Altavair AirFinance and KKR Announce $1 Billion Aircraft Transaction with Etihad Airways

KKR

 

NEW YORK & SEATTLE & ABU DHABI, United Arab Emirates–(BUSINESS WIRE)–Feb. 3, 2020– KKR, a leading global investment firm, and Altavair AirFinance (“Altavair”), a leader in commercial aviation finance, announced today the signing of a definitive agreement to acquire a portfolio of commercial aircraft from Etihad Airways (“Etihad”), the national airline of the United Arab Emirates. The acquisition will be made through aircraft leasing investment platform Altitude Aircraft Leasing, which was established by KKR’s credit and infrastructure funds in 2018 to acquire aircraft serviced by Altavair.

The aircraft portfolio being acquired includes Etihad Airways’ owned fleet of Boeing 777-300ERs and Trent powered Airbus A330-300s and A330-200s. The transaction provides for the Boeing 777-300ERs to be leased back to Etihad upon purchase in early 2020, while the Airbus A330s will be delivered over the next 22 months and placed on lease with other international operators for either passenger operations or as converted freighters.

“Investments like this one are exactly what we hoped to embark on when we first established our partnership with Altavair, whose experience and expertise in the global aviation market has been invaluable. Together, we’re thrilled to be working with Etihad Airways, a leading airline not only in Abu Dhabi, but across the globe,” said Dan Pietrzak and Brandon Freiman, Partners at KKR.

Altavair CEO Steve Rimmer said, “We are delighted to extend our partnership with Etihad and play a major role in the repositioning of their fleet. Altavair’s extensive wide body experience and expertise combined with KKR’s capital, relationships and capabilities made this transaction possible. We appreciate the trust that Etihad has placed in us and look forward to a long and mutually beneficial relationship.”

Tony Douglas, Group Chief Executive Officer, Etihad Aviation Group, said, “We’ve made great strides in optimising our fleet structure over the past year, and this investment from KKR and Altavair AirFinance will allow us to take another step forward in this area. This deal will ensure we stand by our strategic and financial sustainability targets by replacing aircraft with the most technologically-advanced and fuel-efficient fleet types. The structure of this transaction also provides us with significant flexibility, meaning we are well placed to respond to future growth requirements.”

About Etihad

Etihad Aviation Group, a diversified global aviation and travel company, is considered to be one of the world’s most acclaimed aviation brands. Etihad Airways, the national airline of the UAE and a division of the group, was formed in 2003 and quickly went on to become one of the world’s leading airlines. Etihad Airways flies to over 84 destinations with a fleet of 100 Airbus and Boeing aircraft, serving 17.8 million passengers and carrying 682,100 tonnes of cargo in 2018. In recent years, the organisation has received numerous awards for its superior service and products, cargo offering, loyalty programme, aviation training and Maintenance, Repair and Overhaul (MRO) service.

About KKR

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

About Altavair L.P.

Altavair L.P. is an asset manager and solutions provider focusing on the acquisition of new and used commercial aircraft for leasing to domestic and international passenger airlines and cargo operators. Since its inception in 2003, Altavair has completed over $9 billion in commercial aircraft lease transactions with over 60 airline customers in 28 countries representing over 200 individual Boeing and Airbus aircraft. Altavair maintains offices in Seattle, London, and Singapore. For more information, please visit www.altavair.com.

Source: KKR & Co. Inc.

Media:

KKR: Kristi Huller or Cara Major, +1 212-750-8300, media@kkr.com

Altavair: Timothy O’Hara, +1 425-369-8062, timothy.ohara@altavair.com

Etihad: Jill Lambert, +971 564-048-793, jilll@etihad.ae

KKR

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CVC Credit Partners supports the expansion of Alline Salon Group

Funding supports Vison Growth Partners’ expansion of Alline Salon Group and assists its ongoing growth strategy

CVC Credit Partners is pleased to announce that it has provided the first lien funding for Vision Growth Partners’ expansion of Alline Salon Group and going forward will further support the growth strategy through the provision of a delayed draw term loan facility. Cowen’s Debt Advisory Group acted as the debt advisor for the transaction.

Founded in 2018, Alline is a market leader in affordable hair care services. It now operates nearly 400 salons under the Supercuts, Cost Cutters and Holiday Hair brands, primarily located across Ohio, Pennsylvania and Michigan. The business was created by Vision Growth Partners, as a platform on which to execute a controlled roll up of Regis Corporation’s previously corporate-owned hair salons.

Michael Sarafa, Managing Partner at Vision Growth Partners, commented: “We are pleased to have teamed up with a lender which supports our vision for the growth of the business from both a strategic and financial perspective. CVC Credit was able to rapidly understand the intricacies of the business, which was key to the swift completion of the transaction.”

David DeSantis, Head of CVC Credit Partners’ U.S. Private Debt business, said: “Alline is a stable and attractive business, operating a successful franchise model in a recession resistant industry.” Andrew Eversfield, Director at CVC Credit Partners’ U.S. Private Debt, added: “Cowen was a great partner on this transaction, and we hold the Alline Management Team and VGP in high regard. We are excited to provide our support to help grow the business further in the years to come.”

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EQT invests in RIMES, the global leader in Managed Data Services for financial institutions

eqt

  • EQT makes significant growth investment in RIMES, a leading global provider of Managed Data Services (MDS) and regulatory technology (RegTech) software solutions that address the complex needs of leading financial institutions
  • RIMES uses its proprietary technology, internal team of data management experts and relationships with 500 data partners to source, validate and configure market data in line with customer needs, ensuring superior data quality and reliability, reduced internal costs and increased operational flexibility
  • Together with RIMES’ CEO, President and Co-Founder Christian Fauvelais, EQT will support continued product innovation, further investment in technology and infrastructure, and organic as well as acquisitive growth by leveraging EQT’s global footprint and expertise across software, data and services

The EQT Mid Market Europe fund (“EQT Mid Market” or “EQT”) today announced a significant growth investment in RIMES (“the Company”), and together with Christian Fauvelais, RIMES’ CEO, President and Co-Founder, EQT will support and accelerate execution of the Company’s strategic vision.

RIMES serves the complex data needs of financial institutions with customized, scalable and cost-effective Managed Data Services and RegTech solutions. The Company pioneered the delivery of customized market and reference data via the cloud and has built a strong reputation for ensuring best-in-class data quality. Today RIMES serves more than 350 asset managers, owners, servicers and banks in 45 financial centres globally, including 60 of the top 100 global investment managers and 9 of the top 10 asset servicers in the world.

EQT will support RIMES’ vision to be the global leader in Managed Data Services across all forms of market and reference data, including benchmark, risk, ratings, fundamental, economic, alternative, ETF and ESG data. By further investing in RIMES’ technology and internal talent, EQT will support service extensions and enhancements as well as product innovations across RIMES’ offerings in data management and RegTech.

The investment in RIMES is in line with EQT’s commitment to invest in sustainable solutions, guided by the United Nations’ Sustainable Development Goals. RIMES is an emerging leader in ESG data for the investment management industry, contributing to society by providing high-quality data on sustainability and increasing transparency in the business community.

Victor Englesson, Partner at EQT Partners and Investment Advisor to EQT Mid Market, commented: “RIMES is perfectly aligned with EQT’s thematic investment approach and focus on software, data and services. EQT is excited to partner with Christian to support the continued development of RIMES and to help it achieve its full potential.”

Christian Fauvelais, CEO, President and Co-Founder of RIMES, said: “We are excited to partner with EQT for the next stage of our growth. EQT’s values strongly align with ours, and their expertise in data, software and services businesses makes them a great partner as we move to deepen our client relationships and further grow our presence in the data management space across all regions. The partnership will accelerate our ongoing commitment to our existing clients across data management and RegTech and allow us to increase the pace at which we can invest in new technology and infrastructure to bring new solutions to the market, including in areas such as ESG and ETF data.”

Robert Maclean, Managing Director at EQT Partners and Investment Advisor to EQT Mid Market, concluded: “We have been very impressed by RIMES’ achievements, and EQT looks forward to working with the team during the next stage of the Company’s growth, driven by continued investment in core solutions, support for the recently launched services in ESG and ETF data, and further enhancement of RIMES’ data management and RegTech offerings.”

The transaction is subject to customary conditions and approvals and is expected to close in the first quarter of 2020.

Contacts
Victor Englesson, Partner at EQT Partners and Investment Advisor to EQT Mid Market, +46708218440
Robert Maclean, Managing Director at EQT Partners and Investment Advisor to EQT Mid Market, +442033729427
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 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 RIMES
RIMES is an award-winning data management and regulatory technology specialist that truly understands the challenges faced by its customers. It serves over 350 asset managers, owners, servicers and banks in 45 countries including 60 of the 100 largest global asset managers by AUM and 9 of the top 10 asset servicers in the world.

More info: www.rimes.com

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Kinnevik AB (publ) (“Kinnevik”) today announced that Anna Stenberg will join Kinnevik as Chief People and Platform Officer (CPO), a new role in the Kinnevik management team. Anna is the founding partner of Women Executive Search and started her career in the Kinnevik group holding several management positions at Modern Times Group.

Kinnevik

As CPO, Anna Stenberg will focus on maximizing the value of Kinnevik’s investment eco-system and platform, working closely with the Kinnevik team as well as our portfolio companies. Anna will support Kinnevik in being a progressive partner to its public and private portfolio companies in their effort to drive performance through key areas such as board and top management composition, leadership development, diversity and inclusion, and organizational design.

Georgi Ganev, Kinnevik’s CEO, commented: “I am excited that Anna will join the team as Chief People and Platform Officer. Kinnevik’s number one asset is our people, within Kinnevik and in our companies. With Anna’s recent background as a successful entrepreneur and investor, and having started her career within Our Group, Anna knows Kinnevik and our culture and she will be a great support in maximizing the value of our unique platform, supporting us in building strong and effective, market leading, sustainable companies”.

Anna Stenberg continued: “Joining Kinnevik feels like coming home. Not only is Kinnevik a frontrunner when it comes to supporting value-driven leadership and a high-performance culture. I also share Kinnevik’s belief in the power of disruptive technology to deliver both shareholder and social value. To me, this is a perfect combination, and I look forward to working with Georgi and his team as Chief People and Platform Officer.”

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choice. In partnership with talented founders and management teams we build challenger businesses that use disruptive technology to address material, everyday consumer needs. As active owners, we believe in delivering both shareholder and social value by building long-term sustainable businesses that contribute positively to society. We invest in Europe, with a focus on the Nordics, the US, and selectively in other markets. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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Categories: People

Regional Rail continues its growth with acquisition of Carolina Coastal Railway

3I

3i-backed Regional Rail, a leading owner and operator of short-line freight railroads and rail-related businesses in the U.S., has agreed to acquire Carolina Coastal Railway, Inc. (“Carolina Coastal”) which operates 180 miles of freight railroad in North Carolina and South Carolina, subject to authorisation from the Surface Transportation Board.

Carolina Coastal provides freight transportation and car-storage services to over 45 blue-chip customers, operating across a variety of end markets (including aggregates, food & agriculture, chemicals and metals), primarily in eastern North Carolina.

Al Sauer, CEO, Regional Rail, commented:

“Carolina Coastal is a great fit with Regional Rail as it benefits from an attractive mix of industrial customers and further diversifies our existing freight-rail platform from an end-market and geographic perspective. We look forward to welcoming all of the Carolina Coastal employees to Regional Rail and working with them to continue the company’s successful growth.”

Doug Golden, President, Carolina Coastal, commented:

“I had been looking for the right partner to continue our legacy in North Carolina and am pleased that Carolina Coastal is becoming part of the Regional Rail family. I have known Al for many years. He and his team have been great to work with on this transaction, and I believe they will be good partners in supporting our employees, customers, and all future developments.

”Rob Collins, Managing Partner, 3i North American Infrastructure, commented:

“We’re delighted to announce a second acquisition for Regional Rail as the company continues to consolidate its position in the U.S. short-line railroad industry. Following this acquisition, Regional Rail will operate 25 line segments across five states, with almost 550 miles of track.”

3i invested in Regional Rail in July 2019 and subsequently expanded the platform in January 2020 with the acquisition of Pinsly Railroad Company’s Florida operations. Today, the company provides freight transportation, railcar storage and transloading services in New York, Pennsylvania, Delaware and Florida across six railroads with over 360 miles of track connecting into a diversified Class 1 railroad network. In 2018, the combined company moved over 29,000 carloads while serving over 140 customers across an extensive set of end-user markets including heating, fuel blending, food & beverage, agriculture, chemicals and metals. In addition to freight-rail transportation, the company also provides railroad-crossing signal design, construction, inspection and maintenance services to a diverse base of over 100 short-line and industrial customers across 20 states.

-Ends-

Download the press release  

 

For further information, contact: 

3i Group plc

Silvia Santoro

Investor enquiries

Tel: +44 20 7975 3285

Email: silvia.santoro@3i.com

Kathryn van der Kroft

Media enquiries

Tel: +44 20 7975 3021

Email: kathryn.vanderkroft@3i.com

Notes to editors:

About 3i Group

3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America. For further information, please visit: www.3i.com

About Regional Rail, LLC

Regional Rail, LLC is a transportation-holding company headquartered in Kennett Square, PA. It is the parent company of East Penn Railroad LLC; Middletown & New Jersey Railroad, LLC ; Tyburn Railroad, LLC; Florida Central Railroad LLC; Florida Midland Railroad Company, Inc.; Florida Northern Railroad Company, Inc. and Diamondback Signal, LLC. For further information, please visit: www.regional-rail.com

About Carolina Coastal Railway

Carolina Coastal Railway operates a 142-mile line from Raleigh to Plymouth, NC, a 17-mile line between Belhaven and Pinetown, NC, a 20-mile line between Nashville and Rocky Mount, NC, and a 7-mile line between Blacksburg and Kings Creek, SC, which is currently out of service. Carolina Coastal also serves the Port of Morehead City, NC. CLNA serves agricultural facilities and industries throughout Eastern North Carolina, and connects at various locations with Norfolk Southern Railway and CSXT. The railroad has numerous sites available for industrial development and transloading.

Regulatory information

This transaction involved a recommendation of 3i Corporation, a US wholly owned subsidiary of 3i Group.

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Regional Rail continues its growth with acquisition of Carolina Coastal Railway

3I

3i-backed Regional Rail, a leading owner and operator of short-line freight railroads and rail-related businesses in the U.S., has agreed to acquire Carolina Coastal Railway, Inc. (“Carolina Coastal”) which operates 180 miles of freight railroad in North Carolina and South Carolina, subject to authorisation from the Surface Transportation Board.

Carolina Coastal provides freight transportation and car-storage services to over 45 blue-chip customers, operating across a variety of end markets (including aggregates, food & agriculture, chemicals and metals), primarily in eastern North Carolina.

Al Sauer, CEO, Regional Rail, commented:

“Carolina Coastal is a great fit with Regional Rail as it benefits from an attractive mix of industrial customers and further diversifies our existing freight-rail platform from an end-market and geographic perspective. We look forward to welcoming all of the Carolina Coastal employees to Regional Rail and working with them to continue the company’s successful growth.”

Doug Golden, President, Carolina Coastal, commented:

“I had been looking for the right partner to continue our legacy in North Carolina and am pleased that Carolina Coastal is becoming part of the Regional Rail family. I have known Al for many years. He and his team have been great to work with on this transaction, and I believe they will be good partners in supporting our employees, customers, and all future developments.

”Rob Collins, Managing Partner, 3i North American Infrastructure, commented:

“We’re delighted to announce a second acquisition for Regional Rail as the company continues to consolidate its position in the U.S. short-line railroad industry. Following this acquisition, Regional Rail will operate 25 line segments across five states, with almost 550 miles of track.”

3i invested in Regional Rail in July 2019 and subsequently expanded the platform in January 2020 with the acquisition of Pinsly Railroad Company’s Florida operations. Today, the company provides freight transportation, railcar storage and transloading services in New York, Pennsylvania, Delaware and Florida across six railroads with over 360 miles of track connecting into a diversified Class 1 railroad network. In 2018, the combined company moved over 29,000 carloads while serving over 140 customers across an extensive set of end-user markets including heating, fuel blending, food & beverage, agriculture, chemicals and metals. In addition to freight-rail transportation, the company also provides railroad-crossing signal design, construction, inspection and maintenance services to a diverse base of over 100 short-line and industrial customers across 20 states.

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