Piper invests in fast growing healthy recipe box brand Mindful Chef

Piper

Piper have invested £6m into Mindful Chef, the UK’s favourite healthy recipe box brand.

Mindful Chef was set up by childhood school friends Rob Grieg-Gran, Giles Humphries and Myles Hopper with a mission to make healthy eating easy. Since its launch in 2015 it has experienced rapid growth – including a 178% rise in sales in the past year – delivering nearly two million meals to UK consumers. Based in Wandsworth, London, the brand has annualised sales of £10m and employs 27 people.

With its focus on making healthy eating easy, all Mindful Chef’s meals are healthy and nutritionally balanced, are gluten and dairy free, containing no refined carbs or sugars. All the ingredients are fresh, high quality and sustainably sourced from local farmers where possible. Each week 16 different recipes are available for customers to select from. For the growing number of UK consumers continuing to seek out a healthier lifestyle, Mindful Chef helps customers discover and cook quick and easy nutritious, tasty recipes in a way that is convenient, saves them time and reduces food wastage by providing only the food you need to eat and reducing trips to the supermarket.

For many customers, Mindful Chef has ignited or rekindled the enjoyment of cooking and a delight in discovering new otherwise difficult to source ingredients and flavours. Customers are also supporting Mindful Chef’s charity One Feeds 2, through their purchases. For every meal purchased, Mindful Chef donates a meal to a child in poverty – to date the company has provided more than 770,000 meals for children in living in poverty.

Piper’s £6m investment will enable the business to continue to grow and expand its customer base in the UK, helping it capitalise on the rapid growth of the recipe box market which is forecast to double over the next 10 years. It is the fifth investment from our sixth £125m fund.

Tim Lee, previously Head of Food and Online Strategy at Marks & Spencer, joined the business earlier in 2018 as CEO.

Rory Gibbs, Piper’s Investment Director who led the deal, said: ‘Mindful Chef is well placed to continue accelerating the growth of the recipe box market with its highly differentiated health focused positioning. We are backing a young, dynamic team who are passionate about making healthy eating easier for their customers. We are excited to be joining them and helping them to realise their ambitions.

For more information, please contact:
Rory Gibbs, Investment Director
Email: rory@piper.co.uk
Phone +44 (0)207 727 3842

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Waterlogic acquires Maestro Pressure Coolers and Cariad Cool Water in the UK

Castik Capital

Waterlogic, a leading global designer, manufacturer, distributor and service provider of purified drinking water dispensers, is pleased to announce the acquisitions of Maestro Pressure Coolers and Cariad Cool Water Ltd. in the UK.

Maestro Pressure Coolers is based in Plumstead, East London. Established in 1993, the company supplies both bottled and point-of-use water coolers to UK businesses. The acquisition of Maestro Pressure Coolers further strengthens Waterlogic’s market presence in the UK and adds additional product lines to an already comprehensive range of drinking water solutions.

Cariad Cool Water (formerly Princes Gate Cool Water) was founded in 2001 by Glyn and David Jones in Princes Gate, Pembrokeshire, South Wales. The company supplies bottled and point-of-use water coolers across Wales and the South West of England, with depots in Margam, Port Talbot and Narberth, Pembrokeshire. The acquisition of Cariad Cool Water establishes Waterlogic with a direct presence in Wales and allows for increased and more efficient customer growth and reach in this important market.

Glyn Jones, Owner, Cariad Cool Water, said, As a family, we are proud to have built this business, and thankful for the loyal relationships we have enjoyed with our customers and employees. In Waterlogic, we have found the perfect company to continue the growth of the business for the future.”

Greg Pritchett, Managing Director, Waterlogic UK and Ireland, saidThe combination of national reach with local density will ensure we are able to continue serving our new and existing customers in the best possible way.”

 

The expansion of Waterlogic UK’s product portfolio and customer base significantly strengthens the company’s position as the total water solutions provider of point-of-use and under-counter dispensers, bottled water coolers and specialty hotel and hospitality solutions, and accelerates growth in the UK.

Waterlogic was acquired in January 2015 by funds managed by Castik Capital, the European private equity investor. Water Coolers Ltd and Cariad Cool Water are the most recent acquisitions as part of the company’s buy and build strategy since the acquisition by Castik, and following substantial acquisitions in the US, UK, Australia, Spain, France, Germany, CEE, and Scandinavia.

 

– ENDS –

Media Contact

Rosanna Turner, Group Marketing Communications Manager

rosanna.turner@waterlogic.com

About Waterlogic

Waterlogic is an innovative designer, manufacturer, distributor and operator of point-of-use (POU) drinking water purification and dispensing systems designed for environments such as offices, factories, hospitals, hotels, schools, restaurants and other workplaces. Founded in 1992, Waterlogic was one of the first companies to introduce POU systems to customers worldwide, and has been in the forefront of the POU market, promoting product design and quality, the application of new technologies and world class sales and service. Waterlogic has its own subsidiaries in many markets and an extensive and expanding independent global distribution network in place, reaching over 60 countries around the world. Waterlogic products are currently distributed in North and South America, Europe, Asia, Australia and South Africa. Waterlogic’s leading markets are the US, Australia and Western Europe, in particular the UK, Scandinavia, Germany and France. More information can be found at www.waterlogic.com

About Castik

Castik Capital S.à r.l (“Castik”) manages investments in private equity. Castik is a European multistrategy investment manager, acquiring significant ownership positions in European private and public companies, where long-term value can be generated through active partnerships with management teams. Founded in 2014, Castik is based in Luxembourg and focuses on identifying and developing investment opportunities across Europe. The advisor to Castik is Castik Capital Partners GmbH, based in Munich. Investments are made by the Luxembourg-based fund, EPIC I SLP, the first fund managed by Castik, which had its final fund close of EUR 1bn in July 2015.

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Triton has signed an agreement to acquire Sunweb Group

Triton

Stockholm (Sweden) / Rotterdam (Netherlands) 18 December 2018 – Funds advised by Triton (“Triton“) have signed an agreement to acquire Sunweb Group (“Sunweb”), a leading European online tour operator. Terms of the transaction are not disclosed.

Founded 1991 in Netherlands, and with more than EUR 600m in turnover, Sunweb serves ~1 million customers annually providing packaged holidays to more than 20 focal destinations across Europe and the Mediterranean. As an online tour operator, Sunweb combines the best features of the online travel agencies’ asset light business model and the content quality and customer experience provided by traditional tour operators.

“Sunweb´s online tour operating model is a unique hybrid between traditional tour operators and online travel agencies. The value chain in travel is changing, and Sunweb has proven that its position and business model is resilient and winning in this complex environment. Directly sourced quality content sold directly to the consumer through Sunweb’s own digital sales channels makes the company well position to benefit from the megatrends of growing travel and increased conversion to online,” said Per Agebäck, Investment Advisory Professional, sector leader for consumer and advisor to the Triton Funds.

“We are pleased to welcome Triton as new majority owner of Sunweb. They have demonstrated deep sector knowledge of the travel space and is the right partner to the company as we continue investing in digital capabilities and expand across Europe,” said Joost Romeijn, founder of Sunweb, who will remain invested in the group.

Headquartered in Netherlands and Switzerland, with additional sales offices in core source markets, the company retains leading European market positions in both winter sports and summer holiday offerings. Consisting of the five powerhouse brands; Sunweb Sun, Sunweb Ski, Eliza was here, Primavera and GoGo, Sunweb Group has approximately 500 employees and direct contracts with 6,000+ accommodations including hotels, apartments and resorts. Growing from core markets in Netherlands, Belgium and France, the group has expanded into Denmark, Germany and the UK and continues to explore opportunities for geographic expansion.

“We look forward to actively supporting the management and employees as a stable owner by investing in and supporting the growth and development of the company. Our strong industry expertise, gained through other investments and strengthened by senior industry experts, will contribute in taking the company to the next level.” said Peder Prahl, Director of the General Partner for the Triton funds.

 

About Triton
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe, focusing on businesses in the Industrial, Business Services and Consumer/Health sectors.

Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 37 companies currently in Triton’s portfolio have combined sales of around € 12.9 billion and around 83,000 employees.

The Triton funds are advised by dedicated teams of professionals based in Germany, Sweden, Norway, Finland, Denmark, Italy, the United Kingdom, the United States, China, Luxembourg and Jersey.

For more information please visit: www.triton-partners.com

About Sunweb Group
Sunweb Group is one of the leading travel groups in Europe with more than EUR 600m in turnover. It is the driving force behind numerous brands operating within seven international markets: The Netherlands, Denmark, Sweden, Belgium, United Kingdom, Germany and France. Sunweb is the flagship brand of the group.

Sunweb is a pure online player for packaged holidays towards sun and winter sport destinations.

Sunweb Group employs approximately 500 individuals and sends more than 400 representatives on to various holiday destinations to support its customers. The Sunweb Group has a pan-European identity with its tour operator activities based in Zurich, headquarters and back-office in Rotterdam, software and web development in Girona and various sales offices around Europe. The combination of a centralized organization, unique self-contracted content and strong online business model has resulted in over one million happy clients for Sunweb Group each year.

For more information please visit: www.sunwebgroup.com/

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L Brands announces sales agreement for La Senza

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Regent

Columbus, Ohio (Dec. 13, 2018) — L Brands, Inc. (NYSE: LB) today announced that following its previously announced comprehensive review process, it has signed a definitive agreement to transfer ownership and operating control of La Senza – inclusive of the home office organization, North American stores and e-commerce and international partnerships – to an affiliate of Regent LP, a global private equity firm.  The company will sell 100 percent of its assets in La Senza in exchange for the buyer’s agreement to assume La Senza’s operating liabilities and provide L Brands potential future consideration upon the sale or other monetization of La Senza, as defined in the agreement.  The company expects to complete the transaction and transfer ownership in early January.

Operating results for La Senza are included in the company’s Other segment for financial reporting. The company estimates that La Senza’s 2018 revenues and operating loss will be approximately $250 million and $40 million (approximately $0.12 per share), respectively.

L Brands was advised on the sale by Financo.

 

ABOUT L BRANDS:

L Brands, through Victoria’s Secret, PINK, Bath & Body Works, La Senza and Henri Bendel, is an international company.  The company operates 3,115 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China, and its brands are sold in more than 800 additional franchised locations worldwide.  The company’s products are also available online at www.VictoriasSecret.com, www.BathandBodyWorks.com, www.HenriBendel.com and www.LaSenza.com.

 

ABOUT REGENT:

Regent is a global private equity firm focused on innovating and transforming businesses. The firm’s mission is to create long-term value for its partners, the companies it invests in and the communities in which it works. Regent’s investments span the globe and operate in a wide array of industry verticals including technology, media, consumer products, industrial, retail and entertainment.

Selected investments include Sassoon, Sunset Magazine, Lillian Vernon and a media portfolio comprised of 18 newspapers, magazines and television platforms including Military Times, Army Times, Navy Times, Defense News, PBS TV’s Defense News Weekly, Federal Times and the HistoryNet Magazines. Regent is based in Beverly Hills, California.

For more information, please visit www.regentlp.com.

For further information, please contact:

Regent LP:
Media Relations
Graydon Sheinberg
(310) 299-4108
gs@regentlp.com

L Brands:
Investor Relations
Amie Preston
(614) 415-6704
apreston@lb.com

Media Relations
Tammy Roberts Myers
(614) 415-7072
communications@lb.com

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V3 Group Limited Welcomes Investment from KKR

KKR

S$500M Landmark Investment by KKR in Leading Luxury Group in Asia

 

SINGAPORE–(BUSINESS WIRE)–Dec. 4, 2018– V3 Group Limited (“V3” or the “Company”), a leading specialty retailer of luxury lifestyle and wellness products in Asia, today announced an investment by global investment firm KKR, which will invest up to S$500 million for a significant stake in V3, at an enterprise value of approximately S$1.7 billion.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181203006091/en/

Headquartered in Singapore, V3 owns and develops premium products and services through its leading luxury and wellness brands – OSIM, TWG Tea and ONI (GNC, LAC, Xndo) – promoting and inspiring a healthy lifestyle to a broad and affluent consumer demographic across Asia. The Company also owns Futuristic Store Fixtures, which supports some of the world’s leading retail brands. The Company has a history of impressive brand creation and development, a deep understanding of the consumer market and retailing, and a presence in over 100 cities in 26 countries around the world.

Commenting on the investment by KKR, Mr. Ron Sim, Founder, Executive Chairman and Chief Executive Officer of V3, said, “I am extremely pleased to welcome KKR as a significant shareholder in V3. I look forward to an exciting partnership together as well as drawing on KKR’s longstanding expertise and full support to accelerate the growth of the business. I am confident this investment will position the Company for our next phase of growth, starting with the immediate expansion of TWG Tea in Japan and the USA and of OSIM in China.”

KKR’s investment marks the beginning of a robust relationship with V3, and affirms the strong heritage and prospects of one of Asia’s most distinguished luxury groups. KKR is making this investment from its Asian Fund III.

Mr. Jaka Prasetya, Member of KKR, said, “V3 is a landmark investment for KKR in a leading luxury group in Asia, underscoring our strong belief in the continued growth of the region’s consumer sector. At KKR, we aim to provide support and capital to successful home-grown, regional companies like V3 in order to capture opportunities across Asia and beyond. We look forward to working alongside the whole V3 team to build on the Company’s success.”

The transaction was advised by Evercore, the exclusive financial adviser to V3.

About V3 Group Limited

Headquartered in Singapore, V3 Group Limited (“V3”) is a leading Asian luxury group that creates, develops, and owns brands in the lifestyle and wellness markets. V3 has three major business streams, Lifestyle, Wellness and Specialist Fixtures, and a presence in over 100 cities in 26 countries around the world.

Beginning with the global luxury product leader OSIM in 1980, V3 Group founder Ron Sim has built up a portfolio of leading luxury brands over the years, including TWG Tea, the finest luxury tea brand in the world, and ONI Global, Asia’s largest retailer of nutritional supplements. In ONI Global’s core markets Singapore, Malaysia and Taiwan, V3 Group holds the exclusive franchise rights to the global wellness brand GNC. Through ONI Global, V3 also owns LAC, which offers customers wellness products that combine eastern herbal ingredients and modern western processing; and Xndo, a provider of formulated food-based health products. The Company also owns Futuristic Store Fixtures, which supports some of the world’s leading retail brands.

For more information about V3 Group, please visit www.v3group.com.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Source: V3 Group Limited

For media queries on KKR:
Cara Major
KKR
Cara.Major@kkr.com

For media queries on V3 Group:
Jeffrey Fang
Executive Director, Black Dot
jeffrey@blackdot.sg

 

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Floom – the global technology platform and marketplace for florists – raises £2m

Pembroke

Funding round led by firstminute capital, Pembroke VCT and leading technology entrepreneurs

 

  • lastminute.com co-founder Brent Hoberman’s investment vehicle backs Floom
  • firstminute capital leads fund, alongside consumer venture capital trust, Pembroke VCT
  • Other investors include The Hut Group CTO digital experiences Wing Chan and New Look founder Tom Singh
  • Former CTO of Just Eat, Carlos Morgado, joins Floom’s board
  • Floom increased revenue by 464% in the past 12 months
  • Funding will enable further expansion to four more US cities and a new country in 2019

 

London, 3rd December 2018: Floom, the digital marketplace that connects independent florists with customers across the world, has raised £2m/US $2.5m in a seed funding round led by firstminute capital, alongside Pembroke VCT. The investment will allow the start-up to continue its US expansion and develop its pioneering tech, including the floristry industry’s first SaaS offering.

 

Founded by 31-year-old entrepreneur Lana Elie in 2016, whose background lies in digital content creation for the likes of Gucci and Prada, Floom is the only curated marketplace of its kind for independent florists. Floom’s technology platform – which has been compared to the likes of JustEat and Farfetch – gives florists the software and tools to create and deliver beautifully crafted bouquets to a global network of customers in 125+ countries. The start-up now works with the best florists in the UK, New York and LA to offer customers same-day delivery.

 

The £2m investment comes from a venture capital-led funding round by firstminute capital with Henry Lane-Fox as the lead. Firstminute capital’s $100m seed fund is backed by 30 unicorn founders and global strategics. Additional investors include Tom Singh, the founder of New Look, Pembroke VCT, Wing Chan, CTO digital experiences of The Hut Group, and Carlos Morgado, former CTO of Just Eat, who also joins Floom’s board. The funding will allow Floom to bring its highly scalable, low-risk model that requires virtually no local infrastructure to four new US cities and a new country in 2019.

 

The funding will also be used to develop the first vertically integrated Software as a Service (SaaS) for the floristry industry. The technology will give independent florists everything they need to compete with bigger players, whose outdated systems lead to poor customer experience resulting in reduced numbers of newly acquired customers across the sector. With independent florists often lacking the e-commerce expertise and financial means to achieve market share, Floom’s SaaS will give them everything they need to reach and delight customers, from inventory management and a wholesale shop, to website builders and POS systems – as well as preparing for seasonal peaks with trend data e.g. Valentine’s Day and Mother’s Day.

 

The industry, which is worth $105 billion globally, has witnessed a 7% YoY growth, with 84% customers saying they will spend more on skilfully arranged, hand delivered flowers from a florist. Meanwhile, Floom’s revenue has increased by 463% over the past 12 months and is projecting £5m in sales in 2019.

 

Lana Elie, founder and CEO of Floom, said: “Achieving this seed funding is a huge achievement for us, and we’re delighted to get backing from so many experts in building tech-backed lifestyle brands.  We’re really excited about developing the technology required to help not only independent florists, but also eventually other hyper-local businesses, thrive in the modern economy.”

 

Andrew Wolfson, managing director of Pembroke VCT, said: “When it comes to investing in any business, the founders and the proposition are paramount. Lana’s passion for the business, her understanding of the disruption that is possible in this sector, her attention to detail and her commitment to her customers has already created significant traction. We think Floom is set to provide the flower market a welcome makeover.”

 

Henry Lane Fox, lead investor from firstminute capital, said: “After finding product/market fit with its B2C marketplace, Floom is now perfectly positioned to act on Lana’s vision and build their B2B SaaS solution for its florist partners. Lana’s business model is a prime example of a “market network”; combining a marketplace, a direct network, and the lucrative revenue model and stickiness of SaaS. With her relentlessness and ability to speak the language of wholesalers, florists and end consumers alike, we believe Lana will put her mark not only on the cut flower market, but the industry as a whole.”

 

Carlos Morgado, former CTO of Just Eat, who is joining Floom’s board, said: “I’m really looking forward to joining the board and working alongside Floom’s passionate team. Like them, I think floristry has huge digital potential, particularly as it’s a largely traditional marketplace. Floom is creating technology that perfectly complements the creative focus of independent florists, so I’m excited to be part of their transformation journey. I’m looking forward to finding another unicorn, this time among flowers.”

 

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Care of Carl Partners with Litorina

Litorina

Litorina enters into a partnership with Care of Carl, the leading Nordic online retailer of well-known, classic high-quality brands within apparel, footwear and accessories for men. By partnering with Litorina, Care of Carl gets access to additional resources to continue its rapid development and expansion.

Care of Carl is based in Borås and was founded on the conviction that personal service, active engagement with and a genuine interest in the customer can facilitate and improve the daily lives of the customers. Care of Carl offers men the opportunity to build their personal wardrobe and style by offering a carefully curated selection of renowned brands online. The company has a turnover of c. SEK 220 million with an annual growth of more than 20%. Care of Carl has a loyal and growing customer base of style conscious men across the Nordics, who are served from the central warehouse in Borås.

As a result of the continuously growing demand for Care of Carl’s curated assortment, Henning Källqvist has chosen Litorina as partner to continue developing and growing the company. Litorina becomes the new majority shareholder and Henning Källqvist, who founded the company in 2010, remains as CEO of the company with a 30% ownership.

“Care of Carl has established an incredibly strong position in the market, but to capture all future opportunities, more resources and investments will be required. Litorina and I share both the view of our current position but more importantly the future strategic direction. I am convinced that Care of Carl will be able to reach even more customers who realise the advantages of shopping with us with our high service level which will result in even more rapid growth going forward”, says Henning Källqvist, founder and CEO of Care of Carl.

“Care of Carl is a first-class Swedish company with a leading market position in the Nordics within its niche, in the fast-growing online channel”, says Paul Steene, Partner at Litorina. “We are very pleased that Henning has chosen Litorina as his partner for the continued development of the company”.

“Litorina has a strong track record of investing in companies with sales of premium menswear following our investment in the premium men’s shirt company Eton. We also have experience from developing companies with international online sales, like online carpet retailer CarpetVista with customers in around fifty countries and online flower delivery company Euroflorist with business across Europe. We hope to be able to contribute with experience within these areas in the future development of Care of Carl”, says Magnus Ressel, Director at Litorina.

Litorina and Henning Källqvist share a clear agenda for how to jointly develop the company over the coming years, where focus will be on continuing the rapid expansion while continuing to offer a market-leading customer experience. To execute on this vision, Ian Tansley, former CEO of Mr Porter, will join the company as a member of the board and advisor.

For further information, please contact:

Magnus Ressel, +46 768 96 11 89, magnus.ressel@litorina.se, Director, Litorina
Henning Källqvist, +46 707 77 21 85, henning@careofcarl.com, CEO, Care of Carl

Care of Carl, founded in 2010, is a Nordic market leader within online retailing of premium apparel, footwear and accessories for men. The carefully curated assortment is sold through its proprietary e-commerce platform to customers across the Nordics. Care of Carl has a turnover of c. SEK 220 million and is headquartered in Borås. For more information, please visit www.careofcarl.com.

Litorina, founded in 1998, focuses on acquiring and industrially developing companies together with their management teams. Litorina offers broad and deep expertise both via its own organization and through its network of industrial advisors. For more information, please visit www.litorina.se.

 

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AURELIUS subsidiary CALUMET WEX acquires a majority interest in Foto-Video SAUTER

Aurelius Capital

  • Calumet Wex expands its market position considerably by acquiring the biggest photography specialist in Germany
  • Revenue increase of around ten percent
  • Excellent strategic fit: Overlaps in target group and product Portfolio

Hamburg/Munich, November 8, 2018 – The Calumet Wex Group, a leading omni-channel retail chain for photographic products and services in Europe and a subsidiary of AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8), will acquire a majority interest in Foto-Video Sauter from its managing partner Bernd Sauter. Foto-Video Sauter generates annual revenues of around EUR 22 million, operates Germany’s biggest photography shop in Munich, and also has an online shop and retail space in Rosenheim. The transaction is expected to close by the end of 2018.

Also after the acquisition, Foto-Video Sauter will continue to operate under its strong brand name as an institution devoted to photography enthusiasts and will further expand its offering of products and services. With the acquisition of Foto-Video Sauter, the Calumet Wex Group will strengthen its leading position as an omni-channel vendor of photography and video products in Europe. Large overlaps in the target group and particularly also in the premium-range product offering make the combination of these two companies an excellent strategic fit. In particular, the Calumet Wex Group will help Foto-Video Sauter continue its dynamic growth, expand its product offering by adding additional services such as leasing, second-hand products and repairs, and improve its online presence. The acquisition will increase Calumet Wex’s revenues by around ten percent.

“I know that my life’s work is in good hands as part of the Calumet Wex Group. The combination of two well-known brands with diverse synergy potentials creates advantages for both sides. For Foto-Video Sauter, the combination offers new opportunities for accelerating the trend of profitable growth in the future,” said Bernd Sauter, managing partner of Foto-Video Sauter.

Calumet Photographic today offers a broad portfolio of brand-name products from reputable manufacturers, as well as proprietary brands and services. The UK’s biggest online retailer specializing in photography, Wex Photo Video, was acquired and successfully merged with Calumet in March 2017. This created the leading omni-channel vendor for photography enthusiasts and professional photographers with 18 shops in the United Kingdom, Germany, Belgium, and the Netherlands, and annual revenues of around EUR 200 million, 40 percent of which is generated online already today.

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Elysian Capital supports Key Travel’s first bolt on with acquisition of Raptim Humanitarian Travel

Elysian Capital

Following its investment in Key Travel, the fifth platform deal in the Elysian Capital II LP Fund, on 25thMay 2018, Elysian Capital has supported management in the acquisition of Raptim Humanitarian Travel (“Raptim”) to form the world’s largest travel management company exclusively focused on the humanitarian, faith-based and academic sectors. Key Travel has acquired 100% of the shares of Raptim and the merged business will have sales approaching £350m (€400m, $450m) and over 500 employees in ten countries.

 Commenting on the merger, Saad Hammad, CEO of Key Travel, who will lead the combined businesses, said:

“A combination with Raptim is an exciting opportunity for Key Travel. The strategic rationale is strong: undisputed leadership in humanitarian, faith-based and academic travel globally, a doubling in scale in the US and a significant complementary platform in Mainland Europe. There are many economic synergies, given the high level of sector, geographic and systems overlap. Above all, both organisations are people focused and values driven, with emphasis on compassion and service. A combination will enable us to serve our customers better, collaborate more effectively with our suppliers and offer more development opportunities for our people.”

Eduard Kimman, Chairman of the Board of Raptim, also commented:

“Key Travel’s acquisition of Raptim is a huge win-win. It provides a major growth opportunity for both our businesses through a strengthened and expanded service offering for our customers and markets and a platform to leverage complementary skills and capabilities. We will benefit from a singular investment in technology and our scale and sales momentum gives us an opportunity to retain and energise talented and passionate employees. Key Travel like Raptim is all about respect, responsibility, expertise, compassion and customer service and so the cultural fit is strong.”

About Key Travel: 

  • Key Travel is a leading travel management company dedicated to the humanitarian, faith and academic sectors. Currently operating in 54 countries worldwide, with over 1,900 clients, Key Travel has been serving the not-for-profit market for 38 years. The business is headquartered in London and has its US head office in Philadelphia and its Europe head office in Brussels.
  • Key Travel is privately owned: shareholders include its management team and Elysian Capital, an independent UK private equity firm which specialises in investing in fast growth companies.
  • More detail can be found on the company website: http://www.keytravel.com

About Raptim:

  • Raptim is an international humanitarian/faith focused travel management company headquartered in Tilburg, Holland and owned by the Saint Bonifacius Foundation, a fund for charity purposes.
  • The business was founded in 1946 and is almost entirely focused on serving the non-profit community, with a strong bias towards faith-based organisations and humanitarian NGOs. It has operations in the US, Canada, Netherlands, Switzerland, France, Italy and Kenya together with a franchisee in Denmark and an operating “partner” in Australia.
  • More detail can be found on the company website: http://www.raptim.org

 

For further information, please contact:

Ken Terry, CEO Elysian Capital       ken@elysiancapital.com

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GLADSTONE INVESTMENT CORPORATION exits its investment in LOGO SPORTSWEAR, INC.

Gladstone

MCLEAN, Va., Nov. 05, 2018 (GLOBE NEWSWIRE) — Gladstone Investment Corporation (NASDAQ: GAIN) (“Gladstone Investment”) announced today the sale of its equity interest and the prepayment of its debt investment in LogoSportswear, Inc. (“Logo”) to a sponsor-backed strategic investor. As a result of this transaction, Gladstone Investment realized a significant gain on its equity investment. Gladstone Investment acquired LogoSportswear in partnership with Digital Fuel Capital, a private-equity firm focused on e-commerce businesses, in 2015.

Logo, headquartered in Wallingford, CT, is a leading on-line provider of custom promotional apparel. Home to the LogoSportswear, TeamSportswear and tfund™ brands, Logo Sportswear Inc. has worked with large companies, small businesses, groups, events, teams, sports fans and individuals for over 20 years offering one of the largest selections of customizable apparel, workwear and uniforms.

“Gladstone Investment has greatly enjoyed our partnership with Logo’s management team and Digital Fuel Capital over the last few years,” said Kyle Largent, Managing Director of Gladstone Investment. “Pat Cerreta and his team have achieved outstanding results in both growing and transforming the business and have a bright future ahead of them.”

“With the sale of Logo and from inception in 2005, Gladstone Investment has exited 14 of its management supported buy-outs, generating significant net realized gains on these investments,” said David Dullum, President of Gladstone Investment. ”Our strategy and capability as a buyout fund and our investment approach of realizing gains on equity, while generating strong current income during the investment period continues to provide meaningful value to shareholders.”

Gladstone Investment Corporation is a publicly traded business development company that seeks to make secured debt and equity investments in lower middle market private businesses in the United States in connection with acquisitions, changes in control and recapitalizations. Additional information can be found at www.gladstoneinvestment.com.

For Investor Relations inquiries related to any of the monthly distribution-paying Gladstone family of funds, please visit www.gladstone.com.

Forward-looking Statements:

The statements in this press release regarding the longer-term prospects of Gladstone Investment and Logo and its management team, and the ability of Gladstone Investment and Logo to be successful in the future are “forward-looking statements.” These forward-looking statements inherently involve certain risks and uncertainties in predicting future results and conditions. Although these statements are based on Gladstone Investment’s current beliefs that are believed to be reasonable as of the date of this press release, a number of factors could cause actual results and conditions to differ materially from these forward-looking statements, including those factors described from time to time in Gladstone Investment’s filings with the Securities and Exchange Commission. Gladstone Investment undertakes no obligation to update or revise these forward looking statements whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: Gladstone Investment Corporation

For further information: Gladstone Investment Corporation, 703-287-5810

 

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