Monthly Archives: September 2019

Plantasjen refines its operations to improve profitability

Ratos

Plantasjen has signed an agreement to sell its subsidiary Spira (formerly SABA Blommor AB), a supplier of flowers and plants to grocery retailers in Sweden. The buyer is the Dutch firm Groenland BV.

With some 110 employees, the company has annual sales of approximately SEK 350m. Over the last 12 months Spira has negatively impacted Plantasjen’s EBITA by approximately SEK -30m.

The accounting effect of the sale is estimated at approximately SEK -30m, which will negatively impact Plantasjen’s EBITA for the second half of 2019.

“The sale of Spira is one of several measures being implemented to strengthen profitability in Plantasjen. The sale will also enable an increased focus on Plantasjen’s core operations. We believe that Groenland BV is the right owner to develop Spira going forward,” says Anders Slettergren, Chairman of the Board of Plantasjen and VP Business Area Consumer & Technology at Ratos.

For further information, please contact:
Helene Gustafsson, Head of IR and Press, Ratos, +46 8 700 17 98
Anders Slettengren, Vice President Business Area Consumer & Technology, +46 8 700 17 00

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Billpocket receives an investment from Axon Partners Group to boost its growth in Mexico

Axon

Axon Partners Group, through its Amerigo Ventures Pacífico Fund, invested an undisclosed amount in mobile payments company Billpocket with the objective of accelerating e-payments acceptance in Mexico and thus consolidate its position as one of the country’s forefront companies within the sector.

Billpocket (https://www.billpocket.com/) is one of the Mexican leading Fintech companies focusing on the mobile payments industry.  With this Investment, which is part of a larger investment round that will include high profile strategic and institutional investors both domestic and foreign, Billpocket will surpass its historical triple digit growth year over year by increasing its presence and capillarity of its distribution channels to strengthen its national coverage.  Likewise, the proceeds will be used to complement the portfolio that is currently offered to affiliated merchants in line with the company’s vision of becoming the “go to” company to meet the financial needs of SMEs.

Alejandro Guizar, Founder and CEO of Billpocket, commented “All of us at Billpocket are super excited to have Axon as investors. We are sure that their resources, strategy and understanding of both the industry and the region will be essential for our growth going forward. Their confidence in our vision of the development of financial services in Latin America encourages ourselves to continue conquering the market and accelerating our growth. This is already a success story.”.

About this transaction Francisco Velázquez de Cuellar, President of Axon Partners Group, commented “We are thrilled to partner with Billpocket’s team. They have shown excellence in execution with amazing efficiency when using the resources they had.  Grouping their skills with the market potential not only in payments but in the wide array of financial services that Billpocket offers and will offer, we are certain that the outcome will be outstanding”.  This investment reaffirms Axon’s investment thesis for growth equity in Latin-America, particularly within fintech industry.

About Billpocket : Billpocket is a financial services platform that allows any person or merchant in Mexico to accept card payments. Through its simple and accessible solution for everyone in Mexico, Billpocket is a leader in the phenomenon of financial inclusion in Latin America.

About Axon Partners Group : Axon Partners Group is a Spanish consulting and investment firm with a VC & PE division that manages funds in Europe, Asia, and Latin America. Through its Amerigo Ventures Private Equity Fund, Axon is actively involved in the digital ecosystem of the Latin American region.

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Nordic Capital announces strategic passive minority investment by Ottawa Avenue Private Capital

Nordic Capital

 

Following a strong trajectory of growth, Nordic Capital announced today that Ottawa Avenue Private Capital (“OAPC”) has acquired a passive minority equity interest in the firm. The investment will strengthen Nordic Capital’s balance sheet, which will facilitate the firm to further invest in its business. The investment will also allow for development of the Nordic Capital organisation and platform.

OAPC is an investment advisory firm located in Grand Rapids, Michigan. It was formed to manage investments in private equity and other alternative asset classes. OAPC is an independent affiliate of RDV Corporation.

The investment by OAPC is a testament to Nordic Capital’s position as one of Northern Europe’s leading private equity investors, with a 30-year track record and continuous growth. Since raising its latest Fund of EUR 4.3 billion, Nordic Capital has made 11 growth-oriented platform investments and has also recently put further emphasis behind its successful North American Healthcare strategy by opening an advisory office in New York.

“We are excited to partner with a trusted long-term investor in this next phase of the firm’s growth. The partnership with OAPC will enable Nordic Capital to invest more in our business and continue to build and develop talents and our platform. We are proud to bring on OAPC as our partner to enable our continued growth, building on our long history for the years to come”, says Kristoffer Melinder, Managing Partner, Nordic Capital Advisors.

Nordic Capital was founded in 1989 and has grown to become a leading private equity investor in Northern Europe with a resolute commitment to creating stronger, sustainable businesses through transformative growth and operational improvement. Nordic Capital focuses on investments in selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services and the firm also selectively invests in Industrial & Business Services and Consumer. Key investment regions are countries across Northern Europe and the firm also invests in Healthcare in North America. Since inception, Nordic Capital has invested more than EUR 14 billion in over 100 investments and has today around EUR 13 billion of assets under management.

The financial details and other terms of the transaction will not be disclosed.

Nordic Capital was advised by Evercore and Kirkland & Ellis LLP.

Press contact:

Nordic Capital
Katarina Janerud, Communications Manager
Adviser to Nordic Capitals Funds
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

About OAPC

Ottawa Avenue Private Capital, LLC (OAPC) is an investment advisory firm located in Grand Rapids, Michigan. It was formed in 2015 to manage investments in private equity and other alternative asset classes. OAPC is an independent affiliate of RDV Corporation.

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Core sectors are Healthcare, Technology & Payments, Financial Services and in addition, Industrial & Business Services and Consumer. Key regions are the Northern Europe and globally for Healthcare. Since inception in 1989, Nordic Capital has invested more than EUR 14 billion in over 100 investments. The most recent fund is Nordic Capital Fund IX with EUR 4.3 billion in committed capital. The Nordic Capital vehicles are based in Jersey. They are advised by several advisory entities based in Sweden, Denmark, Finland, Norway, Germany, the UK and the US, any or all of which are referred to as Nordic Capital Advisors. For further information about Nordic Capital, please visit www.nordiccapital.com

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Blackstone announces the acquisition of five hotel businesses in Greece

Blackstone

Barcelona, Athens, 20 September, 2019 – Blackstone Real Estate Partners Europe (“Blackstone”) has reached an agreement to acquire five Greek hotel businesses from the Louis Group, one of the leading hotel groups in the Mediterranean, at a total enterprise value of €178.6 million.

The five hotel businesses are located in the Greek Islands with two in Corfu (Corcyra Beach and Grand Hotel), two in Zante (Zante Beach and Plagos Beach) and one in Crete (Creta Princess). They have a total of 1,464 hotel rooms.

The hotels will continue to be operated by Louis Group under the management of HIP, a hospitality company owned by funds managed by Blackstone. HIP is the largest owner of hotels in Southern Europe, and the acquisition expands its footprint to Greece.

Through HIP, Blackstone will invest meaningful capital to renovate and reposition these hotels.

James Seppala, Head of European Real Estate at Blackstone, said:
“Greece is a fantastic destination with an incredible history, wonderful weather, and meaningfully improving connectivity with the rest of the world.  We are excited to invest here, to help Greece maintain its rightful place as a premier global tourist destination and spur local economic growth.

“This transaction reflects our confidence in the Greek investment environment and we hope to invest further.”

Costakis Loizou, Chairman of Louis Group, said:
“We are delighted to announce this transaction with Blackstone. The transformation of these hotels will be a boost for the Greek tourist sector and we look forward to working with both Blackstone and HIP to enhance the experience of guests staying in these hotels.”

Alejandro Hernández-Puértolas, CEO and Founding Partner of HIP, said:
“We are very pleased to announce our first investment outside of Spain, and more specifically in Greece, a country that is globally renowned for its leisure offering and unique locations. With this acquisition, we see an opportunity to add value by investing and actively managing the hotel businesses as we have done with the rest of our HIP portfolio.”

Completion of the transaction is subject to the customary approval of the relevant antitrust authorities.

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About HIP:

HIP was acquired by Blackstone real estate funds in 2017. Through follow-on acquisitions, HIP’s portfolio has grown to 60 hotels comprising 17,600 keys and is today the third largest investor in European hotels, after Pandox and Covivio. HIP has a dedicated team of professionals who specialize in sourcing, executing, renovating and repositioning under-capitalized and under-managed hotels. The team works in partnership with various hotel operators to enhance the hotels’ management as well as experience for the hotels’ guests. HIP is already investing €500 million in its existing portfolio of Spanish resorts.

About Louis Hotels:

Louis Hotels is a hotel company operating 26 hotels and resorts in Greece and Cyprus.  It is a member of Louis plc, a company listed on the Cyprus Stock Exchange, a leading hotel and tourism group in the East Mediterranean, with over eighty years of experience.

About Blackstone Real Estate:

Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has $154 billion of investor capital under management. Blackstone is one of the largest property owners in the world, owning and operating assets across every major geography and sector, including logistics, rental housing, office, hospitality and retail.

Media Contacts:
Blackstone
Ramesh Chhabra / Alexandra Ritterman
Ramesh.Chhabra@blackstone.com  / Alexandra.Ritterman@blackstone.com
+44 (20) 7451-4053 / +44 (20) 7451-4195

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Ardian Infrastructure acquires two photo-voltaic plants in Peru from Solarpack

Ardian

 

The transaction highlights Ardian’s commitment to investment in renewable energy and reinforces its presence in Latin America

Paris, September 20, 2019 – Ardian, a world leading private investment house, has acquired a 49% stake in two photovoltaic (PV) plants in Tacna and Panamericana, in southern Peru, from Solarpack, the Spanish multinational integrated management company. The deal is part of Ardian’s ongoing commitment towards investing in renewable energy.
The plants have a combined capacity of 48.6MW after repowering. The transaction is the latest development in Ardian’s successful partnership with Solarpack since 2016, when Ardian acquired four other Solarpack photovoltaic plants in Chile and Peru. Solarpack will continue to handle the plants’ operations and management services.
The investment cements Ardian’s position as a leading player in the renewable energy sector and will bring Ardian Infrastructure’s total installed renewable energy capacity to nearly 3GW across wind, solar, hydro and biomass in Europe and the Americas. Investing in energy renewable assets is part of Ardian commitment to fighting against climate change and building a sustainable economy.
Juan Angoitia, Senior Managing Director at Ardian Infrastructure, said: “This investment is a significant milestone in strengthening both our commitment to sustainability and our presence in Latin America, an increasingly important global hub for renewable energy. Our investment in Tacna and Panamericana expands our portfolio of renewable energy assets and strengthens our partnership with Solarpack and the high quality assets investment opportunities they provide.”
Pablo Burgos, CEO of Solarpack, added: “The global need for renewable energy sources is increasing day-by-day, so our ability to continue to build, develop and operate solar plants at pace is more important than ever. Our ongoing industrial partnership with Ardian has been beneficial with a long-term investment approach and we look forward to continue working closely with Ardian.”

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$96bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base. Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world. Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 620 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 970 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
www.ardian.com

ABOUT SOLARPACK

Solarpack is a Spanish multinational company specializing in the development, construction and operation of solar PV plants. The company’s team of more than 100 professionals is developing a pipeline of more than 1.2 GW. The company has commissioned 35 MWp in five sites in Spain, 37 MWp in Chile, 26 MWp in Uruguay and 62 MWp in Peru. Solarpack performs the operation and maintenance of the plants it develops, and manages own and third-party assets for a total of 230 MW.
 

PRESS CONTACTS

ARDIAN
Headland
Viktor Tsvetanov
Tel: +44 20 3435 7469
vtsvetanov@headlandconsultancy.com

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Dr. Gerrard P. Bushell Named Executive Chair of The New Terminal One Development Project at JFK International Airport and Chair of The Carlyle Group’s CAG Holdings

Carlyle

Dr. Gerrard P. Bushell Named Executive Chair of The New Terminal One Development Project at JFK International Airport and Chair of The Carlyle Group’s CAG Holdings

NEW YORK – The Carlyle Group’s (NASDAQ: CG) global airport investment platform, CAG Holdings, today announced the appointment of Dr. Gerrard P. Bushell, former President and CEO of the Dormitory Authority of the State of New York (DASNY), as Executive Chair of The New Terminal One Development Project at JFK and Chair of CAG Holdings. Dr. Bushell will be responsible for delivering the New Terminal One Development Project at JFK International Airport.

The Port Authority of New York and New Jersey selected the New Terminal One Development Project team to lead the redevelopment and expansion of JFK’s Terminal One in accordance with Governor Cuomo’s Vision Plan for JFK. The New Terminal One Development Project team is an innovative coalition of airlines, labor, minority- and women-owned businesses, and strong operating and financial partners including The Carlyle Group and CAG Holdings, JLC Infrastructure, Ullico and Munich Airport International. CAG Holdings is a portfolio company of the Carlyle Global Infrastructure Opportunity Fund and is led by an experienced U.S.-based team that has managed more than 70 airport projects globally.

When completed, the proposed New Terminal One Development Project will encompass the sites of the current Terminal One, Terminal 2 and the former Terminal 3. The New Terminal One Development Project will reimagine the international passenger experience at JFK while creating opportunities for local and minority- and women-owned business enterprises (MWBE) across all phases of the project.

The Terminal One Group Association (TOGA), comprised of Air France, Japan Airlines, Korean Air, and Lufthansa, will continue to operate and maintain the existing Terminal One until completion of the New Terminal One Development Project.

Peter Taylor, Co-Head of Carlyle’s Global Infrastructure Opportunity Fund, said, “We are pleased to have Gerrard on board as Executive Chair of the New Terminal One Development Project team and Chair of CAG Holdings. With his demonstrated ability to work across the public and private sectors, we are confident that he will effectively lead one of the largest public-private partnership projects in America and help improve outcomes for all stakeholders.”

Dr. Bushell said, “I look forward to joining the strong, innovative and diverse New Terminal One Development Project and CAG teams. Together, we will deliver the world’s premier gateway to New York and the United States and support the Port Authority of New York and New Jersey and their local communities in meeting their objectives.”

Dr. Bushell brings a wealth of experience from business, government and labor to the New Terminal One Development Project and CAG teams. In 2015, he was appointed President and CEO of DASNY, a national leader in the municipal bond market and one of the country’s most prominent public builders with a construction portfolio valued at more than $6 billion. Under Dr. Bushell’s leadership, DASNY issued more than $38 billion of municipal debt for public and private infrastructure projects across New York State for higher education, health services, science and technology and government justice clients.

“Gerrard’s deep understanding of the New York infrastructure market will help ensure that our vision for the New Terminal One Development Project is delivered in concert with the JFK and Queens communities,” said Amit Rikhy, President and CEO of CAG Holdings. “Furthermore, his deep understanding of public-private partnerships will strengthen CAG’s experienced management team and help us execute our strategy.”

During his tenure, Dr. Bushell expanded DASNY’s mission to encompass innovation, growth and inclusion. He reimagined and restructured DASNY’s businesses and introduced the “OneDASNY” mandate which purposefully placed clients and client outcomes at the center of DASNY’s financing, procurement and project management capabilities. Dr. Bushell also successfully advanced New York State’s MWBE’s goals beyond 30%.

“We are pleased to welcome Gerrard to the New Terminal One Development Project team.  This is a very important project involving critical infrastructure that will benefit from the strong leadership and vision that Gerrard brings,” said JLC Managing Partner Jim Reynolds. “Gerrard’s mix of public and private sector experience positions him well to provide leadership and deliver on the goals of all stakeholders.”

“We’re excited to have the New Terminal One Development Project move forward under Dr. Bushell’s leadership. He understands the importance of partnership models that meet the needs of workers, management and investors,” said Edward Smith, President and CEO for Ullico Inc.

Prior to DASNY, Dr. Bushell was as an accomplished investment advisor who counseled leading institutional investors and raised private and public investment capital. He served as a senior sales and client officer supporting investment solutions for Alcentra and Insight at BNY Mellon, Director in the Client Partner Group at Kohlberg Kravis Roberts & Co. (KKR), Managing Director at Arden Asset Management, and the Head of Institutional Sales at the Legg Mason Company, ClearBridge Advisors, formerly Citi Asset Management.

Dr. Bushell started his career in government and labor serving in senior roles for Comptroller H. Carl McCall, Councilwoman C. Virginia Fields, and District Council 37 of the American Federation of State, County and Municipal Employees (AFSCME).

Dr. Bushell is a graduate of Columbia University in both the College and Graduate School of Arts and Sciences. He received a B.A., M.A., and Ph.D. in Urban Political Economy from the Department of Political Science.

 

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About The Carlyle Group and CAG Holdings
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.

CAG Holdings is The Carlyle Group’s dedicated US-based investment platform for airport infrastructure investment opportunities globally. CAG Holdings is led by an experienced management team with a track record of over 70+ airport projects globally combined with a deep, localized understanding of the US airport market.

For media inquiries, contact Christa Zipf at christa.zipf@carlyle.com or at +1-212-813-4578.

About JLC Infrastructure
JLC Infrastructure is an investor and asset management firm focused on the transportation, communications, energy, utilities and social infrastructure sectors in the United States. The firm was formed in 2015 by Loop Capital and Magic Johnson Enterprises and currently manages investments in the redevelopments of Terminal B at LaGuardia Airport and Jeppesen Terminal at Denver International Airport (the Great Hall Project).

For media inquiries, contact info@jlcinfra.com.

About Ullico
For more than 90 years, Ullico, the only labor-owned insurance and investment company, has been a proud partner of the labor movement, keeping union families safe and secure. From insurance products that protect union members, leaders and employers, to investments in building projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees and investments. The Ullico Inc. Family of Companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC.; Ullico Investment Company, LLC (Member FINRA/SIPC).; and Ullico Investment Advisors, Inc.

For media inquiries, contact Cori Houlihan at choulihan@ullico.com or at +1 202 354 8044.

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Kiwa develops certification for IoT equipment

NPM Capital

Kiwa has developed a certification scheme for both Internet of Things (IoT) devices and the apps with which you can operate them. The international leader in testing, inspection and certification has signaled an increase in manufacturers of ‘smart equipment’ who want their products to be assessed independently on specific IoT aspects. Kiwa, an NPM Capital portfolio company, assesses and certifies according to international safety standards.

To increase the safety level of IoT equipment, the Dutch Ministry of Economic Affairs and Climate wants the Delft University of Technology to conduct research from now until 2021 into the safety of Internet of Things equipment, such as smart thermostats, refrigerators and security cameras. If a product is found to be unsafe, the Dutch Ministry will contact the manufacturer to improve it.

This research is part of the Digital Safe Hardware and Software Roadmap, a joint plan by the Ministry of Economic Affairs and the Ministry of Security and Justice. The Roadmap contains measures to move the market to increase the security level of the Internet of Things, including supervision and certification. Kiwa responds to this with the certification scheme.With these measures, the Netherlands anticipates structural European and international rules.

Also read ‘How can companies make business out of the Internet of Things’

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Latour completes acquisition of Custom LeatherCraft Mfg. LLC.

Latour logo

On August 30th, Investment AB Latour, through its wholly-owned subsidiary Hultafors Group AB, signed an agreement to acquire Custom LeatherCraft Mfg. LLC (“CLC”) based in Los Angeles, CA, USA. All closing conditions have now been fulfilled and the transaction has been completed as of September 16th.

Göteborg, September 16, 2019

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Ole Kristian Jødahl, CEO Hultafors Group AB, +47 900 88 305
Jens Eriksson, Director, M&A and Strategy Hultafors Group AB, +46 702 114 601

Hultafors Group is one of Europe’s largest companies to supply workwear, footwear, head protection, hand tools and ladders for professional users. The products are developed, manufactured and marketed as their own brands, which are available through leading distributors in about 40 markets, with emphasis on Europe and North America. Hultafors Group has more than 800 employees and an annual turnover of more than SEK 2.6 billion.

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of nine substantial holdings with a market value of about SEK 59 billion. The wholly-owned industrial operations had an annual turnover of about SEK 12 billion in 2018.

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Energy Transfer to acquire Semgroup

Alinda

Energy Transfer LP (NYSE: ET) has announced that it has entered into a definitive merger agreement whereby Energy Transfer will acquire SemGroup Corporation (NYSE: SEMG) in a share and cash transaction valued at approximately $5 billion.

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This represents a 65% premium to the closing price of SemGroup shares as of September 13, 2019.

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The transaction is expected to close in late 2019 or early 2020, subject to the approval by SemGroup’s stockholders and other regulatory approvals.

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Energy Transfer’s acquisition of SemGroup will increase Energy Transfer’s scale across multiple regions.

Energy Transfer will significantly strengthen its crude oil transportation, terminal and export capabilities with the addition of the Houston Fuel Oil Terminal (HFOTCO), a world class crude oil terminal on the Houston Ship Channel with 18.2 million barrels of crude oil storage capacity, five deep-water ship docks and seven barge docks. HFOTCO is supported by stable take-or-pay cash flows from diverse, primarily investment grade customers. Energy Transfer is also announcing its plans to construct a new crude oil pipeline, the Ted Collins Pipeline, to connect HFOTCO to Energy Transfer’s Nederland Terminal.

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Energy Transfer’s crude oil assets on the Gulf Coast will also benefit from SemGroup’s interest in the Maurepas Pipeline and its connections to the St. James refining complex.

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Energy Transfer owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major domestic production basins.

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Investment funds managed by Alinda Capital Partners sold HOFTCO to SemGroup in June 2017. Following the September 2019 announcement by Energy Transfer, the funds have sold their interest in SemGroup shares.

The funds managed by Alinda Capital Partners continue to hold an interest in the Maurepas Pipeline, acquired in August 2018.

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Sanoma completes the acquisition of Iddink Group

NPM Capital

Sanoma has completed the acquisition of Iddink Group from NPM Capital. Earlier the acquisition was announced on 11 December 2018 and at the time it was still subject to customary closing conditions, including the approval of Dutch competition authorities, which was received and announced on 29 August 2019. Iddink will be reported as part of Sanoma Learning SBU as of 1 October 2019.

Iddink’s integrated learning and school administration platforms provide its customers – pupils, parents, schools and teachers – with access, communication and learning tools. Iddink’s business is complementary to Sanoma’s Dutch subsidiary Malmberg, a leading educational publisher for primary, secondary and vocational education.

With the acquisition, Sanoma enters the integrated digital learning platform business in the Netherlands. Iddink will remain a separate operational company within Sanoma Learning.

NPM Capital held a majority stake in Iddink Group since 2014.

Also read ‘NPM Capital sells educational service provider Iddink Group to Sanoma Learning’

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