Tag Archives: Services

IK Investment Partners enters into exclusive discussions with Fremman Capital to sell VPS

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IK Investment Partners (“IK”) is pleased to announce that it has entered into exclusive discussions with Fremman Capital to sell its stake in VPS (“the Company”) from the IK VII Fund. Financial terms of the intended transaction are not disclosed.

Founded in 1980 and headquartered in Rotterdam, the Netherlands, VPS is a global provider of testing and inspection services, enabling marine, power and renewable clients to optimise their operational performance and comply with environmental regulation. VPS has 270 highly trained employees and operates a global network of offices and laboratories to test fuels and lubricants and provide related advisory services. Leveraging decades of experience, the Company offers bespoke testing services that go well beyond base standards to deliver additional protections to its clients, crews and the environment, while complying with International Maritime Organisation (IMO) regulations and safety requirements.

Under IK’s ownership, VPS has reinforced its leadership position within its core markets and introduced various additional services including Oil Condition Monitoring for shipping operators and renewable energy producers. The Company has also introduced value-add data services by utilising its proprietary database developed for over 40 years. Under IK, VPS has concluded three strategic acquisitions to further diversify its services and strengthen its decarbonisation advisory offering. With its continued focus on sustainability, VPS is well positioned to grow further, capitalising on its ability to assist clients in minimising energy consumption and greenhouse gas emissions and supporting the development of green fuels.

The intended transaction is subject to legal and regulatory approvals.

Malcolm Cooper, Chief Executive Officer of VPS, commented: “We have enjoyed a successful partnership with IK. They have supported us in developing a new sales strategy, investments in additional laboratory equipment and multiple acquisitions, enabling us to better serve our clients, which in turn creates a positive ecological impact.”

Frederik Jacobs, Director at IK Investment Partners and Advisor to the IK VII Fund, said: “Working with Malcolm and his team on the development of such a unique business has been immensely rewarding. We are delighted to have been able to support VPS’ mission to tackle climate change, which has a direct and significant impact on our oceans and air quality.”

Andrew Chetwood, Director at Fremman Capital, added: “VPS has an active role in ensuring that the biggest names in global shipping are safe and environmentally sustainable, with plenty more offerings to add in the coming years. Malcolm has done a fantastic job developing VPS into the business it is today, and we are excited to support his vision for the future.”

For further questions, please contact:

IK Investment Partners
Maitland/AMO
James McFarlane
Phone: +44 (0) 7584 142 665
jmcfarlane@maitland.co.uk

IK Investment Partners

IK Investment Partners (“IK”) is a Pan-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 150 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.ikinvest.com

Fremman Capital

Founded in 2020, Fremman is a pan-European, mid-market investment firm with offices in London, Madrid, Munich, and Paris. The firm is an established multi‐geography platform consisting of c.30 professionals that operates as one team. It is supported by a highly experienced Board of Advisors of 16 individuals, that provide unique sector expertise and insights. The firm focuses on investments in four core sectors, including business & tech services, healthcare, consumer goods & distribution, and industrials. Utilising their reputation as trusted advisors, Fremman looks to partner with companies’ management teams to deploy multiple growth strategies, transforming businesses from national to multinational sustainable leaders. For more information, visit www.fremman.com

VPS

VPS delivers testing, inspection and advisory solutions that help its customers achieve measurable improvements to fuel and lubricant management, operational efficiency and regulatory compliance. VPS operates a global network of customer service offices supported round-the-clock by technical experts integrated with specialised and accredited laboratories strategically located in Rotterdam, Singapore, Houston, Fujairah and Manchester. For more information, visit www.vpsveritas.com

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Ardian acquires a stake in NetCo Group, a European leader in the design and general maintenance of conveyor systems, alongside the founding family Perriez

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Paris, June 17, 2021- Ardian, a world-leading private investment house, today announces that it has acquired a stake in NetCo Group, following investment from funds managed by IK Investment Partners (“IK”) and Andera Partners.

Founded in Bordeaux in 1902 by the Perriez family, NetCo has established itself as a European leader in the market for general maintenance and servicing of conveyor systems across a wide range of production sectors – particularly food processing, logistics, minerals and agro-food.

Now led by Samuel and James Perriez, the fourth generation of the Perriez family, the Group has recently expanded through a combination of strong organic growth as well as an ambitious acquisition strategy. This is evidenced by over 20 bolt-ons carried out since 2015, including the acquisition of stakes in ABM TECNA in Belgium in 2017, and in other European companies in the same sector, in Spain and Germany among others.

Today the Group manages a network of over 100 service points across France, Spain, Belgium, Germany and Luxembourg.

With the support of the Ardian Expansion team, NetCo’s management team – led by Samuel and James Perriez – intends to continue the Group’s expansion strategy both in France and internationally, taking advantage of the growing outsourcing of maintenance services in Europe, a market still highly fragmented.

The completion of the transaction remains subject to the approval of the competition authority.

Alexis Lavaillote, Managing Director of Ardian Expansion, said: “We have been impressed by the growth of NetCo and we are looking forward to working with its exceptional management team in a family business. The Group’s excellent reputation and the quality of the management team led by Samuel and James Perriez have enabled it to become a major European player. Supporting NetCo in the next stage of its development through this strategic partnership is a great opportunity.”

Samuel and James Perriez from NetCo added: “Our goal, to accelerate our international development by capitalising on our values, the ones of a family business, means that we see Ardian as a natural fit with whom to join forces. We believe the Expansion team has all the skills and expertise necessary to enable NetCo Group to achieve its growth ambitions.”

Pierre Gallix and Arnaud Bosc, Partners at IK and advisors to the IK Small Cap II Fund, commented: “The transformation of NetCo into a leading player on the European market in just two years demonstrates IK’s value as an investor and partner. We have been delighted to support them in their growth and would like to take this opportunity to congratulate Samuel and James Perriez for their exceptional leadership and wish them and Ardian all the best for this new chapter.”

François-Xavier Mauron, Partner and Arthur Milliard, Investment Director of Andera MidCap added: “We met Samuel and James Perriez in 2016 and we are very proud to have supported them in their growth, which has seen the company more than tripled in size in fewer than four years. Netco has grown into an international player through its organic and external growth that has been accelerated by the support of our fellow partners at IK since 2019.”

For further questions, please contact:

IK Investment Partners
Maitland/AMO
James McFarlane
Phone: +44 (0) 7584 142 665
jmcfarlane@maitland.co.uk

Ardian
Headland
Viktor Tsvertanov
Phone: +44 207 3435 7469
VTsvetanov@headlandconsultancy.co.uk

IK Investment Partners

IK Investment Partners (“IK”) is a Pan-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 150 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.ikinvest.com

Ardian

Ardian is a world-leading private investment house with assets of US$112bn 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 1,100 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt. For more information, visit www.ardian.com

NetCo

Founded in 1902, NetCo is the European specialist in the design, global maintenance and servicing of conveyor systems present in all production sectors (minerals, agro-food, logistics and environmental). With a network of over 100 service points, NetCo is recognised for its responsiveness, efficiency and highly technical, tailor-made services. Today, more than 950 employees work in the company’s various activities and sectors. For more information, visit www.groupe-netco.com

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EQT introduces longer-hold investment strategy – announces first investment in Anticimex

eqt
  • Leading global pest control specialist Anticimex becomes the first investment by EQT’s longer-hold strategy with impact at the core
  • The investment in Anticimex is made alongside long-term investors such as Melker Schörling AB (who will be the second largest shareholder), GIC, AMF, Interogo Holding Long-Term Equity and Alecta
  • Natural next step on EQT’s overall strategic development – EQT’s Private Capital business segment adds longer-hold impact at scale strategy to its palette of investment strategies

Building on three decades of future-proofing businesses, EQT is today proud to announce the acquisition of leading global pest control specialist Anticimex which becomes the first investment of EQT’s new purpose-driven strategy with longer-term investments and impact at its core. The transaction, where the selling party is the EQT VI fund, has an enterprise value of SEK 60 billion and the investment is made together with several long-term investors, such as Melker Schörling AB (MSAB), who will be the second largest shareholder, GIC, AMF, Interogo Holding Long-Term Equity and Alecta.

Per Franzén, Partner and Head of Private Capital’s Advisory Teams, said, “EQT has always been a thematic-driven investor. In order to best catch the opportunities that today’s global challenges bring, we are introducing a new longer-hold strategy. Having a positive impact on societal and environmental problems takes huge investments, real commitment, and time. To meet these challenges, we are introducing a longer-hold strategy to capture the largest business opportunity of our time, spotting investment opportunities that will reshape the future. This is also a natural development of EQT’s Private Capital platform – our digital focus, with EQT Ventures, Motherbrain and EQT Growth, is now complemented by a longer-hold strategy with impact at the core which is the next step on our sustainability journey.”

Andreas Aschenbrenner, Partner within EQT Private Equity’s Advisory Team, said, “Pest control is vital for both industries and society by reducing pest-borne diseases and food waste. Anticimex is a digital leader in the pest control industry with its SMART technology, driving change towards pesticide-free solutions and increasing efficiency in preventing infestations – together with Jarl and his team, the plan is to further accelerate the roll-out of the SMART solution, over time contributing to a cleaner and healthier world. As such, we believe Anticimex is a perfect example of a company that long-term can reshape an industry and have a substantial positive impact.”

Jarl Dahlfors, CEO at Anticimex, said, “After nine intense years of transformation, with expansion across Europe, North- & South America and APAC, we are thrilled to embark on the next phase of Anticimex’ journey. Together with EQT and the significant investment step-up from MSAB as well as the support from other strong partners like GIC, AMF, Interogo Holding Long-Term Equity, and Alecta, we will be in a strong position to capitalize on the great opportunities ahead.”

Gun Nilsson, CEO at MSAB, said, “MSAB is an active owner, like EQT, with a strong track record in supporting businesses on growth journeys. We share a Nordic heritage and a global mindset and have well-grounded values and a deeply rooted culture. Together, we are natural partners to support Anticimex on this journey. Long-term, we have a firm ambition to remain a major shareholder in Anticimex in line with our established model for industrial holdings.”

Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, said, “We are pleased to partner with EQT, our longstanding partner, on this investment in Anticimex. The company has been generating strong revenue growth with its local branch-level leadership in every market they operate in, coupled with achieving global scale through acquisitions. In addition, Anticimex utilizes its digital SMART solution of accurate and fast monitoring sensors as well as environmentally-friendly, non-toxic products to be a leading sustainable pest prevention operator. As a long-term investor, we believe Anticimex will bring about positive impact such as keeping societies healthy, reducing societal costs such as food wastage and preventing hazardous events.”

Anders Oscarsson, Head of Equity at AMF, said, “This form of long-term investments, with clear impact objectives, is central to how AMF as an investor aims to create returns to our clients. We look forward to continuing to be part of the Anticimex digital and sustainability story, it is an amazing company with a great potential to further disrupt the entire pest-control industry but now on a truly global scale.”

The transaction is expected to close in Q4 2021.

Contact
EQT Press Office, press@eqtpartners.com

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. Uniquely, EQT is the only large private markets firm in the world with investment strategies covering all phases of a business’ development, from start-up to maturity. Including Exeter, EQT today has more than EUR 67 billion in assets under management across 26 active funds within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 24 countries across Europe, Asia-Pacific and the Americas and has more than 975 employees.

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

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CVC Fund VIII to invest in Business Integration Partners

CVC Capital Partners

Majority stake in BIP to be acquired from Apax Partners for an undisclosed sum

BIP, one of Europe’s leading consulting companies, announced today that CVC Capital Partners Fund VIII (“CVC”) has reached an agreement to acquire a majority stake in BIP from Apax Partners, the French private equity firm, for an undisclosed amount. The transaction is subject to customary regulatory approvals.

Following completion of the transaction, CVC will become the new majority shareholder of BIP, while BIP Chairman Nino Lo Bianco, CEOs Carlo Capè and Fabio Troiani and other equity partners will continue as shareholders and in their management roles.

CVC Capital Partners is a leading private equity and investment advisory firm with approximately US$118 billion of assets under management. CVC Funds are invested in over 90 companies worldwide, which have combined annual sales of approximately US$100 billion and employ more than 450,000 people.

BIP, founded in Italy in 2003, is a leading multinational consulting firm employing with presence in 13 countries, employing more than 3,500 people world-wide, with a turnover of 315 million euros in 2020 (an increase of 31% compared to 2019).

“We are thrilled to welcome CVC as our new Partner”, said Nino Lo Bianco, Carlo Capè and Fabio Troiani, founders at the helm of the Group since 2003. “This partnership opens a new phase for our Group, allowing us to work on further ambitious international growth objectives and to strengthen our excellence in the digital transformation sector.

“We also want to thank Apax Partners, for the support provided to us in the exceptional journey made in recent years”.

“The growth trajectory enjoyed by BIP in the past few years is testament to the quality of the services it delivers and the relationship of partnership it has been able to create with its loyal customers”, said Andrea Ferrante, Senior Managing Director at CVC. “We have been impressed by this remarkable group of professionals and are very much looking forward to helping them execute their ambitious international plans in the future.”

Giampiero Mazza, Managing Partner at CVC added: “We are incredibly proud to have been chosen by the partners among a large group of reputable contenders as their companion in the next phase of BIP’s development. BIP has a distinctive value proposition and a deep pool of talent that can be scaled globally. We cannot wait to embark on this exciting journey with Nino, Carlo, Fabio and all the equity partners.”

BIP was advised by Equita, Rothschild, Allen & Overy, Lodovico Bianchi Di Giulio, BonelliErede, PWC and AON.

CVC was advised by BNP Paribas, Latham & Watkins, Facchini Rossi Michelutti, PWC and Bain & Company.

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Equistone-backed Wealth at Work Announces Investment from Aquiline Capital Partners

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Equistone
01 Jun 2021

Wealth at Work Group Limited (“Wealth at Work”), a UK-based specialist provider of workplace financial education, guidance and regulated financial advice for individuals, is pleased to announce that it has agreed an investment from Aquiline Capital Partners (“Aquiline”), a private investment firm based in New York and London with $6.4 billion in assets under management.

Wealth at Work’s management team, which continues to be led by CEO, David Cassidy, will retain a significant equity stake. Equistone Partners Europe Limited (“Equistone”) will retain a minority stake in the company alongside Aquiline and management.

Wealth at Work, which employs approximately 250 people, works with over 450 private and public sector employers including Marks & Spencer, BT, Experian and the NHS, delivering financial wellbeing programmes and retirement services.

Since its 2015 management buyout backed by Equistone , Wealth at Work has continued to achieve rapid growth to meet the significant demand for its services, which are now offered to over a million employees across the organisations with which it partners. The technology-driven service is uniquely tailored to each client’s requirements through a complete suite of services ranging from seminars and digital tools such as the Financial Healthcheck through to virtual or telephone guidance services and regulated financial advice.

David Cassidy, Chief Executive Officer of Wealth at Work, said: “This investment will allow us to continue to grow and meet the rapidly increasing demand for our services which are used by a number of the largest companies and organisations in the UK. I very much look forward to working with Aquiline whose deep understanding of the UK and US retirement market and track record of supporting technology-driven growth will help us further develop our offering to clients, deliver innovation and set new standards of best practice. We would also like to take this opportunity to thank Equistone for the support they have provided so far, and we look forward to continuing our work with them as we take our business to the next chapter.”

Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline, said: “Individuals are facing increasingly complex and important financial decisions as they plan for retirement, which Wealth at Work helps them navigate. We believe that David and his team have built a platform that can deliver high-quality, personalised financial guidance and advice to a growing number of workplace savers across the UK in a highly scalable and technology-enabled manner. We are excited about partnering with them in the next phase of their journey.”

Dominic Geer, Senior Partner at Equistone, said: “We are delighted that, after five years of working closely with David and his team at Wealth at Work, the company is in a strong position to explore exciting new opportunities. Wealth at Work has grown significantly since 2015, and through investment in organic and acquisitive growth has emerged as a clear market leader. Equistone has a successful track record of investing in financial services businesses in the UK and internationally and we look forward to remaining involved in this next phase of the company’s development.”

Closing of the investment is subject to the parties obtaining relevant regulatory approval.

Evercore provided corporate finance advice and Herbert Smith Freehills provided legal advice to Aquiline. Due diligence was performed by Oliver Wyman (commercial), Deloitte (financial and tax), West Monroe (technology) and Howden (insurance).

Deloitte’s Manchester and London-based Financial Services teams provided corporate finance advice and Travers Smith provided legal advice to Wealth at Work in relation to the transaction.

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Latour acquires HK Instruments Oy

Latour logo
2021-05-27 08:30

Investment AB Latour (publ) has, through its subsidiary Produal Holdings, acquired HK Instruments Oy, based in Finland. Produal is part of Bemsiq AB, a group of innovative and fast-growing companies providing products in building automation and metering.

HK Instruments, with head office and manufacturing in Muurame, Finland, was founded in 1987 and offers advanced measuring devices for building automation. The company specializes in technologically advanced measuring devices for HVAC applications, including differential pressure transmitters, switches, meters for liquids, gas detection sensors, and more. Total revenues in 2020 amounted to EUR 8 m with 50 employees.

“HK Instruments is a high-quality company in terms of both people and products. We have known the company for many years and are very impressed by their accomplishment. We see great potential to continue developing the company together”, says Anselmi Immonen, CEO at Produal Oy.

“For us, Produal and Bemsiq are the perfect strategic long-term partners. Their extensive product portfolio and industry network combined with the wide distribution channel and global brand presence of HK Instruments give great opportunities for all companies. We are very keen to continue our journey together with them”, says Jukka Kalliomäki, CEO of HK Instruments.

As an effect of the acquisition the net debt (excl. IFRS 16) of the Latour Group is expected to increase compared to the net debt level at the end of March 2021, to around SEK 6.0 billion, all else equal.

The acquisition will be completed in June 2021.

Göteborg, May 27, 2021

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Mikael J Albrektsson, CEO Bemsiq AB, +46 733 23 3606
Anselmi Immonen, CEO Produal Oy, +358 509 11 80 68
Ida Saalman, Business Development Investment AB Latour, +46 727 22 8869

Bemsiq AB, with headquarters in Gothenburg, Sweden, has an annual turnover of SEK 725 m and employs about 270 persons. Bemsiq consists of a group of innovative and fast-growing companies providing products in building automation and metering and is a subsidiary of Latour Industries, which is one of five wholly-owned business areas within the Latour Group.

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listed holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of nine substantial holdings with a market value of about SEK 79 billion. The wholly-owned industrial operations has an annual turnover of SEK 15 billion.

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CapMan Growth and Mandatum to accelerate Sofigate’s growth

Capman

Sofigate to boost its turnover towards EUR 500 million

Sofigate, the business technology transformation company, will be boosted by two private equity investors when CapMan Growth and Mandatum Private Equity become minority shareholders in the company. With their decision, the new owners are showing trust in a fast-growing digital transformation expert that combines program leadership, continuous management of business change and modern technology platforms. Sofigate aims for an annual turnover of EUR 500 million by 2025.

“CapMan and Mandatum bring financial and capital market expertise to the company, which will enable us to accelerate our growth. Company acquisitions are part of the strategy, and private equity investors ensure that financing is available when needed,” says Sofigate CEO Sami Karkkila.

Sofigate has grown rapidly in recent years. In five years, the company increased its turnover fivefold to the current level of EUR 100 million. Maintaining a similar growth rate requires both rapid organic growth and acquisitions.

Business technology a hot topic

The business technology sector is predicted to grow rapidly in the Nordic countries as well. The Covid-19 pandemic has accelerated digitalisation and spurred companies to invest even more in their digital processes.

“As a strategic investor, we see great potential in the development of Sofigate’s operations on the path the company has chosen. Sofigate operates in strong growth markets, and these are further intensified by the transformation brought about by digitalisation. As private equity investors, we bring considerable added value by significantly accelerating the implementation of Sofigate’s internationalisation and acquisition strategies,” says CapMan Growth Managing Partner Juha Mikkola of the company’s future.

“As technology takes centre stage in business operations across industries, the winners will be companies that understand the relationships between technology and strategy, business operations and product development. In this digitalisation-driven market, Sofigate has a strong position in Finland and significant growth potential in other Nordic countries. As a strategic investor and in addition to our financial investment, we provide Sofigate with access to our growth strategy and acquisition expertise,” says Alexander Antas, head of Mandatum Private Equity.

Strong ownership by staff also

In addition to CapMan and Mandatum, Sofigate is owned by LähiTapiola, the company’s founders, and a significant number of its personnel. Institutional investors now own a little less than one-fifth of Sofigate in total. Even after the transaction, Sofigate is to a large extent owned by its employees.

“The investments will also strengthen the composition of the board, which will increase the company’s ability to develop its operations. We are ready to implement the chosen growth strategy both operationally and at the board level, and we will be able to move very quickly if necessary,” says Karkkila.

Sofigate was founded in 2003 as an IT management service provider, but has gradually grown into the leading business technology transformation expert in the Nordic countries. A key driver of that growth has been the digital revolution in business, which has forced customers to make their traditional operations technology-driven.

“We offer customers technological expertise and transformation management in one package,” Karkkila says. “We are a pioneer in combining the best technologies, people and management models.”

For more information, please contact:

Juha Mikkola, Managing Partner, CapMan Growth
juha.mikkola[a]capman.com
Tel. +358 50 590 0522

Sami Karkkila, CEO, Sofigate
sami.karkkila[a]sofigate.com
Tel. +358 400 805 446

Sofigate is a business technology transformation company with approximately 600 employees in Finland, Sweden and Denmark. Sofigate helps its customers develop the interplay between business and technology: to design, build and implement transformations and business-friendly technology solutions. The company utilizes the Business Technology Standard and the world’s leading technology platforms such as ServiceNow, Salesforce, SAP, Oracle and Google Cloud.

CapMan Growth is a leading Finnish growth investor. The team’s second MEUR 97 fund, CapMan Growth II established in 2020, makes significant minority investments in growth stage companies with ambitious growth and expansion goals. CapMan is part of CapMan Group, a leading Nordic private asset expert with an active approach to value creation. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. With close to €4 billion in assets under management, we have a broad presence in the unlisted market through our local and specialised teams. 

Mandatum Private Equity (MPE) is a Finnish growth oriented investor with ca. 160m EUR of AUM. MPE focuses on significant minority investments in Finnish and Nordic privately held companies with proven business models and strong growth ambitions. Mandatum Private Equity is part of Mandatum Asset Management (MAM), a new asset management company that was formed by combining Sampo Group’s proprietary balance sheet, client assets, and investment operations from Sampo Plc and Mandatum Life. MAM leverages Sampo’s investment heritage as one of the most successful institutional investors in the Nordic region. MAM manages ca. 24bn EUR and employs ca. 100 investment professionals. MAM belongs to the Sampo Group.

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KKR to Acquire Majority Position in ERM

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KKR
May 17, 2021

Long-term Investment Focused on Growing the World’s Largest Pure-play Sustainability Consultancy

LONDON–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that it has signed an agreement to acquire a majority position in ERM, the world’s largest pure-play sustainability consultancy. KKR will acquire its position in the company from OMERS Private Equity and Alberta Investment Management Corporation (AIMCo), with ERM’s management team and Partners remaining as minority investors. Financial terms of the transaction were not disclosed.

Over the last 50 years, ERM has built deep and broad technical expertise in environmental health, safety, risk and social matters with a first-class team of more than 5,500 purpose-driven consultants, including 580 partners, across 150 offices in over 40 countries. The Company supports its clients in every part of their organizations, from boots to boardroom, with a focus on operationalizing sustainability and implementing environmental, social and governance (ESG) best practices. ERM helps its clients shape their ESG strategies, as well as identify and address their key sustainability issues. Additionally, ERM partners with the world’s leading organizations to advance thought leadership in sustainability through its SustainAbility Institute.

Keryn James, ERM Chief Executive Officer, said: “At ERM, we are committed to working alongside every one of the world’s leading organizations to achieve their sustainability goals. This long-term partnership with KKR will allow us to expand and accelerate our client impact, and bring new capabilities and technologies to the business of sustainability.”

Mattia Caprioli, Tim Franks and Ken Mehlman, Partners at KKR, Franziska Kayser, Managing Director at KKR, and Rami Bibi, Director at KKR, said: “True expertise in sustainability and environmental matters is more important than ever. We are proud to invest in an organization like ERM and its partners, as they continue to help organizations implement ESG management best practices across their operations.”

As part of KKR’s investment, ERM Partners will continue to be shareholders in the business. KKR’s investment is being made through its Core Investments strategy, which represents capital targeting longer-term opportunities.

KKR is a long-standing client of ERM’s consulting services.

The transaction is expected to close in the third quarter 2021, subject to regulatory approvals and other customary closing conditions.

-ends-

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.

About ERM

ERM is the business of sustainability.

As the largest global pure play sustainability consultancy, ERM partners with the world’s leading organizations, creating innovative solutions to sustainability challenges and unlocking commercial opportunities that meet the needs of today while preserving opportunity for future generations.

ERM’s diverse team of over 5,500 world-class experts in over 150 offices in more than 40 countries supports clients across the breadth of their organizations to operationalize sustainability. Through ERM’s deep technical expertise clients are well positioned to address their environmental, health, safety, risk and social issues. ERM calls this capability its “boots to boardroom” approach for its comprehensive service model that allows ERM to develop strategic and technical solutions that advance objectives on the ground or at the executive level.

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

Alastair Elwen
Finsbury Glover Hering
+44 20 7251 3801
KKR@finsbury.com

Source: KKR

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Equistone acquires majority stake in digitalisation expert TIMETOACT GROUP

Equistone
07 May 2021

Funds advised by Equistone Partners Europe (“Equistone”) have acquired a majority stake in TIMETOACT GROUP, a leading IT consultancy and services provider for medium-sized businesses, large corporations and public sector institutions, based in Cologne, Germany. With Equistone, TIMETOACT GROUP shareholders Felix Binsack and Hermann Ballé have brought a partner on board who will continue to support TIMETOACT GROUP’s already successful buy-&-build strategy with both know-how and capital. The two will continue to lead the company as managing directors and retain a significant stake, while Frank Fuchs will join the management team as CFO. The financial terms of the transaction are undisclosed and remain subject to approval from the relevant competition authorities.

TIMETOACT GROUP comprises nine specialist brands in 16 locations across Germany, Austria and Switzerland: ARS, CLOUDPILOTS, edcom, GIS, IPG, novaCapta, synaigy, TIMETOACT and X-INTEGRATE. The group offers its clients a comprehensive range of IT service solutions in the area of digital workplace, process automation & optimisation, business intelligence, identity & access management as well as customer experience. The group’s clients primarily include medium-sized businesses as well as large corporations in the industrial, financial and service sectors as well as public sector institutions. The group employs approximately 700 people and recorded revenues of around EUR 120 million in 2020, representing an increase of more than 17 percent on the previous year.

As part of the deal, Felix Binsack and Hermann Ballé together with other members of the management team will retain a significant shareholding of close to 50 percent. The group’s management team and Equistone have been able to work together to establish a joint growth strategy for the partnership in a bilateral decision-making process. Key factors for this growth plan will be the continuation of a targeted buy-&-build strategy to strengthen the group’s service portfolio, and accessing new market segments.

“We were looking for a reliable and financially strong partner, who can support us strategically during future growth phases, both organically and through acquisitions, while taking into account our unique company culture. With Equistone, we have found such a partner”, says Felix Binsack, Co-Managing Director of TIMETOACT GROUP. “Especially in supporting companies through the implementation of buy-&-build strategies, Equistone has many years of extensive experience. We are therefore looking forward to this partnership, which will benefit both our employees and customers, as it ideally matches our own strategy for the future”, adds Hermann Ballé, Co-Managing Director of TIMETOACT GROUP.

“The acquisition of TIMETOACT GROUP adds a leading digitalisation expert with a broad range of specialised IT services to our portfolio, in a market that is characterised by strong and steady growth. At the same time, this acquisition also reflects an increased focus on technology companies: a sector with exciting business models, excellent growth prospects, and founders, we can support in their business goals”, says Leander Heyken, Partner at Equistone Partners Europe.

Leander Heyken, Christoph Wüstemeyer and Dr Marc Arens led the transaction on behalf of Equistone. Equistone was advised by wdp (Commercial), EY (Financial & Tax), POELLATH (Legal Corporate), Preu Bohlig & Partner (Legal Technology), Shearman & Sterling (Legal Financing) and GCA Altium (Debt Advisor). The TIMETOACT GROUP owners were advised by flandor (M&A Advisor, Corporate Finance) and Oppenhoff & Partner (Legal).

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Ardian and PRGX announce acquisition close

Ardian

04 March 2021 Ardian North America Fund USA, New York

Ardian’s North America Direct Buyouts Completes Transaction, Positioning PRGX to Expedite Technology Roadmap and Accelerate Growth.

Michael Lustig Named PRGX CEO.

Atlanta & New York – March 4, 2021 – Ardian, a world-leading private investment house, and PRGX Global, Inc. (“PRGX”), a global leader in recovery audit and spend analytics services, announced the completion of Ardian’s acquisition of PRGX.

In addition, Michael Lustig has been named PRGX’s new Chief Executive Officer. Mr. Lustig, who serves as an advisor to Ardian, has over 15 years of experience in the source-to-pay industry, including having served as CEO of Apex Analytix, and during a prior tenure, as President and Chief Operating Officer of PRGX. He succeeds Ron Stewart, who will rejoin PRGX’s board of directors.

PRGX is the world’s largest Accounts Payable and Merchandise Recovery Audit firm, serving clients in more than 30 countries in North and South America, Europe, Asia and Oceania. Headquartered in Atlanta, Georgia, PRGX works with clients in the retail, grocery, consumer packaged goods, manufacturing, telecommunications, pharmaceuticals, natural resources, financial services, and transportation industries.

PRGX provides leading technology-enabled source-to-pay solutions to businesses by mining client data to deliver actionable insights that increase cash flow and profitability through cost reduction, business process improvement and risk management. PRGX’s advanced solutions include recovery audit, preventive audit, contract compliance, and advanced analytics, which leverage artificial intelligence and machine learning to minimize leakage, maximize value, optimize cash flow, and strengthen operations – creating a complete audit assurance program, not only recovering cash, but improving internal controls and resolving systemic issues to drive total improvement. The company leads its industry in protecting the privacy and security of client data through a robust combination of technical, administrative and physical controls, in addition to rigorous data privacy and security business practices.

With Ardian’s support, the company will develop core markets, including accelerating the roll-out of the company’s proprietary platform, the Verigon® Solution Suite, and grow strategic revenue streams, including the launch of new advanced analytics solutions. Ardian will leverage its global network and considerable experience in business services to help PRGX identify new markets while continuing to serve the company’s existing customer base.

“With digital transformation at the forefront of business strategies across the globe, PRGX’s state-of-the-art platform for recovery audit, contract compliance, advanced analytics, and predictive audits, is tremendously impressive,” said Vince Fandozzi, Head of Ardian North America Direct Buyouts. “We are enormously grateful for Ron Stewart’s leadership, and we’re excited to embark with PRGX on this next chapter under the guidance of Michael alongside the incredible PRGX team,” said Mr. Fandozzi.

“With market leadership, innovative technology and with the full support of Ardian, PRGX is well-positioned to help clients unlock unprecedented value from their source-to-pay data. I’m excited to work with PRGX’s outstanding team to produce value for our long-tenured clients,” said Mr. Lustig.

Todd Welsch, Managing Director, Ardian North America Direct Buyouts, added, “We look forward to working with the PRGX team, which under Ron’s leadership, has transitioned into a technology-enabled services and analytics powerhouse.”

Commenting on the news, Ron Stewart said: “Leading PRGX for the last seven years has been an extraordinary honor. As PRGX continues its technology transformation program, I’m excited about the company’s potential for future growth and expanded client value delivery, and look forward to working with Ardian and Michael.”

The transaction, which was initially announced on December 24, 2020, was approved by the majority of PRGX shareholders on March 2, 2021. In connection with the closing of the transaction, the company, which will continue to operate as PRGX Global, Inc., will be controlled by Ardian.

The Ardian North American direct buyout fund focuses on lower middle market buyouts, specifically middle market industrial and business service companies across a range of sectors in North America.

 

About PRGX

PRGX helps companies spot value in their source-to-pay processes that other sophisticated solutions didn’t get to before. Having identified more than 300 common points of leakage, we help companies reach wider, dig deeper, and act faster to get more value out of their source-to-pay data. We pioneered this industry nearly 50 years ago, and today we help clients in more than 30 countries take back $1.2 billion in annual cash flow. It’s why 75% of top global retailers and a third of the largest companies in the Fortune 500 rely on us. PRGX | See What You’ve Been Missing™.

Visit the website

 

About Ardian

Ardian is a world-leading private investment house with assets of US$110 billion 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 around 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

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PRGX – Arketi Group

Grant Tucker

gtucker@arketi.com +01-404-819-1889

ARDIAN – The Neibart Group

Emma Murphy

emurphy@neibartgroup.com +01-347-968-6800

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