Monthly Archives: July 2017

Viking Venture exits EcoOnline at 10 times the investment

Viking Venture exits EcoOnline at 10 times the investment

Viking Venture, the Norwegian B2B software specialist, is happy to announce its divestiture of chemical management software provider EcoOnline AS to Summa Equity. After developing the company into a rapidly growing undisputed market leader in the Nordics, Viking Venture exits at 10 times the investment in 2.5 years. Viking Venture reinvests parts of the proceeds in EcoOnline to facilitate further growth in the Nordics and to establish a leading position in Europe. 

EcoOnline is sold to Summa Equities, a leading Nordic private equity firm, in an all cash transaction valuing EcoOnline at NOK 355 million. Viking Venture owned 64% of EcoOnline prior to the transaction.

– The sale of EcoOnline is a highly successful exit, yielding 10 times return on our investment in only 2.5 years, says Erik Hagen, managing partner of Viking Venture and the former chairman of the board of EcoOnline.

– With Summa Equity as a strong partner we will continue the rapid growth in our existing markets and are ready to expand into Europe, says Jostein Vik, partner of Viking Venture and former board member of EcoOnline. – We want to take part in the continued value creation and are reinvesting a substantial sum together with management”.

Summa will own 69% of the shares after the transaction while Viking Venture retains 23%. The remaining 8% is owned by management and employees.

 

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Herkules IV acquires Beckmann AS

Herkules Fund IV has entered into an agreement with the Beckmann family and management to acquire Beckmann AS, Norway’s leading provider of school backpacks. Beckmann is known for its unique value, functional and ergonomic design offering.
Herkules Fund IV has entered into an agreement to acquire the majority of the shares of Beckmann AS. The Beckmann family will together with the management re-invest and receive a minority stake in the company. Closing of the transaction is expected to take place in August 2017.

Founded in 1947, Beckmann is a leading provider of school backpacks with products sold in Scandinavia, Europe and Asia. Beckmann has an 80% market share in the primary school backpack market in Norway, and has been growing internationally in recent years. The company is headquartered in Kristiansand, Norway, and had net sales of NOK 81.2 million and an EBITDA of NOK 15.5 million in 2016.

“I believe Herkules will be able to grow the company in a way that we will not be able to achieve on our own. Herkules’ level of professionalism and competence coupled with their experience from Asia and China is unparalleled to our”, says Jan Olav Beckmann, the majority owner.

“The brand has an exceptionally strong position in the Norwegian market and is growing 30% annually. We believe there is great potential to accelerate growth and achieve further international success together with the Beckmann family,” says Sverre Flåskjer, Managing Partner at Herkules Capital.

For further information about Beckmann AS, please visit www.beckmann.no

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Swander Pace Capital Sells Lavo to KIK Custom Products

Swander Pace logo

Swander Pace Capital Sells Lavo to KIK Custom Products

ONTARIO, CANADA (July 6, 2017) – Swander Pace Capital, a leading private equity firm specializing in consumer products companies, has sold Lavo Inc., a leading manufacturer and marketer of laundry detergent, household cleaners, fabric softeners and bleach in Canada, to KIK Custom Products Inc.

Lavo has been selling high-quality products for more than a century. The company’s brands include La Parisienne, Hertel, Springtime, Old Dutch, Arctic Power and ABC.

“The strong heritage of these brands and world class capabilities served as the foundation of our growth strategy,” said Roger Dickhout, Chief Executive Officer of Lavo. “Our ability to leverage best practices from other Swander Pace companies, continue to build the company’s core competencies, capitalize on growth opportunities, and successfully integrate the Arctic Power and ABC brand acquisitions were critical drivers of value creation. We are pleased that KIK can help create future opportunities for the company.”

“We are grateful to the Lavo team and all of our employees for their hard work and contributions during our ownership,” said Andrew Richards, managing director of Swander Pace. “We look forward to watching the team continue to grow and flourish as part of the KIK organization.”

Sawaya Segalas & Co., LLC served as exclusive financial advisor to Lavo and Swander Pace Capital, and Stikeman Elliott LLP acted as legal counsel to Lavo and Swander Pace Capital on the transaction.

About Swander Pace Capital 

Swander Pace Capital (SPC) is a private equity firm that invests in companies that are integral to consumers’ lives. SPC’s consumer industry expertise informs the firm’s strategic approach and adds value through access to its proven SPC Playbook, senior team and extensive network. The firm partners with management teams to help build companies to their full potential. SPC invests in businesses across three domains of consumer lifestyles: Food & Beverage, Body & Wellness and Home & Family. With offices in San Francisco, New Jersey and Toronto, SPC has invested in more than 45 companies and raised cumulative equity commitments of approximately $1.8 billion since 1996. For more information, visit www.spcap.com.

About Lavo

Lavo is the leading independent manufacturer and marketer of laundry and cleaning products in Canada. Lavo distributes and markets under owned brands La Parisienne, Hertel, Springtime, Old Dutch, Arctic Power, and ABC. These brands carry a strong reputation among Canadian consumers, and are sold in grocery stores, pharmacies, mass retailers, and warehouse clubs. Lavo is also a leading private label laundry product supplier, and markets bulk bleach to the industrial sector.

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Gimv invests in Snack Connection, a leading nut supplier

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Gimv

Gimv invests in Snack Connection, a leading nut supplier

Today, Gimv is announcing its investment in Snack Connection (www.snack-connection.nl). This Dutch company is purchasing, processing, mixing and packaging nuts and similar products.

Established in 2010 by Managing Director Perry van Otterloo and CFO Rens van Oostrum, Snack Connection provides private label solutions for the European retail and B2B markets. Snack Connection has two modern production sites based in Giessen and Bergschenhoek, in the Netherlands, and employs over 100 people. It provides a solution to the growing demand for convenience and healthy food, thanks to its wide range of nuts and seeds. The company acts as a flexible partner, thinking along with retailers, from a value-added viewpoint. This approach leads to innovative packaging materials, tailor-made designs and joint management of the product offering.

Building on its unique position and strong customer base in the Netherlands, Snack Connection is aiming to continue its expansion across the European market in the coming years. This will happen by developing existing customer relationships as well as entering into new partnerships, both at home and abroad. Gimv’s expertise, that was built up at the occasion of previous investments in the food sector, is certainly of added value.

Perry van Otterloo, Managing Director of Snack Connection, on this partnership: “With Gimv by our side, we hope to become an even better partner for our customers and suppliers. We are relying on Gimv’s knowledge and network to become an active player on the European market. The nut market can look forward to increased interest, also due to its health benefits. In addition, we can accelerate our further plans.”

Arie Hooimeijer, Partner in Gimv’s Connected Consumer Team, adds: “Snack Connection is a unique organisation in an attractive and fast-growing segment. Together with Snack Connection’s founders, we are proud that Gimv can co-shape the future growth of the company. We will use the years of experience in previous partnerships with food companies, such as Vandemoortele and Greenyard, to further enhance Snack Connection’s growth and to further strengthen the customer relationships.”

One key outcome of this investment is Gimv’s acquisition of the current major shareholder Trophas’ share.

The transaction is subject to the customary closing conditions, including approval by the competition authorities. No further financial details of the transaction have been announced.

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Gimv invests in Arseus Medical, leading distributor of medical equipment and consumables

Gimv

06-07-2017 17:45

Gimv invests in Arseus Medical, leading distributor of medical equipment and consumables

Today, Gimv announced an investment of EUR 15 million in Arseus Medical (www.arseus-medical.be), distributor of equipment and consumables for the medical sector (hospitals, medical specialists, care homes) and supplier of associated services. Gimv takes a substantial interest in the company in addition to the entrepreneurs Cedric De Quinnemar and Jan Ponnet, who took over Arseus Medical in 2014 and who will also stay on board after this transaction. All parties will provide growth capital with the objective of allowing the firm to continue to grow at an accelerated pace in the coming years.

Under the auspices of the current management, the work in the past few years established a strong structure, clear segmentation and a number of expansions including 3 complementary takeovers. In the new partnership with Gimv, Cedric De Quinnemar (current CEO) and Jan Ponnet will continue to contribute to the further growth of the company as members of the Board of Directors. In addition, room will be created for the appointment of a new CEO with a strong MedTech-expertise, helping to lift the firm to the next level.

Arseus Medical NV

From its head office in Bornem  (Belgium),  Arseus is active in the following four market segments; ophthalmology (exclusive distribution of high-tech equipment to ophthalmologists), specialised medical equipment on an exclusive basis for numerous other specialisations (such as cardiology, gynaecology, laser surgery, intensive care units, neuro and vascular surgery, etc.), medical supplies (sale and rental of mobility articles, orthopaedic materials and ostomy and incontinence materials), and the provision of first line care (diagnostics, consumables and devices for general practitioners, rest homes and home care).

In each of these four market segments, the firm holds a leading position and has a strong basis to build on and to expand into adjacent markets. In 2016, Arseus Medical realised a turnover of EUR 30 million with 90 employees, half of whom hold commercial positions.

For the coming years, Arseus Medical has the ambition to grow both organically and by doing acquisitions, while capitalising on an increased demand for care from an ageing population and technological developments that will enable it to provide better care at a lower cost. The company also has the ambition to lead the consolidation in the Benelux of what has been a fragmented market until now. By providing this growth equity, all parties want to strengthen the company’s market position and  grow in each of the four segments. The further internationalisation of the firm is also a priority, with the Dutch market as primary focus. Gimv’s experience in MedTech and Health Care Services is a valuable addition to Arseus Medical, which feels its strategic plan will be bolstered by it.

Cedric De Quinnemar, CEO Arseus Medical, on this transaction: “This collaboration will enable to speed up the current growth trajectory and will also further establish the company as clear market leader. There are a number of possibilities in each of these segments which we can capitalise on more assertively with the new structure. These include, for example, the commercialisation of innovations and new care models, the takeover of interesting complementary companies and the expansion of our services. This will make us an even more valuable partner for our clients, suppliers and personnel.”

Dr. Peter Byloos, Partner within the Gimv Health & Care platform, adds: “The current Arseus Medical is an ideal platform for further acquisitions in a number of specialised sectors at home and abroad. The objective is to further integrate services and thus to create long-term value in a consolidating care sector. We are looking forward to realising this plan with the strong team of Arseus Medical in the coming years.”

In addition to Breath Therapeutics, ImCheck Therapeutics and MVZ Holding, this is the fourth investment by the Gimv Health & Care platform this year. Through the Gimv Health & Care Fund, its specialised team invests in mature health care companies as well as innovative concepts in the care sector. The fund’s current portfolio includes companies such as Almaviva Santé, Benedenti, Eurocept, Equipe Zorgbedrijven, MVZ Holding and Spineart. With the Arseus-partnership, the team continues to build a strong portfolio of growth companies in the healthcare sector in Belgium and neighbouring countries.

No further financial details about the transaction will be announced.

 

www.private-equitynews.com

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BlackFin Capital Partners announces the acquisition of Buckaroo

 

Blackfin

BlackFin Capital Partners announces the acquisition of Buckaroo

BlackFin Capital Partners has entered into an agreement with Intrum Justitia to acquire 100% of the shares in Buckaroo BV. The acquisition will be subject to customary closing conditions and regulatory approval, with an expected closing during the third quarter of 2017.

Buckaroo is a leading and multiple award winning Dutch payment service provider servicing over 5000 merchants. Buckaroo has grown into the absolute specialist in payment solutions in recent years. Many corporates and medium-sized companies use Buckaroo to facilitate their growth in business in ecommerce, mobile business or offline business.

BlackFin, a private equity firm specialized in the financial services & fintech sector, is deeply committed to invest in Buckaroo in order to accelerate the company’s growth strategy together with the management team. This will enable Buckaroo to capitalize on the fast growing e-commerce segment and the rapidly evolving payment space.

“We are pleased with BlackFin as our new shareholder. With their expertise and track record in accelerating growth we will embark on an ambitious growth strategy for Buckaroo and expand the service offering to clients.” Andre Valkenburg, CEO Buckaroo

“This investment marks our strong interest in the attractive payments space in the Netherlands. We are looking forward to working together with the management team of Buckaroo and support them in realizing their exciting growth path.” Eric May, Founding Partner of BlackFin

BlackFin’s investment in Buckaroo also marks BlackFin’s first investment in the Netherlands led by the Benelux team of BlackFin. During the deal, BlackFin Capital was advised by Kempen & Co, Loyens & Loeff, Regulation Partners and Ernst & Young.

About Buckaroo

Buckaroo

Founded in 2005, Buckaroo is a leading provider of payment solutions in the Netherlands, specialised in offering next generation payment gateways, subscription services and credit management for merchants. It services over 5000 customers and has over 200 partners. Buckaroo has been recognised as Best Payment Provider in the Netherlands by Emerce Top 100 for the last four years.

https://www.buckaroo-payments.com

 

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4Service and NetNordic have made three add – on acquisitions

Norvestor

4Service Gruppen AS (“4Service”), majority owned by Norvestor VII, L.P.,has signed
agreements to acquire Resco AS (“Resco”) and Mint Renhold AS (“Mint”). With these two acquisitions, 4Service will strengthen their presence and offering within Facility Service, and will amplify the profitable growth.

Oslo,6 July 2017 4Service and NetNordic have made three add-on acquisitions 4Service Gruppen AS (“4Service”), majority owned by Norvestor VII, L.P.,has signed agreements to acquire Resco AS (“Resco”) and Mint Renhold AS (“Mint”).

With these two acquisitions, 4Service will strengthen their presence and offering within Facility Service, and will amplify the profitable growth. Resco is a provider of cleaning services in the greater Oslo area, and represents an expansion into the high-end office building segment. Mint is also a provider of cleaning services, providing geographical expansion into the greater Trøndelag – region as well as strengthened presence in the Oslo region.Estimated 2017 revenues for Resco is c. NOK 65 million and NOK 120 million for Mint.

NetNordic has entered into an agreement to acquire Intelecom, strengthening its position as the leading system integrator of network, security, communications and cloud solutions in the Nordic enterprise market.

Intelecom is a leading Norwegian supplier of network and communications solutions. The
company has a long history and a leading position with large enterprise customers, with focus on the verticals offshore, public/governmental and hospitality. Intelecom has roots back to Alcatel Business Systems in 1990 and later mergers with Consorte and Carrot. With this acquisition, NetNordic will be passing one billion NOK in revenues, increase its competence in strategic verticals, and strengthening its platform for further growth.

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Ardian arranges £50m Unitranche to refinance Lyceum’s Bellrock and fund acquisition plan

London, July 6th 2017 – Ardian, the independent private investment company, today announced the arrangement of a Unitranche financing facility to refinance Bellrock, a leading facilities management and property services provider. The facility will also fund Bellrock’s acquisition of Profile Consultancy Limited (“Profile”), and includes a committed debt facility to further support Bellrock’s expansion plans.

Bellrock was formed in 2000 as SGP Property Services. It provides facilities and property management, and other associated services, to a large blue chip customer base spread across a broad range of sectors and disciplines, including education, healthcare, and retail & leisure, in both the public and private sectors. Backed by Lyceum since 2013, the company has been a leading player in the technology-enabled service management space.

Profile, jointly based in Bedford and York, is the UK’s leading service charge expert, and currently manages £250 million service charges per annum on behalf of its corporate clients in the retail and leisure sector. Profile’s services add to the corporate occupier offering provided by Bellrock, following last year’s acquisition of Property Solutions. Bellrock is now the leading independent provider of service charge management to corporate occupiers in the UK, making it the partner of choice for all tenant service charge requirements.

Following five successful add-on acquisitions in 2016, completed together with investor Lyceum Capital, this latest acquisition is the single biggest investment to reinforce Bellrock’s technology-driven facilities management and property management service offering. Bellrock’s acquisition strategy will be further supported in the future by Ardian through committed and uncommitted financing facilities.

Olivier Berment, Co-Head of Ardian Private Debt and Managing Director, said: “Bellrock is an innovator in its sector with its focus on tech-enabled services to support the property management needs of its commercial customers. Add-on acquisitions will continue to form a key part of Bellrock’s growth strategy, so we are excited to offer flexible financing to enable this, and help the team realise its ambitious growth plans.”

David Smith, CEO, Bellrock, added: “Profile is a highly skilled outfit and a perfect fit for Bellrock, which now has a reputation as the leading tech-enabled facilities management and property services provider in the UK. We are delighted to bring Ardian on board as a new partner to help drive our ambitious growth strategy, as we continue our organic expansion as well as acquiring additional businesses that further complement our product suite.”

Adam Lewis, Investment Director at Lyceum Capital, added: “The last 12 months have been transformational for Bellrock. During this time David and the team have successfully created a market leader in property and facilities management. We continue to see huge potential for the business.”

ABOUT BELLROCK

Founded in 2000, Bellrock supplies a range of managed facilities and property services under long-term contracts to a blue chip client-base spanning the healthcare, education, corporate and retail sectors. The company uses its own facilities management technology platform to plan, report and analyse trends, which helps its customers operate and manage their estates more efficiently. The Company oversees or delivers c.1million facilities management jobs per annum.

www.bellrock.fm
ABOUT ARDIAN

Ardian, founded in 1996 and led by Dominique Senequier, is an independent private investment company with assets of US$62 billion managed or advised in Europe, North America and Asia. The company, which is majority-owned by its employees, keeps entrepreneurship at its heart and delivers investment performance to its global investors while fuelling growth in economies across the world. Ardian’s investment process embodies three values: excellence, loyalty and entrepreneurship.

Ardian maintains a truly global network, with more than 460 employees working through twelve offices in Beijing, Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, New York, Paris, San Francisco, Singapore and Zurich. The company offers its 580 investors a diversified choice of funds covering the full range of asset classes, including Ardian Funds of Funds (primary, early secondary and secondary), Ardian Private Debt, Ardian North America Direct Buyout, Direct Funds (Ardian Mid Cap Buyout, Ardian Expansion, Ardian Growth, Ardian Co-Investment), Ardian Infrastructure, Ardian Real Estate and customized mandate solutions with Ardian Mandates.

www.ardian.com

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Comtravo, the AI business travel platform raises €8.5 million in Series A round

Berlin, July 6th, 2017. Comtravo closed an €8.5 million Series A financing round co-led by Berlin-based VC Project A and Swedish VC fund Creandum. The AI business travel platform makes booking and managing business trips as simple as sending an email. With the new funding, Comtravo will accelerate their product development and open the door for future international expansion.

Comtravo’s software translates text requests such as email into structured queries using natural language processing (NLP) and artificial intelligence technology to provide the best travel options for individual travelers based on specified preferences as well as previous booking behavior. This way, users can quickly book personalized offers with one click directly in the email.

For small- and medium-sized companies, which account for two thirds of the global business travel market, Comtravo offers an easy-to-use and cost-efficient solution to manage business travel with the additional benefit of a centralized billing system.

“Comtravo is combining the best talent in the space with cutting-edge technology and excellent execution. A perfect mix to tackle a market with huge potential for disruption,” says Anton Waitz, Partner at Project A. “We have been using the product for more than a year and we love it.”

Simon Schmincke, Principal at Creandum adds: “We were immediately convinced by the idea and the implementation. Much of the innovation that already exists in the leisure travel market is still missing in the business travel market. Comtravo has the strongest team in artificial intelligence and travel technology to revolutionize business travel.”

Focusing on research and development in the last year and a half, Comtravo’s technology has evolved to the point that more than 35% of the travel requests are processed fully automated. Experienced travel experts constantly train the software and ensure a superior customer experience. Comtravo combines the services of a classic travel agency with the efficiency of online tools.

“It makes no sense at all that very well-trained travel agents are concerned about simple standard requests, as it is the case in many classic travel agencies. Thanks to our technology, our agents on average need one third of the time that is required in a fully manual process,” explains Michael Riegel, CEO of Comtravo. “At the same time, Comtravo is able to bundle the demand of small- and medium-sized companies to negotiate better conditions for its customers like a purchasing group.”

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Ardian acquires stake in Sarbacane Software

Ardian acquires stake in Sarbacane Software

Paris, 4 July 2017– Ardian, the independent private investment company, today announces the
acquisition of a minority stake in Sarbacane Software , the leading email and digital marketing software
publisher for small businesses in France and Europe.

Founded in 2001 by current CEO Mathieu Tarnus, Sarbacane Software provides simple and efficient
digital marketing software solutions to over 10,000 customers around the world.
Over the past three years, the company has undergone a major period of investment which has allowed it
to consolidate its two established brands – “Sarbacane” in France and “Mailify“ abroad. The Company
also broadened its range of solutions with an SMS marketing tool “Primotexto”, an interface helping
software publishers and webmasters manage transactional emails “Tipimail”, and most recently a solution
for the WordPress community “Jackmail”.

Sarbacane Software CEO and founder Mathieu Tarnus said:

“ We have invested significantly in the business over the past three years. To accelerate our growth, it was important that we choose a partner with a strong understanding of the issues relating to international growth as well as the challenges
associated with expanding our product range. Given the team’s track record and entrepreneurial
approach, Ardian Growth was the obvious choice of part ner for us.”
In addition to Ardian’s expertise in supporting growth-oriented companies as well as providing support
via its extensive network, the partnership will enable the Sarbacane Software management team to increase
its international footprint, particularly across Spain, where the group already has a local presence. This
investment will also allow Sarbacane Software to seize build-up opportunities for further growth across
Europe.

Ardian Growth Director Geoffroy de La Grandière said:

“In the changing email marketing sector, Sarbacane Software has made its mark as an important
independent player developing solutions and expanding internationally, using a strong growth mo
del delivering double-digit returns.” Ardian Growth Senior Investment Manager Bertrand Schapiro
added: “Our knowledge of the digital marketing industry and the broader economic environment in sout
hern Europe will enable Sarbacane Software to continue accelerating its growth in the SMB market.”

ABOUT SARBACANE SOFTWARE

Sarbacane Software was founded in 2001 and has established itself over the past 15 years as a leader in email
and digital marketing in France and Europe. The company is managed by Mathieu Tarnus and is based in Hem,
near Lille, with offices in Barcelona and New York. It has 80 employees and over 10,000 customers worldwide.
Sarbacane Software has delivered double-digit growth since its creation. The company is targeting €20
million within the next three years and is aiming to become one of the top three European companies in the sector.

ABOUT ARDIAN

Ardian, founded in 1996 and led by Dominique Senequier, is an independent private equity company with
assets of US$62bn managed or advised in Europe, North America and Asia. The company, which is majority- owned by
its employees, keeps entrepreneurship at its heart and delivers investment performance to its global inves
tors while fuelling growth in economies across the world. Ardian’s investment process embodies three values: excellence,
loyalty and entrepreneurship. Ardian maintains a truly global network, with more than 450 employees working
through twelve offices in Paris, London, Frankfurt, Milan, Madrid, Zurich, New York, San Francisco, Beijing,
Singapore, Jersey, Luxembourg. The company offers its 580 investors a diversified choice of funds covering the full
range of asset classes, including Ardian Funds of Funds (primary, early secondary and secondary), Ardian Private
Debt, Ardian Buyout (including Ardian Mid Cap Buyout Europe & North America, Ardian Expansion, Ardian Growth
and Ardian Co-Investment), Ardian Infrastructure, Ardian Real Estate and Ardian Mandates.

www.ardian.com

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