Monthly Archives: April 2018

Ardian raises €230 million for second growth fund

Ardian

The new fund is three times the size of the previous generation, attracting in record time a wide range of institutional investors and entrepreneurs

Paris, 12 April 2018: Ardian, a world-leading private investment house, today announces that it has raised €230 million for its latest Growth Equity fund, Ardian Growth Fund II. The size of this new fund, raised in four months, is three times bigger than Fund I (€70M raised in 2014) and confirms Ardian Growth’s leading position in the European growth equity market.

The fundraise has generated strong interest from both institutional investors such as the European Investment Fund (FEI) and Bpifrance – which invests on its own account and within the framework of the Investments for the Future Programme via the MultiCap Croissance fund – and as well as from more than 50 leading European entrepreneurs in the digital sector. The strong demand highlights the quality of the team and its track record, combining knowledge of entrepreneurship with deep sector expertise.

As a long-standing player in the market with around €500 million of assets under management, Ardian Growth is a preferred partner for entrepreneurs looking to grow their business. Since 1998, Ardian Growth has supported more than 100 companies in the digital sector (software, internet, etc.), most recently including Bricoprivé and Ivalua in France, Lastminute.com in Italy and T2O in Spain.

Benefitting from Ardian’s international presence and its track record in Europe and the U.S., the team takes both minority and majority positions, investing up to €25 million in fast growing and profitable companies that want to accelerate their international development and external growth. Active in France, Italy, Spain and Benelux, the team pursues a pan-European investment strategy.

Laurent Foata, Head of Ardian Growth, said: “This fundraise was completed at a record speed and was heavily over-subscribed, demonstrating the trust given to our team and strategy by both existing and new investors. By welcoming a new group of leading entrepreneurs as investors, we significantly add to our ability of offering a truly differentiated approach to portfolio companies. With the substantial size of the fund, the fundraise strengthens Ardian Growth’s positioning as a leading growth catalyst for ambitious entrepreneurs across Europe.”

During the last twelve months, Ardian Growth has been particularly active with more than 9 exits, 5 investments and 9 build-ups.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$67bn 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 490 employees working from 13 offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), North America (New York, San Francisco) and Asia (Beijing, Singapore, Tokyo). It manages funds on behalf of about 700 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

Follow Ardian on Twitter @Ardian

www.ardian.com

PRESS CONTACTS

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EURAZEO Finalizes the acquisition of a 70% stake in IDINVEST PARTNERS

Eurazeo

Eurazeo is pleased to announce the acquisition of a 70% Stake in Idinvest Partners. This follows the announcement on February 5, 2018 of a final agreement between the parties In which IDI, an investment company listed on Euronext Paris, undertook to sell its entire investment in Idinvest, i.e. 51% of the share capital.

Founded in 1997, Idinvest Partners has financed nearly 4,000 European companies via its three business lines: Venture & Growth Capital, Private Debt and Dedicated Portfolios & Funds(including secondary transactions).

The company manages €7 billion for insurance companies and leading institutional investors, as well as 80,000 private individuals. Idinvest Partners draws on its experience and expertise in numerous sectors to support entrepreneurial development projects. This transaction is an integral part of Eurazeo’s long-term strategy to become the partner of trust for businesses and entrepreneurs at all stages of their development. It also supports its dual business model by developing third-party fund management.

A share acquisition price of €230 million was paid on completion of the deal, valuing Idinvest at €310 million. Idinvest will retain management autonomy and an unchanged management team, which will continue to hold 30% of the capital.

 

About Eurazeo

With a diversified portfolio of approximately €15 billion in assets under management1, including €9 billion from third parties, Eurazeo is a leading global investment company with offices in Paris and Luxembourg, New York, Shanghai and Sao Paulo. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. The firm covers most private equity segments through its five business divisions– Eurazeo Capital, Eurazeo Croissance, Eurazeo PME, Eurazeo Patrimoine and Eurazeo Brands – and its Idinvest business divisions. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. As a global long-term shareholder, the firm offers deep sector expertise, a gateway to global markets, and a stable foothold for transformational growth to the companies it supports.

1 proforma of Idinvest and Rhône

 

Eurazeo is listed on Euronext Paris.

ISIN: FR0000121121

Bloomberg: RF FP

Reuters: EURA.PA

About Idinvest Partners

With €7 billion under management, Idinvest Partners is a leading pan-European private equity firm focused on the mid-market segment. Idinvest Partners has developed several complementary areas of expertise including growth capital investments in innovative European start-ups; mid-market private debt (unitranche, senior loans and subordinated financing); primary and secondary investments in unlisted European companies and private equity consulting. Founded under the name AGF Private Equity in 1997, Idinvest Partners was formerly part of Allianz until 2010 when it became an independent firm.

 

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3i announces final close of the 3i European Operational Projects Fund on €456 million

3I

3i Group plc (“3i”) today announces the final close of the 3i European Operational Projects Fund (“3i EOPF”), with €456 million of commitments received from European and Asian investors, including a commitment of €40 million from 3i Group.

3i EOPF, which is managed by 3i’s infrastructure team, invests in operational projects across Europe, with a focus on France, the Benelux, Germany, Italy and Iberia. It targets a wide range of sub-sectors, primarily social infrastructure and transportation, but also telecoms and utilities, excluding renewable energy projects. It aims to provide long-term yield to institutional investors. The Fund has already invested and committed to invest approximately €85 million in assets across Europe.

Phil White, Managing Partner and Head of Infrastructure, 3i Investments plc, commented:

“We are delighted to announce the final close of the 3i European Operational Projects Fund at €456 million, exceeding our €400 million target. This new fund is complementary to our Infrastructure business. We received strong interest from financial institutions attracted by our pan-European platform, our track record of successful management of operational projects, and our pipeline of investment opportunities in this sector of the market.”

-Ends-

 

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Kinnevik invests USD 41 million in Livongo and increases ownership

Kinnevik

Kinnevik AB (publ) (“Kinnevik”) today announced that it has invested USD 41m in Livongo Health Inc. (“Livongo”), leading a USD 105m funding round and increasing its ownership to 8%. Livongo is a US based consumer digital health company empowering people with chronic conditions to live better and healthier lives.

Georgi Ganev, CEO of Kinnevik, commented:

“We are excited to lead the funding round in Livongo and to increase our ownership in the company. Since our first investment a year ago, Livongo has grown its member base by 2.5 times and reinforced its position as a leader in chronic conditions, starting with diabetes and hypertension. We have set out to focus our private portfolio and to identify the winners, and the investment in Livongo is an important step in executing our strategy in this area.”

Glen Tullman, Chief Executive Officer of Livongo, noted:

“The societal cost of chronic health conditions is staggering in the US and worldwide. This can be addressed – and Livongo is showing the way. The new science in health and healthcare is based on understanding consumers and meeting them exactly where they are. Livongo empowers members with useful and actionable information that leads to measurably better clinical results. Today’s financing furthers our ability to make our mission a reality. We are very pleased to have the continued support of Kinnevik for this exciting phase of our journey.”

Livongo empowers people with chronic conditions to live better and healthier lives. The company reduces the daily burdens of people living with chronic conditions, starting with diabetes and hypertension, by driving behavior change through the combination of consumer health technology, personalized recommendations, and real-time support at the point of impact.

Proceeds from the funding round will support rapid market growth, continued investment in data science, deeper integration with clients and partners, and the development of Livongo’s proprietary platform.

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to build digital businesses that provide more and better choice. We do this by working in partnership with talented founders and management teams to create, develop and invest in fast growing businesses in developed and emerging markets. We believe in delivering both shareholder and social value by building companies that contribute positively to society. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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The Access Group announces strategic investment from Hg

HG Capital

The Access Group announces strategic investment from Hg alongside existing investor TA Associates at an enterprise value of £1 billion

The Access Group, a leading provider of fully integrated business management software to UK mid-market organisations, announced today a strategic investment from Hg valuing the business at an enterprise value of approximately £1 billion. Current majority shareholder TA Associates will retain joint control of The Access Group.

With its portfolio spanning Finance, HR, Payroll, Hospitality, Recruitment, Health & Social Care, Manufacturing & Distribution, Education and Not for Profit sectors, The Access Group is the leading vendor of mission-critical business software to mid-market organisations in the UK.

Chris Bayne, CEO of The Access Group, commented, “We have enjoyed our close partnership with the team at TA Associates, and we’re very proud of the considerable growth we’ve achieved together to date. We look forward to continuing our relationship with them and welcoming our new investors, Hg, to further assist us in our journey as one of the UK’s leading providers of cloud-enabled business application software. With these two marquee investors, we will have access to significant resources and expertise to continue to deliver innovation and value for our clients.”

“We are very impressed by Chris Bayne, his strong management team and vision for the business, focused on delivering an ever-expanding portfolio of mission-critical software to a growing base of very satisfied and loyal customers.” said Jonathan Boyes, Partner at Hg.

“It has been a pleasure to partner with Chris Bayne and his team since we invested in the business in January 2015,” said J. Morgan Seigler, Managing Director at TA Associates. “The business has experienced strong organic growth, executed 11 acquisitions, entered three new vertical markets and grown its customer base to more than 12,700 UK businesses and not-for-profit organisations. We look forward to partnering with Hg to support the company through its next phase of growth.”

Arma Partners is serving as financial advisor to The Access Group. Harris Williams is serving as advisor to The Access Group’s Management. Travers Smith is serving as legal advisor to TA Associates and The Access Group. Linklaters is serving as legal advisor to Hg.

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EQT completes purchase of majority stake in Spirit Communications

eqt

  • Will Combine Assets with Lumos Networks
  • Combination of Spirit Communications and Lumos Networks Will Create a Super-Regional Fiber Bandwidth Provider Operating in Nine States in the Mid-Atlantic and Southeast

Waynesboro, Va., and Columbia, S.C., April 10, 2018 – Lumos Networks Corp. (“Lumos”) and Spirit Communications (“Spirit”) announced today that the EQT Infrastructure III fund (“EQT Infrastructure”) has completed its majority stake investment in Spirit. With the transaction complete, Spirit will be combined with Lumos, which was acquired in November of 2017.

The combination of Spirit and Lumos creates a super-regional fiber network stretching from Pittsburgh to Atlanta, with the vast majority of revenue and fiber network concentrated in the high-growth markets of Virginia, North Carolina and South Carolina. Together, Spirit and Lumos will operate a network of approximately 21,000 fiber route miles and well over one million total fiber strand miles. The combined business will have over 9,000 on-net locations, comprised of approximately 4,500 on-net enterprise locations and more than 4,500 unique contracted fiber to the cell (“FTTC”) locations.

Jan Vesely, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, said, “The combination of Spirit and Lumos has strong industrial logic and immediately creates a leading fiber bandwidth platform in the United States. Both companies share many of the same attributes that EQT seeks in its infrastructure investments. We are very much looking forward to supporting the combined business in its ambitious growth plans and working alongside Spirit’s Member Companies.”

Timothy G. Biltz, President and CEO of Lumos, will serve as the CEO of the combined company. Robert Keane, President and CEO of Spirit prior to the combination, and Brian Singleton, CEO of TruVista and Chairman of the Spirit Board of Directors prior to the combination, will serve on the combined company’s Board of Directors.

“Spirit and Lumos have similar operating strategies, our fiber footprint is contiguous with very little overlap and we share the same tireless focus on providing an excellent customer experience,” said Mr. Biltz. “Quite simply, we belong together. We are excited that EQT had the vision to execute on its plan to create a platform that is, based on a number of metrics, the largest independent fiber bandwidth company in the U.S.”

Robert Keane, former CEO of Spirit, said, “In an industry where most combinations are focused on eliminating cost benefits, this business combination is born out of expectations for revenue growth. We now have twice the footprint to reach more of our customers’ locations, and we expect to utilize both companies’ product portfolios to cross-sell these services across the expansive combined enterprise base.”

“I look forward to working closely with Bob Keane and Brian Singleton, who will both play an important role on our Board of Directors alongside the existing board members,” added Doug Gilstrap, Chairman of the Board of the combined entity. “Collectively, we will strive to maintain our focus on excellent customer experience by increasing our offerings of products and services while continuing the investments required to build a fiber network with world-class reliability and performance.”

Mr. Biltz concluded, “I would like to conclude with a very special thank you to the approximately 900 combined employees from Lumos and Spirit for their ingenuity, sacrifice and devotion to solving our customers’ problems and building a world-class fiber network with world-class performance and metrics. The best is yet to come.”

Contacts
Will Davis, +1-917-519-6994, davisw@lumosnet.com

US inquiries: Alicia Battistoni, +1-646-687-6810, alicia.battistoni@eqtpartners.com
International inquiries: EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

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 the Combination of Spirit Communications and Lumos Networks
The combination of Spirit Communications and Lumos Networks creates a super-regional fiber bandwidth network with over 21,000 miles of fiber and more than 9,000 on-net locations across nine states in the Mid-Atlantic and Southeast United States. The new entity offers a full range of Ethernet, MPLS, dark fiber, advanced voice and cloud services to thousands of carrier, enterprise, data center and government customers. The entity also connects 44 total data centers, including 12 co-location and data centers.

More info: www.spiritcom.com and www.lumosnetworks.com

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EQT Infrastructure acquires Broadnet, Norway’s leading alternative fiber-based data communications provider

eqt

  • EQT Infrastructure acquires Broadnet, the leading alternative Norwegian provider of fiber-based data communications to businesses, telecom operators and the public sector
  • Broadnet operates in the highly attractive fiber infrastructure sector characterized by growing data traffic
  • EQT Infrastructure is committed to actively supporting Broadnet in its pursuit of growth and continued operational improvement opportunities

The EQT Infrastructure III fund (“EQT Infrastructure”) has agreed to acquire Broadnet Holding AS (“Broadnet” or the “Company”) from the EQT V and VI funds.

Broadnet controls ~24,000km of fiber through its nationwide backbone network in addition to expansive regional as well as local networks, connecting more than 90 cities across Norway. The Company has grown to become the leading independent fiber-based datacom provider in the Norwegian B2B market (~85% of sales), but also serves the B2C market through its HomeNet brand (~15% of sales). The product offering includes VPN, Internet, Ethernet and dedicated capacity to both the wholesale market and to end-customers. The customer base includes some of the largest Norwegian enterprises as well as other telecom operators and consumers.

EQT Infrastructure will support the continued development of Broadnet and assist the Company in its pursuit of new opportunities to grow and commercialize its extensive fiber network assets. Moreover, the value creation strategy is focused on realization of identified operational improvement opportunities, for instance automation and customer service initiatives.

Daniel Pérez, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, said: “Broadnet was created under the ownership of EQT V/VI and has developed into a leader in the highly attractive Norwegian fiber infrastructure market under the leadership of CEO Martin Lippert. We are excited about the prospects of the Company and thrilled with the opportunity to support Martin and his team with their growth and development plans going forward.”

Martin Lippert, CEO of Broadnet said: “The sale of Broadnet is another proof of our success over the last years. We have, through hard work from all employees and support from our owners, positioned Broadnet as a market leader within fiber infrastructure. We will continue the journey through further development of infrastructure and by providing outstanding customer experiences in the years to come. Broadnet is ideally positioned to take further market shares in a growing Norwegian fiber market, with the backing of our new owner who has extensive experience from our industry.”

The transaction is expected to close in May 2018.

Contacts:
Daniel Pérez, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, +46 8 506 554 72

EQT Press office +46 8 506 55 334

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 Broadnet
Broadnet is the largest alternative Datacom provider in Norway. The company controls one of two optical fiber networks in Norway in addition to a substantial regional and local network. The group consist of two brands: Broadnet, serving the business and wholesale market, and HomeNet, serving the consumer market

More info: www.broadnet.no

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FS Investments and KKR Close Transaction, Creating Largest BDC Platform

KKR

Investors Overwhelmingly Approve New Partnership

PHILADELPHIA and NEW YORK, April 9, 2018 /PRNewswire/ — FS Investments and KKR today announced the closing of their previously announced transaction to create the market’s largest business development company (BDC) platform, with $18 billion in combined assets under management.

Effective today, a new partnership, FS/KKR Advisor, LLC, will serve as the investment adviser to six BDCs:  FS Investment Corporation (NYSE: FSIC), FS Investment Corporation II (FSIC II), FS Investment Corporation III (FSIC III), FS Investment Corporation IV (FSIC IV), Corporate Capital Trust, Inc. (NYSE: CCT) and Corporate Capital Trust II (CCT II).  All of the BDCs are able to participate in the same transactions alongside each other and KKR Credit’s institutional funds and accounts.

“We have been working closely with the KKR team over the past several months to prepare for this transition and are now looking forward to realizing the full benefits of our combined platform for investors,” said Michael Forman, Chairman and Chief Executive Officer of FS Investments. “Our focus will continue to be on optimizing the platform and enhancing performance as we also evaluate potential mergers of these BDCs to create value.”

Todd Builione, President of KKR Credit and Markets, said, “We have enjoyed working with our partners at FS over the past many months.  We firmly believe that through our collective scale and complementary expertise, our combined BDC franchise is positioned to drive superior results for our investors – and holistic financing solutions to our sponsor and corporate clients.”

FS Investments and GSO Capital Partners (GSO) have concluded their relationship with respect to all of FS Investments’ sponsored funds that were sub-advised by GSO.

About FS/KKR Advisor LLC 
FS/KKR Advisor, LLC is a partnership between FS Investments and KKR Credit that serves as the investment adviser to six business development companies (BDCs) with approximately $18 billion in assets under management as of December 31, 2017. The BDCs managed by FS/KKR include FS Investment Corporation, FS Investment Corporation II, FS Investment Corporation III, FS Investment Corporation IV, Corporate Capital Trust, Inc. and Corporate Capital Trust II.

About FS Investments
FS Investments is a leading asset manager dedicated to helping individuals, financial professionals and institutions design better portfolios. The firm provides access to alternative sources of income and growth and focuses on setting industry standards for investor protection, education and transparency.

FS Investments is headquartered in Philadelphia, PA with offices in New York, NY, Orlando, FL and Washington, DC. Visit fsinvestments.com to learn more.

About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Contact Information:

Media (FS Investments)
Marc Yaklofsky or Kate Beers
media@fsinvestments.com
215-495-1174

Media (KKR)
Kristi Huller or Cara Kleiman Major
media@kkr.com
212-750-8300

Forward-Looking Statements
This press release may contain certain forward-looking statements, including statements with regard to the future performance or operations of FSIC, FSIC II, FSIC III, FSIC IV, CCT and CCT II (collectively, the “Funds”). Words such as “believes,” “expects,” “projects” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the filings the Funds make with the U.S. Securities and Exchange Commission. The Funds undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/fs-investments-and-kkr-close-transaction-creating-largest-bdc-platform-300626249.html

SOURCE FS Investments

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AURELIUS subsidiary B+P Group acquires Raetz Gerüstbau

Aurelius Capital

  • Strategic add-on acquisition is part of B+P’s expansion strategy
  • Expanded presence in the Munich greater metropolitan area
  • Acquisition offers synergy potential

Munich, April 9, 2018 – B+P Gerüstbau, a subsidiary of AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8), will acquire the operations, including all assets and employees, of Gustav Raetz oHG under an asset deal. The seller is the insolvency administrator. Founded in 1906, the provider of scaffolding services with its main headquarters in Munich and a branch office in Bautzen/Saxony will enable the B+P Group to operate even more successfully in the Munich greater metropolitan area. After the acquisition of the BSB Group in August 2016, the purchase of Raetz is the next logical step in B+P’s Germany-wide expansion strategy. The parties agreed not to divulge the financial details of the transaction.

Raetz Gerüstbau is a longstanding provider of scaffolding services, very well known in the Munich area, with access to and references for public-sector contracts in the region. The medium-sized family enterprise has a total of 23 highly qualified employees and six vocational trainees, as well as a very well situated site in Munich-Milbertshofen. The acquisition of Raetz will enable B+P to further expand its presence in the Munich greater metropolitan area and realize synergies. For example, Raetz’s scaffolding materials and employees can be deployed directly at the Munich-area construction sites of the specialized scaffolder BSB, which is owned by the B+P Group.

“I am pleased that the company will continue to operate under the roof of B+P. First, the acquisition preserves the existing jobs at Raetz. Second, it creates prospects for new growth,” said Anita Bones, the longtime operations manager of Raetz. The acquisition by B+P is also supported by the insolvency administrator of Gustav Raetz oHG, the Munich-based attorney Dr. Matthias Hofmann: “During the transaction process, B+P convinced us with a clear growth concept and with its speed and pragmatism, backed by the support and experience of AURELIUS.”

B+P Gerüstbau, which has belonged to the AURELIUS Group since August 2014, is the market leader in the segment of scaffolding and construction site services in the Berlin greater metropolitan area, where it primarily serves public-sector entities as an expert in demanding, large-scale projects. In its “PLUS Services” segment, B+P also provides services such as electricity and water supply to construction sites. The company has grown continuously on this basis in the last few years. B+P has been involved in nearly all large-scale regional projects in the past. In addition, it provides services to numerous medium-sized and small projects and has a stable customer base including prestigious construction companies and public-sector project owners.

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Funds advised by Apax Partners to acquire Healthium MedTech Private Limited

Apax

Mumbai and London, 6 April 2018: Quinag Acquisition (FDI) Limited, a company backed by funds advised by Apax Partners (“the Apax Funds”), today announced that it has entered into a definitive agreement to acquire a controlling stake in Healthium MedTech Private Limited (“Healthium” or the “Company”, previously known as “Sutures India”), the leading independent medical devices player in India. The controlling stake was acquired from existing shareholders including TPG Growth, CX Partners, and founding shareholders. The transaction is subject to customary approvals. The financial terms of the transaction are not being disclosed.

Founded in 1992, Healthium manufactures and sells a broad range of medical devices and consumable products including wound closure products, minimally invasive products including endo surgery and arthroscopy consumables, and urology products. The Company’s key brands include Trusynth, Truglyde, Trubond, and Sironix, amongst others.

Through its strong pan-India distribution presence under the Sutures India division, Healthium sells its products across large and corporate hospitals, nursing homes, and government hospitals and institutions, and services over 10,000 hospitals across the country. Backed by the Apax Funds, Healthium plans to further deepen its presence in the Indian market and broaden its portfolio of specialty medtech products.

Healthium has a significant and growing international business with exports to over 50 countries. With an already strong presence in the urology market in the UK, under the Clinisupplies division, Healthium has also recently and successfully launched a portfolio of wound closure products under the Q-Close brand.

Healthium will be the eighth investment in India for the Apax Funds over the past 11 years. Including this transaction, the Apax Funds have invested just under $2bn of equity in the country. The investment in Healthium marks the second investment in the healthcare space for the Apax Funds in India, following the investment in Apollo Hospitals.

Shashank Singh, Partner at Apax Partners and Head of Apax’s India office, said: “Healthcare is a key focus area for Apax in India given secular tailwinds around healthcare spend and government initiatives focused on affordable and universal healthcare. Healthium, with its strong IP and domestic manufacturing base, is well positioned to improve healthcare access and drive excellence in local manufacturing under the Make in India programme. The opportunity is to create a medtech platform of scale to deliver a broad portfolio of products in the Indian market, and we are excited to partner with the management team of Healthium to deliver this vision.”

Steven Dyson, Partner at Apax Partners and Global Co-head of Healthcare at Apax, said: “Apax has strong experience in medical devices companies globally with several large businesses such as Vyaire, Acelity and Syneron Candela in the Apax Funds’ portfolio. Healthium is a well-established brand selling high quality products at affordable prices, which is necessary in a market like India. We see a great opportunity to further expand its product portfolio and create India’s leading medical devices company.”

Matt Hobart, Partner at TPG Growth and leader of the fund’s Healthcare practice globally, said:  “TPG Growth has invested in a significant number of healthcare provider businesses around the world, from urgent care clinics and travel nurse staffing in the United States to world-class cancer clinics and specialty mother and child centers in India. Thematically, we have always been focused on investing behind companies that offer high-quality products and services with a focus on value. From the time we invested five years ago, Healthium has always delivered extremely well on that quality-cost equation. We are very pleased to have grown Healthium into one of the leading medtech platforms in India and are confident that the Company will continue to scale effectively for years to come.”

Apax was advised by Kirkland & Ellis (legal counsel), Khaitan & Co (legal counsel), and PwC (accounting and tax advisor). TPG Growth was advised by Shardul Amarchand Mangaldas (legal counsel), Deloitte (accounting and tax), and Goldman Sachs.

Funds advised by Apax Partners to acquire Healthium MedTech Private Limited

About Healthium MedTech Private Limited
Healthium is India’s leading medical devices player, manufacturing and marketing several surgical and medical consumables including surgical sutures, staplers, suturing needles, other wound closure products, surgical gloves, urology products and a range of minimally invasive solutions. Healthium is headquartered in Bangalore and has 5 manufacturing locations across the country. The Sutures India division of the company has a strong sales and distribution network in India comprising over 400 sales personnel and over 1,500 distributors. Clinisupplies, the UK division of Healthium, is a leading medical devices player in the UK, marketing and selling urology products, surgical sutures and other wound care products. Healthium also has significant global presence with exports to over 50 countries, including the USA, France, Germany, Italy, Switzerland, Brazil, Mexico, GCC countries, Egypt, Turkey and several Asian countries. Healthium also has a large OEM business that caters to requirements of sutures and other medical device companies globally.

About Apax Partners
Apax Partners is a leading global private equity advisory firm. Over its more than 35-year history, Apax Partners has raised and advised funds with aggregate commitments of over $50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global private investment firm. With more than $13 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has more than $73 billion of assets under management. For more information, visit www.tpg.com.

Media Contacts

For Apax Partners:

Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 | andrew.kenny@apax.com
USA Media: Todd Fogarty, Kekst | +1 212-521 4854 | todd.fogarty@kekst.com
UK Media: Matthew Goodman / James Madsen, Greenbrook | +44 20 7952 2000 | apax@greenbrookpr.com

For TPG Growth:

Global Media: Erika White, TPG | +1 415-743-1550 | media@tpg.com
India Media: Snigdha Nair, Adfactors |+91 9920481191 | snigdha.nair@adfactorspr.com

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