Monthly Archives: July 2017

Eurazeo invests in Iberchem,a global lead in fragrances & flavors producer

Eurazeo

Eurazeo, a leading global investment company listed in Paris, is pleased to announce the acquisition
of Iberchem, a global producer of fragrances and flavors addressing national and regional brands in
emerging markets, for an enterprise value of €405 million. Eurazeo will invest c. €270 million to
become the majority shareholder (c.70%) alongside the existing management team. The transaction

will close later in July.

Headquartered in Murcia (Spain) and selling in more than 100 countries, Iberchem has a unique and
particularly fast-to-customer business model, with strong local sales & development
teams and 11 manufacturing facilities across the world including in Spain, China, Indonesia, Colombia
and Tunisia. Iberchem serves the Hygiene and Personal Care (“HPC”) industry through its fragrances
division and the Food and Beverages (“F&B”) industry through its flavors division, Scentium.

Thanks to a very diversified customer base of more than 3,400 customers, mainly leading
local and regional consumer brands, Iberchem benefits from the growth of the world’s
population as well as the rise of the middle class in emerging market countries to drive its superior organic growth.

Since its creation in 1985 by Ramon Fernandez, its current CEO, Iberchem has enjoyed a solid and uninterrupted double-digit organic growth. From 2012 to 2016, sales grew by 18% per annum. As of May 2017, the company generated LTM sales of 117m€, c. 25m€ of EBITDA and c.23m € of EBITA.

Eurazeo will support Iberchem’s management team in the next phase of the development of the
company while preserving its unique DNA as the leading supplier of value for money fragrances and
flavors ingredients for local brands in the emerging markets.

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EQT VII to acquire leading mobile filtration technology provider Desotec from AAC

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  • EQT VII to acquire Belgium based Desotec, a European market leader in mobile industrial filtration technology, from AAC Capital Partners
  • Desotec has pioneered the market for mobile activated carbon filters and has achieved strong top-line growth over the past decade
  • EQT VII to support Desotec on its continued growth and transformation journey by investing in the commercial organization and supporting further international expansion

The EQT VII fund (“EQT VII”) has entered into an agreement to acquire Desotec (or “the company”) from Private Equity firm AAC Capital Partners and other minority owners.

Founded in 1990, Desotec has pioneered the market for the purification of liquids and gases through mobile activated carbon filters. During its more than 25 years in business, the company has established itself as a European market leader in this field. Desotec provides a filtration technology that enables its customers to comply with increased environmental regulations and sustainability requirements and to serve mission-critical filtration needs offering a flexible rental solution.

The company operates three state-of-the-art reactivation furnaces with a combined annual total capacity of around 12,400 tonnes of output. In addition, it has a fleet of around 1,500 mobile filters. Desotec has achieved an average annual top-line growth of 16% over the past decade and in 2016 generated approximately EUR 50 million in sales. Desotec has 110 employees.

“We are very excited to have EQT as our new owner and look forward to working together closely. EQT’s industrial approach, global presence and broad network will be of great value to Desotec as we embark on our next phase of growth. We believe that EQT’s entrepreneurial spirit will be play an important part in our future success”, says Desotec’s CEO Mario Hertegonne.

Kristiaan Nieuwenburg, Partner at EQT Partners, Investment Advisor to EQT VII, says: “We are impressed by the high quality of Desotec’s management and operations. The company has a true market leading position in the mobile filtration market, which it has successfully built over the past decade. We look forward to supporting the management team to expand into new markets and continue to invest in further growth”.

Marc Staal, Managing Partner at AAC Capital, says: “During our investment period we expanded Desotec’s footprint throughout Western-Europe resulting in an annual EBITDA growth of 17.5%. Together with Mario Hertegonne and his team we implemented a comprehensive market strategy, developed new applications through innovation and opened a third state-of-the-art reactivation furnace. We are confident that Desotec will continue to flourish under its new ownership and we wish the business and all its employees every success in the future”.

The transaction is expected to close in August 2017. The parties have agreed not to disclose the transaction value.

Contacts:
Kristiaan Nieuwenburg, Partner at EQT Partners, Investment Advisor to EQT VII, +31 20 262 4001
EQT Press office, +46 8 506 55 334

About EQT
EQT is a leading alternative investments firm with approximately EUR 37 billion in raised capital across 24 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About Desotec
Desotec is a leading European provider of mobile filtration technology through a unique and circular service concept. The company is headquartered in Roeselare, Belgium, and has established a pan-European platform with strategically located service centers in Spain and Poland and a workforce of 110 employees.

More info: www.desotec.com

About AAC
With offices in Amsterdam and Antwerp, AAC is a leading Benelux mid-market buy-out firm, which has to-date completed 31 management buyouts. It targets opportunities for majority stakes in profitable, cash-generative companies headquartered in the Benelux. AAC’s deal size is typically between €10 and €150 million. AAC is a growth-oriented investor, with such companies in its portfolio as Verasol, Corilus, Lubbers Transport Group and Hobré Instruments.

More info: www.aaccapital.com

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Digital workspace innovator RES Software to be acquired by Ivanti

Gimv

Digital workspace innovator RES Software to be acquired by Ivanti

RES Software, a digital workspace software company focused on improving the consumption of IT services through secure, automated workspace and identity provisioning, signed an agreement with US based Ivanti, a global leader in integrating and managing the IT digital workplace.

RES Software (www.res.com) was founded in Den Bosch (The Netherlands) in 1999. The company has grown from a start-up company into a global market leader in the field of user workspace management. RES‘ flagship offering addresses user environment management and identity governance across physical, virtual, and cloud environments via its converged platform. Their capabilities for bulk provisioning and de-provisioning user accounts will combine with Ivanti’s process automation to help IT organizations more effectively automate onboarding and off-boarding processes.

Since Gimv’s initial investment in spring 2010, RES expanded fast geographically in Europe and later on also in North America, the customer base grew significantly and revenues tripled. Today RES is operating in 27 countries with a team of over 250 people and counts about 2 500 customers worldwide. The acquisition by Ivanti aims to empower the company in extending its automation capabilities to a larger pool of applications, platforms and databases.

“We thank Gimv for the valuable and professional partnership, not only for giving us financial support but for their expertise enabling our company to grow into an international software player as well,” said Bob Janssen, Founder and CTO at RES. “Today, we are excited to continue that journey within the Ivanti organization.”

Elderd Land, Partner at Gimv and board member of the company comments: “Originated in the Netherlands, RES has developed into a global player, thanks to its superior technology and visionary skills of its management team. We thank the RES team for the great cooperation over the past years and we are proud having been able to be part of this successful international growth story.”

The transaction is expected to close shortly. Over the 7 year holding period, this investment generated a return in line with Gimv’s long-term average return, with no major impact on the equity value at 31 March 2017. No further details about this transaction will be disclosed.

 

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IK Investment Partners to support Third Bridge

IK Investment Partners (“IK”), a leading Pan-European private equity firm, is pleased to announce that the IK Small Cap I Fund has reached an agreement with the founders and the management team to acquire a minority stake in Third Bridge (or “the Company”), a fast-growing primary research provider with a global footprint. Financial terms of the transaction are not disclosed.

Third Bridge provides its clients with unique insights into companies and markets through access to industry experts and market research. Serving a client base of over 300 customers, including private equity funds, consulting firms, hedge funds and corporates, Third Bridge has a global footprint, with six offices covering America, Asia and Europe. Since inception in 2007, the Company has doubled its turnover every two years, and now employs more than 550 people.

The Company’s strong growth has been supported by growth capital investor Beringea, which provided funding through its ProVen VCTs in November 2012. Under the agreement, Beringea will sell its shares in Third Bridge.

“As a client of Third Bridge, our paths have crossed many times, and we have always been very impressed by the Company and the exceptionally experienced management team. We share their values and vision for growth, and as a minority partner, we are proud to support the continued development of Third Bridge’s business model and expansion of the service offering,” said Pierre Gallix, Partner at IK Investment Partners and advisor to the IK Small Cap I Fund.

“Third Bridge has seen fantastic growth over the last 10 years, and the support from IK will enable us to maintain this strong performance, and bring us closer to our vision of being the first port of call for investors seeking the best intelligence. We are excited about working with the IK team, who share our ambitions and have a stellar reputation for supporting founder-led businesses,” said, Emmanuel Tahar, CEO and co-founder of Third Bridge.

Completion of the transaction is subject to legal and regulatory approvals.

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3i to invest c.$136m in Cirtec Medical


3i Group plc (“3i”) today announces that it has agreed to invest c.$136m in Cirtec Medical (“Cirtec”), a leading provider of outsourced medical device design, engineering and manufacturing. 3i will invest alongside management.

Cirtec is headquartered in Brooklyn Park, Minnesota and has been in operation for over 25 years. It operates three facilities across the United States and has over 400 employees.

The company specialises in outsourced solutions for active implantable devices in the areas of neuromodulation, drug delivery, cardiac rhythm management, ventricular assist and minimally invasive devices. Customers rely on Cirtec’s expertise to provide value-add solutions throughout the entire development cycle to help bring life-enhancing therapies to market.

Cirtec has an attractive customer base mix comprised of both traditional blue-chip OEMs (Original Equipment Manufacturers) and fast growing start-up companies.

The medical device outsourcing (MDO) market is expected to grow at a high single digit rate over the next five years, as medical device OEMs increasingly focus on core competencies of R&D and commercial initiatives. Cirtec is strategically positioned to serve the most attractive therapeutic end-markets that are set to grow at a rate beyond the broader MDO industry.

Richard Relyea, Partner at 3i, US commented:

“We are pleased to announce our investment in Cirtec. We look forward to working with the management team to build upon this strong platform for growth, in particular, leveraging our local presence and network to help accelerate the company’s expansion.”

Brian Highley, CEO, Cirtec added:

“We look forward to partnering with 3i. We feel that their approach, sector understanding and international reach makes them the right partner to support the next stage of our growth.”

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Mirabaud Asset Management launches Private Equity Business

Paris, 4 July 2017 – Mirabaud Asset Management has expanded its offering, which already covers several asset classes, to include a new growth industry: the private equity business. To implement this strategy, Mirabaud Asset Management has enlisted the services of Renaud Dutreil, former French Minister of Small & Medium-Sized Businesses and former Chairman of LVMH North America; he will be supported in this remit by Luc-Alban Chermette. This is the first fund dedicated to entreprises du patrimoine vivant (living heritage companies) and was launched today with a first closing of 50 million euros.

In line with the entrepreneurial approach of the Group, which was founded in 1819, Mirabaud Asset Management aims to be an innovator in the private equity business. An initial theme-based fund dedicated to entreprises du patrimoine vivant in the luxury and lifestyle sector has been successfully launched today. An initial transaction of 50 million euros was closed with the participation of top-tier private and institutional investors. Located in Paris, the team in charge of implementing the private equity strategy is headed up by Renaud Dutreil, Head of Private Equity with Mirabaud. The second and final closing of this new fund is scheduled for the end of the year on a total amount of 150 million euros.

This new offering will enable family-run SMEs that have been active not only in France but also in Switzerland, Italy and other European countries for at least 50 years to receive assistance for their international development and their innovation strategy. This assistance will be provided not only in the form of investment, but equally in strategic, legal, managerial, marketing and business advice to promote economic growth.

A successful launch

Lionel Aeschlimann, Managing Partner of the Mirabaud Group and CEO of Mirabaud Asset Management, is excited about the implementation of the private equity strategy. “It is extremely satisfying to develop a sector of activity in which we have bold ambitions and which suits us. In addition, in Renaud Dutreil we have found a top-quality professional who through his international experience, his creditability within the economic fabric of French and European SMEs, and his passion for the world and spirit of entrepreneurship will help us to offer our clients – families, entrepreneurs and institutions – first-class solutions in the field of private equity. This first theme-based product dedicated to patrimoine vivant has attracted a great deal of interest and the success of the second and final closing is already taking shape.”

For Renaud Dutreil, “the Mirabaud Group has all the characteristics investors are looking for: an international presence on a human scale, a clear and specialized positioning, a proactive management approach, a passion for investing, entrepreneurship and the business world in general, a real long-term vision, and a DNA that puts excellence and the alignment of interests at the heart of its value chain. For Luc-Alban and myself, working with Mirabaud and its almost 200 years of family and entrepreneurial history in the world of management and investment was the obvious choice. The industrial living heritage has always been my passion. In my time as Minister I was instrumental in the creation of the entreprise du patrimoine vivant label. As an investor I am determined to give these European flagships all the necessary means for a successful future.”

Renaud Dutreil, former Minister of Small & Medium-Sized Businesses, Commerce, Consumer Affairs, and Crafts and Liberal Professions within the French government (2002–2007), was Chairman of LVMH North America for four years. He has solid experience of private equity in the areas of SMEs, both within France and internationally. This experience comes from his role on the Board of Directors of the L Capital Europe fund for several years, from his responsibility within the LVMH group, and from the investments he has made in a private capacity. Within the scope of his former government functions, Renaud Dutreil was instrumental in the creation of the entreprise du patrimoine vivant label – www.patrimoine-vivant.com – as well as the Dutreil Acts facilitating the financing and transfer of SMEs in France.

Luc-Alban Chermette has over 15 years of experience in the field of private equity, involving more than forty transactions assisting SMEs of all sizes, often with excellent knowledge in a wide range of business areas. One of Luc-Alban Chermette’s most noteworthy roles was as Chairman of La Vélière Capital, a management company registered with the Financial Market Authority, between 2010 and 2016.

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Enoro sold to Hansen Technologies in Australia

Herkules III and the management shareholders in Enoro have signed an agreement to sell Enoro to the Australian Hansen Technologies.
Hansen Technologies is a publicly traded company on the Australian stock exchange that delivers customer care and billing solutions to the energy, utilities, Pay TV, and telecommunications industries worldwide.Herkules III acquired Elis in 2010 with the ambition to create a leading Nordic software provider to the utilities sector. Two add-on acquisitions were made in 2011 and the company was rebranded Enoro in 2012.Enoro has since the acquisition of Elis grown to become a leading European software provider for the utilities sector, providing customer information systems and meter and energy data management.  The company has operations in Norway, Sweden, Finland, Switzerland, Germany and the Netherlands. The revenue base has through organic growth and acquisitions increased to NOK 317 million in 2016 from NOK 64 million 2010, and EBITDA has grown to a run rate of close to NOK 60 million, from NOK 18 million in 2010.

In 2016, Enoro Generis was awarded a contract for the data hub in the Netherlands (covering 17 million metering points), while Enoro CIS won a new landmark deal with Fortum Markets in Finland.

We are pleased about the development of the company, growing from a local company to a leading European player, and we believe Hansen Technologies is a perfect owner for the company going forward. For Herkules III the investment has delivered an annual return in the high teens.

 

Please see Hansen Technologies press release for more information:http://www.hsntech.com

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Ardian Infrastructure becomes largest shareholder in SPMR after acquiring stakes from Total and BPTOTAL AND BP

Ardian

Ardian Infrastructure becomes largest shareholder in SPMR after acquiring stakes from Total and BPTOTAL AND BP

Paris, July 3rd 2017 –
Ardian, the independent private investment company,
today announces that it has closed the acquisition of a 44% stake in SPMR (“Société du Pipeline Méditerranée Rhône”), the refined oil pipeline network company, from Total and BP.

Following the transaction, Ardian will be the largest shareholder in SPMR alongside Trapil, Esso, Eni, PetroFrance and Thevenin & Ducrot, who all remain invested in the company.

SPMR owns and operates a pipeline network of strategic interest, which connects the Fos-Lavera oil facilities in southeastern France with the Lyon area, Northern French Alps, Switzerland and the main
French Riviera oil depots. The network is 760km long and transports around 9.5Mm3 of products per year.

This acqisition will further enhance Ardian Infrastructure’s energy portfolio, which already contains cornerstone investments in Géosel and CLH, two of the largest hydrocarbon storage and pipeline operators in Europe.

Mathias Burghardt, Head of Ardian Infrastructure, said: “This new investment in a strategic asset in France reinforces Ardian’s foothold in the European energy logistic sector and strengthens our relationships with major oil companies.”

Amir Sharifi, Director of Ardian Infrastructure added: “As a responsibly-minded investor in infrastructure, we value SPMR’s long-term operational excellence. Upholding these standards will be a key focus of our strategy for the assets.” Pipeline transportation of refined products is the safest and most economical means of transporting oil products in the region.

ABOUT ARDIAN

Ardian, founded in 1996 and led by Dominique Senequier, is an independent private investment 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 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 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 Growh and Ardian Co-Investment), Ardian Infrastructure, Ardian Real Estate and Ardian Mandates.

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EQT Infrastructure to acquire majority interest in Global Gateway South terminal in Port of Los Angeles

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  • EQT Infrastructure to acquire a majority interest in Global Gateway South, a leading container terminal in the Port of Los Angeles operating under a long-term concession
  • EQT Infrastructure will partner with P5 Infrastructure to transform Global Gateway South into a global leader in trade infrastructure
  • Seller CMA CGM, the world’s third largest shipping line and the largest on the Asia-US trade route, will retain 10% ownership and sign a long-term utilization agreement with the terminal

The EQT Infrastructure III fund (“EQT Infrastructure” or “the fund”) has signed a definitive agreement to acquire 90% of Global Gateway South (“GGS” or “the company”), a leading terminal in the North American Port of Los Angeles, with an enterprise value of USD 875 million. EQT Infrastructure has partnered with port operating firm P5 Infrastructure (“P5”) to develop a value creation plan aimed at transforming GGS into a world class operation. Current owner, CMA CGM, will retain a 10% ownership stake in GGS and has entered into a long-term contract as the largest customer of the terminal.

The Port of Los Angeles, together with the Port of Long Beach, form the largest and most important gateway in North America for growing transpacific trade flows. GGS is the third largest terminal in the Ports of Los Angeles and Long Beach in terms of capacity, and operates under a long-term concession that runs through 2043. The terminal provides intermodal container handling services to shipping lines including stevedoring, intermodal/truck services, storage and maintenance, and is on track to handle over one million containers in 2017. GGS benefits from a superior waterfront location and berth depth that enables the terminal to accommodate the latest and future generations of large container ships. These characteristics, together with an ideal layout and superior rail connectivity, position GGS to become one of the most relevant and efficient terminals in North America.

EQT Infrastructure and P5 have developed a plan to transform GGS from an asset operated as a cost center, into a leading North American terminal in terms of capacity and efficiency. The strategy includes significant capital investments in cranes, other handling equipment and technology to increase capacity and efficiency. The growth of the company will be supported by an industrial Board of Directors with significant ports and container shipping expertise.

Lennart Blecher, Head of Real Assets and Deputy Managing Partner at EQT, Investment Advisor to the fund, said: “The acquisition of GGS fits perfectly with EQT Infrastructure’s focused sector approach of targeting high-quality, well-located logistics assets with transformation potential. The combination of P5’s and EQT’s vast industrial expertise will be a great foundation for sustainable value-creation for the terminal. We are also very happy with CMA CGM’s continued support and engagement”.

Farid Salem, Executive Officer of CMA CGM, said: “We are very pleased to partner with EQT Infrastructure. Together we will develop GGS into a world class terminal company. The terminal will remain an important part of our industry leading logistics network, and will have an opportunity to grow alongside CMA CGM. Throughout the sales process, EQT Infrastructure and P5 have focused on growth in addition to a responsible, hands-on ownership approach, which we consider highly beneficial to our future partnership”.

Sean Pierce, CEO of P5 Infrastructure stated, “We look forward to investing alongside EQT Infrastructure and implementing our value creation strategy in order to deliver value for our shareholders, partners and employees”.

The transaction is subject to customary conditions. It is expected to close in the fourth quarter of 2017.

Jefferies LLC acted as sole financial advisor and Allen & Overy LLP acted as legal advisor to EQT Infrastructure.

 

 

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AUCTUS and PharmaLex acquire US Add-Ons

Auctus

 

PharmaLex Group strengthens the US presence with acquisition of Safis Solutions, The Degge Group, Ltd. and Complya Consulting Group.
The mergers demonstrate PharmaLex’s commitment to the US market and complements its existing EU medical device expertise.
Munich/Frankfurt: As of June 2017, the PharmaLex Group, a leading specialist provider of development consulting and scientific affairs, regulatory affairs and pharmacovigilance and a portfolio company of the funds advised by AUCTUS, has completed the formal acquisitions of Safis Solutions, The Degge Group, Ltd. and Complya Consulting Group.

 

Safis Solutions is headquartered in Indianapolis, IN, USA. Founded in 2002, the company specializes in regulatory affairs, having a particular strength in medical devices. “The provision of this additional regulatory experience will help support making us a partner of choice for global medical device and combination product projects”, explained Dr. Thomas Dobmeyer, CEO PharmaLex.
The Degge Group’s focuses on pharmacoepidemiology and pharmacovigilance services and was founded in 1988 by Judith K. Jones, MD, PhD, FISPE. In the present era of large-scale global investigations and safety issues. The Degge Group enhances the PharmaLex Group’s offerings with its pharmacoepidemiology expertise and its specialized staff. “The addition of The Degge Group further establishes our intentions to build our US presence following our recent acquisition of Safis Solutions” explained Dr. Tilo Netzer, CEO PharmaLex.
Complya was founded in 2007 by Jonathan Morse and is based in Boston, MA, USA. Their main area of expertise is US FDA GXP Quality Assurance services. The merger enables PharmaLex to build on its existing US FDA Quality and Compliance expertise. “By joining the PharmaLex Group, Complya is now even better positioned to serve clients in new markets and locations, and to provide valuable new services to our existing clients in Boston and internationally” said Jonathan Morse, CEO, Complya Consulting.
The acquisitions strengthen the US footprint of PharmaLex and is the basis to build the new business unit quality & compliance services as well as enables PharmaLex to even better serve its client base globally. The PharmaLex Group now has 100 employees with in total five offices in the US and 25 offices in 12 countries with over 620 employees and more than 650 satisfied clients worldwide.
“Leveraging on the three US acquisitions PharmaLex has now become a truly global player well positioned to serve global customers,” explains Dr. Nicolas Himmelmann, partner at AUCTUS.
The transactions were led by Dr. Nicolas Himmelmann, Benjamin Seifert and Peer Weder.

 

PharmaLex

PharmaLex combines local expertise with global reach in the area of development consulting and scientific services, regulatory affairs and pharmacovigilance. A proven track record of success in outsourcing programs, more than 25,000 successfully completed projects for over 650 clients worldwide, as well as extensive experience in all therapeutic areas and product groups, including advanced therapy medicinal products and biopharmaceuticals, medical and borderline products and alternative therapeutic approaches.

Contact:
Ms. Eva Keck
Director Marketing, PharmaLexGmbH
eva.keck@pharmalex.com
+49 621 18 15 38 158
Harrlachweg 6; 68163 Mannheim, Germany

AUCTUS Capital Partners AG
With more than 100 transactions since 2001, AUCTUS is the leading private equity firm for the German-speaking SME sector (“Mittelstand“). For its performance, AUCTUS has repeatedly received awards as the best German private equity fund. The AUCTUS team consists of 14 experienced private equity experts and supervises 18 platform enterprises from various industries. AUCTUS seeks majority interests of companies in the context of buy-and-build strategies, succession and corporate spin-offs and provides growth capital to enterprises. The latin word “AUCTUS” translates the entrepreneurial mind-set of focusing on “sustainable growth”. Together with the management teams, AUCTUS strives to increase the value of the portfolio companies by sales and earnings growth. With assets under management of more than EUR 500m, AUCTUS builds on a loyal investor base of renowned financial institutions, successful entrepreneurs and family offices.
Contact:
AUCTUS Capital Partners AG
T +49 (0) 89 15 90 700-25
Email: publicrelations@auctus.com
www.auctus.com

 

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