Monthly Archives: November 2019

Partners Group to exit Covage, a leading open-access fiber infrastructure platform in France

Partners Group

Partners Group, the global private markets investment manager, has, on behalf of its clients, entered into exclusive negotiations with a consortium led by Altice, and including Allianz Capital Partners, AXA Investment Managers – Real Assets, acting on behalf of its clients, and OMERS Infrastructure, to sell its 50% stake in Covage (“Covage” or “the Company”). The transaction gives Covage an equity value of EUR 1 billion.

Covage is a leading open-access fiber infrastructure platform with a national footprint across low-, medium-, and high-density areas in France. The Company operates 45 local networks, complemented by a fully-owned national fiber backbone of 9,000 km. Covage’s awarded perimeter includes 2.4 million homes and 21,000 existing connected businesses. Its connections are built and operated under the support of France’s national rural broadband access program, a key social ESG initiative to bridge the digital divide between rural and urban regions.

The sale of Partners Group’s 50% stake in Covage would be the final divestment from Partners Group’s acquisition of Axia NetMedia Corporation, on behalf of its clients, in a public-to-private transaction that resulted in its delisting from the Toronto stock exchange in July 2016. It follows the divestment of the Canadian operations of Axia NetMedia, which were sold to BCE Inc (Bell Canada) in 2018. The sale of Covage is subject to customary regulatory clearances and is expected to take place during the first half of 2020.

Esther Peiner, Managing Director, Private Infrastructure Europe, Partners Group, comments: “We are very proud of our contribution to the strong growth Covage has experienced over our holding period. Consistent with our platform expansion strategy, significant capital investments from the shareholders have enabled Covage to deliver a material increase in high bandwidth connectivity nationwide and establish itself as a leading provider in the French communication infrastructure market. Partners Group, through the Covage board, worked with CEO Pascal Rialland and his team to successfully institutionalize the fiber roll-out and commercialization framework of the Company, thus demonstrating the considerable value that can be added through entrepreneurial governance.”

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CVC Credit Partners supports TSS in the acquisition of Salvia Développement

Funding used to finance the acquisition of Salvia Développement, a leading provider of business software solutions in France

CVC Credit Partners (“CVC Credit”) is pleased to announce that it was the sole underwriter for the First Lien funding in Total Specific Solutions’ (“TSS”) acquisition of Salvia Développement (“Salvia”). This deal comes hot on the heels of CVC Credit hiring Hamza Filali in the Paris office in September 2019.

Founded in 1986 and headquartered in Paris, Salvia is the leading vertical market software provider for social housing, real estate developers, facility managers and local public authorities in France. The company develops comprehensive product offerings to meet the current and future financial, project, CMMS and energy management as well as digitisation demands of more than 1,300 real estate companies and over 2,500 government authorities in both metropolitan and rural areas.

Han Knooren, Group CEO at TSS commented: “We are happy to have completed the acquisition and the subsequent debt funding of Salvia. CVC Credit Partners has joined us as a key partner on the future journey of Salvia, as part of TSS. We are pleased with the speed at which CVC Credit Partners got to grips with the businesses processes and the market dynamics, which allowed us to agree upon a solid long-term financial structure for Salvia with ample room for the business to grow as well as invest in its products and services.”

Neale Broadhead, Head of European Private Debt in CVC Credit Partners’ European Private Debt business, added: “Salvia has been a leader in this niche market for over 30 years and enjoys a diversified and loyal customer base. TSS is a hands-on equity sponsor with significant sector experience and a strong track record. We are delighted to be part of the vision for Salvia’s future growth and look forward to supporting the business and TSS in the years to come.”

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KKR to Acquire Novaria Group from Rosewood Private Investments and Tailwind Advisors

KKR

All Employees to Become Owners in Company

FORT WORTH, Texas–(BUSINESS WIRE)–Nov. 25, 2019–

KKR, a leading global investment firm, today announced it has entered into an agreement to acquire Novaria Group, a leading manufacturer of specialty aerospace hardware, from Rosewood Private Investments and Tailwind Advisors. The transaction, the financial details of which were not disclosed, is being funded through KKR’s Americas XII Fund.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191125005243/en/

Headquartered in Fort Worth, Texas, Novaria Group is a premier independent supplier of complex, highly engineered components and specialty processes for the aerospace and defense industry. Founded in 2011 by CEO Bryan Perkins, Novaria Group aims to improve the aerospace supply chain with an emphasis on better technology, processes and infrastructure. Today, the company serves more than 500 customers.

“Our team has been in search of a differentiated platform in the commercial aerospace sector and are thrilled to have found our partner in Bryan Perkins and his team at Novaria Group,” said Josh Weisenbeck, KKR Member and senior leader on KKR’s Industrials investment team. “We look forward to working together to scale the company and build an aerospace engineered parts supplier that is uniquely focused on excellence in quality and customer service.”

“Since our founding, Novaria Group has always prided itself on being a customer-focused supplier of aerospace parts. Importantly, KKR shares this vision of improving the aerospace supply chain through delivering value to our customers and, through their innovative employee ownership and engagement model, extending the shareholder value we will create through this business strategy to our employees,” said Bryan Perkins, Novaria Group CEO.

Since 2011, KKR’s Industrials team has focused on employee engagement as a key driver in building stronger businesses. The strategy’s cornerstone has been to allow all employees to take part in the benefits of ownership by granting them the opportunity to participate in the equity return alongside KKR. Beyond sharing ownership, KKR also supports employee engagement by investing in training across multiple functional areas and by partnering with the workforce to give back to the community.

“We are extremely excited to support Novaria Group on the next leg of its journey. Similar to what we have done at KKR’s other industrials portfolio companies in the U.S., we plan to implement a broad-based employee ownership and engagement model at Novaria Group to recognize the employees and ultimately position the company to better serve its customers,” said Pete Stavros, KKR Member and Co-Head of Americas Private Equity.

“We’ve enjoyed working with the Novaria management team over the past five years. Since our initial investment in Novaria, we have supported numerous additional acquisitions and substantial organic growth. We are thrilled that Bryan and his team have found a new equity partner to take Novaria to even greater achievement,” said G.T. Barden, Rosewood Private Investments.

This transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to close by 1Q 2020. Fully committed financing has been led by lead arrangers KKR Capital Markets and RBC Capital Markets LLC. KKR was advised in the transaction by Kirkland & Ellis LLP, Deloitte and AeroDynamic Advisory. Novaria Group was advised in the transaction by Lazard, Riveron, and Foley & Lardner LLP.

About Novaria Group
Novaria Group is a cohesive family of precision aerospace & defense component companies, a sum made greater by the value of its parts, that consistently delivers optimum performance and sustainable growth. With deep industry knowledge, demonstrated integrity and an abiding regard for human capital, Novaria Group provides its business units unmatched access to unique innovations and best practices. Investing and strategically operating in defined segments of the precision component sector, Novaria Group deploys its significant leadership experience to improve the operational and business capabilities and capital resources of small to mid-market commercial aerospace manufacturing firms. Since our founding in 2011, we have been building a new kind of precision aerospace & defense components supplier, developing robust business processes and long-standing customer relationships, while making organizational and operational improvements designed to sustain and expand our business.

For more information about Novaria Group, please visit www.novariagroup.com.

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

For more information about KKR’s Industrials team and the employee engagement model, please visit the KKR Industrials page on LinkedIn, @KKR_Industrials on Twitter and KKR Industrials on YouTube.

Source: KKR

Novaria Group:
Marissa Kelly
817-381-3813
media@novariagroup.com

KKR:
Kristi Huller or Cara Major
212-750-8300
media@kkr.com

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Sun Capital Partners Affiliate Makes a Control Investment in National Tree, a Leading E-Commerce Wholesaler of Seasonal and Holiday Décor

Sun Capital

Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm focused on investing in market-leading companies, today announced that an affiliate has completed the acquisition of National Tree Company (or “The Company,”) a leading e-commerce wholesaler of seasonal and holiday décor, with a particular focus on the Christmas holiday. Terms of the private transaction were not disclosed.

Founded by Sal Puleo, Sr. in 1990 and headquartered in Cranford, New Jersey, National Tree Company is a family-operated business that has established itself as the clear leader in seasonal and holiday décor. Today the business is led by the original founder’s three sons, Joe, Sal (Jr) and Rich Puleo. The Company offers more than 4,500 SKUs and has strong relationships with many of the most popular online retailers.

“The Puleo family has done a tremendous job with National Tree Company, achieving impressive market share and consistent growth,” said Marc Leder, Co-CEO of Sun Capital. “This is a great opportunity for Sun Capital to work with the Puleo family to invest in the growth of the business. We believe National Tree has the dropship capabilities and customer relationships to expand its product range both organically and through strategic acquisitions.”

National Tree Company is one of the largest domestic wholesalers of artificial Christmas trees. The Company was recently awarded “Best Artificial Christmas Trees of 2019” by Better Homes & Gardens and has won other “Best of” awards from organizations including Wirecutter, House Beautiful, Business Insider, The Today Show, Good Housekeeping, and Bob Vila.

“We were attracted to National Tree Company’s strengths in design, procurement, and dropship fulfillment—a comprehensive capability you don’t often find,” said Matthew Garff, Managing Director at Sun Capital. “National Tree Company’s sourcing and logistics capabilities span the entire products’ value chain, allowing the Company to partner with online retailers and provide customers a wide assortment of product choices quickly and economically.”

For more information:
Emily Meringolo
Stanton
646-502-3599
emeringolo@StantonPRM.com

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Further growth and continuing strong portfolio results

GIMV

21/11/2019 – 07:00 | Financial

 

Managing Director Koen Dejonckheere, on the past half-year’s results:

“With a persistent strong pace of investment, Gimv grew its portfolio further to its present level of EUR 1.2 billion.

Our portfolio companies achieved attractive results in an uncertain economic context, with strong sales and profit growth.

Together with the realised capital gains on exits, this gave us again a strong portfolio return of 15% (annualised).

With our successful bond placement in June 2019, we locked in sufficient resources to finance the further growth of Gimv and its portfolio companies, while maintaining adequate liquidity throughout the investment cycle.” 

The results for the first half of the 2019-2020 financial year cover the period from 1 April 2019 to 30 September 2019.

Key elements

Results

• Continuing good results from the portfolio companies: 10% sales & 14% EBITDA growth (y-o-y, based on figures as at 30 June)
• Portfolio result: EUR 80.4 million
• Portfolio return: 14.9% (annualised)
• Net profit (share of the group):  EUR 51.4 million (EUR 2.02 per share)

Investments / Divestments

• Total investments*: EUR 104.3 million in 3 new portfolio companies and some important add-on acquisitions.
• Total cash proceeds from divestments: EUR 118.1 million

Balance sheet and portfolio

• Investment portfolio grows 8.3% to EUR 1 171.2 million
• Young and promising portfolio of 53 portfolio companies, with three-quarters of the portfolio invested since 2016
• Balance sheet total: EUR 1 614.5 million
• Cash position: EUR 426.2 million

Equity

• Equity value (groups’ share): EUR 1 307.7 million (EUR 51.4 per share)

Dividend

• Gimv seeks to maintain its long-term dividend policy

 

* Excl. the investment in Coolworld Rentals, concluded in early April 2019 and already reported as an investment in FY 2018-2019, but included in the portfolio only in FY 2019-2020.

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EURAZEO Brands announces investment in Herschel SupplyCo.

Eurazeo

Paris, October 31, 2019 -Eurazeo announces signing a minority investment in Herschel Supply Co. (“Herschel”), a design-driven global lifestyle brand. Headquartered in Vancouver, Canada, Herschel is known for transforming the classic backpack and offering other timeless accessory products which are sold in over 90 countries.

Eurazeo Brands, the division of Eurazeo focused on differentiated consumer brands with global growth potential, is investing $60M alongside a consortium comprised of Alliance Consumer Growth (“ACG”), a leading consumer-focused growth equity firm, and HOOPP Capital Partners (“HOOPP”), the private capital arm of the Healthcare of Ontario Pension Plan.

“Herschel has established a strong, authentic brand that has enabled them to design,market, and sell timeless and high-quality accessories, addressing the needs of today’s modern,multi-tasking consumer,”said Adrianne Shapira, Managing Director of Eurazeo Brands.

“Herschel re imagined the back pack and in doing so changed the category forever,but that was just the beginning. We are thrilled to partner with Herschel management,ACG and HOOPP to leverage the company’s powerful customer engagement and accelerate growth across categories, channels and geographies.”“Eurazeo, ACG and HOOP Pare ideal partners forHerschel, a globaliconic brand that transcends cultures, ages, genders, and demographics,”said Jamie Cormack, Herschel co-founder.

“We’re looking forward to expanding our reach with our timeless products that are part of global culture and synonymous with travel, experience and discovery,”said Lyndon Cormack, Herschel co-founder.

Eurazeo Brands aims to invest a total of $800 million in high potential North American and European consumer companies across a wide range of verticals including beauty, fashion, home, wellness, leisure and food. The firm will serve as a value-added partner that brings proven brand-building expertise and global capabilities. ACG will provide deep consumer products experience, and along with HOOPP, will support the strong management team in its efforts to develop new product categories, grow the Company, increase brand awareness and extend its global footprint as it transforms into a culturally relevant lifestyle brand.

Jill Granoff, CEO of Eurazeo Brands, stated,“We are delighted to add Herschel to Eurazeo Brands’ portfolio of differentiated consumer and retail brands with global growth potential, including NEST Fragrances, Pat McGrathLabs, Bandier,and QMixers.Herschel is a leader in backpacks and travel accessories, and represents a large,profitable addition to our portfolio.This is our first investment in a Canadian brand and we are confident that the company will achieve continuedn success.”

EURAZEO CONTACTS PRESS CONTACT PIERRE BERNARDIN Head of Investor Relations

email: pbernardin@eurazeo.comTel: +33 (0)1 44 15 16 76VIRGINIE

CHRIST NACHT Head of Communications

email: vchristnacht@eurazeo.comTel: +33 1 44 15 76 44

ALEXANDRA DOUGLASSEdelman email: Alexandra.Douglass@edelman.comTel: +1 212 729 2443For more information,

please visit the Group’s website: www.eurazeo.com

Follow us on Twitter,Linkedin, and YouTube

About Eurazeo

Eurazeo is a leading global investment company, with a diversified portfolio of €17.7 billion in assets under management, including nearly €12 billion from third parties, invested in nearly 400 companies. With its considerable private equity, real estate, private debt and fund of funds expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its 235 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.

•Eurazeo has offices in Paris, New York, Sao Paulo, Shanghai, Seoul, London, Luxembourg, Frankfurt and Madrid.

•Eurazeo is listed on Euronext Paris.•ISIN: FR0000121121 -Bloomberg: RF FP -Reuters: EURA.PAA

About Herschel Supply Co.

Headquartered in Vancouver, Canada, Herschel Supply is a design-driven global lifestyle brand that produces timeless products with utility design. Founded in 2009 by brothers Jamie, Lyndon, and Jason Cormack, Herschel’s product range has expanded from backpacks to include luggage, head wear, accessories, apparel,and more. Today, Herschel products are sold in over 90 countries with over 9,000 points of distribution worldwide and the support of over 250 employees across offices in Vancouver, New York, Los Angeles, Shanghai, and Hong Kong, Ghent and London.

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DIF Capital Partners invests in a portfolio of LNG assets

DIF

DIF Capital Partners, through its DIF Core Infrastructure Fund I (“DIF CIF I”), is pleased to announce that it has signed final documentation alongside ship-owner Geogas Maritime and Access Capital Partners for the acquisition of a 50% stake in a French incorporated company that will own and operate a fleet of five to-be-built LNG carriers. The remaining 50% will be held by Nippon Yusen Kabushiki Kaisha (NYK), a leading Japanese shipping and logistics company.

The five 174,000 cbm vessels will be built by leading South Korean shipyards and equipped with state-of-the-art LNG fuelled propulsion technology, resulting in best-in-class environmental performance. The first ship is expected to become operational in April 2020. All five ships will fly the French flag. The vessels will be chartered to a large French and a large European utility under long-term contracts and will be project financed under a customary French lease structure.

Thomas Vieillescazes, Head of France, said: “This is an excellent opportunity for DIF CIF I to invest in high quality assets and grow DIF’s footprint into the expanding LNG sector alongside strong and experienced counterparties. We’re also very proud to participate in a strategic project for the further development of the French LNG sector”.

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €6.0 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact:
Allard Ruijs, Partner
Email: a.ruijs@dif.eu

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Cinven and Astorg to acquire LGC

Cinven

A consortium jointly led by Astorg and Cinven today announces that it has signed an agreement to acquire LGC, a global leader in the Life Sciences Tools sector.

LGC provides a comprehensive range of measurement tools, proficiency testing schemes, supply chain assurance standards and specialty genomics reagents underpinned by leading analytical and measurement science capabilities. Its scientific tools and solutions form an essential part of its customers’ quality assurance procedures and enable organisations to develop and commercialise new scientific products and advance research. The company serves customers across a number of end markets, including human healthcare, agri-food and the environment.

Established in 1842, today LGC employs more than 3,200 people, including many internationally-recognised scientific experts in their field. LGC is headquartered in the UK and serves almost 50,000 laboratories worldwide from its global office network spanning 22 countries across five continents.

Astorg and Cinven identified LGC as an attractive investment opportunity given its:

  • Leading positions in the healthcare, food and agriculture markets, underpinned by its long-standing reputation for scientific expertise and high quality products;
  • Strong performance and organic growth aided by investment in people, key capabilities, scientific R&D and infrastructure across the world;
  • Several recent highly complementary acquisitions and significant future development opportunities, given the fragmented nature of its markets and the opportunity to extend its capabilities into complementary areas;
  • High calibre management team, with Cinven and Astorg backing a highly experienced senior management team, led by Tim Robinson, CEO.

Supraj Rajagopalan, Partner at Cinven, said:

“Cinven’s investment in LGC was identified as a result of the Healthcare Sector team’s focus on the life sciences space. LGC is exposed to a wide range of diversified and fast growing end markets across the Standards and Genomics sectors and we look forward to working with the highly experienced management team to continue investing in strengthening and broadening LGC’s global footprint and portfolio of leading, high quality products.”

Francois de Mitry, Managing Partner at Astorg, added:

“We have been actively monitoring developments in the Life Sciences Tools market, with a particular focus on LGC, for over five years, and have been very impressed by LGC’s scientific capabilities and the resulting continuous organic growth. LGC represents a strong fit with Astorg’s strategy of investing in differentiated leading global B2B players headquartered in Western Europe and North America. Based on our sector work, we have already identified promising future M&A opportunities to actively work on the M&A-led growth in close cooperation with management.”

Tim Robinson, Chief Executive of LGC, commented:

“We are delighted that Astorg and Cinven have chosen to partner with LGC for the next chapter of our history. Cinven and Astorg have a strong track record of investing in and supporting the growth of global companies in the Life Sciences Tools sector. Together we will continue to invest in serving our customers and supporting the development of our employees. In the past few years, LGC has strengthened its international reach and grown significantly in its chosen markets. Astorg, Cinven and LGC’s senior management are aligned in building on this momentum with a clear strategy for growth, delivering Science for a Safer World.”

Cinven is a leading international private equity firm with a long track record of successfully investing in market-leading, growth-oriented companies serving the pharma and life sciences industry, including its investments in CeramTec, the manufacturer of high performance ceramics for application in the medical and industrial end-markets; and Sebia and Phadia – both in-vitro diagnostics companies. In addition, Cinven is currently invested in Synlab, a leading European clinical diagnostics laboratory group; and Stada, a leading global manufacturer of prescription generics and OTC products.

Astorg is a leading independent private equity firm with over €8 billion of assets under management. Astorg seeks to partner with entrepreneurial management teams to acquire market leading global companies headquartered in Western Europe and North America, working together to create value through the provision of strategic guidance, experienced governance, and adequate capital. Astorg enjoys a distinct entrepreneurial culture, a long-term shareholder perspective, and a lean decision-making body enhancing its reactivity. Though not specialised, Astorg has gathered valuable industry expertise in software, healthcare, business-to-business professional services, and technology-based industrial companies. Astorg has offices in London, Paris, Luxembourg, Frankfurt, and Milan.

Cinven and Astorg have more than 40 years history of investing in and supporting companies to drive value creation and reach their growth potential.

Financial terms of the transaction were not disclosed, with completion of the transaction subject to regulatory approval and other customary clearances.

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EQT Infrastructure to merge IP-Only and GlobalConnect

eqt

  • EQT Infrastructure to merge IP-Only and GlobalConnect to create a leading Northern European fiber-based datacom provider and supplier of cloud enabling infrastructure
  • The merger strengthens the combined company’s product and service offering in driving digital transformation for both B2B and B2C customers and provides a solid platform for accelerated investments in new technologies and continued fiber rollout
  • EQT Infrastructure is committed to actively supporting the combined company for further growth and expansion in key markets

EQT today announces the intention to combine EQT Infrastructure III and IV (“EQT Infrastructure”) portfolio companies GlobalConnect and IP-Only. The combined entity will be better positioned to serve the growing demand of national and international customers, and the scale of the combined organization will allow strengthened innovation and investment to bring new technologies and solutions faster to the market.

IP-Only owns and operates approximately 16,000 km fiber-based network infrastructure that, together with leased lines, covers 230 out of 290 Swedish municipalities. The company today connects more than 200,000 homes and serves more than 3,000 business customers.

GlobalConnect is the leading alternative fiber-based data communication and data center services provider in Norway, Denmark and Northern Germany. In total, the company owns and operates approximately 42,000 km of fiber-based network and 18,000 sqm of data center space, used to offer a full range of communication infrastructure services including bandwidth connectivity, colocation and cloud infrastructure to a range of businesses. GlobalConnect has around 24,000 business customers and serves around 83,000 private customers in Norway through its Homenet brand.

The intended merger between IP-Only and GlobalConnect will accelerate the two companies’ growth agendas. The combination will create a leading digital infrastructure provider to businesses, public institutions and consumers with comprehensive national and cross-border fiber networks and a unique position in Northern Europe.

In 2018 the two companies had combined revenues of approximately EUR 520 million and employ more than 1,500 people across the Nordics and Northern Germany.

Martin Lippert, CEO of GlobalConnect, will lead the joint organization. Lippert comments: “The vision of merging IP-Only and GlobalConnect is to create a leading provider of digital infrastructure for businesses, public institutions and fiber networks to consumers in the Nordics and Northern Germany, and we will have both the scale and competencies to deliver on that vision. Together, we can rapidly and more vigorously expand our infrastructure and offer the newest products and services to our customers.”

Daniel Perez, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, comments: “We are deeply impressed with the development of GlobalConnect since the creation of the Danish-Norwegian group in 2018 and consider a merger between GlobalConnect and IP-Only to be a natural next step in our strategy to build the leading Northern European provider of integrated digital infrastructure.”

Masoud Homayoun, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, concludes: “Based on similar strategic development trajectories and ambitions, we believe that a merger between IP-Only and GlobalConnect will create a combined organization and fiber networks with a compelling position in the region, and EQT will continue to support proactive investments to the benefit of customers and partners.”

The merger is expected to be implemented and a new organizational structure will be designed in the coming months. The two companies will continue to operate as separate entities with separate names and brands until further notice.

Contacts
Masoud Homayoun, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, +46 8 506 553 48Daniel Perez, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, +46 8 506 553 90
EQT Press office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 41 billion in assets under management across 20 active funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on Twitter and LinkedIn

About IP-Only
IP-Only is a fast-growing independent provider of high capacity fiber-based data communication to consumers and enterprises in Sweden. IP-Only owns and operates high-capacity fiber network infrastructure. Founded in 1999, IP-Only today owns and operates ~16,000 km fiber-based network infrastructure that, together with leased lines, covers 230 out of 290 Swedish municipalities. The Company connects more than 200,000 homes and serves more than 3,000 companies.

IP-Only has more than 600 employees, revenues of SEK 2.0 billion in 2018 and headquarter in Stockholm and Uppsala in Sweden.

More info: www.ip-only.se

About GlobalConnect
GlobalConnect is the leading alternative fiber-based data communication and data center services provider in Norway, Denmark and Northern Germany. In total, the company operates approximately 42,000 km of fiber and 18,000 sqm of data center space, used to offer a full range of communication infrastructure services including bandwidth connectivity, colocation and cloud infrastructure to a range of businesses. GlobalConnect har has 24,000 B2B customers and also serves 83,000 private customers in Norway through its Homenet brand.

GlobalConnect has more than 900 employees, revenues of DKK 2.5 billion in 2018 and headquarter in Taastrup, Denmark and Fornebu, Norway.

More info: www.globalconnect.dk

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KKR Agrees Sale of LGC to Cinven and Astorg

KKR

LONDON–(BUSINESS WIRE)–Nov. 21, 2019– KKR, a leading global investment firm, announces today it has agreed to sell LGC, a global leader in the Life Science Tools sector, to a consortium led by Cinven and Astorg. Financial terms of the transaction were not disclosed.

LGC provides a comprehensive range of measurement tools, proficiency testing schemes, supply chain assurance standards and specialty genomics reagents underpinned by leading analytical and measurement science capabilities. Its scientific tools and solutions form an essential part of its customers’ quality assurance procedures and enable organisations to develop and commercialise new scientific products and advance research. The company serves customers across a number of end markets, including human healthcare, agri-food and the environment. LGC’s revenue has risen to over £448m in 2019, with organic revenue growth accelerating to 10% pa since 2016.

Tim Robinson, CEO, LGC said: “Under KKR’s ownership, LGC has further built on its mission to deliver Science for a Safer World. Our company has extended its capabilities in the areas of chemical reference standards, clinical reference materials and controls, management system standards, oligo therapeutics and next-generation sequencing. We have achieved strong organic growth aided by investment in key sites in the UK, US, Germany and China and supplemented by a range of highly complementary acquisitions. We are delighted that Cinven and Astorg have chosen to partner with LGC for the next chapter of our history. Together we will continue to invest in serving our customers and supporting the development of our employees.”

Edouard Pillot, Member and EMEA Head of Industrials at KKR, said: “LGC is a good example of KKR’s successful approach in building great companies. We identified LGC as a strong and resilient business with significant potential for further growth, and worked alongside management to support them in harnessing this potential. Tim and the LGC team have done an outstanding job over the past 4 years building LGC into a global leader. We wish them every success during their next stage of growth.”

Kugan Sathiyanandarajah, Director in the Healthcare Industry Team and Head of Europe for the Healthcare Strategic Growth Fund, said: “In 2016, we saw significant potential to build a leading global life sciences tools platform across Standards and Genomics. Since then, we are delighted to have deployed the full range of KKR’s global platform and healthcare sector expertise to support the company to grow and enter new markets, particularly in the U.S. and Asia, both organically and inorganically.”

LGC has its headquarters near London, and employs over 3,200 employees across 22 countries.

-Ends-

For more information:

About LGC

LGC is a global leader in the Life Science Tools sector, which serves customers across a number of end markets, including human healthcare, agri-food & the environment. LGC provides a comprehensive range of measurement tools, proficiency testing schemes, supply chain assurance standards and specialty genomics reagents underpinned by leading analytical and measurement science capabilities. Its scientific tools and solutions form an essential part of its customers’ quality assurance procedures and enable organisations to develop and commercialise new scientific products and advance research.

LGC’s 3,200+ employees include internationally-recognised scientists who are experts in their field. Headquartered in London, it operates out of 22 countries worldwide and is extensively accredited to quality standards such as GMP, GLP, ISO 13485, ISO 17034, ISO 17043, ISO/IEC 17025 and ISO 9001.

LGC has been home to the UK Government Chemist for more than 100 years and is the UK National Measurement Laboratory and Designated Institute for chemical and bio measurement. LGC has been privately-owned since 1996 and has diversified through internal investment and acquisition to be an international leader in its chosen markets.

For more information, please visit www.lgcgroup.com

About KKR

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

Source: KKR

KKR:
Alastair Elwen
Finsbury
Phone: +44 (0) 20 7251 3801
Email: alastair.elwen@finsbury.com

LGC
Guenaelle Holloway
Phone: + 44 (0) 20 8943 7563
Email: guenaelle.holloway@lgcgroup.com

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