General Atlantic Launches the GA Global Growth Institute

General Atlantic

General Atlantic, a leading global growth equity firm, today announced the launch of the GA Global Growth Institute to share insights, research and advance conversations around entrepreneurship, innovation and other critical drivers of global economic expansion.

Led by Nobel Laureate economist and General Atlantic Senior Advisor Dr. Michael Spence, who will serve as Chairman of the Institute, the platform will draw from the broad and complementary expertise and analysis of General Atlantic’s global network, including the many Senior Advisors who help to shape the investment theses and growth strategies executed by the firm’s deal teams and portfolio companies.

“We have deep conviction in the power of global entrepreneurship and technological innovation to create inclusive, sustainable growth across sectors and regions,” said Bill Ford, Chairman and CEO of General Atlantic. “In the next critical phase of economic recovery, we will seek to harness the collective knowledge of our firm’s network to share insights on the drivers of growth patterns around the world. Themes of digital enablement, access to healthcare and education, financial inclusion, and sustainable growth have long underpinned our investing platform. The GA Global Growth Institute will explore these themes, as well as issues related to climate change and sustainability, and we are fortunate to have Mike’s leadership in these efforts.”

“As we enter a period of projected global growth, we hope to foster dialogue on the trends that are fundamentally transforming industries and economies,” said Dr. Spence. “Through the platform of the GA Global Growth Institute, we look forward to sharing perspectives and sparking discussions on critical topics including global entrepreneurship, paths to sustained growth, and future drivers of societal and economic progress. Within General Atlantic’s vast ecosystem of entrepreneurs and business leaders, we believe there is immense potential to amplify important voices to explore the systems that shape communities and institutions globally.”

Dr. Spence’s most recent piece of commentary, “Economic Growth and Investment: Prospects, Risks and Opportunities,” explores drivers behind the post-pandemic shift to inclusive global growth. The report outlines the new opportunities for entrepreneurs, investors and society at large that will stem from the rapid multi-dimensional technological and economic transformations the world is experiencing today. Dr. Spence asserts that, following a stalled recovery due to a resurgence of COVID-19, three sectors factors offer significant potential to drive macroeconomic growth: digital transformation, healthcare and biomedical science, and the green revolution. Find the full article here.

About General Atlantic

General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

Media Contacts

Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com

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Eurazeo to sell 49% of its stake in Trader Interactive based on a $1.625 billion valuation

Eurazeo

Eurazeo is announcing the sale of 49 % of its stake in Trader Interactive, a provider of online advertising & marketing solutions to the powersports, recreational vehicle, commercial truck & equipment industries based in Virginia (USA), to carsales the largest online automotive advertising platform in Australia with a growing presence in Latin America and Asia. Internationally, carsales operates several marketplaces across both the automotive and specialty vehicle segments with leading properties such as demotores.com in Argentina and EnCar in South Korea.

Under this agreement, Trader Interactive is valued at $1.625bn corresponding to 26,5x CY 2020 Adjusted EBITDA. With this operation, Eurazeo and its affiliates show a total valuation on a realized and unrealized basis of 2.8x their original investment.
The sale of the 49% stake represents pre-tax proceeds of ~$280m for Eurazeo and its affiliates, of which $190m for Eurazeo. This represents 1.5x on their total initial investment1. carsales has a call option for the 51% remaining equity stake in Trader Interactive.

Trader Interactive was the first investment made by Eurazeo’s mid-large buyout team in the US in June 2017. Over the last four years, Trader Interactive has significantly reinforced its leading position across each of its verticals with the support of Eurazeo. Through its relentless focus on building a world class technology and data platform along with targeted and strategic M&A, Trader continues to deliver increasing value to its dealers every day.

Marc Frappier, Member of the Executive Board, Managing Partner of mid-large buyout:
« Trader Interactive exemplifies Eurazeo’s strategy to select and support market leaders across attractive industries supported by strong fundamentals and clear growth drivers. We look forward to accompanying Trader in the next stage of its journey. »

Vivianne Akriche, Managing Director, mid-large buyout, added:
« carsales has a strong track record of building valuable international partnerships in vertical marketplaces. We are very excited to partner with carsales for Trader Interactive’s next chapter and are convinced that combining our respective experiences will further accelerate the Company’s transformation and growth. »

ABOUT EURAZEO
Eurazeo is a leading global investment group, with a diversified portfolio of €21.8 billion in assets under management, including €15.0 billion from third parties, invested in 450 companies. With its considerable private equity, private debt, real estate and infrastructure expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.
Eurazeo has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, Singapore, London, Luxembourg, Frankfurt, Berlin and Madrid.
Eurazeo is listed on Euronext Paris.
ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

EURAZEO CONTACTS
Virginie Christnacht
HEAD OF COMMUNICATIONS vchristnacht@eurazeo.com
+33 (0)1 44 15 76 44
Pierre Bernardin
HEAD OF INVESTOR RELATIONS pbernardin@eurazeo.com
+33 (0)1 44 15 16 76
PRESS CONTACT
David Sturken
MAITLAND/AMO dsturken@maitland.co.uk+44 (0) 7990 595 913

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Audax Private Equity to Sell Axia Women’s Health to Partners Group

Audax Group

Audax Private Equity (“Audax”) has announced that it has signed a definitive agreement to sell Axia Women’s Health to Partners Group on behalf of its clients.

Axia Women’s Health (“Axia” or the “Company”) is a leading women’s healthcare provider in the U.S. The Company is headquartered in Voorhees, New Jersey, and provides a highly integrated platform of non-clinical business and administrative support services such as accounting, HR, insurance, IT, and practice management services to its network of physician practices across the U.S. Axia partners with more than 80 care centers, comprising 150 locations and supporting 475,000 patients annually, which offer a wide range of care including obstetrics, gynecology, laboratory, mammography, urogynecology, fertility, and other women’s health sub-specialties. Axia is on the forefront of delivering women’s healthcare via an integrated model that treats patients across different phases of life, while supporting physicians’ clinical autonomy and ability to focus on care.

Since being formed by Audax in 2017, Axia has undergone a number of strategic growth initiatives:
•Expanded the continuum of care available to patients including investments in laboratory, mammography, urogynecology, fertility, and other capabilities in women’s health
•Developed value-based care programs, technology innovations, and care analytics to improve patients’ experience and outcomes
•Completed eighteen add-on acquisitions including expansion into the Midwest market, representing a significant step towards building a national platform

Charlie Choi, Chief Executive Officer of Axia, commented, “Over the last four years, Audax has supported our mission to create a more caring, connected, and progressive women’s healthcare community. Audax was instrumental in enabling growth, both organically and through acquisitions, while investing in key executive talent and systems to support long-term growth. We look forward to our next chapter with Partners Group to continue building sustainable value as a national women’s health platform.”

Adam Abramson, Managing Director at Audax, said, “We’ve enjoyed a terrific partnership with Charlie and the Axia team and are proud of the accomplishments they have made in improving women’s healthcare. We wish continued success to Axia as the Company embarks on the next phase of growth with their new partner.”

Moelis & Company LLC served as financial advisor and Ropes & Gray served as legal advisor to Axia.

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EQT Growth leads investment in Vinted, Europe’s largest online C2C platform dedicated to second-hand fashion

eqt
  • EQT Growth led the EUR 250m Series F fundraise in Vinted, Europe’s largest online C2C platform dedicated to second-hand fashion, with presence in over 10 markets worldwide
  • The underlying market of Vinted is supported by favourable secular megatrends, including increased focus on sustainability efforts and greater demand for circular fashion
  • EQT Growth will support Vinted and its management team by accelerating growth into new geographies and help strengthen its existing leading position across its core markets, by leveraging EQT’s strong digital and sector expertise, global platform and extensive advisory network. Following the investment, Carolina Brochado, Partner at EQT Growth, will also join Vinted’s board

EQT is pleased to announce that EQT Growth has led the investment in Vinted Limited (“Vinted” or “the Company”). The investment, which is made through EQT AB’s balance sheet, is part of Vinted’s EUR 250 million Series F fundraise at a pre-money valuation of EUR 3.5 billion.

Founded in 2008 and headquartered in Vilnius, Lithuania, Vinted operates in over 10 markets, and has become the largest online C2C marketplace in second-hand fashion across Europe. Since Thomas Plantenga took over as CEO in 2016, Vinted has transformed its business model and developed a proven market development playbook, as evidenced by the Company’s strong growth and traction in recent years. These unique characteristics are supported by best-in-class unit economics and an enduring financial profile across its key markets. This virtuous flywheel effect is enabled by more than 45 million members globally

Vinted’s underlying market is supported by several secular tailwinds, including growing concerns around sustainability and climate change, as well as an increased focus on the circular economy, with consumers eager to make more responsible and less wasteful fashion choices1.

EQT Growth will aim to support Vinted’s accelerated growth and continued pursuit of commercial excellence by investing in the Company’s platform and technology, helping it cement its leading position across its core markets and enabling further expansion into other global markets.

Moreover, the Company is expected to leverage EQT’s in-house digital and tech expertise and network of advisors to continue providing a best-in-class customer-centric experience. Together with management, EQT Growth will support Vinted’s plans to reinforce its position as the largest online marketplace for second-hand fashion across Europe. Following the investment, Carolina Brochado, Partner at EQT Growth, will also join Vinted’s board of directors.

Carolina Brochado, Partner and Investment Advisor to EQT Growth, said, “Vinted is transforming the second-hand fashion market across Europe through their customer-centric approach and extraordinary execution. Vinted is the perfect example of EQT Growth’s strategy of backing fast-growing European tech champions that tap into several macro trends, such as the increasing consumer demand for sustainability and continued penetration of online channels within fashion. We’re immensely proud and excited to be supporting Thomas and the Vinted team and we cannot wait to work together to further unlock the market for circular fashion.”

Thomas Plantenga, CEO of Vinted, said, “We are contributing to a seismic shift in the second-hand fashion market, enabling more sustainable, socially-responsible shopping habits. Our platform offers a great, easy-to-use product and helps people experience the benefits of second-hand trade. We want to replicate the success we’ve built in our existing European markets in new geographies and will continue investing to improve not only our product, but also to ensure we continue having a positive impact. We are grateful to our existing and new investors, and believe today’s milestone is a vote of confidence in our commitment to the circular economy and our relentless effort to build a business that encourages more people to buy and sell second-hand.”

In line with the commitment to invest in sustainable businesses, EQT Growth will accelerate Vinted’s growth as it supports the circular economy and responsible consumption. By enabling consumers to sell and buy clothing and other items second-hand, reduce unnecessary production and promote innovation, Vinted contributes to the Sustainable Development Goals (SDG) #9, #12 and #15.

The transaction is expected to close in May 2021, subject to customary approvals.

1Source: McKinsey’s report on “Consumer Sentiment on Sustainability in fashion” from July 2020

Contact
Finn McLaughlan, +44 7583 130 052, finn.mclaughlan@eqtpartners.com
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. Uniquely, EQT is the only large private markets firm in the world with investment strategies covering all phases of a business’ development, from start-up to maturity. Including Exeter, EQT today has more than EUR 67 billion in assets under management across 26 active funds within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 24 countries across Europe, Asia-Pacific and the Americas and has more than 975 employees. 

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

About EQT Growth
EQT Growth explores thematic growth opportunities at the point companies are ready to scale, investing in a range of technology and technology-enabled businesses.

Follow EQT Growth on Medium, LinkedIn and Twitter

About Vinted 
Vinted is the largest online international C2C marketplace in Europe dedicated to second-hand fashion, with a growing member base of over 45 million users spanning 13 markets: France, Germany, Belgium, Spain, Italy, the Netherlands, Austria, Poland, Czech Republic, Lithuania, Luxembourg, UK and the USA. Founded in 2008 in Lithuania by Milda Mitkute and Justas Janauskas, and joined by first investor and COO Mantas Mikuckas in 2011, the company is now led by CEO Thomas Plantenga and backed by six leading investment firms: EQT Growth, Lightspeed Venture Partners, Accel, Insight Venture Partners, Burda Principal Investments, and Sprints Capital. On a mission to make second-hand the first choice worldwide, Vinted helps members sell and buy second-hand clothes and accessories from each other, making shopping a mobile and social experience through one-on-one member interactions in its community. The European start-up is head-quartered in Vilnius, with offices in Berlin, Utrecht and Prague and has over 700 employees.

More info: www.vinted.co.uk  


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Kinnevik’s Board has decided the final terms and timetable for the Zalando distribution

Kinnevik

Kinnevik AB (publ) (“Kinnevik”) today announced that its Board has decided the final terms for the distribution of Kinnevik’s shareholding in Zalando SE (“Zalando”), through a share redemption plan. The Board has decided to distribute Kinnevik’s entire shareholding in Zalando, and accordingly Kinnevik will distribute 28 Zalando shares for 143 Kinnevik redemption shares, equivalent to approximately SEK 166 or 0.195 Zalando share per Kinnevik share. Kinnevik will thereby make an extraordinary value transfer of approximately SEK 45.8bn to its shareholders.

The Annual General Meeting of Kinnevik on 29 April 2021 resolved to distribute Kinnevik’s shareholding in Zalando through a share redemption plan. The Board was authorised to determine the final distribution per share as well as the timetable for the share redemption plan. Kinnevik’s Board has today decided to distribute Kinnevik’s entire shareholding in Zalando through the share redemption plan, and that the redemption consideration accordingly will be 28 Zalando shares for 143 Kinnevik redemption shares. Based on the closing price for Zalando’s share on the Frankfurt Stock Exchange as at 10 May 2021, the redemption consideration per share corresponds to approximately SEK 166, a total value transfer to Kinnevik’s shareholders of approximately SEK 45.8bn.

Further, the Board has set the record date for the share split and the right to receive redemption shares to Tuesday 18 May 2021. The last trading day in the Kinnevik share before the share split including the right to receive redemption shares is Friday 14 May 2021. From and including Monday 17 May 2021, the Kinnevik share will be traded not including the right to receive redemption shares. The redemption shares will be traded on Nasdaq Stockholm from and including Wednesday 19 May 2021 to and including Wednesday 9 June 2021. The Zalando shares are estimated to be available on the shareholders’ securities accounts, nominee accounts or equivalent on Friday 18 June 2021.

Please note that both the resolved terms and the timetable are the same as the indicative terms and timetable stated in the notice to the 2021 Annual General Meeting and in the information brochure regarding the share redemption plan.

Kinnevik’s shareholding in Zalando will for technical reasons be distributed in the form of Euroclear Sweden-registered Zalando shares that the holder may re-register directly with Clearstream Germany following the share redemption plan (during July 2021). The re-registration is made to enable shareholders to complete transactions with the distributed Zalando shares on the Frankfurt Stock Exchange. An information brochure with further information on the share redemption plan as well as detailed instructions on the subsequent, free-of-charge, re-registration is available on Kinnevik’s website at www.kinnevik.com under the heading ”General Meetings” (which can be found under the section ”Governance”).

Shareholders with questions regarding the distribution can call or email Kinnevik’s hotline call center service operated by Computershare.

Phone: +46 (0)8-46 00 73 89
Email: kinnevik@computershare.se

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’s ambition is to be Europe’s leading listed growth investor, and we back the best digital companies to make people’ lives better and deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. 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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Eurazeo signs an exclusivity agreement aiming at investing in I-TRACING, a French leading independent provider of Cybersecurity Services

Eurazeo

Eurazeo’s small-mid buyout team1 has signed an exclusivity agreement with the aim of investing in I-TRACING alongside the company’s management and founders Theodore-Michel Vrangos and Laurent Charvériat, who would collectively hold 49% of the company’s equity after completion of the transaction.
Keensight Capital, minority financial shareholder since 2017, would sell its entire stake while Sagard NewGen would invest as a minority shareholder in a holding company controlled by Eurazeo.

The transaction would value I-TRACING at €165 million. Eurazeo would become an anchor investor of the group by investing around €65 million.
I-TRACING was founded in 2005 and offers a comprehensive range of high-value-added services to secure its clients’ IT systems: consultancy, audits and pen tests, integration of diversified software solutions and associated managed services, identity and access management, operation of SOCs (Security Operations Centers) as well as deployment of cyberattack response units (CERTs or Computer Emergency Response Teams).

Headquartered in Paris, I-TRACING employs more than 285 experts who help their clients (CAC40, SBF120 and medium-sized companies) with all of their cybersecurity needs. The company also has subsidiaries in Montreal, Hong Kong and London, enabling the group to offer managed services and support on a 24/7 basis. In 2020, I-TRACING generated nearly €50 million of revenue, up around 40% vs. 2019, despite the Covid-19 crisis. The company targets around €70 million revenues in 2021.
Eurazeo’s small-mid buyout team, Sagard NewGen and I-TRACING’s management share the ambition of building a leading European provider of cybersecurity services. This would entail an acceleration of the company’s growth through further expansion, capitalizing on its high level of expertise as well as the rapid growth of its market and underlying demand. The new chapter is also aiming at pursuing an active buy-and-build strategy, with several targets already identified, as well as supporting I-TRACING’ clients internationally.

Pierre Meignen, Member of Eurazeo PME’s Executive Board, said:
“We are delighted to be involved in I-TRACING’s project. Eurazeo ambitions to provide long-term support to Théodore-Michel Vrangos and Laurent Charvériat in their growth strategy and contribute to the emergence of a European leading independent provider of cybersecurity services. Further than its financial support, Eurazeo would bring the expertise and support of its experienced teams located in 10 countries around the world and its international business network. We can’t wait to actively back the group in a new active phase of its development.”

Théodore-Michel Vrangos and Laurent Charvériat, I-TRACING’s two Founding Partners, underlined:
“We are very pleased to enter I-TRACING’s new phase of development alongside Eurazeo and Sagard, to write a new chapter in our journey as an independent company, 15 years after it was founded. Since 2017, we have successfully passed critical steps with the help of Keensight Capital’s teams: we have tripled our revenue in a four years’ time, structured our offering and our organization, doubled our workforce, accelerated our international growth and made our first add-on. We very grateful for their valuable support. From now on, with the assistance of Eurazeo and Sagard, we will accelerate our growth both in France and internationally in Europe, Asia and North America, accompanying our major French and European clients in all of their cybersecurity needs. We will ensure to maintain our values and mindset, the quality and expertise of our services, commitment to our clients in a thrilling environment for our staff.”

Bérangère Barbe, Agnès Huyghues-Despointes, Guillaume Lefebvre, Partners at Sagard NewGen, said:
“We would be very happy to accompany Théodore-Michel Vrangos and Laurent Charvériat’s outstanding team, alongside Eurazeo, in this new phase of development. I-TRACING has an impressive track record of growth over the last 15 years, offering a broad array of customizable cybersecurity services praised by its clients. This new step will be an opportunity for I-TRACING to leverage Sagard’s relational and commercial network in Europe and North America to pursue a dynamic organic growth and add-ons aimed at strengthening its positioning and technological expertise.”

Philippe Crochet, Managing Partner at Keensight Capital, specifies:
“I-TRACING is a perfect example of the companies we like at Keensight: it provides essential services in a fast-growing market and is an undisputed leader in its industry thanks to a talented and visionary management team. We have actively supported the group in the recent years, particularly outside France with the opening of a new office in Montreal, and in external growth with the strategic acquisition of Idento in 2019, a major player of identity and access management services. At Keensight, we focus on successful companies before, during and after our investment. I-TRACING perfectly fits that description and we are proud of what we have achieved together.”

ABOUT EURAZEO
• Eurazeo is a leading global investment group, with a diversified portfolio of €21.8 billion in assets under management, including €15 billion from third parties, invested in 450 companies. With its considerable private equity, private debt, real estate and infrastructure expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and offering in-depth sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.
• Eurazeo has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, Singapore, London, Luxembourg, Frankfurt, Berlin and Madrid.
• Eurazeo is listed on Euronext Paris.
• ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

ABOUT I-TRACING
• I-TRACING was founded in 2005 in Paris by Laurent Charvériat and Théodore-Michel Vrangos, who were soon joined by Michel Vujicic and then Laurent Besset. It is France’s leading independent pure-play provider of cybersecurity services, covering all requirements in this field: cyberdefence (CyberSOC, I-CERT, Vulnerability Management Center, offensive audit, 24/7 “follow-the-sun” CyberSOC etc.), consultancy and solution engineering/integration, support and managed services. Idento, which joined the group in 2019, provides consultancy and engineering services in the field of Identity and Access Management (IAM).
• The I-TRACING group comprises the I-TRACING companies based in Puteaux, London, Hong Kong and Montreal, along with IDENTO I-TRACING Group, which has locations in Asnières and Nantes.
• The company generated consolidated revenue of €50 million in 2020, up around 40% compared with 2019, and its current workforce consists of 285 engineers. Its client base consists of more than 230 companies across all business sectors, including 30 CAC 40 companies.
• https://i-tracing.com/
• PRESS CONTACTS: Véronique Loquet (vloquet@alx-communication.com – +33 (0)6 68 42 79 68)

ABOUT SAGARD NEWGEN
• Sagard NewGen aims to support the development of leaders in the healthcare and technology sectors. The fund was established to make majority and minority equity investments, financing the growth strategy of profitable European companies that share its commitment to innovation and sustainability (revenues of up to €150 million).
• Sponsored by Sagard Holdings and supported by Sienna Capital, Sagard NewGen extends the platform’s European base alongside Sagard MidCap. Sagard NewGen provides management teams with bespoke support and a high value-added ecosystem that has truly international reach through its presence in Europe, North America and Asia.
• Sagard has offices in Paris, Montreal, Toronto, New York, San Francisco and Singapore.
• www.sagard.eu
• PRESS CONTACTS: Stéphanie Lacan Tabouis, Publicis Consultants (stephanie.tabouis@publicisconsultants.com – +33 (0)6 03 84 05 03)

ABOUT KEENSIGHT CAPITAL
• Keensight Capital, one of the leading European Growth Buyout firms, is committed to supporting entrepreneurs as they implement their growth strategies. For 20 years, Keensight Capital’s seasoned professionals have leveraged their knowledge of investment and growth industries to invest for the long term in profitable companies with high growth potential and revenues in the range of €10 million to €300 million.
• Drawing on its expertise in the Tech and Healthcare sectors, Keensight identifies the best investment opportunities in Europe and works closely with management teams to develop and achieve their strategic vision.
• www.keensightcapital.com
• PRESS CONTACTS: Anne de Bonnefon – abonnefon@keensightcapital.com – +33 (0)1 83 79 87 37
• Citigate Dewe Rogerson: Yoann Besse / Estelle Bleuze – estelle.bleuze@citigatedewerogerson.com – +33 (0)7 63 73 05 67

EURAZEO CONTACTS
Virginie Christnacht
HEAD OF COMMUNICATIONS vchristnacht@eurazeo.com
+33 (0)1 44 15 76 44
Pierre Bernardin
HEAD OF INVESTOR RELATIONS pbernardin@eurazeo.com
+33 (0)1 44 15 16 76
PRESS CONTACT
David Sturken
MAITLAND/AMO dsturken@maitland.co.uk+44 (0)7990 595 913

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EQT Private Equity invests in Indesso, Southeast Asia’s largest natural Flavor & Fragrance ingredients and Food & Wellness solutions provider

eqt
  • Indesso benefits from the global demand and growing consumer awareness for natural ingredients, and contributes to the development of a sustainable value chain in the flavors & fragrances and wider consumer goods industries
  • EQT Private Equity will support Indesso’s ambition for continued research driven product innovation and geographical expansion, as well as in enhancing digital capabilities and sustainability, leveraging on EQT’s inhouse expertise and global advisory network

EQT is pleased to announce that the EQT Mid Market Asia III fund (“EQT Private Equity”) has invested in Indesso Group (“Indesso” or “the Group”). The founding Gunawan family will retain a majority stake in the Group and remains as management following the transaction.

Established in 1968 and headquartered in Jakarta, Indonesia, Indesso is a leading provider of natural ingredients, serving over 2,000 customers in the Flavors & Fragrances (“F&F”) industry in more than 50 countries globally. Indesso’s natural products are essential elements used in the formulation of a wide range of flavor ingredients in food and beverage products, as well as aromatherapy and fragrances in consumer products and nutraceuticals.

Over the years, Indesso has established a strong presence as a manufacturer of essential oils including their derivatives and botanical extracts unique to Indonesia. Through continuous research and innovation, it has transformed into an integrated solutions provider across the F&F ecosystem. Indesso is also one of the market leaders in Indonesia supplying F&F products and food ingredients on behalf of its global principals to the fast-growing local consumer goods industry.

Indesso’s underlying market is supported by global megatrends, such as the shift to natural based products, and the growing importance of sustainable supply chains. The Group supports the United Nations Sustainable Development Goals through its “People – Partnership – Planet” program, which seeks to develop a traceable and responsible natural raw material sourcing and reduce the environmental impact of its business activities.

EQT has vast expertise and a long history in developing strong assets in the sector, including a global F&F company, and existing portfolio companies Azelis and Chr. Hansen Natural Colors. EQT Private Equity intends to leverage on this experience and its global advisory network, to support Indesso’s ambitions for accelerating product innovation and enhancing its raw material sourcing capabilities to continue serving its customers with the best product offering and highest service standards. EQT Private Equity also intends to back Indesso’s inorganic growth plans in the region and invest further in the Group’s digital infrastructure and sustainability, drawing on its inhouse expert capabilities.

Brian Chang, Partner and Investment Advisor, Head of Southeast Asia at EQT Partners, said “Indesso started on its journey more than 50 years ago, bringing natural ingredients to the world. We are truly humbled by the opportunity to invest in a market leader in this highly thematic space as it prepares for the next phase of its journey to expand further. We have full confidence in the talented team and high quality business that Pak Robby is leading and are excited about the ample opportunities to further invest in innovation, sustainability and digitalization to continue to add value to Indesso’s customers and principals.”

Robby Gunawan, CEO of Indesso Group, said “This partnership with EQT represents a new chapter in Indesso’s ‘Journey of Unlocking Nature’. This will accelerate our corporate mission of creating innovative solutions with ‘sustainable natural based ingredients for life’. In the last 10 years, we have enjoyed robust growth in our business built upon solid relationships with current business and supply partners, principals and customers, something that we want to continue and further strengthen. EQT’s expertise and experience in our business space will support us in realizing new opportunities to provide better and innovative solutions for our customers.”

The transaction was closed on 10 May 2021.

Contact
APAC media inquiries: KEKST CNC, daniel.delre@kekstcnc.com, +852 9212 3105
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334
Indesso Corporate Communication, arianto.mulyadi@indesso.com, +62811965808

About EQT
EQT is a purpose-driven global investment organization with more than EUR 67 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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

About Indesso
Established in 1968, Indesso is one of Indonesia’s key manufacturers of food, flavor, and fragrance ingredients. Through strict quality assurance, we ensure that all customers receive high quality products, which comply with international standards and regulations. Indesso is devoted to providing value-added ingredients through innovation, efficiency, and sustainable business practices.

More info: www.indesso.com
Follow Indesso on LinkedIn and Instagram

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Ngern Tid Lor debuts TIDLOR shares in the SET

CVC Capital Partners

Emphasising its strong fundamentals based on distinctive business model driven by technological innovations, together with continuous and sustainable growth potentials

Ngern Tid Lor Public Company Limited debuts its shares, TIDLOR, in the Stock Exchange of Thailand today. An IPO of TIDLOR has become the largest IPO ever in the Finance and Securities Sector in Thailand as well as one of the top five largest equity IPOs in the history of the Thai equity capital market, with the total offering size of THB 38,089 million (including an overallotment option) and the market capitalisation at the IPO price of THB 84,643 million, demonstrating Ngern Tid Lor’s strong fundamentals as the leading vehicle title loan provider and top 3 retail-focused insurance broker with rapid growth. Driven by technological innovations and omni-channel distribution platform, Ngern Tid Lor is ready to take its success in listing in the SET to another level by expanding its network of branches and boosting efficiency. The company plans to continue to invest in improving technological and digital platforms in order to maintain its leadership status and create sustainable growth opportunities. Stabilisation activities will be in place for a period of no more than 30 days after the first trading date to support stability of the share price in the secondary market.

Mr. Piyasak Ukritnukun, Managing Director of Ngern Tid Lor PCL, states that the TIDLOR shares will make its debut in the SET today (May 10, 2021). “This is a very important day for Ngern Tid Lor, and we are honored to join the stock exchange of Thailand. Ngern Tid Lor is one of Thailand’s leading financial inclusion companies in the fragmented title loan and general insurance brokerage businesses, we are on a mission to help promote sustainable economic development by helping people gain access to fair, responsible, and transparent financial products and services. Our rapid growth has been driven by our strong corporate culture, unique omni-channel, distribution platform, reputable brand, and innovative products and services.”

Ngern Tid Lor’s IPO is the largest IPO ever in the Finance and Securities Sector in Thailand as well as one of the top five largest equity IPOs in the history of the Thai equity capital market, with the total offering size of THB 38,089 million (including an overallotment option) and the market capitalization at the IPO price of THB 84,643 million. TIDLOR IPO had received an overwhelming interest from broad range of investors, from leading Thai and global institutional investors to Thai general public retail investors, reflecting investors’ confidence in Ngern Tid Lor’s strong fundamentals and potential for a sustainable growth in the future.

Ngern Tid Lor’s mission is to provide access to fair, transparent and responsible financial services for financial betterment by offering relevant products and services that are simple to understand, convenient and fast through our committed employees. The unique business model, combining financial services expertise, purpose-built technology and data analytics capabilities to effectively offer the right products for our target customer via omni-channel distributions of 1,076 branches in 74 provinces, with a customer referral network comprises of 638 branches of Krungsri Bank, 5,132 representatives, 491 second-hand truck sales representatives, and 519 phone sales representatives. Our customer acquisition from physical channels is further supplemented by online channels ranging from Ngern Tid Lor website, application and Facebook, and TIDLOR Connect to fulfil the existing gaps and provide further access to financial services for citizens in Thailand.

The company’s performance during 2018-2020 demonstrated strong track record of consistent growth and profitability, generating THB 7,569.4 million, THB 9,457.9 million, and THB 10,558.9 million of revenues respectively and net profits of THB 1,306.2 million, THB 2,201.7 million, and THB 2,416.1 million respectively. Gross loans balance between 2018-2020 stood at THB 39,724.1 million, THB 47,979.4 million, and THB 51,331.2 million respectively, while the premiums of non-life insurance collected at end of year amounted of THB 1,917.7 million, THB 2,854.3 million, and THB 4,010.9 million respectively. Ngern Tid Lor has achieved outstanding risk management outcomes, delivering a rate of Non-Performing Loans to Total Loans of 1.7% along with Coverage ratio of 325.1% as of 31 December 2020.

Following its listing in the SET, Ngern Tid Lor is determined to maintain its leadership in the vehicle title loan business and to strive for the leading position in insurance brokerage business in the future. To achieve such goals, the company will use the money from IPO to expand our lending and insurance brokerage business. Ngern Tid Lor plans to improve existing branches and expand 500 new branches by 2023 to provide wider coverage, invest and develop the IT system and digital transformation to strengthen business operations, uses part of the raised funds for working capital as well as capital restructuring in anticipation of a steady and sustained growth in the future.

“Our fundraising through the IPO will enable Ngern Tid Lor to boost our potential for sustainable growth, strengthen our financial status, continue our investment in digital transformation and platform-building” says Mr. Piyasak.

“Following our listing in the SET, Ngern Tid Lor is determined to be one of the leading quality listed companies under the principle of creating fair transparent and responsible financial opportunities for every Thai individual, while continuing to deliver steady and sustainable growth for the utmost benefits of our shareholders and all stakeholders.”

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SYNLAB AG commences trading on the Frankfurt Stock Exchange

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Cinven

Value creation through investment in medical excellence, international expansion and consolidation

SYNLAB AG (“SYNLAB” or “the Group”), the largest European clinical laboratory and medical diagnostic services company, completed its successful listing on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange (“FSE”) on 30 April 2021. In total, 42.9 million shares were placed as part of the initial public offering. The total offer volume reached EUR 772 million with an expected free float of 19%, assuming full exercise of the Greenshoe option. At the IPO price of €18.00 per share, the implied market capitalisation was €4.0 billion, and the implied enterprise value amounted to €5.9 billion. The stock trades under the trading symbol SYAB, the German securities code (WKN) A2TSL7, and the international securities identification number (ISIN) DE000A2TSL71.

In 2015, funds advised by Cinven acquired the Germany-based SYNLAB and French medical diagnostics provider Labco at a combined enterprise value of €2.9 billion. Following the successful merger of the two companies under the joint SYNLAB brand, Cinven and co-investors Novo Holdings and Ontario Teachers’ Pension Plan Board (together “the sponsors”) supported the company on its organic and M&A-driven growth strategy. Under the leadership of Dr. Bartl Wimmer, founder of SYNLAB, and since 2018 of CEO Mathieu Floreani, SYNLAB consistently focused on a strategy of customer-centric medical excellence to drive organic growth. In a fragmented medical diagnostics market, the Group executed on more than 100 add-on transactions and expanded its presence to an additional eight countries, including market entries in Latin America and Africa. Today, the Group is active in 36 countries globally and the only player with a presence in the five largest European markets (France, Germany, Italy, Switzerland, UK). Over the past year, its scale and flexibility enabled SYNLAB to quickly ramp up SARS-CoV-2 testing capacity across its markets and contribute to fighting the COVID-19 pandemic as a key part of the medical infrastructure.

SYNLAB grew its revenues to €2.6 billion in fiscal year 2020. EBITDA increased to €679 million in the same period. In addition to its considerable business success and value creation, SYNLAB also expanded its workforce to more than 20,000 employees in 2020. The Group processes more 500 million tests and assists more than 100 million patients per annum.

Commenting on the IPO, Alex Leslie, Partner of Cinven said:

“Our original investment thesis in 2015 was based on the unique opportunity to create a European leader by combining two strong platforms with an excellent regional fit. Together with our co-shareholders, we supported the transition from a great business led by founder Bartl Wimmer to an enterprise led by a new management team under the leadership of Mathieu Floreani. Mathieu and his team built on the strong strategic position of SYNLAB and further accelerated the international expansion across markets in Europe and Latin America. We fully endorsed the strategy of customer-centric medical excellence, and we are proud that SYNLAB has played an important role in fighting the COVID-19 pandemic over the past year. SYNLAB is in an excellent position to deliver on its future growth strategy and will continue to fulfil its mission of providing actionable diagnostic information for healthy lives and well-being for all.”

Christian Salling, Senior Partner at Novo Holdings, commented:

“SYNLAB has been on an impressive journey during our ownership, and management has done an outstanding job of creating a leading, international diagnostics services provider. Furthermore, SYNLAB has been at the forefront of the fight against Covid-19 since the beginning of the outbreak and quickly stepped up to face this considerable challenge. We at Novo Holdings are very proud to be part of that journey. SYNLAB is an excellent example of our strategy of investing in quality companies with strong management teams and demonstrates the strength of our engaged ownership model, that we exercised together with leading investment partners. We are very pleased with the company’s accomplishments to date and congratulate the team on this important milestone.”

Nick Jansa, Senior Managing Director for Europe, the Middle East and Africa at Ontario Teachers’ added:

“We are delighted to see SYNLAB successfully transition to the public markets under the stewardship of Cinven, Novo and Ontario Teachers’. The business has been transformed under our ownership because of numerous strategic acquisitions and other value creation initiatives. We are proud to have backed SYNLAB, which has achieved significant growth while making a vital contribution to public health efforts across the globe.”

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EQT Private Equity to sell StormGeo to Alfa Laval

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  • EQT Private Equity to sell StormGeo, a global provider of software-based decision support for weather sensitive operations, to Alfa Laval at a transaction price of NOK 3,630 million
  • StormGeo’s weather intelligence contributes to safeguarding people, assets and operations, and helps its customers achieve greenhouse gas targets and reduce emissions, with more than 2.0 million tons fuel and 6.1 million tons CO2 saved since 2018
  • During EQT’s ownership, StormGeo has more than doubled revenues, EBITDA and number of customers as a result of strong organic growth, investments in digitalization and a number of strategic add-on acquisitions

EQT is pleased to announce that the EQT Mid Market fund (“EQT Private Equity”) has agreed to sell StormGeo Holding AS (“StormGeo” or “the Company”) to Alfa Laval AB (“Alfa Laval”), a world leader in heat transfer, centrifugal separation and fluid handling. The transaction price amounts to NOK 3,630 million.

StormGeo was founded in 1997 in Bergen, Norway, as a spin-off from Norway’s largest commercial broadcaster, TV2. Through its scalable software solutions, StormGeo provides weather-centric services to more than 2,200 customers globally in a variety of industries, including shipping, energy and onshore industries such as healthcare, hospitality, insurance and retail.

With extreme weather being the number one cause of business disruptions globally, StormGeo’s point specific forecasts, coupled with asset specific data, enable customers to safeguard people, assets and operations while minimizing downtime, improving ESG performance, saving fuel and resources.

During EQT Private Equity’s ownership, StormGeo has transformed from a regional champion into a leading global provider of shipping- and weather-solutions, underpinned by a proprietary and automated data platform. Fueled by global megatrends such as climate change and digitalization, StormGeo has more than doubled revenues, EBITDA and number of customers, and the Company’s platform has been significantly strengthened through investments in digitalization and six strategic add-on acquisitions. In 2018, StormGeo was elected a UN Global Compact Partner and has since proudly contributed to the Action Platform for Sustainable Ocean Business.

Rikke Kjær Nielsen, Partner and Investment Advisor at EQT Partners said, “It has been a privilege to partner with StormGeo’s management team and take part of the growth journey. We are proud of the company’s contribution to society in helping clients act sustainably and facilitating a reduction of 6.1 million tons CO2 since 2018. This aligns perfectly with EQT’s investment approach, and StormGeo is a strong testimony to EQT’s purpose of making a positive impact. I would also like to thank DNV and all the other minority co-investors in StormGeo for a great cooperation over the past few years. We are confident that Alfa Laval will be a great new home for StormGeo, and together, they will continue to be a trusted partner to businesses worldwide.”

Søren Andersen, CEO of StormGeo, further commented, “Together with EQT, StormGeo has transformed into a global market leader through accelerated investments in digitalization and several strategic add-on acquisitions. We are grateful for the strong cooperation and support from EQT over the past years, and we now look forward to continuing to develop our business through further geographic- and technological expansion together with Alfa Laval.”

The transaction is expected to close in Q2 2021.

EQT Private Equity was advised by Houlihan Lokey (M&A), EY (financial, tax, commercial, ESG, tech) and Wiersholm (legal).

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with more than EUR 67 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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

About StormGeo
StormGeo is a leading global provider of software-based decision support for weather sensitive operations. The company was founded in 1997 as a spin-off from Norway’s largest commercial broadcaster, TV2, and today provides weather-centric services for a variety of industries, including shipping, renewables, oil & gas, and onshore industries such as healthcare, hospitality and retail. The company is headquartered in Bergen, Norway and has 24 offices in 15 countries and approximately 515 employees.

More info: www.stormgeo.com

About Alfa Laval
Alfa Laval is active in the areas of Energy, Marine, and Food & Water, offering its expertise, products, and service to a wide range of industries in some 100 countries. The company is committed to optimizing processes, creating responsible growth, and driving progress – always going the extra mile to support customers in achieving their business goals and sustainability targets.

Alfa Laval’s innovative technologies are dedicated to purifying, refining, and reusing materials, promoting more responsible use of natural resources. They contribute to improved energy efficiency and heat recovery, better water treatment, and reduced emissions. Thereby, Alfa Laval is not only accelerating success for its customers, but also for people and the planet. Making the world better, every day.

Alfa Laval has 16,700 employees. Annual sales in 2020 were SEK 41.5 billion (approx. EUR 4 billion). The company is listed on Nasdaq

More info: www.alfalaval.com

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