Monthly Archives: November 2018

Dutch TecSource finds new partner in Nordian Capital to realise growth strategy

Nordian Capital

Nordian Capital has acquired a majority interest in Dutch TecSource (DTS), a leading international provider of specialized machines and solutions for the food processing industry.

DTS (www.dutchtecsource.com) has over the course of more than 30 years developed a strong market position in the production of thermal food processing equipment. With its product knowledge, engineering skills and outstanding manufacturing capabilities the company has specialized in processing equipment based on auger technology. With this capability the company has a leading position in the potato processing industry, especially with its screw blanching equipment. In addition, DTS has realized its successes in some other food segments, including a wide range of vegetables, soybeans, mushrooms, shrimps, cranberries & blueberries. For all these industries, DTS develops and delivers (unique) processing techniques, sophisticated processing lines and auger technologies for internal transport.

Nordian Capital will support DTS in further expanding its market positions in the full range of food segments. DTS is delighted with this new partnership with Nordian Capital. DTS founders Rob van Beem and Justin Wakker will remain actively involved with the company as shareholders and advisors. The current management team, consisting of Marcel van de Pol, Peter van der Stouwe and Jeroen Oostveen will partner alongside Nordian to shape the future of Dutch TecSource.

CEO of DTS, Marcel van de Pol: “Over the last years we’ve grown the business into a wider range of segments, whilst maintaining our focus on auger technologies. Now is the moment to expand that approach more internationally and to a next level. With Nordian the basis is formed for further growth in new markets and segments.”

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GILDE BUY OUT PARTNERS and management acquire KINKELDER

Gilde Buy Out

Zevenaar – Funds advised by Gilde Buy Out Partners (“Gilde”) today announced the acquisition of De Kinkelder Beheer B.V. (‘Kinkelder’), together with management. The terms of the agreement have not been disclosed.   Kinkelder, which has been a family business since its foundation in 1945, specialises in the production, development and sale of high-quality industrial circular saw blades for the steel industry and is the global leader in this market.

Kinkelder produces blades in 3 locations in Europe and the US, from which it exports to over 70 countries. The company has an unmatched reputation for high quality & service and a continuous focus on innovation. Under the ownership of the De Kinkelder family, the company has displayed a strong growth track record, both organically and through focused acquisitions. Kinkelder’s management has found a valuable partner in Gilde, with a wealth of experience in successfully supporting mid-market companies during their next growth phase. Jointly, Gilde and Kinkelder management are eager to continue to build on the success of the company and further grow its business. Read more at: http://gilde.com/news/2018/gilde-buy-out-partners-and-management-acquire-kinkelder

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Ardian signs agreement to acquire a stake in Technology & Strategy

Ardian

Paris, November 22, 2018 – Ardian, a world-leading private investment house, announced today that it has entered into exclusive negotiations with Dzeta Group, the investment firm, to acquire a share in Technology & Strategy (“T&S”), a European specialist in new technology consulting. Following the completion of the transaction, a number of managers from T&S will invest in the company.

Founded in 2008 and headquartered in Strasbourg, with strong French and German roots, T&S specializes in engineering, IT, digital and project management consulting in Europe, the United Kingdom and Southeast Asia, notably through its expertise in embedded systems. With 16 offices across six countries, T&S works closely with its clients to address a wide range of technological challenges. The Group has around 1,200 employees and operates in fast-growing niches in sectors such as automobile, healthcare, finance and luxury.

T&S has experienced strong organic growth of 46% p.a. since its inception in 2008, and has successfully completed several acquisitions. These include Antaes, technology consulting firm (Switzerland and Singapore) in 2014; Octelio Conseil, data-driven digital marketing specialist (France) in 2015; Arias/Maia, engineering consulting group (France); and Lormatech, industrial projects management consulting firm (France) in 2017. Following the strategic partnership with Ardian, T&S will continue to consolidate its presence in existing markets as well as developing its international footprint.

Jérémie Huss, Co-founder and CEO of T&S, said: “We are proud of the progress we have made with Dzeta and are now entering a new phase of our development. This strategic partnership with Ardian will allow us to target new geographies to carry out external growth.“

François Jerphagnon, Head of Ardian Expansion, added: “We are truly impressed with T&S’s strong track record since its inception in 2008. This acquisition is in line with Ardian Expansion’s strategy of partnering with ambitious companies seeking to expand outside their domestic market. This stands to be a promising partnership which will not only accelerate the Group’s growth, but also strengthen the management’s stake in T&S.”

Marie Arnaud-Battandier, Managing Director at Ardian Expansion, concluded: “Within 10 years, thanks to the quality of its teams, T&S has established itself as a leader in its market and has built a strong reputation thanks to its innovative approach. We are excited to begin working with the Group’s team whose entrepreneurship and ambitious vision mirrors the core values of Ardian Expansion.”

Claude and Grégoire Darmon, Founders of Dzeta Group, added: “We would like to warmly thank all the team of Technology & Strategy, congratulate them, and wish every success in this new adventure in which we are delighted to re-invest.”

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$82bn managed or advised in Europe, the Americas 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 550 employees working from fourteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo). It manages funds on behalf of more than 750 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
Ardian on Twitter @Ardian
www.ardian.com

ABOUT TECHNOLOGY & STRATEGY

Technology & Strategy is a company founded in 2008. T&S specializes in engineering, IT, digital and project management consulting and works closely with its clients to address a wide range of technological challenges. T&S has also an integrated R&D center to follow market needs. People oriented and focused on excellence, T&S is a company which shares its expertise with a constant search for transparency. Technology & Strategy has learnt how to build trustful relationships with major clients of different sectors: notably industry, automobile and finance. T&S is a global company with a strong French and German root. The company defends an entrepreneurship model supported by its 1,200 employees, composed of 30 nationalities across 16 agencies and 6 countries (France, Germany, Switzerland, Belgium, United Kingdom and Southeast Asia).
www.technologyandstrategy.group/fen/
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ABOUT DZETA GROUP

Founded in 2009, Dzeta Group specializes in the Mid Cap segment and takes majority stakes in European
Companies with strong growth potential. Dzeta Group, has completed around 20 investments since its creation in sectors such as services, distribution TMT and industry.

LIST OF PARTICIPANTS

Ardian: Francois Jerphagnon, Marie Arnaud-Battandier, Arthur de Salins, Thomas Grétéré, Claire d’EsquerreLegal and financing advisor: Latham & Watkins (Olivier du Mottay, Lionel Dechmann, Benedicte Large Brémond, Aurélie Buchinet)
Tax structuration: Delaby & Dorison (Emmanuel Delaby, Florian Tumoine)
M&A advisor to the buyer: UBS (Fabrice Scheer, Renaud Tochon)
Commercial Due Diligence: Accenture Strategy (Sébastien Amichi, Romain Le Guen)
Financial Due Diligence: Alvarez & Marsal (Frédéric Steiner, Simon Regad)
Legal, tax, social Due Diligence: Taj (Olivier Venzal)
Insurance Due Diligence: Satec (Pierre Le Morzadec, Stéphane Arseau)

Dzeta Group: Claude Darmon, Grégoire Darmon

M&A advisor to the sellers: DC Advisory (Eric Hamou, Frédéric Meyer, Xavier Souvras, Léa Cichowlas)
Legal advisor to the sellers: Cohen & Gresser (Muriel Goldberg-Darmon Johannes Jonas, Angeline Duffour, Guillaume Guerin, Antoine Philippe),
Legal advisor management: Scotto (Isabelle Cheradame, Magda Picchetto)
Legal advisor Dzeta’s reinvestment: Frieh associés (Emmanuel Scialom)
Financial VDD: Eight Advisory (Stephane Vanbergue, Edouard de Nettancourt)
Legal&Tax VDD: PwC Avocats (Jerome Gertler, Edith Baccichetti)

PRESS CONTACTS

ARDIAN
Image 7
SIMON ZAKS
Tel : 01 53 70 74 63
szaks@image7.frANNE-CHARLOTTE CREAC’H
Tel : 01 53 70 94 21
accreach@image7.fr

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Nordstjernan subsidiary Lideta/Mama Mia continues expansion in primary health care

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Nordstjernan

Nordstjernan’s subsidiary Lideta, which also includes the Mama Mia health care group, has signed an agreement to acquire the Primary Health Care business area from Aleris. The acquisition covers a total of eleven health care centers in the Stockholm region and Uppsala, with 107,000 listed patients. The company has 275 full-time employees, and sales for 2018 were estimated at SEK 325 million. The acquisition is conditional upon approval from the relevant competition authorities. After the acquisition, Lideta will have 247,000 listed patients and approximately 775 employees, and it is estimated that sales will increase around 40 percent to just over SEK 1 billion. Lideta will thus become Sweden’s third largest private operator in primary health care.

In 2017, Nordstjernan acquired the health care companies Lideta and Mama Mia with the intent of developing a high-quality operator in Swedish health and medical care, with a focus on primary health care. The acquisition of Aleris’s Primary Health Care business area is part of its focus on primary health care.

“Nordstjernan believes that private health and medical care will play a central role in meeting patients’ growing needs for accessibility and quality. We believe that much of this future expansion will take place in the important field of primary health care. With Lideta’s acquisition of health care centers from Aleris, we will continue to expand in the welfare sector as a long-term owner,” said Nordstjernan’s President and CEO Tomas Billing.

Tomas Billing
President and CEO
Nordstjernan AB

Questions will be answered by:
Tomas Billing, CEO, Nordstjernan
Telephone: +46 8 788 50 18
E-mail: tomas.billing@nordstjernan.se

Stefan Stern, Senior Advisor, Nordstjernan
Telephone: +46 70 636 74 17
E-mail: stefan.stern@nordstjernan.se

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ONCAP Completes Sale of Tecta America

Onex

Toronto, November 21, 2018 – Onex Corporation (“Onex”) (TSX: ONEX) today announced that ONCAP has completed the sale of Tecta America Corporation, a national leader in commercial roofing services in the U.S. The terms of the transaction were not disclosed.

About ONCAP
ONCAP is the mid-market private equity platform of Onex. In partnership with operating company management teams, ONCAP invests in and builds value in North American headquartered medium-sized businesses that are leaders and possess meaningful growth potential. For more information on ONCAP, visit its website at www.oncap.com.

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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Ratos AB: Lars Nykvist appointed new CEO of Kvdbil

Ratos

PRESS RELEASE, 20 November 2018

Lars Nykvist has been appointed as the new CEO of Kvdbil, Sweden’s largest independent online marketplace offering broker services for second-hand vehicles. Lars most recently served as CEO of Outnorth AB and will assume the position of CEO of Kvdbil today, 20 November. Torbjörn Wik is leaving after three years as CEO of the company.

 

Lars Nykvist has extensive experience of heading up both B2B (business-to-business) and B2C (business-to-consumer) operations. He most recently served as CEO of Outnorth AB, the largest e-commerce site and retailer of equipment for outdoor activities in the Nordic region. Lars served as CEO there until the beginning of 2018, having taken the company from sales of about SEK 30m to approximately SEK 430m with slightly more than 80 employees and a market-leading position in its niche.

“Under Torbjörn’s management over the past three years, Kvdbil has implemented major changes, including a thorough update of its IT platform to enable growth in the area of private cars, where Kvdbil has now changed to a more distinct consumer brand. The strategy moving forward is focused on increasing consumer business, strengthening the position in company cars and developing Kvdbil’s service offering, areas in which Lars has considerable experience. We foresee continued growth potential in Kvdbil’s business model and the potential to strengthen the company’s market position. I also look forward to following Lars’s and the management team’s continued work in this area”, says Johan Rydmark, Director at Ratos and responsible of Kvdbil.

Kvdbil was acquired in 2010 and is now Sweden’s largest independent online marketplace offering broker services for second-hand vehicles. The number of employees amounts to approximately 170 individuals and sales for the rolling 12 months at 30 September 2018 totalled SEK 336m.

For further information, please contact:

Johan Rydmark, Director and responsible of Kvdbil, +46 8 700 17 00

Helene Gustafsson, Head of IR and Press, Ratos, +46 70 868 40 50

Financial calendar from Ratos:

Year-end report 2018                                                15 February 2019

Annual General Meeting                                            8 May 2019

Ratos is an investment company that owns and develops unlisted medium-sized Nordic companies. Our goal as an active owner is to contribute to the long-term and sustainable business development in the companies we invest in and to make value-generating transactions. Ratos’s portfolio consists of 12 medium-sized Nordic companies and the largest segments in terms of sales are Construction, Industrials and Consumer goods/retail. Ratos is listed on Nasdaq Stockholm and has a total of approximately 12,300 employees.

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Krungsri joins forces with international private equity consortium to strengthen its microfinance platform

Krungsri joins forces with international private equity consortium to strengthen its microfinance platform

20 Nov 2018

Move to bolster microfinance arm providing affordable credit and insurance solutions

Krungsri (Bank of Ayudhya Public Company Limited) has announced that it will sell a 50% stake in its wholly-owned Ngern Tid Lor Company Limited (“NTL”) business unit to an international private equity consortium led by CVC Capital Partners Asia Fund IV (“CVC”) and Equity Partners Limited (“EPL”). The move is expected to bolster the microfinance arm of Krungsri, which provides affordable credit and insurance solutions to Thailand’s underbanked and self-employed population.

Sharing his thoughts on the investment Schwin Chiaravanont, EPL’s partner, states, “On behalf of EPL, we are excited to partner with CVC and Krungsri in this landmark deal in the Thai financial services industry. NTL is not only a high-quality growth asset, but it also represents a strong reflection of our values in corporate culture and governance and we support the ambition to ameliorate conditions for Thailand’s underbanked communities.”

Brian Hong, Partner and Co-Head of Southeast Asia at CVC, said of the transaction, “We are tremendously pleased to be partnering with Krungsri and NTL. We are firm believers in the dynamic and passionate culture of service which has fuelled impressive growth and innovation at NTL. We are excited to be able to support the company in realising new opportunities and achieving its full potential.”

Piyasak Ukritnukun, Managing Director of NTL, commented, “Our new shareholders bring with them a combination of global expertise and local strength. We hope to benefit from new technologies, operational best practices and business development opportunities to help us better serve Thailand’s long-tail segment.”

“This is a significant transaction for Krungsri. We are confident that the CVC and EPL consortium is the right partner to help bring NTL to the next level and allow us to explore potential synergy with the consortium.” said Dan Harsono, Krungsri Head of Retail and Consumer Banking.

This transaction is subject to satisfactory completion of conditions precedent and regulatory filings. Krungsri appointed ING Bank N.V. as exclusive financial advisor on this transaction.

NTL is a privately-held market leading title loan operator that was acquired by Krungsri in 2009. As at the end of 2017, the company operated 750 branches across 74 provinces and had an outstanding loan portfolio of THB 24.6bn.

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CBPE Capital Invests In Blatchford

CBPE

CBPE Capital (“CBPE”) has invested to acquire a majority ownership position in Blatchford, a world leading provider of advanced prosthetic and orthotic (“P&O”) devices.  CBPE will be investing alongside fourth generation family member Stephen Blatchford and the management team led by Adrian Stenson, CEO. Terms of the transaction have not been disclosed.

Blatchford provides highly innovative, premium quality prosthetic and orthotic devices to lower-limb patients across the world. Over 80% of product sales are outside of the UK. As well as designing, manufacturing and distributing products, Blatchford also operates clinical service centres in the UK and Norway, providing valuable patient feedback into the research and development process for new products.

The company will continue its dedication to and focus on developing innovative products that lead to improved clinical outcomes and enhanced quality of life for patients.  The ongoing investment in R&D, under the stewardship of Professor Sir Saeed Zaheedi, has resulted in pioneering prosthetics such as Linx, the world’s first and only truly integrated microprocessor-controlled limb system. This patient-centric culture extends into the clinical divisions of Blatchford where patients receive market-leading, quality rehabilitation services.

CBPE will support management’s plans to bring a range of innovative new products to market and to expand the business geographically, both organically and through acquisitions.

The investment in Blatchford continues CBPE’s successful track record of investing in and developing market-leading, high-growth healthcare businesses. The current portfolio includes Rodericks, a leading provider of dental services, SpaMedica, a leading provider of ophthalmic services, OH Assist, the largest occupational health services provider in the UK, Medica Reporting which is the UK market leader in teleradiology, and Assisted Reproduction & Gynaecology Centre (ARGC) the leading fertility clinic in the UK.

Naveen Passi, Director, CBPE said: “Blatchford provides life-changing products and is a technology-leader in the P&O field. Stephen and Adrian have led the business through a period of substantial growth and we are delighted to be supporting the business in the next phase of its development.”

Adrian Stenson, CEO of Blatchford said: “In CBPE we have found an investor that shares our values, has taken the time to understand the direct effect we have on people’s lives and will help us build our brand and what we stand for on the global stage. CBPE has a track record of successful direct investment in the healthcare area and we look forward to working as a close team to continue delivering exceptional outcomes for patients and stakeholders alike.”

CBPE’s investment in Blatchford was led by Naveen Passi and Ian Moore with support from Rupert Parker and Aqil Sohail. Naveen Passi and Ian Moore will join the Board of Blatchford.

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Vacation Rental Management Platform Hostaway Raises €1.25 million

Tesi

Hostaway has successfully gained a major foothold in the rapidly growing vacation rentals market, alongside its partners – Booking.com, AirBnb, and Expedia to name a few – who are streamlining the entire industry. Hostaway enables short-term property managers through an integrated SaaS system that has the ability to manage operations and increase their revenues, by integrating into all major channels (Airbnb, Booking.com, HomeAway, and more).

“Our customers are professionals whose traditional business models have been to rent out dozens of homes worldwide. Today, it is no longer enough to manage your properties on the one sales channel and everybody’s business model is to be present everywhere, all the time. Which is exactly what Hostaway offers,” says Marcus Räder, the CEO and co-founder at Hostaway.

Since its launch in 2015, Hostaway has grown to a global team of 30 members in Barcelona, Toronto, Helsinki, Melbourne, and Kiev. The team itself is made up of nearly 20 nationalities, a focus on gender equality, all the while speaking over 10 languages. Hostaway is currently looking for talent for their Sales, Customer Success, Engineering, and Marketing teams across Toronto, Barcelona and Helsinki, hoping to double their team by Jan 2019.

“Our focus on diversity and global culture as key values, is ultimately what has helped us achieve the success we have today,” says co-founder Mikko Nurminen. Elaborating on Hostaway’s culture he says “From the very beginning, we have made diversity, culture, and internationalism the core values to drive our business model. We were able to create high-functioning communication processes, cover all time zones to match our customers’ needs, and find the most talented people from all around the world.” In September 2018, Hostaway took all 30 of its team members to Barcelona for a 7-day company meetup.

The short-term rentals market continues to see rapid and steady growth, with a projected market valuation of $190 billion by 2021. Hostaway has their gears set on becoming the industry’s largest player.

Backed by one of Finland’s leading venture capital firms in the B2B software space, Vendep saw the value and potential in the Hostaway team, immediately deciding to get involved in their rapid growth and development.

“We were very impressed by Hostaway’s quick growth during the course of this year,” says Hannu Kytölä from Vendep Capital. “This success was achieved by building a seasoned team delivering world-class customer service on an easy-to-use channel management platform, which delivered what it promised: hassle-free growth for its customers.Vendep Capital is excited to back the Hostaway team on their journey to success and growth ahead.”

Since September 2018, Hostaway has been growing out of the top incubator in North America, the DMZ.

“DMZ has been a massive help for us. Their mentorship and network makes it easier for us to attract talent and accelerate our growth. The Toronto tech scene is booming and we’re right at the crux of this momentum with the rest of the big tech-leagues,” says Marcus Räder.

Hostaway has collected a total of EUR 2.4 million in funding from investors and Business Finland and has several successful Finnish serial entrepreneurs.

For additional information:

Marcus Räder, co-founder, CEO
+1 416 821 3601
marcus@hostaway.com
Mikko Nurminen, co-founder
+358 40 701 3135
mikko@hostaway.com

Photos
Team photo and management team Saber Kordestanchi, Mikko Nurminen, Alexandra Logushova, Robert Hoogendam ja Marcus Räder

Hostaway is an enterprise solution for managing short-term rentals. Hostaway offers all the tools a property manager needs to grow their business, reach the largest sales channels, delegate tasks, and optimize their performance in one place. For more information, visit www.hostaway.com

Vendep Capital Fund II invests mainly in Finnish startups offering software to B2B customers. Founded in April 2017, the target size of the fund is €40 million. The funds have been raised from Finnish private and institutional investors such as Tesi (Finnish Industry Investment Ltd) and The Finnish Innovation Fund Sitra. The fund may make investments alone or as part of a syndicate. www.vendep.com

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Latour divests its holding in Diamorph

Latour logo

Investment AB Latour (publ) has signed an agreement to divest its entire shareholding in Diamorph, a total of 14,923,571 shares which corresponds to 28.2 per cent of the capital. The transaction is carried out in connection with the UK-based Epiris Fund II’s acquisition of all the shares in Diamorph. Epiris has a long history of successful investments and we consider Epiris to be an owner that secures the future development of Diamorph.

Latour has been a shareholder in Diamorph since 2012. The divestment is a consequence of a decision supported by more than 90 per cent of the company’s shareholders. The purchase price for Latour’s share of the transaction amounts to SEK 290 m. Latour’s total in investment in Diamorph is SEK 164 m. The transaction will be completed in January 2019, subject to certain conditions that has to be fulfilled before that.

Göteborg, 20 November, 2018

INVESTMENT AB LATOUR (PUBL)
Jan Svensson
President and CEO

For further information, please contact:
Anders Mörck, CFO Latour, +46 706 46 52 11

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of ten substantial holdings with a market value of about SEK 51 billion. The wholly-owned industrial operations has an annual turnover of about SEK 10 billion.

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