Tag Archives: Services

Renta acquires Pohjanväre

Renta Group Oy (“Renta Group” or “Renta”) is strengthening its position in Finland through the acquisition of Espoon Nosturikeskus Oy Pohjanväre and Espoon Rakennuskonevuokraamo Oy as well as the operative assets of Lohjan Nosturipalvelu Oy (together “Pohjanväre” or “the Company”). Pohjanväre is a Finnish rental company focusing on lifts and material handling equipment. Through Espoon Rakennuskonevuokraamo the Company is also engaged in general rental operations. The Company, operating in the capital region and in southern Finland, has 3 depots, more than 10 employees and annual revenues of approximately EUR 5 million.

The transaction further strengthens Renta’s position in the capital region and extends Renta’s presence in southern Finland.

The Company has a well-known brand and a reputation of providing high-quality services. Operationally the Company is a great match to Renta thanks to its local and customer centric business model and complimentary geographic presence. Pohjanväre will continue to serve its customers with the same local approach and high-quality services as before, while further benefitting from implementing Renta’s cutting edge digital solutions.

Kari Aulasmaa, CEO of Renta Group, said: 

“Pohjanväre has a long history in the industry and is well-known for its high-quality services. We are very pleased to join forces with a profitable company that shares our aspiration to provide excellent customer service locally. The acquisition further strengthens our position in the capital region and provides us with a good foundation for continued growth in southern Finland.”

Jari and Antti Pohjanväre, Owners of Pohjanväre, said: 

“We are happy to partner with Renta, a company that has a genuine interest in the continued development and growth of our business. By joining forces with Renta we will get access to greater resources, a broader product offering and Renta’s digital solutions. We are convinced that Renta will provide a good home for our employees and that we will be able to further develop our services towards our customers as part of Renta.”

Enquiries: ir@renta.com

About Renta Group

Renta Group is a Northern European full-service equipment rental company founded in 2015. The Company has operations in Finland, Sweden, Norway, Denmark, Poland, and the Baltics, with 136 depots and approximately 1,500 employees. Renta is a general rental company with a wide range of construction machines and equipment along with related services. In addition to operating a network of rental depots, Renta is a significant supplier of scaffolding and weather-protection services. For more information, visit www.renta.com

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About Pohjanväre

Pohjanväre, founded in 1964, is a Finnish rental company focusing on lifts and material handling equipment. Through Espoon Rakennuskonevuokraamo the Company is also engaged in general rental operations. Pohjanväre operates in southern Finland, has 3 depots, more than 10 employees and annual revenues of approximately EUR 5 million. For more information, visit www.pohjanvare.fi

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Renta acquires Hyrpoolen

IK Partners

Renta Group Oy (“Renta Group” or “Renta”) is strengthening its position in Sweden through the acquisition of Hederén Maskinuthyrning AB (“Hyrpoolen” or “the Company”). Hyrpoolen is a Swedish general rental company with two depots located in the Stockholm area. The Company has more than 30 employees and annual revenues of approximately SEK 70 million.

The acquisition expands Renta’s presence in the southern and eastern parts of Stockholm and is perfectly aligned with Renta’s strategy to strengthen its position in the capital region. The transaction marks another strategic step in building a nationwide network and following the transaction Renta will have 54 depots across Sweden.

Hyrpoolen’s profitable operations and local business model makes it an excellent fit for Renta. Hyrpoolen will continue to serve its customers with the same local approach and high-quality services as before and further benefit from implementing Renta’s cutting edge digital solutions to complement their services. The experienced management team and strong local market standing will provide a good foundation for continued growth in the region.

The acquisition was signed and completed on the 5th of April.

Kari Aulasmaa, CEO of Renta Group, said: 

“Hyrpoolen fits our strategic agenda very well given the profitable operations and local business model. The Company has a strong presence in attractive parts of Stockholm and has a reputation of providing high-quality services appreciated by its customers. We are very pleased to join forces with Hyrpoolen and look forward to the journey ahead.”

Per Gustavsson, CEO of Hyrpoolen, said: 

“We have been looking for a partner for some time to support us in further developing our operations and we are happy to say that Renta is an excellent match for us. Renta shares our values and partnering with them will provide us access to a broader range of equipment and to Renta’s top-notch digital solutions. Hyrpoolen has a solid customer base, a strong reputation and a deep knowledge of the local market in southern Stockholm. I am convinced that together with Renta we will become even stronger and the preferred partner for customers in our region.”

Enquiries: ir@renta.com

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KKR Invests in Leading Strategic Advisory and Communications Firm, FGS Global

KKR

NEW YORK & LONDON–(BUSINESS WIRE)– KKR today announced an agreement to make a growth investment in leading strategic advisory and communications firm, FGS Global (the “Company”). Under the terms of the agreement, WPP plc (“WPP”) will remain the Company’s majority owner and FGS employees will remain substantial shareholders. FGS also plans to expand its employee ownership to include nearly half of its staff worldwide. Golden Gate Capital, an FGS shareholder since 2016, will exit its investment through the sale of its interest to KKR.

FGS is a leader in all aspects of strategic advisory and communications, including corporate reputation, crisis management, government affairs and is a leading advisor on business-critical financial communications worldwide. FGS’s always-on global platform delivers trusted advice, data-driven insights and hands-on execution for clients navigating their defining moments. The Company’s 1,300 experts across 27 global offices oversee an integrated suite of reputation-shaping capabilities, with deep local relationships and extensive knowledge across industries and geographies. FGS empowers its over 1,600 clients to effectively engage with their key stakeholders and supports them in navigating important issues ranging from sustainability to litigation, regulatory developments and cybersecurity.

Philipp Freise, Partner and Co-Head of European Private Equity at KKR, stated: “Our investment in FGS is the latest example of our focus on proprietary, strategic partnership investments where we are providing long-term capital and a global network of resources to an entrepreneurial management team and alongside a world-class business. We firmly believe that Alex Geiser, Carter Eskew, Roland Rudd, George Sard and their talented global team are pioneering the next generation of value-add strategic communications services. Stakeholder engagement is a boardroom issue and we are confident that FGS, with whom we have enjoyed a long-term relationship, is well positioned to capitalize on significant growth opportunities ahead as a global category leader in the growing management consulting service industry.”

Alexander Geiser, Global CEO of FGS, added, “We are thrilled to have found a partner in KKR, who shares our vision of creating a global integrated communications consultancy and will help us to accelerate the evolution of our industry. Companies are operating in increasingly complex stakeholder ecosystems and FGS was created to build a new kind of consultancy to help leaders face this challenge. KKR’s exceptional investment track record, extensive experience and global resources will be invaluable as we seek to grow our integrated solutions globally. We are committed to creating value for all of our shareholders. This includes many of our colleagues who will be able to participate in our long-term success through a new expanded ownership program that we will create, which we believe is without precedent in our industry.”

Mark Read, CEO of WPP, said: “FGS has established itself as a global leader in strategic advisory and communications, providing board-level counsel to the world’s leading companies and organizations. We are delighted to welcome KKR as a new strategic partner in FGS, in a transaction that recognizes the tremendous value of the business and its potential for continued strong growth.”

FGS was recently ranked the #1 Global PR firm for Deal Count and Value in 2022 by Mergermarket. It is also consistently ranked a Band 1 PR firm for Crisis & Risk Management and for Litigation Support by Chambers and Partners. FGS was created through a combination of leading strategic communications and public affairs firms: Finsbury, The Glover Park Group, Hering Schuppener, and Sard Verbinnen & Co.

KKR is making the investment in FGS primarily through its European Fund VI, an $8 billion fund that invests in the growth of leading businesses by providing access to KKR’s extensive network and business building resources. One of the core strategies of KKR’s European Private Equity team is investing alongside founders, entrepreneurs and corporates to provide flexible capital for strategic partnership transactions. The FGS investment follows a similar thematic pursued when KKR invested in ERM, the world’s largest global pure play sustainability consultancy, in 2021.

The transaction is expected to close before the end of the third quarter of 2023, subject to regulatory approvals and other customary closing conditions.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About FGS
FGS is a leading global strategic communications consultancy, with 1,300 experts around the world, advising clients in navigating complex situations and reputational challenges. FGS Global was formed from the combination of Finsbury, The Glover Park Group, Hering Schuppener and Sard Verbinnen & Co to offer board-level and c-suite counsel in all aspects of strategic communications — including corporate reputation, crisis management, government affairs and is also the leading force in financial communications worldwide.

FGS offers seamless and integrated support with offices in the following locations: Abu Dhabi, Amsterdam, Beijing, Berlin, Boston, Brussels, Chicago, Dubai, Dublin, Düsseldorf, Frankfurt, Hong Kong, Houston, Kingston, London, Los Angeles, Munich, Paris, Riyadh, San Francisco, Shanghai, Singapore, Tokyo, Washington, D.C., West Palm Beach, and Zurich. The headquarters is based in New York.

About WPP
WPP is the creative transformation company. We use the power of creativity to build better futures for our people, planet, clients and communities. For more information, visit www.wpp.com.

KKR
Julia Leeger/ Miles Radcliffe-Trenner
media@kkr.com

FGS Global
Dorothy Burwell / Brooke Gordon / Jennifer Loven / Dirk von Manikowsky
mediaglobal@fgsglobal.com

WPP
Chris Wade / Niken Wresniwiro / Richard Oldworth
Chris.wade@wpp.com / Niken.Wresniwiro@wpp.com / richard.oldworth@buchanancomms.co.uk

Source: KKR

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PNO Group and Bencis Capital Partners join hands to speed up international growth strategy

Bencis

Grants consultancy PNO Group and Bencis Capital Partners join hands to further develop PNO Group’s international growth path together. Both through acquisitions and organically, PNO has set a healthy growth curve over the years, which has resulted in a solid European foundation for further development. Understanding the specialist industry in which PNO operates makes Bencis the ideal strategic partner to help grow PNO Group into a leading European grants and innovation consultancy in the coming years.

 

Synergistic growth remains imperative

 

With roots dating back to 1985, PNO is not only one of the oldest, but also one of the most solid grants and innovation consultancies in Europe. As market leader and with success rates in European grants well above average for years in a row, PNO managed to develop a unique client portfolio. PNO Group CEO Peter Zwart: “We have worked hard in recent years to further strengthen our business. In doing so, we gratefully drew on the vast expertise and enthusiasm of the people who make PNO what it is today: a dynamic club of committed professionals who wish only the best for their clients and through them for our society. Over the years, we have become increasingly involved in innovation projects, both on a national and European scale, addressing key issues in areas such as climate, health and safety. The fact that we are so successful in this, apart from our passionate people, is due to our scale: like no other, we are able to bring parties together across borders and achieve great results together. Looking at growing international demand, the scaling-up of European projects and the legitimate demands for excellence in our profession, synergistic growth remains imperative to meet this increasing need for quality. PNO has everything in place to provide this quality, and with Bencis’ help we can continue to do so as we grow”.

 

Great faith in PNO’s future

 

Jacob Versteeg of Bencis: “Extraordinary things are happening in the market in which PNO Group operates. Whether their clients work on a regional, national or European scale, they always contribute in one way or another to the larger goals of our time. Think energy transition and climate, care and health, innovation, economic development. For this reason alone, as well as the enormous professionalism PNO takes on new challenges, we have great faith in PNO’s future, and are delighted to help them achieve their ambitions.”

 

About PNO Group

 

PNO Group is a grants and innovation consultancy with a strong foothold in Europe’s most innovative economies. With over 400 highly skilled staff, the group contributes to the missions formulated by national governments as well as the EU by supporting SMEs, large industries, academic organisations and research institutions in their innovation projects. PNO offers a wide spectrum of services in the field of grants, strategic innovation advisory, compliance, IT-tooling, legal and communication.

 

About Bencis Capital Partners

Bencis is an independent investment company that supports business owners and management teams in achieving their growth ambitions. Working out of offices in Amsterdam and Brussels, and more recently in Düsseldorf, Bencis has been investing in strong and successful businesses in the Netherlands, Belgium and Germany since 1999.

 

 

For questions please refer to Bernard van Leeuwen, press@pnoconsultants.com, +31 (0)6 12 58 19 84

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Renta acquires Høyde-Service

IK Partners

Renta Group Oy (“Renta Group” or “Renta”) has reached an agreement to acquire Høyde-Service Utleie AS (“Høyde-Service” or “the Company”). Høyde-Service is a Norwegian general rental company with four depots located in Oslo, Sandefjord, Porsgrunn and Arendal. The Company has more than 20 employees and annual revenues of approximately NOK 90 million.

The acquisition is another strategic step towards building a nationwide rental network, growing Renta’s presence in the south-east region of Norway, and further strengthening Renta’s market position in the Norwegian market.

Høyde-Service’s customer-centric business model, strong track of profitable growth and complimentary geographic presence makes it an excellent fit for Renta. Høyde-Service will continue to serve its customers with the same local approach and high-quality services as before and further benefit from implementing Renta’s cutting edge digital solutions to enhance their services.

The acquisition is expected to be completed during April.

Kari Aulasmaa, CEO of Renta Group, said: 

“We are delighted to welcome the Høyde-Service team into the Group and look forward to working with them. Høyde-Service is an excellent strategic and cultural fit for us, with a complimentary geographic presence and a local focus to the business. The acquisition is a natural step forward to becoming a fully nationwide player in Norway and is a good platform for further development and growth in the south of Norway.”

Steinar Kaalstad, CEO of Høyde-Service Utleie AS, said: 

“We are very pleased that Høyde-Service joins forces with Renta, a company that shares our values and has ambitious future plans. Being part of Renta will ensure continued high-quality services for our customers and provide a good home for our employees. I am convinced that together with Renta, Høyde-Service will become even stronger in our region.”

 

Enquiries: ir@renta.com

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Sun Capital Partners Affiliate Completes Investment in Anderson Business Advisors

Sun Capital
  • Addition further expands Sun Capital business services portfolio
  • Company to benefit from Sun Capital’s buy-and-build expertise and operational toolkit for accelerating growth

BOCA RATON, FL – March 14, 2023 – Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm focused on defensible businesses in growing markets with tangible performance improvement opportunities, today announced its affiliate has completed a majority investment in Anderson Business Advisors (“Anderson” or the “Company”), adding to Sun Capital’s growing business services portfolio. Management and employees of the company reinvested proceeds from the sale to retain a significant minority stake in the Company.

Founded in 1999, Anderson is a Las Vegas, Nevada-based provider of corporate services, including entity formation and incorporation, registered agent, and tax and bookkeeping services, primarily serving real estate investors.

“The corporate services sector is highly fragmented, creating strong potential for Anderson to grow through strategic acquisitions that will increase market share and diversify its customers,” said Alexander Wyndham, Principal at Sun European Partners. “We are excited about the opportunity to work closely with the team at Anderson to build on its competitive advantages, which include a broad base of ~17,000 customers and a proven ability to navigate through challenging economic conditions.”

Demand for corporate services to real estate investors is expected to grow well above 6% annually, driven by several key tailwinds, including macroeconomic conditions, increase in outsourcing, tighter regulatory environment and strong pricing power.

“We are very pleased to welcome Sun Capital as our new partner and we look forward to working with them hand in hand to scale the business and capitalize on new opportunities, “said David Gass, CEO of Anderson Business Services. “Sun Capital’s success in the corporate services sector, coupled with their track record of executing buy-and-build strategies globally made them the ideal investor as we continue to grow.”

The acquisition underscores Sun Capital’s focus on continuing to invest in the corporate services space, and follows the recent acquisitions of Fletchers Solicitors in 2021 and K3 Capital Group in February 2023. Fletchers has seen strong growth under Sun’s ownership, both through strategic add-ons and organic growth initiatives.

 

About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a global private equity firm focused on partnering with outstanding management teams to accelerate value creation. Since 1995, Sun Capital has invested in approximately 500 companies worldwide with revenues in excess of $50 billion across a broad range of industries and transaction structures. The firm has built a reputation as a trusted partner, recognized for its operational experience. Sun Capital focuses on defensible businesses in growing markets with tangible performance improvement opportunities in the Business Services, Consumer, Healthcare, Industrial, and Technology sectors. The firm has offices in Boca Raton, Los Angeles and New York, and an affiliate with offices in London.

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

About Anderson Business Advisors
Anderson Business Advisors provides entity and trust formation, tax prep, and business planning services for real estate investors and business owners. By bringing together the estate planning, asset protection planning, business, and tax planning needs of clients under one roof, Anderson has created an efficient and effective way to provide their clients peace of mind knowing they aren’t overpaying taxes and their assets are protected. Anderson has serviced business owners and investors from across the United States since 1999.

Media Contact
Matthew Conroy
Stanton
646-502-3563
mconroy@stantonprm.com

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Bencis and management have acquired all shares in the technical textiles specialist HEYtex

Bencis

Bramsche, February 2023 – Bencis and management acquired HEYtex

Stella Holding GmbH, an entity owned by BBOF VI Holding C.V., has acquired all shares in Heytex Holding GmbH from Deutsche Beteiligungs AG and funds advised by them.

HEYtex is a European leader for engineering and manufacturing of technical textiles for transportation & logistics , safety, environmental, leisure, graphics, governmental and other applications. HEYtex operates five production facilities globally, in Bramsche and Ebersbach-Neugersdorf (Germany), in Nijverdal (the Netherlands), in Zhangjiagang (China) and in Pulaski, VA (USA) with a total of 550 employees. HEYtex experienced a remarkable growth under the ownership of DBAG and funds advised by them more than doubling its revenues. HEYtex’s management and Bencis plan to continue this growth path.

Hans-Dieter Kohake, CEO of HEYtex, highlights: “Heytex has proven to be very resilient in recent years, among other things by strengthening its global competitive position. This is also due to the good cooperation with DBAG as the previous owner. As a management team, we are now looking forward to the partnership with Bencis, in order to continue the path we have taken with new ideas. In addition to growth topics, strategic initiatives such as sustainability and automation will play an increasingly important role. In the new constellation, we are very well positioned to meet these challenges.”

Dick Moeke, partner at Bencis, comments: “We are very happy to support an ambitious Heytex’s management team in the next phase of growth. Our investment in Heytex underlines our continued commitment and interest in the German market with many high quality teams and businesses. ”

 

About Bencis

Bencis is an independent investment company supporting business owners and management teams in realizing their growth ambitions. Bencis was founded in 1999 by Zoran van Gessel and Jeroen Pit, and has invested through six funds with a total equity volume of EUR 2.2 billion. Since 2021, Bencis Fund VI is invested with a volume of EUR 575 million. The Bencis advisory team consists of 32 professionals based in Düsseldorf, Amsterdam and Brussels. Bencis’ current portfolio of 31 companies generates combined sales of around EUR 1.8 billion and employs 9,500 people.

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IK Partners to invest in Responda Group

IK Partners

IK Partners (“IK”) is pleased to announce that the IK Small Cap III Fund has signed an agreement to invest in Responda Group (“the Group”), a leading provider of business process outsourcing (“BPO”) services to small and medium-sized enterprises (“SMEs”) in Sweden. IK is investing from its dedicated pool of Development Capital and is acquiring its stake from the founding management team who will be reinvesting alongside IK. Financial terms of the transaction are not disclosed.

Headquartered in Stockholm, Sweden, Responda AB was founded in 2008 by Joakim Ögren and Magnus Johannessen and later became Responda Group as a result of the acquisition of Kalix Tele24 in 2021. Both companies have an established track record in the industry and its core offering is centred around managing organisations’ customer service through an omnichannel approach consisting of phone, email, online chat and social media.

The Group has 250 employees who are spread across four offices and serve a diversified customer base of approximately 2,500 companies within the private and public sectors. Under the existing management team, the Group has gone from strength to strength and with the support of IK, it hopes to: further broaden its offering for existing customers; continue gaining market share in the SME segment through an enhanced go-to-market strategy; and drive consolidation in the market via strategic add-ons.

Joakim Ögren, Co-Founder and CEO of Responda Group, said: “We strongly feel that a partnership between Responda Group and IK Partners will help us further develop and achieve growth through the pursuit of a successful M&A strategy. Since inception, we have made considerable progress in our field and are proud to have become an industry-leading service provider trusted by highly successful companies in Sweden. We look forward to working with the team at IK and are excited to see where this partnership will take us.”

Carl Jakobsson, Director at IK Partners and Advisor to the IK Small Cap III Fund, said: “Responda Group is Sweden’s market leader in the inbound contact centre services market for SMEs and has great potential for future growth. We are well-positioned to help Responda Group deliver a targeted buy-and-build strategy and to use our extensive network in the Nordic region to support any future geographic expansion. We have been impressed by the Group’s journey to date and look forward to working with the team at Responda Group to help them realise their ambitions.”
Completion of the transaction is subject to legal and regulatory approvals.

About IK Partners
IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 170 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikpartners.com

About Responda Group
Founded in 2008 in Stockholm, Responda Group is a provider of customer service for Swedish companies. Its range of services includes everything from temporary telephone fitting to overall responsibility for switchboard and customer service. Its services are fully adapted to the customer’s needs and allows the customer to focus on their core business and be confident in the knowledge that the company is represented in an exemplary way. High quality and customer-friendly partnerships are central to the strategy of the business. https://respondagroup.se/

For further questions, please contact:
IK Partners
Vidya Verlkumar Phone: +44 (0) 7787 558 193 vidya.verlkumar@ikpartners.com

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PhonePe raises growth funds at a $12 billion valuation, led by General Atlantic

General Atlantic
  • Funding is expected to enable next wave of growth for Unified Payments Interface (UPI) and build digital financial services for Indians at scale
  • Announcement follows PhonePe’s recent separation from Flipkart and change of domicile to India

Bengaluru, India and New York, NY – January 19, 2023 – PhonePe, one of India’s largest fintech platforms, today announced it has raised $350 million in funding from General Atlantic, a leading global growth equity firm, at a pre-money valuation of $12 billion. Marquee Global and Indian investors are also participating in the round. The investment marks the first tranche of an up to $1 billion total fundraise that commenced in January 2023. The fundraise follows PhonePe’s recently announced change of domicile to India and full separation from Flipkart.

PhonePe plans to deploy the new funds to make significant investments in infrastructure, including the development of data centers and help build financial services offerings at scale in the country. The company also plans to invest in new businesses, including Insurance, Wealth Management, and Lending. The fundraise is expected to support PhonePe as it seeks to turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI to enable greater financial inclusion for Indians.

Founded in December 2015, PhonePe has become a home-grown success story, with the company’s significant expansion powered by India’s emerging digital ecosystem. By building products and offerings tailored for the Indian market, PhonePe today has over 400 million registered users, meaning that more than one in four Indians are on PhonePe. The company has also successfully digitized over 35 million offline merchants spread across Tier 2, 3, and 4 cities and beyond, covering 99% of pin codes in the country.

“I would like to thank General Atlantic and all our existing and new investors for the trust they have placed in us. PhonePe is proud to help lead India’s country-wide digitization efforts and believes that this powerful public-private collaboration has made the Indian digital ecosystem a global exemplar. We are an Indian company, built by Indians, and our latest fundraise will help us further accelerate the Government of India’s vision of digital financial inclusion for all,” said Sameer Nigam, Founder and CEO at PhonePe. “We look forward to delivering the next phase of our growth by investing in new business verticals like Insurance, Wealth Management and Lending, while also facilitating the next wave of growth for UPI payments in India.’’

“Sameer, Rahul and the PhonePe management team have pursued a clear mission to drive payments digitalization and significantly broaden access to financial tools for the people of India. They remain focused on driving adoption of inclusive products developed on the open API based ‘India stack.’ This vision is aligned with General Atlantic’s longstanding commitment to backing high-growth businesses focused on inclusion and empowerment,” said Shantanu Rastogi, Managing Director and Head of India at General Atlantic. “We are excited to partner with the PhonePe team to help enable the next generation of digital innovation in India.”

PhonePe also recently announced a full separation from the Flipkart Group. After a partial separation from Flipkart in December 2020, a number of Flipkart shareholders, led by Walmart, acquired shares in the recent separation. This move will allow both companies to chart their own growth paths, build their businesses independently, and help unlock and maximize enterprise value for shareholders of the two companies.

About PhonePe

PhonePe was founded in December 2015, and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike. With 43.5 crore (435+ Million) registered users, one in four Indians are now on PhonePe. The company has also successfully digitized ~3.5 crore (~35 Million) offline merchants spread across Tier 2,3,4 and beyond, covering 99% pin codes in the country. PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45% of the transactions on the BBPS platform. PhonePe forayed into financial services in 2017, providing users with safe and convenient investing options on its platform. Since then, the company has introduced several Mutual Funds and Insurance products that offer every Indian an equal opportunity to unlock the flow of money and access to services. PhonePe was recently recognized as the Most Trusted Brand for Digital Payments as per the Brand Trust Report 2022 by Trust Research Advisory (TRA).

About General Atlantic

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

 

Media Contacts

Priya Patankar
PhonePe +91 9886675772 priya.patankar@phonepe.com

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

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Advent International invests in LBS Group, a leading pest control operation and hygiene solutions provider in Greater China

Shanghai, 23 February 2023 – Advent International (“Advent”), one of the world’s largest and most experienced private equity investors, today announced that it has invested in LBS Group (“LBS”), a leading pest control operation (PCO) and hygiene solutions provider in Greater China.

LBS Group offers a wide range of pest control and hygiene management products and services in Asia. It has grown its offering since it was established in 1998 to include integrated pest control management, hygiene services, Sani-Mist germicidal treatment and grease remedial services for global F&B customers, retailers, offices, hotels, and industrial and household customers. The company is a major player in the PCO industry and operates in more than 30 cities across Greater China and southeast Asia.

The PCO market in China is expected to see rapid growth at a mid-teen CAGR over the next five years thanks to increasingly stringent hygiene standards and pest control requirements as well as improving food safety regulations. Advent’s investment in LBS Group will support the company’s continuing growth initiatives and its leading position in China’s PCO industry.

Irene Liu, Principal of Advent, commented, “Riding on China’s steadily increasing urbanization rate and improved hygiene standards, we believe the PCO sector has strong growth prospects. We are impressed by LBS’ superior service quality and very pleased to partner with its experienced and highly motivated team. We plan to contribute our global resources and relevant industry expertise to support the business.”

Franco Lam, Chairman of LBS Group, said, “I am excited to work with Advent during our next stage of growth in Greater China. I believe we will be great partners and LBS Group will continue to deliver excellent customer services.”

Andrew Li, Managing Director, Head of Greater China of Advent, said, “This deal reflects Advent’s continued commitment to invest in the Greater China region and our confidence in building successful businesses with the support of our global network. LBS has a strong track record in providing pest control and hygiene solutions and quality services to customers. We look forward to helping it grow and expand its footprint in the region.”

Advent has made multiple investments across Greater China, including Wagas Group, a major lifestyle F&B group in China; AI Dream, China’s leading branded sleep solution provider and the largest player in the country’s premium mattress market; BioDuro, a global life sciences contract research and development organization with major operations in Shanghai, Beijing and San Diego; and GS capsule, the largest domestic capsule provider in China.

About LBS Group

Founded in 1998, LBS Group is a pest control and hygiene solutions company with complementary services such as digital IoT pest monitoring, air purification and desludging services. As Greater China’s leading pest control company, LBS meets the needs of a wide range of customers in Greater China and the broader region and is the go-to vendor for many of its business partners in Food Services, Retail, Hospitality, Manufacturing and other end markets. Central to LBS’ culture and philosophy is the importance of caring about people. The concept of “planting the seed and the fruit will follow” is a core value embraced by every LBS employee. Respect, collaboration, helping others to succeed and community service before self-advancement has empowered the LBS team to strive for sustainable growth and build a bright future together.

 

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 405 private equity investments across 42 countries, and as of September 30, 2022, had $89 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 290 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, please visit
www.adventinternational.com and follow Advent on LinkedIn.

 

Media contacts

FTI Consulting
Izzie Shen (Shanghai)
Tel: +86 21 2315 1068
izzie.shen@fticonsulting.com

Jenna Qian (Hong Kong)
Tel: +852 9839 0019
jena.qian@fticonsulting.com

 

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