Monthly Archives: March 2018

Altamir to invest via the Apax France IX fund in Business Integration Partners (Bip), a leading European consulting company

Altamir

Paris, 15 March 2018 – As announced in our press release dated 8 March, a new transaction has been signed by Apax Partners SAS: the acquisition of Business Integration Partners (Bip), a leading European consulting firm headquartered in Italy, from its management team and Argos Soditic.

Founded in 2003, Bip delivers management consulting, business integration and IT/digital transformation services supporting international companies in their innovation strategies and in the adoption of disruptive technologies. The company is present in more than 11 countries with over 1,800 professionals.

The objective is to establish Bip as an undisputed global player in the market by pursuing both organic and external growth, and by accelerating its international development and industry diversification.

The transaction is expected to be completed in the first quarter of 2018.

 

About Altamir

 

Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with almost €800m in assets under management. Its objective is to provide shareholders with long term capital appreciation and regular dividends by investing in a diversified portfolio of private equity investments.

Altamir’s investment policy is to invest via and with the funds managed by Apax Partners SAS and Apax Partners LLP, two leading private equity firms that take majority or lead positions in buyouts and growth capital transactions and seek ambitious value creation objectives.

In this way, Altamir provides access to a diversified portfolio of fast-growing companies across Apax’s sectors of specialisation (TMT, Consumer, Healthcare, Services) and in complementary market segments (mid-sized companies in French-speaking European countries and larger companies across Europe, North America and key emerging markets).

Altamir derives certain tax benefits from its status as an SCR (“Société de Capital Risque”). As such, Altamir is exempt from corporate tax and the company’s investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.

 

For more information: www.altamir.fr

 

Contact

Agathe Heinrich

Tel: +33 1 53 65 01 74

E-mail: investors@altamir.fr

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Toray to acquire TenCate Advanced Composites

Gilde Buy Out

Acquisition to accelerate growth in advanced composites for both companies Almelo, The Netherlands – Koninklijke Ten Cate B.V. (“TenCate”) today announces it has reached an agreement with integrated chemicals and materials group Toray Industries Inc. (“Toray”) on the acquisition of TenCate Advanced Composites (“TCAC”). Toray is committed to further accelerate the growth of TCAC in the coming years, fully supporting TCAC management’s strategy and investment growth plans.

The combination of TCAC and Toray brings together complementary product offerings in high performance composites serving the aerospace, space and communications and high-performance industrial markets. There is strong strategic rationale for the transaction, with clear benefits for both companies. For Toray, the acquisition is an important step in its strategy to accelerate growth and expand its high-performance thermoplastic and thermoset composites offering while benefitting from considerable revenue synergies. For TCAC, the combination with Toray secures access to a source of highly-specified carbon fiber, a crucial component to supporting the needs of customers. The combination of TCAC and Toray will enhance new product development and R&D capabilities and reinforce and expand relationships with customers.

Frank Meurs, TCAC Chief Operations Officer, commented: “We are very pleased with today’s announcement and consider Toray a strong partner for us in terms of cultural fit, complementary product and market segment offerings, focus on R&D, and geographical reach. We have a long history of successful cooperation with Toray and are convinced that we can strengthen each other. We are looking forward to continuing to grow TCAC together with Toray.”

Jan Albers, TenCate CEO, commented: “We are delighted that we have found such a strong strategic partner for TCAC in Toray. The aerospace industry is entering a new growth phase, which requires large investments for continued sustainable growth in this dynamic market. With Toray we have found the right partner to expand TCAC’s leading role in advanced composites.” Both companies have agreed to jointly develop an integration plan to support the envisaged growth plans. Toray expects to retain key management of TCAC following completion of the transaction and respects the existing rights and benefits of the employees of the TCAC group. Toray will acquire TCAC for an enterprise value of € 930 million. The completion of the envisaged transaction is expected in the second half of 2018 and is subject to customary approvals by regulatory authorities. The agreement is also subject to completion of the consultation process with TenCate’s works council. J.P. Morgan Securities plc acted as exclusive financial advisor and Clifford Chance LLP acted as legal advisor to TenCate. Nomura Securities Co., Ltd. acted as financial advisor to Toray.

 

Read more at: http://gilde.com/news/2018/toray-to-acquire-tencate-advanced-composites

 

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BDC sells Trustly to Nordic Capital

Bridgepoint

STOCKHOLM, 14 March 2018 – The European online payments provider Trustly announced today that it will be acquired by Nordic Capital Fund IX (“Nordic Capital”). Nordic Capital will support Trustly in its ambition to become the leading global online banking payments provider.

Trustly’s largest shareholder Bridgepoint Development Capital will dispose of its full equity interest in Trustly but management, founders and investment company Alfvén & Didrikson will remain significant shareholders in the company.

Nordic Capital is one of Europe’s largest private equity investors and has a pre-eminent payments practice. Its track record in the sector includes the transformation of payment platform Bambora into a global payment market leader and the successful investment in Point, a payment terminal and software company.

Oscar Berglund, CEO of Trustly said: “The shift towards online banking based payment solutions is only in its infancy and we are looking forward to continuing to innovate and execute so as to make it easier, safer and quicker for both consumers and merchants to make payments online. We are delighted to partner with Nordic Capital whose support will be of great value as we grow across merchant verticals, products and geographies. I also want to thank Bridgepoint Development Capital for their exceptional contribution over the last three years.”

Fredrik Näslund, Partner, Advisor to the Nordic Capital funds said: “Direct bank payments are the future of payments and Trustly is leading this transition. This investment is at the core of Nordic Capital’s payment investment strategy, and after having followed the company for many years, we have built a strong conviction in the business and we are impressed by what the founders and management have built over the last 10 years. Nordic Capital views Trustly as a highly strategic payment platform with unique capabilities. We intend to support the management team and founders in the journey to becoming the global account-to-account infrastructure player by providing capital and experience from our previous successful investments in payments.”

Johan Dahlfors, Partner at Bridgepoint Development Capital said: “It has been an honour to work with such a talented and motivated team to develop the leading European online banking e-payments player. The progress achieved by the team during our ownership has been outstanding, where Trustly has expanded its footprint across Europe, invested in the business infrastructure and team as well as in its proprietary technology platform. We are convinced that Trustly is very well placed to continue its strong growth trajectory in a structurally growing market with long-term tailwinds for real-time, account-to-account payments.”

Citi acted as exclusive financial adviser to the shareholders of Trustly. Trustly’s relationship with Citi also encompasses transaction banking where Citi is one of Trustly’s core banking partners.

Tony McLaughlin, Managing Director, Global Payments at Citi said: “Trustly are in the vanguard of changing the world of payments. We are excited to be their banking partner and support their international expansion.”

The transaction is subject to customary regulatory approvals and approval by the Swedish Financial Supervisory Authority. The parties have agreed to not disclose any financial details.

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Nordic Capital acquires Trustly, the leading next-generation direct payment provider

Nordic Capital

Nordic Capital Fund IX (“Nordic Capital”) today announced the acquisition of Trustly AB (“Trustly”). Trustly is the leading next-generation direct payment provider, enabling fast, simple and secure account-to-account payments, present in 29 European countries with connections to more than 3,000 banks. Nordic Capital will support management in its plan to establish Trustly as the leading global online banking payments provider.

Founded in 2008, Trustly is an online payment provider that enables direct account-to-account payments, in partnership with merchants across Europe. Trustly has ~200 employees and is headquartered in Stockholm, with regional offices in Spain, Malta, Germany and the UK. The Company processes more than 3.5 million payments with payment volumes of ~SEK 6 billion each month.

Nordic Capital sees significant potential in supporting management to accelerate Trustly’s growth agenda in current and new geographies, as well as expand the product portfolio. Nordic Capital will also support Trustly by investing in its large bank network and technology platform, in order to drive payment innovation and leverage their first mover advantage to become a leading global account-to-account payment champion. Together with Nordic Capital, Alfvén & Didrikson, the Company founders, and management will remain as significant shareholders.

“The shift towards online banking based payment solutions is only in its infancy. We are looking forward to continuing to innovate and execute so as to make it easier, safer and quicker for both consumers and merchants to make payments online. We are delighted to partner with Nordic Capital whose expert support will be of great value as we grow across merchant verticals, products and geographies,” says Oscar Berglund, CEO of Trustly.

“Direct bank payments are the future of payments, and Trustly is leading this transition. This investment is at the core of Nordic Capital’s payment investment strategy, a sector where we have significant experience and excellent results. Having followed the Company for many years, we have developed strong conviction in the business and are impressed by what the founders and management have built over the last 10 years. Nordic Capital views Trustly as a highly strategic payment platform with unique capabilities. We intend to support the management team and founders in the journey to become the leading global online banking payment champion, by providing capital and experience from previous successful investments in payments.” says Fredrik Näslund, Partner, Advisor to the Nordic Capital Funds.

The Nordic Capital Funds have a long history and proven track record of investing into the payments industry. In 2017, Nordic Capital Fund VIII sold Swedish payment platform Bambora after three years of ownership, having in that time completed 12 material add-ons and transformed the company into a global payment market leader. The investment in Point, a Swedish payment terminal and software company, by Nordic Capital Fund V, is another success story in the sector.

The transaction is subject to customary regulatory approvals and approval by the Swedish Financial Supervisory Authority. The parties have agreed to not disclose any financial details.

 

Media contacts:

Katarina Janerud, Communications Manager
Advisor to the Nordic Capital Funds
Tel: +46 8 440 50 50
E-mail: katarina.janerud@nordiccapital.com

About Trustly

Founded in 2008, Trustly is an online payment provider that enables fast, simple and secure account-to-account payments. The company offers cross-border payments to and from consumer bank accounts at over 3,000 banks in 29 European markets and connects businesses and consumers within e-commerce, travel, gaming and financial services. In 2017, the Financial Times ranked Trustly as one of the fastest growing companies in Europe on the FT1000 list and the London Stock Exchange recognized Trustly as one of Europe’s most inspiring, fast-growing companies. Trustly has ~200 employees and is headquartered in Stockholm, Sweden, with regional offices in Spain, Malta, Germany and the UK. Trustly is a licensed Payment Institution under the supervision of the Swedish Financial Supervisory Authority. Read more at www.trustly.com

About Nordic Capital

Nordic Capital is a leading private equity investor in the Nordic region with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services, Industrial Goods & Services and Consumer & Retail, and key regions are the Nordics, Northern Europe, and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 12 billion in close to 100 investments. The Nordic Capital Funds are based in Jersey and are advised by advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital, please visit www.nordiccapital.com

 

 

 

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Waterlogic to acquire Billi, a leading manufacturer and distributor of Under-The-Sink systems and taps

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Castik Capital

Waterlogic, the leading global designer, manufacturer, distributor and service provider of purified drinking water dispensers, has signed definitive agreements to acquire 100% of Billi’s business in Australia, the UK and international markets.

The deal, which was announced on 13 March 2018, brings together two progressive organisations that share a strong commitment to the provision of high-quality, innovative drinking water products, services and solutions to workplaces, schools, hospitals, food and beverage establishments, and consumers globally.

Headquartered in the UK, Waterlogic has subsidiaries in many international markets and an extensive and expanding independent global distribution network in place, reaching over 50 countries around the world.

Billi is a leading designer, manufacturer and distributor of boiling, chilled and sparkling filtered drinking water Under-The-Sink (UTS) units, preferred by designers and architects for their timeless styling and space-saving design. The company is headquartered in Melbourne, Australia with 140 employees across Australia and the UK.

This complementary pairing brings together Billi’s award-winning UTS products with Waterlogic’s global distribution network, customer base, and purification technologies to accelerate growth in new and existing markets.

Waterlogic Group CEO, Jeremy Ben-David said, “The acquisition of Billi aligns two best-in-class brands with high-end technology, reputation for quality and customer service, and complementary product portfolios. This combination will position Waterlogic as the total water solutions provider and significantly advance our global growth. The transaction is a testament to the accomplishments of Billi, and we warmly welcome their 140 employees to Waterlogic; we look forward to working with Dan Lindsay and the Billi team to enhance our combined portfolio of innovative products and open new channels of distribution globally.”

Waterlogic CEO Australasia, Carl Crowley said, “We have already enjoyed a 15-year partnership with Billi, with units currently in use throughout Australia and the UK. By combining our complementary strengths and capabilities, we will be even more effective in meeting the needs of businesses and consumers globally who rely on access to high-quality drinking water.”

Billi Managing Director, Dan Lindsay said, “Waterlogic is the natural partner to accelerate growth from Billi’s already strong Australian base. The combination of Waterlogic’s well-established global

distribution network and Billi’s specialist product range, means that more businesses and homes around the world will enjoy great tasting, filtered drinking water. We are in a stronger position to achieve our growth potential, and we’re excited about the opportunities that lay ahead of us.”

The deal is expected to complete at the end of March 2018.

Waterlogic was acquired in January 2015 by funds managed by Castik Capital, the European private equity investor. The acquisition of Billi is the 16th manifestation of the company’s buy and build strategy since the acquisition by Castik, following substantial acquisitions in the US, UK, Australia, Spain, France, Germany, and Scandinavia.

– ENDS –

Media Contact
Rosanna Turner, Group Marketing Communications Manager
marketing@waterlogic.com

About Waterlogic
Waterlogic is an innovative designer, manufacturer, distributor and operator of Point-Of-Use (POU) drinking water purification and dispensing systems designed for environments such as offices, factories, hospitals, hotels, schools, restaurants and other workplaces. Founded in 1992, Waterlogic was one of the first companies to introduce POU systems to customers, worldwide and has been in the forefront of the POU market, promoting product design and quality, the application of new technologies and world class sales and service. Waterlogic has its own subsidiaries in many markets and an extensive and expanding independent global distribution network in place, reaching over 50 countries around the world. Waterlogic products are currently being distributed in North and South America, Europe, Asia, Australia and South Africa. Waterlogic’s leading markets are the US, Australia and Western Europe, in particular the UK, Scandinavia, Germany and France.

More information can be found at www.waterlogic.com

About Castik
Castik Capital S.à r.l (“Castik”) manages investments in private equity. Castik is a European multi-strategy investment manager, acquiring significant ownership positions in European private and public companies, where long-term value can be generated through active partnerships with management teams.

Founded in 2014, Castik is based in Luxembourg and focuses on identifying and developing investment opportunities across Europe. The advisor to Castik is Castik Capital Partners GmbH, based in Munich. Investments are made by the Luxembourg-based fund, EPIC I SLP, the first fund managed by Castik, which had its final fund close of EUR 1bn in July 2015.

About Billi
Billi is a manufacturer and distributor of innovative drinking water systems. In 1989 Billi conceived and manufactured a ground-breaking underbench boiling and chilled filtered drinking water system. Today, Billi continues to lead the industry in innovation with boiling, chilled and sparkling underbench systems that save space, energy and time at home and the workplace. Billi systems are manufactured in Melbourne, Australia and distributed globally across countries including New Zealand, Hong Kong, Singapore, UAE and the UK. For more information, visit Billi’s website at https://www.billi.com.au

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Nordic Capital acquires Ober Scharrer Group, a leading ophthalmology outpatient chain in Germany

Nordic Capital

Nordic Capital Fund IX (“Nordic Capital”) today announced the signing of the acquisition of Ober Scharrer Group (“OSG” or “the Group”). OSG is Germany’s largest provider for treatments for major causes of blindness and visual impairment as well as non-invasive treatments and diagnosis of eye disorders.

OSG, founded in 1982 and headquartered in Fürth, Germany, offers a broad spectrum of specialised ophthalmic treatments and provides high quality medical care to both public and private patients. Key services provided are surgical treatments such as cataract operations and Intravitreal Operative Drug Application (IVOM) for degenerative eye disorders. The Group has 900 employees performing more than 85,000 treatments per year across its c. 80 clinics in Germany.

As a leading healthcare investor with a 25-year track record of building high quality, sustainable healthcare businesses, Nordic Capital intends to support and further develop Ober Scharrer in line with its current strategy.

“The opportunity for future growth in the fragmented ophthalmic outpatient market is extensive and we are excited about the prospects as we continue to build our business. With Nordic Capital we have found a partner and owner that share our dedication to medical excellence, patient satisfaction and quality of services as well as our vision for growth. We believe Nordic Capital’s extensive experience in healthcare, both in and outside Germany, will be very valuable in the years to come,” comments Sibylle Stauch-Eckmann, CEO of OSG.

“Nordic Capital has followed this sector for several years, observing how OSG has continued to build its strong position and reputation for delivering medical excellence. Nordic Capital looks forward to investing in and supporting OSG’s further development and growth in its field of expertise where we see a strong demand for specialised, high quality centres to provide treatments,” says Joakim Lundvall, Partner at the Advisor to the Nordic Capital Funds.

With the acquisition of OSG from Palamon Capital Partners, Nordic Capital continues to build its healthcare franchise in the German speaking region. Since inception, the Nordic Capital Funds have invested in over 20 healthcare platforms across Europe and the USA.

The parties have agreed to not disclose the financial details. The transaction is subject to customary regulatory approvals.

 

Media contacts:

Katarina Janerud, Communications Manager
Advisor to the Nordic Capital Funds
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

 

About Ober Scharrer Group

The Ober Scharrer Group was established in 1982 by two physicians Dr Ober and Dr Scharrer. Headquartered in Fürth, the company now has c. 80 facilities across Germany, 900 employees and delivers more than 85,000 treatments per year. Key group services include cataract operations and Intravitreal Operative Drug Application (IVOM) for degenerative eye disorders, as well as non-invasive eye treatments and the diagnosis of eye disorders. For more information on the Ober Scharrer Group refer to www.osg.de

 

About Nordic Capital

Nordic Capital is a leading private equity investor in the Nordic region with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services, Industrial Goods & Services and Consumer & Retail, and key regions are the Nordics, Northern Europe, and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 12 billion in close to 100 investments. The Nordic Capital Funds are based in Jersey and are advised by advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital, please visit www.nordiccapital.com

 

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Open Systems makes the Internet a safer place

eqt

In times of increased cyber criminality and malware attacks, being able to respond to them while protecting your data is no longer a necessity, but a matter of survival. Companies today are faced with a fundamentally-shifting complex world, offering game-changing opportunities in the digital space. Digitalization allows companies to be closer to their customers, delivering faster, better and more proactive services and products. Having said that, the digital transformation also creates new and significantly larger threats of business interruption and targeted attacks. However, fear is a bad advisor to embrace the future.

EQT Mid Market Europe portfolio company, Open Systems, is a pure-play MSS provider that is committed to working on the forefront of cybersecurity. Based in Zurich, Switzerland, Open Systems monitors and secures IT networks and business-critical applications for global companies, NGOs and institutions with a digital footprint. Open Systems offers a unique and fully integrated service portfolio consisting of Secure SD-WAN as a Service, Threat Analytics and Prevention, Managed Detection & Response Services and SOC as a Service.

With offices in Zurich, Sydney and New York and deployed security services in more than 180 countries, Open Systems takes responsibility to protect their customers in their digital space. The company’s 140 employees, of which 40 are dedicated to R&D and continuous development of the security platform, are working 24/7 as DevOps Security Operations team to ensure that their customers’ data is in safe hands.

Open Systems brings more than 25 years of industry experience and enjoys a competitive advantage with regards to combining a highly scalable security platform with around-the-clock availability to highly skilled customer service, making it a one-stop-shop for holistic security solutions in the digital space. The company’s frontline staff holds all relevant international regulatory certifications, allowing them to respond and act on security breaches, threats and malware attacks on a global scale.

Since EQT invested in Open Systems in June 2017, the focus has been on strengthening the company’s go-to-market approach and sales organization, further developing the comprehensive product roadmap towards Security as a Service (SeCaaS) with full respond & defend and analyze & detect security capabilities and to continue Open Systems’ internationalization into Germany and the US by leveraging EQT’s global platform.

“The global MSS market is currently at a tipping point”

While ignoring the potential of digitalization is not an option in a competitive market, the risks involved are severe. More specifically, a single incident can kill entire companies. Recent disastrous cybersecurity incidents at enterprises such as Maersk stress that the digital value creation chain and cybersecurity risks are inseparable. Now, there is increased customer awareness of risk and cyber criminality against companies. Stringent data privacy regulations and accelerated developments in digitalization and IoT have resulted in enhanced compliance complexity for companies’ in-house IT departments. The shortage of in-house security expertise and adoption of new technologies drive customer demand to partner with MSS providers.

“The global MSS market is currently at a tipping point where it is expected to almost double in size by 2020. Open Systems’ business model is highly scalable with good operating leverage for international expansion and its technology is deeply integrated into the company’s structure, which enables a high degree of automation. EQT has deep sector expertise in this area from portfolio companies such as, Utimaco, IFS, Automic, Unomaly and Hacker One. Together with Open Systems, EQT looks forward to supporting the company’s continued growth trajectory and accelerated international expansion”, says Florian Funk, Partner at EQT Partners, Investment Advisor to EQT Mid Market Europe.

Global 2000 enterprises, as well as medium to large companies across all sectors, trust Mission Control Security Services by Open Systems to protect their businesses and end users. The spectrum of clients ranges from Gate Group (GATE:SW) to Sulzer (SUN) and from SOS Children’s Villages to UBS AG, and underlines that Open Systems’ highly standardized services are delivered to a broad range of verticals.

Open Systems’ CEO Martin Bosshardt adds: “The global MSS market is highly fragmented in terms of numbers, types of providers and their geographic coverage. The support of EQT and its Industrial Advisors will enable further advancements in Open Systems’ security platform and will empower us in taking the next step in growing our presence in primarily the DACH region and the US. Our ambition is to reinvent the market for cybersecurity. Together with EQT, we are ready to take the next step in making the Internet a safer place for our customers.”

 

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3i announces four new hires in its Private Equity team

3I

3i announces four new hires in its Private Equity team, reinforcing its strength in northern Europe and North America.

Reinier de Jong has joined as an Associate Director in the Amsterdam office. Before joining 3i, Reinier was a strategy consultant at Bain & Company and prior to this worked at Morgan Stanley.

Justin Pabst has joined as an Associate in the Amsterdam office. Before joining 3i, Justin was a Commercial Project Manager at Coolblue, and prior to this worked at McKinsey & Company.

Jelle Klein Teeselink has joined as an Analyst in Amsterdam. He holds a Masters in Financial Engineering & Management from the University of Twente.

Brendon Anderson has joined as an Associate in the New York office. Before joining 3i, Brendon was a member of the Global Industrials Group at Citigroup.

3i’s Private Equity business announced another strong quarter to 31 December 2017, with cash realisations of £389 million in the nine months since 31 March 2017. It announced the c. €307 million divestment of ATESTEO in December 2017, generating a euro money multiple of 4.4x and completed add-on investments in Cirtec Medical (Vascotube) and Ponroy Santé (Aragan). In February, 3i announced its proposed investment in Royal Sanders, a leading European private label and contract manufacturing producer of personal care products.

Alan Giddins and Menno Antal, Managing Partners and co-heads of Private Equity, commented:

“We would like to offer a warm welcome to our new colleagues in Amsterdam and New York. We look forward to working with them and the team will benefit from their skills and experience in seeking attractive mid-market investment opportunities in Europe and North America.”

-Ends-

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Sarnova becomes a new subsidiary within Patricia Industries

Investor

Patricia Industries, a part of Investor AB, has signed an agreement with Water Street Healthcare Partners and Sarnova founder Matthew D. Walter to acquire Sarnova Holdings, Inc., the leading U.S. specialty distributor of healthcare products in the emergency preparedness and acute care markets. Sarnova provides a wide range of highly differentiated, mission-critical products, and valued added services – including product selection, training, inventory management and logistics, as well as custom kitting – to its customers and vendor partners.

Sarnova was formed in 2008 when Water Street merged two leading specialty distributors. Over the next ten years, Sarnova completed eight acquisitions to expand its suite of medical products and services. Today, the company has full national coverage and a clear leadership position in both its end markets. Within Emergency Preparedness, Sarnova commercializes products such as automated external defibrillators, emergency response kits and specialty consumables to a broad range of customers including fire departments, ambulance companies, law enforcement and the federal government. Within Acute Care, Sarnova offers innovative respiratory and anesthesia products to hospital emergency, critical care and neonatal intensive care departments. Its focus has enabled Sarnova to develop strong differentiation in its products and value-added services.

The enterprise value amounts to USD 903 m. For the 12-month period ending in December 2017, sales amounted to USD 555 m. and the EBITDA margin was approximately 12 percent. Since 2012, annual sales growth, most of which has been organic, has averaged 6 percent. EBITDA growth and cash conversion have been strong over the same period.

Patricia Industries will inject approximately USD 500 m. in equity for majority ownership of the company. The remainder of the acquisition will be financed by external debt and equity participation by Water Street, Mr. Walter, the board, management and other key individuals.

“Sarnova has a strong and dedicated management team and a clear leadership position in attractive market niches, characteristics we typically look for when adding new companies to our portfolio”, comments Investor AB CEO Johan Forssell.

Upon closing of the acquisition, Sarnova becomes Patricia Industries’ third North American subsidiary, in addition to BraunAbility and Laborie, which were acquired in 2015 and 2016 respectively.

“In Sarnova, we see a great company that has both impressive historical performance and significant, durable long-term growth potential. Its asset-light business model makes the company highly cash generative”, says Noah Walley, Co-Head of Patricia Industries. “We are looking forward to working with Sarnova’s executive team to further invest in and develop the company”, he adds.

“I am so proud of our team’s success. This new partnership with Patricia Industries will further strengthen Sarnova’s capacity to serve our customers, vendors and employees and fulfill our mission to save and improve patients’ lives. Simply put, the Wallenberg family and the Investor Group have a values-oriented culture, much like Sarnova’s culture, and we foresee a very bright future as a part of their family”, says Sarnova CEO Jeff Prestel.

Chris Sweeney, partner, Water Street, adds, “It has been an honor to work with Matt, Jeff and the entire Sarnova team over the past ten years. Together, we created and executed a strategic plan that grew the company into a market leader that is making a meaningful impact in the acute care and emergency medical services markets. Patricia consistently demonstrated its cultural alignment with us throughout our discussions and will be a strong home for Sarnova.”

The acquisition is subject to approval by the relevant competition authorities. Closing is expected during the second quarter 2018. The transaction is not of the kind subject to disclosure obligation by Investor pursuant to the EU Market Abuse Regulation.

Patricia Industries, a part of Investor AB, makes control investments in best-in-class companies with strong market positions, brands and corporate cultures within industries positioned for secular growth. Our ambition is to be the sole owner of our companies, together with strong management teams and boards. We invest with an indefinite holding period, and focus on building durable value and capturing organic and non-organic growth opportunities.

Sarnova is the leading national specialty distributor of healthcare products in the emergency medical services (EMS) and acute care markets. The company is comprised of four major business units: Bound Tree Medical, Cardio Partners, Emergency Medical Products and Tri-anim Health Services. For more information, visit www.sarnova.com.

Water Street is a strategic investor focused exclusively on health care. The firm has a strong record of building market-leading companies across key growth sectors in health care. It has worked with some of the world’s leading health care companies on its investments including Johnson & Johnson, Medtronic, Smith & Nephew and Walgreen Co. Water Street’s team is comprised of industry executives and investment professionals with decades of experience investing in and operating global health care businesses. The firm is headquartered in Chicago. For more information about Water Street, visit www.waterstreet.com.

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EQT to sell Mongstad Group

eqt

  • EQT Infrastructure II to sell Norwegian port and supply base landlord Mongstad Group to Asset Buyout Partners
  • During EQT’s ownership, Mongstad Group has more than tripled in size following strategic acquisitions and investments in base infrastructure such as quays and storage facilities
  • Expansion and upgrade projects of more than NOK 500 million completed for Statoil and other partners – resulting in growth, increased efficiency, reduced emissions and improved supply base infrastructure and security

EQT Infrastructure II (“EQT Infrastructure”) has entered into a definitive agreement to sell Mongstad Group to Asset Buyout Partners (“ABP”), a real estate investor specialized on oil and gas clusters, founded by Norwegian private equity investor HitecVision.

Mongstad Group was acquired by EQT Infrastructure in August 2015 and is the owner of infrastructure and landlord at two high activity oil and gas supply bases at strategically located ports serving producing platforms in the Norwegian North Sea. The strategy has revolved around investing in infrastructure and properties to support the increasing supply base activity through acquisitions and contracted development projects for partners, including Statoil and various oil & gas service companies.

In total, expansion and upgrade projects of more than NOK 500 million have been completed on behalf of Statoil and Mongstad Group’s other partners to enable growth, customer cost savings and environmental benefits by improving supply base infrastructure and security.

Since EQT Infrastructure came in as owner, Mongstad Group has grown through several acquisitions at the port of Mongstad outside Bergen and expanded to Dusavik. Dusavik port is located outside Stavanger and is a key supply base serving the southern part of the Norwegian North Sea, which includes being the designated supply base for the Johan Sverdrup development, the largest oil field development on the Norwegian Continental Shelf.

With these initiatives, Mongstad Group has grown threefold in revenues from 2015 to 2018.

Tore Noto Johnsen, CEO of Mongstad Group, comments: “Together with EQT, Mongstad Group has grown its offering of infrastructure and properties supporting more than 20 producing platforms in the Norwegian North Sea served from the supply base. We are now excited to continue our journey with ABP and continue to improve our combined offering and capacity as a leading Norwegian port landlord and developer of supply base infrastructure.”

Masoud Homayoun, Partner at EQT Partners, Investment Advisor to EQT Infrastructure, adds: “Since 2015, Mongstad Group has undergone an extraordinary transformation to become an infrastructure owner and developer of critical importance to the offshore oil and gas industry. In the capable hands of the company’s management and ABP as a strong new owner, we believe that Mongstad Group will continue to prosper and support its customers.“

Closing of the transaction is subject to customary approval by the Norwegian Competition Authority.

Morgan Stanley & DNB Markets acted as financial advisers and Selmer as legal adviser to EQT Infrastructure.

The parties have agreed not to disclose the transaction value.

Contacts:
Masoud Homayoun, Partner at EQT Partners, Investment Advisor to EQT Infrastructure, +46 8 506 55 348
EQT Press contact, +46 8 506 55 334

About Mongstad Group
Mongstad Group is an owner of key infrastructure and a landlord to high activity oil and gas supply bases at the strategically located ports of Mongstad and Dusavik, supporting about 30 oil and gas fields in the Norwegian North Sea.

More info: www.mongstadgroup.no

About EQT
EQT is a leading investment firm with approximately EUR 49 billion in raised capital across 26 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 Asset Buyout Partners
Asset Buyout Partners is an industrial real estate company with a dedicated investment strategy aimed towards real estate and infrastructure assets located in Norwegian oil and gas clusters. The company Is owned by HitecVision, Europe’s leading specialist private equity investor focused on the oil and gas industry.

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