Monthly Archives: August 2019

KKR to Form Strategic Partnership with NVC Lighting and Acquire Majority Interest in NVC Lighting’s China Lighting Business

KKR

Contribution of KKR’s Resources and Operational Expertise Positions China Lighting Business for Continued Growth in the Domestic Chinese Market

NVC Lighting Will Own 30% of NVC Lighting’s China Lighting Business through Joint Venture with KKR

NVC Lighting Board Declares a Special Dividend not less than HK$0.9 per share to be Paid Upon Closing of the Transaction

HONG KONG–(BUSINESS WIRE)–Aug. 11, 2019– Global investment firm KKR and NVC Lighting Holding Limited (“NVC Lighting” or the “Company”) (Stock Code:2222) today announced the signing of a Share Purchase Agreement under which KKR has agreed to set up a strategic partnership with NVC Lighting and acquire a majority interest in NVC Lighting’s China Lighting Business (“NVC China”) for a total equity value of approximately US$794 million. Following the completion of the transaction, KKR will own 70% of NVC China and NVC Lighting will hold the remaining 30% and receive a cash consideration.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190811005024/en/

NVC China is a leading lighting company in China, manufacturing, selling and distributing branded lighting products and providing lighting solutions to consumers and business clients through a robust distribution network across China.

Paul Yang, Member and Head of KKR Greater China, said, “China’s lighting market has experienced tremendous momentum over the past 20 years and continues to develop as technology advances and next generation products come online. NVC China is an industry leader with an extensive distribution network, well-known brand name and strong product design capabilities. We look forward to working together with NVC China’s talented management team to support their long-term growth plan, as well as contributing to the overall development of China’s lighting industry and deepening KKR’s commitment to the market.”

Wang Donglei, Chairman of the Board of NVC Lighting, said, “Our Board conducted a comprehensive sales process, assisted by financial and legal advisors. We are pleased that this robust process has produced an outstanding outcome for our shareholders, who will maintain minority ownership in NVC China as well as full ownership of NVC Lighting’s international business and its non-lighting business in China, and receive a compelling cash consideration for their shares. We believe we have found a partner in KKR who shares our conviction in the opportunity for NVC China and will contribute resources and operational expertise to support the long-term development of the business.”

NVC China will continue to commit to the China market and focus on addressing the increasing demand of Chinese consumers and business clients for high-quality lighting products. The support of KKR’s resources and operational expertise will enable the business to undertake a long-term growth strategy that is also supported by China’s ongoing consumption, industrial and commercial upgrades, as well as the promotion of environmental protection and energy conservation. These trends underpin healthy long-term sector growth for the lighting industry in China, and NVC China will invest in its business to ensure the NVC brand stays ahead as a technology and business model innovator.

Transaction Details

In connection with the transaction, KKR and NVC Lighting are to form a Joint Venture whereby KKR will own 70% of NVC China and NVC Lighting will own the remaining 30%. NVC Lighting will transfer 100% of NVC China to the Joint Venture co-owned by KKR and NVC Lighting. NVC Lighting will also receive a cash consideration from the transaction. The final settlement of payment is subject to certain adjustments and closing conditions.

A Special Dividend not less than HK$0.9 per share will be declared by the Board of NVC Lighting and paid to the Company’s registered shareholders, subject to the approval and closing of the transaction. NVC Lighting will convene an EGM for shareholders to approve the transaction and Special Dividend.

NVC Lighting’s non-lighting business in China, China ODM business and international business are not included in the transaction and will remain with NVC Lighting.

The transaction is expected to close in the fourth quarter of 2019, subject to customary closing conditions and regulatory and shareholder approvals.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Fangda Partners and Kirkland & Ellis acted as legal advisors to KKR. Freshfields Bruckhaus Deringer acted as legal advisor and Deloitte & Touche Corporate Finance Limited acted as financial advisor to NVC Lighting.

KKR is making this investment from its flagship Asian Fund III. China is a core focus within KKR’s Asia Pacific strategy, and the Firm has deployed more than US$4.5 billion since 2007 to build domestic champions into industry leaders. KKR delivers deep, local expertise to Chinese companies across various sectors through its offices in Beijing, Hong Kong, and Shanghai.

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.

About NVC Lighting

NVC Lighting is a leading lighting solutions company in the PRC. It designs, develops, produces, markets and sells a variety of lighting products, with a strong focus on energy-saving and health-promoting lighting products. Currently NVC Lighting is principally engaged in the design, development, production, marketing and sales of lighting products and certain non-lighting products in both the PRC market and international market. The businesses, by geographical locations, include its lighting business in China, non-lighting business in China, China ODM business and international business. After the transaction, NVC Lighting will be primarily engaged in its non-lighting business in China, China ODM business and international business, which includes the design, development, production, marketing and sales of lighting products.

Disclosures and Additional Information

This press release contains certain forward-looking statements and information that are based on the beliefs of the relevant persons as well as assumptions made by and information currently available to such persons. Such statements reflect the current views of such persons with respect to future events and operations, some of which may not materialize or may change. These statements are subject to certain risks, uncertainties and assumptions. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. The risks and uncertainties could affect the accuracy of forward-looking statements.

Source: KKR

Investors:

NVC Lighting IR Team
+852-3970 2238
ir@nvc-lighting.com; nvclighting@wsfg.hk

Media:

For KKR:
KKR Asia Pacific
Anita Davis, +852 3602 7335
Anita.Davis@KKR.com
Or
Sard Verbinnen & Co (for KKR Asia Pacific)
Miles Radcliffe-Trenner, +852 3842 2200
KKR-SVC@sardverb.com

FTI Consulting (for KKR China)
Dee Wang, +86 21 2315 1138
kkrchina@fticonsulting.com
Or
KKR Americas
Kristi Huller / Cara Major, +1 212-750-8300
Media@KKR.com

For NVC Lighting:
Du Yinghua, +86 133 1608 1476
Yinghua.du@nvc-lighting.com
Or
Wonderfulsky Financial Group (for NVC Hong Kong)
Alice Wong, +852 5318 1926
alicewong@wsfg.hk

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Scandlines completes investment gradedebt financing

3I

Scandlines, a market leading European ferry operator between Denmark and Germany, has successfully raised a €305.6million debt facility which complements the financing platform put in place in 2017.The lending group is made up of international institutional investors active in the infrastructure financing space. The structure has been rated BBB by Fitch, with a portion of the proceeds used to prepay short-dated debt. 3i will receive €98.8m as part of the refinancing.

-Ends-

3i Group plc

Silvia Santoro Shareholder enquiries

Kathryn van der Kroft Media enquiries Tel: +44 20 7975 3258

Email: silvia.santoro@3i.comTel: +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 Scandlines

Scandlines operates two short-distance ferry routes between Germany and Denmark with high frequency and large capacity. Our eight ferries provide efficient and reliable transportation services to the professional freight and private passenger markets, with more than 43,000 departures annually.

Regulatory information

This transaction involved a recommendation of 3i Investments plc, advised by 3i Germany.

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IK Investment Partners to sell Ellab to EQT

ik-investment-partners

IK Investment Partners (“IK”), a leading Pan-European private equity firm, is pleased to announce  that the IK VIII Fund has reached an agreement to sell Ellab A/S (“Ellab” or “the Company”), a leading global supplier of solutions and services for measuring, recording, monitoring and validating critical parameters of thermal processes to EQT. 

During the past 70 years, Ellab has grown from a small Danish manufacturer of thermometers to a leading global supplier of thermal validation solutions and services. The Company serves both small and large clients within the pharmaceutical, medical and food industries by providing solutions for applications like sterilisation, freeze drying, heat tunnels and pasteurisation, among others. Ellab’s solutions are well known for their industry-leading quality and are used by customers like Pfizer, Astra Zeneca, Mars, Getinge and many hospitals.

During IK’s ownership, Ellab has successfully broadened its product portfolio, executed a M&A strategy and continued to strengthen its organisation. The Company also more than doubled its number of employees over the past three years, creating over 100 new jobs whilst maintaining its strong profitability. Most recently, Ellab extended its offering to monitoring equipment through the acquisition of Hanwell in the UK.

“Thanks to IK, Ellab was able to make significant investments in human capital and strengthen its sales and service organisation, creating value for our customers. They have actively supported our ambitious growth agenda and helped us launch several new products. We now look forward to continuing on our next chapter in the Ellab story,” said Peter Krogh, CEO of Ellab.

“Ellab truly has proven the scalability of its business model, making it the right time to hand over the Company to a new owner. It has been a pleasure working with Peter and all of Ellab’s employees over the past three years and we would like to thank them for all their hard work and dedication,” said Alireza Etemad, Partner at IK Investment Partners and advisor to the IK VIII Fund.

Ellab is the first exit of the IK VIII Fund. Financial terms of the transaction are not disclosed. Completion of the transaction is subject to legal and regulatory approvals.

For further questions, please contact: 

IK Investment Partners
Alireza Etemad, Partner
+46 8 678 95 00

Mikaela Murekian, Director of Communications & ESG
+44 77 87 573 566
mikaela.murekian@ikinvest.com

Ellab A/S
Peter Krogh, CEO
Phone: +45 4452 0500

About IK Investment Partners
IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Nordics, DACH region, France, and Benelux. Since 1989, IK has raised more than 10 billion of capital and invested in over 125 European companies. IK funds support companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikinvest.com

About Ellab
Since the late 1940’s Ellab A/S has been a leading manufacturer of complete Thermal Validation Solutions for food, medical, pharmaceutical and other industries where thermal processing involves safety, energy savings, improvement of quality, and optimization. Ellab offers both wireless data loggers and wired thermocouple systems for highly accurate and reliable validation. For more information, visit www.ellab.com

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Hackman Capital Partners Acquires Film and TV Studio Production Services Platform The MBS Group from The Carlyle Group for $650 Million

Carlyle

Washington and Los Angeles – Hackman Capital Partners announced today that it has acquired, through an affiliated entity, The MBS Group (“MBS” or the “Company”), a film and TV studio real estate and production services platform, for $650 million from global investment firm The Carlyle Group (NASDAQ: CG).

MBS operates two separate, yet complementary businesses: MBS Media Campus and MBS Services. MBS Media Campus, or Manhattan Beach Studios as it is commonly known, is a 22-acre, 587,000 square foot, state-of-the-art studio production facility located in Manhattan Beach, California.  Hackman Capital Partners acquired the real estate asset in a joint-venture with an investment partnership led by Square Mile Capital Management.  MBS Services is a multi-national, studio-based, best-in-class production services and infrastructure business with a network of more than 35 partner studios including approximately 259 stages across the top TV and film production markets globally. Together, MBS Services provides the resources and infrastructure necessary for content production, consultation services, development, management and operational oversight. The Company’s customer base includes major media and digital content producers as well as best-in-class studio real estate owners with locations in the world’s top production markets.

Michael Hackman, CEO of Hackman Capital Partners, said, “The MBS Group has become the premier platform for content producers around the world and we are thrilled to add the MBS Media Campus to our growing portfolio of studio and media assets.  As competition for content continues to increase, we see tremendous opportunities to grow this real estate platform globally with MBS’s experienced and first-rate management team.”

Edward Samek, Managing Director at Carlyle, said, “We are proud of MBS’s evolution over the past 12 years, having built from scratch the services business and expanded the platform both organically and inorganically to create a network of top studios globally. MBS is well-positioned for continued growth, and we are confident they have a bright future ahead.  We are pleased to transition this operating business to the Hackman Capital Partners team who have continued to demonstrate extraordinary stewardship of these iconic media assets.”

Richard Nelson, President and CEO of MBS, said, “Ed and the Carlyle team have been exceptional partners for over a decade. Leveraging Carlyle’s global platform, operational expertise and resources, we created and launched an innovative business that expanded from a single location in Los Angeles to become a multi-national provider of services and high-tech solutions for media and entertainment companies. We look forward to partnering with the Hackman Capital Partners team as we continue to grow our platform of providing best-in-class service to the world’s top content creators.”

Carlyle’s US real estate arm, Carlyle Realty Partners, acquired MBS Media Campus from Oaktree Capital Management in 2007. Carlyle transitioned the studio from a third-party managed real estate asset to a full-service, “one-stop-shop” TV and feature film production studio led by a hand-selected, in-house management team. Building on the success of its approach to production services at the Manhattan Beach facility, the Company launched MBS Services to expand with its growing roster of blue-chip customers. Since its inception in 2013, MBS has evolved from a single location in Los Angeles, to become a global market leader, with a physical studio network across ten states in the U.S., and multiple locations across Canada and the U.K. including many of the worlds’ most iconic film studios.

* * * * *

About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $223 billion of assets under management as of June 30, 2019, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 33 offices across six continents.

About Hackman Capital Partners
Founded in 1986, Hackman Capital Partners is a privately-held, real-estate investment and operating company that focuses on buying, renovating and re-imaging vintage commercial, industrial, and studio properties.  The company started by acquiring industrial properties throughout the U.S. having owned through affiliated entities over 400 buildings in 41 states totaling 35-plus million square feet.  Recognizing the growing demand in the urban markets, Hackman Capital Partners was one of the early pioneers of converting industrial properties into creative office and media space in Southern California.  Notable projects include The Culver Studios, a historic 14.3-acre television and film studio in downtown Culver City and home to Amazon Studios; Television City Studios, the iconic former CBS broadcasting facility on 25-acres in the heart of West Hollywood; 5500 West Jefferson Blvd in Los Angeles; the Beats/Apple Southern California headquarters; Westwood One Studios in Culver City and 888 Douglas, a 550,000-square-foot creative media campus conversion on 30 acres in El Segundo.  Since inception, the Company has invested more than $4.0 billion in properties and is currently constructing approximately one million square feet of creative office and media-related campus space in Southern California.

About Square Mile Capital Management
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm’s opportunistic equity platform takes a value-oriented approach to its investment activities, with an emphasis on opportunities to acquire or capitalize real estate assets or enterprises that are undervalued, complex or undercapitalized. Square Mile Capital’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States.  For more information, visit www.squaremilecapital.com.

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Anders Invest acquires Van Dam Machines

Anders Invest

On August 6th Anders Invest acquired Van Dam Machines. Van Dam, founded in 1962 and based in Amsterdam is one of the largest players in the world in the production and sale of printing machines for plastic and paper cups and trays, especially for the food industry. The company has a turnover of € 15-20 million and employs more than 60 people. It is the 16th investment for Anders Invest.

 

Van Dam is a world market leader in engineering, production and service of printing machines for plastic and paper packaging. The company has a worldwide customer base, consisting of printers and producers of packaging materials for the food industry. In its nearly 60 years of existence, the company has built up a large installed base of several thousand machines that can last up to 20 years, which is exceptional in this industry. Partly because of this, Van Dam has an extremely strong name in the market.

 

Van Dam, in close collaboration with an ink supplier and the largest customer, has developed a so-called In-Direct Flexo (IDF) technology with which the machines with the 4 CMYK colors can print all the required colors with a higher resolution than the conventional dry-offset technology and nevertheless at the same speed. Changeover times and batch sizes can therefore be reduced significantly. When printing paper packaging materials, IDF is the only technology capable of providing high-quality printing on this type packaging in an economical way. We expect that the paper packaging market will grow because of its sustainable image.

 

Van Dam assembles the machines in its factory in Amsterdam and sells them from the Netherlands and its American sales location in Fairfield to a worldwide clientele. The shares were acquired from director René Jepma, owner of Van Dam since 2009. The company is characterized by impressive technical expertise and a loyal and innovative team. Anders Invest is looking forward to be able to contribute to this great company. Van Dam is a good addition to our portfolio, which already has more machine manufacturing companies. Due to its exposure to the food industry it is in a robust business segment.

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K1 Announces Investment in Graduway, Leading Provider of Alumni Engagement and Career Services Management Software

K1

MANHATTAN BEACH, Calif., Aug. 7, 2019 /PRNewswire/ — K1 Investment Management (“K1”), a leading investment firm focusing on high-growth enterprise software companies, today announced its investment in Graduway, the global leader in alumni engagement and career services management software for educational institutions and non-profit organizations.

K1’s investment provides Graduway with significant resources to continue its path of accelerated growth and innovation and to rapidly expand its product suite. Additionally, the investment will allow Graduway to grow its operations in North America and to strengthen its position as the largest vendor in the market.

Graduway’s platform provides engagement, mentoring and development solutions for a global set of customers including colleges, universities, K-12 and independent schools and non-profit institutions. The company currently serves over 1,000 customers across more than 40 different countries, including an impressive list of top universities and schools such as UCLA, University of Oxford, University of Wisconsin, University of Arizona and Tulane University.

“K1’s track record of building category leaders and its experience working with high-growth software companies made them a compelling choice for partnership,” said Daniel Cohen, CEO and Founder of Graduway. “The K1 team’s unmatched resources and operational capabilities are enabling us to execute on our growth plans.”

Since K1’s initial investment in Graduway, the company has completed several strategic acquisitions to expand the capabilities and reach of its platform. These include the alumni relations and career services assets of CampusTap and the acquisition of VineUp, a rapidly growing provider of alumni mentoring software for higher education institutions. Most recently, Graduway announced the acquisition of the Communities Division of EverTrue and an exclusive integration partnership with its advancement automation platform.

The strategic consolidation of the industry solidifies Graduway’s position as the world’s largest provider of alumni relationship management software. The company has plans to further expand its suite of intelligence products, volunteering modules, event management and career services.

“We are thrilled to partner with Daniel and the Graduway team for the company’s next chapter of growth and market leadership,” said Mike Velcich, principal at K1. “Since we underwrote the investment, Graduway has already doubled its revenue and grown its team by over 80 employees.”

K1 is the only institutional investor in the company. Transaction terms were not disclosed. For additional information on the transaction, Graduway’s press release is available at https://www.prnewswire.com/news-releases/graduway-secures-60-million-investment-from-k1-investment-management-300885546.html.

About Graduway

Headquartered in the U.K. with operations in the U.S., Canada and Israel, Graduway is trusted by 1,000+ educational institutions and non-profits to power their alumni relations and digital career communities, including UCLA, Johns Hopkins and the University of Oxford. Founded in 2013 by Daniel Cohen, author of ‘Alumni Therapy’ and ‘The Mentoring Revolution’, Graduway exclusively hosts the Graduway Leaders Summit as a key gathering of leaders and executives from Alumni Relations, Career Services and Advancement. Visit Graduway at www.graduway.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 85 professionals, K1 changes industry landscapes by assisting with operationally-focused growth strategies. Since inception of the firm, K1 has partnered with over 110 enterprise software companies including industry leaders such as Apttus, Buildium, Certify, Checkmarx, ChiroTouch, Chrome River, Clarizen, ControlUp, Granicus, IronScales, Jobvite, Onit, Rave Mobile Safety, RFPIO, Smarsh and WorkForce Software. For more information about K1, please visit http://www.k1capital.com or http://www.linkedin.com/company/k1im.

Source: https://www.prnewswire.com/news-releases/k1-announces-investment-in-graduway-leading-provider-of-alumni-engagement-and-career-services-management-software-300898124.html

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ClickSoftware to be Acquired by Salesforce for $1.4 Billion Enterprise Value

Franciso Partners

San Francisco and London – Francisco Partners, a leading technology-focused global private equity firm, today announced it has entered into a definitive agreement to sell ClickSoftware (“Click”) to Salesforce (NYSE: CRM) for an enterprise value of $1.4 billion. Francisco Partners took Click private in 2015.

Click is a leading provider of field service management solutions and optimization technology. The company arms field service professionals and mobile workers with innovative, AI-driven technologies and real-time schedule and route optimization at scale to improve their efficiency and effectiveness. Founded in 1997, Click is a pioneer in applying complex algorithms and artificial intelligence to workforce management and today helps manage over 1 million field resources around the world in a wide variety of industries including for organizations like Bosch, Deutsche Telekom, Ericsson and Unisys.

“Since inception, Click has had a unique technology to optimize service. It has been our pleasure to partner with the Click team for these last four years as we worked with them to accelerate innovation and growth,” said Matt Spetzler, partner at Francisco Partners. “We are grateful for the opportunity to support Click and all of its great employees. We wish them continued success as part of Salesforce,” added Petri Oksanen, partner at Francisco Partners.

“Francisco Partners provided valuable strategic support, capital, and resources that allowed us to execute on a strong strategic vision,” said Mark Cattini, CEO of ClickSoftware. “They were an exceptional partner for us and worked closely with our team to help improve many aspects of our business and accelerate growth.”

Goldman Sachs acted as the exclusive financial advisor and Paul Hastings acted as legal advisor to Francisco Partners.

Additional detail on the transaction can be found here: https://www.salesforce.com/company/news-press/press-releases/2019/08/190708-d/

About Francisco Partners

Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has raised over $14 billion in committed capital and invested in more than 275 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

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Molecular Partners’ strategic partner Allergan announces that EMA has validated the marketing authorisation application for abicipar

Zurich-Schlieren, Switzerland, August 06, 2019. Molecular Partners AG (SIX: MOLN), a clinical-stage biotech company that is developing a new class of drugs known as DARPin® therapies*,  announced on 6 August that the European Medicines Agency (EMA) has validated the marketing authorisation application (MAA) of its strategic partner Allergan for abicipar, a novel DARPin® therapy for the treatment of nAMD. If approved, abicipar is expected to be the first anti-VEGF therapy to sustain vision gains on a true fixed 12-week dosing interval. The validation of the MAA confirms that the submission by the EMA is sufficiently complete to begin the formal review process.

Financial Calendar

August 27, 2019 Publication of Half-year Results 2019 (unaudited)
October 31, 2019 Interim Management Statement Q3 2019
December 12, 2019 R&D Day in New York

http://investors.molecularpartners.com/financial-calendar-and-events/

*DARPin® is a registered trademark owned by Molecular Partners AG

About the DARPin® Difference

DARPin® therapeutics are a new class of protein therapeutics opening an extra dimension of multi-specificity and multi-functionality. DARPin® candidates can engage more than five targets, offering potential benefits over those offered by conventional monoclonal antibodies or other currently available protein therapeutics. The DARPin® technology is a fast and cost-effective drug discovery engine, producing drug candidates with ideal properties for development and very high production yields.

With their low immunogenicity and long half-life in the bloodstream and the eye, DARPin® therapeutics have the potential to advance modern medicine and significantly improve the treatment of serious diseases, including cancer and sight-threatening disorders. Molecular Partners is partnering with Allergan to advance clinical programs in ophthalmology and is advancing a proprietary pipeline of DARPin® drug candidates in oncology and immuno-oncology. The most advanced global product candidate is abicipar, a molecule currently in phase 3, in partnership with Allergan. Several DARPin® molecules for various ophthalmic indications are also in preclinical development. The most advanced DARPin® therapeutic candidate wholly owned by Molecular Partners, MP0250, is in phase 2 clinical development for the treatment of solid and hematological tumors. MP0274, the second-most advanced DARPin® candidate owned by Molecular Partners, binds to Her2 and inhibits downstream signaling, which leads to induction of apoptosis. MP0274 is currently in phase 1. The company’s lead immuno-oncology product candidate MP0310 is a FAP x 4-1BB multi-DARPin® therapeutic candidate designed to locally activate immune cells in the tumor by binding to FAP on tumor stromal cells (localizer) and co-stimulating T cells via 4-1BB (immune modulator). Molecular Partners has closed a collaboration agreement with Amgen for the exclusive clinical development and commercialization of MP0310. MP0310 is expected to enter into the clinic in H2 2019. Molecular Partners is also advancing a growing preclinical and research pipeline in immuno-oncology that features its “I/O toolbox? and additional development programs. DARPin® is a registered trademark owned by Molecular Partners AG.

About Molecular Partners AG

Molecular Partners AG is a clinical-stage biotech company that is developing a new class of therapies known as DARPin® therapeutics. The company continues to attract talented individuals who share the passion to develop breakthrough medicines for serious diseases. Molecular Partners has compounds in various stages of clinical and preclinical development and several more in the research stage, with a current focus on oncology and immuno-oncology. The company establishes research and development partnerships with leading pharmaceutical companies and is backed by established biotech investors.

For more information regarding Molecular Partners AG, go to: www.molecularpartners.com.

For further details, please contact:

Patrick Amstutz, CEO

patrick.amstutz@molecularpartners.com

Tel: +41 44 755 77 00

Lisa Raffensperger, International Media

lisa@tenbridgecommunications.com

Tel: +1 617 903 8783

Thomas Schneckenburger, IR & Media

thomas.schneckenburger@molecularpartners.com

Tel: +41 44 755 5728

Susan A. Noonan, IR USA

susan@sanoonan.com

Tel.: +1 212 966 3650

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Apax Funds to acquire majority stake in ADCO Group

Apax

Partnership to further strengthen ADCO’s product and service offering 

Ratingen / Germany and London / UK, August 5th, 2019: Funds advised by the global private equity advisory firm Apax Partners (the “Apax Funds”) have today announced an agreement to acquire a majority stake in ADCO Group, the global market leader in the mobile sanitary unit sector. The existing shareholders retain a significant stake. The transaction is expected to close in Q4 2019, subject to regulatory approvals.

Apax Funds to acquire majority stake in ADCO Group

Founded about 45 years ago in Germany, ADCO Group operates the DIXI® and TOI TOI® brands providing portable toilet and sanitation equipment rental and services worldwide. With 49 operating companies and more than 4,000 employees, ADCO is represented in 28 countries worldwide. The company achieved a group turnover of approx. €360 million in 2018.

Apax Partners is a leading global private equity advisory firm. The Apax Funds invest globally in companies across four sectors (Tech & Telco, Services, Healthcare and Consumer) providing long-term equity financing to build or strengthen market leaders. The Funds have a long and successful track record of partnering with route-based services businesses operating in Europe (e.g. SafetyKleen, Rhiag Group, Sulo), North America (e.g. Tosca Services) and globally (e.g. IFCO Systems, Garda World).

Apax will leverage this experience to support management with ADCO’s growth plans. This will include strengthening the company’s portfolio in existing markets, as well as identifying and realising new areas for development.

Renate Gerstenberg, CEO of ADCO Group, said: “We are very pleased to partner with Apax, who will support us alongside our existing shareholders in providing a long-term growth perspective for our company. This allows us to take the next step in developing our successful business model and investing even more in internationalisation and digitalisation. Together, we will lead ADCO into a prosperous future and continue to offer our customers innovative high-quality products and solutions, while also ensuring the company remains a great place to work for our employees.”

Frank Ehmer, Partner at Apax Partners, said: “ADCO is a great example of our strategy: backing successful, market-leading companies where our sub-sector insights, operating capabilities, and global platform can help them grow further. We are delighted to partner with the ADCO management team and its committed employees and look forward to supporting the company accelerate growth.”

Citigroup served as financial advisor to the shareholders of ADCO Group in the transaction. KWM Europe Rechtsanwaltsgesellschaft mbH supported the shareholders of ADCO Group as legal advisor, and Ernst & Young with due diligence. Houlihan Lokey provided financial advice to Apax Partners regarding the transaction and Kirkland & Ellis acted as Apax Partners’ legal counsel.

About ADCO Group

With group turnover of approx. €360 million and a worldwide presence, ADCO Umweltdienste Holding GmbH is a global leader in the mobile sanitary solutions sector. The TOI TOI® and DIXI® brands are managed by the ADCO Group. From the simple toilet cabin to the luxury container with its choice of furnishings, ADCO can offer tailored solutions to a variety of customers, covering everything from consultancy and planning to implementation and service, as well as professional and environmentally responsible disposal.

As an experienced full-service provider, the company is represented in Europe, as well as the Southeastern US and Southeast Asia with around 300,000 sanitary units. The DIXI® brand represents simplicity and practicality: the original all-purpose product. The TOI TOI® sanitary containers promise greater comfort, design and luxury.  Products range from the simple single toilet cabin to the urinal, and the VIP toilet wagon to the superior sanitary container.

ADCO consistently focuses on developing innovative products and services for its customers.  The Company is regularly innovating and improving its range of sanitary solutions in order to meet increasingly demanding customer requirements. Whether for private parties, events of all shapes and sizes, small building projects or large construction sites, the ADCO Group can always provide the right sanitary solution.

All TOI TOI & DIXI companies in Germany are state-certified waste-management companies and certified according to DIN EN ISO 9001.

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.

For media inquiries please contact:

For ADCO: Fuchs & Cie. GmbH

Felix Scholtysik
Partner
Phone: +49 69 1532405 52
Mobile: +49 173 4259257
Email: felix.scholtysik@fuchs-cie.de

For Apax Partners 

Global Media
Andrew Kenny
Apax Partners
Tel: +44 20 7 872 6371
Email: andrew.kenny@apax.com

US Media
Todd Fogarty
Kekst
Tel: +1 212-521 4854
Email: todd.fogarty@kekst.com

UK Media
James Madsen / Gina Bell
Greenbrook
Tel: +44 20 7952 2000
Email: 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.

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Altor divests Enhanced Drilling to Energy Ventures Private Equity

Altor

On July 15, the Altor 2003 Fund and Altor Fund II (jointly “Altor”) signed and closed the sale of Enhanced Drilling Holding AS (“Enhanced Drilling”) to Enhanced Well Technologies AS, a company owned and controlled by EV Private Equity and a major global oil company. EV Private Equity has been one of the most active investors in the oil and gas sector in recent years, and will together with its co-investor bring significant industry expertise and experience to the company, contributing to the growth and success of Enhanced Drilling. “We are happy that Enhanced Drilling’s leading technology has been recognized by the sector specialist EV Private Equity team and their co-investor, and we believe that the company has an exciting future ahead of it.” says Eivind Reiten, Chairman of Enhanced Drilling for multiple years and also an advisor to the Altor Funds. Altor initially invested in AGR, from which Enhanced Drilling was spun out, in 2004.

About Enhanced Drilling
Enhanced Drilling supplies innovative technical solutions and services to the global offshore industry. It has offices and facilities in Norway, Australia, Malaysia, Azerbaijan, Canada, the UK and the USA. For further information, please visit the Enhanced Drilling website at enhanced-drilling.com.

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 predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Dustin, Byggmax, Navico, Infotheek, Orchid, Wrist Ship Supply, Sbanken, Rossignol, Helly Hansen, SATS and Carnegie Investment Bank. For more information visit www.altor.com.

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