Monthly Archives: February 2019

Kinnevik invests in Verdane portfolio company Mathem to accelerate Swedish food sector online migration

Verdane Capital

In a move to further accelerate the offline-to-online migration of food and auxiliary products for Swedish households, Verdane Capital VII (“Verdane”) has agreed to sell part of its stake in MatHem to Kinnevik AB (publ) together with the company’s other shareholders. The SEK 900 million transaction combines 400 million in primary capital and 500 million in secondary shares.

Powered by investments in IT, warehouses, logistics and several acquisitions, MatHem has helmed the Swedish food sector’s offline-to-online migration and grown its revenues by a factor of 100 since Verdane’s initial investment in 2010. Today, the company is Sweden’s leading independent pure-play online grocery retailer, with the largest assortment and fastest delivery time on the market, covering more than half of Swedish households.

“We are the clear Nordic pioneer in online groceries. With both Kinnevik and Verdane onboard, MatHem is now partnered with two of the Nordic region’s foremost investors in e-commerce and digital businesses as we look to further develop our offering and ensure a seamless customer experience to drive growth,” says Tomas Kull, CEO of MatHem.

In 2018, MatHem’s revenues stood at SEK 1.5 billion, with a workforce numbering 1 500 employees.

“Swedish households’ digital shopping habits are at an inflexion point, and we expect to see online grocery shopping in Sweden catch up with similarly digitalised countries over the next ten years. MatHem’s assortment of more than just groceries and ability to deliver straight into your home means it can offer a uniquely seamless shopping experience that will play an important role in making consumers’ lives easier,” says Staffan Mörndal, Partner and Co-Head of Consumer Internet at Verdane.

“I am excited to announce our investment in MatHem, our third investment in food. This is a sector with huge potential given its significant share of household spend, its non-cyclical nature and attractive purchase patterns in terms of frequency, basket size and zero returns. MatHem has built a strong brand and recently launched an updated platform which places the company in a strong position to continue to capture markets share as the shift to online accelerates within the grocery sector,” comments Georgi Ganev, CEO of Kinnevik.

Closing is conditional on customary regulatory approvals and is expected during the first quarter of 2019.

MatHem is part of Verdane’s e-commerce portfolio together with 14 other companies that include Babyshop, Bemz, Boozt, Eleven, Hylte Jakt & Lantman, MM Sports, Royal Design and Safira. Since 2003, Verdane has invested in over 100 e-commerce and software companies.

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For more information, please contact:

Staffan Mörndal, Partner at Verdane
+46 70 931 52 35
staffan.morndal@verdane.com

Tomas Kull, CEO at MatHem
+46 70 581 12 07

About MatHem

MatHem is Sweden’s largest online grocery and household goods retailer. We have the largest online grocery assortment and fastest delivery time on the market. Our vision goes beyond food, and our promise is to work to help you save time, money, stress, back strain and climate impact with every delivery. Founded in 2006 by Karolin and Tomas Kull, MatHem now delivers one out of two online grocery orders in Sweden, making 1.5 million deliveries every year to over 30 000 customers located across Sweden.

About Verdane

Verdane funds provide flexible growth capital to fast-growing software, consumer internet, energy or high-technology industry businesses, through both majority and minority investments in individual companies and portfolios. Verdane funds act as ambitious, active and long-term owners, helping management teams and companies accelerate and sustain growth by leveraging the Verdane advisory team’s technology capabilities and proven track record in driving business value. Verdane funds’ current portfolio includes Boozt, EasyPark, Freespee, inRiver, MatHem, Mustad, Momox, Polytech and Trivec. Verdane Advisory Group has 38 employees working out of offices in Copenhagen, Helsinki, London, Oslo and Stockholm. For more information, please visit www.verdane.com

About Kinnevik

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

Categories: News

Axonics® Submits Full Body MRI Data to U.S. Food & Drug Administration for its Sacral Neuromodulation System

GIlde Healthcare

Irvine, CA – Axonics Modulation Technologies, Inc. (NASDAQ: AXNX) a medical technology company focused on the development and commercialization of novel implantable Sacral Neuromodulation (“SNM”) devices for the treatment of urinary and bowel dysfunction, today announced the submission of complete test data to the U.S. Food & Drug Administration (“FDA”) for the purpose of gaining Conditional Full Body Magnetic Resonance Imaging (“MRI”) labeling approval for the Axonics r-SNM® System  for urinary and bowel dysfunction. This data was submitted as an amendment to the Company’s previously filed premarket approval application (“PMA”).

Raymond W. Cohen, CEO of Axonics, commented, “Without this Full Body labeling, any patient requiring an MRI scan on any body part below the head must have their neurostimulator and lead surgically explanted prior to the MRI scan, resulting in loss of an effective treatment, another surgery for the patient and additional cost to the patient and healthcare system. Our robust testing and analyses conclude that Full Body MRI scans can be safely performed on patients with an implanted Axonics r-SNM system.”

The Axonics r-SNM System is already approved for head and neck MR scans in Europe, Canada and Australia. CE Mark approval of Full Body MRI conditional labeling for the Axonics r-SNM System is currently pending.
Cohen continued, “We met with the FDA in January 2019 and determined it was advantageous to file an amendment to the current literature-based PMA. The FDA now has all of our MRI test data for both head and full body and we believe that, once PMA approved, our r-SNM System will include conditional labeling for 1.5T MRI scans.”

Axonics has performed all the required tests to support Full Body conditional labeling on 1.5T MR scanners for the implantable components of its r-SNM System.
What is MRI Conditional Labeling

MRI is short for Magnetic Resonance Imaging. MR scanners come in different magnet field strengths measured in Tesla or “T”, usually between 0.5T and 3.0T. They also come in varying sizes including open and wide-bore. Simplistically, an MR scanner is a very large, strong magnet into which a patient lies. A radio wave is used to send signals to the body of the patient. The returning signals are received and converted into images by a computer attached to the MR scanner.  The image quality of an MRI depends on signal and field strength.  MRI Conditional Labeling means a product has been tested and demonstrated to pose no known hazards to the patient in a specified MRI environment with specified conditions of use and the results of testing are sufficient to characterize the behavior of the product in the MRI environment. Testing for devices that may be placed in the MRI environment should address magnetically induced displacement force and torque, unintended stimulation, and thermal injury. Other possible safety issues include but are not limited to, image artifact, device vibration, interaction among devices, the safe functioning of the device and the safe operation of the MRI system. Any parameter that affects the safety of the device should be listed and any condition that is known to produce an unsafe consequence must be described.

 

About Overactive Bladder and Sacral Neuromodulation

Overactive bladder (OAB) includes urinary urge incontinence and urinary frequency and affects an estimated 85 million adults in the U.S. and Europe. OAB is caused by a miscommunication between the bladder and the brain and significantly impacts quality of life. SNM therapy is a well-established treatment that has been widely employed to reduce symptoms and restore bladder function and is also a proven therapy to treat urinary retention and fecal incontinence.   Reimbursement for SNM is well established and available in the United States, Europe, Canada and Australia.

About Axonics Modulation Technologies, Inc.

Axonics, based in Irvine, CA, is focused on development and commercialization of a novel implantable SNM system for patients with urinary and bowel dysfunction. The Axonics r-SNM System is the first rechargeable Sacral Neuromodulation system approved for sale in Europe, Canada and Australia. The r-SNM System offers a temporary disposable external trial system, a miniaturized and rechargeable long-lived stimulator that is qualified to function for at least 15 years. Also included is a tined lead, as well as patient-friendly accessories such as a charging system optimized for minimal charge time without overheating, a small, easy to use patient remote control and an intuitive clinician programmer that facilitates lead placement and programming. For more information, visit the Company’s website at www.axonicsmodulation.com

Forward-Looking Statements

Statements made in this press release that relate to future plans, events, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. Words such as “planned,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. While these forward-looking statements are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in Axonics filings with the Securities and Exchange Commission, all of which are available online at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, Axonics undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.

 

Gilde Healthcare

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NSO Group Acquired by its Management

Franciso Partners

The founders and management team of NSO Group, a cyber-technology company headquartered in Luxembourg, acquire the company

• The management team is supported by European private equity firm Novalpina Capital

The management team and founders of NSO Group today announced the acquisition of the company from global private equity firm Francisco Partners.

NSO Group develops technology that helps government intelligence and law enforcement agencies prevent and investigate terrorism and crime to save lives. Established from the combination of Israeli and European cyber technology companies, NSO Group has since become a global leader in providing cyber intelligence and analytics solutions to governments. The company has grown rapidly and finished 2018 with revenues of $250 million, and dozens of licensed customers.

The acquisition is led by NSO Group co-founders Shalev Hulio and Omri Lavie, together with members of the company’s senior executive team. A significant number of employees will participate in the acquisition. The founders and management team are supported in the acquisition by Novalpina Capital, a European private equity firm. Jefferies Group LLC is advising and leading the financing.

Shalev Hulio, Founder and Chief Executive Officer of NSO Group, said: “This is an important and significant milestone for NSO. I am proud of what the company and our employees have achieved since we were founded in 2010. Together we have built an amazing technology company that is making the world a safer place. As we look forward, we are delighted that Novalpina is joining as our equity partner. Together we can take NSO Group to the next level, launching new cutting-edge products that help our customers reduce the threats from terrorism and crime. I want to thank Francisco Partners for its tremendous support over the past few years. Its guidance has been instrumental to the success of the company.”

Eran Gorev, Operating Partner at Francisco Partners and Chairman of NSO Group, said: “We are very proud of the company’s contribution to the global war against terrorism and crime, and the many thousands of lives that have been saved thanks to the company’s technology. Since our investment in NSO Group, the company has continued to develop its outstanding technological capabilities and has more than quadrupled in size, while implementing a best-in-class business ethics framework and bringing in independent experts to ensure the company was operating in accordance with the highest ethical standards. We would like to thank all the amazing employees of NSO Group for their incredible contribution to the company and to making the world a safer place, and to wish them a highly successful future.”

Stefan Kowski, Partner at Novalpina Capital, said: “NSO Group has an impressive management team that has developed best-in-class, proprietary technologies sold to approved governments and intelligence agencies to help tackle terrorism and organised crime. We look forward to supporting NSO’s leadership as they continue to grow the business.”

About NSO Group

NSO Group is a global leader in the world of cyber-intelligence, data acquisition and analysis. The company’s mission is to equip select intelligence agencies and law enforcement organizations around the world with strategic, tactical and analytical technological capabilities required to ensure the success of their operations in fighting crime and terrorism.

NSO Group solutions are developed and maintained by a team of cyber-intelligence and cellular-communication experts who operate at the forefront of their fields. Their designs constantly evolve to keep pace with an ever-changing cyber world.

NSO Group is committed to the proper use of its technology to help governments strengthen public safety and protect against major security threats. NSO Group’s advanced intelligence solutions are used globally and play a major role in preventing terror activities, combating human trafficking and the war on drugs.

About Francisco Partners

Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled services businesses. Since its launch over 18 years ago, Francisco Partners has raised over $14 billion in capital and invested in more than 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com

About Novalpina Capital

Novalpina Capital is an independent European private equity firm that invests in middle market companies. The Firm was founded by Stephen Peel, Stefan Kowski and Bastian Lueken in 2017. The founding partners bring more than 50 years of combined experience in private equity investing, having held senior positions in the European operations of firms including TPG, Centerbridge and Platinum Equity, and worked together for nearly a decade at TPG.

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A syndicate of international investors finance Arvelle therapeutics

Anderra Partners

Andera Partners and a syndicate of international investors finance a new CNS-focused European biopharma company Arvelle Therapeutics

 

Andera Partners participated in the Series A financing of Arvelle Therapeutics, a newly-formed company that acquired exclusive European rights to Cenobamate, a highly differentiated anti-epileptic compound. The new CNS-focused company, received one of the largest initial financing commitments for a European-focused biopharmaceutical company from a global syndicate which, aside from Andera Partners, includes NovaQuest Capital Management, Life Sciences Partners, BRV Capital Management and H.I.G. BioHealth Partners.

 

Arvelle Therapeutics acquired the drug from SK Biopharmaceuticals for an upfront payment of $100 million and future potential milestones of up to $430 million. The company intends to file a Marketing Authorization Application (MAA) for cenobamate for partial-onset seizures in adult patients.

Oliver Litzka, Partner at Andera Partners, will join the board of Arvelle alongside other syndicate members.

The press release issued by the company and SK Biopharmaceuticals is available here.

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Change of management at HQ Capital

HQ Capital

Frankfurt/New York, 14 February 2019 – Dr. Bernd Türk, former spokesman for the management of Harald Quandt Holding, is appointed to the management of HQ Capital. Dr. Türk is a proven finance expert with over 25 years of experience in the financial and banking industry.

Dr. Türk follows Dr. Georg Wunderlin, who leaves the firm at his own request to pursue new interests outside of HQ Capital. Dr. Wunderlin has been responsible for HQ Capital as its COO since 2012, and CEO since 2016.

 

Gabriele Quandt, shareholder of the Harald Quandt Group says: “The Harald Quandt family and the HQ Capital Supervisory Board thank Dr. Wunderlin for his great contribution to the development of HQ Capital in recent years and wish him well. We look forward to further cooperation with Dr. Türk in his new position at HQ Capital.”

 

Dr. Wunderlin says: “We have been able to raise significant levels of new assets for HQ Capital in the past years and 2018 has been another record year for the firm. With an excellent team and an impressive client base, HQ Capital is perfectly positioned for future success. I warmly congratulate Bernd on his new position and wish him and the HQ Capital team every success for the future.”

 

Dr. Bernd Türk says: “HQ Capital is optimally positioned for further growth. I am looking forward to leading this fine team and the firm into the next phase of development.”

 

HQ Capital will continue its growth strategy with the goal of further expanding its position as a leading specialist in private equity and real estate.

Categories: People

NSO Group Acquired by its Management

Franciso Partners

PRESS RELEASE – FEBRUARY 14 2019

• The founders and management team of NSO Group, a cyber-technology company headquartered in Luxembourg, acquire the company

• The management team is supported by European private equity firm Novalpina Capital

The management team and founders of NSO Group today announced the acquisition of the company from global private equity firm Francisco Partners.

NSO Group develops technology that helps government intelligence and law enforcement agencies prevent and investigate terrorism and crime to save lives. Established from the combination of Israeli and European cyber technology companies, NSO Group has since become a global leader in providing cyber intelligence and analytics solutions to governments. The company has grown rapidly and finished 2018 with revenues of $250 million, and dozens of licensed customers.

The acquisition is led by NSO Group co-founders Shalev Hulio and Omri Lavie, together with members of the company’s senior executive team. A significant number of employees will participate in the acquisition. The founders and management team are supported in the acquisition by Novalpina Capital, a European private equity firm. Jefferies Group LLC is advising and leading the financing.

Shalev Hulio, Founder and Chief Executive Officer of NSO Group, said: “This is an important and significant milestone for NSO. I am proud of what the company and our employees have achieved since we were founded in 2010. Together we have built an amazing technology company that is making the world a safer place. As we look forward, we are delighted that Novalpina is joining as our equity partner. Together we can take NSO Group to the next level, launching new cutting-edge products that help our customers reduce the threats from terrorism and crime. I want to thank Francisco Partners for its tremendous support over the past few years. Its guidance has been instrumental to the success of the company.”

Eran Gorev, Operating Partner at Francisco Partners and Chairman of NSO Group, said: “We are very proud of the company’s contribution to the global war against terrorism and crime, and the many thousands of lives that have been saved thanks to the company’s technology. Since our investment in NSO Group, the company has continued to develop its outstanding technological capabilities and has more than quadrupled in size, while implementing a best-in-class business ethics framework and bringing in independent experts to ensure the company was operating in accordance with the highest ethical standards. We would like to thank all the amazing employees of NSO Group for their incredible contribution to the company and to making the world a safer place, and to wish them a highly successful future.”

Stefan Kowski, Partner at Novalpina Capital, said: “NSO Group has an impressive management team that has developed best-in-class, proprietary technologies sold to approved governments and intelligence agencies to help tackle terrorism and organised crime. We look forward to supporting NSO’s leadership as they continue to grow the business.”

About NSO Group

NSO Group is a global leader in the world of cyber-intelligence, data acquisition and analysis. The company’s mission is to equip select intelligence agencies and law enforcement organizations around the world with strategic, tactical and analytical technological capabilities required to ensure the success of their operations in fighting crime and terrorism.

NSO Group solutions are developed and maintained by a team of cyber-intelligence and cellular-communication experts who operate at the forefront of their fields. Their designs constantly evolve to keep pace with an ever-changing cyber world.

NSO Group is committed to the proper use of its technology to help governments strengthen public safety and protect against major security threats. NSO Group’s advanced intelligence solutions are used globally and play a major role in preventing terror activities, combating human trafficking and the war on drugs.

About Francisco Partners

Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled services businesses. Since its launch over 18 years ago, Francisco Partners has raised over $14 billion in capital and invested in more than 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com

About Novalpina Capital

Novalpina Capital is an independent European private equity firm that invests in middle market companies. The Firm was founded by Stephen Peel, Stefan Kowski and Bastian Lueken in 2017. The founding partners bring more than 50 years of combined experience in private equity investing, having held senior positions in the European operations of firms including TPG, Centerbridge and Platinum Equity, and worked together for nearly a decade at TPG.

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KKR to Present at the Citi 2019 Asset Managers, Broker Dealers & Exchanges Conference

KKR

02.14.19
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NEW YORK–(BUSINESS WIRE)–Feb. 14, 2019– KKR & Co. Inc. (NYSE: KKR) announced today that William J. Janetschek, Chief Financial Officer, and Craig Larson, Head of Investor Relations, will present at the Citi 2019 Asset Managers, Broker Dealers & Exchanges Conference on Wednesday, February 27, 2019 at 10:25 AM ET.

A live audio webcast of the presentation will be available on the Investor Center section of KKR’s website at http://ir.kkr.com/kkr_ir/kkr_events.cfm. For those unable to listen to the live audio webcast, a replay will be available on the website shortly after the event.

Any questions regarding the webcast may be addressed to KKR’s Investor Relations group at investor-relations@kkr.com.

ABOUT KKR

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

Source: KKR & Co. Inc.

Investor Relations:
Craig Larson
Tel: +1 (877) 610-4910 (U.S.) / +1 (212) 230-9410
investor-relations@kkr.com

Media:
Kristi Huller or Cara Major
Tel: + 1 (212) 750-8300
media@kkr.com

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Wendel sells its 40% holding in PlaYce to CFAO

Wendel

Wendel has agreed to sell its 40% holding in PlaYce (formerly SGI Africa) to CFAO for net proceeds of €32.2
million, following an initial investment of €25.3 million at the end of July 2016.
PlaYce was created in 2015 by CFAO, primarily to support the development of the Carrefour brand, which
CFAO operates through a joint venture with the Group, across several West African countries.
Since inception, PlaYce has opened three shopping centers (two in Abidjan and one in Douala), representing
a total selling area of around 21,400 sq. m. (with over 15,000 additional sq. m. currently being developed)
and creating over 1,300 direct and indirect jobs (at PlaYce, its subcontractors and CFAO Retail).

In line with its strategy to refocus on large assets, Wendel has agreed with CFAO to sell its holding according
to the terms mentioned above.

Agenda
21.03.2019
Résultats annuels 2018 / Publication de l’ANR du 31 décembre 2018 (avant Bourse).
03.21.2019
2018 Full-Year Results / Publication of NAV as of December 31, 2018 (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 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

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EURAZEO brands strengthens its european strategy with a new team in Paris

Eurazeo

Paris, February 14th, 2019 – Eurazeo Brands, Eurazeo’s investment division dedicated to fast growing consumer brands, has built a new team in Paris to lead the investment strategy in Europe, with the appointment of Laurent Droin as Managing Director, and Célia Nataf as Senior Associate.
Laurent Droin brings extensive consumer, retail and luxury expertise, having worked for 20 years in the industry in both corporate and advisory roles. Prior to joining Eurazeo, he spent 10 years at BNP Paribas as a Managing Director focused on mergers and acquisitions. He was most recently based in New York, where he successfully rebuilt the bank’s consumer franchise, focusing on beauty, personal care, and apparel. Previously, he spent nine years at Danone in various strategic and operational roles in France, Argentina and Russia. This brand enthusiast has been personally investing alongside successful entrepreneurs for many years.

Célia Nataf is joining the Eurazeo Brands team in Paris and will be responsible for sourcing, executing and monitoring European investments. She previously spent five years as part of Eurazeo Capital, specializing in the consumer, retail and luxury industries. She participated in the creation of Carambar & Co, a European carve-out in the branded food industry, and in the structuring and monitoring of Planet, a global tax free and payment company. Prior to Eurazeo, she worked in the mergers and acquisitions team at Barclays Capital in Paris, where she carried out assignments for investment funds and industrial players.

Eurazeo Brands’ mission is to invest a total of $800 million in high potential North American and European consumer companies with differentiated brands across a wide range of verticals including beauty, fashion, home, wellness, food and beverage, and leisure. The firm partners with visionary founders and strong management teams to drive transformational growth and accelerate value creation by leveraging Eurazeo’s unique capabilities. Investments to date include Pat McGrath Labs and Nest Fragrances. The founders of these companies selected Eurazeo Brands due to its sector and operating expertise, proven track record building brands, and extensive international reach with offices across four continents. These new appointments will enable Eurazeo Brands to be the investment partner of choice for aspirational, consumer driven companies in Europe seeking value-added capital to develop their businesses globally.

About Eurazeo
Eurazeo is a leading global investment company, with a diversified portfolio of €17 billion in assets under
management, including nearly €11 billion from third parties, invested in over 300 companies. With its
considerable private equity, venture capital, real estate, private debt and fund of funds expertise, Eurazeo
accompanies companies of all sizes, supporting their development through the commitment of its 235
professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable
foothold for transformational growth. Its solid institutional and family shareholder base, robust financial
structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over
the long term. Eurazeo has offices in Paris, New York, Sao Paulo, Buenos Aires, Shanghai, London,
Luxembourg, Frankfurt and Madrid.

• Eurazeo is listed on Euronext Paris.
• ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA
***
EURAZEO CONTACTS CONTACT PRESSE
CAROLINE COHEN
HEAD OF INVESTOR RELATIONS
E-mail: ccohen@eurazeo.com
Tél: +33 (0)1 44 15 16 76
VIRGINIE CHRISTNACHT

HEAD OF COMMUNICATIONS
E-mail: vchristnacht@eurazeo
Tél: +33 (0)1 44 15 76 44
MAITLAND / AMO
David Stürken
E-mail: dsturken@maitland.co.uk
Tél: +44 (0) 20 7395 0450
For more information, please visit the Group’s website : www@eurazeo.com
Follow us on Twitter, Linkedin, et YouTube

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3i supports merger of International Cruise & Excursions and SOR Technology

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3I

3i Group plc (“3i”) announced today that International Cruise & Excursion (“ICE”), a global provider of technology-based, travel-related loyalty solutions in which 3i invested in June 2018, is merging with SOR Technology (“SOR”). As part of the transaction, 3i is investing an additional $24m of equity in ICE.

Founded in 2004 by Kevin Schneider and Elliot Springer, SOR has developed a web-based travel technology platform that can be customised to the needs of its clients and users.  The platform was built to showcase travel inventory from worldwide travel suppliers, providing end user customers access to substantial savings on hotels, resorts, cruises, vacation homes, car rentals, flights and leisure activities.  The SOR platform services B2B clients and consumers worldwide and is available in 17 languages and 44 currencies.

Both ICE and SOR are committed to providing innovative technology-based loyalty and reward solutions for the delivery of travel and leisure.  The combination of the two companies will provide valuable enhancements to their global network of travel suppliers, their B2B partners and their customers globally.  John Rowley, will remain as CEO of the combined enterprise.  Kevin Schneider and Elliot Springer will join ICE’s senior leadership team and become shareholders in the business.

John Rowley, CEO and co-founder of ICE, commented:

“Our partnership with SOR will improve our ability to offer our brand partners and their members functionality to browse and book travel in 17 languages and 44 currencies. As a combined enterprise, we will be better positioned to serve the members of our respective B2B customers on a global basis, while greatly accelerating ICE’s ability to grow and support international markets.”

Kevin Schneider, CEO and co-founder of SOR, commented:

“Combining ICE’s global scale, strong service capabilities and expertise in cruise and lifestyle products with SOR’s customizable travel platform and expertise in hotel bookings will enable us to offer our customers a complete travel and loyalty solution, including the greatest savings across all travel and leisure offerings. Elliot and I are excited to join the ICE leadership team to drive our combined business and accelerate the next phase of its growth.”

Andrew Olinick, Partner, 3i Private Equity, added:

“ICE and SOR have highly complementary strengths in cruise and hotel bookings, respectively. The addition of SOR augments ICE’s hotel platform capabilities, including strong international market support, further improving its growth prospects while diversifying its client base and revenue model. SOR has a strong management team led by the two founders and we are excited to work with them on the future development and integration of the two companies.”

-ENDS-

Download this press release   

 

For further information, contact:

3i Group plc

 

Silvia Santoro

Investor enquiries

 

Kathryn van der Kroft

Media enquiries

 

  

 

Tel: +44 20 7975 3258

Email: silvia.santoro@3i.com

 

Tel: +44 20 7975 3021

Email: kathryn.vanderkroft@3i.com

 

 

Notes to editors:

 

About 3i Group

3i is a leading international investment manager focused on mid-market private equity and infrastructure. Its core investment markets are northern Europe and North America. For further information, please visit: www.3i.com.

 

About ICE

International Cruise & Excursion, Inc. (ICE) is a leading international leisure travel and lifestyle benefits organisation with a global network of premier corporate, leisure and affinity-based alliance partners.

ICE is a market maker and global provider of travel, leisure-based loyalty and reward programmes. Leveraging the innate power and appeal of vacations and unique leisure-related products and services, ICE provides travel-based benefit programmes to millions of consumers, with scalable travel and loyalty solutions for some of the world’s most respected brands. ICE is unmatched in delivering travel, leisure and lifestyle products and services through powerful marketing and technology solutions. ICE creates and manages customised B2B2C and B2C vacation and leisurecentric programmes, supported in more than 21 languages, from nine global offices in the US, UK, Europe, India, Mexico, Australia, New Zealand and the Philippines.

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