Monthly Archives: February 2019

Intertoys files for bankruptcy

Alteri

  • Shops remain open temporarily
  • Sale of Belgian stores in advanced stage
  • Possible restart to be investigated

Amsterdam, 21 February 2019. The administrators of Intertoys, the Netherlands’ market-leading toy retailer, today requested that the Amsterdam District Court convert the suspension of payments for Intertoys’ activities in the Netherlands into bankruptcy.

The bankruptcy follows the earlier suspension of payments granted by the Amsterdam District Court on 12 February 2019. The court-appointed administrators Joris Lensink (De Vos & Partners) and Jasper Berkenbosch (Jones Day) have been appointed curators by the court to oversee the bankruptcy settlement.

Shops remain open

At the request of the curators, all Intertoys stores will remain open. This is not least because the administrators will seek to include (part of) the Intertoys activities in a potential restart. To that end, the curators are in discussions with various parties.

Implications of bankruptcy

The bankruptcy means that debts prior to the date of the suspension of payments will not be reimbursed. The curators will now focus on the wind-down of the business, the sale of activities and the settlement of Intertoys’ responsibilities. In that process the curators will represent the interests of the creditors, as well as other parties involved such as employees, franchisees, and suppliers, and will seek to retain as many jobs, shops and franchisees as possible through a (partial) restart.

All obligations explicitly incurred by the administrators during the suspension of payments will be honoured. Salaries of employees will also be paid. In total, approximately 3,200 employees (1,600 FTE), spread across 286 stores in the Netherlands, 2 distribution centres and the service centre in Amsterdam, fall under the bankruptcy. The more than 100 franchisee stores in the Netherlands, and the Belgian activities, are exempt from the bankruptcy.

The bankruptcy includes the previously announced cooling-off period of two months for suppliers. Suppliers with retention of title can therefore NOT collect goods they have delivered. Any valid retention of title will continue to be respected.

Belgium

Intertoys is in talks that are at an advanced stage to sell Belgian activities operating under the name Bart Smit Speelgoedpaleizen België N.V.. The sale is expected to be completed in the short term.

Cause of bankruptcy

The far-reaching step reflects continuing pressure on the entire retail sector. Increasing online sales have reduced toy store sales by 50% in ten years. Also, specialist stores like Intertoys have faced increasing competition from discounters outside the traditional toy market.

Today’s announcement follows a wide range of investments and initiatives in the past 14 months to improve Intertoys’ performance. Among those were the appointment of new and experienced management, the launch of a new IT platform and web store and improved supplier conditions, better inventory management and a clean-up of old stock, and optimising the supply chain.

Next Steps

The curators will now commence settlement and a possible restart. The curators will publish their first report on this process no later than 21 March 2019. For questions we direct you to the homepage of the Intertoys website www.intertoys.nl.

ALTERI INVESTORS 20 Balderton Street, London, W1K 6TL T: +44 (0) 207 318 0570  E: info@alteri-investors.com

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Drillinginfo Completes Cortex Acquisition, Fifth under Genstar Ownership

SAN FRANCISCO, February 21, 2019 — Genstar Capital, a leading private equity firm focused on investments in targeted segments of the software, industrial technology, healthcare, and financial services industries, announced that its portfolio company Drilling Info Holdings, Inc, has closed on the acquisition of Cortex, its fifth add-on acquisition since Genstar invested in Drillinginfo in July 2018.  Drillinginfo is the leading SaaS and data analytics company serving the energy industry.

These acquisitions, combined with strong organic growth, strengthen Drillinginfo’s position as a global leader in delivering end to end software and intelligence for energy market participants.  The acquisition of Cortex, a Network-as-a-Service company that enables automation of accounts payable and receivable (AP and AR) processes for the oil and gas industry, comes five months after the acquisition Oildex, the largest oil & gas business automation software firm in North America, transforming the way the industry connects, collaborates, and automates data exchanges in energy.  In December 2018, Drillinginfo acquired MineralSoft, a software platform designed to make managing mineral, royalty, and non-operated working interests easier and more profitable; and earlier acquired 1Derrick and PLS’s research and database business, two highly visible companies in the oil and gas industry that offer market research solutions for sourcing, valuing, and analyzing asset and corporate transactions.

The investment last year by Genstar is allowing Drillinginfo to build on its deep roots as the dominant provider of decision support software for the energy sector. The acquisitions both strengthen the areas in which Drillinginfo is best known and broaden its offerings across the energy value chain to include business automation and commodity data solutions.

Eli Weiss, Managing Director of Genstar, said, “When we acquired Drillinginfo last year we said we would build the business and drive growth in part by expanding service offerings through selective acquisitions to enhance its workflow, analytics and data solutions.  Our goal is to create the leading software service in the energy ecosystem and we are well on the way.  These five acquisitions have greatly broadened the company’s suite of solutions and will deliver new software and more integrated operational intelligence to Drillinginfo’s customers across the entire energy spectrum.  We are still in the early innings of a technology revolution in the energy industry and as a result of these and other initiatives, there is increasing separation between Drillinginfo and the competition.”

Jeff Hughes, President and CEO of Drillinginfo, said, “We are excited to have these impactful acquisitions and the experienced management teams join Drillinginfo to help transform the company, offer new capabilities to our customers and help tap entirely new market opportunities.  As an example, MineralSoft enables customers to effectively manage oil and gas non-operated interests and for the first time allows us to enter this enormous asset class with an integrated software platform.”

Genstar and the Drillinginfo team continue to pursue a robust pipeline of strategic acquisition targets that represent an opportunity to put additional capital behind the company’s strong management team and help develop innovative and transformative solutions to save time, improve efficiency and ultimately drive better, faster decisions in the energy industry.

About Drillinginfo

Drillinginfo delivers business-critical insights to the energy, power, and commodities markets. Its state-of-the-art SaaS platform offers sophisticated technology, powerful analytics, and industry-leading data. Drillinginfo’s solutions deliver value across upstream, midstream and downstream markets, empowering exploration and production (E&P), oilfield services, midstream, utilities, trading and risk, and capital markets companies to be more collaborative, efficient, and competitive. Drillinginfo delivers actionable intelligence over mobile, web, and desktop to analyze and reduce risk, conduct competitive benchmarking, and uncover market insights. Drillinginfo serves over 5,000 companies globally from its Austin, Texas, headquarters and has more than 1,000 employees. For more information visit drillinginfo.com.

About Genstar Capital

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $10 billion of assets under management and targets investments focused on targeted segments of the financial services, software, industrial technology, and healthcare industries.

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MEDIA INQUIRIES:

Contact: Chris Tofalli
Chris Tofalli Public Relations
914-834-4334

 

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Partners Group sells stake in Billy Bishop Toronto City Airport’s passenger terminal

Partners Group

Partners Group, the global private markets investment manager, has completed, on behalf of its clients, the sale of its stake in the passenger terminal at the award-winning Billy Bishop Toronto City Airport (BBTCA) to its investment consortium partner, institutional investors advised by J.P. Morgan Asset Management.

Partners Group, together with its partners in the Nieuport Aviation consortium, acquired the BBTCA passenger terminal from Porter Aviation Holdings Inc. in January 2015. Over the last four years, Nieuport Aviation has added significant value to the terminal, including helping to secure key approvals to facilitate building a US border pre-clearance facility, as well as completing a major upgrade of the terminal that added more spacious passenger lounges, new food, beverage and retail concessions, and an additional gate.

Todd Bright, Partner, Head of Private Infrastructure Americas, Partners Group, states: “We are proud to have supported the creation and growth of Nieuport Aviation together with our consortium partners and believe that as entrepreneurial owners, we have added real passenger value by enhancing the services offered in the BBTCA terminal. With the completion of the terminal upgrade project, we concluded a major value creation program and therefore felt the time was right to divest our stake on behalf of our clients.”

Partners Group has completed a number of exits on behalf of its private infrastructure investors recently. In January 2018, the firm sold its stake in the Victorian Comprehensive Cancer Centre, a cancer research, treatment and education centre developed under a public-private partnership in Melbourne, Australia, to AMP Capital’s Community Infrastructure Fund. In March 2018, Partners Group sold its ownership stake in Silicon Ranch Corporation, a leading developer, owner and operator of solar energy facilities in the US, to Shell.

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ARDIAN acquires a majority stake in STUDY GROUP, the leading international education provider in the UK, Australia and North America

Ardian

London, February 21, 2019 – Ardian, a world-leading private investment house, announces it has reached an agreement to acquire a majority stake in Study Group, the leading provider of international education in the UK and Europe, Australia, New Zealand and North America, from Providence Equity Partners, a premier global asset management firm.

Each year, Study Group supports around 30,000 students from 142 countries on campuses spread across three continents. Study Group prepares international students, who wish to enter leading English-speaking universities, through educational courses that provide them with the academic, language and learning skills needed to succeed. Study Group is a market leader in the UK and in Australia, and partners with 48 prestigious universities.

A world leader, Study Group has the highest number of partner universities which fall within the Global Top 200 university ranking of the market. The International Education pathway market has grown by 15% p.a. in volume historically and is forecast to continue to grow double-digit in the years to come.

David Leigh, the Chairman of Study Group, commented: “It has been a great privilege to lead the excellent team at Study Group over the past six years. Led by CEO Emma Lancaster, the organisation is poised to continue its strong growth under new ownership, providing excellent outcomes for students via close partnerships with many of the world’s best universities.”

Olivier Personnaz, Managing Director in Ardian Buyout team added: “We are proud to invest in Study Group for the next phase of its development. The ambition of the management team, the quality of their long-term university partner relationships and the strength of its growth serve as proof of Study Group’s excellence. Alongside the management team, we will work to drive further growth and build on the Group’s presence in key geographies through strategic acquisitions. Through our investment, more students will be able to realize their academic potential at leading international universities.”

Dany Rammal, Managing Director at Providence Equity, said: “We are pleased to have partnered with Study Group’s strong management team to improve academic outcomes for students around the world, grow the number of University Partners from 16 in 2010 to 48 today, and execute a number of strategic and operational efforts that position the Company well for its next phase of growth. We wish the team every success going forward.”

This acquisition remains subject to the authorization from FIRB in Australia.

ABOUT STUDY GROUP

Study Group is a leading provider of international education. With 48 university partners around the world, it enables students to succeed at degree level, by helping them develop the necessary study and language skills to which they may not have had access in their local education systems. Last year, around 30,000 students from 142 countries chose Study Group to provide them with life-changing learning experiences.
www.studygroup.com

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$90bn 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 fifteen 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 and Seoul). It manages funds on behalf of around 800 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
www.ardian.com

ABOUT PROVIDENCE EQUITY PARTNERS

Providence is a premier global asset management firm with approximately $40 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 180 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com

LIST OF PARTICIPANTS

Ardian: Olivier Personnaz, Bruno Ladrière, Edward Little, Benjamin Witcher, Michael Van Cauwenberge
Commercial Due Diligence: OC&C – Pedro Sanches, Zeeshan Ashraf
Financial Due Diligence: EY – Matt Harvey, Mark Griffiths
Tax: EY – Karen Kirkwood, Michael Atkinson, Sachika Yamawaki
Corporate: Allen & Overy – Karan Dinamani, Hayley Elsley, William Hayward
Financing: Allen & Overy – Robin Harvey, Sarbajeet Nag, Alex Bond

PRESS CONTACTS

ARDIAN
Headland
TOM JAMES
Tel: +44 207 3675 240
tjames@headlandconsultancy.com
STUDY GROUP
Topline
Katie Shuff
Tel: +44 (0)7958 441840
katie@toplinecomms.com
PROVIDENCE EQUITY PARTNERS
Sard Verbinnen & Co
Conrad Harrington
Tel: +44 207 4671 050
Prov-SVC@SARDVERB.com

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Authority Brands welcomes the Clockwork brands into its family

Apax

Addition doubles Authority Brands’ overall system revenue to over $1 billion

New York and Columbia, Maryland, February 21, 2019: Authority Brands, a leading home services franchising platform backed by funds advised by Apax Partners, announced today the acquisition of Clockwork, Inc., and certain of its affiliates (“Clockwork”) from Direct Energy Group, a subsidiary of Centrica plc. The transaction is expected to close in the first half of 2019. The acquisition is the third home services add-on for Authority Brands since the company was acquired by funds advised by Apax Partners in September 2018.

Established in 1999, Clockwork delivers critical home services through three leading plumbing, electrical, and heating, ventilation and air-conditioning (“HVAC”) providers across the United States. Its household-name brands – Benjamin Franklin Plumbing® (“Benjamin Franklin”), Mister Sparky® electric, and One Hour Heating & Air Conditioning® (“One Hour”) – are all rated among the best-in-class in their respective categories.

Authority Brands is the parent company to leading home services brands The Cleaning Authority, Homewatch CareGivers, America’s Swimming Pool Company and Mosquito Squad which operate across the residential cleaning, at-home care, swimming pool repair and maintenance, and pest control services sectors respectively. Authority Brands supports individual franchisee growth by providing strong marketing, technology and operational support.

Rob Weddle, CEO of Authority Brands, said: “The addition of the Clockwork group of brands is an important and significant step in the evolution of Authority Brands. All three brands are market-leading franchises within their respective industries and their addition to our portfolio doubles our overall system revenue to over $1 billion. This scale allows us to further strengthen each of our brand’s systems and continue down the path of becoming the home services franchisor of choice for both business owners and consumers.”

Ashish Karandikar, Partner at Apax Partners, said: “We are delighted to support Authority Brands in this transformational acquisition. The Clockwork brands operate in attractive markets and will bring scale and diversification to Authority Brands’ platform. We anticipate substantial benefits for both businesses from cross-selling and collaboration across marketing, technology and operational support.”

Bruce Stewart, president of Direct Energy Home North America said: “The decision for this sale reflects our goals to focus and simplify our channels to customers and to own our own brands. Authority Brands is a good home for Clockwork and the franchise owners and customers will see no difference in our service delivery as we conclude this transaction.”

About Authority Brands
Headquartered in Columbia, Maryland, Authority Brands, LLC is the parent company of four leading home service franchisors, The Cleaning Authority, Homewatch CareGivers, America’s Swimming Pool Company and Mosquito Squad. Together, these brands provide recurring home services through more than 550 franchise locations in the U.S., Canada, Latin America, Kenya and Indonesia. Authority Brands is dedicated to supporting individual franchisee growth through providing strong marketing, technology and operational support.

About Apax Partners
Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$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.

Media Contacts:  

For Authority Brands

Nikki Rode, Fish Consulting | +1 954-893-9150 | nrode@fish-consulting.com

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

Notes to Editors:

London-headquartered Apax Partners (www.apax.com), and Paris-headquartered Apax Partners (www.apax.fr) had a shared history but are separate, independent private equity firms.

Global press contact

Andrew Kenny
t: +44 20 7872 6300
andrew.kenny@apax.comGreenbrook Communications
t: +44 20 7952 2000
apax@greenbrookpr.com

Kate Albert
t: +44 20 7872 6300
kate.albert@apax.com

See all Press contacts

Authority Brands

Leading North American franchisor of home services

 

Categories: News

Wendel to Sell Large Stake in Allied Universal

Wendel

Today Wendel announced it has entered into an agreement to sell approximately 40% of its equity stake,
along with other existing shareholders, in Allied Universal (the “Company”), the leading security services
provider in North America, to Caisse de dépôt et placement du Québec (“CDPQ”) at an enterprise value of
more than $7 billion. Simultaneously, Allied Universal has entered into an agreement whereby CDPQ will
provide up to approximately $400 million to support the Company’s growth strategy and acquisition plans.
Following the transaction, Wendel will retain an approximately 18% ownership stake in the Company.
Pro forma for the transaction, CDPQ will become the largest shareholder in Allied Universal. The Company
will continue to be majority owned by its existing shareholders, including Wendel, Warburg Pincus, and the
Company’s management team, whose representatives will continue to constitute a majority of the Company’s
Board of Directors. The transaction is expected to close in the third quarter of 2019 subject to customary
closing conditions, including regulatory approval.
Wendel is expected to receive approximately $350 million in cash proceeds as part of the transaction.
Following the transaction, Wendel will have received cash proceeds, including prior distributions, in excess
of its total initial investment in the Company.

“CDPQ’s agreement to acquire a significant ownership stake and invest in Allied Universal is a strong
endorsement of the Company’s strategy and vision for the future and, most importantly, the incredible work
of our entire team,” stated Steve Jones, President and CEO of Allied Universal. Wendel and Warburg are
terrific partners who have supported our rapid growth over the past several years and we look forward to
adding CDPQ to our shareholder base. We think CDPQ’s long-term approach is well-suited to our strategy
for continued growth in manned guarding and technology services and look forward to working with them as
partners.”
“We are extremely proud of the progress that Steve and the entire Allied Universal team have made during
our partnership and look forward to the Company’s continued growth with CDPQ’s support,” said David
Darmon and Adam Reinmann, Managing Directors of Wendel North America.
André François-Poncet, Wendel Group’s CEO, said: “I am delighted to see that CDPQ, a high-quality
investor, is joining us to further develop Allied Universal and strengthen its leading position in the industry.

This transaction also provides Wendel with further means to identify new high quality assets and grow its
portfolio over the long-term.”

History of Wendel’s Investment in Allied Universal
In December 2015, Wendel acquired AlliedBarton Security Services (“AlliedBarton”) for approximately $1.68
billion. As part of the transaction, Wendel made an investment of approximately $687 million, for
approximately 95% ownership in the Company, alongside AlliedBarton’s management team. In 2016,
AlliedBarton merged with Universal Services of America, owned by Warburg Pincus, creating Allied Universal
the leading security company in North America. Following completion of the merger, in exchange for its
contribution of its shareholding in AlliedBarton Security Services, Wendel received approximately 33% of the
shares of Allied Universal and a cash payment of $388 million. In October 2018, Wendel invested an
additional $78 million to support Allied Universal’s acquisition of U.S. Security Associates.

About Allied Universal
With annual revenues of over US $7 billion and more than 210,000 employees at over 38,000 client sites,
Allied Universal is the largest security solutions provider in North America, offering a mix of comprehensive
manned guarding security services and innovative technology solutions, including systems integration and
remote monitoring, to a broad and diversified group of customers.

Advisors
Barclays and Morgan Stanley & Co. LLC acted as financial advisors to Allied Universal in this transaction.
Cleary Gottlieb Steen & Hamilton LLP and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal
advisors in this transaction.

Agenda
03.21.2019
2018 Full-Year Results / Publication of NAV as of December 31, 2018 (pre-market release).
05.16.2019
2019 Annual General Meeting / Publication of NAV as of March 31, 2019 and Q1 trading update (pre-market release).
07.30.2019
Q2 2019 / Publication of NAV as of June 30, 2019 and trading update (post-market release).
09.06.2019
2019 Half-Year consolidated financial statements / Condensed Half-Year consolidated financial statements
(pre-market release) – No NAV publication.
11.07.2019
2019 Investor Day / Publication of NAV of September 30, 2019 and Q3 2019 trading update (pre-market release).

About Wendel
Wendel is one of Europe’s leading listed investment firms. The Group invests in Europe, North America and Africa in companies which are leaders in their field, such as Bureau
Veritas, Saint-Gobain, Cromology, Stahl, IHS, Constantia Flexibles and Allied Universal. Wendel plays an active role as a controlling or lead shareholder in these companies.
We implement long-term development strategies, which involve boosting growth and margins of companies so as to enhance their leading market positions. Through OranjeNassau Développement, which brings together opportunities for investment in growth, diversification and innovation, Wendel is also a shareholder of Tsebo in Africa.
Wendel is listed on Eurolist by Euronext Paris.
Standard & Poor’s ratings: Long-term: BBB, stable outlook – Short-term: A-2 since January 25, 2019
Moody’s ratings: Long-term: Baa2, stable outlook – Short-term: P-2 since September 5, 2018
Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la
Culture” in 2012.
For more information:
Follow us on Twitter @WendelGroup

Categories: News

Apax VIII sells its stake in AssuredPartners to GTCR

Apax

Transaction Sees Previous Backers Renew Successful Partnership with Insurance Broker

Lake Mary, Florida, New York and Chicago, February 21, 2019:Apax VIII, a fund advised by Apax Partners, today announced it has agreed to sell its entire stake in AssuredPartners, a leading US insurance brokerage, to an investor group led by GTCR, a leading Chicago-based private equity firm. GTCR previously owned AssuredPartners from its inception in 2011 until its sale to Apax VIII in 2015. The terms of today’s transaction were not disclosed. The transaction is expected to close in the second quarter of 2019.

Apax IX, a separate fund advised by Apax Partners, will co-invest in the transaction alongside GTCR taking a significant minority stake in AssuredPartners. AssuredPartners’ management team retains its significant minority stake in the business.

Established in 2011, AssuredPartners is today one of the largest insurance brokers in the United States, distributing property and casualty (“P&C”), risk management, employee benefits and personal insurance. Headquartered in Lake Mary, Florida, the company operates from 200 offices across 30 states and London, England.

In executing The Leaders Strategy™, GTCR partnered with management to form AssuredPartners in 2011 with the goal of creating a leading middle market broker. Over the course of four years, the company completed 112 acquisitions, grew annualized revenue to over $500 million and built a platform from which to achieve long-term success.

Apax VIII acquired a majority stake in AssuredPartners in 2015. During its ownership, AssuredPartners has delivered on its strategy of building a leading insurance brokerage franchise through consolidating a large, fragmented industry. This has been achieved through significant M&A, the business has completed 124 acquisitions, continued strong organic growth, driven by operational improvements including investment in IT, salesforce and infrastructure, and the recruitment of key senior hires, including CIO and Chief Organic Growth Officer positions. The result of these initiatives has seen revenue and EBITDA more than double during Apax VIII’s ownership as the business has benefited from scale and broader product ranges.

Jim Henderson, co-founder and CEO of AssuredPartners, said: “Apax has been a superb partner for Assured over the last three years and we are delighted to be renewing this successful partnership. At the same time, we are excited to welcome back the GTCR team who we know very well and value their expertise and insight. We look forward to working with both firms who share our vision and commitment to scaling the business further.”

Tom Riley, co-founder, President & COO of AssuredPartners, added: “We have formed a partnership with agencies throughout the country and beyond through the partnership and support of GTCR and Apax Partners. Our acquisition strategy has allowed us to create something truly unique in our industry. The union of our two supporting entities joining forces makes for a very exciting future for AssuredPartners. We look forward to our continued success with Aaron Cohen and Ashish Karandikar and their respective winning teams.”

Ashish Karandikar, Partner at Apax Partners, said: “Three and half years ago, we backed Jim Henderson and his team on an ambitious journey to build the preeminent US middle market insurance brokerage firm. Since then, AssuredPartners has charted an impressive growth trajectory through organic investments in sales and technology and through acquisitions to create a scaled product and service proposition to carriers and customers. We believe there continues to be exceptional opportunities for AssuredPartners and its over 5,000 talented and entrepreneurial insurance professionals and are excited to be continuing our journey.”

Aaron Cohen, GTCR Managing Director, added: “We had an incredible experience working with the Assured team and have watched with admiration their continued success over the last three years. We want to congratulate the entire Assured organization on building a leading insurance broker with over $1 billion of revenue in just eight years. AssuredPartners is a trusted advisor to its customers, offering unique capabilities to assist leading companies in all of their insurance and risk management needs. We are thrilled to be partners with Jim Henderson, Tom Riley and the team once again and look forward to the continued expansion of the AssuredPartners platform.”

The Apax Funds have significant experience investing in the insurance sector, including Hub International and Genex, which were successfully exited in 2013 and 2018 respectively, and current investment Duck Creek Technologies.

The investment in AssuredPartners continues GTCR’s two decades of successful experience investing in the insurance industry with past investments in insurance brokers Alliant Resources and AssuredPartners, specialty carrier Ironshore, premium finance provider Premium Credit Limited and software company Solera.

AssuredPartners and Apax VIII were advised by Bank of America Merrill Lynch (M&A Advisor) and Kirkland & Ellis LLP (legal counsel). Harris Williams and Barclays also provided M&A advice to Apax VIII. Simpson Thacher & Bartlett LLP provided legal advice to Apax IX. Katten Muchin Rosenman LLP served as legal advisors to the management team of AssuredPartners. GTCR was advised by Morgan Stanley & Co. LLC (financial advisor) and Latham & Watkins LLP (legal counsel).

About AssuredPartners
Headquartered in Lake Mary, Florida and led by Jim Henderson and Tom Riley, AssuredPartners, Inc. acquires and invests in insurance brokerage businesses (property and casualty, employee benefits, surety and MGU’s) across the United States and in London. From its founding in March of 2011, AssuredPartners has grown to over $1.1 billion in annualized revenue and continues to be one of the fastest growing insurance brokerage firms in the United States with over 200 offices in 30 states and London. For more information, please visit www.assuredpartners.com.

About Apax Partners
Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$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 GTCR
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $15 billion in over 200 companies. For more information, please visit www.gtcr.com.

Media Contacts: 

For AssuredPartners

Jamie Reinert | +1 513-624-1779 | jamie.reinert@assuredpartners.com

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: James Madsen / Matthew Goodman, Greenbrook | +44 20 7952 2000 | apax@greenbrookpr.com

For GTCR

Eileen Rochford | +1 312-953-3305 | eileenr@theharbingergroup.com

Notes to Editors:

London-headquartered Apax Partners (www.apax.com), and Paris-headquartered Apax Partners (www.apax.fr) had a shared history but are separate, independent private equity firms.

 

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ICG appoints Jamie Rivers as a Managing Director in the UK Equity and Mezzanine team

Intermediate Capital Group (ICG) is pleased to announce the appointment of Jamie Rivers as a Managing Director in the UK Equity and Mezzanine team.

Jamie has joined ICG from BC Partners, where he worked for 15 years, originating and executing private equity investments, primarily in the UK. These included Acuris, CarTrawler, Cote Restaurants, Elysium and VetPartners.

In his new role at ICG, Jamie will focus on seeking investment opportunities among UK-headquartered companies for the European investment strategy. This is one of ICG’s largest investment strategies, which supports the long-term growth of private companies across Europe by providing flexible capital solutions to support the strategic ambitions of management teams. In November 2018 ICG’s Europe Fund VII closed with €4bn of third party commitments, a 60% increase on its predecessor fund, and total commitments of €4.5bn.

Benoît Durteste, Chief Executive of ICG, said: “ICG’s investment approach is predicated on having deep, on the ground investment expertise and Jamie has an excellent track record of making successful investments in the UK market. We are delighted he has joined the team.”

Jamie Rivers said: “ICG has a strong track record of working with management teams to support their growth ambitions and, as a result, delivering strong investment returns. I am delighted to have joined the team.”

For further details please contact:

ICG
Alicia Wyllie
Director, Co-Head of Corporate Communications
Tel: +44 (0)203 201 7994
Mobile: +44 (0)7808 610080
Email: alicia.wyllie@icgam.com

Maitland
Sam Turvey
Partner
Tel: +44 (0)207 379 5151
Mobile: +44 (0)78 2783 6246
Email: sturvey@maitland.co.uk

Categories: People

AI-company Aidence raises €10 million Series A to revolutionise the medical imaging industry

Inkef Capital

Amsterdam 20/02/2019- Aidence, a company that is bringing the full potential of Artificial Intelligence into the hands of medical professionals in medical imaging and disease detection, has completed a €10 million Series A funding round. The round was led by INKEF Capital and co-investor Rabo Ventures, alongside existing investors Northzone, HenQ and Health Innovations. This investment brings Aidence’s total funding to €12.5 million.

 

Aidence was founded in Amsterdam in 2015 by Mark-Jan Harte (CEO) and Jeroen van Duffelen (COO). Since then, the company has made waves in the medical imaging industry with its AI solution, Veye Chest. Lung cancer is one of the most common cancers worldwide and early detection is of great importance for survival. Aidence’s AI-enabled pulmonary nodule management assistant, Veye Chest, connects with existing imaging infrastructure and enables radiologists to better spot and track changes in pulmonary nodules. Veye Chest is already installed in more than 10 hospitals in the Netherlands, United Kingdom and Scandinavia and processes hundreds of studies per week.

 

Aidence was selected for SBRI Healthcare last year, an NHS innovation initiative. Its health economics team recognised Veye Chest has potential to provide relief to the pressures in the radiologist workforce and reduce the number of missed lung cancers.

 

CEO Mark-Jan Harte says: “We’ve been determined since day one to deliver a tangible clinical AI solution that can be used by healthcare professionals to help their patients. We welcome INKEF and Rabo Ventures on our journey as we strive to shape the future of the medical imaging industry. With this funding we will continue building our European market expansion while also building towards FDA clearance giving us access to the US healthcare market. This investment will allow our research and development team to expand and explore new avenues for the Veye platform to support our radiologist AI pioneers and the patients they care for.”

 

Thijs Cohen Tervaert from INKEF comments: “We’ve followed Aidence for a number of years and are impressed by the team they’ve built and the progress they’ve made. Aidence has managed to cut through the hype surrounding AI and delivered a solution that fits into the workflow and helps radiologists do their work better. This is supported by the fact that the solution is being used in more than 10 hospitals and radiologists are using the software to improve care. The quality of the team, the technology and their vision for the future inspired us to lead this round of investment.”

 

“Mathijs Koens from Rabo Ventures comments: “With its practical AI solution for radiologists, Aidence fits very well with our ambition to contribute to improving the healthcare ecosystem and ultimately retaining affordable healthcare for all.”

 

To design Veye Chest, Aidence has assembled a stellar team of data scientists, software engineers and medical industry professionals. At the European Congress of Radiology, Europe’s largest radiology show in Vienna later this month, the world-renowned Royal Infirmary of Edinburgh hospital and the Edinburgh imaging facility QMRI will also present four abstracts as result of the collaboration on clinical validation for Veye Chest.

 

About Aidence

Amsterdam-based Aidence was founded in 2015 with the goal of improving medical diagnostics by applying deep learning. Its first product is Veye Chest, a solution for automated pulmonary nodule management on chest CT. For more information: https://aidence.com/

 

About INKEF

INKEF Capital is an Amsterdam-based venture capital firm that focuses on long-term collaboration and active support of innovative healthcare and technology companies. INKEF Capital was founded in 2010 by Dutch pension fund ABP and with €500 million under management it is one of the largest venture capital funds in the Netherlands. INKEF focuses on investment opportunities in Healthcare, Technology, IT/New Media & FinTech. For more information: http://www.INKEF.com

 

About Rabo Ventures
Rabo Ventures is part of Rabo Corporate Investments, the captive investment arm of Rabobank. Rabo Ventures invests seed and early growth capital in innovative companies in support to the mission of Rabobank: Growing a Better World Together. From Rabo Ventures, we are dedicated to fulfilling a supporting role and building value by leveraging Rabobank’s network, knowledge and position for the benefit of the companies we invest in the Netherlands (healthcare, sustainability, smart industries and food & agri) and globally (food & agri).”

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CDPQ to Become Largest Shareholder in Allied Universal

CdpqCaisse de dépôt et placement du Québec (“CDPQ”) announced today a major investment in Allied Universal (the “Company”), the leading security services provider in North America, alongside company management and Warburg Pincus and Wendel, its current financial partners. The transaction values Allied Universal at more than US$7 billion.

The investment from CDPQ will support the long-term growth and strategy of the largest provider of integrated manned guarding security services in North America. Part of CDPQ’s investment also consists of up to approximately $400 million of primary capital which will be used by the Company to pursue its growth strategy and execute on its pipeline of attractive M&A opportunities.

With annual revenues of approximately US$7 billion and more than 210,000 employees at over 38,000 client sites, Allied Universal is the largest and fastest growing security solutions provider in North America. The Company offers a mix of comprehensive manned guarding security services and innovative technology solutions, including systems integration and remote monitoring, to a broad and diversified group of customers.

“I am very proud to have one of the world’s leading institutional investors commit to Allied Universal and back our vision for success”, said Steve Jones, Chief Executive Officer of Allied Universal. “Our team has worked hard to build the best security company in the world.  We are all excited about the future of Allied Universal as well as our plans for continuing to grow both organically and through strategic acquisitions in both the manned guarding and technology sectors. We look forward to accomplishing great things with CDPQ as our long-term partner.”

“This investment, which represents one of the largest private transactions in business services, enables us to invest in a national leader in facility and security services, a sector that will continue to experience sustained organic growth and industry consolidation,” commented Stephane Etroy, Executive Vice-President and Head of Private Equity at CDPQ. “We look forward to supporting Allied Universal’s talented management team as they continue to grow this world-class business and build on its track record of providing its clients a customized mix of manned guarding and security technology solutions.”

Advisors

Citigroup Global Markets Inc. acted as financial advisor to CDPQ, and Kirkland & Ellis LLP acted as legal counsel to CDPQ. Barclays and Morgan Stanley & Co. LLC acted as financial advisors to Allied Universal, and Cleary Gottlieb Steen & Hamilton LLP acted as legal counsel to Allied Universal.

Transaction Process

The transaction is expected to close in the third quarter of 2019, following customary closing conditions, including regulatory approvals.

ABOUT ALLIED UNIVERSAL

Allied Universal, a leading security and facility services company with over 210,000 employees, provides unparalleled security services and solutions. The enterprise combines people and technology to deliver evolving, tailored solutions that allow our clients to focus on their core business. An unrelenting focus on clients’ success creates partnerships rooted in quality and value, and is supported by experience gained from being in business for over 60 years. Through our people and leading services, systems and solutions…Allied Universal is there for you. For more information, please visit www.aus.com.

ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2018, it held CA$308.3 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

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