Monthly Archives: September 2016

EQT VII increases its shareholding to above 90 percent in IFS and prepares for compulsory squeeze-out

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EQT VII [1] (”EQT”), through IGT Holding IV AB [2] (”IGT Holding”), on 7 December 2015 announced a mandatory cash offer to the shareholders in Industrial and Financial Systems, IFS Aktiebolag (publ) (”IFS”) to acquire all outstanding A- and B-shares in IFS at a price of SEK 362.50 per share. The offer was completed on 11 February 2016 at which time IGT Holding had reached an ownership of approximately 84 percent of all shares in IFS.

IGT Holding has now entered into an agreement with Elliott International L.P. and Elliott Associates L.P. (together “Elliott”) to acquire all Elliott’s shares in IFS. IGT Holding will thereby reach an ownership of approximately 97 percent of all shares in IFS. The acquisition of the shares from Elliott is made at a price of SEK 396.73 per share, regardless of share class.

Since IGT Holding holds shares representing more than 90 percent of the total number of shares in IFS, IGT Holding intends to commence compulsory squeeze out proceedings under the Swedish Companies Act to acquire all remaining shares in IFS. Relevant announcements regarding the squeeze out proceedings will be made by IFS when the squeeze out has been formally initiated by IGT Holding. In connection therewith, IGT Holding also intends to promote delisting of IFS’s shares from Nasdaq Stockholm.

Contact:
Kerstin Danasten, press officer, EQT: +46 8 506 553 34, press@eqtpartners.com

About EQT
EQT is a leading global private equity group with approximately EUR 30 billion in raised capital. EQT Funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 15 billion and approximately 100,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

 

Categories: News

Oakley sells partial stake in PARSHIP ELITE Group

Transaction values the business at €300m, representing a return of 3.6x MM on original investment and an IRR of approximately 150%. Oakley retains an ongoing stake in the business to benefit from further growth.

Oakley Capital Private Equity is pleased to announce that Oakley Capital Private Equity II (“Fund II”) has reached an agreement to sell a controlling stake in PARSHIP ELITE Group (the “Group”), a leading online dating service in the German-speaking world, to ProSiebenSat.1 Media SE (“ProSiebenSat.1”), with Fund II and existing management retaining stakes totalling just under 50% of the Group.

This deal means that, since the initial acquisition 16 months ago, the equity investment has generated a 2.3x cash return and a money multiple of 3.6x overall, including Fund II’s retained stake in the Group.

ProSiebenSat.1 is acquiring its interest in PARSHIP ELITE Group based on an enterprise value of €300 million. Fund II will receive gross proceeds of €129 million and retain a significant minority stake in the Group, providing investors with participation in further potential value upside.

Over the 16 months under Fund II’s ownership, PARSHIP ELITE Group has delivered strong organic growth and at the same time has consolidated its position as a leading player in the online dating market, through the acquisition of Elite Partner, signed just six weeks after the initial PARSHIP investment.

Peter Dubens, Managing Partner of Oakley Capital Private Equity, commented: “The sale of this stake in PARSHIP ELITE Group locks in an impressive return for Fund II and a continued stake in a fast growth business. Oakley Capital has a successful history of working with ProSiebenSat.1 with both parties currently invested in online consumer business, Verivox. We are excited by the opportunity that Fund II has created to once again partner with ProSiebenSat.1. Oakley Capital and the management of PARSHIP ELITE Group believe that the value of our retained stake will be significantly enhanced within the ProSiebenSat.1 group of companies by allowing PARSHIP ELITE Group to leverage ProSiebenSat.1’s leading position in the media sector.”

Rebecca Gibson, Partner of Oakley Capital Private Equity, commented: “The strong growth of this company is a further demonstration of Oakley’s expertise in the online sector and its ability to identify value generating opportunities. We have worked in partnership with the management team to drive organic growth whilst encouraging ambitious strategic acquisitions that have brought scale and operational leverage. It also highlights our ability to deliver impressive returns in a relatively short amount of time. We would like to thank the PARSHIP ELITE Group management team, and look forward to working with them and ProSiebenSat.1 in creating further growth and value.”

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Trescal acquires Precision Metrology Inc.

Paris, September 1st 2016.

Trescal_1_14
Trescal, the international specialist in calibration services, announces
the acquisitionof Precision Metrology Inc., a leading calibration services
provider based in Wisconsin and Florida, US.

This transaction consolidates Trescal’s geographical footprint and technical coverage in the United States and has been
completed with the support of Ardian, its majority shareholder.

Founded in 1980 and headquartered in Milwaukee,Precision Metrology is A2LA-accreditedand has strong technical skills in dimensional, DC/Low Frequency, thermodynamics, and mechanical/dimensional repair.
With a turnover of around $11 million, the company employs around 90
people and is mostly active in the Utilities, Aeronautics and Life Science sectors.

Precision Metrology’s founder, Carol Shipley, will remain in her
current position to continue leading the growth of the business
in the coming years.

This acquisition will bring Trescal’s portfolio in the US to 15 calibration laboratories, with over 400 employees. It is the 16th acquisition since Ardian became its majority shareholder in July 2013.

 

Categories: News

Handicare acquires Prism Medical Ltd.

1-9-2016

 

Kista, Sweden (September 1, 2016) Handicare announced today the acquisition of Prism Medical Ltd – a successful patient handling company in North America located in Toronto, Canada and St. Louis, USA. Prism Medical has a proven track record of profitable growth and is a significant player in the Ceiling Lift and Patient Handling market in North America.

Prism Medical’s revenue for 2016 will be in the range of 50M USD with 250 people employed. The new combined product portfolio and sales network will put Handicare in a top tier position in North America. The combined product portfolio will later in 2016 be available to both Prism Medical’s and Handicare’s customers worldwide. Moreover, Prism Medical dealers in North America will now have access to Handicare’s stairlifts product range.

Charley Wallace will assume the role as President & CEO of Handicare North America and Ross Scavuzzo will continue to lead in Canada, as President of Handicare Canada.

Asbjörn Eskild, CEO of Handicare Group, says: “We have for a period searched for a company that can support Handicare’s growth strategy in North America. A healthy company that also shares our values and puts the customer and patient in focus. Prism Medical is a perfect match to us”.

Prism Medical manufactures a broad range of high-quality products, including fixed ceiling lifts, portable ceiling lifts, floor lifts, slings, and other ancillary patient handling products, and provides related sales, installation, training and maintenance services through a combination of direct sales, regional sales and service centres, and independent dealers. Prism Medical also sources and distributes third party products such as stairlifts, baths, and beds to customers in each market that it serves, to provide a complete service solution and leverage the company’s well-established distribution channels.

ABOUT HANDICARE

Handicare was founded in 1986 and supplies technical aids for the elderly and physically disabled. Its products include stairlifts, transfer and lifting products, automobile adaptation solutions and homecare products. Handicare’s brand products are distributed through a comprehensive network of professional dealers and distributors in 30 countries around the world. Through its subsidiary Puls, the group is also a market leader in the sale of capital goods and consumables to hospitals and institutions in Norway. Handicare has 950 employees and its headquarters in Kista, Sweden, and has subsidiaries in Norway, Denmark, Germany, the Netherlands, England, Belgium, France, and the US. For more information, please see www.handicare.com.

ABOUT PRISM MEDICAL

Prism Medical is a vertically integrated manufacturer and leading provider of equipment and services used to move and handle mobility challenged individuals in a safe and dignified manner. Prism Medical’s products are marketed under the brand names of Prism Medical, ErgoSafe, Waverley Glen and Nightingale in the homecare, acute care and long-term care markets throughout North America. Prism Medical offers solutions that encourage improved care, quality of life and mobility, while seeking to lower the overall cost of the caregiving function in a number of ways, including reducing the incidence of handling-related injuries among caregivers. Through its network of dealers, Prism Medical provides an integrated suite of products and services that make homecare a viable option for many people. For further information visit Prism Medical’s website at www.prismmedicalltd.com or www.sedar.com.

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Edouard Merette appointed Chairman of Unigestion Asia

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Unigestion has appointed Edouard  Merette the Chairman of Unigestion Asia as of the 1st of September. Based in Singapore, Merette will be instrumental in leading the firm’s strategy for growth in the region, working with the whole of Unigestion’s senior management team. Merette was previously Managing Director, Asia Pacific for the Caisse de Depot et Placement du Quebec, one of Canada’s largest fund managers, and has over 25 years of corporate management experience in Canada, Europe and Asia Pacific.

Unigestion, the boutique asset manager with scale, today announces that Edouard Merette has been appointed as non-executive Chairman of the board of Unigestion Asia.

Based in Singapore, Merette will be instrumental in leading the firm’s strategy for growth in the region, working with the whole of Unigestion’s senior management team.

Merette was previously Managing Director, Asia Pacific, for the Caisse de Depot et Placement du Quebec, one of Canada’s largest fund managers and has over 25 years of corporate management experience in Canada, Europe and Asia Pacific. His track record of building and leading businesses in the professional services sector include seven years as Chief Executive for Aon Hewitt, Asia Pacific and six years as a member of Mercer’s Global Executive Committee, the last year of which he was President, Asia Pacific.

Merette replaces Bill Foo, who served as chairman for five years, but who remains a member of the board.

Bernard Sabrier, Group Chairman of Unigestion said of the appointment: “We are thrilled that Edouard is joining our global family. With our increasing presence in Asia since establishing our office in Singapore in 2007, we see the region as one of long term growth for Unigestion. Edouard’s profile and experience globally, together with his knowledge of the Asian financial markets will help us establish strong relationships with Asian investors.”

Edouard Merette commented: “Unigestion has a compelling proposition for Asian investors, who value sound investment principles based on tailored, risk managed exposure across diversified asset classes.  For me, Unigestion is an ideal fit given its global footprint and outlook. I very much look forward to working with my new colleagues to build on Unigestion’s success both in the region and globally.”

Categories: People

Varma, CapMan Nordic Real Estate Fund and Cavendo partnership acquires Heron City in Stockholm

Capman

CapMan press release 1 September 2016 at 8.30 a.m. EEST

Varma, CapMan Nordic Real Estate Fund and Cavendo partnership acquires Heron City in Stockholm

Varma, CapMan Nordic Real Estate Fund and Cavendo have purchased Heron City, the 49,400 sqm landmark retail centre located in Kungens Kurva, Stockholm from NIAM for SEK 930 (EUR 98) million.

“We are delighted to have completed this acquisition with both our long standing partner and investor Varma and our new partner Cavendo, who will take responsibility for asset management at the centre. With all of the opportunities it presents, Heron City is a great fit with our value-add strategy,” comments Ed Williams, Senior Partner at CapMan Real Estate.

Kungens Kurva is 15 minutes South of Stockholm’s city centre and is the busiest retail area in the Nordics with approximately 20 million visitors a year. The area is anchored by the largest IKEA store in the world and the catchment area includes 1.5 million people within a 30-minute drive.

Heron City’s main tenants include Sweden’s largest cinema operated by SF Bio, home electronics retailer Media Markt, interior design and furniture retailer Mio, Willys supermarket and sports & outdoor retailer XXL. With a distinct retail and leisure offering, Heron City complements the other retail centres in the area and has benefited from increasing visitor numbers and turnover as Kungens Kurva has expanded in recent years. Visitors to Heron City in 2015 amounted to 7.2 million. The property will benefit from significantly improved accessibility and catchment area over the coming years with the completion of the the Stockholm bypass infrastructure project.

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