Tag Archives: healthcare

Icario Partners with CVC to fuel next phase of growth

CVC Capital Partners

Global private equity firm brings world-class resources and support to Icario’s current and future customers

Icario, the healthcare industry’s leading health action company, is pleased to announce that CVC Capital Partners (“CVC”), a leading global private equity firm, has acquired a majority interest in the company through the CVC Growth Partners II fund. The investment will be used to fuel Icario’s next phase of growth; financial terms were not disclosed.

The news comes at an exciting time for Icario, which rebranded earlier this year following the merger of market leaders Revel and NovuHealth. CVC will help Icario accelerate its business roadmap as it continues to build innovative solutions for its customers, which include many of the most trusted health plans in the United States.

“With CVC’s support, Icario is ideally positioned to bring our mission to more people through our shared vision for the business,” said Steve Wigginton, CEO of Icario. “We have been fortunate to benefit from the insight and leadership of our founders and early investors, and we look forward to our next chapter led by a team and a firm with a strong reputation for taking organizations to the next level.”

“Icario’s proprietary technology, data science, and behavioral insights drive highly valuable actions,” said Aaron Dupuis, partner at CVC Growth Partners. “We have followed the Icario story for some time as part of our long-standing efforts in member engagement, and we look forward to working with the Icario team to accelerate initiatives to bring even more member engagement innovation to Icario’s impressive customer base of more than 50 leading healthcare payers.”

“Engaging consumers in their health has never been more important than it is today,” said Fazle Husain, Partner and Head of U.S. Healthcare at CVC. “We see significant tailwinds for Icario as plans increasingly focus on coordinating member communications to drive member satisfaction, better health outcomes and lower cost of care.”

Icario is a health action company whose solutions seek to deeply understand people by leveraging behavioral and data sciences in order to move them to take action for better health. The early founders of the company recognized the gap between consumer engagement in other industries — travel, retail, and financial services — and identified an opportunity to do the same for healthcare through personalized, multi-channel communications that connect all people to health.

“We are thrilled to welcome the CVC team as Icario’s capital partner,” said Tom Wicka, co-founder of NovuHealth and chairman of Icario. “We have a shared vision for using technology and data to drive consumer behaviors that empower health plans’ quality, assessment, and health action strategies to drive better health outcomes.”

Icario was recently featured on the 2021 Inc. 5000 Regionals: Midwest list, the most prestigious ranking of the fastest-growing private companies in the Midwest. For more information on Icario and its health action capabilities, visit https://icariohealth.com.

TripleTree, LLC served as the exclusive financial advisor to Icario for this transaction. The transaction is subject to regulatory approvals.

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Ardian sells majority stake in Lagarrigue to Naxicap Partners, following significant acceleration of the group’s growth

Ardian

Paris, April 27, 2021 – Ardian, a world leading private investment house, announces today that it has sold its stake in the Lagarrigue Group, a Toulouse headquartered, global specialist in external orthopedic devices and in the design and manufacture of large-scale orthopaedic devices for the treatment of disabilities, to Naxicap Partners.

Since Ardian Expansion conducted the investment in 2016, the Lagarrigue group has matured from a French leader to a major international player. This development is primarily the result of the nearly 25 acquisitions, which were rapidly made within a short time frame of fewer than five years. This growth has seen Lagarrigue build its international turnover from 10% in 2016 to over 30% in 2021. In Europe, the group has now become one of the market leaders in both Switzerland and Belgium. Beyond these footholds, it has also started expanding in Spain and North America. The company recorded average sales growth of over 20% annually.
Simultaneously, the company has continued to play a leading role in the digital transformation of the sector, with sales of technology solutions integrating software increasing from 5% to 11%, between 2016 and 2021.

Lagarrigue has a unique model, giving it a strong competitive advantage and significant potential for organic growth:

  • A local network provided by teams of in-house ortho-prosthetists who design innovative medical devices perfectly adapted to the needs of each patient; custom-made products account for 95% of the company’s business.
  • The integration of digital technologies, from the industrial manufacturing process (via Rodin 4D and Vorum, CAD/CAM software solutions) to the assembly of components and raw materials.
  • Components: since 2017, the group has also strengthened its positioning on this strategic activity. Lagarrigue has developed a strategy of vertical integration in the manufacture and production of components, in particular following the acquisition of G2M.

Social and Environmental Responsibility (SER) is at the heart of Lagarrigue’s business model. Accompanied by the Ardian Expansion teams, the company has built an ambitious roadmap focused on the well-being and care of all patients, inclusive of all ability, age or level of independence.

Alain Montean and Jean-Pierre Mahé, respectively CEO and Chairman of the Lagarrigue Group, stated: “The last five years with Ardian have enabled us to accelerate the transformation of our company while continuing to capitalize on the group’s values and the fundamentals of our model. Thanks to its network and resources, the Ardian Expansion team has allowed us to take a key step in our international development. Lagarrigue is now a recognized global player in its sector. We are better positioned than ever to benefit from new opportunities that are opening up for us.”

Marie Arnaud-Battandier, Managing Director in the Ardian Expansion team, commented: “We were proud to work alongside the Lagarrigue team. They have once again demonstrated all qualities necessary to innovate and grow their company to give it the place it deserves in its market. Lagarrigue’s growth potential is still significant and the group’s unique position as well as  resilience provides it  with a decisive advantage in the coming years, particularly with the ongoing market consolidation.”

“We are thrilled to announce the acquisition of a majority stake in Lagarrigue alongside Jean-Pierre Mahé, Alain Montean, Nathalie Barracetti and their teams. The Group’s expertise, its global positioning and the values of its management team make it a rare investment opportunity and a highly motivating challenge,” said Luc Bertholat, Member of the Management Board of Naxicap Partners, and his team.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$110bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 700 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
Follow @Ardian on Twitter

ABOUT NAXICAP PARTNERS

As one of the top private equity firms in France, Naxicap Partners – an affiliate of Natixis Investment Managers* – has €4.3 billion in assets under management. As a committed, responsible investor, Naxicap Partners builds solid, constructive partnerships with entrepreneurs so that their projects can succeed. The firm has 39 investment professionals spread across five offices in Paris, Lyon, Toulouse, Nantes and Frankfurt.

ABOUT NATIXIS INVESTMENT MANAGERS*

Natixis Investment Managers serves financial professionals with more insightful ways to construct portfolios. Powered by the expertise of more than 20 specialized investment managers globally, we apply Active Thinking® to deliver proactive solutions that help clients pursue better outcomes in all markets. Natixis Investment Managers ranks among the world’s largest asset management firms with more than $1 trillion assets under management (€906.0 billion). Headquartered in Paris and Boston, Natixis Investment Managers is a subsidiary of Natixis. Listed on the Paris Stock Exchange, Natixis is a subsidiary of BPCE, the second-largest banking group in France. Natixis Investment Managers’ affiliated investment management firms include AEW; Alliance Entreprendre; AlphaSimplex Group; DNCA Investments;3 Dorval Asset Management; Flexstone Partners; Gateway Investment Advisers; H2O Asset Management; Harris Associates; Investors Mutual Limited; Loomis, Sayles & Company; Mirova; MV Credit; Naxicap Partners; Ossiam; Ostrum Asset Management; Seeyond; Seventure Partners; Thematics Asset Management; Vauban Infrastructure Partners; Vaughan Nelson Investment Management; Vega Investment Managers;4 and WCM Investment Management. Additionally, investment solutions are offered through Natixis Investment Managers Solutions, and Natixis Advisors offers other investment services through its AIA and MPA division. Not all offerings available in all jurisdictions.

LIST OF PARTICIPANTS

  • ARDIAN

    • Marie Arnaud-Battandier, Maxime Séquier, Arthur de Salins, Romain Gautron

  • IXO PE

    • Bruno de Cambiaire, Nicolas Olivès

  • LAGARRIGUE

    • Alain Montean, Jean-Pierre Mahé, Nathalie Baracetti

  • VENDOR DUE DILIGENCES

    • Strategic: BCG (Benjamin Entraygues, Benjamin Sarfati)
    • Financial: Eight Advisory (Florent Garnier, Pierre-David Forterre, Julie Vuarchex, Richard Emery)
    • Tax: Delaby & Dorison (Emmanuel Delaby, Romain Hantz, Alexandre Tardif)
    • Legal: Valoren (Capucine Mesas)
    • Social: MGG Voltaire (Marijke Granier-Guillemarre)
    • ESG: Indefi (Emmanuel Parmentier, Joanna Tirbakh)
    • IT: Netsystem (Olivier Cazzulo, Lionel Gros)

  • M&A AND FINANCING

    • Edmond de Rothschild Corporate Finance (M&A): Arnaud Petit, Julien Donarier, Anastasia Saldi, Hamza El Abboubi, Hervé Bizot
    • Edmond de Rothschild Corporate Finance (Financing) : Grégory Fradelizi, Nicolas Lévy

  • LAWYERS

    • Weil Gotshal & Manges: Frédéric Cazals, Alexandra Stoicescu, Cassandre Porges, Nicolas Mayol

  • MANAGEMENT’S ADVISORS

    • Agilys Avocats: Baptiste Bellone, Carolle Thain-Navarro, Sophie Auvergne
    • Callisto Finance: Vincent Aymé, Tancrède Caulliez

  • NAXICAP Partners

    • Luc Bertholat, Alban Sarie, Dominique Frances, Claire Lesellier

  • M&A ADVISORS

    • Clearwater: Benjamin Zayat, Grégoire Houëdry, Marc-Aurèle Taverna
    • Oaklins: Hadrien Mollard, Jean-Pierre Chometon, Raphaël Petit

  • FINANCING ADVISORS

    • Clearwater : Laurence de Rosamel, Paul Assael

  • BUYER’SDDs

    • Strategic : Indefi (Julien Berger), Cepton Stratégies (Francis Turina-Malard, Pierbruno Ricci)
    • Financing: Accuracy (Arnaud Lambert, Mathieu Philippot)
    • Legal, social and tax: McDermott Will & Emery AARPI

  • BUYER’S LAWYER

    • McDermott Will & Emery AARPI (Henri Pieyre de Mandiargues, Stanislas Offroy, Pierre-Arnoux Mayoly)

PRESS CONTACTS

Ardian – Headland

VIKTOR TSVETANOV

VTsvetanov@headlandconsultancy.co.uk +44 207 3435 7469

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Kinnevik invests SEK150 million in MatHem’s SEK1.1 billion funding round

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Kinnevik

Kinnevik AB (publ) (“Kinnevik”) today announced its pro-rata participation of SEK 150m in Mathem’s SEK 400m primary equity raise. Existing investors AMF and Stena invested SEK 100m and SEK 50m respectively, increasing their ownership in the business. The funding round also includes a debt facility of SEK 700m provided by P Capital Partners AB.

The newly raised capital will be used to fund MatHem’s continued expansion, including the launch of the new fulfilment center in Larsboda next year, and growing the product offering through, among other initiatives, the launch of pharmacy products in cooperation with Kronans Apotek. In 2020, MatHem recorded sales growth of 50 percent year-on-year, with sales amounting to SEK 2.3bn for the full year, consistently growing its share of the online grocery home delivery market.

Georgi Ganev, CEO of Kinnevik commented: ”Kinnevik is proud to support the continued growth of MatHem as it expands its product range and gains market share. I am impressed by how Johan and his team has met the increased interest in having groceries delivered to your doorstep, and I am convinced that MatHem will continue to develop its customer offering and efficiency.”

Johan Lagercrantz, CEO of MatHem commented: “I am incredibly grateful for the trust in MatHem from our investors in this funding round. MatHem has a clear focus on growth and increased efficiency in our continued journey towards profitability. We work hard to constantly develop to meet our customers’ needs and for our e-commerce of groceries with home delivery to contribute to a more convenient and simpler everyday life. With this investment we will be able to achieve fantastic results going forward.”

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik’s ambition is to be Europe’s leading listed growth investor, and we back the best digital companies to make people’ lives better and deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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Gimv partners with Apraxon to support the company’s growth ambitions

GIMV

14/04/2021 – 07:30 | Portfolio

Gimv has completed its investment into the Apraxon Group, a leading homecare provider focusing on wound care services in Germany. This transaction is part of a joint growth plan with the company’s founder and CEO Oliver Pokrzewinski, who will continue to be an important shareholder in the company. 

Apraxon, (Hofbieber (DE) – apraxon.com), offers high quality wound care for (mostly elderly) people suffering from chronic wounds in a homecare setting. Typical wound indications include decubitus, diabetic foot or ulcus cruris. In providing this service, the company acts as an intermediary between patients, doctors, nursing services or homes and insurance companies.

Due to its high degree of specialization, Apraxon continuously provides high quality medical care and is able to tailor the treatment process according to each patient’s individual needs. In a market with steadily increasing patient numbers, primarily driven by demographic change, specialized medical care is gaining in importance. Services provided are reimbursed by health insurance companies, for whom Apraxon has been a reliable partner for many years.

“I am convinced that Gimv is the right partner to realize the company’s growth ambitions and expand Apraxon’s footprint in Germany,” explains Oliver Pokrzewinski, Managing Director and CEO of Apraxon. 

”Thanks to Apraxon’s clear commitment to quality, highly qualified nursing staff and strongly digitised and scalable processes, we believe that Apraxon is the right platform to build a true leader in the German wound care market. We are very much looking forward to supporting Mr. Pokrzewinski and the entire Apraxon team in realising their ambitious growth plans,” says Philipp v. Hammerstein, Partner at Gimv in the Health & Care team in Munich.

The new investment marks Gimv’s fifth acquisition in the German-speaking healthcare market over the last four years. Gimv currently has 23 participations in companies in the healthcare and life sciences sector. This acquisition further underpins Gimv’s position as one of the most active European investors in the healthcare industry and its ambition to positively contribute to the United Nations Sustainable Development Goals of good health and well-being. The Gimv portfolio also includes several clinic and practice groups, as well as medical technology and biotech companies

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KKR to Acquire Therapy Brands

KKR

April 7, 2021

BIRMINGHAM, Ala. and NEW YORK, April 7, 2021 /PRNewswire/ — KKR, a leading global investment firm, announced today that it has agreed to acquire a majority interest in Therapy Brands (the “Company”), a leading practice management and electronic health record (EHR) software platform for mental, behavioral, substance use recovery, applied behavior analysis (ABA) and physical rehabilitation healthcare providers, from its existing shareholders – investment funds affiliated with Lightyear Capital LLC, Oak HC/FT and Greater Sum Ventures. Existing investor PSG will participate in the transaction alongside KKR and continue to be a minority shareholder in Therapy Brands. Financial details of the transaction were not disclosed.

Founded in 2013, Therapy Brands provides end-to-end, purpose-built software solutions to streamline the full clinical, administrative and reimbursement workflows of healthcare professionals in multiple end markets. Its HIPAA-compliant solution suite supports the daily operations of more than 28,000 practices across the U.S., ranging from individual providers to national multi-location practice groups.

“Provider and patient friendly technology-enabled solutions are more important than ever as the demand for mental and behavioral health services continues to rapidly increase,” said Kimberly O’Loughlin, CEO of Therapy Brands. “We are excited to welcome KKR as our new investor, which brings a deep understanding of the healthcare sector and extensive experience in scaling technology-enabled platforms. This support will help us accelerate our mission of making it easier for providers to navigate an increasingly complex administrative landscape so they can spend more time and focus on delivering improved outcomes for their clients.”

Therapy Brands’ technology platforms address the underserved practice management needs of mental and behavioral healthcare professionals, including psychologists, psychiatrists, counselors, social workers, ABA clinicians, addiction specialists and physical, speech and occupational therapists. Across its portfolio of leading brands – including TheraNest, ShareNote, CodeMetro, AccuPoint,DataFinch, TenEleven, Procentive, Fusion Web Clinic, and A2C – Therapy Brands offers comprehensive and customized practice management and EHR services along with integrated capabilities for telehealth, data collection and interoperability, revenue cycle management, e-prescribing and payments. Therapy Brands’ technologies are purpose-built, focused squarely on improving the patient experience and decreasing the administrative burden for practitioners so they can spend more time focused on the health and well-being of their clients and businesses.

“We are delighted to be backing Therapy Brands at a time when there is increasing recognition and social awareness about the importance of mental health,” said Max Lin, a KKR Partner who co-leads the health care industry team for KKR’s Americas Private Equity business. “Therapy Brands has developed an impressive portfolio of best-in-class software tools and mission-critical solutions to help mental health providers modernize their practices.  We look forward to working with the team in accelerating the growth of the platform and finding additional ways of delivering enhanced value to its clinicians.”

“We formed the Therapy Brands platform to bring comprehensive technology solutions to this important end market within our healthcare system,” said Marco Ferrari, a Managing Director at PSG. “We have been thrilled with our partnership with the Therapy Brands team and look forward to continuing this journey alongside KKR.”

KKR is making its investment in Therapy Brands primarily from its Americas XII Fund. The investment adds to KKR’s experience of investing in leading behavioral healthcare businesses, including Blue Sprig Pediatrics and BrightSpring Health Services, and in high-growth healthcare-related technology companies such as WebMD (Internet Brands) and Clarify Health. KKR has also established a strong track record of supporting leading vertical market software companies including Autodata, Epicor Software Corporation, Ipreo, Mitchell, MYOB and OptimalPlus.

Mark F. Vassallo, Managing Partner of Lightyear, stated, “The investment in Therapy Brands reflects Lightyear’s ongoing thematic focus on the intersection of tech-enabled financial services and healthcare. Under our ownership, Therapy Brands has more than tripled in size through a combination of strong organic growth and nine strategic acquisitions. It has been a pleasure working with Kimberly and the Therapy Brands team, and we wish them continued success.”

William Blair and TripleTree are acting as financial advisors and Davis Polk & Wardwell LLP as legal advisor to Therapy Brands. Kirkland & Ellis LLP is serving as legal advisor to KKR.

About Therapy Brands
At a time when the topics of digital connectivity and access to care are at the forefront of the cultural conversation in the U.S., Therapy Brands is equipping practitioners with effective solutions to address the growing needs of mental and behavioral health, substance use recovery, applied behavior analysis and rehabilitation populations. Through purpose-built, fully integrated practice management and EHR solutions provided by Therapy Brands, healthcare providers can improve patient quality of care and support better health outcomes for those they serve. Therapy Brands is headquartered in Birmingham, AL. For more information, please visit us at www.therapybrands.com

About KKR
KKR is a leading global investment firm that offers alternative asset management and 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 The 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.

PSG
PSG is a growth equity firm that partners with middle-market software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 65 companies and facilitated over 275 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City and London. To learn more about PSG, visit www.psgequity.com.

Media Contacts:
For KKR:
Cara Major or Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

For Therapy Brands:
Shannon Vann
Mediainquiries@therapybrands.com

For PSG:
Cameron Nugent
cameron.nugent@psgequity.com

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SMILE INVEST acquires IGS GEBOJAGEMA, a market leading company in hightech medical moulds

Smile Invest

Smile Invest has become the majority shareholder in IGS GeboJagema alongside management and minority investor Rabo Corporate Investments. This is the fifth investment of Smile Invest in the last 6 months following earlier investments in Climate for Life Holding, 4ITEGO, Effect Photonics and Hospidex. Smile Invest’s portfolio now consists of ten innovative growth companies based in the Benelux that are each leading in their respective markets.

IGS GeboJagema is specialized in the development, manufacturing and validation of high-end, multi-cavity injection moulds for the production of plastic components within the healthcare market. The moulds are used by contract manufacturers and leading pharmaceutical companies for their high-volume production. Examples of end products produced with the moulds are contact lenses, insulin pens and inhalers. The Company employs 120 specialists and is based in Eindhoven, where its state-of-the-art production facilities are located with a global customer footprint.

Peter Mertens, CEO IGS GeboJagema: “This transition comes at the right moment. We are currently working on our entry into the United States, where there are a lot of possibilities for our products which are tailored to the medical sector. The medical sector has a zero tolerance towards risk. We offer high quality, high precision moulds and together with validation services provide a one stop solution. The partnership with Smile Invest offers new possibilities to us driven by their technological knowledge, international experience and network”

Ivo Vincente, Ad Notenboom and Bart Cauberghe, partners at Smile Invest: “IGS is a superb company with a unique positioning in its market. We are impressed by the scalability and high level of automatisation of the factory footprint coupled with the model based product development process. This makes IGS a state-of-the-art mould maker. The innovative character, focus on the medical sector and ambition for further growth of IGS fits perfectly within the portfolio of Smile Invest. We will support IGS with their expansion in the United States, but also with further diversification to other end markets such as medical packaging”

About Smile Invest:

Smile Invest (Smart Money for Innovation Leaders) is a European evergreen investment firm with €350 million assets under management, financed by 40 entrepreneurial families and with a long term focus on innovative growth companies. Smile Invest focuses on companies active in technology, healthcare and digital services. From its offices in Leuven and The Hague the team supports ambitious entrepreneurs and management teams in realising their growth plans.

Contact Smile Invest:

Ivo Vincente, Managing Partner • ivo.vincente@smile-invest.com • +31 622 91 92 32

Ad Notenboom, Partner • ad.notenboom@smile-invest.com • +31 654 28 60 98

Bart Cauberghe, Managing Partner • bart.cauberghe@smile-invest.com • +32 476 33 66 69

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Kinnevik invests USD 30 million in Cityblock to support nationwide expansion

Kinnevik

Kinnevik AB (publ) (“Kinnevik”) today announced its participation with USD 30m in Cityblock’s recent USD 192m funding round. Cityblock will use the newly raised capital to accelerate deployment of its community and value-based care model nationwide, bringing desperately needed transformation to the most vulnerable and underserved communities across the US.

In just four years since its launch, Cityblock has achieved positive results with its comprehensive care model. Data from Cityblock’s first member cohort show a 15 percent reduction in emergency room visits and a 20 percent reduction in in-patient hospital stays. Cityblock sees around 70 percent member engagement compared to the health plan average of 5-7 percent and receives average NPS scores of over 85, compared to the provider average of 15. While delivering these outcomes, Cityblock is experiencing 3x year-over-year revenue growth.

Georgi Ganev, CEO of Kinnevik commented: “Cityblock addresses a massive need in the US supporting the most vulnerable population groups with a community-based, scalable care model. This is a great example how value-based care can transform the healthcare experience and achieve sustainable change, even for populations which are fundamentally disadvantaged in today’s healthcare system. We are proud to continue to support the founders Toyin Ajayi and Iyah Romm by investing well above pro-rata as they expand the model across the US.”

The USD 192m funding round was an extension of Cityblock’s Series C round. Tiger Global led this latest round, with participation from other existing investors alongside Kinnevik, including Maverick Ventures, General Catalyst, and Wellington Management. The Series C extension brings Cityblock’s total fundraising since its founding in 2017 to about USD 500m.

In Kinnevik’s Year-End Release 2020, Kinnevik’s investment in Cityblock was valued at SEK 841m. Cityblock has continued its strong operational performance during the first months of 2021, and the recent funding round provides strong reference points for the valuation of Cityblock relative to listed comparable businesses. In combination, these factors underpin a value of Kinnevik’s investment that corresponds to a value uplift of SEK 1.0bn or SEK 3.6 per Kinnevik share, excluding the USD 30m in new capital invested in the funding round at hand.

The reassessed fair value of Kinnevik’s investment in Cityblock will be finalized and reported in Kinnevik’s Interim Report for the first quarter, to be published on 22 April 2021.

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choice. In partnership with talented founders and management teams we build challenger businesses that use disruptive technology to address material, everyday consumer needs. As active owners, we believe in delivering both shareholder and social value by building long-term sustainable businesses that contribute positively to society. We invest in Europe, with a focus on the Nordics, the US, and selectively in other markets. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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Audax Private Equity Completes Sale of Altasciences to Novo Holdings

Audax Group

Audax Private Equity (“Audax”) today announced that it has successfully completed the previously announced sale of Altasciences to Novo Holdings.

Altasciences is a leading, fully-integrated, early drug development services platform, providing the pharmaceutical and biotech industries with a trusted partner for drug development, from preclinical safety testing through clinical proof-of-concept studies. Headquartered in Laval, Quebec, Altasciences operates six facilities in the U.S. and Canada and employs over 1,300 people.

Audax invested in Altasciences in 2017, partnering with management to pursue strategic acquisitions and to accelerate organic growth. Altasciences completed three acquisitions under Audax’ ownership, growing its footprint and expanding its service offerings into preclinical safety testing and pharmaceutical contract development and manufacturing.

Joe Rogers, Managing Director at Audax, said, “We are pleased to complete the sale of Altasciences to Novo Holdings, and wish the team well as they continue their important work. We are proud of the tremendous growth Altasciences achieved under our ownership and are confident that the business is well-positioned to continue capitalizing on the growing market for drug development services.”

Chris Perkin, Chief Executive Officer of Altasciences, added: “On behalf of the Altasciences team, I would like to thank Audax for their support during the last four years. Audax was instrumental in helping us identify and execute strategic acquisitions while furthering our organic growth initiatives. We look forward to our next chapter as part of Novo Holdings and wish Audax continued success in their future endeavors.”

Abhijeet Lele, Senior Partner, Head of Principal Investments in the U.S. at Novo Holdings, added: “The Altasciences team has done an impressive job of building an innovative company that plays an essential role in bringing innovative drugs to patients and that we believe is well-positioned to capture share in the fast-growing market for drug development services. We are excited about this investment and look forward to leveraging our network to continue growing Altasciences in collaboration with the management team.”

Harris Williams & Co. served as lead financial advisor with Rothschild & Co. and Edgemont Partners serving as co-advisors to Altasciences. Kirkland & Ellis LLP and Blake, Cassels & Graydon, LLP served as legal advisors to Altasciences. Goodwin Procter LLP served as legal advisor to Novo Holdings.

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EQT Real Estate and Arco Lavori launch EUR 300m joint venture to deliver grade-A senior care home facilities in Northern Italy

eqt
  • EQT Real Estate and Italian construction company Arco Lavori launch joint venture to create a EUR 300m portfolio of state-of-the-art, affordable senior care homes with a focus on Northern Italy
  • The joint venture constitutes EQT Real Estate’s first investment in Italy and combines its thematic focus on “beds and sheds” in primary European markets with a social impact strategy underpinned by EQT’s industry-leading sustainability credentials
  • The joint venture launches having secured an initial five sites to be developed in Northern Italy and is actively working on a strong pipeline of future opportunities

EQT is pleased to announce that the EQT Real Estate II fund (“EQT Real Estate”) has today launched a joint venture (the “JV”) with AR.CO. Lavori S.C.C. (“Arco Lavori” or “Arco”), a leading Italian construction company with an established track record of delivering high-quality real estate assets in Italy including healthcare facilities. The JV will focus on developing a portfolio of purpose-built, affordable grade-A senior care homes in Northern Italy that will seek to provide the highest level of healthcare and quality living in the country. The JV launches having secured five initial sites with the ability to provide an aggregate of 1,010 beds. The first two senior care homes are expected to be delivered by late 2022 and in the beginning of 2023.

It is intended that the JV will have an initial capacity to establish an investment portfolio with a total value in excess of EUR 300 million. The JV’s five initial projects are located in the Lombardy and Emilia Romagna regions, which are particularly in need of senior care facilities due to the supply-demand imbalance and low provision rate of care home beds for senior citizens driven by Italy’s growing elderly population. Over the next ten years, the population group that is over 75 years of age is expected to increase from 11.5 percent to 14.0 percent1. Completed facilities will be let to, and managed by, well-known, high quality operators who will aim to bring a high standard of sustainability and safety to the healthcare home market.

Consistent with other EQT Real Estate transactions, the JV’s assets will be developed with strong sustainability credentials. Where possible, care homes will utilize photovoltaic panels on the roof and benefit from measures aimed at incentivizing the promotion of recycling of waste and rainwater management. The JV’s care homes will also seek to achieve green certifications such as LEED and WELL, as well as following specific ESG principles. In addition, the JV will promote sustainable living practices within the care homes themselves. The operators will implement policies and standard activities related to the procedures against Covid-19 and other possible health risks.

Alessio Lucentini, Managing Director, Investment Advisor and Head of Italy, EQT Real Estate, said, “EQT Real Estate is thrilled to be entering the Italian healthcare market and investing in a sector which is lacking grade-A facilities and is expected to benefit from robust demographic trends in the country. In addition to the initial five sites, we are currently evaluating a growing pipeline of projects, mainly in Northern Italy, to build a large scale, resilient and downside-protected portfolio. EQT Real Estate looks forward to partnering with the Arco team to realize our shared vision over the coming years.”

Rob Rackind, Partner, Investment Advisor and Head of EQT Real Estate, said, “This joint venture with Arco marks an exciting entrance into Italy for EQT Real Estate as it represents the first transaction in this market since the business line was established in 2015. This is another prime example of using EQT’s “local-with-locals” approach to source attractive opportunities in order to invest with thematic trends and we are proud to back a strategy that should deliver significant social impact by providing defensive, socially responsible assets to the regions of Italy most in need.”Emiliano Battistini, CEO of Arco Lavori, said, “We look forward to partnering with EQT Real Estate to deliver a high-quality portfolio of purpose-built senior care homes in Italy. There is a growing undersupply of affordable grade-A care home facilities in Italy and this trend is expected to continue during the coming years. The combination of EQT Real Estate’s pan-European expertise and our local reputation and know-how is expected to create a much-needed product for an important and growing part of Italy’s population.”

1Source: Eurostat

Contacts
UK media enquiries: Greenbrook, eqt@greenbrookpr.com, +44 20 7952 2000
Italian media enquiries: Brunswick Milan, Elisa Lavagna, elavagna@brunswickgroup.com,
+39 346 9447907; Andrea Mormandi, amormandi@brunswickgroup.com, +39 345 889 0885
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with more than EUR 84 billion in raised capital and over EUR 52 billion in assets under management across 17 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

About EQT Real Estate
EQT Real Estate, part of EQT Partners and Investment Advisor to EQT managed real estate funds, seeks direct and indirect controlling interests in value-add real estate assets, portfolios, operating companies and platforms across primary cities in the UK and Europe that offer significant potential for value creation through repositioning, development / redevelopment, refurbishment and active asset management. The EQT Real Estate Advisory Team comprises 24 experienced Investment Advisory Professionals working out of EQT’s offices in London, Madrid, Milan, Paris and Stockholm. The Investment Advisory Team, which has access to the full EQT network including 11 European offices and more than 500 EQT Advisors, has experience analyzing and investing across the pan-European real estate market and has, collectively, advised on over 130 real estate projects in multiple asset classes across Europe.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Arco Lavori
Founded in 1999, Arco Lavori is a cooperative construction company focused on general construction, facility management, energy and healthcare sectors. Arco is headquartered in Ravenna, in the Emilia Romagna region, and has more than 400 partner companies and an order portfolio of approximately EUR 550 million as of March 2021. With a well-established track record in the healthcare sector across Italy, Arco’s principal focus is aimed at improving the economic and social conditions of partner companies while delivering innovative products. Arco has created an unrivalled property platform and an integrated solution to its partners by sourcing sites, bringing together construction resources, and managing all stages throughout the planning and development process. In 2020, Arco Lavori had a turnover of approximately EUR 200 million.

More info: www.arcolavori.com

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Apax Funds to acquire Rodenstock

Apax

Funds advised by Apax (the “Apax Funds”) today announced an agreement to acquire Rodenstock Group (“Rodenstock”), a leading manufacturer of premium ophthalmic lenses, from Compass Partners.

Founded in 1877, Rodenstock has been a global leader in prescription lenses for over 140 years, with a strong track record of innovative product development and market leading technologies. Headquartered in Munich, Germany, Rodenstock employs around 4,900 people worldwide and is represented by sales subsidiaries and distribution partners in more than 85 countries. Rodenstock has a strong and growing pipeline of innovation; its patented DNEye Pro technology stands at the core of its business strategy and made Rodenstock the first company to measure the individual shape and size of each eye and use thousands of data points to produce individualised eyeglass lenses, called Biometric Intelligent Glasses (B.I.G. VISION™). The company’s portfolio also includes eyewear under the Rodenstock and Porsche Design brands.

The Apax Funds will support the Rodenstock management team’s vision of accelerating the company’s growth through innovation, commercial execution and digitisation, whilst continuing to deliver the highest level of service to clients and partners. The Apax Healthcare team have a deep understanding of innovative MedTech through prior investments in the space, including companies such as Candela, a pioneering non-surgical aesthetic device company, and Acelity, the global leader in wound-care products.

Anders Hedegaard, CEO of Rodenstock, said: “We are excited to partner with the Apax Funds, who have a proven culture of investing for growth, and who will be able to support Rodenstock’s continued quest to develop and produce the highest quality lenses for our customers. During 2020 we saw tremendous growth driven by our B.I.G. VISION™ technology, which helped us emerge from the Covid-19 crisis stronger than most of our competitors. Our innovative technology enhances the value proposition that can be delivered by our opticians, who in turn are delivering optimal vision to consumers. With the support of Apax we are looking to expand our presence even further by offering our customers more excellent and innovative products.”

Steven Dyson, Partner at Apax and Co-Head of Healthcare, commented: “Rodenstock fits perfectly with the Apax Funds’ healthcare strategy of investing in innovative companies with a differentiated customer proposition and the potential to achieve stand-out growth. Under Anders’ management, Rodenstock’s strategic refocus has already translated into strong performance in 2019 and 2020, despite the Covid-19 pandemic, creating a robust foundation for future success.”

Arthur Brothag, Partner at Apax, added: “Rodenstock has a strong reputation for innovation and German engineering proven over 140 years, and has created a paradigm shift in progressive lenses with B.I.G. VISION™. We look forward to leveraging the Apax Funds’ experience and know-how in MedTech and supporting the entire Rodenstock team on further driving innovation and accelerating transformational growth.”

Tim Wright, Partner at Compass Partners, commented: “In the last 5 years Rodenstock has been transformed into a global leader in ophthalmic lenses. We are delighted that the Apax Funds have agreed to acquire the business. We believe their partnership with Anders Hedegaard and his team will provide a strong platform for future growth which will allow Rodenstock to maximise its full potential.”

The transaction is subject to applicable regulatory approvals and is expected to close in the middle of 2021. Financial terms were not disclosed.

 

 

About Rodenstock

The Rodenstock Group is a global leader in high-quality ophthalmic lenses. With the philosophy “B.I.G. VISION™ FOR ALL” the lens manufacturer stands for a paradigm shift in individual progressive lenses. The company, which was founded in 1877 with its headquarters in Munich, Germany, employs around 4,900 people worldwide and is represented with sales offices and distribution partners in more than 85 countries. Rodenstock maintains production plants at 14 locations in 13 countries. For more information, visit www.rodenstock.com/press.

About Apax

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For nearly 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $60 billion. The Apax Funds invest in companies across four global sectors of Healthcare, Tech, Services and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com.

Apax is authorised and regulated by the Financial Conduct Authority in the UK.

Advisors

Apax was advised by Linklaters (legal advisers) and PwC (financial and tax advisers).

Compass was advised by Jefferies (M&A), Dickson Minto and Sidley Austin (legal advisers) and PwC (financial and tax advisers).

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