Monthly Archives: December 2019

Sovereign takes private leading European IP services provider Murgitroyd in a £65m deal

Sovereign Capital

Sovereign Capital Partners, the UK private equity Buy & Build specialist, is delighted to announce that it has ‘taken private’ from AIM, Murgitroyd Group PLC, in a £65m transaction.

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Sovereign is backing the management team led by Edward Murgitroyd, CEO, to support the continued development of the Group and deliver greater global presence through a strategy of Buy & Build.

Murgitroyd is a leading European provider of IP services. The Group delivers patent and trade mark legal advice together with a breadth of IP support services to meet the IP needs of its international client base.

Established in 1975 and headquartered in Glasgow, Murgitroyd operates from a network of offices in countries including the UK, US, Germany, France, Ireland, Finland and Central America, and employs a team of over 300. The business offers a rare proposition in the IP market by providing an integrated attorney led offering and associated IP support services capability.

As well as backing Murgitroyd to develop its global presence through Buy & Build, Sovereign will also be supporting the business to further develop its tech-enabled platform and support service offerings.

Jonathan Thorne, Director, Sovereign Capital Partners commented: “Murgitroyd is a very successful business, providing the highest quality of services to its clients and operating in a global market where the levels of outsourcing for both corporates and SMEs continues to increase alongside the complexity of multi-jurisdictional IP activities. We are delighted to have the opportunity to work with the management team to build upon the Group’s service offering and geographic reach.”

Edward Murgitroyd, CEO, Murgitroyd Group PLC: “I am very proud of how the Group has grown both organically and through strategic acquisition since my father established the business from a single office in Glasgow over 40 years ago. We have continued to thrive over the years and today Murgitroyd is a global business providing clients with an attractive combination of complex attorney work together with a highly efficient IP support services offering. We are very excited about the opportunity to further develop the Group with Sovereign’s investment and partnership.”

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MAPAL and Flow Hospitality Announce Combination

Providence

MAPAL and Flow Hospitality Announce Combination to Create a Leading Pan-European Provider of Technology Solutions for the Hospitality Sector

MADRID AND EDINBURGH – 20 December 2019 – MAPAL Software (“MAPAL”), a developer and supplier of workforce management, business analytics and back-of-house software for the hospitality sector, and Flow Hospitality Training (“Flow”), a learning management system for the hospitality sector, today announced a combination to create a leading provider of technology solutions for the European hospitality sector. MAPAL is backed by Providence Strategic Growth (“PSG”), the growth equity affiliate of Providence Equity Partners. Jorge Lurueña, Founder and CEO of MAPAL, will lead the combined entity with the support of the existing management teams of MAPAL and Flow. Ruth and David Wither, Founders of Flow, will step down from their day to day leadership responsibilities – but have reinvested in the combined entity, with David remaining as a Non-Executive Director.

“Today’s announcement is a testament of the hard work and commitment of the entire team at Flow since we launched over 10 years ago,” said David Wither, Co-Founder of Flow. “Together we have built an outstanding business that innovatively solves a major challenge faced by the industry: a need for relevant technology that accelerates employee training and development. We are confident that this combination with MAPAL – supported by the team at PSG – will enable the business to make an even greater impact going forward and Ruth and I have decided that now is the right time to transition the stewardship of Flow to new investors. We are excited for what the future holds – and we believe that Jorge, with the support of our current management team, is the ideal leader to help Flow and MAPAL transition to this next chapter.”

Flow delivers a suite of online training modules to over 400,000 unique users through FlowZone Manager – its flagship management system that allows employers to issue training, track results, plan and manage learning and development, competencies and appraisals. The benefits of this combination between two highly complementary businesses are significant. MAPAL’s advanced and user-friendly workforce management, analytics and back-of-house solution – and Flow’s learning and development solutions – will create a business that can offer stronger technical capabilities and a more robust end-to-end service to hospitality companies throughout Europe.

Jorge Lurueña, Founder and CEO of MAPAL, said: “We believe this alliance will create more opportunities for Flow and MAPAL. Ruth and David have built a tremendous business – offering a complete solution that brings real benefit to its loyal client base – and we are grateful for the trust they have placed in us. I look forward to working with my new colleagues and am thrilled to be leading this next phase of growth.”

Edward Hughes, Managing Director of PSG, said: “MAPAL and Flow are already established providers of tech-enabled solutions for a variety of global companies in the hospitality sector and we are confident that together they will create a significantly scaled-up business with a larger suite of capabilities and reach to provide essential solutions to customers.”

EY’s UK Corporate Finance team was sole financial adviser to the shareholders of Flow, and originated the transaction.

About MAPAL Software
MAPAL was founded in 2008 by Jorge Lurueña, an experienced restaurant operator, who recognised that restaurant businesses needed specialist tools to automate and optimise management processes. Bringing together industry experts, data scientists and software developers to create GIRnet, the management and business intelligence platform that key players in the sector use today, has driven MAPAL’s success. MAPAL boasts a large portfolio of clients operating well-known brands such as La Tagliatella, Burger King, Starbucks, KFC, Taco Bell, Pizza Hut, Grupo Areas or Five Guys, among others.

About Flow Hospitality Training
Founded in 2009 by David and Ruth Wither and based in Edinburgh, Scotland, Flow is a learning management system for the hospitality sector staffed by a team of over 55 people. Flow’s flagship FlowZone Manager platform enables employers to have direct and immediate visibility to all stages of employee development. FlowZone Manager can be integrated to employers’ HR and payroll systems – especially Fourth, Selima, S4 Labour, CoreHR, and TimeTarget – and is relied upon by leading hospitality brands, including Soho House, Firmdale Hotels, and Gleneagles.

About Providence Strategic Growth Capital Partners LLC
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston, MA, with offices in London. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.

Media Contacts

Flow Hospitality Training
Exchange Tower, Edinburgh
+34 917681560
enquiries@flowhospitalitytraining.co.uk

MAPAL Software
C/ Arte 21 – 28033 Madrid
+34 917681560
admin@mapalsoftware.com

Providence Strategic Growth
Sard Verbinnen & Co
Conrad Harrington/ Giles Bethule
+44 207 4671 050
Prov-SVC@SARDVERB.com

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KKR Sells European Locomotive Leasing to AXA Investment Managers – Real Assets and Crédit Agricole Assurances

KKR

Leading European leasing provider for rail transport co-founded and built by KKR’s Infrastructure platform

LONDON–(BUSINESS WIRE)–Dec. 20, 2019– KKR, a leading global investment firm, announces today the signing of a definitive agreement under which a consortium formed by AXA Investment Managers – Real Assets, acting on behalf of its clients (“AXA IM – Real Assets”) and Crédit Agricole Assurances will acquire European Locomotive Leasing (“ELL”), a leading pan-European provider of electric locomotive leasing solutions.

ELL was established in early 2014 by founder and CEO Christoph Katzensteiner together with KKR’s first Infrastructure fund, KKR Global Infrastructure Investors. The investment rationale was to meet the significant and unfulfilled market demand for modern, versatile electric locomotives, thereby supporting the broad political agenda to shift freight transportation from road to rail – a more economic and ecological transportation method – as well as to facilitate liberalization and competition in the rail market by offering leasing solutions to market players. Since its inception, the company has thrived and significantly exceeded initial expectations. While the initial business plan foresaw the purchase of a fleet of 50 locomotives, the company has after five years of operations built a fleet of over 150 locomotives that are leased on long-term contracts to over 20 customers across Continental Europe.

During that period, KKR has provided consistent support to the ELL team including through its dedicated Capital Markets team, which has led several rounds of financing for the company, each time expanding and enhancing the initial financing package put in place at inception of the company in 2014. The investment demonstrates KKR’s unique proposition in the infrastructure space, bringing experience of over four decades of building and improving businesses to the infrastructure sector, with a particular focus on businesses that have a strong ESG impact.

Vincent Policard, Member at KKR in European Infrastructure, said: “Having been there from day one, we are especially proud of what we have been able to create over the last five years together with Christoph and his incredible team. We have no doubt the future of ELL is bright and we will continue to cheer for the company from the sidelines.”

Christoph Katzensteiner, founder, CEO and minority shareholder in ELL, said: “I would like to thank KKR for having believed in us from the beginning and having enabled me and my team to turn the vision we had for ELL into a successful reality. I also want to welcome AXA IM – Real Assets and Crédit Agricole Assurances as our new partners, who will provide significant further resources to bring our company to the next level.”

The investment in ELL was made through KKR Global Infrastructure Investors, KKR’s maiden vehicle in the infrastructure space raised in 2011/2012. KKR has been active in the infrastructure space for a decade and currently has around $20bn AUM. The global infrastructure platform has completed over 30 investments in that period, half of those in Europe, across the energy & utility, transportation and telecom sectors. The team is currently investing KKR Global Infrastructure Investors III, a USD 7.4bn vehicle raised in 2018, and has been active in Europe this year with transactions including the acquisition of a majority stake in Hyperoptic, a leading UK fiber broadband provider.

Crédit Agricole CIB acted as financial advisor to KKR Infrastructure; Vinson & Elkins and K&L Gates served as legal counsels on the transaction.

For more information:

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

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Alastair Elwen
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Raphael Eisenmann / Stephanie Lorbach
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Absorb Software Acquires ePath Learning, 3rdAcquisition in 2019Latest Deal Advances Global Leadership Position for Absorb in Fast-Growing LMS Market

Calgary, Alberta, Canada(December 20, 2019) –Absorb Software, provider of the Absorb Learning Management System (LMS) and the newly introduced Absorb Infuse, today announced the acquisition of ePath Learning, a leading cloud-based learning technology company in Connecticut. This marks the third acquisition of the year for Absorb, as the company continues its aggressive growth strategy into 2020. “Our mission has been clear since the beginning –to establish Absorb as the global leader in LMS and deliver significant value to our customers. Acquiring ePath Learning provides a tremendous opportunity to accelerate this vision, and represents yet another exciting opportunity to expand our footprint in the fast-growing LMS industry,” said Absorb CEO Mike Owens. “This is a great strategic fit for ePath Learning.After two decades of success, the Absorb dealenables us to continue delivering on our promise to provideworld-class learning management technology to customers,” said Dudley Molina, President and CEO of ePath Learning.The ePath Learning acquisition follows the August 2019 purchase of eLogic Learning. Absorb also purchased Utah-based SaaS LMS provider Torch LMSlast May. The company now serves more than 1,100 active customers with 255 employees across eight international offices.Business momentum has been validated by a series of recent industry accolades and award wins. Absorb was listed on Training Industry’s 2019 Top 20 Learning Portal/LMS Companies. In addition, the company received the highest overall rating in Gartner Peer Insights’“Voice of the Customer”: Corporate Learning Reportthis fall. Most recently, Absorb won a highly-coveted Brandon Hall Group Silver Award for Best Advance in Learning Management Technology, and was recognized with a prestigious Editors’ Choice Award byPCMag. Absorb is a portfolio company of Silversmith Capital Partners. Choate Hall & Stewart served as legal counsel to Absorb Software.

About Absorb Software

Absorb Software is a learning technology company based in Calgary, Alberta Canada, with global offices in London, Dublin, Shanghai, Sydney, Boston, Tampa and Salt Lake City. Absorb offers both Absorb Infuse, the first Learning Experience Platform (LXP) to offer a true in-the-flow learning experience, and its flagship product, Absorb LMS, an industry-leading and award-winning Learning Management System for businesses, higher education, government and non-profit agencies around the world.

Learn more at www.absorblms.com, or follow the company on LinkedIn, Facebook, or Twitter.About Silversmith Capital PartnersFounded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $1.1 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. The firm seeks to invest $15 million to $75 million per company. Representative investments include ActiveCampaign, Centauri Health Solutions,

Digital Map Products, Impact, LifeStance Health, MediQuant, Nordic Consulting Partners, and Validity. The partners have over six decadesof collective investing experience and have served on the boards of numerous successful growth companies including Ability Network, Dealer.com, Liazon, Liberty Dialysis, MedHOK, Net Health, Passport Health, SurveyMonkey, Wrike and Yapstone. For more information, visit www.silversmithcapital.com.

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EQT Real Estate sells TechnologiePark office portfolio in Cologne, Germany

eqt

  • EQT Real Estate completes its first exit from Germany – a 116,500 sqm, seven building, multi-let office portfolio, with 97 percent occupancy, located in close proximity to Cologne’s central business district
  • During its three-year ownership period, EQT Real Estate completed a number of value-creation strategies including an update of the physical structure of the buildings, an improvement of the tenant experience and a stabilization of the income profile by proactively engaging in lease renewals and extensions

EQT Real Estate fund I (“EQT Real Estate”) today announced that it has disposed of its 100 percent ownership interest in the TechnologiePark portfolio in Cologne, Germany (“TPK”) to TPG Real Estate Partners.

TPK contains seven high-quality assets located in the Ehrenfeld district of Cologne, comprised of six Grade A office properties spanning approximately 81,500 sqm and the Mercedes-Benz Centre, a regional car showroom hub and a full service-center spanning approximately 35,000 sqm. TPK serves a prominent group of tenants with long-term rental agreements including Daimler AG, Ford Motor Company as well as the German Government. The office park is located near TechnologiePark station which provides a direct, 10-minute rail link to Cologne Central Station.

After acquiring the portfolio out of insolvency at a substantial discount to replacement cost in late 2016, EQT Real Estate implemented a robust set of value creation initiatives through a multi-pronged, hands-on asset management plan including implementing accretive lease renewals, completing physical improvements of the buildings and streamlining the operational management of the portfolio. In addition, important sustainability measures were taken into consideration in all maintenance and capital expenditure programs as well as including “green lease” clauses when re-gearing tenants, both of which are consistent with EQT Real Estate’s thematic approach to sustainable investing.

EQT Real Estate believes that its business plan objectives were met and is confident that TPG Real Estate Partners will be able to navigate the portfolio through its next phase of growth, especially as the Cologne real estate market continues to remain supply constrained.

Rob Rackind, Partner at EQT Partners and Investment Advisor to EQT Real Estate, said: “TPK is a perfect example of how the integrated pan-European advisory team supported value creation through complex and intensive asset management workstreams and successfully sold this high-quality asset into Germany’s deep institutional market. This realization, together with the exit of Code, a 5,800 sqm office redevelopment in Paris earlier this year, confirms that EQT Real Estate´s thematic investment approach, which includes investing in gateway cities across Europe, is generating attractive risk adjusted returns for our investors.”

EQT Real Estate has been advised by Ashurst, Colliers International and RheinReal.

The transaction closed on 19 December 2019. Terms of the transaction were not disclosed.

Contact
Rob Rackind, Partner at EQT Partners, Investment Advisor to EQT Real Estate, +44 208 432 54 07
EQT Press Office, press@eqtpartners.com +46 8 506 55 334

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 EQT Real Estate fund I
EQT Real Estate fund I seeks to make direct and indirect controlling investments in real estate assets, portfolios and operating companies that offer significant potential for value creation through repositioning, redevelopment, refurbishment and active management. The investments will typically range between EUR 50 million and EUR 200 million. The fund is advised by an experienced team of real estate professionals from EQT Partners, all of whom have extensive knowledge of property investment, development and intensive “hands-on” asset management along with access to the full EQT network, including 13 European offices and more than 250 EQT Advisors.

About TPG Real Estate

TPG Real Estate (“TPGRE”) is the real estate platform of TPG, a leading global alternative asset firm with more than $111 billion of assets under management and 17 offices around the world. TPGRE includes TPG Real Estate Partners (“TREP”), its equity investment platform, and TPG Real Estate Finance Trust (NYSE: “TRTX”), its debt origination and acquisition platform. TREP focuses primarily on investments in real estate-rich companies, property portfolios, and select single assets located in North America and Europe. TRTX originates and acquires senior real estate loans across a broad spectrum of asset classes in North America. TPGRE currently manages approximately $11.9 billion in assets across both platforms.

More info: www.tpg.com

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Glovo grabs €150M SERIES E led by Mubadala for its ‘Deliver Everything’ APP

Seayaventures

The Spanish on-demand delivery start-up reaches unicorn status after securing €150M in Series E funding, led by Mubadala.

The latest round of investment sees Glovo consolidate its position in the market and cement its status as a global leader in the on-demand delivery sector, as it moves towards profitability.

Barcelona, 20 December 2019 — Glovo, one of the world’s fastest-growing on-demand delivery players, announced €150 million ($167 million) in Series E funding. The latest round of investment is being led by Mubadala, with further support from previous investors Drake Enterprises, Idinvest and Lakestar.

Following the close of its most recent investment round, the company has secured its status as a unicorn, making it only the second privately held business in Spain to surpass a $1 billion valuation.

The Barcelona based start-up — which delivers everything from food to groceries and pharmaceutical items —  has consolidated its position within its markets, which include Europe, Latin America and Africa. It is among the top two delivery players in 24 of the 26 countries in which it operates and has consolidated itself as a global leader in the on-demand delivery sector.

Fuelling technology talent across European tech hubs 

As Glovo scales globally, it is committed to taking its engineering capabilities and technology systems to the next level. The company recently entered the Polish market, acquiring Pizza Portal in a €35 million deal and investing in a second technology hub in Warsaw. It plans to expand its global tech team by hiring 300 additional engineers by mid-2020, with 40 dedicated engineers and 50 tech and product experts to be based in its new Warsaw office.

By channelling the new investment towards the expansion of its tech team, the start-up will continue to strengthen its tech offering by further streamlining its user experience, reducing the waiting time for couriers and customers, and opening new dark stores and cook rooms.

More focus on groceries and partnerships with leading retailers

Glovo will continue to innovate in the delivery sector and build out its multi-category offerings, delivering beverages, pharmaceutical products and other everyday items. To spur on the growth of its groceries category, Glovo will continue to seek strategic partnerships, similar to its deal with Carrefour, and invest in its own dark supermarkets.

The company currently operates seven dark stores in Europe and Latin America — with locations in Barcelona, Madrid, Buenos Aires and Lima — and plans to open 100 by 2021.

Oscar Pierre, Co-founder and CEO of Glovo, said: “We’re very pleased to welcome Mubadala as an investor, as well as to further strengthen our position within the industry.

“To have achieved unicorn status is something truly exciting and a testament to the talent within the company, and its determination to keep innovating and disrupting the on-demand delivery space. Despite our rapid growth and new status, we still have the same vision we’ve always had: to make everything within the city instantly available to our customers.”

Frederic Lardieg, Partner in the Ventures Europe team at Mubadala Capital, said: “In June 2018, Mubadala launched a €400 million fund to invest in leading European technology companies like Glovo. Our investment is a testament to our commitment to the European tech market and we are excited to lead this Series E funding round to enable Glovo to grow its team and support the expansion of its offering.”

About Glovo 
Glovo is an app that allows you to buy, collect and send any product within the same city in under an hour. It has more than 1.8 million active users monthly and 25,000 associated partners. Glovo operates in 288 cities across 26 countries, including EMEA, LATAM, and most recently in Sub-Saharan Africa. Glovo currently employs over 1,500 people globally, with 600+ in the Barcelona HQ, and over 50,000 active Glovers make money from the platform.

About Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for its shareholder, the Government of Abu Dhabi.

Mubadala’s US $229 billion portfolio spans five continents with interests in multiple sectors including aerospace, ICT, semiconductors, metals and mining, renewable energy, oil and gas, petrochemicals, utilities, healthcare, real estate, pharmaceuticals and medical technology, agribusiness and a global portfolio of financial holdings across all asset classes. Mubadala has offices in Rio de Janeiro, Moscow, New York and San Francisco, with a joint venture in Hong Kong.

Mubadala is a trusted partner, an engaged shareholder and a responsible global company that is committed to world-class standards of governance.

About Seaya Ventures
Based in Madrid, Seaya Ventures has been backing the best entrepreneurs and teams from Spain and Latin America since 2013. Seaya focuses on supporting founders in scaling their businesses enabling them to become global leaders.

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Alt Hotels concludes a $50-million transaction to continue its expansion

Cdpq

Québec, Private Equity Montréal,
 
The Québec chain aims to develop new hotels in the coming years
Germain Hotels announced a new $50-million round of investment in ALT Canada Investment Partnership L.P. The round will enable the company to pursue its growth strategy for the Alt Hotels brand across Canada, namely by developing new hotels in the coming years.Caisse de dépôt et placement du Québec was the lead investor on the transaction, alongside a group of private and institutional investors that includes Investissement Québec, Fonds de solidarité FTQ, iA Financial Group and La Capitale. This is the third round of investment in the hotel chain and brings total investments in Alt Hotels to $210 million since 2011. This capital has paved the way for the brand’s expansion from two hotels in Québec City and Brossard in 2008 to a Canada-wide chain operating or developing 12 locations from Calgary to St. John’s.

Christiane and Jean-Yves Germain, Co-Presidents of Le Germain Hotels, said:

“We are pleased to be able to once again count on the support of our partners, some of whom have been with us since the very beginning of Germain Hotels in 1988. Building on the success of our boutique hotel concept, we are determined to pursue our growth across Canada in the years to come and continue serving clients whose expectations are increasing and are looking for unique experiences.”

Charles Émond, la Caisse’s Executive Vice-President, Québec, Private Equity and Strategic Planning, said:

“Since the creation of Alt Hotels, we have been supporting the expansion of this Québec-based leader, which is successfully navigating a rapidly changing industry where the quality of the guest experience and ability to innovate are key. This latest investment will allow the Alt brand to continue to grow and to add new hotels to the chain, whose success benefits our depositors and showcases Québec talent across Canada.”

ABOUT ALT HOTELS

At Alt Hotels, we march to a different beat by giving guests the best of what they want without any extra fluff. Alt Hotels are located in Calgary, Saskatoon, Winnipeg, Toronto, Ottawa, Québec City, Montréal, Brossard, Halifax and St. John’s, and soon at the Ottawa airport and University of Calgary. Alt Hotels. Stay unconventional.

ABOUT GERMAIN HOTELS

Germain Hotels is a Canadian family-run business that owns and operates Le Germain Hotels, Alt and Alt+ Hotels across Canada. Ranked as one of Canada’s 50 best-managed companies, the business is known for its exceptional hospitality philosophy and the unique style that characterizes its hotels. Celebrating its 30th anniversary in 2018, the 1,500-employee company has already reached its ambitious target of 20 hotels by 2020, and now aims to become the first independent hotel company to offer travellers a truly Canada-wide chain of hotels. Visit Germain Hotels.

ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2019, it held CAD 326.7 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

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ARDIAN acquires Cérélia, a leading transatlantic provider of innovative Bakery Solutions from IK INVESTMENT PARTNERS

ik-investment-partners

Paris and New York, December 19, 2019 – Ardian, a world leading private investment house, announced today that it is acquiring Cérélia (“the Company”), from the IK VII Fund, advised by IK Investment Partners (“IK”).  Cérélia is a leading transatlantic provider of innovative bakery solutions with a product portfolio including ready-to-bake pie and pizza dough, pancakes, crepes and cookies.  The Company’s products provide consumers with a wholesome and convenient baking experience.  The management team, led by Guillaume Réveilhac, will own a meaningful stake alongside Ardian.

Headquartered in Paris, Cérélia employs over 1,600 people, operates 12 facilities across Europe and North America, sells its products in more than 50 countries around the world and generates nearly €500 million of revenue.  The Company traces its roots to Alsacienne de Pâtes Ménagères, which in 2012 merged with Eurodough to form Cérélia.  In 2015, the Company and IK broadened its strategy through the acquisition of de Bioderij, which extended its product portfolio into pancakes and crepes and launched the Company into the North American and Asian markets.  Over the past three years, Cérélia also acquired two complementary businesses, English Bay Batter and Bakeaway, to further expand its product portfolio and geographic reach, most notably throughout the United States, Canada and the United Kingdom.

Cérélia has experienced a tremendous track record of growth in Europe due to its focus on quality, impeccable service and new product innovation – including a range of organic, gluten-free and wholesome products – alongside an ambitious, yet thoughtful acquisition strategy.  Today, Cérélia holds leadership positions in multiple core European markets and is rapidly building a portfolio of innovative bakery products in North America.

Cérélia has an unwavering commitment to sustainability, utilising farming practices that promote biodiversity, local production whenever possible and green energy to reduce its carbon footprint.  Furthermore, the Company’s continued prioritisation of innovative production practices and reduction of packaging materials will support the growth of disruptive new product opportunities.

Guillaume Réveilhac, Founder and CEO of Cérélia, said: “The Cérélia team is delighted to begin this new chapter in the company’s development, and we thank the IK team for their support and guidance over the last five years.  Together we have dramatically grown Cérélia to become a leader in the European bakery segment. We are excited to partner with Ardian as the team has a strong collaborative approach, a core skill set and an extensive network. We were also convinced by Ardian’s primary business philosophy, a set of values that we also share. Our common goal is founded on two aspects: first, strengthen our position on our core-business – refrigerated dough, crepes and pancakes – and second, invest in expanding into adjacent segments and extending our geographic reach.”

Mr. Réveilhac continued: “Over the past ten years, Cérélia has managed to open its capital to a number of employees. We will continue this with Ardian. Our management team is committed to our strategy and has made a significant investment alongside Ardian. I would like to thank our employees for their commitment, support and professionalism, which every day helps contribute to the quality of service we provide to our clients.”

Thibault Basquin, Head of Americas Investments for the Ardian Buyout Fund, said: “We are proud to invest alongside management as we accelerate Cérélia’s growth in Europe and North America. Its undisputed market position in Europe, quality of customer relationships and history of growth reflect the strength of the management team, the employees and the overall commitment to a culture of excellence.  In particular, Ardian is excited to partner with Guillaume Réveilhac and Walter Kluit to drive Cérélia’s organic growth and acquisition strategy. We firmly believe that the Company’s innovative products, use of technology and sustainability initiatives make Cérélia a leader in the bakery category.”

Rémi Buttiaux, Partner at IK Investment Partners and advisor to the IK VII Fund commented: “We have been delighted to help Guillaume Réveilhac and his team transform Cérélia into the global leader it is today. Under our ownership, Cérélia doubled its size in four years, and further developed its product range along with its international footprint through three acquisitions.  The Group’s unique know-how coupled with its manufacturing competitive edge will enable it to smoothly transition into its new development phase.”

Cérélia is the seventh investment of Ardian’s Buyout team in 2019.  With 50 employees across seven offices in Europe and New York, the buyout team invests in high-quality mid- and large-cap companies, applying transformational strategies to become world leaders in their niche markets.

ABOUT Cérélia

Formed in 2012 by merging Alsacienne de Pâtes Ménagères (“APM”, founded in 1994) and Eurodough (former Sara Lee International Bakery division, created in 1974), Cérélia is a leading manufacturer of fresh, ready-to-bake dough solutions for pie and pizza, as well as ready-to-heat pancakes, crepes, cookies and cookie dough.

Thanks to (i) sustained organic growth over many years, driven by a relentless focus on product quality, service levels, and new product innovation (such as the introduction of organic, gluten-free and wholesome products) and (ii) an ambitious, yet thoughtful M&A strategy, Cérélia has become the leader in the European market. In 2015, the Company broadened its strategy through the acquisition of de Bioderij, which extended its product portfolio into pancakes and crepes and launched the Company into the North American and Asian markets. Through the acquisition of Bakeaway in 2016 and English Bay Batter in 2017, Cérélia expanded its presence in the United Kingdom and North America while further diversifying its product portfolio. The Company has meaningful market shares in the private label segment, manufacturing for some of the largest brands in the world alongside its own family of brands, which regularly introduce innovative new products.

www.cerelia.com

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$96bn managed or advised in Europe, North America, Asia, and South America. 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 640 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 more than 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

www.ardian.com

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 130 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.

www.ikinvest.com

PARTICIPANTS

Ardian: Thibault Basquin, Emmanuel Miquel, Christopher Sand, Giorgio Cicala, Maxime Debost

Legal advisor: Latham & Watkins (Gaëtan Gianasso, Bénédicte Bremond, Marine Bazé (corporate), Xavier Renard (tax))

Commercial and strategic advisor: AT Kearney (Jérôme Souied, Nicholas Veg)

Financial advisor: Accuracy (Frédéric Loeper, Romain Proglio, Quentin Mutschler)

Debt advisor: Lazard (François Guichot-Perere, Jean-Philippe Bescond, Emmanuel Plantin)

M&A advisor: Oddo BHF Corporate Finance (Frédéric de Villèle, Thomas Devineau)

IK Investment Partners: Remi Buttiaux, Dan Soudry, Diki Korniloff, Thibaut Richard, Deborah Collignon

Legal advisor: Wilkie Farr & Gallagher (Eduardo Fernandez, Gregory de Saxce)

Financial advisor: EY (Daniel Benquis, Stephanie Merle-Mortel)

M&A advisor: BNP Paribas (Sylvina Mayer, Marc Walbaum, Alban Bouley)

Cérélia Exexutive Committee: Guillaume Réveilhac, Walter Kluit, Bernd Homann, Grégoire Julien, Claude Le Bourg

Management advisors: The Silver Company (Stephane Argyropoulos), Callisto (Charles de Rozières, Tancrède Caulliez), Gide (Jean-François Louit, Caroline Lan)

PRESS CONTACTS

Cérélia

Marianne Szychowski

Executive Assistant to the President

Tél :  +33 (0)3 21 72 75 75

Mob: +33 (0)6 32 99 80 93

mszychowski@cerelia.com

ARDIAN

Emma Murphy / Charlie Mathon

Tel: (347) 968-6800 / (508) 614-0667

ardian@neibartgroup.com

IK INVESTMENT PARTNERS

France:

CTCom

Sibylle Descamps

Tel: +33 (0)6 82 097 007

sibylle.descamps@ct-com.com

International:

Maitland

James McFarlane

Tel: +44 (0)7584 142 665

jmcfarlane@maitland.co.uk

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Exicure Announces Pricing of $27.5 Million Public Offering of Common Stock

Abingworth

CHICAGO & CAMBRIDGE, Mass.–(BUSINESS WIRE)–Dec. 19, 2019– Exicure, Inc. (Nasdaq: XCUR), a pioneer in gene regulatory and immunotherapeutic drugs utilizing spherical nucleic acid (SNA™) constructs, today announced the pricing of the previously announced underwritten public offering of 10,000,000 shares of its common stock at a price to the public of $2.75 per share. Exicure has also granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock to cover overallotments, if any, at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about December 23, 2019 subject to customary closing conditions.

Exicure expects to receive gross proceeds of $27.5 million from the sale of common stock in the offering, prior to deducting underwriting discounts and commissions and estimated offering expenses payable by it. Exicure intends to use the net proceeds from the offering to advance AST-008 through a Phase 1b/2 clinical trial; to initiate a second arm in its Phase 1b/2 clinical trial in cutaneous squamous cell carcinoma; to develop an SNA-based therapeutic candidate for the treatment of Friedreich’s ataxia, initiate IND-enabling studies and advance it into Phase 1 clinical trials; to develop a second SNA therapeutic candidate for a neurology condition and initiate IND-enabling studies; and for general corporate purposes.

Guggenheim Securities is acting as sole book-running manager for the offering. Chardan is acting as lead manager for the offering. H.C. Wainwright & Co. and Ladenburg Thalmann are acting as co-managers for the offering.

The securities described above are being offered by Exicure pursuant to a shelf registration statement on Form S-3 (No. 333-230175) that was declared effective by the Securities and Exchange Commission (SEC) on July 24, 2019. A preliminary prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC and are available on the SEC’s website located at www.sec.gov. A final prospectus supplement and accompanying prospectus describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering may also be obtained, when available, from: Guggenheim Securities, LLC Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017 or by telephone at (212) 518-5548, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.

About Exicure, Inc.

Exicure, Inc. is a clinical-stage biotechnology company developing therapeutics for immuno-oncology, inflammatory diseases and genetic disorders based on our proprietary Spherical Nucleic Acid, or SNA technology. Exicure believes that its proprietary SNA architecture has distinct chemical and biological properties that may provide advantages over other nucleic acid therapeutics and may have therapeutic potential to target diseases not typically addressed with other nucleic acid therapeutics. Exicure’s lead program is in a Phase 1b/2 trial in patients with advanced solid tumors. Exicure is based outside of Chicago, IL and in Cambridge, MA.

Exicure Forward Looking Statements

This press release contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning the Company, the Company’s technology, potential therapies, cash requirements and other matters as well as statements regarding the Company’s intention to conduct an offering and sale of securities, the size of the offering, the completion of the offering and the expected use of proceeds from the offering. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “plan,” “believe,” “intend,” “look forward,” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: unexpected costs, charges or expenses that reduce cash runway; that Exicure’s pre-clinical or clinical programs do not advance or result in approved products on a timely or cost effective basis or at all; the cost, timing and results of clinical trials; the ability to enroll patients in clinical trials; possible safety and efficacy concerns; regulatory developments; and the ability of Exicure to protect its intellectual property rights. Risks facing the Company and its programs are set forth in the Company’s filings with the SEC. Except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement (including without limitation its cash runway guidance) or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Source: Exicure, Inc.

MacDougall
Karen Sharma
781-235-3060
ksharma@macbiocom.com

 

 

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Tikehau Capital partners with Fideuram – Intesa Sanpaolo Private Banking to offer private market solutions to HNWI

Tikehau

Paris, 19 December 2019 – Tikehau Capital, the alternative asset management and investment group, announces a fundraising of over €400 million for a fund aimed at offering European private markets investment solutions to HNW individuals, clients of Fideuram – Intesa Sanpaolo Private Banking, Italy’s largest private banking network.
This initiative leverages Tikehau Capital’s investment platform and established track record to deliver a flexible solution that extracts value across cycles. The fund offers a bespoke, multi-asset solution aimed at providing high net worth individuals with diversified exposure to European private markets. The fund will invest across Private Debt, Private Equity, Real estate, and Special Opportunities.

The fund is the fourth generation of the Fideuram Alternative Investments (“FAI”) platform, and has been subscribed to by almost 3,000 Italian investors, clients of Fideuram – Intesa Sanpaolo Private banking networks.
Gianluca La Calce, CEO of Fideuram Investimenti SGR: “For this fourth edition of the FAI platform, we decided to partner with Tikehau Capital, a leader in the alternative asset management industry throughout Europe. The quality of our platform, combined with Tikehau Capital’s rigorous and diversified investment capabilities, enables us to offer a unique and differentiated investment solution to our private clients.”

Thomas Friedberger, Co-Chief Investment Officer and Chief Executive Officer of Tikehau Investment Management states: “We are proud that Fideuram – Intesa Sanpaolo Private Banking, the leader in the Italian private banking sector, has decided to partner with us to develop this innovative initiative aimed at offering private markets investment solutions to its private clients. This initiative will enable us to further deploy our investment expertise across the European economy and provide a service to high net worth clients.”

About Tikehau Capital:
Tikehau Capital is an asset management and investment group with €24.3bn of assets under management (as at 30 September 2019) and shareholders’ equity of €3.1bn (as at 30 June 2019). The Group invests in various asset classes (private debt, real estate, private equity and liquid strategies), including through its asset management subsidiaries, on behalf of institutional and private investors. Controlled by its managers, alongside leading institutional partners, Tikehau Capital employs more than 500 staff (as at 30 September 2019) in its Paris, London, Amsterdam, Brussels, Luxembourg, Madrid, Milan, New York, Seoul, Singapore and Tokyo offices.
Tikehau Capital is listed on the regulated market of Euronext Paris, Compartment A (ISIN code: FR0013230612; Ticker: TKO.FP)
www.tikehaucapital.com

Press Contacts:
Tikehau Capital: Julien Sanson – +44 20 3821 1001
Finsbury: Arnaud Salla & Charles O’Brien – +44 207 251 3801
press@tikehaucapital.com
Shareholders and Investors Contact:
Louis Igonet – +33 1 40 06 11 11
shareholders@tikehaucapital.com

Disclaimer
This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed.
Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions and beliefs of Tikehau Capital and/or its affiliates. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to Tikehau Capital’s advisory activities in the US or with respect to US persons relates to Tikehau Capital North America.

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