Moda Operandi raises $100 million in new capital

Apax Digital

31 January 2020

Equity Investment Led by New Enterprise Associates and the Apax Digital Fund 

New York – Jan 31, 2020: Moda Operandi, the world’s leading platform for fashion discovery, today announced it has raised $100 million in new equity and debt financing, led by existing investors New Enterprise Associates, Inc. (NEA) and the Apax Digital Fund, with additional participation from the Santo Domingo Family, Comerica Bank and TriplePoint Capital, among others.

Moda Operandi raises $100 million in new capital

Moda will use the proceeds to continue to invest in its core client experience, innovative shopping model, unique curation of fashion, fine jewelry, and home decor, as well as the data and technology systems that power the Moda platform.

“For the past eight years, Moda has disrupted the way people shop for luxury fashion,” said Moda Operandi CEO Ganesh Srivats. “This investment will enable us to build on that innovation, investing further in the client and designer experience and connecting more of the world’s best fashion to more people.”

Dan O’Keefe, Managing Partner of Apax Digital, said: “We continue to be impressed with the power of Moda’s brand and its positioning in the luxury market. Moda has been enhancing its technology capabilities as a world leading platform for fashion discovery and is led by a world-class team. We look forward to continuing to support their expansion.”

“Moda Operandi has really disrupted the traditional ecommerce model, using technology to give people unprecedented access to fashion,” said Tony Florence, General Partner and Head of Technology Investing at NEA. “It was a really big idea when we led the Series A, and today Ganesh and the team are executing on that data-enabled retail model at scale. We are thrilled to continue supporting the company in this latest round.”

The new commitment brings Moda Operandi’s total equity capital raised to date to $345 million.

About Apax Digital

The Apax Digital Fund specializes in growth equity and buyout investments in high-growth enterprise software, consumer internet, and technology-enabled services companies worldwide. The Apax Digital team leverages Apax Partners’ deep tech investing expertise, global platform, and specialized operating experts, to enable technology companies and their management teams to accelerate the achievement of their full potential. For further information, please visit http://digital.apax.com.

Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$50 billion. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

About NEA

New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With more than $20 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 230 portfolio company IPOs and more than 390 mergers and acquisitions. www.nea.com.

About Moda Operandi

Moda Operandi is an e-commerce platform transforming the way people discover and shop for designer fashion. Through its innovative mix of commerce and content, Moda allows women and men to shop for what’s new and what’s next in designer fashion from the world’s leading emerging designers and luxury brands. Founded in 2010, Moda Operandi’s mission is to make it easy for designers to grow their businesses and consumers to realize their personal style. Today, Moda’s platform carries more than 1,000 brands and designers across fashion, fine jewelry and home, and ships to 125 countries. For more information, visit modaoperandi.com.

Media Contacts:

Moda Operandi

Alexandra Valasek | alexandra.valasek@modaoperandi.com

Apax Digital / Apax Partners

Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 | andrew.kenny@apax.com
U.S. Media: Todd Fogarty, Connor Moriarty, Kekst CNC | +1 212 521 4800 | Apax@kekstcnc.com
UK Media: Matthew Goodman / James Madsen, Greenbrook | +44 20 7952 2000 | apax@greenbrookpr.com

NEA

Kate Barrett | KBarrett@nea.com

 

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Insurtech Leader Policygenius Announces $100M Series D Round, Led by KKR

KKR

Investment will accelerate growth with plans to roll out new financial protection products this year

NEW YORK, Jan. 30, 2020 /PRNewswire/ — Policygenius, the leading online marketplace for comparing and purchasing insurance, announced today $100 million in Series D funding led by global investment firm KKR. Existing major investors in the company, including Norwest Venture Partners, Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures and Transamerica Ventures, also participated in the round. Since raising its $30 million Series C round in early 2017, Policygenius has grown annualized revenues to $60 million, a 10 times increase. Policygenius will use the investment for hiring and for broader consumer financial protection products it will unveil in 2020.

Jennifer Fitzgerald and Francois de Lame, co-founders of Policygenius

Founded by Jennifer Fitzgerald and Francois de Lame in 2014, Policygenius provides a digital experience for consumers to navigate the entire insurance buying process. Policygenius has built integrations with the most trusted insurance carriers and industry-leading technology for quoting, underwriting and fulfillment.

Since its founding, Policygenius’ proprietary technology and in-house operations have delivered impressive growth. Policygenius is the fastest-growing life insurance distributor with $45 billion in life coverage issued to date. In 2019, Policygenius launched a new property and casualty insurance offering, which scaled to more than $10 million in revenue in less than 12 months. Collectively, consumers can shop for several types of insurance, including life, home, auto, disability and renters. Buoyed by this growth, the company added about 180 new employees and opened a second headquarters in Durham, North Carolina in 2019.

“Our technology platform delivers a seamless and easy experience for comparing, buying and switching insurance, at scale, nationwide. But what we’re exceptionally proud of is how Policygenius removes the complex and often misleading aspects of the insurance purchasing business entirely,” Jennifer Fitzgerald, CEO and co-founder at Policygenius, said. “With the support of our investors, we look forward to expanding our reach and product portfolio to broader financial wellness.”

“With increased competition in the insurance sector, we believe there’s a need for platforms where customers can easily manage their relationships across a number of insurance policies and carriers throughout their lifetime,” Allan Jean-Baptiste, at KKR, said. “Policygenius has created a model to provide for exactly this, set apart by its sophisticated proprietary technology, and the traction of its marketplace platform among carriers and consumers alike.”

“We are thrilled to be working with Jennifer, Francois and their dedicated team as they continue to transform consumer financial protection,” added KKR’s Jake Heller.

KKR will be making its investment through its Next Generation Technology Fund II, which held its final close earlier this month.

Allan Jean-Baptiste and Jake Heller will represent KKR on Policygenius’ Board of Directors.

About Policygenius
Policygenius is the nation’s leading online insurance marketplace, with headquarters in New York City and Durham, North Carolina. We’ve helped more than 30 million people shop for all types of insurance like they shop for everything else — online. We launched in 2014 and are one of the early insurtech pioneers. We were named one of Inc. Magazine’s Best Workplaces for 2018 and 2019 and ranked in the top ten of 2019’s Crain’s Fast 50. You can see more about open career opportunities with Policygenius by visiting: https://www.policygenius.com/careers/.

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.

Media Contacts

Policygenius
Brooke Niemeyer
Associate Director of Media Relations
brooke.niemeyer@policygenius.com

KKR
Kristi Huller or Cara Major
212.750.8300
Media@KKR.com

(PRNewsfoto/Policygenius)

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/insurtech-leader-policygenius-announces-100m-series-d-round-led-by-kkr-300995710.html

SOURCE Policygenius

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MediFox and DAN Produkte merge to create MediFox DAN Group

HG Capital

Medifox, a leading provider of software solutions to outpatient, inpatient care providers and therapy practices in Germany, has announced the merger with DAN Produkte (“DAN”), a leading German care software provider with a strong presence in inpatient care.

Transaction brings together two leaders of software innovation for the care industry, further strengthening solutions for outpatient and inpatient care providers across Germany

Together, MediFox and DAN have a 55-year history of setting new standards in product innovation and customer service across the care sector. The merger will bring together deep software and industry expertise from both businesses, leading to a number of advantages for customers, employees and other stakeholders: including faster responsiveness to regulatory changes, higher service availability and quality and increased capacity for product innovation. The two companies will form MediFox DAN-Group and will continue to invest in all existing product lines, as well as jointly develop new functionality and improvements. The group will continue to consider further acquisitions.

Hg, the specialist private equity investor focused on software and service businesses, announced its investment in MediFox in 2018 and, today, Hg has invested over $1 billion globally in the healthcare technology sector.

For more information, as well as comments from the MediFox and DAN management teams, please find the full announcement here.

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SCHEMA Group adds Docware to its portfolio of companies

ik-investment-partners

SCHEMA Group, a developer of software solutions for content lifecycle management (Component Content Management System SCHEMA ST4 and Content Delivery Solution SCHEMA CDS), is completing a full takeover of Docware GmbH with effect from 20 January 2020. The service information system manufacturer is the latest addition to the SCHEMA Group’s portfolio of companies. SCHEMA Group had already reinforced their position in this area back in May 2019, by increasing its stake in TID Informatik from 27% to 100%. With the acquisition of Docware GmbH, the SCHEMA Group is now even stronger in this sector. In addition, the SCHEMA Group develops software solutions for generating and maintaining ‘Technical Information’, which, in combination with ‘Service Information’, is seen as the basis for smart content integration into Industry 4.0 and the Internet-of-Things devices.

“The decision to integrate Docware into the SCHEMA Group not only resolves succession issues, it also provides excellent future prospects for our customers and our employees,” enthuses Werner Hofmeister, founder and Managing Director of Docware GmbH. “Under the umbrella of the SCHEMA Group, Docware – together with TID Informatik – is strengthening its presence on the market, which is not only more attractive for decision-makers, but also means customers have a broader product portfolio to choose from. I am sure that this merger will help us to generate huge growth potential for the future.”

Marcus Kesseler, founder and Managing Director of SCHEMA Group, explains: “With Docware, we are gaining another company that has been firmly established on the market for many years. All three companies in the group are leaders in their segment and are showing significant growth. We are also working together on new product innovations, which should give us access to new markets. In the SCHEMA Group, we offer a unique range of products and services that provides significant added value for our customers.”

The acquisition of Docware will increase the number of SCHEMA Group employees to over 250. Together, the companies have more than 1000 customers in over 25 countries. This means SCHEMA Group is now one of Germany’s leading software manufacturers.

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

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

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

SCHEMA. Complex documents easy. www.schema.de

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Hg invests in Intelerad Medical Systems, accelerating growth of best-in-class enterprise medical imaging solutions provider

HG Capital

  • Transaction will reinforce Hg’s focus on healthcare technology, with over $1bn invested to date in the sector globally;
  • Intelerad will look to use this new investment and expertise to maximize client business and health outcomes through innovation and operational excellence.

London, U.K. and Montreal, Canada, 23 January 2020

Hg, the specialist private equity investor focused on software and service businesses, today announces that it has finalized an agreement for an investment in Intelerad Medical Systems™ (“Intelerad”), a leading global provider of medical imaging software and enterprise workflow solutions. The terms of the transaction are not disclosed. The transaction is expected to close in the first quarter of 2020, following satisfaction of customary regulatory approvals.

Founded in 1999, Intelerad is a medical imaging software provider that specialises in diagnostic viewing, reporting and collaboration solutions for radiologists. Headquartered in Montreal (CA), Intelerad has over 400 employees located in various offices in Canada, the United States, the United Kingdom, and Australia. The company serves over 300 healthcare organizations around the world, including radiology groups, imaging centers, clinics and reading groups, and has a strong and growing presence in hospital imaging departments. Intelerad was awarded Best in KLAS recognitions, ranking #1 for PACS Canada and #1 for PACS Asia/Oceania in the 2019 Best in KLAS: Global Software (Non-US) report.

Hg recognizes Intelerad’s leading role in supporting radiologists globally to deliver highly accurate diagnoses at optimum productivity. The business is a key enabler of healthcare delivery against a backdrop of increasing global demands, in radiology, for scalable and more efficient imaging, data management and workflow solutions. Intelerad is led by a highly-talented team who have developed powerful solutions for radiologists, offering both efficiency and a premium service that helps create superior outcomes for both patients and healthcare providers.

Healthcare technology is a core sector for Hg, with an investment focus on healthcare operations, core systems, life sciences digitization, interoperability and population health. Intelerad represents the 5th healthcare technology investment in Hg’s current portfolio, joining Rhapsody + Corepoint, a global leader in healthcare interoperability and data liquidity solutions; Allocate Software, a global provider of healthcare workforce and risk management software; Evaluate, which supplies mission-critical commercial information to the pharmaceutical industry globally; and Medifox, which provides software solutions to ambulatory care services, elderly care homes and therapists.

Hg’s investment will be made from the Hg Genesis 8 Fund and represents the firm’s first investment in Canada and second investment led by the New York office, since opening in 2019. The Hg team was led by Gero Wittemann, Hector Guinness, J-B Brian and David Issott.

Under the terms of the agreement, Hg will acquire Intelerad from Novacap’s TMT IV Fund, and its founders, management and employee shareholders who will all be re-investing into the business alongside Hg.

Paul Lepage, Chief Executive Officer at Intelerad, said:

“Partnering with Hg gives us access to a huge pool of knowledge in global healthcare technology and the opportunity to significantly advance the company’s strategy. We are thrilled to continue making a difference in healthcare with such talented people. As well as welcoming our new investors, I also thank the Novacap team and our colleagues who all worked so hard to get us into this strong position, as well as our customers for their continued trust over the last 20 years. Looking forward to exciting times ahead.”

Gero Wittemann, Partner and co-lead of Hg’s New York team, commented:

“Intelerad has a winning platform that creates significant efficiencies for healthcare organizations, while adding true value to help radiologists and other physicians view, interpret and share medical images. We fully embrace Intelerad’s vision in making a sustainable difference in healthcare and it’s particularly exciting to join Paul and the team at this stage in the company’s journey. We will look to leverage our experience in healthcare technology and our operational experts to support the business strategy through innovation and operational excellence.”

Hg were advised on the investment by Tripletree, Bain, Marwood, EY and White & Case.

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IK Investment Partners joins Amin Khiari and Quilvest by investing in GEDH to accelerate its development

ik-investment-partners

Groupe EDH (“GEDH” or the “Group”), controlled by Quilvest Capital Partners (“Quilvest”) and Amin Khiari, has announced that IK Investment Partners (“IK”), a leading Pan-European private equity firm, has acquired a minority stake in the Group. The investment demonstrates a common willingness to pursue a strong development strategy for the private higher education Group, expanding both in France and internationally.

A pioneer in the field of communication (EFAP), cultural management (ICART) and journalism (EFJ), the Group, managed by Amin Khiari since 2014, received investment from Quilvest in 2017 in order to support its growth plan and in particular its external growth operations. GEDH has since completed the acquisitions of the Brassart and Aries schools, both specialised in the field of digital creation, now combined under the Brassart brand with a presence in 13 cities in France. More recently, the Spanish communication and design university CESINE, based in Santander, joined the Group.

“Our Group has undergone a significant development phase over the past five years through a combination of organic growth, geographic expansion and external growth, increasing from 2,000 to nearly 7,000 students, from three to five schools and from five to twenty campuses. We are proud of these results, rewarding a continuous improvement strategy of both our programs and educational methods to offer an ever better service and professional insertion to our students. The investment from IK will provide us with the necessary resources to pursue a next phase of growth in the coming years, in keeping with the identity and values of our schools,” said Amin Khiari, Chairman of GEDH

IK’s investment will allow the Group to keep up with the financing requirements in its existing schools and through their geographic roll-out, as well as for the acquisition and integration of new campuses in France and abroad, strengthening the position of GEDH as a leader in private higher education in France.

“We are delighted that the management of GEDH and Quilvest have decided to place their trust in us and to be able to contribute to the wider development of these schools. Our approach is based on a clear ambition: to build a champion in higher education in the fields of communication, culture and creation, in France and abroad,” added Thomas Grob, Partner at IK Investment Partners.

Quilvest Capital Partners retains its reference shareholding position in Groupe EDH, alongside Amin Khiari.

“We are familiar with the professionalism and quality of IK Investment Partners’ team and we look forward to building this new team alongside the management of Groupe EDH and continue the fantastic development that we have experienced for several years,” stated Thomas Vatier, Partner at Quilvest Capital Partners.

Parties involved in the transaction

Buyside
IK Investment Partners:  Thomas Grob, Thibaut Richard, Florent Labiale, Adrien Normand
Legal advisor: Goodwin (Thomas Maitrejean, Mathieu Terrisse)
Commercial advisor: PMSI (Rémi de Guilhermier, Lucinda Nicholson)
Financial advisor: Eight Advisory (Lionnel Gerard, Guillaume Catoire)
Legal and tax advisor: PwC Société d’avocats (Jérôme Gertler, Marc-Olivier Roux, Bernard Borrely)

Sellside
Quilvest Capital Partners: Thomas Vatier, Loeiz Lagadec, Hichem Hadjoudj
M&A advisor:  Eurvad Finance (Charles Guigan, Yassine Jnan, Martin Klotz)
Legal advisor: Mayer Brown: Corporate (Olivier Aubouin, Patrick Loiseau Renan Lombard-Platet, Alexandre de Puysegur); Financing (Patrick Teboul, Marion Minard, Julien Léris); Tax structure (Elodie Deschamps, Pauline Barbier)
Financing advisor: Finaxeed (Vincent Rivaillon, Matthieu Lecomte)
Financial advisor: Exelmans (Stéphane Dahan, Richard Dahan, Chenwei Xu, Géraud Delloye)
Legal, tax and real-estate advisor: Delsol: Corporate (Henri-Louis Delsol et Alexandre Zitoune); Tax (Julien Monsenego et Margot Lasserre); Social (Delphine Bretagnolle, Jessica Neufville et Céline Coelho); Real estate (Benoît Boussier et Cérine Chaieb)
Private lenders advisor: Allen & Overy (Jean-Christophe David, Thomas Roy)

Management team
Amin Khiari, CEO
Legal advisor: Gomel Avocats (Arnaud Gomel)
Tax advisor: Ayache Salama (Bruno Erard)

Joint advisors
Private lenders: CIC Private Debt (Pierre-Jean Mouesca, Marie de Taisne, Maureen Planchard); Idinvest (Eric Gallerne, Maxime de Roquette Buisson, Emmanuelle Tanguy)

For further questions, please contact:

IK Investment Partners
France:
CTCom
Sibylle Descamps
+33 (0) 6 82 09 70 07
sibylle.descamps@ct-com.com

International:
Maitland
James McFarlane
+44 (0) 207 379 5151
jmcfarlane@maitland.co.uk

FTI Consulting for Quilvest Capital Partners
Anna Adlewska
+33 (0) 1 47 03 68 56
anna.adlewska@fticonsulting.com

GEDH
Emmanuelle Baruch
e.baruch@groupe-edh.com

About Groupe EDH
Founded in 1961 by Denis Huisman, and succeeded by Amin Khiari in 2014, GEDH is comprised of 5 reference schools, namely EFAP (Communication), ICART (Art and Culture Management), EFJ (Journalism), Brassart (Digital Creation), and CESINE (Design, Marketing and Communication) with 20 campuses in France and abroad.

Benefiting from a powerful network of international partners from the corporate and academic world, GEDH has developed a unique pedagogy focused on strong professional exposure and work experiences. The different schools account for more than 7,000 students and 30,000 alumni throughout the world.

About IK Investment Partners
IK Investment Partners 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. For more information, visit www.ikinvest.com

About Quilvest Capital Partners
Quilvest Capital Partners is the private equity arm of the Quilvest Group, a leading, global, independent wealth manager and private equity investor, which was created by a family of entrepreneurs in Paris a century ago. Since 1972, Quilvest Capital Partners partners with family owners and entrepreneurs of private small and medium sized companies in their ambitious, long-term growth projects. Over the last 40 years, Quilvest has backed over 150 mid-sized companies. Quilvest has a team of 15 investment professionals based in Paris and New York and invests equity tickets comprised between 20 and 70 million euros, through both majority and minority stakes. Quilvest Capital Partners also manages several investment programmes in private equity funds, private debt and private real estate. Quilvest Capital Partners manages around $5 billion of assets.

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General Fusion Closes $65M of Series E Financing – Gimv contributes to the search of an answer for a carbon-free energy future

GIMV

Funding Enables the Company’s Fusion Demonstration Plant

VANCOUVER, Canada – General Fusion announced that it has successfully
closed USD$65 million of Series E equity financing. The financing was led by
Temasek, a global investment company headquartered in Singapore.
This USD$65 million of new financing, together with the release of CAD$50
million in additional investment from Canada’s Strategic Innovation Fund,
enables the Company to formally launch the program to design, construct, and
subsequently operate its Fusion Demonstration Plant. This prototype facility is
intended to confirm the performance of General Fusion’s magnetized target
fusion technology in a power plant relevant environment. Pursuit of this next
important step toward commercially viable fusion energy reflects the growing
global collaboration between public and private stakeholders in this
transformative technology. General Fusion has attracted more than USD$200
million in funding to develop its practical approach to fusion energy.

“The world is pivoting toward fusion as the necessary complement to other
technologies which, collectively, will enable the carbon-free energy future we
all need,” said Chief Executive Officer Christofer Mowry.

“The success of our financing is further evidence that the global stakeholders in this endeavor are leaning into this challenge with action. We are proud and honored that
Temasek and our other investors have demonstrated their confidence in Share General Fusion with this funding.”

In addition to Temasek, the Cleantech Practice of Business Development Bank
of Canada (BDC), the DLF Group, Gimv, I2BF Global Ventures, Disruptive
Technology Advisers (who also assisted the Company in the financing), Hatch and several individual impact investors have become new investors in General Fusion.

They were joined in this Financing by many existing international
investors in the Company, including Chrysalix Energy Venture Capital, Bezos
Expeditions, Khazanah Nasional Berhad, Braemar Energy Ventures,
Entrepreneurs Fund, and SET Ventures.

About General Fusion
General Fusion is pursuing the fastest and most practical path to commercial
fusion energy, and is based in Vancouver, Canada, with locations in Washington
D.C., and London, U.K. The company was established in 2002 and is funded by
a global syndicate of leading energy venture capital firms, industry leaders, an technology pioneers.

Learn more at www.generalfusion.com.

About Temasek
Temasek is an investment company with a net portfolio value of S$313 billion
(US$231 billion) as at 31 March 2019. Temasek actively seeks sustainable
solutions to address present and future challenges, as it seeks to capture
investment and other opportunities that help to bring about a better, smarter
and more sustainable world. Headquartered in Singapore, Temasek has 11
offices around the world Beijing, Hanoi, Mumbai, Shanghai and Singapore in
Asia; and London, New York, San Francisco, Washington D.C., Mexico City, and
Sao Paulo outside Asia. For more information on Temasek, please visit
www.temasek.com.sg.

Contact:
To interview a General Fusion spokesperson, please contact:
Paul Sullivan
Office: +1 604 685 4742
Mobile: +1 604 603 7358
paul.sullivan@generalfusion.com

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EQT AB (publ) Quarterly Announcement Q4 2019

eqt

Good exit activity in the fourth quarter. Strategic options for Credit being evaluated.
HIGHLIGHTS DURING THE FOURTH QUARTER 2019

  • Total investments by the EQT funds in the quarter amounted to EUR 1.9bn
    • Private Capital: Investments include, among others, SHL Medical in Switzerland and Recover Nordic in Norway (both in EQT VIII)
    • Real Assets: Investment in Metlifecare in New Zealand (EQT Infrastructure IV)
    • Credit: Investments across Special Situations, Direct Lending and Senior Debt
  • Total gross fund exits in the quarter amounted to EUR 2.4bn and were mainly within Private Capital
  • EQT Ventures II closed at approximately EUR 620m in fee-generating AUM. Other fundraising efforts in the period focused on EQT Real Estate II and preparations for EQT IX
  • Expected value creation (Gross MOIC) developing ”On plan” in key funds in Private Capital and Real Assets, while EQT Infrastructure III as of December 31, 2019, continued to develop ”Above plan”

HIGHLIGHTS DURING 2019 (JAN – DEC 2018)

  • Good investment activity across the EQT funds with total fund investments of EUR 11.9bn (EUR 8.6bn), of which EUR 2.3bn (EUR 1.1bn) within Credit
  • Investment level in key funds as of December 31, 2019: 70-75% in EQT VIII (30-35% as of December 31, 2018) and 55-60% in EQT Infrastructure IV (5-10% as of December 31, 2018)
  • Good exit activity with EUR 8.0bn (EUR 5.1bn) in total gross fund exits across the EQT funds, of which EUR 1.1bn (EUR 1.0bn) within Credit
  • Fee-generating AUM increased to EUR 39.9bn as of December 31, 2019 (EUR 36.6bn). This was primarily driven by the successful closing of EQT Infrastructure IV with a final close in March 2019
  • Number of full-time equivalent employees and on-site consultants (FTE plus) amounted to 706 (601) at the end of the period, of which FTEs amounted to 645 (527)

EVENTS AFTER THE REPORTING PERIOD

  • Investment level in key funds as of January 23, 2020, were 70-75% in EQT VIII and 60-65% in EQT Infrastructure IV
  • The target size for the EQT IX fund has been set at EUR 14.75bn
  • EQT has initiated a review of future strategic options for the business segment Credit
    • The growth prospects of Credit are in avenues further away from EQT’s core business of active ownership where EQT can make a strong impact and fully utilize the EQT platform
    • JP Morgan has been appointed as financial advisor to evaluate strategic options for Credit

Presentation of EQT AB’s Q4 2019 announcement
A telephone conference which will be held at 08:30 CET. Presentation materials for the telephone conference will be available on www.eqtgroup.com/shareholders/financial-reporting

At the telephone conference, Christian Sinding, CEO and Managing Partner, Caspar Callerström, COO, and Kim Henriksson, CFO, will present EQT AB’s Q4 announcement in English, followed by a Q&A session also joined by Åsa Riisberg, Partner & Head of Shareholder Relations and Pawel Wyszynski, Shareholder Relations Officer.

To participate, please use the following dial-in details below, at least 10 minutes in advance.
Sweden:                               +46 8 566 42 651
UK:                                      +44 333 300 0804
USA:                                    +1 631 913 1422
Confirmation Code:               27944395

The telephone conference can be followed live on www.eqtgroup.com/shareholders/financial-reporting and a recording will also be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.

The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT will publish quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors will be published. Finally, EQT will also publish an annual report including sustainability reporting.

Please note that the EQT AB´s Year-end Report 2019 will be released on the 12th of February 2020.
Contact
Åsa Riisberg, Partner & Head of Shareholder Relations, +46 8 506 55 342
Nina Nornholm, Head of Communications, +46 70 855 03 56
Pawel Wyszynski, Shareholder Relations Officer, +46 72 987 36 44
EQT Press Office, press@eqtpartners.com , +46 8 506 55 334

This is information that EQT AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:30 CET on January 23, 2020
About EQT
EQT is a differentiated global investment organization with a 25-year track-record of consistent investment performance across multiple geographies, sectors and strategies. With strong values and a distinct corporate culture, EQT manages and advises funds and vehicles that invest across the world with the mission to generate attractive returns to the fund investors.

EQT’s talent base and network allow it to pursue a unique value creation approach and thematic investment strategy, with the aim of future-proofing the companies which EQT invests in, creating superior returns and making a positive impact with everything EQT does.

EQT has more than EUR 62 billion in raised capital since inception, currently around EUR 41 billion in assets under management across 19 active funds within three business segments – Private Capital, Real Assets and Credit. EQT is a thought leader within the private markets industry with deep expertise in responsible and long-term ownership, corporate governance, operational excellence, digitalization and sustainability. EQT has offices in 15 countries across Europe, Asia Pacific and North America with more than 700 employees.

The EQT AB group comprises EQT AB (publ) and its direct and indirect subsidiaries, which includes general partners and fund managers of EQT funds as well as entities advising EQT funds.

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

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HLD Europe enters into exclusive negotiations with IK Investment Partners to acquire Exxelia

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HLD Europe has entered into exclusive negotiations with IK Investment Partners (“IK”), a leading Pan-European private equity firm to become the majority shareholder of Exxelia Group (“the Group”), the European leader in the manufacturing of high reliability passive components and electromechanical systems. Exxelia’s management will reinvest alongside HLD Europe.

The completion of the transaction is subject to the consultation of employee representative bodies and the approval of the competition authorities as well as the French and American administrations.

Exxelia develops and manufactures complex passive components and electromechanical solutions for niche industrial markets such as aeronautics, space, defence, medical and rail, where product reliability and performance are essential. The Group serves institutional clients, systems and equipment manufacturers. Exxelia offers a complete and custom product range (capacitors, inductors, resistors, filters, position sensors and rotary joints) embedded into a large number of programs including: the Airbus A350 and Boeing 787 Dreamliner, the Ariane 6 launcher, satellite constellations (such as Galileo and Oneweb), the Rafale and F-35, subway coaches and high-speed trains and medical equipment such as MRI machines and defibrillators.

With an expected proforma revenue of around €170 million for 2019 and around 2,000 employees, Exxelia is present today in more than 30 countries operating in Europe, the US, Morocco and Vietnam through production sites, design centres and networks of sales partners.

With the support of its new shareholder, Exxelia will be able to intensify its operational excellence and innovation efforts, pursue its international growth strategy through entering high-growth markets such as India or China, and accelerate its development in the US.

Paul Maisonnier, CEO of Exxelia:

“I am delighted to embark on a new stage of development with our new shareholders, with whom we share the same vision. Together, we aim to strengthen Exxelia’s unique “one-stop-shop” by offering high-reliability custom products combined with a strong capacity for innovation. We will pursue our continuous improvement approach and internationalisation strategy to make Exxelia a world leader in our niche markets. In that regard, HLD’s experience in international business development is invaluable to us. We thank IK Investment Partners for their support over the past five years which has enabled us to set up a solid platform capable of supporting our ambitions for global growth, which we are delighted to continue with HLD.”

Dan Soudry, Managing Partner at IK Investment Partners and advisor to the IK VII Fund:

“As shareholders of Exxelia since 2015, we are very pleased to have supported the various stages of transformation and growth of the Group, through a deep structuring phase led by the management team and an ambitious growth strategy. This has strengthened the Group’s presence in the US, in particular with the acquisition of Raf Tabtronics, Deyoung, and Micropen, and diversified its expertise on new product lines.”

Jean-Bernard Lafonta, Founding Partner of HLD Europe and Jean-Hubert Vial, Partner:

“HLD supports successful companies with no restrictions on duration. We believe this specificity was important in the choice of Exxelia’s new shareholder: it is essential to achieve the ambition of growth while considering the long-term nature of Exxelia clients’ programs. We are delighted to be associated with the group’s project, whose entrepreneurial culture echoes the entrepreneurial spirit that drives HLD. We are convinced that we can help Exxelia’s teams by giving them the means to meet their ambitions.”

Parties involved in the transaction

Buyside

HLD Europe: Jean-Bernard Lafonta, Jean-Hubert Vial, Salim Helou, Maxence Gailliot, Christophe Bernardini, Julie Le Goff

M&A advisor: DC Advisory (David Benin), Canaccord Genuity (Olivier Dardel, Denis Vidalinc)

Legal advisor: Bredin Prat (Olivier Assant, Clémence Fallet, Florence Haas)

Financial advisor: Deloitte (Cyril Stivala, Renaud Adam)

Tax advisor: Arsène Taxand (Denis Andrès, Yoann Chemama, Vincent Briand)

Strategic advisor: BCG (Benjamin Entraygues, Florian Kahn, Florent Berthod, Vincent Benoist)

Sellside

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

M&A advisor: Rothschild (Laurent Baril, Nicolas Perianin), HSBC (Emilie Bauvillard), Lincoln (Guillaume Suizdak, Charles de Fels)

Legal advisor: Willkie Farr & Gallagher (Eduardo Fernandez, Cédric Hajage, Hugo Nocerino)

Financial advisor: 8Advisory (Justin Welstead, Mathieu Morisot)

Strategic advisor: Kearney (Jerome Souied, Nicholas Veg)

Management team advisors

Oloryn Partners (Eric Lesieur, Frédéric Jannin)

Hoche (Grine Lahreche, Audrey Szultz)

Jeausserand-Audouard (Tristan Audouard)

For further questions, please contact:

 

IK Investment Partners

France:

CTCom

Sibylle Descamps

+33 (0)6 82 097 007

sibylle.descamps@ct-com.com

 

International:

Maitland

James McFarlane

+44 (0) 207 379 5151

jmcfarlane@maitland.co.uk

 

About Exxelia

Exxelia was born from the merger of five long-established companies with complementary know-how (Eurofarad, Firadec, Sic Safco, Microspire et Astema) then joined by Temex, Dearborn, N’Ergy, Raf Tabtronics, DeYoung and Micropen. Exxelia is a manufacturer of complex passive components and innovative subsystems, designed to withstand severe environments. Exxelia’s products (capacitors, filters, slip rings, magnetic components and precision mechanical parts) are mainly used in power electronics, energy generation and storage, filtering and signal processing. Exxelia operates in advanced industrial markets such as defence, space, aviation, energy, transport, medical and telecommunications.

 

Exxelia is recognised for its ability to meet complex technical specifications and to design standard and custom products meeting the most demanding qualification procedures: MIL, QPL, etc.

Exxelia generated around €170 million in pro forma revenue in 2019 and employs around 2,000 employees in 13 sites in four countries (France, the US, Morocco and Vietnam).

 

About HLD Europe

Founded in 2019 by Jean-Philippe Hecketsweiler, Jean-Bernard Lafonta and Philippe Donnet, HLD has experienced remarkable growth in the private equity world. The investment holding company currently has 12 companies in France and in Europe (including Tessi, Kiloutou, Coyote, Santé Cie or Rafaut, etc.), representing a combined revenue of almost 2 billion euros and 17,000 employees. True to the will of its shareholders, that brings together many European entrepreneurs, including the Decaux and Dentressangle families as well as Claude Bébéar, HLD invests with no restrictions on duration. This particularity has enabled to create strong links with the managers of the companies in the portfolio, and to foster the development of companies over the long term, in Europe and internationally.

Today, the group is active in Luxembourg, Paris, Milan and Zurich.

 

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.


Categories: News

EQT and Temasek launch O2 Power, a renewable energy platform in India

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  • EQT Infrastructure and Temasek establish O2 Power, a renewable energy platform in India
  • O2 Power will be led by CEO Parag Sharma and have an experienced management team, possessing strong local knowledge and a proven track record of renewable projects in India

Singapore, 22 January 2020 – The EQT Infrastructure IV fund (“EQT” or “EQT Infrastructure”) and Temasek today announced the establishment of O2 Power (or “the Platform”), a renewable energy platform in India. O2 Power will target over four gigawatts of installed capacity across solar and wind and has received total commitments of USD 500 million in equity from EQT and Temasek to be deployed over the coming years.

Headquartered in Gurgaon in the Northern Indian state of Haryana, O2 Power will focus on developing utility scale renewable projects across solar, wind, and hybrid with good quality off-takers via both Greenfield project development and M&A.

The Platform will be led by Parag Sharma as CEO together with an experienced management team consisting of Peeyush Mohit as COO, Nimish Agrwal as Head, Solar and Rakesh Garg as Head, Wind, all with strong local knowledge and proven track records of executing renewable energy projects in India.

The investment in the Platform is in line with EQT’s thematic approach to invest in sustainable solutions, guided by the United Nations’ Sustainable Development Goals (SDGs). The Platform contributes to society by providing households with renewable energy hence addressing the SDG 7 – ensure access to affordable, reliable, sustainable and modern energy for all.

Fabian Gröne, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, commented: “India presents significant investment opportunities being the second largest renewable energy market in the world and EQT is delighted about teaming up with Temasek and O2 Power. CEO Parag Sharma and his management team have a successful  track record and EQT looks forward to work together in creating a future-proofed renewable energy platform. This is not only EQT Infrastructure’s first investment in India, it is also well in line with our ambitions to contribute to a cleaner future.”

Nagi Hamiyeh, Joint Head, Investment Group at Temasek, added: “We seek opportunities to invest in solutions that contribute to a better and more sustainable world. The partnership with EQT to establish O2 Power is consistent with our focus on sustainable living, and in particular, the development of eco-conscious energy solutions.”

Parag Sharma, CEO of O2 Power, concluded: “We are excited about joining forces with EQT Infrastructure and Temasek. Besides capital from two of the most prominent investors in the world, we are looking forward to leverage their know-how and industry relationships to support the development of the O2 Power platform.”

With this transaction, EQT Infrastructure IV is expected to be 60-65 percent invested.

Contact
Fabian Gröne, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, +65 6595 1831
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334
Temasek Media Team, media@temasek.com.sg

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 19 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 Temasek
Temasek is an investment company with a net portfolio value of S$313 billion (US$231 billion) as at 31 March 2019. Temasek’s Charter roles as an investor, institution and steward, shape its investment stance, ethos and philosophy, to do well, do right and do good. Its investment philosophy is anchored around four key themes – Transforming Economies, Growing Middle Income Populations, Deepening Comparative Advantages, Emerging Champions.

Temasek actively seeks sustainable solutions to address present and future challenges, as it capture investment and other opportunities that help to bring about a better, smarter and more sustainable world.

Temasek has had an overall corporate credit ratings of Aaa/AAA by rating agencies Moody’s Investors Service and S&P Global Ratings respectively, since inaugural credit ratings in 2004.

Headquartered in Singapore, Temasek has 11 offices around the world: Beijing, Hanoi, Mumbai, Shanghai and Singapore in Asia; and London, New York, San Francisco, Washington D.C., Mexico City, and Sao Paulo outside Asia.

For more information on Temasek, please visit www.temasek.com.sg


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