sale will generate attractive returns for CIF I investors, and further demonstrates the strong CIF fund strategy. We have highly appreciated the good working relationship we have had with Wascosa during our period of ownership.”

CMS acted as legal and tax advisor to DIF.

 

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with more than EUR 15 billion of AUM. The company was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two fund strategies: its traditional DIF funds, of which DIF VII is the latest fund in the series, invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 200 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information please visit www.dif.eu.

Contact: Diederik Heinink, d.heinink@dif.eu

About Wascosa

Wascosa is one of the largest rail freight wagon rental companies in Europe. Based in Lucerne, it was founded in 1964 and is one of the industry pioneers in freight wagon rental. Its core business is the leasing and management of freight wagons for use in rail transportation throughout Europe.

Today, Wascosa has a highly diversified fleet of over 15,000 wagons ranging from tank wagons for the chemical and oil industries to container and pocket wagons for intermodal transport, as well as wagons for transporting bulk goods and for use in infrastructure construction.

Wascosa is also home to the highly acclaimed flex freight system® which is a modular wagon concept developed by the company’s own engineers. Wascosa’s biggest customers include petroleum and chemical groups, industrial and logistics companies, but also private and state railway companies.

Over 100 employees work from its offices in Lucerne, Hamburg, Hull (UK), Madrid and Milan, serving national and international customers alike.

www.wascosa.com

About Rota Rail II

Rota Rail II is a portfolio of 564 rail freight wagons. The cargo wagons are leased out to major railway operators, logistics firms and industrial companies. Commercial and technical management for the wagons had been secured under an operational Asset Management Agreement for the next 20 years, with the railcar operators covering the statutory maintenance and operational obligation under German regulation.

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Jobber Raises $100 Million Growth Round

General Atlantic

General Atlantic leads investment with focus on accelerating customer growth and product development

Toronto, ON and New York, NY—February 7—Jobber, a leading provider of operations management software for home service businesses, today announced it has raised $100 million USD in primary capital led by global growth equity investor General Atlantic. The Series D round also includes participation from Jobber’s existing investors Summit Partners, Version One Ventures, and Tech Pioneers Fund. The financing is anticipated to support the company’s continued growth through investments in R&D, sales and marketing, and new customer acquisition.

Jobber’s mission is to help small home service businesses modernize their operations, increase earning potential, and meet evolving consumer expectations. Jobber’s all-in-one SaaS and mobile solution supports businesses through the full customer lifecycle—from sending quotes to scheduling crews, dispatching jobs, invoicing customers, and accepting credit card payments. More than 200,000 service pros in 60 countries rely on Jobber to help improve customer experience and run a more efficient small business.

“While this is an important milestone for Jobber, what we care about most is the success of the small businesses we serve,” said Sam Pillar, CEO and co-founder of Jobber. “We’re committed to doing everything we can to help them transform the way they deliver their services and operate their companies. We’re thrilled to partner with General Atlantic as we continue to pursue our mission of helping the people in small businesses be successful, and further entrench our leadership position in this important and growing small business category.”

Aaron Goldman, Managing Director and Head of Enterprise Technology Investing at General Atlantic, has joined Jobber’s Board of Directors. Mr. Goldman commented, “We believe Jobber is bringing much-needed innovation to the small business segment, a category that has been traditionally underserved by technology solutions and is still in the early stages of digital adoption. With a platform that is purpose-built for the home service category, Jobber has an opportunity to continue deepening its value as the platform of choice with its customers. We are pleased to partner with Sam and the Jobber leadership team as they focus on strategic growth and continued product expansion.”

Jobber raised its last round of funding in January 2021, a $60 million USD growth equity financing led by Summit Partners. Since that time, Jobber has grown its revenue 3X and is now helping more than 200,000 home service professionals across 50 industries including HVAC, lawn care, plumbing, residential cleaning, painting, and more to deliver services to more than 27 million properties. These jobs resulted in over $13 billion USD in revenue in 2022 for Jobber’s customers. “Although we’re proud of our growth to date, the real opportunity lies ahead of us,” said Shawn Cadeau, Chief Revenue Officer at Jobber. “There are more than 6.2 million home service businesses in North America alone delivering more than $600 billion in services each year that can benefit greatly from using Jobber.”

Jobber has nearly 600 employees located across Canada, with some based in the U.S. and Latin America. The company is actively hiring across all areas of its business including sales, marketing, product, customer support, and business operations.

About Jobber

Jobber is an award-winning operations management platform for small home service businesses. Unlike spreadsheets or pen and paper, Jobber keeps track of everything in one place and automates day-to-day operations, so small businesses can run smoothly and provide service at scale. Jobber’s 200,000 home service professionals have served over 27 million properties in more than 60 countries. The company continually ranks as one of Canada’s fastest-growing and most innovative companies by Canadian Business and Macleans, The Globe and Mail, Fast Company, and Deloitte. For more information, visit: https://jobber.com.

About General Atlantic

General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 445 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $73 billion in assets under management inclusive of all products as of September 30, 2022, and more than 215 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

Media contacts

Sean Welch
PAN Communications for Jobber
jobber@pancomm.com
+1 407-734-7330

Elana Ziluk
Senior Public Relations Manager, Jobber
elana.z@getjobber.com
+1 416-317-2633

Emily Japlon & Gurion Kastenberg
General Atlantic
media@generalatlantic.com

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CapMan Infra invests in Napier, a leading provider of critical transportation infrastructure for the aquaculture industry

Capman

CapMan Infra invests in Napier, a leading provider of critical transportation infrastructure for the aquaculture industry

CapMan Infra has agreed to invest in Napier, the largest salmon harvest vessel operator in Norway and a leading harvest vessel specialist globally. The company has a fleet of six vessels and serves the world’s largest aquaculture companies.

Napier was established in 1995 and is the first harvest vessel specialised shipowner in the world, active in the segment since 2008. Headquartered in Bømlo, Norway, Napier employs approx. 75 people.

Harvest vessels are used for the processing and transportation of grown salmon from farms at sea to onshore facilities. The adoption of such vessels is expected to increase, as harvest vessels secure the best fish welfare, improved biosecurity and increased transport efficiency. Fish mortality during transportation can be fully eliminated using harvest vessels, while CO2 emissions per kg of transported fish can be substantially reduced. The enhanced biosecurity offered by harvest vessels also reduces the risk of spreading of disease to both farmed and wild fish.

The sector is underpinned by strong macro trends, including growing global protein consumption and demand for farmed salmon. More than 50% of the global salmon supply is farmed in Norway and the activity is closely regulated by authorities, which supports the use case for harvest vessels.

Napier is currently owned by the company’s key personnel, together with Amar Group and Kverva. Key personnel are reinvesting alongside new majority owner CapMan Infra.

“We are highly impressed with the service quality Napier can deliver to its clients, and believe the company has significant further growth potential. The business also has strong infrastructure characteristics and provides mission-critical services to ensure the safe supply of food. We look forward to supporting Napier in growing the business”, says Pekko Haaksluoto, Partner at CapMan Infra.

“We are happy to have concluded the process with CapMan Infra and to have them as our new majority owner. CapMan Infra has impressed us with their commitment to the harvest vessel concept and continued support for a high-quality service offering to our current and future customers. Having CapMan Infra as our new majority owner provides a solid foundation for further growth and development and we are very excited about the future of Napier alongside our new owner”, says Kjetil Tufteland, CEO of Napier.

The investment is CapMan Nordic Infrastructure II fund’s second investment. The investment will promote environmental and social characteristics as defined for the fund. Overall, Napier promotes improved biosecurity and fish welfare in the salmon farming industry and reduces the GHG emission footprint per kg of harvested salmon compared to available alternatives in the market, i.e. traditional wellboats.

For more information, please contact:
Pekko Haaksluoto, Partner, CapMan Infra, p. +358 40 584 6031

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. With over €5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services. Altogether, CapMan employs around 190 people in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com.

About Napier

Napier is the leading harvest vessel operator in Norway and the first harvest vessel specialised shipowner in the world. The company was established in 1995 and has been active in the harvest vessel market since 2008. Napier has a fleet of six vessels. The company is headquartered in Bømlo, Norway and employs approx. 75 people. Visit www.napier.no for more information.

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Ardian supports Norvestor’s acquisition of Rantalainen

Ardian
  • 06 February 2023 Private Credit Finland, Helsinki

Ardian, a world-leading private investment house, has provided financing to support Norvestor’s acquisition of Rantalainen, a leading Nordic full-service provider of outsourced accounting and payroll services.

Rantalainen is the largest financial administration services provider in Finland, serving 20,000 SMEs within a fragmented Nordic business process outsourcing market. The Company’s services comprise outsourced accounting and bookkeeping services, payroll administration and HR services, as well as expert services. Rantalainen, founded in 1972, employs circa 1,200 professionals across 60 different locations in Finland. Due to its business-critical service and close relationships with its customers, the business has close to a 100% net revenue retention, with low customer churn.

The Private Credit team at Ardian provided unitranche financing coupled with a Committed Acquisition Facility that can be drawn on to support Rantalainen’s growth ambitions. The transaction continues the long-standing relationship between Norvestor and Ardian.

“Rantalainen provides business critical services to a highly granular and diverse client base, positioning it as the market leader in Finland and a highly attractive investment. The financing structure is an example of our ability to deliver a flexible and tailored solution, which will support the company’s ambitious acquisition plans in the Nordic region. We look forward to supporting the company’s growth and we are pleased to be backing Norvestor again, continuing to build our close sponsor relationships within a region of growing importance”. Stuart Hawkins, Head of Private Credit UK, Ardian

“Rantalainen has built a solid foundation in recent years, strengthening both the platform and the market position of the Company. Rantalainen is now ready for its next phase, and Ardian is the right financing partner for us as we embark on that journey. With Ardian’s backing, we look forward to establishing a Nordic leader within financial administration services”. Marika Af Enehjelm, Pertner, Norvestor Advisory

The transaction is expected to close during Q1 2023, subject to customary closing conditions.

 

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $140bn of assets on behalf of more than 1,400 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 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 is majority-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1000+ employees, spread across 16 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

Press contact

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Sycamore Partners Completes Acquisition of Lowe’s Canadian Retail Business

Sycamore

NEW YORK – Feb. 3, 2023 – Sycamore Partners, a private equity firm specializing in retail, consumer, and distribution-related investments, today announced that it has completed its acquisition of Lowe’s Canadian retail business, which will now operate under the name RONA inc. With headquarters in Boucherville, Québec, RONA operates or services approximately 450 corporate and independent affiliate dealer stores under several banners, including RONA, Lowe’s, Réno-Dépôt and Dick’s Lumber.

“We are excited to announce that RONA is once again an independent company headquartered in Boucherville, Quebec,” said Stefan Kaluzny, Managing Director of Sycamore Partners. “We are honored that Lowe’s has entrusted Sycamore Partners to lead RONA into its next chapter and build upon RONA’s 84-year history serving communities across Canada. We look forward to working with RONA’s 26,000 associates and over 200 dealer partners to meet the home improvement needs of Canadian families, builders, and contractors.”

“Today’s announcement represents the beginning of a new chapter in RONA’s long and rich history,” said Tony Cioffi, President of RONA inc. “With Sycamore’s support and expertise, we will continue to provide outstanding service and products for our customers’ home improvement and construction projects.”

About RONA inc.

RONA inc. is one of Canada’s leading home improvement retailers and is headquartered in Boucherville, Québec. The RONA inc. network operates or services some 450 corporate and affiliated dealer stores under the RONA, Lowe’s, Réno-Dépôt, and Dick’s Lumber banners. With a long and rich history, RONA inc. has supported Canadians in their home improvement and construction projects since 1939. To achieve this, the company relies on a team of 26,000 employees, to whom it strives to provide an inclusive workplace where everyone is invited to contribute. RONA inc. is one of the Montréal region’s Top Employers since 2021. As a result of its ongoing efforts in sustainable development, the company was awarded the Stratégie de développement durable Mercure in 2022 and is recognized as one of Canada’s Greenest Employers. To learn more about the company, visit the website www.ronainc.ca.

About Sycamore Partners

 Sycamore Partners is a private equity firm based in New York. The firm specializes in retail, consumer, and distribution-related investments and partners with management teams to improve the operating profitability and strategic value of their business. With approximately $10 billion in aggregate committed capital raised since its inception in 2011, Sycamore Partners’ investors include leading endowments, financial institutions, family offices, pension plans and sovereign wealth funds. For more information on Sycamore Partners, visit www.sycamorepartners.com.

Contacts

Sycamore Partners

Michael Freitag or Arielle Rothstein

Joele Frank, Wilkinson Brimmer Katcher

212-355-4449

 

media@sycamorepartners.com

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Carlyle and Stellex Reach Definitive Agreement to Sell Titan to an Affiliate of Lone Star Funds

Carlyle

Dallas, Texas, New York, NY, Portland, OR, – Funds managed by global investment firm Carlyle (NASDAQ: CG) and private equity firm Stellex Capital Management today announced a definitive agreement to sell Titan Acquisition Holdings, a bi-coastal leader in ship repair services and marine and heavy complex fabrication, to an affiliate of Lone Star Funds.

The transaction is expected to close in 2023 upon satisfaction of customary closing conditions, including certain governmental approvals. Financial terms were not disclosed.

Titan is comprised of Vigor Industrial LLC, an infrastructure, defense, and maritime services company based in Portland, Oregon; MHI Holdings LLC, a ship repair, maintenance, and other ship husbandry services company based in Norfolk, Virginia; and Continental Maritime of San Diego (CMSD).  Key Titan customers include the U.S. Navy, U.S. Coast Guard, Military Sealift Command, Boeing, cruise lines, fishing fleets, barges, ferry services for local and state governments, and other key commercial U.S. Government customers.

Derek Whang, Managing Director at Carlyle, said: “We are proud of the many accomplishments of the Titan team over the course of our partnership. Throughout a particularly unprecedented time, with the pandemic and supply chain constraints, the Titan team has continually executed on its strategy to successfully grow the business, refine its market segments, and expand into new geographic territories. Titan is well-positioned to maintain its positive trajectory, and we wish the team continued success in its next phase of growth.”

David Waxman, Managing Director, Stellex, said: “From the moment Stellex acquired MHI in 2015, we have partnered with management to capitalize on changing market dynamics to build a stronger company to further serve customers with quality and reliability. The result of our investment focus was the combination of MHI with Vigor and the formation in 2019 of Titan, now a bi-coastal leader in critical ship repair services, and commercial and defense-related fabrication services. It was an incredible experience working closely with the talented Titan team, and we look forward to seeing the company continue to prosper.”

Jim Marcotuli, Titan Chief Executive Officer, said: “We are grateful to Carlyle and Stellex for enabling the strategic investments made over the past several years, which include the acquisition of CMSD, the repurchase of critical assets, and investments in technologies and equipment aimed at improving our service offerings.”

Marcotuli continued: “Titan and its operating companies will remain rooted in existing values and focused on priorities of Safety, Compliance, Quality, Customer and Competitive.  Under new ownership, we will focus on sustaining improvements made, identifying additional areas of improvement, and opportunities for future growth.  Valued customers will continue to see Titan operating companies deliver high quality service in everything we do.

“We see this transaction with Lone Star, when completed, as the next step in our evolution, representing a belief on their part that Titan entities are on a steady and positive path to sustainable growth.”

Jim Marcotuli will continue in his current role as Titan CEO, and other company leadership is expected to remain intact.
Kirkland & Ellis LLP is serving as legal counsel and Lazard served as financial advisor to Lone Star.  Latham & Watkins, LLP is serving as legal counsel to Titan, Carlyle, and Stellex, and BofA Securities and Evercore served as financial advisors.

About Lone Star
Lone Star, founded by John Grayken, is a leading private equity firm advising funds that invest globally in real estate, equity, credit, and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized 22 private equity funds with aggregate capital commitments totaling approximately $86 billion. The firm organizes its funds in three series: the Commercial Real Estate Fund series; the Opportunity Fund series; and the U.S. Residential Mortgage Fund series. Lone Star invests on behalf of its limited partners, which include institutional investors such as pension funds and sovereign wealth funds, as well as foundations and endowments that support medical research, higher education, and other philanthropic causes. For more information regarding Lone Star Funds, go to www.lonestarfunds.com.

About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $369 billion of assets under management as of September 30, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,100 people in 29 offices across five continents.

Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

About Stellex Capital Management
With offices in New York, Detroit, Pittsburgh, and London, Stellex is a private equity firm with over $2.6 billion in AUM. Stellex seeks to identify and deploy capital in opportunities that have the potential to provide stability, improvement, and growth. Portfolio companies benefit from Stellex’s industry knowledge, operating capabilities, network of senior executives, strategic insight, and access to capital. Sectors of particular focus include specialty manufacturing, industrial and business services, aerospace & defense, automotive, government services, transportation, logistics and food. Additional information may be found at www.stellexcapital.com.

About Titan Acquisition Holdings
A family of bicoastal leaders in ship repair, ship modernization, marine and complex fabrication services, Titan Acquisition Holdings was formed by global investment firm The Carlyle Group and private equity firm Stellex Capital Management following their 2019 acquisition of MHI Holdings and Vigor. Titan is the parent company of Vigor, operating in the Pacific Northwest, Hawaii and Alaska; MHI, based in Norfolk, Virginia; and Continental Maritime of San Diego (CMSD) in California. Notable Titan family customers include Boeing, Lockheed Martin, Northrop Grumman, U.S. Navy, Military Sealift Command, Maritime Administration, U.S. Army, local and state ferry systems, and commercial ship owners.

Media Inquiries:
Lone Star – Christina Pretto | 212.849.9662 | mediarelations@lonestarfunds.com
Carlyle – Brittany Berliner | 212.813.4839 | brittany.berliner@carlyle.com
Stellex – Rosalia Scampoli |212.537.5177 x7 | rscampoli@marketcompr.com
Titan – Jill Mackie | 206.498.5298 | jill.mackie@vigor.net

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