Advance to acquire Stage Entertainment from CVC Fund VI and Joop Van Den Ende

Stage is one of the world’s largest theatre producers and owners

Advance Publications, Inc. (“Advance”), CVC Capital Partners (“CVC”) and Joop van den Ende are pleased to announce today that Advance has agreed to acquire 100% of the shares of Stage Entertainment.

Stage Entertainment is one of the world’s largest theatre producers and owners, operating 20 theatres and partnering with world-renowned creative talent to produce shows attended by over seven million visitors annually. The company entertains audiences in the Netherlands, Germany, Spain, France, Italy, Russia, the United Kingdom and the United States. Leading titles include Disney’s The Lion King and AladdinMamma Mia!Mary PoppinsAnastasia and Tina: the Tina Turner Musical. Stage Entertainment employs more than 3,000 people worldwide.

Advance is a family-owned company founded in 1922 that operates and invests in a broad range of media, communications and technology businesses globally. Its European interests include Condé Nast brands such as VogueVanity FairGQ and Wired, and Leaders, the sports conference business, as well as video programming brands Eurosport and Discoverythrough its ownership stake in Discovery.  Advance recently embarked on a multi-billion dollar capital redeployment initiative to accelerate diversification while fostering growth and transformation.

Steven Newhouse, Co-President of Advance said: “We are delighted to add Stage Entertainment and its employees to the Advance family of companies. Stage Entertainment has an outstanding track record of bringing world class musicals to audiences worldwide. With our deep roots in creative storytelling and appetite for additional investment, we believe we are the right long-term owner for Stage Entertainment. We are grateful to Joop van den Ende for his creative vision and to CVC for their operational excellence, both of which have positioned Stage Entertainment well for long-term growth. We are delighted that Joop has agreed to remain involved as a Special Advisor to us during this next chapter of the company. We look forward to working with Arthur de Bok and the management team to expand the business while remaining the definitive partner of choice to creators of musical theatre.”

Ivo Lurvink, Partner at CVC, added: “Our partnership in Stage Entertainment with Joop van den Ende has helped support the transition of the business from a founder-owned company to the leading integrated musical theatre platform that it is today. We are proud to have played a role in this journey, and wish Advance and the management team every success for the future.”

Joop van den Ende commented: “Today marks another milestone in the development of the company I founded in 1998, and it is with great pride that we transition the business to Advance, a long-term strategic shareholder that deeply understands creative businesses and has a long history of partnership with the world’s top writers, photographers, illustrators, designers and other creative talent. I strongly believe in the future of musical theatre and fully expect that Advance will ensure Stage Entertainment remains at the forefront of this industry for many years to come.”

Arthur de Bok, CEO of Stage Entertainment: “We are very pleased to have Advance as our new shareholder since they have demonstrated strong appreciation for balancing artistic excellence with solid business performance. Advance is completely aligned with our vision for the strategic direction and growth opportunities for Stage Entertainment and we are delighted by their long-term view on the business. We believe they will be a wonderful partner for the next phase of the company’s growth. I’d like to take this opportunity to thank CVC and Joop for their support, expertise and guidance in recent years and we are very much looking forward to entering this new phase with Advance.”

The transaction has no financing condition and is subject only to customary regulatory approvals, with closing anticipated in Q4 2018. The financial terms of the transaction have not been disclosed. Advance was advised by Citi, CMS and EY and CVC/Joop van den Ende were advised by Goldman Sachs, De Brauw Blackstone Westbroek, Alvarez and Marsal, KPMG/Meijburg and ABN AMRO.

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Hg agrees sale of Teufel to Naxicap Partners

HG Capital

30 April 2018: Hg today announces the sale of Teufel, a leading European direct-to-consumer online brand for audio solutions, based in Germany, to Naxicap Partners, one of France’s leading private equity companies.

Teufel’s ability to control its entire value chain puts it in a unique position and enables it to offer better value for money to its customers. Based in Berlin with around 200 employees, Teufel is focused on the mid-to-high-end segment of the audio solutions market and has built a very strong customer base over the last 40 years.

Since Hg partnered with Teufel in 2010, it has supported the successful transition from a traditional loudspeaker company to a high-quality brand for state-of-the-art audio solutions, through the introduction of new categories and technologies, including wireless streaming, headphones and portables.

Martin Block and Stefan Margolis, Hg, said:
“We wish Sascha and Joachim well for the next phase of growth and we congratulate them and the team at Teufel for the great results over the last few years. Teufel has achieved a number of milestones during this time, including the acquisition of Raumfeld in 2010 and substantial revenue growth, increasing from around €40m to over €100m today.”

Sascha Mallah and Joachim Wimmers, Managing Directors at Teufel said:
“We are very happy to be joining forces with Naxicap Partners, a very successful and experienced investor in the field of consumer audio. Together we are going to tap Teufel’s full potential across new markets. We will continue to offer our core products, such as AI speakers, headphones, portable audio and compact home cinema, to a wider direct customer base. We want to thank Hg for their strong commitment over the years and highly valuable support. The future will be loud!”

 

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Disposal of PARSHIP ELITE Group and Verivox

oakleycapital

Oakley Capital Private Equity II (“Fund II”) is pleased to announce it has reached an agreement to sell its 38.5% stake in PARSHIP ELITE Group (“PEG”) and 9.9% stake in Verivox to NuCom Group (“NuCom”), ProSiebenSat.1’s Commerce unit. The agreement is subject to approval by the responsible antitrust authorities.

PARSHIP ELITE Group

Following increased focus on the digital consumer sector, Oakley partnered with the management of Parship, the leading German online dating site, in April 2015. A combination of strong organic growth and the synergistic acquisition of premium matchmaker ElitePartner has resulted in EBITDA increasing by more than 3x since Fund II’s original investment.

In September 2016 Fund II sold a controlling stake in PEG to ProsiebenSat.1 valuing the business at €300m and returning €125.3 million to the Fund. Today NuCom is acquiring Fund II’s remaining 38.5% stake in PEG based on an enterprise value of €440 million.  Fund II will receive further gross proceeds of c.€138 million generating overall returns of 4.7x gross money multiple and a gross IRR of approximately 119% for Fund II.

Verivox

In a separate transaction, Oakley has also agreed to sell its remaining 9.9% stake in Verivox to NuCom at an enterprise value of €530 million marking the end of a long and successful relationship with the business.

Oakley originally partnered with Verivox, the online price comparison website, back in 2009 and sold a majority stake to ProSiebenSat.1 in August 2015. The partnership with ProSiebenSat.1 has helped drive further growth through media investment, with revenues more than doubling since 2014. Fund II will receive gross proceeds of c.€53 million, crystallising returns of approximately 2.5x gross money multiple and approximately 43% gross IRR for Fund II.

Peter Dubens, Managing Partner of Oakley Capital Private Equity, commented:

“The success of our digital consumer strategy continues. In this case we identified the lead players in developing local markets and combined with strong management teams have enjoyed impressive organic growth. In addition, Oakley facilitated ambitious and transformative M&A in combining Parship with ElitePartner shortly after our investment. Alongside ProSiebenSat.1 we have supported Verivox in their continued diversification into new product verticals and increased investment in offline advertising to drive revenue growth.

We would like to thank Tim Schiffers, Henning Rönneberg and Marc Schachtel at PARSHIP ELITE Group and Chris Öhlund at Verivox along with their respective management teams, as well as the team at ProSiebenSat.1. We wish them all the very best as they take the businesses forward to the next phase of growth.

The digital consumer sector remains a focus for Oakley and with our investments in Facile.it and Casa & atHome, we continue to build on our expertise in the area.”

 

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Kinnevik supports the proposed combination of MTG’s Nordic Entertainment and MTG Studios businesses with TDC Group

Kinnevik

Kinnevik AB (publ) (“Kinnevik”) today announced that it supports the proposed combination of Modern Times Group MTG AB (publ)’s (“MTG”) Nordic Entertainment and Studios businesses (together “MTG Nordics”) with TDC A/S (“TDC Group”), and that it is expected to become a 5.6 percent shareholder in the combined company.

As announced today by MTG and TDC Group, the companies have entered into an agreement to combine MTG Nordics with TDC Group. As consideration, MTG will receive 308.9 million newly issued shares in TDC Group, worth approximately SEK 16.3bn per yesterday’s closing price, and SEK 3.3bn in cash. MTG intends to distribute all the received TDC Group shares to its shareholders immediately upon completion. The completion of the combination is subject to, inter alia, approval by the shareholders of MTG and TDC Group at their respective General Meetings, which are currently expected to be held during the second quarter of 2018, as well as necessary authority approvals.

Kinnevik is today the largest shareholder in MTG, holding in aggregate 20.0 percent of the shares and 47.6 percent of the votes.[1] Kinnevik has made an irrevocable commitment to vote in favor of the combination and the distribution at the general meeting in MTG, and not to sell any shares or otherwise deprive itself of any voting rights in MTG until the distribution is completed, subject to disposals according to customary conditions and for regulatory purposes. In addition, Kinnevik has committed to certain thresholds in relation to potential acquisitions of TDC Group shares until the distribution is completed, subject to customary conditions.

When the TDC Group shares have been distributed to MTG’s shareholders, Kinnevik is expected to hold 5.6 percent of the shares in TDC Group.

Georgi Ganev, CEO of Kinnevik, commented: “MTG has executed a successful strategic transformation from a traditional national broadcaster into a global digital entertainer. The proposed combination will create Europe’s first fully convergent media and communications provider by teaming up with a well-known partner in Denmark and Norway. The combination will at the same time enable MTG to focus on the development of its global digital entertainment verticals. We are supportive and excited about the proposed transaction.”

For further information about the financial details and preliminary timetable of the combination, the distribution of the TDC Group shares to MTG’s shareholders, as well as information about the combined company and the new MTG, please refer to the press releases issued by MTG at www.mtg.com and TDC Group at www.tdcgroup.com.

 

This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 07.35 CET on 1 February 2018.

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Aurelius Omega Limited unlikely to complete acquisition of Connect Books

Aurelius Capital

Munich/London February 1, 2018 – Aurelius Omega Limited (“AOL”), a group company of AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) refers to the proposed acquisition of the books division of Connect Group PLC (“Connect Books”) pursuant to a share purchase agreement dated 20 December 2017.

Very shortly after signing of the transaction, we were informed that there was a severe under-performance of the Connect Books business for the month of December 2017, which led to a significant decrease in forecasted EBIT for the financial year 2017/2018. This was a marked deviation from the forecasts provided to us by Connect Group before signing of the transaction. As a result of this change, our banking partners confirmed that they could no longer provide financing for the proposed acquisition.

We have made several attempts to find a mutually satisfactory solution with Connect Group and the banking partners, but it now appears unlikely that the transaction will proceed.

 

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Leo’s Lekland acquires Andy’s Lekland

Litorina

The play centre chain Leo’s Lekland continues its rapid expansion. Through the acquisition of Andy’s Lekland, the second largest chain in Sweden after Leo’s Lekland, the expansion rate is further increased and the deal will strengthen Leo’s Leklands position primarily in the Stockholm region. The transaction comprises five play centres with a combined turnover of c. SEK 45 million.

The transaction means that Leo’s Lekland takes over a total of five Andy’s Lekland play centres in Stockholm (3), Gävle (1) and Örebro (1). The three play centres in Stockholm will be rebuilt and reopened under the Leo’s Lekland brand. The play centres in Örebro and Gävle will continue to operate under the Andy’s Lekland brand but under the management of Leo’s Lekland.

“Finding attractive locations in the Stockholm region is challenging and we believe the deal constitutes an opportunity to expand and consolidate our leading position, primarily in the capital of Sweden. We will now rebuild and adapt the play centers in Barkarby, Bromma and Länna to fit into Leo’s concept” says Joakim Gunler, CEO of Leo’s Lekland

For further information, please contact:
Joakim Gunler, +46 (0)70 553 30 21, CEO of Leo’s Lekland

Leo’s Lekland is the largest play centre chain in the Nordic region with a total of 41 play centres (24 in Sweden, 9 in Norway, 5 in Denmark and 3 in Finland). When the company was started in 2006, the founders wanted to create a meeting place for families with focus on play and movement. This is more relevant than ever since reports from WHO show that children spend too little time on physical activity. The company’s success is based on a strong concept of play, fun and movement for the whole family with security, cleanliness and service in the first place. For more information, see www.leoslekland.se.

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Industrifonden exits Soundtrap – acquired by Spotify

IndustrieFonden

We are excited to announce that our portfolio company Soundtrap is acquired by leading music streaming service Spotify. As the only institutional investor and the largest shareholder in Soundtrap, after the group of founders, we are proud to have (once again) helped an incredible team to continue to accelerate its so far successful journey.

We led Soundtrap’s $6m Series A round in 2016. The investment has helped Soundtrap accelerate growth, expand the team and execute on their mission to democratize and empower high-quality music making for everyone. But our relationship with Per, Björn, Fredrik and the Soundtrap team goes back a couple years before the initial investment.

– When we first met the Soundtrap team in 2014, we knew they were one of a kind. We saw a huge potential in Soundtrap early, they have most of what we look for in a team when it comes to skills, product and ability to execute on a bold vision. Today’s news proves that we were right, says Johan Englund, Industrifonden investment lead and board member of Soundtrap.

– We’re thrilled for Spotify and Soundtrap to join forces, this is a perfect match, adds Johan.

The exit marks an excellent proof of our ongoing mission to back bold entrepreneurs and founders in the Nordics who make a real difference. Following exits earlier this year, from automotive software company Movimento and IoT pioneer Fältcom, this marks another successful exit in 2017 for us.

We invested in Soundtrap in 2016, and is the only VC investor to date that has backed the company. The investment has helped Soundtrap accelerate growth, expanding the team and execute their mission to democratize and empower high-qualitative music making for everyone.

– It has been invaluable to have had Industrifonden with us on this journey. We are all enormously excited about the huge opportunity that comes with this deal, and we also look forward to continue the relationship with Johan and the rest of the Industrifonden team, says Per Emanuelsson, CEO and co-founder, Soundtrap.

Soundtrap launched its beta in 2013, with official launch in 2015 as a web-based, cross-platform, collaborative music recording studio. Since launch, the company has experienced strong growth both in the consumer space, and an education version that has been widely adopted by schools

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