Monthly Archives: November 2018

Care of Carl Partners with Litorina

Litorina

Litorina enters into a partnership with Care of Carl, the leading Nordic online retailer of well-known, classic high-quality brands within apparel, footwear and accessories for men. By partnering with Litorina, Care of Carl gets access to additional resources to continue its rapid development and expansion.

Care of Carl is based in Borås and was founded on the conviction that personal service, active engagement with and a genuine interest in the customer can facilitate and improve the daily lives of the customers. Care of Carl offers men the opportunity to build their personal wardrobe and style by offering a carefully curated selection of renowned brands online. The company has a turnover of c. SEK 220 million with an annual growth of more than 20%. Care of Carl has a loyal and growing customer base of style conscious men across the Nordics, who are served from the central warehouse in Borås.

As a result of the continuously growing demand for Care of Carl’s curated assortment, Henning Källqvist has chosen Litorina as partner to continue developing and growing the company. Litorina becomes the new majority shareholder and Henning Källqvist, who founded the company in 2010, remains as CEO of the company with a 30% ownership.

“Care of Carl has established an incredibly strong position in the market, but to capture all future opportunities, more resources and investments will be required. Litorina and I share both the view of our current position but more importantly the future strategic direction. I am convinced that Care of Carl will be able to reach even more customers who realise the advantages of shopping with us with our high service level which will result in even more rapid growth going forward”, says Henning Källqvist, founder and CEO of Care of Carl.

“Care of Carl is a first-class Swedish company with a leading market position in the Nordics within its niche, in the fast-growing online channel”, says Paul Steene, Partner at Litorina. “We are very pleased that Henning has chosen Litorina as his partner for the continued development of the company”.

“Litorina has a strong track record of investing in companies with sales of premium menswear following our investment in the premium men’s shirt company Eton. We also have experience from developing companies with international online sales, like online carpet retailer CarpetVista with customers in around fifty countries and online flower delivery company Euroflorist with business across Europe. We hope to be able to contribute with experience within these areas in the future development of Care of Carl”, says Magnus Ressel, Director at Litorina.

Litorina and Henning Källqvist share a clear agenda for how to jointly develop the company over the coming years, where focus will be on continuing the rapid expansion while continuing to offer a market-leading customer experience. To execute on this vision, Ian Tansley, former CEO of Mr Porter, will join the company as a member of the board and advisor.

For further information, please contact:

Magnus Ressel, +46 768 96 11 89, magnus.ressel@litorina.se, Director, Litorina
Henning Källqvist, +46 707 77 21 85, henning@careofcarl.com, CEO, Care of Carl

Care of Carl, founded in 2010, is a Nordic market leader within online retailing of premium apparel, footwear and accessories for men. The carefully curated assortment is sold through its proprietary e-commerce platform to customers across the Nordics. Care of Carl has a turnover of c. SEK 220 million and is headquartered in Borås. For more information, please visit www.careofcarl.com.

Litorina, founded in 1998, focuses on acquiring and industrially developing companies together with their management teams. Litorina offers broad and deep expertise both via its own organization and through its network of industrial advisors. For more information, please visit www.litorina.se.

 

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The Leipzig and Erfurt based logistics platform company Pamyra.de has successfully completed a seven-digit seed financing round

BM-T

The Pamyra.de team is pleased to have reached an important milestone in the company´s development: its first seven-digit investment that will provide the needed capital to further pursue its rapid growth strategy. The round was led by Beteiligungsmanagement Thüringen GmbH (bm|t), which made the investment together with the Technologiegründerfonds Sachsen (TGFS) and three private business angels. InnoEnergy, the previous lead investor from the pre-seed round, also participated in the capital increase. Felix Wiegand, founder and CEO of Pamyra.de GmbH considers this investment a «great demonstration of trust from current and new investors in the Pamyra.de team.»

The bulk of the investment will be deployed in product development and marketing. In addition, a head of business development has been added to the team. «We have a lot to accomplish in the coming year and look forward to maximizing the potential of our unique platform,» commented Wiegand. With additional developers, a bigger marketing budget, and further additions to the team, Pamyra.de is well armed for rapid growth. Wiegand added, «it’s great to see how the team has grown and united around only one goal: to make Pamyra.de the premier discovery and booking platform for transport and logistics.»

Although the development of Pamyra.de has been impressive, the competition for the large market in the digitalization of logistics services is intense. Wiegand is confident that the Pamyra.de team is up to the challenge: «With our dynamic comparison concept, we created an unprecedented offering in the logistics industry that creates value for both senders and logistics companies.» With this USP Pamyra.de is convinced it will reshape the logistics industry and continue on its strong growth path.

 

About Pamyra GmbH:
Pamyra.de is an independent comparison and booking platform for transport and logistics. The company was founded in 2016 by Felix Wiegand and Steven Qual in Erfurt. In March 2017, the platform officially went live. With its service Pamyra.de enables the customer to get an overview of the transport offers on the market and to book a suitable offer within seconds.
www.pamyra.de

 

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AURELIUS completes acquisition of leading manufacturer of Water and Waste Water Valves VAG

Aurelius Capital

Munich, November 27, 2018 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) has completed the acquisition of VAG, the Mannheim-based manufacturer of water and waste water valves from U.S.-based Rexnord.

As a globally active company, VAG is one of the leading suppliers of valves for water treatment and distribution, waste water management, dams, power stations and the energy industry. With approx. 1,200 employees, VAG generated sales of almost EUR 200 million in its 2017/18 financial year. VAG is known and appreciated throughout the world for its market-leading know-how in product development and bears the quality seal “Engineering made in Germany.” The company has six production facilities in Germany, the Czech Republic, China, India, South Africa and the United States, as well as 14 own sales offices that sell VAG’s products and services in more than 100 countries of the world. VAG operates both in the global project business and in the production and distribution of standard applications.

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Munich Airport International and The Carlyle Group’s CAG Holdings Form Joint Venture to Improve North American Airports

Carlyle

Partnership Will Reimagine the Airport Customer Experience in Collaboration with Communities and Public Authorities Across the Continent

New York, NY – Munich Airport International (MAI), a wholly-owned subsidiary of Munich Airport, and CAG Holdings (CAG), The Carlyle Group’s (NASDAQ: CG) global airport investment platform, today announced the formation of Reach Airports LLC – a U.S.-based joint venture to offer training, consulting and management services to the aviation sector in the U.S., Canada, Mexico and other OECD countries. Reach Airports builds on the 25+ year experience of Munich Airport’s international business.

Reach Airports combines the strengths of both parties – the airport investment background of CAG with the operational management expertise of MAI. The formation of Reach Airports builds upon an existing partnership between CAG and MAI for airport development opportunities globally, most notably the redevelopment of Terminal One at New York’s JFK International Airport. The combination of a strong financial investor joining forces with Europe’s best airport to transform the customer experience at JFK represents a milestone in the North American aviation sector.

MAI, the international business arm of Munich Airport, Europe’s only 5-star airport, will continue to expand its global business activities through the creation of Reach Airports. “Together with our partner, CAG, we look forward to providing excellent services to a market that demands significant airport improvements,” states Dr. Ralf Gaffal, Managing Director of Munich Airport International. “We are excited to bring our proven long-term operational and commercial experience developed at airports around the world to North America.”

CAG, which is a portfolio company of the Carlyle Global Infrastructure Opportunity Fund, is led by an experienced U.S.-based management team. With its deep roots in the North American market, CAG acknowledges the importance of working with diverse stakeholders at the local level. “Airports are the economic engines for our regions and cities, and any improvements must reflect the community’s interests while providing new opportunities for growth and career development for local residents,” explains Amit Rikhy, President & CEO of CAG. “We are excited to partner with Munich Airport to reimagine the airport customer experience in close collaboration with local communities and public authorities across the continent.”

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About Munich Airport and Munich Airport International

Incorporated in 1949, Flughafen München GmbH (FMG) has been operating Munich Airport on its current site since its opening on May 17, 1992. It is jointly owned by the Free State of Bavaria (51 percent), the Federal Republic of Germany (26 percent) and the city of Munich (23 percent). The FMG corporate group, with its 16 subsidiaries, employs more than 9,000 people. With a total workforce of about 35,000, employed by about 550 companies, Munich Airport is one of Bavaria’s largest employers. Within just a few years of opening, Munich Airport developed into a major air transportation hub and was firmly established as one of Europe’s 10 busiest airports. Munich Airport now offers connections to more than 250 destinations all over the world. In 2017 Bavaria’s gateway to the world has handled approximately 405,000 flights with 44.6 million passengers. Munich Airport is proud to be the first – and remains the only – airport in Europe with a “5-Star Airport” designation by the London-based Skytrax Institute.

As a wholly-owned subsidiary of Munich Airport’s operating company Flughafen München GmbH, Munich Airport International (MAI) is responsible for all national and international consultancy, management and training services. The 70 experts at MAI provide full airport lifecycle services, including planning/design, project management, operational readiness and airport transfer (ORAT), commercial development, process reengineering, profit and revenue optimization, tailor-made training services and comprehensive airport management. In addition to airports, customers also include airlines, ground handlers and airport investors.

About The Carlyle Group and CAG Holdings

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $212 billion of assets under management across 339 investment vehicles as of September 30, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,625 people in 31 offices across six continents. www.carlyle.com

The Carlyle Global Infrastructure Opportunity Fund, L.P. (CGI) is Carlyle’s flagship infrastructure investment fund focused on investments globally. CGI is managed by a team of experienced professionals based in Washington, DC and has been the driving force behind recent landmark announced transactions including the Port of Corpus Christi Texas and, together with CAG Holdings, the redevelopment of New York’s JFK Terminal One.

CAG Holdings (CAG) is The Carlyle Group’s dedicated U.S.-based investment arm for airport infrastructure investment opportunities globally and is a portfolio company of the Carlyle Global Infrastructure Opportunity Fund. CAG is led by an experienced management team with a track record of more than 70+ airport projects globally combined with a deep, localized understanding of the U.S. airport market.

Contacts:

Munich Airport
Ingo Anspach
ingo.anspach@munich-airport.de
+49 89 975 41180

The Carlyle Group
Christa Zipf
christa.zipf@carlyle.com
+1 212 813 4578

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Onex Completes Acquisition of KidsFoundation

Onex

Toronto, November 27, 2018 – Onex Corporation (“Onex”) (TSX: ONEX) today announced it has completed the acquisition of KidsFoundation Holdings B.V. (“KidsFoundation”), the largest childcare provider in the Netherlands.
In total, the Onex Partners Group invested approximately $172 million, which includes capital from both Onex Partners IV and V. Onex’ portion of the investment was $48 million as a Limited Partner in the Funds. Onex will now begin accruing fees on Onex Partners V, with annualized private equity fees expected to increase by more than $50 million.

About Onex
Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. Onex has more than $33 billion of assets under management, including $6.9 billion of Onex proprietary capital, in private equity and credit securities. With offices in Toronto, New York, New Jersey and London, Onex and the team are collectively the largest investors across Onex’ platforms.
Onex’ businesses have assets of $52 billion, generate annual revenues of $32 billion and employ approximately 218,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

For further information:
Emilie Blouin
Director, Investor Relations
Tel: 416.362.7711

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MONROE CAPITAL closes $1.33 billion PRIVATE CREDIT FUND III

Monroe Capital

Chicago, IL, November 27, 2018

Monroe Capital LLC (“Monroe”) today announced the final close of its 2018 Monroe Capital Private Credit Fund III (“Fund”) at $1.33 billion of limited partner commitments with over 100 investors in eight countries, eclipsing the Fund target of $800 million. When combined with target Fund leverage, the Fund will have more than $2.5 billion of buying power or capital available for investment.

The Fund will invest in private credit transactions originated and underwritten by Monroe.  The investment strategy is focused primarily on senior secured loans and unitranche loans to private equity sponsored, independent sponsored, and non-sponsored middle market companies located throughout the U.S and Canada. The Fund is Monroe’s 17th investment vehicle since its founding in 2004. The Fund received commitments from over 50 new institutional investors. The Fund investors are located throughout the U.S., Canada, Europe, Australia, South America, Asia and the Middle East, and include leading public and private pension plans, insurance companies, universities, endowments, foundations, religious organizations, hospitals, non-profits, sovereign wealth funds, family offices and other institutional investors. In addition to the limited partner commitments, the Fund has secured term credit facilities to complement its available capital.

According to Ted Koenig, President and CEO of Monroe, “Private credit is an appealing area for institutional investors due to the ability to generate consistent absolute returns in a low yield environment. Investors have many choices in this space, many of which are recently created firms.  We are pleased and proud that the institutional investor and limited partner community has come to appreciate the differentiated returns and consistent risk adjusted returns that Monroe has been able to generate every year over the last 14-year period, regardless of the business cycle or economic climate. This is a testament to our organization and our people.”

Monroe was founded in 2004 and has been a consistent and reliable provider of transactional debt financing both pre and post credit crisis for private equity sponsored and non-sponsored deals. The firm has over 100 employees, inclusive of an investment team of approximately 55 professionals with an average of 16 years of credit, private equity, and investment experience.  Monroe has a national transaction sourcing network of seven offices located throughout the U.S. and a proven investment discipline and strategy that has been tested over multiple economic cycles.

About Monroe Capital
Monroe Capital LLC (“Monroe”) is a private credit asset management firm specializing in direct lending and opportunistic private credit investing. Since 2004, the firm has provided private credit solutions to borrowers in the U.S. and Canada. Monroe’s middle market lending platform provides debt financing to businesses, special situation borrowers, and private equity sponsors. Investment types include cash flow, enterprise value and asset-based loans; unitranche financings; and equity co-investments. Monroe is committed to being a value-added and user-friendly partner to business owners, senior management, and private equity and independent sponsors. The firm is headquartered in Chicago and maintains offices in Atlanta, Boston, Dallas, Los Angeles, New York, and San Francisco.

Monroe has been recognized by Creditflux as the 2018 Best US Direct Lending Fund, Private Debt Investor as the 2017 Lower Mid-Market Lender of the Year; Global M&A Network as the 2017 Small Middle Markets Lender of the Year; M&A Advisor as the 2016 Lender Firm of the Year; and the U.S. Small Business Administration as the 2015 Small Business Investment Company (SBIC) of the Year. For more information, please visit www.monroecap.com.

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Leadec sells Veltec to Plant Systems & Services PSS GmbH

Triton

Stuttgart/Niedernberg (Germany), 27 November 2018 – Leadec Group, a Triton Fund IV company, has signed an agreement to sell Veltec Group to Plant Systems & Services PSS GmbH. Leadec will focus completely on its strategic growth targets in the manufacturing industry, while Veltec will strengthen its position in the process industry with this strategic partner. Completion is subject to regulatory approval. The purchase price has not been disclosed.

About Leadec
Leadec is the leading provider of technical services for the automotive and manufacturing industries. The company, which is headquartered in Stuttgart, employs almost 20,000 people worldwide. In 2017 Leadec earned sales of around EUR 900 million. For more than 50 years, Leadec has been supporting its customers along the entire production supply chain. The service provider is based at more than 200 locations, often directly at the customers’ plants and facilities.

Leadec’s global services comprise: Install (installation and automation, disassembly and reassembly), Maintain (production equipment maintenance and technical cleaning), Support (IFM/TFM and internal logistics) and Digitize&Optimize (process engineering and digital services) as well as other local services.

For more information about Leadec go to: www.leadec-services.com

About Veltec
Veltec is a leading European provider of technical maintenance services for the process and power plant industries, focusing on customers in Central and Northern Europe. Veltec currently has 9 branches and the Veltec service team supports customers in the process industries oil and gas, chemicals, life sciences, raw materials and power plants on site at 35 additional sites.

For more information about Veltec go to: www.veltec-services.com

About Triton
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe, focusing on businesses in the Industrial, Business Services and Consumer/Health sectors.

Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 36 companies currently in Triton’s portfolio have combined sales of around €12,7 billion and around 82,000 employees.

The Triton funds are advised by dedicated teams of professionals based in Germany, Sweden, Norway, Finland, Denmark, Italy, the United Kingdom, the United States, China, Luxembourg and Jersey.

For further information: www.triton-partners.com

Press Contacts:

Triton
Marcus Brans
Phone: +49 69 921 02204

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Emera to Sell New England Gas-Fired Generation Facilities to The Carlyle Group for US$590 Million

Carlyle

  • Proceeds from the sale will be used to reduce Emera corporate level debt and support Emera’s capital investment opportunities within its regulated utility businesses
  • Increases Carlyle’s New England power generation portfolio by 1,100 megawatts
  • Transaction is expected to close in first quarter 2019

HALIFAX, Nova Scotia – Emera Inc. (TSX:EMA) has agreed to sell its three natural gas-fired generation facilities in New England, known as Bridgeport Energy, Tiverton Power and Rumford Power, to an affiliate of The Carlyle Group for US$590 million (C$780 million). Together, the facilities have the capacity to generate approximately 1,100 MW.

“This transaction, part of the three-year funding plan we introduced during our third quarter earnings results,  increases Emera’s financing flexibility to capitalize on our regulated growth opportunities today and in the future,” said Scott Balfour, President & CEO of Emera. “Our New England facilities delivered solid financial results during the five years of our ownership, and distinguished themselves with industry leading safety and operational performance. I want to thank our dedicated teams whose expertise and commitment produced those achievements. The Carlyle Group is highly regarded in the industry and well positioned to lead these facilities to continued success.” 

Matt O’Connor, Carlyle Group Managing Director and Head of Carlyle Power Partners, said, “Through this acquisition, Carlyle Power Partners will increase its generation capacity in the attractive New England market, making us one of the largest owners of power generation facilities in the region. We look forward to leveraging our existing market knowledge to create additional value for Bridgeport Energy, Tiverton Power and Rumford Power, building on their already strong track records of operational excellence.”

Cogentrix, The Carlyle Group’s management platform in the power generation space, will assume asset management, operations and maintenance and energy management responsibilities for the portfolio. Cogentrix currently manages Carlyle Power Partners’ fleet of power plants in the Northeast U.S. totaling approximately 1,400 megawatts, and will bring its management best practices to the portfolio.

The transaction is subject to the regulatory approvals of the United States Federal Energy Regulatory Commission, and under the provisions of the Hart-Scott-Rodino Antitrust Act, and is expected to close in first quarter 2019.

J.P. Morgan served as Emera’s financial advisor on the transaction.

* * * * *

About Emera Inc. 
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia with approximately $30 billion in assets and 2017 revenues of more than $6 billion. The company invests in electricity generation, transmission and distribution, gas transmission and distribution, and utility energy services with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F. and EMA.PR.H. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional Information can be accessed at www.emera.com or at www.sedar.com.

About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $212 billion of assets under management across 339 investment vehicles as of September 30, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,625 people in 31 offices across six continents.

Web: www.carlyle.com 
Videos: www.youtube.com/onecarlyle 
Tweets: www.twitter.com/onecarlyle 
Podcasts: www.carlyle.com/about-carlyle/market-commentary

Forward Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws with respect to, among other things, the completion of the sale of Bridgeport Energy, Tiverton Power and Rumford Power. The words “anticipates”, “believes”, “budget”, “could”, “estimates, “expects”, “forecasts”, “intends”, “may”, “plans”, “projects”, “schedule”, “should”, “targets”, “will”, “would” and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words.   The forward-looking information includes, but is not limited to, statements regarding (i) the risk that Emera may be unable to obtain governmental and regulatory approvals required for the proposed sale; (ii) the risk that other conditions to the closing of the proposed sale may not be satisfied; and (iii) the timing to consummate the sale.   There can be no assurance that the proposed sale will be completed, or if it is completed, that it will close within the anticipated time period.  By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties.  These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including its Annual Information Form, annual and interim Management’s Discussion and Analysis, and in the notes to Emera’s annual and interim financial statements, which filings can be found on SEDAR at www.sedar.com.

Emera Inc.
Investor Relations

Erin Power, 902-428-6760
erin.power@emera.com

Or

Ken McOnie, 902-428-6945
ken.mconie@emera.com

Media

902-222-2683
media@emera.com

Christa Zipf
The Carlyle Group
212-813-4578

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Bridgepoint sells AHT Cooling Systems to Daikin

Bridgepoint

AHT, the global market leader in commercial plug-in refrigeration equipment for food retailers, is to be sold by private equity group Bridgepoint to Daikin Europe N.V., a subsidiary of Daikin Industries Ltd of Japan.

Headquartered in Austria, with a presence in over 100 countries, AHT’s core products are ‘plug-in’ supermarket refrigeration cabinets. Plug-in refrigerators are the fastest growing segment in commercial refrigeration, replacing centralised remote systems as a result of lower total cost of ownership and speed of installation. The company has an installed base of over one million units. AHT’s contracts are based around the provision of comprehensive installation and maintenance services alongside the products themselves. It has four manufacturing sites in Austria, China, Brazil and USA.

Bridgepoint acquired the business in November 2013. In 2017 the company had €481m net sales and has achieved 12% compound revenue growth over last 10 years.

Michael Davy, partner at Bridgepoint and Chairman of AHT, said: “AHT has been transformed from a largely Europe-focused business into a global leader in its segment with a growing presence in a number of attractive international markets. It has been at the forefront of the refrigeration industry’s move away from remote built-in systems to plug-in units which customers find easier to install or relocate, are lower cost to operate, and are typically more environmentally friendly than traditional systems. We wish the company continued success under a new owner as it continues to expand geographically and enlarges further its product portfolio.”

Under Bridgepoint ownership there was significant investment in the business including over €70 million of capital expenditure in the last three years alone for the development of new products, expanding the manufacturing facility in Austria and setting up new production sitesin Brazil and the US. AHT also expanded its operations in China, where its production capability has enabled the group to reduce manufacturing costs, while continuing to grow market share in Europe.

Plug-in refrigeration is forecast to continue to outperform the wider global refrigeration market as a result of increased adoption, the replacement cycle of its installed base and growth in the consumption of frozen and chilled foods.

Frank Elsen, chief executive of AHT, added: “We have developed strongly since Bridgepoint invested over four years ago and we’ve become a leader in our market. Our ambitions do not end here and we welcome Daikin as our new shareholder. We will now be alongside a partner who knows and understands our business well. They will support us in our strategy of innovation and further internationalisation, especially in emerging markets, allowing us to take AHT’s technology and after-sales service to new customers in our key target markets of Asia and Latin America.”

Masatsugu Minaka, President of Daikin Europe, said: “With the acquisition, Daikin is adding AHT showcases to its own wide  range of products, services and solutions based on its air conditioning and refrigeration equipment. This will enable Daikin to become a one-stop provider, offering complete coordination of air conditioning and refrigeration products. The refrigeration and freezer business is a highly social issue as it contributes to one of the crucial world challenges of food preservation and food waste reduction, especially faced in developing countries. The refrigeration business presents great opportunities for us to utilise the advanced technologies we have cultivated including energy saving, inverters and refrigerant control.”

For Bridgepoint, advisers involved in this transaction included: JP Morgan (M&A), PwC (financial/tax), Freshfields (legal)

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PAI Partners to acquire StellaGroup

PAI Partners

Paris, France – PAI Partners (“PAI”), a leading pan-European private equity firm, announces today that it has entered into exclusivity to acquire StellaGroup (“Stella”), the market leader in France for the production of doors, gates, shutters and enclosures for industrial and residential buildings, from ICG.

Stella is the leader in the French roller shutter market, as well as in metallic grills and curtains for store protection. The company, which serves over 10,000 clients, operates across five brands: La Toulousaine, with respect to garage doors, sectional doors, gates, grills and shutters, and Profalux, Eveno, Sofermi and Flip, in roller shutters, venetian blinds and garage doors. Stella is expected to achieve a turnover of €230 million in 2018, including the acquisition of Flip, which closed in October.

PAI intends to support the current management team in its plans to grow the business further, both organically and through acquisition.

The acquisition will be the second investment made by PAI Europe VII, which held its final close at €5.1 billion in March 2018 after less than three months of active marketing. PAI Europe VII made its first investment in July 2018 with the acquisition of Asmodee, a world leading international games publisher and distributor.
Didier Simon, CEO of StellaGroup commented: “After a period of significant growth in France over the past decade, we were looking for a financial partner able to help us to accelerate our international development, respectful of our values, and supportive of the acquisition plan of StellaGroup. We look forward to working with PAI to deliver the next phase of our growth story.”
Mathieu Paillat, Partner in PAI’s General Industrials sector team, commented: “PAI Partners is delighted to become the majority shareholder in Stella alongside the management team and ICG. Our common goal is to reinforce Stella’s position as a leader in the French market, while also pursuing new growth opportunities in Europe. We strongly support the management team as it aims to deliver this new phase in the company’s international development.”
Hadj Djemai, Head of Southern Europe at ICG, commented: “We have been delighted to be a partner of StellaGroup’s management since 2015. During this period, the group has developed very well both organically and through acquisitions.

We are reinvesting alongside the management and PAI Partners, as we are convinced there remains very significant growth potential.”
The relevant employee works councils of Stella will be consulted in respect of the transaction and completion of the transaction will be subject to regulatory approval and other customary conditions precedent.

Media contacts
PAI Partners
Greenbrook Communications: James Madsen
Tel: +44 20 7952 2000
DGM: Hugues Schmitt
Tel: +33 1 40 70 11 89

ICG
Alicia Wyllie
Tel: +44 203 201 7994

About PAI Partners
PAI Partners is a leading European private equity firm with offices in Paris, London, Luxembourg, Madrid, Milan, Munich, New York and Stockholm. PAI manages €12.3 billion of dedicated buyout funds. Since 1994, the company has completed 69 transactions in 11 countries, representing over €50 billion in transaction value. PAI is characterised by its industrial approach to ownership combined with its sector-based organisation. PAI Partners provide the companies they own with the financial and strategic support required to pursue their development and enhance strategic value creation. www.paipartners.com

About StellaGroup
StellaGroup is a French industrial expert in safety and comfort solutions for residential and industrial buildings. Its 900 employees design and manufacture doors, shutters, fences and gates for both the residential and industrial markets. StellaGroup operates five plants located in France, serving over 10,000 customers.
www.stella.group

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