Monthly Archives: January 2018

Cinven to sell Northgate Public Services Limited to NEC Corporation

Cinven

International private equity firm Cinven announces that it has agreed to sell Northgate Public Services Limited (‘NPS’ or ‘the Group’) to Tokyo Stock Exchange listed NEC Corporation (‘NEC’, TSE: 6701) for a total consideration of £475 million.

Acquired by Cinven in December 2014, NPS is a leading provider of mission-critical software and Intellectual Property-led services to the public sector in the UK, Australia and Canada. The Group is headquartered in the UK and has more than 2,000 staff worldwide.

NEC is a leader in the integration of IT and network technologies that benefit businesses and people worldwide. The acquisition by NEC is set to deliver significant growth opportunities to NPS capitalising on NEC’s biometric and artificial intelligence technology as well as its global network across North America, Asia Pacific (‘APAC’) and other regions.

David Barker, Partner at Cinven, said:

“The sale of NPS has been achieved despite a challenging UK public spending environment; NPS has been able to deliver cost-effective services that greatly improve the collaboration and efficiencies of public sector organisations.

“This transaction will enable the enlarged Group to offer a wider set of software and services to its existing clients and to expand both geographically and by sector. I look forward to working with the NPS and NEC teams to make a success of the combination.”

Steve Callaghan, Chief Executive of NPS, commented:

“Our team has worked incredibly hard over the past two years to transform the Group operationally and financially, ultimately making NPS a highly attractive asset to NEC. We see this as the beginning of our next phase of development as we capitalise on the technical capabilities and market access provided by NEC. It’s an exciting time to be part of NPS.”

Completion of the transaction is expected by the end of January 2018. The transaction follows Cinven’s other recent realisations, including CeramTec, a leading global manufacturer of high performance ceramics (October 2017), and CPA Global, a leading Intellectual Property management and technology company (August 2017).

Cinven was advised on this transaction by DC Advisory (M&A), KPMG (financial), Freshfields Bruckhaus Deringer (legal), Deloitte (tax) and OC&C (commercial).

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Ardian sells its stake in RGI to Corsair Capital

Ardian

Milan, January 9, 2017 – Ardian, a world-leading private investment house, together with the Founding Partner Paolo Benini and the top management, today announces the sale of a 100% stake in RGI, EMEA leading provider of software products and technology services to the insurance industry, to Corsair Capital.

Founded in 1987, RGI specialises in software development for insurance companies, covering the entire spectrum of insurance policy management through the provision of software and advisory services. The Group has a leading position in the European market with 100 clients including the world’s most prominent insurance companies to which it also offers application maintenance services. RGI employs around 800 people in EMEA.

Following Ardian’s profit sharing policy, the employees of RGI will receive a bonus for their valuable contribution to this success story. Ardian invested in RGI in 2014 in order to support the company in its international growth to become a ‘global company’. In 2016 RGI acquired a 100% stake in Kapia Solutions SAS, a French company operating in the same sector with a focus in the Life Insurance segment.

Corsair Capital is a leading private equity firm focused on the financial services industry and will be making a long-term strategic investment in RGI, which is well-positioned for growth in the attractive insurance technology industry.

Vito Rocca, CEO of RGI, stated: “I sincerely thank Ardian and the whole team of professionals for their important support to our international growth. Throughout its history, RGI has shaped the insurance industry as a digital influencer and we are confident that Corsair Capital will continue to foster our expansion into European markets and help us continue to deliver excellent service to our customers.”

Paolo Bergonzini, Head of Ardian Expansion in Italy, commented: “We have supported with passion the development of RGI’s business over the last three years. Together we have had much success thanks to RGI leadership in the reference sector and to its top management, with whom we have always had a relationship of trust and collaboration.”

Corsair Capital Managing Director, Raja Hadji-Touma, said: “We believe that the insurance industry has an increasing need for high quality core system solutions that help insurers streamline and digitise business critical processes. RGI’s comprehensive and modular offering has been widely recognized by clients and industry participants as a leading solution in the insurance market.  We are looking forward to working hand-in-hand with RGI’s management to further develop and expand RGI’s business opportunities internationally through our long-term strategic investment.”

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$66bn managed or advised in Europe, North America 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 480 employees working from twelve offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), North America (New York, San Francisco) and Asia (Beijing, Singapore). It manages funds on behalf of 610 clients through five pillars of investment expertise: Funds of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

www.ardian.com

ABOUT RGI

RGI is one of the leading providers of core systems to the insurance market, providing a comprehensive and modular offering which addresses core insurance processes including policy administration, market management, and sales and distribution. With a team of 800 professionals specialised in IT and insurance, and operating from 12 offices in Italy, Ireland, France, Germany, Tunisia and Luxembourg, RGI has digitised the business of more than 100 insurance companies and 300 brokers across different geographies.

www.rgigroup.com

ABOUT CORSAIR CAPITAL

Corsair Capital LLC, which includes a highly regarded private equity platform, is a leading investor in the financial services industry. Corsair Capital has invested across a range of geographies and in substantially all of the subsectors of the broad financial services industry including wealth & asset management, payments & financial technology, banking & specialty finance, insurance, and services. Corsair Capital has completed $7.6 billion in equity investments since its founding.

 

INVOLVED PARTIES

ARDIAN

M&A advisor: GCA Altium
Vendor due diligence legale: Gattai, Minoli, Agostinelli & Partners
Vendor due diligence fiscale: CBA
Vendor due diligence contabile: PwC
Vendor due diligence ESG: Indefi

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Diam Group refinances its debt

Ardian

Paris, 9 January 2018 – DIAM Group, the world leader in merchandising for luxury retail and cosmetics, today announced that it has refinanced its bank and bond debt that was arranged in September 2016 following the acquisition by Ardian, its management team and BNP Développement. Financing for the acquisition was provided by BNP Paribas, CIC, Société Générale, Banque Palatine and OFI ZenCap.

The newly-raised financing is structured around a bank debt with three tranches (Term Loan A, Term Loan B, Term Loan C) in addition to a capex line, an acquisition line and a revolving credit facility. Alongside its existing financing partners, the Group is delighted to welcome three new institutional lenders: Aviva, Allianz and Banque International à Luxembourg.

Michel Vaissaire, CEO of DIAM Group, said: “This accretive transaction for the management gives DIAM a strong financing structure to continue its growth. We have been investing heavily for several years, both at an organic level, adding two to three greenfields to our portfolio per year; and through acquisitions, three of which have taken place over the last two years. Strengthening our pool of financial partners in this high-growth environment is therefore key to reinforce our strategic agility.

With the continued support of the Ardian team, led by Arnaud Dufer, as well as the new banking pool, both supporting our strategy, we have all the elements in place to continue our development and provide our clients with the best service”.

Arnaud Dufer, Head of Expansion France at Ardian, added: “Since Ardian’s investment in the Group, DIAM has continued on its strong growth trajectory. We have supported DIAM’s management team and its CEO, Michel Vaissaire, in numerous initiatives, including the opening of new production sites in Europe, Asia and North America, and the acquisition of two companies, based in China and in France, which have provided DIAM with a portfolio of new and complementary activities. After only 15 months, the refinancing operation is a strong signal of the all the trust we all have in the company and its teams”.

 

ABOUT DIAM GROUP

With revenues exceeding €300m in 2017, DIAM is the world leader in merchandising solutions for the luxury retail and cosmetics segments. In the last few years, DIAM has grown through international expansion (with a presence in 25 countries) and by broadening its offer to provide better support to its clients. DIAM is a key player in the creative design, production and installation of merchandising solutions for cosmetics and luxury brands (Chanel, Clinique, Dior, Estée Lauder, Cartier, L’Oréal, Lancôme, Clarins, LVMH, Shiseido, Coty, P&G, etc.).

www.diaminter.com

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$66bn managed or advised in Europe, North America 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 480 employees working from twelve offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), North America (New York, San Francisco) and Asia (Beijing, Singapore). It manages funds on behalf of 640 clients through five pillars of investment expertise: Funds of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

Follow Ardian on Twitter @Ardian

www.ardian.com

 

LIST OF PARTIES INVOLVED

Ardian: Arnaud Dufer, Alexis Lavaillote, Caroline Pihan
Legal, financing and tax advisor: DLA Piper (Xavier Norlain, Matthieu Lampel, Maud Manon)
Financial advisor: Grant Thornton (Gregory Volpi, Jonathan Happi)
BNPP: Florent Launay, Guenaelle Kerever
CIC: Jérôme Salmon, Camille Laurent
Société Générale: Olivier Amicel, Stéphanie Kordonian
Banque Palatine: Hervé Rinjonneau, Alexis Nef
OFI ZenCap: François Caulry, Hervé Goigoux-Becker
Aviva: André Goncalvez, Benoit Faguer
Allianz: Damien Guichard, Alexandra Tixier
BIL: Julien Ruggeri, Bounouar Sayoud

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Apex’s acquisition of M.M.Warburg & CO’s Asset Management

Apex, Genstar and SALU Capital jointly announce Apex’s acquisition of M.M.Warburg & CO’s Asset Management and Servicing Business in Luxembourg

Apex’s Third Acquisition in Six Months Will Add $50bn in Assets under Administration and Custody (“AuA” and “AuC”) Bringing Apex Closer to Achieving its Goal of Becoming one of the Top 5 Largest Administrators Globally

HAMILTON, BERMUDA, SAN FRANCISCO, and NEW YORK (January 8, 2018) – Apex Group Ltd. (“Apex”), Genstar Capital (“Genstar”), and SALU Capital (“SALU”), today jointly announce Apex’s acquisition of M.M.Warburg & CO’s Asset Management and Servicing business in Luxembourg (“Warburg”). Upon completion of the transaction, Apex, a Genstar portfolio company, will have nearly $350 billion of AuA.

The transaction is the third for Apex in the space of six months following the acquisition of both Equinoxe Alternative Investment Services and Deutsche Bank’s Alternative Fund Services business in 2017. This latest move reaffirms Apex’s position as the fastest growing fund administrator in the world and brings it closer to achieving its goal of becoming one of the top five largest fund administrators globally. Apex and Genstar partnered with SALU Capital, led by Managing Partner Markus Philipp Ehrhardt, whose market knowledge and network was instrumental in the successful origination and execution of the transaction.

The transaction will see Warburg Invest Luxembourg S.A. and M.M.Warburg & CO Luxembourg S.A. become part of Apex, adding a further $50bn to Apex’s global AuA. The Group’s unique operating model and globally connected service provision opens up additional jurisdictional expertise and investment options to Warburg clients.

The full depositary services and private equity depositary solutions provided by the Warburg Luxembourg units brings will add further weight to Apex’s strength in delivering a complete service to European regulated funds, and will further complement the services integrated via the Deutsche Bank AFS acquisition.

Parent company, M.M. Warburg & CO (AG & Co.) KGaA, and Apex will form a strategic partnership for Luxembourg based asset management services businesses whilst Warburg Invest (Germany) will also continue to focus on its German asset management business.

Terms of the agreement are not being disclosed. The transaction is subject to customary closing conditions, including regulatory approval and is expected to be completed in the second quarter of 2018.

“The addition of the Warburg team and product suite further strengthens our capabilities in the highly regulated European market as we continue to develop the most complete service offering in the sector. There are benefits for both the transitioning Warburg clients and existing Apex clients in this combined offering and as we continue to grow we want to help them to grow with us,” stated Peter Hughes, Founder and CEO at Apex.

Joachim Olearius, Spokesman for the Partners of M.M.Warburg & CO, stated, “In Apex we have found a partner for this transaction that perfectly meets the requirements and expectations of our customers. Apex’s independence and unfailing dedication to delivering exemplary service to its clients means we can be confident that the transition will be smooth and service levels maintained. Our continued commitment to working closely with Apex as a strategic partner aptly demonstrates our trust and confidence in this combination.”

“With our first deal, we are proud to be part of this significant transaction with strategic partners of the caliber of Apex and Genstar, and with a seller as reputable as M.M. Warburg & Co, proving our ability to originate and execute on complex investment opportunities,” says Markus Philipp Ehrhardt, Managing Partner of SALU Capital.

Willkie Farr & Gallagher LLP and Arendt & Medernach provided legal counsel to Apex and Genstar.

About Apex Group  

Apex, established in Bermuda in 2003, is one of the world’s largest independent fund administration and middle office solutions providers with offices in 35 locations worldwide. Apex has continually improved and evolved its product suite by surrounding these core administrative services with additional products spanning the full value chain; from information delivery and regulatory products to a full middle office solution and fund listings database. Apex now administers the investments of some of the largest funds and institutional investors in the world. www.apexfundservices.com

About Genstar Capital

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for nearly 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages funds with total capital commitments of approximately $9 billion and targets investments focused on targeted segments of the financial services, software, industrial technology, and healthcare industries. Genstar’s current and previous investments in financial and business services companies include Ascensus, AssetMark, Strategic Insight, Mercer Advisors, Institutional Shareholder Services and Altegris.

About SALU Capital

SALU Capital (www.salucapital.com) is a special situations and private equity investment firm with focus on the global financial services and insurance sectors. SALU works with an established network of family offices and institutional investors enabling the firm to target investments with an equity value of between $20 million and $300 million for individual transactions. SALU’s leadership and investment partners have deep and broad experience in global financial markets, private equity and the investment management industry, and SALU relies upon a network of senior advisors that includes former CEOs and senior operators with decades of experience in the sectors that SALU invests in.

About M.M. Warburg & CO

Founded in 1798, M.M.Warburg & CO is an independent German private bank. As a universal bank, it provides sophisticated banking services to discerning private clients, corporate clients, and institutional investors in its core business segments of Private Banking, Asset Management, and Investment Banking. The Warburg Banking Group has own funds of EUR 423.7 million, assets under management of EUR 54.1 billion, and 1,232 employees (as of December 31, 2016). It comprises M.M.Warburg & CO as well as the subsidiaries Marcard, Stein & Co, M.M.Warburg & CO Hypothekenbank and Warburg Invest.

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MEDIA INQUIRIES:

Genstar Capital
Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334

Apex
Rosie Guest
Global Marketing Director
rosie@apexfunds.co.uk
+44 (0) 7770 858 280

SALU
Markus Philipp Ehrhardt
Managing Partner
mehrhardt@salucapital.com

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AURELIUS subsidiary Conaxess Trade Norway acquires Galleberg AS

Aurelius

  • Strategic add-on acquisition doubles revenues of Conaxess Trade Norway to more than 45 million euros
  • Increased market share and new distribution channels

Søborg (Denmark) / Skedsmokorset (Norway), January 8, 2018 – The Conaxess Trade Group, an exclusive distributor of fast moving consumer goods (FMCG) to large-scale retail organizations in Europe, acquires Galleberg AS, one of Norway’s leading distributors of brands to grocery, convenience, horeca and health- / lifestyle shops. The company is headquartered in Skedsmokorset near Oslo, vendor of Galleberg is the Styrmoe family. This add-on acquisition nearly doubles the size of Conaxess Trade Group in Norway to more than 45 million euro in revenues per year and aims at increasing the market share in Norway by expanding its FMCG portfolio and exploring new distribution channels based on strong sales capabilities. Olaf J. Styrmoe, owner and Chairman of Galleberg will join the Board of Directors of the combined company and bring in his expertise regarding brand owners and customers. The financial terms of the deal are undisclosed.

Conaxess Trade employs around 500 employees across Denmark, Sweden, Norway, Finland, Switzerland, Austria and Germany and is operating as an exclusive distributor within FMCG reaching more than 130 million consumers, handling marketing, sales as well as physical distribution for many strong brands. Since 2016, Conaxess Trade is a subsidiary of AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8).

Nils Haase, Vice President of AURELIUS and responsible for the realignment of Conaxess Trade: “We are very pleased about Conaxess’ acquisition of Galleberg. The deal provides Conaxess with additional market expertise, and will strengthen its market position to offer even better services to our brand owners. Furthermore, we are confident that Conaxess will also benefit from synergy effects of this add-on acquisition.“

Olaf J. Styrmoe, owner and Chairman of Galleberg AS: „Conaxess’ acquisition of Galleberg is of course a turning point. It marks the end of 95 years of successful family business. Likewise, it is the beginning of a promising future that opens up new perspectives to our employees and continued growth for our brand owners.”

 

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Partners Group to become largest investor in 730MW Dutch offshore wind farm project

Partners Group

Partners Group, the global private markets investment manager, has agreed to acquire a 45% stake in Borssele III/IV (“Borssele”), a 731.5MW construction-ready offshore wind farm in the Netherlands, on behalf of its clients. The investment makes Partners Group the largest shareholder in a consortium of investors that also includes Shell, Diamond Generating Europe,1 Eneco Group and Van Oord.

Borssele will comprise 77 9.5MW Vestas turbines placed across two sites in the Borssele Wind Farm Zone, which is 22km off the coast of the province of Zeeland, at the southern border of the Netherlands’ Exclusive Economic Zone. Grid connectivity has already been secured for the project, which is due to begin construction in H2 2018. The wind farm will benefit from the Dutch offshore feed-in tariff for a period of 15+1 years from the commencement of commercial operations in early 2021. Once it is fully operational, Borssele is expected to generate about 3TWh per annum, enough electricity to power approximately 825,000 households.

David Daum, Senior Vice President, Private Infrastructure Europe, Partners Group, states: “Borssele is an attractive opportunity to invest in a high-quality offshore wind project alongside experienced partners. With the Dutch government committed to achieving 16% of its energy production from sustainable sources by 2023 as part of a National Renewable Energy Action Plan, we believe the project is both timely and critical in helping the country achieve that aim.”

Brandon Prater, Partner, Head Private Infrastructure Europe, Partners Group, adds: “Renewable energy continues to be a transformative trend within the infrastructure asset class and an important component in the future energy security of many countries. In wind energy alone, Partners Group has committed to invest in onshore and offshore projects totaling over 1.8GW in Europe, Asia and Australia since 2011.”

Previous onshore wind energy projects include the 240MW Ararat Wind Farm and 270MW Sapphire Wind Farm in Australia, into which Partners Group invested in June 2015 and December 2016, respectively. Most recently, in August 2016, Partners Group invested in the construction of Merkur Offshore, an approximately 400MW offshore wind farm in Germany.

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Swarm64 Raises USD $12.5m in Series B Financing Round Led by Intel Capital

Alliance Venture

Swarm64 – an enabler of real-time analytics for high velocity and big data – has raised $12.5 million USD in a Series B round led by Intel Capital and Investinor. The funding will be used to strengthen Swarm64’s position as a global leader in FPGA-based accelerators for relational databases.

BERLIN & OSLO, Norway & SANTA CLARA, Calif.–(BUSINESS WIRE)–Swarm64, provider of the scalable data accelerator (SDA), which enables relational databases to perform real-time big data analytics, has secured a Series B funding round of 12.5 million US dollars. The Series B round was led by Intel Capital and Investinor; Alliance Venture and Target Partners participated in the round.

Swarm64 – an enabler of real-time analytics for high velocity and big data – has raised $12.5 million USD

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“We are very glad to welcome Intel Capital as a new investor. The cooperation with Intel will help us serve a global market with the most advanced technology.” says Karsten Rönner, CEO of Swarm64. “Many industries face an explosion in their data processing needs, be it from growing numbers of connected ‘things’, expanding business models that include data analytics or staying competitive in markets with ever higher data processing needs. The Swarm64SDA enables anyone with basic skills in relational databases to gain deep new business insights in less time.”

“Along with Swarm64, Intel is shortening our customers’ time to insights in a world of ever more connected devices and accelerating flows of data,” said John Sakamoto, vice president of the Programmable Solutions Group at Intel and general manager of its Data Center and Communications Division. “Leveraging Intel FPGAs and Xeon processors, Swarm64 is accelerating database operations to deliver these faster results for businesses.”

Director Don Faria led the investment for Intel Capital.

“Swarm64 addresses a billion-dollar market opportunity,” says investment director Jon Øyvind Eriksen of Investinor. “The global in-memory computing market is estimated to be worth $31 billion USD by 2018, according to market analysts. Relational databases and SQL continue to be the backbones for data analytics in the enterprise, but present SQL databases are inadequate for processing large amounts of high velocity data within real-time limits.”

Bente Loe, partner at Alliance Venture, says, “We recognized Swarm64’s potential early and have been supporting the company since the seed-stage. Now we are excited to back the company during its growth phase”.

Michael Münnix, partner at Target Partners, adds “Swarm64 developed a disruptive approach to accelerate relational databases. The technology provides orders of magnitude faster performance, bringing real time applications to a broader commercial market. I look forward to continue working with such a great team.”

About Swarm64

Swarm64 AS (swarm64.com) provides the Scalable Data Accelerator that enables relational databases to perform real-time analytics for high velocity and big data. Swarm64’s team is world-class in FPGA design and the development of real-time database software. The company was founded in 2013 and is backed by leading venture investors from the US, Norway and Germany. Swarm64 is a Norwegian company with operations in Berlin, Germany.

About Intel Capital

Intel Capital invests in innovative startups targeting 5G connectivity, the data center, artificial intelligence, merged reality, autonomous driving and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested US $12.2 billion in 1,500 companies worldwide, and more than 640 portfolio companies have gone public or been acquired. Intel Capital curates thousands of business development introductions each year between its portfolio companies and the Global 2000. For more information on what makes Intel Capital one of the world’s most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.

Contacts

Swarm64
Dr. Karsten Rönner, CEO
info@swarm64.com

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Ascensus Bolsters Defined Benefit Plan Expertise with Acquisition of Dedicated Defined Benefit Services

Genstar Capital

New and Existing Clients Stand to Benefit from Firm’s Expanding Stable of Resources

Dresher, PA, January 2, 2018— Ascensus, a technology-enabled service provider that helps more than 7 million Americans save for the future, has acquired Dedicated Defined Benefit Services (“Dedicated DB”). The defined benefit plan design, administration, and consulting firm will immediately become part of Ascensus’ TPA Solutions line of business within the company’s retirement division. With the acquisition, Ascensus will be able to offer clients access to even more retirement plan experience and expertise while adding another location to its geographic footprint.

Dedicated DB, which is based in Glendale, California, is the only national company focused exclusively on providing defined benefit plans for high-income professionals, small businesses, and individuals with self-employment income. The firm pioneered the turnkey defined benefit plan, partnering with large financial firms to open streamlined, ready-to-use plans across the country.

“We recognized Dedicated DB as an excellent candidate to join Ascensus based on their commitment to helping clients keep more of their earnings by offering the most complete and tax-efficient retirement programs available,” states David Musto, Ascensus’ president. “In addition to benefiting from Dedicated DB’s strong RIA, advisor, and institutional relationships, we’re also delighted to further expand our national footprint and offer clients enhanced access to deep defined benefit expertise.”

“At Dedicated DB, we pride ourselves on our reputation and do our best to help our clients—financial advisors, CPAs, and business owners—meet their goals,” says Karen Shapiro, Dedicated DB’s chief executive officer. “Becoming part of Ascensus ensures that we’ll be able to provide quality, quick-adoption retirement plans for many years to come.”

“Dedicated DB adds some very compelling lead-sourcing technology to Ascensus’ toolkit,” says Raghav Nandagopal, Ascensus’ executive vice president of corporate development and M&A. “We continue to look for companies that will not only allow us to assist Americans in saving for retirement, college, and healthcare, but also help our company to grow and fuel our ongoing investment in service offerings and technology.”

About Ascensus

Ascensus helps more than 7 million Americans save for the future—retirement, college, and healthcare—through technology-enabled solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of asset managers, banks, credit unions, state governments, financial professionals, employers, and individuals. Ascensus supports approximately 50,000 retirement plans, more than 4 million 529 college savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.7 million IRAs and health savings accounts. As of September 30, 2017, Ascensus had over $158 billion in total assets under administration. For more information about Ascensus, visit ascensus.com. For more information about Ascensus TPA Solutions, visit tpa.ascensus.com.

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Roberta Hess
Senior Vice President
Marketing & Communications
Ascensus
Tel: 215-648-1426
Media@ascensus.com

 

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Corsearch Becomes Independent Company

Audax Group

January 5, 2018 – Corsearch, a global trademark solutions leader, is pleased to announce the closing of its sale to Audax Private Equity, effective today. As previously reported, in October 2017, Audax Private Equity agreed to purchase Corsearch from Wolters Kluwer. Today’s closing represents the finalization of that transaction, resulting in a newly independent Corsearch company.

The move to an independent company provides Corsearch with many opportunities in an evolving industry. Corsearch will be using its new status to enrich the industry-leading offerings in trademark and domain solutions that it offers today, as well as to expand into new areas.

Audax Private Equity is an experienced investor in lower middle-market companies. The firm’s “Buy & Build” strategy focuses on investing in – and building – successful platform companies, fueling their revenue growth, optimizing their operations, and significantly increasing their long-term value. Since its founding in 1999, the firm has invested over $4 billion in 700-plus companies.

“Today we are taking an important step that will allow us to capitalize on the exciting growth opportunities that exist in trademark, brand protection, and beyond,” said Tobias Hartmann, President & Chief Executive Officer.  “We’re thrilled to be moving forward in partnership with Audax, and to be leveraging the experience they have in helping companies like ours work to maximize growth potential.”

The new Corsearch will also see its headquarters move to a prime location in New York City’s famous Times Square area—a fitting address for a global provider that is expecting dramatic growth in the years ahead. The company currently employs over 200 people across nine countries, and provides intellectual property services that span the globe.

“All of us at Corsearch are thrilled to be writing the company’s next chapter together,” said Hartmann. “We know that our new status will help us to pave innovative new roads for our clients that will take our company to exciting new highs and allow us to bring new classes of product offerings to our industry. Stay tuned…the best is yet to come.”

Besides Mr. Hartmann, continuing in their positions on the senior leadership team at Corsearch will be:

  • Stephen Stolfi, Vice President, Global Sales & Strategic Partnerships
  • Guy Coene, Vice President of Information Technology
  • Brett Amdur, Vice President of Product Management & Marketing
  • Luc Pierlé, Global Head of Operations
  • Satoru Ogawa, Chief Financial Officer

One thing that won’t change, according to Hartmann, is the Corsearch philosophy centered on providing accurate, concise, and timely services with a uniquely personal approach. “Being customer-centric is in our DNA,” said Hartmann. “Clients should know that they will always receive the quality service and results, as well as the personal attention, that they’ve come to expect from Corsearch.”

ABOUT CORSEARCH

Corsearch is the premier provider of clearance and protection solutions for trademark and brand professionals. Its high-quality, intuitive tools and unparalleled expertise enable professionals to effectively manage their trademark screening, search review, watching, and domain management processes. With highly trained researchers, an expansive global content set and customer-designed technology tools like the Corsearch platform, Corsearch empowers its customers with the ability to easily, quickly and flexibly monitor and protect their brands in an increasingly complex business environment.

ABOUT AUDAX PRIVATE EQUITY

Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. Audax has invested $4.5 billion in 112 platform and 638 add-on companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. Audax Private Equity is an integral part of Audax Group, an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and San Francisco, Audax Group has over $11.5 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses. For more information, visit the Audax Group website, www.audaxgroup.com.

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TowerBrook announces acquisition of Bosal ACPS

London, 5 January 2018 – TowerBrook Capital Partners announces today that it has entered into a definitive agreement to acquire Bosal ACPS (the “Company”), a German manufacturer of tow bars with operations in Europe and the Americas, from Bosal Group. Financial terms of the transaction were not disclosed.

Bosal ACPS is a leading manufacturer of tow bars for original equipment manufacturers and suppliers (OEM/OES) and for the aftermarket in Europe, generating sales in 2017 of approximately €250m with around 2000 employees. The Company has manufacturing facilities in Germany (where it is headquartered), Hungary, Mexico, Russia and France. The Company has a history of innovation, having invented and introduced retractable tow bars in the early 2000s and the first fully electric retractable tow bar in 2010.

TowerBrook is also pleased to announce that Gerhard Boehm, Vice Chairman of Reydel Automotive, has agreed to serve on the Board as Chairman and as CEO. Mr Boehm has extensive experience of the automotive industry: his former roles include head of FM Powertrain, CEO of Peguform and head of Continental Engine Systems. Supporting Gerhard, Bosal ACPS has a highly-experienced management team with a collective 100 years of expertise in the automotive industry. The team sees significant potential for international growth, as well as opportunities for operational improvement. They also have ambitious plans to accelerate technological innovation, partnerships and acquisitions.

Ramez Sousou, co-CEO and co-founder of TowerBrook said “Bosal ACPS enjoys a leading market position underpinned by its international footprint, product quality and innovation. The business has a number of potential opportunities to drive growth and operational improvements. TowerBrook’s expertise, together with our transatlantic networks and longstanding relationships in the automotive industry, complement and support management’s ambitious plans.”

Gerhard Boehm added “I am very excited to be joining such a dynamic business and management team. Bosal ACPS enjoys favourable mega trends in the take up of tow bars, along with a focus on more comfort, energy efficiency and leisure activity, which are driving product development in both the OEM and aftermarket segments of our business. The business has a strong product pipeline and with TowerBrook’s help it will be able to ramp up in those markets in which it is currently under-represented, such as the NAFTA region, as well as pursue an international growth strategy, including potential acquisitions”.

It is anticipated that the transaction will close at the end of Q1 2018.

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