Monthly Archives: May 2019

PEAK ROCK portfolio company, PRETZELS, INC., to expand state-of-the-art manufacturing facility as part of strategic growth initiative

Austin, Texas,May 7, 2019 – Pretzels, Inc. (“Pretzels” or the “Company”), a portfolio company of Peak Rock Capital, a leading middle-market private investment firm, announced plans to expand its state-of-the-art manufacturing facility in Plymouth, Indiana. Pretzels is a leading manufacturer of pretzels and other snack products, and the expansion increases capacity across a range of products and capabilities. It is anticipated that the additional capacity will be operational in the second quarter of 2020.

Greg Pearson, Chief Executive Officer of Pretzels, said, “This expansion exemplifies Pretzels’ commitment to exceed our customers’ expectations by significantly enhancing our capabilities and capacity. Pretzels’ management and employees are executing on several strategic growth initiatives, including this expansion, which will enable us to support our customers’ commercial success for years to come. On behalf of the entire Pretzels team, I want to thank our loyal customers, dedicated employees, and supportive community for being an integral part of our growth.”

Robert Strauss, Managing Director of Peak Rock Capital, added, “Enhancing Pretzels’ manufacturing capabilities and capacity reflects our belief in the company’s strong growth prospects and is emblematic of how Peak Rock supports its businesses in achieving their growth objectives. We are pleased with Pretzels’ progress to-date and look forward to finding additional ways to support its growth plan in the future.”

The expanded Plymouth facility will complement Pretzels’ current operations in Bluffton and enhance Pretzels’ depth and breadth of offerings to its diverse customer base. Pretzels will add over 120,000 square feet to its existing Plymouth facility, which will create space for additional state-of-the-art production and packaging lines, as well as increased efficiency with existing operations. The facility expansion will also enhance employee amenities and be a catalyst for new jobs in the Plymouth community.

ABOUT PRETZELS, INC.

Founded in 1978, Pretzels, Inc. is a leading manufacturer of pretzels and extruded snack products. Based in Bluffton, Indiana with an additional facility in Plymouth, Indiana, the Company manufactures and distributes traditional, peanut butter filled, flavored, seasonal, and gluten-free pretzels, as well as extruded snack products, to a diverse, blue-chip customer base that includes leading grocers and national brands.

For further information about Pretzels, Inc., please visit www.pretzels-inc.com

ABOUT PEAK ROCK CAPITAL

Peak Rock Capital is a leading middle-market private investment firm that makes equity and debt investments in companies in North America and Europe. Peak Rock’s equity investment platform focuses on opportunities where it can support senior management to drive rapid growth and profit improvement, with expertise in corporate carve-outs and partnering with families and founders seeking first-time institutional capital. Peak Rock’s credit platform focuses on providing bespoke primary financings and making investments in secondary loans for corporate debt and commercial real estate. Peak Rock’s principals have deep expertise in complex situations and cross-border transactions, with the ability to provide tailored capital solutions and close transactions quickly where speed and certainty are priorities. For further information about Peak Rock Capital, please visit www.peakrockcapital.com.

Media Contact: Daniel Yunger Kekst CNC 212-521-4800

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K1 Sells Document Management Software Leader Litera Microsystems

K1

LOS ANGELES, May 7, 2019 /PRNewswire/ — K1 Investment Management, LLC (“K1”), a leading investment firm focusing on high-growth enterprise software companies, today announced the sale of its portfolio company, Litera Microsystems (“Litera”), to funds managed by Hg. With K1’s partnership, Litera tripled its revenue to become one of the world’s leading providers of end-to-end document management software. Litera helps organizations mitigate risk and drive return on investment by enabling users to create, check, repair, collaborate, and share high-quality complex documents.

Following K1’s acquisition of Litera in July 2016, Litera made substantial investments to more than double its product portfolio and build a robust global go-to-market engine. Additionally, Litera pursued a bold add-on acquisition program, made possible by K1’s operational assistance, to seamlessly bring together four companies under one name.

Litera’s 1,300 clients include some of the largest law firms and life sciences firms in the world.

“K1 provided unparalleled operational value, focusing our company on customer-centric, industry-specific software solutions,” says Avaneesh Marwaha, CEO of Litera. “The firm’s expertise in growing successful enterprise software companies helped Litera get ahead of the curve and avoid the pitfalls of a typical high-growth company. Litera’s relentless drive for innovation and deep focus on the end-user has fundamentally changed the way our customers utilize and manage the document lifecycle, enabling them to provide superior services to their clients.”

“It has been an incredible journey to partner with the Litera management team to innovate and transform the document lifecycle market,” says Ron Cano, managing partner at K1. “Litera has become a trusted platform for its customers and is well positioned for continued future success.”

Litera was an investment in K1’s third fund (K3). The firm is currently investing out of its fourth fund (K4). William Blair acted as exclusive financial advisor to Litera.

About Litera Microsystems

Litera Microsystems is a leading provider of software for drafting, proofreading, comparing, repairing and cleansing documents in the legal and life sciences industries worldwide. Headquartered in Chicago, Litera’s core products empower users to generate, review, and distribute high-quality content quickly and securely, from any device. Today, Litera supports over a thousand document-intensive organizations across the globe, helping them satisfy the complex demands of clients and regulators. https://www.litera.com/

About K1

K1 builds category leading enterprise software companies. As a global investment firm, K1 assists high-growth businesses achieve successful outcomes. K1 invests alongside strong management teams that continue to guide their organizations on a day-to-day basis. With over 75 professionals, K1 changes industry landscapes by executing organic and acquisition-based growth strategies. Since inception of the firm, K1 has partnered with over 100 enterprise software companies including industry leaders such as Apttus, Buildium, Certify, Checkmarx, ChiroTouch, Chrome River, Clarizen, Granicus, IronScales, Jobvite, Onit, Rave, RFPIO, Smarsh and WorkForce Software. For more information about K1, please visit www.k1capital.com or www.linkedin.com/company/k1im.

SOURCE K1 Investment Management

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Antares and Bain Capital Credit Support Frazier Healthcare Partners’ Acquisition of Comprehensive Pharmacy Services

BainCapital

CHICAGO AND BOSTON, May 6, 2019 – The Antares Bain Capital Complete Financing Solution (ABCS), a joint venture between Antares and Bain Capital Credit, today announced the closing of a $270 million senior secured unitranche credit facility to support the acquisition of Comprehensive Pharmacy Services (“CPS”) by Frazier Healthcare Partners.

Founded in 1971 and employing over 2,500 clinical, regulatory, and operational pharmacy professionals, Comprehensive Pharmacy Services provides pharmacy support services to more than 700 hospitals and healthcare facilities across the U.S. and Puerto Rico.

“We appreciated the certainty and efficiency of the Antares and Bain Capital unitranche solution,” said Ben Magnano, general partner at Frazier Healthcare Partners.  “The Antares and Bain Capital Credit teams understand the complexities of the pharmacy space well and together delivered an optimal financing solution.”

“Antares is pleased to support Frazier Healthcare Partners and the continued growth of CPS, a trusted partner to pharmacy leaders,” said Benjamin Chapin, managing director with Antares.  “Through their use of data driven insights, fast reporting and real-time information they are distinct in their ability to deliver efficiencies and reduce costs for hospital customers.”

“Leveraging our deep sector expertise, we were able to add value and deliver a flexible financing solution that will allow Frazier Healthcare Partners to build on CPS’ strong market leadership position,” said Carolyn Hastings, a managing director at Bain Capital Credit.  “We are pleased to be supporting Frazier and look forward to a lasting collaboration as they support the company’s ongoing growth initiatives.”

ABCS provides private equity sponsors and borrowers with access to first lien unitranche loans of up to $350 million in a single transaction. Without the requirement of agency meetings or a syndication process, the Antares and Bain Capital unitranche offering delivers capital with speed and certainty.

About Antares 
With approximately $24 billion of capital under management and administration as of December 31, 2018, Antares is a private debt credit manager and leading provider of financing solutions for middle-market private equity-backed transactions. In 2018, Antares issued nearly $25 billion in financing commitments to borrowers through its robust suite of products including first lien revolvers, term loans and delayed draw term loans, 2nd lien term loans, unitranche facilities and equity investments. Antares world-class capital markets experts hold relationships with over 400 banks and institutional investors allowing the firm to structure, distribute and trade syndicated loans on behalf of its customers. Since its founding in 1996, Antares has been recognized by industry organizations as a leading provider of middle market private debt, most recently being named the 2018 Lender of the Year by ACG New York. The company maintains offices in Atlanta, Chicago, Los Angeles, New York and Toronto. Visit Antares at www.antares.com or follow the company on Twitter at www.twitter.com/antarescapital. Antares Capital is a subsidiary of Antares Holdings LP., collectively (“Antares”).

About Bain Capital Credit
Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $41 billion in assets under management. Bain Capital Credit invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities. Our team of more than 200 professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus. Bain Capital Credit’s dedicated Private Credit Group focuses on providing complete financing solutions to businesses with EBITDA between $10 million and $100 million located in North America, Europe and Asia Pacific. Our dedicated global team affords us the ability to diligence the most complex situations and provide private capital to those companies.

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8S Capital Holdings Announces Voluntary Conditional Cash Offer for 800 Super Holdings

KKR

  • Offer Price of S$0.90 per Share Presents Shareholders an Opportunity to Realise Their Investment in Cash at a Premium to Historical Prices
  • Offeror Does Not Intend to Increase the Offer Price
  • Offeror Has Received Irrevocable Undertakings Representing about 77.6% of the Company’s Share Capital
  • Offeror Intends to Delist and Privatise the Company
  • Global Investment Firm KKR to Provide Financing to Support the Privatisation of the Company by Its Founding Family

SINGAPORE–(BUSINESS WIRE)–May 5, 2019– 8S Capital Holdings Pte. Ltd. (the “Offeror”) today announced its intention to make a voluntary conditional cash offer (the “Offer”) for all the issued and paid-up ordinary shares (the “Shares”) of 800 Super Holdings Limited (SGX: 5TG) (“800 Super” or the “Company”) other than those Shares held by the Offeror as at the date of the Offer (the “Offer Shares”).

The Offeror intends to offer S$0.90 in cash per Offer Share (the “Offer Price”). This represents:

  • A premium of 30.6% to 800 Super’s 1-month volume weighted average price (“VWAP“) to 26 April 2019, the last full market day1 on which the Shares were transacted prior to the announcement of the Offer
  • A premium of 31.2% to 800 Super’s 3-month VWAP to 26 April 2019
  • A premium of 25.3% to 800 Super’s 6-month VWAP to 26 April 20192

The Offeror does not intend to increase the Offer Price.

Lee Koh Yong, a Director of the Offeror, commented, “The Offer represents an opportunity for shareholders to realise their entire investment in the Shares at a premium to historical trading prices. It also provides shareholders with a means for a clean cash exit that would otherwise not be available given the low trading liquidity of the Shares. At the same time, privatising will enable 800 Super to save on expenses relating to the maintenance of a listed status and allow the Company to focus its resources on operational matters amidst the competitive business landscape.” Lee Koh Yong is also the Executive Chairman of 800 Super.

The Offer will be conditional upon the Offeror having received not less than 90% of the total number of issued Shares as at the close of the Offer3. As at the date of this announcement, Lee Koh Yong and five of his siblings (collectively, the “Lee Family Members”), as well as a vehicle wholly-owned by the Lee Family Members (“YSI”), who together hold approximately 77.6% of the Shares, have provided irrevocable undertakings to accept the Offer and roll all of their Shares into the Offeror by subscribing for ordinary shares in the Offeror4 (the “Subscription”). Following the Subscription, the Lee Family Members and YSI will own all of the ordinary shares of the Offeror5.

If the Offeror succeeds in garnering acceptances exceeding 90% of the total number of issued Shares, it intends to delist the Company.

Leading global investment firm KKR intends to fund the Offer by providing a hybrid combination of debt and structured equity financing to the Offeror, primarily from pools of capital including KKR’s Private Credit Opportunities II fund and proprietary investment vehicles.

Lee Cheng Chye, a Director of the Offeror, said, “Our family welcomes the financing solution provided by KKR. The innovative structure of the deal enables us to continue owning the Company and we look forward to go on working with the Company’s existing management team and employees in partnership with KKR.” Lee Cheng Chye is also an Executive Director and the Chief Executive Officer of 800 Super.

Ashish Shastry, Member & CEO of KKR Southeast Asia, said, “KKR’s primary goal in this region is to work with great entrepreneurs and the founding families of homegrown businesses. We are very flexible on the type of support we provide — in this case, the Lee family required a credit-oriented solution, but we are also working with family groups by making majority or minority equity investments. We are looking forward to doing more with the Lee family and other great entrepreneurial families in Singapore and across Southeast Asia.”

“We are excited to work with the Lee family on a landmark credit deal for KKR in Singapore,” added Brian Dillard, Managing Director & Head of KKR Asia Credit. “This is a prime example of how our team looks to work with leading businesses to provide unique and flexible capital solutions that meet the objectives of our business partners. We hope to continue to leverage our alternative investment franchise and credit capabilities to provide well-tailored financing solutions for other family and business groups in the region.”

An offer document setting out the terms and conditions of the Offer and enclosing the relevant form(s) of acceptance will be despatched to shareholders not earlier than 14 days and not later than 21 days from today.

RHB Securities Singapore Pte. Ltd. (“RHBSEC”) is the financial adviser to the Offeror in connection with the Offer, while WongPartnership LLP is the legal adviser to the Offeror in connection with the Offer.

****

About 800 Super Holdings Limited

800 Super is an established environmental solutions provider for both the public and private sectors in Singapore. The Company’s and its subsidiaries’ environmental services include waste management and waste treatment, cleaning and conservancy, horticultural services and industrial laundry processing.

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.

Responsibility Statement

The directors of the Offeror (including those who may have delegated detailed supervision of this Media Release) have taken all reasonable care to ensure that the facts stated and opinions expressed in this Media Release are fair and accurate and that there are no other material facts not contained in this Media Release, the omission of which would make any statement in this Media Release misleading.

Where any information has been extracted or reproduced from published or otherwise publicly available sources or obtained from the Company, the sole responsibility of the directors of the Offeror has been to ensure, through reasonable enquiries, that such information is accurately extracted from such sources or, as the case may be, reflected or reproduced in this Media Release.

The directors of the Offeror jointly and severally accept responsibility accordingly.

Forward-Looking Statements

All statements other than statements of historical facts included in this Media Release are or may be forward-looking statements. Forward-looking statements include but are not limited to those using words such as “aim”, “seek”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “project”, “plan”, “strategy”, “forecast”, “target” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “may” and “might”. These statements reflect the Offeror’s current expectations, beliefs, hopes, intentions or strategies regarding the future and assumptions in light of currently available information.

Such forward-looking statements are not guarantees of future performance or events and involve known and unknown risks and uncertainties. Accordingly, actual results may differ materially from those described in such forward-looking statements. Shareholders and investors should not place undue reliance on such forward-looking statements, and neither the Offeror nor RHBSEC undertakes any obligation to update publicly or revise any forward-looking statements.

This media release should be read in conjunction with the full text of the announcement in relation to the Offer dated 6 May 2019 (“Offer Announcement”). A copy of the Offer Announcement is available on www.sgx.com.

_________________________________
1

For the purposes of this media release, “market day” means a day on which the Singapore Exchange Securities Trading Limited (the “SGX-ST”) is open for the trading of securities
2 The figures set out above are based on data extracted from Bloomberg as at the last full market day on which the Shares were transacted immediately prior to the announcement of the Offer
3 i.e. Having received, by the close of the Offer, valid acceptances in respect of such number of Offer Shares which, together with the Shares owned, controlled or agreed to be acquired by the Offeror and parties acting in concert with it either before or during the Offer and pursuant to the Offer or otherwise, will result in the Offeror and parties acting in concert with it holding such number of Shares carrying not less than 90% of the total voting rights attributable to the Shares as at the close of the Offer
4 After the successful close of the offer and completion of the compulsory acquisition process
5 Save for 100 ordinary shares held by KKR and prior to the conversion of the convertible preference shares which will be subscribed for by KKR and which will be equivalent to a minority stake in the Offeror on an as-converted and fully diluted basis

Source: KKR

For 8S Capital Holdings Pte. Ltd.:
RHB Securities Singapore Pte. Ltd.
+65 6533 3388

For KKR:
Anita DAVIS
anita.davis@kkr.com
+852 3602 7335

Terence FOO / Bob ONG / WOO Jia Min
terence.foo@newgatecomms.com.sg / bob.ong@newgatecomms.com.sg / jiamin.woo@newgatecomms.com.sg

Categories: News

Herkules sells Puzzel to Marlin Equity Partners

Herkules
Herkules Private Equity Fund III (“HPEF III” or “Herkules”) is pleased to announce the sale of Puzzel AS (“Puzzel”). On 12 April 2019, HPEF III entered into an agreement to sell Puzzel, a leading European provider of cloud-based contact center software solutions, to Marlin Equity Partners.
During the Herkules ownership, Puzzel was transformed into a SaaS business. Significant investments were made into the software platform. Today, the company has a comprehensive multi-channel CCaaS solution that is both scalable and flexible, and designed to support contact centers of all sizes. The company combines its omni-channel technology with artificial intelligence capabilities to provide comprehensive, end-to-end customer interaction solutions in an age of digitization.As part of the Herkules value creation plan, Sales & Marketing was strengthened and Puzzel has experienced strong software growth across Europe that has been fueled by feedback and advocacy from market-leading customers.
In 2018, Puzzel was recognized as a Challenger in the Gartner Magic Quadrant report for Contact Center as a Service in Western Europe for the fourth consecutive year given its strong growth, functional capabilities, strengths in standards and compliance, customer service and support.Puzzel is headquartered in Oslo, Norway, with offices in six European markets including the U.K and the company serves more than 900 customers across 40 countries.“Puzzel’s leading position in the market, knowledgeable employees and pioneering technology platform positions them well to continue to successfully scale their business,” says Gert Munthe, Partner at Herkules Capital.
 

The exit process was advised by Carnegie Investment Bank, Wiersholm, PwC, and BCG. It was strong interest from both Industrial buyers and financial sponsors.

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IndiGrid to Acquire Electricity Transmissions Assets Following KKR Investment

KKR

  • Asset acquisition from Sterlite Power to boost IndiGrid’s AUM to INR17,000 crores (US$2.5 billion)
  • Transaction marks KKR’s first Infrastructure investment in Asia Pacific

MUMBAI–(BUSINESS WIRE)–May 4, 2019– India Grid Trust (“IndiGrid” or the “InvIT”), India’s leading infrastructure investment trust, today announced the closing of a preference unit issuance worth INR2,514 crores (US$363 million). As part of the transaction, KKR and GIC have invested INR 1084 crores (US$157 million) and INR 980 crores (US$142 million), respectively, to collectively own 42% of IndiGrid’s outstanding units. KKR has also applied to become a Sponsor of IndiGrid and plans to acquire an additional 15% of IndiGrid’s total units from Sterlite Power. Following the closing of the transactions, KKR and GIC will collectively own approximately 57% of IndiGrid’s outstanding units.

This press release features multimedia. View the full release here:https://www.businesswire.com/news/home/20190504005008/en/

In a separate transaction, KKR will additionally acquire a majority shareholding in Sterlite Investment Managers Limited, the investment manager owned by Sterlite Power. Sterlite Power established IndiGrid in 2016 and will remain a Sponsor and Project Manager of IndiGrid.

With the capital infusion provided by the new unit issuance, IndiGrid will purchase five electricity transmission assets worth INR11,500 crores (US$1.66 billion) from Sterlite Power. A share purchase agreement for the two operational transmission assets — NRSS XXIX and OGPTL — has been signed, while three additional assets will be purchased once they become operational. IndiGrid is an infrastructure investment trust established to own inter-state power transmission assets in India. Following the completion of the proposed acquisitions, IndiGrid’s AUM will rise to INR17,000 crores (US$2.5 billion).

The InvIT currently manages a portfolio of six electricity transmission assets with a total network of power transmission lines that span more than 3,361 circuit kilometers across nine Indian states. The purchase of Sterlite Power’s electricity transmission assets will significantly expand IndiGrid’s portfolio and better enable it to address India’s infrastructure needs.

The transactions mark KKR’s first investment through its Asia Pacific Infrastructure strategy. KKR makes the investment through a proprietary investment vehicle. Each transaction is subject to customary closing conditions, including regulatory and unitholder approvals.

Harsh Shah, CEO of IndiGrid, said, “We welcome KKR, GIC and our other investors and who have showcased their confidence in IndiGrid, and we look forward to benefiting from KKR and Sterlite Power’s expertise and experience in investment and asset management. With this new capital investment, we will reach our goal of INR17,000 crores of assets under management and are well on our way to achieving INR 30,000 crores of assets under management by 2022 while also providing stable and predictable returns to our investors.”

David Luboff, Member & Head of Asia Pacific Infrastructure at KKR, added, “Asia Pacific is a core focus for KKR’s global infrastructure strategy, and India is a key market for us in the region given its dynamism, the scale of investment opportunities and its crucial need for capital solutions. We’re pleased to have chosen leading infrastructure providers like IndiGrid and Sterlite Power as our first investment behind our Asia Infrastructure strategy, and look forward to supporting IndiGrid’s growth, providing further solutions-oriented opportunities and playing an important role in addressing the infrastructure need.”

“India holds a tremendous opportunity for infrastructure investment, in the trillions of dollars in the coming decades,” added Sanjay Nayar, Member & CEO of KKR India. “We believe addressing the country’s infrastructure needs is a priority for the government, industries and communities across India alike, and we are excited to make our foray into this market and contribute as a solutions provider. IndiGrid is a well-managed infrastructure platform and Sterlite Power is a world-class asset manager. We look forward to working together with these teams to grow this platform and support infrastructure development in the coming years.”

Pratik Agarwal, Group CEO of Sterlite Power, said, “Working with an established global investor like KKR advances our mission of becoming Asia’s leading infrastructure investment trust. We believe now is the optimal time to invest in electricity transmission assets because the global clean energy revolution has created unprecedented demand for new transmission infrastructure. Our ability to grow the IndiGrid platform comes at a valuable time, and this opportunity further enables Sterlite Power to focus on its core skillset of developing greenfield assets in India, Brazil and beyond.”

Edelweiss and EY are acting as Indigrid and KKR’s M&A advisors, respectively. Cyril Amarchand Mangaldasserves as Indigrid’s legal counsel and PWC and EY act as Indigrid’s Due Diligence and Tax advisors, respectively. AZB & Partners and Simpson Thacher & Bartlett serve as KKR’s legal counsel, with EY acting as accounting and tax advisor. Khaitan & Co acts as Sterlite Power’s legal counsel.

****

About Sterlite Power

Sterlite Power is a leading global developer of power transmission infrastructure with projects of over 12,500 circuit kms and 20,500 MVA in India and Brazil. With an industry-leading portfolio of power conductors, EHV cables and OPGW, Sterlite Power also offers solutions for upgrading, uprating and strengthening existing networks. The Company has set new benchmarks in the industry by use of cutting-edge technologies and innovative financing. Sterlite Power is also the sponsor of IndiGrid, India’s first power sector Infrastructure Investment Trust (“InvIT”), listed on the BSE and NSE.

For more details, please visit www.sterlitepower.com

About IndiGrid

IndiGrid [BSE: 540565 | NSE: INDIGRID] is the first Infrastructure Investment Trust (“InvIT”) in the Indian power sector. IndiGrid owns 6 operating projects consisting of 13 transmission lines with 3,361 ckms length and 3 substations with 7,000 MVA transformation capacity.

For more details, please visit www.indigrid.co.in

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

For Sterlite Power
Balaji Krishnaswami +91-9971757474
Balaji.krishnaswami@sterlite.com

For IngiGrid
Investor.relations@indigrid.co.in

For KKR
KKR Asia
Anita Davis, +852 3602 7335
Anita.Davis@KKR.com

KKR Americas
Kristi Huller / Cara Major, +1 212-750-8300
Media@KKR.com

Edelman (For KKR India):
Siddharth Panicker, +91-9820-857-522
Siddharth.Panicker@Edelman.com

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Spectrum to be acquired by TGS in an all share transaction

Altor

TGS-NOPEC Geophysical Company ASA (“TGS”) has agreed on the principle terms for an acquisition of Spectrum ASA (“Spectrum”), creating the world’s leading provider of multiclient seismic data.

The transaction is expected to be completed as a share-for-share merger with the consideration to Spectrum shareholders in the form of 0.28x ordinary shares of TGS for each Spectrum share, in addition to a cash consideration of USD 0.27 multiplied by the exchange ratio subject to the transaction closing after the ex-date for the TGS dividend payable in Q3 2019. The exchange ratio and the cash consideration imply a price per share for Spectrum of NOK 61.9 based on closing of the TGS share on 2 May 2019, corresponding to a market capitalization of NOK 3,671 million (USD 422 million) on a fully diluted basis. Following completion of the transaction, Altor Fund IV will hold approximately 3.7% of the fully-diluted shares outstanding in TGS.

The transaction will create a leading provider of multiclient 2D and 3D seismic data
covering all major mature and frontier basins world-wide. Spectrum has successfully built a substantial presence in the South Atlantic and other important frontier oil & gas regions. With TGS’ extensive library and financial robustness, the combined entity will be well positioned to accelerate 3D seismic investment plans in an improving market. Furthermore, the combined libraries will have a scale that will help accelerating TGS’ data analytics strategy. In addition to providing a platform for further profitable growth, the combination will benefit from significant cost synergies with a preliminary estimate of approximately USD 20 million annually.

“The strategic combination of TGS and Spectrum will form a stronger and better company with a world class data library, people and opportunities. We look forward to joining forces with TGS. There are strong strategic benefits from combining the companies, and we believe we can enhance our growth as part of a larger combined company,” stated Rune Eng, President & Chief Executive Officer of Spectrum.

“Over the past years, Spectrum has been through a growth phase with particular focus on establishing profitable positions in non-mature exploration basins, especially along the Atlantic margin. TGS´ interest in Spectrum is a manifestation of the solid position built by the Spectrum organization over a long time. Being ready for the next phase of the strategic growth plan, TGS is an excellent match, with its asset-light multi-client strategy and strong balance sheet. Altor Fund IV are proud to be part of creating a leading multi- client company, with a strong presence in all the major basins and superior cash generation capabilities”, stated Pål Stampe, Chairman of the board of Spectrum and partner at Altor Equity Partners, the investment advisor to Altor Fund IV.”

“Spectrum has successfully built a strong position in key offshore basins, particularly in the South Atlantic. The transaction thus fits well with one of TGS’s key strategic goals of growing exposure to this region. Moreover, Spectrum’s library, and in particular the vast 2D coverage, further adds to TGS’s strategy within data analytics, where access to large amounts of data is a key success factor. TGS remains committed to maintain the existing dividend policy and emphasizes that the strong cash position, the combination of two free cash flow positive entities, and significant cost synergies, will enable continued industry leading shareholder returns”, stated Kristian Johansen, Chief Executive Officer of TGS.

Definitive merger documents are expected to be entered into during May, with closing of the transaction expected during the third quarter of 2019 following shareholder approvals in EGM and regulatory clearance.

For more information, please contact:
Dean Zuzic, CFO at Spectrum, Tel: +47 41 43 35 60
Tor Krusell, Head of Communications at Altor, Tel: +46 70 543 87 47

About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 4.2 billion in more than 60 companies. The investments have been made in medium sized, predominantely Nordic companies, with the aim to create value through growth initiatives and operational improvements. Among current and past investments are AGR Group, Helly Hansen, Lindorff, SATS, Rossignol Group, Carnegie Investment Bank, S-Banken, Nordic Trustee and Navico. For more information visit www.altor.com.

About Spectrum
Spectrum provides innovative Multi-Client seismic surveys and high- quality seismic imaging services to the global oil and gas industry from offices in the Norway, UK, USA, Brazil, Egypt, Australia, Indonesia and Singapore. Spectrum designs, acquires and processes seismic data to deliver high quality solutions through its dedicated and experienced workforce. Spectrum holds the world’s largest library of Multi-Client 2D marine seismic data and a significant amount of 3D seismic. The company’s strategy focuses on both the major, established hydrocarbon-producing regions of the world as well as key frontier areas identified by our experienced team of geoscientists. The Spectrum library of Multi-Client data contains projects from many of the foremost oil producing regions of the world. These include new acquisition, reprocessing and interpretation reports. For more information visit Spectrum online at www.spectrumgeo.com

About TGS
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi- client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions. For more information visit TGS online at www.tgs.com

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H.I.G. WhiteHorse Provides Growth Capital to Risparmio Casa

H.I.G. Europe

LONDON – April 29, 2019 – H.I.G. WhiteHorse, a credit affiliate of H.I.G. Capital, a leading global private equity and alternative assets investment firm with over €26 billion of equity capital under management announced today that it has provided a growth capital solution to Risparmio Casa, a leading Italian drugstore chain based in Pomezia, Italy.

Established over 30 years ago by the Battistelli family, the company has exhibited strong growth and industry-leading performance with 2018 revenues in excess of 350 million Euros. Risparmio Casa operates over 100 locations with an average area of more than 2,500 sqm, resulting in a dominant presence in Northern and Central Italy and Sardinia. Its leadership is grounded on a commercial strategy of every-day affordable prices and a unique and broad product assortment, offering its customer base a wide range of personal care, household and non-food products.

With this transaction, H.I.G. will support the Battistelli family in continuing to strengthen the company’s leading position in the Italian drugstore industry and achieve its growth plans.

Guido Lorenzi, Principal at H.I.G. WhiteHorse, commented: “This transaction demonstrates H.I.G. WhiteHorse’s willingness to invest in and support leading Italian companies in cooperation with entrepreneurial families. H.I.G. is delighted to partner with Risparmio Casa and the Battistelli family, committing its resources, experience and network to support the next stage of growth of the company”.

Fabio Battistelli, co-founder of Risparmio Casa, commented: “We have built Risparmio Casa into one of the most established players in the Italian retail drugstore market and are looking forward to further consolidating our leadership position and strengthening our company”.

Stefano Battistelli, co-founder of Risparmio Casa, commented: “We welcome H.I.G. WhiteHorse into Risparmio Casa, which will be instrumental in supporting the next phase of our growth, building upon our existing strengths and value proposition”.

About H.I.G. WhiteHorse
H.I.G. WhiteHorse is the credit affiliate of H.I.G. Capital focused on providing flexible debt financing solutions to middle market companies in Europe and the United States. Operating a broad investment mandate, H.I.G. WhiteHorse provides unitranche, senior and subordinated debt capital for refinancings, growth capital, acquisitions, buyouts, and balance sheet recapitalizations. Credit facilities typically range from €10 million to €75 million for companies with revenues of €40 million or more. For more information, please refer to the WhiteHorse website at: www.higeurope.com/whitehorse.

About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over €26 billion of equity capital under management.* Based in Miami, and with European offices in London, Hamburg, Madrid, Milan, Paris, and U.S and Latin American offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Stamford, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:

  1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
  3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of €30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

Contact:

Guido Lorenzi
Principal
glorenzi@higcapital.com

H.I.G. WhiteHorse
10 Grosvenor Street
London W1K 4QB
United Kingdom
P. +44 (0) 20 7318 5700
F. +44 (0) 20 7318 5749
www.higeurope.com/whitehorse

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Partners Group to acquire Norwegian midstream infrastructure company CapeOmega

Partners Group

Partners Group, the global private markets investment manager, has agreed to acquire 100% of the equity in CapeOmega (“CapeOmega” or “the Company”), a leading offshore infrastructure platform in Norway, on behalf of its clients. The Company is being acquired from private equity investor HitecVision in a transaction that values CapeOmega at around EUR 1.2 billion.

Formed in 2014, CapeOmega provides essential infrastructure for transporting natural gas produced on the Norwegian Continental Shelf (“NCS”). The Company holds significant stakes in some of Norway’s key midstream infrastructure: Gassled, the world’s largest offshore gas transmission system; Nyhamna, one of three key gas processing plants in Norway; and Polarled, a 480km pipeline that runs from the Aasta Hansteen field to Nyhamna. CapeOmega’s midstream investments benefit from high barriers to entry with no competing infrastructure and no pipe-to-pipe competition.

The NCS, which supplies around 27% of Europe’s gas demand,[1] has the largest gas reserves and resources in the North Sea, with only one third of the resources in production. Partners Group will work closely with CapeOmega’s management team, led by CEO Gisle Eriksen, to further expand in offshore infrastructure and related assets, with a focus on greenfield developments and brownfield acquisitions.

Esther Peiner, Managing Director, Private Infrastructure Europe, Partners Group, states: “Natural gas is increasingly adopted as a complementary fuel source to renewables in the context of the retirement of coal-fired and nuclear power plants across Europe, and the NCS is poised to benefit from this demand tailwind. Partners Group welcomes the opportunity to partner with a well-respected and experienced management team to realize the associated infrastructure expansion potential for CapeOmega in one of Europe’s key natural gas supply hubs.”

Partners Group already owns a sizeable portfolio of midstream infrastructure assets on behalf of its clients. The firm’s most recent transactions in this sub-sector include its 2018 investment in Oklahoma, US-based Superior Pipeline Company, a full-service midstream energy company; and its 2016 investment in the construction of Arcanum Infrastructure (previously known as Raven), an ethylene to butene-1 processing facility located in the US state of Texas.

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TID Informatik becomes part of the SCHEMA Group

ik-investment-partners

The SCHEMA Group (SCHEMA) is expanding its previous 27% shareholding in TID Informatik GmbH (TID) to 100%.

TID Informatik GmbH (TID), headquartered in Inning am Ammersee and with a branch in Amberg, Germany, produces the CATALOGcreator® software and specializes in electronic spare parts catalogs and the management of service and spare parts information. With its products SCHEMA ST4 and SCHEMA CDS, SCHEMA is the leading manufacturer of professional software solutions for product and process documentation.

As a new wholly-owned subsidiary of the SCHEMA Group, TID Informatik will continue to operate as an independent company on the market alongside SCHEMA Consulting and SCHEMA Systems. The previous managing directors, founders Robert Schäfer and Rafi Boudjakdjian, will continue to run TID Informatik GmbH as managing directors.

With this acquisition, the SCHEMA Group is expanding its portfolio as a provider of system solutions for content lifecycle management. With more than 300 customers from various industries, TID Informatik is the leading producer of software for the creation of electronic parts catalogs and service information systems. TID has recorded strong and profitable growth in recent years and employs around 50 people at its Inning am Ammersee and Amberg locations. The SCHEMA Group has thus grown to a total of 180 employees.

“I am delighted that TID Informatik and SCHEMA will be working even more closely together in the future. Through integrated software solutions and services, we can offer a unique platform for digitization and automation of product and service information,” explains Robert Schäfer, founder and Managing Director of TID Informatik GmbH.

“We are pursuing the same strategic goals together and complement each other perfectly,” emphasizes Marcus Kesseler, founder and Managing Director of the SCHEMA Group.

“Digitization and Industry 4.0 is based on professionally created, digitized and integrated product and service information. Together, we can offer our customers a unique product and service offering.”

What is SCHEMA?
The SCHEMA Group was founded in Nuremberg in 1995 and is a medium-sized software manufacturer with more than 130 employees. The SCHEMA Group produces component content management and content delivery solutions for editorial offices that create product-related content. Software from SCHEMA helps companies to describe complex products and to produce and distribute these descriptions on different media.

The XML editing system SCHEMA ST4 is one of the most widely used systems for the modular creation of documentation, package inserts and marketing materials. The system covers all areas of creation, versioning, variant control, translation, administration and publication of product-related content – from authoring support during input to the finished layout for the print catalog.
The SCHEMA Content Delivery Server offers companies a standard solution for automatically distributing intelligent information created in editorial systems to end users in a targeted and context-specific manner. This ensures that exactly the right information arrives automatically on mobile devices.

SCHEMA’s software solutions are used by more than 500 customers in the mechanical engineering, automotive, information technology, electronics, medical technology and pharmaceutical industries. Customers such as ABB, Agilent, Andritz, Bentley, Bombardier, Bosch, Bundesanzeiger, Carl Zeiss, Caterpillar, Daimler, Datev, Doppelmayr, General Electric, KSB, MAN, Miele, Österreichische Bundesbahnen, Philips, Porsche, Roche, Schaeffler Group, SEW Eurodrive, Siemens, SMA, Toyota, TüV, Voith and Wincor Nixdorf and many others rely on SCHEMA systems.

SCHEMA. Complex documents easy. www.schema.de

Translated with www.DeepL.com/Translator

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