EQT Private Equity to sell Dorner to Columbus McKinnon for an Enterprise Value of USD 485m

eqt
  • Dorner is a leading global provider of high precision conveyor solutions in the attractive automation industry with a focus on enhancing productivity, safety, cost and waste reduction, and speed to market
  • EQT supported Dorner’s transformation into a preeminent global provider of high precision conveyor solutions through substantial investments in new product development, refocused go-to-market strategies, and acquisition integration

EQT is pleased to announce that EQT Private Equity, through the EQT Mid Market US fund, has agreed to sell Dorner (“the Company”) to Columbus McKinnon Corporation (Nasdaq: CMCO) for an Enterprise Value of USD 485m.

Founded in 1966 and headquartered in Hartland, WI, Dorner is a leading global provider of high precision conveyor solutions for high growth and resilient end markets including e-commerce, life sciences, food & beverage, industrial automation, packaging, and CPG. Dorner supports the quickly evolving automation industry, which is backed by the accelerating adoption of automated solutions. Dorner’s robust product portfolio extends across modular standard and highly engineered solutions along with aftermarket parts and services. Dorner’s proprietary DTools software provides access to its comprehensive solution library and allows customers to design and specify their own customized conveyors. The Company serves a global blue chip customer base with manufacturing facilities in North America, Latin America, Europe, and Asia and has approximately 400 employees worldwide.

With the support of EQT, Dorner continued to grow organically to solidify its position as a leading global industrial technology business. Substantial investments were made to integrate previous acquisitions to create a truly global platform with the ability to provide customers consistent quality and a uniform portfolio of products worldwide. EQT partnered with Dorner’s management team to realign the Company’s go-to-market approach to best serve its extensive customer base. Research and development was also prioritized, resulting in industry leading new product developments in additional end markets, such as life sciences and e-commerce, with many more products in the pipeline.

Kasper Knokgaard, Partner and Investment Advisor at EQT, said: “Dorner operates at the forefront of the automation revolution and is supporting industries undergoing rapid growth and transformation, such as e-commerce and life sciences. The Company exemplifies EQT’s thematic approach to investments within the Industrial Technology sector and is a market leader in the highly attractive automation subsector. We are very thankful to the Dorner management team, led by Terry Schadeberg, for its strategic vision and strong execution, and look forward to following Dorner’s journey with Columbus McKinnon.”

Terry Schadeberg, CEO of Dorner, said: “With the support of EQT, Dorner has strengthened our internal infrastructure, expanded our solutions set and gained share in high growth end markets that will continue to benefit from Dorner’s unique capabilities in the coming years. We thank EQT for its guidance and counsel through the last four years. Columbus McKinnon is an excellent strategic fit for Dorner and we are thrilled to partner with them in this next phase of growth.”

The transaction is subject to customary conditions and approvals and is expected to close in Q2 2021.

Baird and William Blair & Company L.L.C. acted as financial advisors and Weil, Gotshal & Manges LLP acted as legal advisor to EQT Private Equity and Dorner.

Contact
US inquiries: Stephanie Greengarten, +1 646 687 6810, stephanie.greengarten@eqtpartners.com
International inquiries: EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a purpose-driven global investment organization with more than EUR 84 billion in raised capital and over EUR 52 billion in assets under management across 17 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 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 Dorner
Founded in 1966 in Hartland, Wisconsin, Dorner is a leader in high-precision, specialty conveyor systems that enhance productivity, quality, reliability, speed, uptime, and end user profitability.  Dorner offers a broad product offering across both modular standard and highly engineered custom conveyor solutions.  With nearly 400 employees, Dorner has deep engineering and technical expertise with facilities in North America, Europe, and Asia.

More info: www.dornerconveyors.com


This release was sent by Cision

https://news.cision.com/eqt/r/eqt-private-equity-to-sell-dorner-to-columbus-mckinnon-for-an-enterprise-value-of-usd-485m,c3298313

Categories: News

Tags:

HENT is building Aker Tech House

Ratos

HENT has been awarded a contract to build Aker Tech House for the real estate company Aker Property Group at Fornebu outside Oslo. The project is worth more than NOK 1 billion and is expected to be completed in the summer of 2023.

The real estate company Aker Property Group is leading the work of developing the Fornebu area outside Oslo, where Aker Tech House will now be built. Akter Tech House is a building of approximately 30,000 sq.m. and a central part in the development of the Fornebu district. The building will primarily consist of offices. Aker Property Group is a well-known customer of HENT, together the companies have worked on projects totaling more than 200,000 sq.m. Aker Tech House is designed by the leading Swedish architectural firm Wingårdhs.

“Through long-term collaboration and involvement at an early stage, we, together with Aker Property Group, have been able to make this project possible, which is one of the most exciting in the Oslo region. This confirms HENT’s position as a preferred partner on large complex projects,” says Christian Johansson Gebauer, Chairman of the Board of HENT and Head of Business Area Construction & Services, Ratos.

 

For further information:
Christian Johansson Gebauer, Chairman of the Board of HENT and Head of Business Area Construction & Services, Ratos
Phone: +46 8 700 17 00

Helene Gustafsson, Head of IR and Press, Ratos
Phone: +46 70 868 40 50
About Ratos:
Ratos is a business group consisting of 11 companies divided into three business areas: Construction & Services, Consumer & Technology and Industry. In total, the companies have SEK 33 billion in sales and EBITA of SEK 2 billion. Our business concept is to develop companies headquartered in the Nordics that are or can become market leaders. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.

Categories: News

Tags:

EQT Private Equity to sell Innovyze

eqt
  • EQT Private Equity to sell Innovyze, a leading provider of water infrastructure software, to Autodesk (NASDAQ: ADSK) for an Enterprise Value of USD 1,000m
  • EQT supported Innovyze’s transformation into a leading global smart water infrastructure software provider through investments in strategic acquisitions, trailblazing new product development, and refined go-to-market capabilities

EQT is pleased to announce that EQT Private Equity, through the EQT Mid Market US fund, has agreed to sell Innovyze (“the Company”) to Autodesk (NASDAQ: ADSK) for an Enterprise Value of USD 1,000m.

Innovyze was established in 1996 to provide wet infrastructure software solutions. In 2017, Innovyze merged with XP Solutions to become the leading global provider of smart water infrastructure software solutions designed to meet the technological needs of water / wastewater utilities, government agencies and engineering organizations worldwide. As the largest pure-play water-focused software provider, Innovyze offers a full suite of water-focused products that span the infrastructure lifecycle. Innovyze is headquartered in Portland, Oregon and has offices in California, Colorado, Canada, the UK and Australia.

With the support of EQT, Innovyze transformed into a standalone global leader in the smart water infrastructure software space. Innovyze and XP Solutions were separately carved out from international public engineering companies by EQT and merged to form Innovyze. Since then, significant investments were made to build out the Company’s executive team and integrate the businesses. Together with management, EQT supported Innovyze in realigning the sales organization to serve the complex technical sales process and pivot to an enterprise selling approach. Substantial investments were also made in product development to strengthen the Company’s asset management solution and to extend the product portfolio into cutting-edge real-time operational analytics and artificial intelligence offerings.

Sydney Pardey, Director and Investment Advisor to EQT Private Equity, said: “Water is our most valuable resource and Innovyze’s product portfolio enables sustainable management of that asset, benefitting our local communities and global ecosystem. It has been exciting to work with the visionary management team, led by Colby Manwaring, to transform Innovyze into a global technology leader at the forefront of water software solutions.”

Arvindh Kumar, Partner and Investment Advisor to EQT Private Equity, said: “Innovyze embodies a successful EQT investment: transforming a market leader in a thematic sub-sector, with a positive sustainability footprint, into a future-proofed platform well-positioned for continued success. We thank Colby, the management team and the advisors in the EQT Network for their strategic vision and incredible execution.”

Colby Manwaring, Chief Executive Officer at Innovyze, said: “EQT has been a great partner and played a critical role in our journey by investing with a focus on the long-term potential for the business. We look forward to working with Autodesk to continue our successful growth and further our mission to empower water professionals around the world to design, manage, operate and maintain water infrastructure.”

The transaction is subject to customary conditions and approvals and is expected to close in March or April 2021.

UBS Investment Bank acted as financial advisor and Sidley Austin LLP acted as legal advisor to EQT Private Equity and Innovyze.

Contact
US inquiries: Stephanie Greengarten, +1 646 687 6810, stephanie.greengarten@eqtpartners.com
International inquiries: EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a purpose-driven global investment organization with more than EUR 84 billion in raised capital and over EUR 52 billion in assets under management across 17 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 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 Innovyze
Innovyze is a global leader in building innovative, industry-leading software for the water industry for over 35 years; serving thousands of clients including the largest utilities, ENR design firms, consultancies and refining plants around the world.

More info: www.Innovyze.com

Categories: News

Tags:

Advent International-Backed ATI Physical Therapy set to go public through business combination with Fortress Value Acquisition Corp. II

Advent International
  • ATI Physical Therapy is a premier outpatient physical therapy company, leveraging an outcomes database of 2.5+ million unique patient cases and an industry-leading, scalable platform to drive high-quality musculoskeletal outcomes and outstanding customer satisfaction
  • Transaction values ATI at an enterprise value of $2.5 billion and is expected to provide up to $645 million in cash proceeds, including $300 million of fully committed PIPE
  • Investment funds affiliated with Fortress Investment Group LLC are investing $75 million into the PIPE and are joined by institutional investors including Wells Capital Management, Weiss Asset Management and Monashee Investment Management
  • Proceeds will be primarily used to repay existing debt and preferred equity, delivering financial flexibility to fuel ATI’s significant organic and acquisition growth opportunities
  • Advent International and Management are rolling 100 percent of existing equity; Advent will remain the Company’s largest stockholder and be closely aligned with Fortress and public stockholders at transaction close
  • Existing preferred holders for ATI, including GCM Grosvenor, are also rolling a significant portion of their existing stake

Bolingbrook, IL and New York, NY — February 22, 2021 — Fortress Value Acquisition Corp. II (“FVAC II”) (NYSE: FAII), a special purpose acquisition company, and ATI Physical Therapy (“ATI” or the “Company”), a portfolio company of Advent International (“Advent”) and the largest single-branded outpatient physical therapy provider in the United States, announced today that they have entered into a definitive merger agreement. Upon closing of the transaction, the combined company will operate as “ATI Physical Therapy, Inc.” and remain NYSE-listed under a new ticker symbol. The transaction is expected to close in the second quarter of this year, subject to approval by FVAC II’s stockholders and other customary closing conditions.

ATI owns and operates nearly 900 physical therapy clinics across 25 states. The Company operates its business based on data and analytics, augmented by a relentless focus on delivering superior patient outcomes that exceed industry benchmarks and service excellence to its patient, provider and payor customers.

The existing management team, led by CEO Labeed Diab, CFO Joe Jordan and COO Ray Wahl, will continue to lead the business, and Advent will remain ATI’s largest stockholder.

A Record of Growth in an Evolving Industry

ATI operates in the growing outpatient physical therapy segment of the musculoskeletal (“MSK”) treatment industry, which represents an estimated $22 billion market, within a broader MSK treatment industry representing $300-$400 billion in total spend1. Multiple secular tailwinds are driving increased demand for outpatient physical therapy services, including: favorable demographic trends, specifically the rise in individuals over the age of 65; greater desire for active lifestyles throughout life; and continued shift towards outpatient care. In addition, there is an increasing shift away from invasive and cost inefficient treatment modalities such as surgeries and opioids to physical therapy as an effective first line of treatment for many MSK conditions.

The combination of a fast-growing market and transition to value-based healthcare has allowed ATI to execute a strategy of organic growth, accretive acquisitions and market-leading profitability in a highly fragmented industry. Since 2016, ATI has opened approximately 300 new clinics and acquired and integrated approximately 125 clinics. And with its EMR database of 2.5+ million patient cases, the Company believes it is uniquely equipped to not only deliver consistent, high-quality patient outcomes but also intelligently design and capitalize on value-based healthcare risk sharing arrangements.

“I am extremely proud of our team and the leadership role ATI plays across the nation in consistently delivering exceptional musculoskeletal outcomes, driving efficiencies and cost savings that benefit the healthcare ecosystem and delivering great results for our patients, providers and payors,” said Labeed Diab, CEO of ATI. “We expect to remain an active participant in the evolution of the industry and look forward to this next, exciting phase of our growth.”

Drew McKnight, CEO of FVAC II, commented, “We have followed ATI for a long time, having been an investor in the credit for over ten years. Since Advent bought the business in 2016, we’ve watched and admired the company’s growth, in particular their approximately 300 new clinics through their de novo growth effort. With this strong leadership team and strong balance sheet, we believe ATI is well positioned to continue this de novo growth as well as be a primary and preferred acquirer in what is still a fragmented industry.”

John Maldonado, a Managing Partner at Advent, said, “We are proud of what we have achieved in our partnership with ATI. Together, we strengthened ATI’s industry leadership through a focus on outcomes and value-based care initiatives that have further differentiated the Company’s physical therapy offering. Our tech and operational investments have enabled ATI to grow its clinic footprint by 50 percent while consistently putting patient care first and further enhancing its clinician-centric culture. We look forward to working more closely with Fortress in supporting ATI’s continued growth.”

Key Transaction Terms

The combined company represents an enterprise value of approximately $2.5 billion at closing, or 14.0x 2022E Adjusted EBITDA.

In connection with this transaction:

  • Cash proceeds raised will consist of FVAC II’s cash in trust of $345 million and a fully committed common stock PIPE of $300 million at $10.00 per share from institutional investors including Fortress Investment Group LLC, Wells Capital Management, Weiss Asset Management and Monashee Investment Management.
  • FVAC II has amended the terms of its founder equity to align with long-term value creation and performance of the Company. FVAC II’s sponsor will defer 100 percent of its founder shares in accordance with the following vesting schedule: 33 percent at $12.00 per share, 33 percent at $14.00 per share and 33 percent at $16.00 per share. FVAC II’s sponsor will also cancel 50 percent of private warrants.
  • Advent and other existing common equity holders of ATI, including management, will remain 100 percent invested following the closing, rolling approximately $1.3 billion of investment holdings into equity of the combined company.
  • ATI’s preferred equity holders, including GCM Grosvenor, who has been a decade-long investor in ATI, will continue to be significant investors and are converting approximately $130 million of existing stake into equity of the combined company.
  • Cash proceeds will be used to pay down ATI’s existing debt and remaining preferred equity, significantly reducing leverage. Pro forma net debt to Adjusted EBITDA ratio is expected to be reduced from 5.2x to 2.1x based on 2022E Adjusted EBITDA.
  • ATI common equity holders, ATI preferred equity holders, FVAC II stockholders and PIPE investors (including investment funds affiliated with Fortress Investment Group LLC ) are expected to own approximately 63 percent, 6 percent, 17 percent and 14 percent, respectively, of the outstanding common shares of the combined company immediately following the merger.2

The Boards of Directors of both FVAC II and ATI have unanimously approved the proposed business combination, and, following such approval, ATI stockholders adopted the merger agreement. No further approval by ATI stockholders is required to consummate the proposed business combination. The transaction is expected to be completed in the second quarter of 2021, subject to, among other customary closing conditions, approval by FVAC II stockholders and FVAC II having minimum cash of $472.5 million.

Additional information about the proposed business combination, including a copy of the merger agreement and investor presentation, will be included in a current report on Form 8-K to be filed by FVAC II with the Securities and Exchange Commission (“SEC”) and available at www.sec.gov.

Advisors

Deutsche Bank Securities and BofA Securities are serving as joint financial advisors to FVAC II. Barclays, Citi, Deutsche Bank Securities, and BofA Securities are serving as placement agents to FVAC II. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to FVAC II.

Barclays and Citi are acting as joint financial advisors and capital markets advisors to ATI. Weil, Gotshal & Manges LLP is serving as legal counsel to ATI.

Investor Management Presentation

FVAC II and ATI management will host a conference call on February 22, 2021 at 8:00 a.m., EST, to review an investor presentation. The conference call can be accessed in the “Investors” section of the ATI website at https://www.atipt.com/investors and the FVAC II website at https://www.fortressvalueac2.com/. A recording of the webcast will be available online following the conference call at the same links.

The presentation and a transcript of the call will also be filed by FVAC II with the SEC under the cover of a Current Report on Form 8-K, which can be viewed through the SEC’s EDGAR website at www.sec.gov. A link to Fortress Value Acquisition Corp.’s SEC filings can be found at https://www.fortressvalueac2.com/sec-filings.

About ATI Physical Therapy

At ATI Physical Therapy, we are passionate about potential. Every day, we restore it in our patients and activate it in our team members in close to 900 locations across the U.S. With proven results from more than 2.5 million unique patient cases tracked in its EMR database, ATI is leading the industry by setting best practice standards that deliver predictable outcomes for our patients with MSK issues. ATI’s offerings span the healthcare spectrum for MSK-related issues. From preventative services in the workplace and athletic training support to home health, outpatient clinical services and online physical therapy via its CONNECT™ platform,

a complete list of our service offerings can be found at www.ATIpt.com

About Fortress Value Acquisition Corp. II

FVAC II is a $345 million Special Purpose Acquisition Company sponsored by Fortress Credit and traded on the New York Stock Exchange under the ticker FAII. Fortress Credit is a business of Fortress Investment Group LLC (“Fortress”).

Fortress is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $49.9 billion of assets under management as of September 30, 2020, on behalf of approximately 1,800 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 350 private equity transactions in 41 countries, and as of September 30, 2020, had $66.2 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 200 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit www.adventinternational.com or www.linkedin.com/company/advent-international

About GCM Grosvenor

GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm is in its 50th year of operation and is dedicated to delivering value for clients in the growing alternative investment asset classes. GCM Grosvenor’s experienced team of approximately 500 professionals serves a global client base of institutional and high net worth investors. The firm is headquartered in Chicago, with offices in New York, Los Angeles, London, Tokyo, Hong Kong, and Seoul.

Additional Information and Where to Find It

This press release is being made in respect of the proposed business combination involving FVAC II and ATI. In connection with the proposed business combination, FVAC II intends to file with the SEC a preliminary proxy statement relating to the proposed business combination, which will be mailed (if and when available) to its stockholders once definitive. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the proposed business combination. FVAC II’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement, any amendments thereto, the definitive proxy statement and any other documents filed in connection with FVAC II’s solicitation of proxies for its special meeting of stockholders to be held to approve the proposed business combination and other matters, as these materials will contain important information about the Company, FVAC II and the proposed business combination.

When available, the definitive proxy statement and other relevant materials for the proposed business combination will be mailed to stockholders of FVAC II as of a record date to be established for voting on the proposed business combination. Stockholders of FVAC II will also be able to obtain copies of the proxy statement and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov. In addition, the documents filed by FVAC II may be obtained free of charge from FVAC II at https://www.fortressvalueac2.com/sec-filings or upon written request to FVAC II at 1345 Avenue of the Americas, New York, New York 10105, Attn: Investor Relations, or by calling (212) 798-6100.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended (“Securities Act”), or an applicable exemption from the registration requirements thereof.
Participants in the Solicitation

FVAC II, ATI and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from FVAC II’s stockholders in connection with the proposed business combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of FVAC II’s stockholders in connection with the proposed business combination will be set forth in FVAC II’s proxy statement when it is filed with the SEC. You can find more information about FVAC II’s directors and executive officers in FVAC II’s final prospectus dated August 11, 2020 and filed with the SEC on August 13, 2020.
Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in FVAC II’s preliminary and definitive proxy statement when it becomes available. Stockholders, potential investors and other interested persons should read the proxy statement carefully when it becomes available before making any voting or investment decisions. When available, these documents can be obtained free of charge from the sources indicated above.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or other similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics (including pro forma net debt to Adjusted EBITDA ratio), projections of market opportunity and market share, the satisfaction of closing conditions to the potential transaction and the PIPE, the level of redemptions by FVAC II’s public stockholders and the timing of the completion of the potential transaction, including the anticipated closing date of the proposed business combination and the use of the cash proceeds therefrom. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of ATI’s and FVAC II’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of ATI and FVAC II. These forward-looking statements are subject to a number of risks and uncertainties, including (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the stockholders of FVAC II is not obtained; (iii) the ability to maintain the listing of the combined company’s securities on NYSE; (iv) the inability to complete the PIPE; (v) the risk that the proposed business combination disrupts current plans and operations of FVAC II or ATI as a result of the announcement and consummation of the transaction described herein; (vi) the risk that any of the conditions to closing are not satisfied in the anticipated manner or on the anticipated timeline; (vii) the failure to realize the anticipated benefits of the proposed business combination; (viii) risks relating to the uncertainty of the projected financial information with respect to ATI and costs related to the proposed business combination; (ix) risks related to the rollout of ATI’s business strategy and the timing of expected business milestones; (x) the effects of competition on ATI’s future business and the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (xi) risks related to political and macroeconomic uncertainty; (xii) the outcome of any legal proceedings that may be instituted against FVAC II, ATI or any of their respective directors or officers, following the announcement of the potential transaction; (xiii) the amount of redemption requests made by FVAC II’s public stockholders; (xiv) the ability of FVAC II or the combined company to issue equity or equity-linked securities or obtain debt financing in connection with the proposed business combination or in the future; (xv) the impact of the global COVID-19 pandemic on any of the foregoing risks; and (xvi) those factors discussed in FVAC II’s final prospectus dated August 11, 2020 and any Quarterly Report on Form 10-Q, in each case, under the heading “Risk Factors,” and other documents of FVAC II filed, or to be filed, with the SEC. If any of these risks materialize or FVAC II’s or ATI’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither FVAC II nor ATI presently know or that FVAC II and ATI currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect FVAC II’s and ATI’s expectations, plans or forecasts of future events and views as of the date of this press release. FVAC II and ATI anticipate that subsequent events and developments will cause FVAC II’s and ATI’s assessments to change. However, while FVAC II and ATI may elect to update these forward-looking statements at some point in the future, FVAC II and ATI specifically disclaim any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing FVAC II’s and ATI’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Non-GAAP Financial Measures

Certain financial information and data contained in this press release is unaudited and does not conform to Regulation S-X promulgated under the Securities Act. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement/prospectus or registration statement to be filed by FVAC II with the SEC. Some of the financial information and data contained in this press release, such as Adjusted EBITDA, have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). FVAC II and ATI believe these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to ATI’s financial condition and results of operations. ATI’s management uses these non-GAAP measures for trend analyses, for purposes of determining management incentive compensation and for budgeting and planning purposes. FVAC II and ATI believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing ATI’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. However, ATI’s method of determining these measures may be different from other companies’ methods and, therefore, may not be directly comparable to those used by other similar companies. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in ATI’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results and reconciliations to the most directly comparable GAAP measure are included at the end of this press release.

1 According to a third-party market study as of December 11, 2020.

2 Assumes no redemption by public stockholders in connection with the transaction and excludes the impact of Fortress warrants (9.9 million warrants with a strike price of $11.50 per warrant). Assumes new shares are issued at a price of $10.00 per share.

Media contacts

ATI Physical Therapy

Investor Relations
Bob East / Jordan Kohnstam
Westwicke/ICR
ATIIR@westwicke.com

Media Relations
Sean Leous
Westwicke/ICR
646-866-4012
Sean.Leous@westwicke.com

Fortress Value Acquisition Corp. II

Gordon E. Runté
Managing Director
Fortress Investment Group LLC
212-798-6082
grunte@fortress.com

Categories: News

Tags:

Navamedic ASA – Q4 2020 financial results

Reiten

Today, 18th February 2021, Navamedic ASA presented the fourth quarter of 2020. The company grew revenues by 17% in Q4 2020 compared to the same quarter last year. Navamedic reported revenues of NOK 55.3 million in Q4 2020 with an EBITDA of negative NOK 3.7 million driven by both new product launches and investments in further growth initiatives. The company reiterates its mid- to long-term ambition of building a NOK 500 million company.

Revenues in the fourth quarter of 2020 were NOK 55.3 million (47.3 million in the fourth quarter of 2019). The gross margin was 40.4% (29.7%), while the EBITDA was negative NOK 3.7 million (-8.0). In full-year 2020, revenues increased by 11% to NOK 209.9 million (188.8), while EBITDA came in at negative NOK 1.3 million (-6.5).

“The fourth quarter of 2020 displayed strong growth in our underlying portfolio and new products introduced during the second half of the year. Key growth drivers continued to be Mysimba and Alflorex, while we were also pleased that the uptake of newly added products such as ThermaCare developed as planned. During 2020, we have made strategically important investments in our organisation and platform. These investments will be key as we embark on 2021 and continue to launch new products and push for continued growth in our existing portfolio,” says Kathrine Gamborg Andreassen, Chief Executive Officer of Navamedic ASA, and continues.

“The Covid-19 pandemic is evolving. We are monitoring the situation closely and will continuously evaluate measures to limit effects on supply and demand going forward. In the fourth quarter, we experienced volatility for Imdur caused by an out of stock situation. The impact was however offset by strong performance in our consumer health, medical nutrition and specialty pharma product categories.”

Shortly after the quarter, Navamedic launched Cysticina® in Norway, a nonprescription drug for treatment of symptoms of urinary infection. The company estimates an addressable Norwegian market of NOK 100 million, with no real nonprescription alternatives available in Norwergian pharmacies.

“Urinary infection is a troublesome and unfortunately returning problem for women, and we are pleased to introduce Cysticina as the first real nonsubscription alternative for treatment of urinary infection symptoms. Women’s health is key to us and we plan to launch more products in this area going forward,” says Gamborg Andreassen.

Navamedic will launch products in at least one country in each launch window going forward. The company targets 20% annual growth from 2021 and reiterates its mid- to long-term ambition of building a NOK 500 million company with strong gross margins and underlying profitability.

Navamedic ASA

 

Navamedic ASA is a Nordic pharma company and reliable provider of high-quality products, delivered to hospitals and through pharmacies, meeting the specific needs of patients and consumers by leveraging its highly scalable market access platform, leading category competence and local knowledge. Navamedic is present in all the Nordic countries, the Baltics and Benelux, with sales representation in the UK and Greece. Navamedic is headquartered in Oslo.

Categories: News

Tags:

KKR Sells Five UK Student Accommodation Assets For £291m

KKR
February 18, 2021

Under KKR’s ownership, the assets have been developed to meet growing demand for high-quality student accommodation in an underserved market

LONDON–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the sale of five major student housing developments across the UK to Greystar Real Estate Partners LLC, a global leader in the investment, development, and management of high-quality rental housing, for £291m.

The five Purpose Build Student Accommodation (PBSA) developments comprise a total of 2,163 units situated in London, Glasgow, Coventry and Bristol, four cities renowned for their higher education institutions. Four of the assets are operational for the 2020/21 academic year, while the asset in Bristol is under construction and due for occupancy in September 2021.

KKR acquired the five PBSA sites in 2018 to develop high-quality, professionally managed accommodation to meet structurally growing demand in a market which continues to be underserved by quality options for student housing. The UK remains one of the leading global destinations for higher education with the benefit of top-ranking universities, with strong forecast growth trends in the university-age demographic in the UK, supported by ongoing demand from international students.

KKR worked closely with Nido Student as operator of the sites to provide best-in-class property management services, having successfully collaborated on student accommodation developments in the Netherlands. The UK sites benefited from Nido’s wealth of experience in thoughtful and innovative design, providing a tailored service from development to operations focused on well-being and student experience.

Seb D’Avanzo, Managing Director in European Real Estate at KKR, said: “These assets have helped to address the growing demand for high-quality accommodation across university hubs in the UK that provide a focus on wellbeing and community for students. We continue to see the UK as a strategically significant market for PBSA, with strong projected demand, and will continue to assess future opportunities to acquire and develop quality assets.”

-ends-

About KKR

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. 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
Alastair Elwen / Alice Neave
Finsbury
+44 (0)20 7251 3801
kkr@finsbury.com

Source: KKR

Categories: News

Tags:

KKR to Acquire Flow Control Group from Bertram Capital

KKR

February 17, 2021

All Employees to Become Owners in Company

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced it has entered into an agreement to acquire Flow Control Group, a leading distributor of mission-critical flow control and industrial automation products, from Bertram Capital.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210217005319/en/

Headquartered in Charlotte, North Carolina, Flow Control Group serves as a trusted, value-added distributor and advisor to more than 10,000 customers and 2,000 suppliers in North America for technical flow control and industrial automation products and related services. Customers rely on Flow Control Group for their engineering expertise, technical support, and service capabilities for high value products including air equipment, pumps, valves, process control, and industrial automation, amongst other product categories.

“Flow Control Group stands out for their proven ability to be a strategic partner and consultative, technical resource for customers’ critical flow control and industrial automation product needs,” said Josh Weisenbeck, KKR Partner who leads KKR’s Industrials investment team. “We are excited to work together with David Patterson and the entire team at Flow Control Group to further expand the company’s reach, while remaining an excellent partner to their OEM suppliers and continuing to be a value-added team member for their customers.”

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

Pete Stavros, KKR Partner and Co-Head of Americas Private Equity at KKR, said, “For over a decade, we have been developing a new model of employee engagement centered around an all employee ownership strategy, and we look forward to implementing this model at Flow Control Group alongside David Patterson and his team.”

“We are thrilled to have the support of KKR as we continue to grow our reach across the flow control and industrial automation sectors while investing to better serve our customers and supplier partners,” said David Patterson, CEO of Flow Control Group.

“We are fortunate to have had the opportunity to partner with Flow Control Group, under the exceptional leadership of CEO David Patterson, to achieve our shared vision of creating a leading independent player in the industry,” said Kevin Yamashita, Partner at Bertram Capital. “Working closely with the Flow Control Group team, we exceeded our growth plan through strategic add-on acquisitions, organic growth initiatives, the addition of key executive talent, and operational improvement.”

Bertram’s value creation strategy, the Bertram High 5sm, coupled with the firm’s in-house IT team, Bertram Labs, were critical drivers to the rapid growth and platform expansion realized by Flow Control Group during Bertram’s ownership.

R.W. Baird and Hirschler served as advisors to Bertram Capital on the transaction, while Kirkland & Ellis and Deloitte served as advisors to KKR.

KKR is making the investment through its Americas XII Fund. Further terms were not disclosed.

About Flow Control Group

Flow Control Group is a leading solutions provider focused on technically oriented products and services for the flow control, fluid handling and process & industrial automation sectors with locations throughout the U.S. and Canada. As a critical intermediary between over 2,000 suppliers and 10,000 customers, Flow Control Group’s distribution and technical services serve an essential function in the movement of mission critical components to a diverse array of end markets and applications.

About KKR

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Bertram Capital

Bertram Capital is a private equity firm targeting investments in lower middle market companies. Since its inception in 2006, the firm has raised over $1.9B of capital commitments. In addition to supplying strategic growth capital, Bertram Capital leverages proprietary processes and services, Bertram High-5sm and Bertram Labs, to empower its portfolio companies to unlock their full business potential. The Bertram High-5sm is an operationally-focused value creation strategy, which includes management augmentation, operational initiative implementation, complementary business acquisition, sales and marketing improvements, and leveraging technology and IP. The cornerstone of this strategy is Bertram Labs, its in-house technology team, which drives growth and value through digital marketing, e-commerce, big data and analytics, application development, and internal and external platform optimization. Visit www.bcap.com for more information.

Media:
For KKR:
Cara Major or Miles Radcliffe-Trenner
media@kkr.com

For Bertram Capital:
David Hellier
pr@bcap.com

Source: KKR

Categories: News

Tags:

IK Investment Partners to sell SCHOCK to Triton

ik-investment-partners

IK Investment Partners (“IK”) is pleased to announce that the IK VIII Fund has reached an agreement to sell its stake in SCHOCK GmbH (“SCHOCK” or “the Company”) to the Triton Fund V advised by Triton (“Triton”). Financial terms of the transaction are not disclosed.

SCHOCK has a leading global market position in the design and production of premium quality quartz composite kitchen sinks with a diverse customer base consisting of more than 2,000 clients in over 70 countries. The Company is known for its innovative, high-quality products and has a strong focus on sustainability underlined by the recently introduced Green Line, with sinks made up of over 99% natural, renewable or recycled raw materials. Besides the broad offering of kitchen sinks including over 200 models in 40 different colours, SCHOCK also offers faucets, shower trays and related accessories. Based in Regen, Bavaria, the company employs over 500 people and produces exclusively in Germany.

During IK’s ownership, SCHOCK pursued a successful strategy of new client wins, internationalisation and continuous product innovation. Since 2016, the Company has exhibited significant organic growth and more than doubled its operating profit whilst investing significant resources into production capacity expansion, operational efficiency, and product development.

Under the terms of the transaction, IK will be selling its stake to Triton, who will partner with the management team led by Ralf Boberg to develop the company further.

Ralf Boberg, CEO of SCHOCK, said: “We are very grateful to the IK team for their help and support over the last four years. During this time, we have invested in our innovative and sustainable product range, as well as enhanced our brand and reputation in the market for high-quality, durable and stylish sinks. We are looking forward to collaborating with Triton to build on this foundation and continue our trajectory of growth.”

Mirko Jablonsky, Partner at IK and advisor to the IK VIII Fund said: “It has been a real privilege to partner with SCHOCK, a market-leader in an attractive segment of the kitchen industry. The uncompromising focus on quality and undisputed ability to innovate and set new technological standards are the features that enable the Company to attract new customers and expand its product range and market footprint. We wish Ralf and the team every success with their new investors.”

Ruth Linz, Co-Head Consumer at Triton, said: “We are excited to invest in SCHOCK for the next stage of the Company’s development. It is not often that an opportunity arises where we are able to partner with such a strong brand with significant future growth potential, especially in the US and through targeted M&A. We look forward to working with SCHOCK to take it to the next level of growth.”

For further questions, please contact:

IK Investment Partners

Maitland/AMO
James McFarlane
Phone: +44 (0) 7584 142 665
jmcfarlane@maitland.co.uk

About IK Investment Partners

IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €13 billion of capital and invested in over 145 European companies. IK supports 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 Triton

Since its establishment in 1997, Triton has sponsored nine funds, focusing on businesses in the industrial, business services, consumer and health sectors. The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe.
Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth.

The 45 companies currently in Triton’s portfolio have combined sales of around €18.2 billion and around 100,800 employees.

For further information: https://www.triton-partners.com/

About SCHOCK

SCHOCK is the inventor of the manufacturing technology commonly used in the production of quartz composite sinks and has been the worldwide technology and quality leader in this field for over 40 years. The combination of quartz with top-quality acrylic forms a premium compound product that is three times as hard as natural granite and is also superior in terms of many product characteristics to kitchen sinks made from other materials). The SCHOCK range of products comprises sinks for every conceivable kitchen style and taste. Customers in over 70 countries rely on SCHOCK products manufactured exclusively at the company’s headquarters in the Bavarian Forest. For more information, visit www.schock.de/en

Categories: News

Tags:

iM Global Partner enters a new phase in its development, welcoming two new investors, IK Investment Partners and Luxempart, alongside Eurazeo and Amundi

Eurazeo has sold part of its stake in iM Global Partner to IK Investment Partners and Luxempart, subject to the approval of the French Autorité des Marchés Financiers and the Commission de Surveillance du Secteur Financier.

This comes after iM Global Partner, a global network dedicated to asset management, increased its assets under management by 65% – of which 46% was organic growth – to more than $19bn in the year to end December 2020. With the support of Eurazeo and Amundi, which have supported Philippe Couvrecelle and the management team since the Company’s inception, iM Global Partner has become a major international asset management network in just a few years.

The addition of IK Investment Partners and Luxempart as shareholders marks an important step in the development of the Company. Their support strengthens iM Global Partner’s development potential and will accelerate its growth for years to come. iM Global Partner’s strategy is to continue to invest, both organically and through external growth, to further develop the Company with the aim of exceeding $100bn in assets under management within five to seven years.

Following the transaction, Eurazeo, as a controlling shareholder, will continue to actively support the Company alongside shareholders IK Investment Partners, Luxempart and Amundi. Proceeds from the disposals relating to this transaction of 20% of the capital represent about €70m for Eurazeo – a cash-on-cash multiple of 2.1x and an internal rate of return of 22%. Dassault/La Maison, a shareholder from the outset, is selling its stake at the time of this transaction.

Philippe Couvrecelle, CEO and founder of iM Global Partner, states: “We are pleased to welcome IK Investment Partners and Luxempart alongside Eurazeo and Amundi, which have been accompanying and supporting us since the beginning of this great adventure. Together, we will continue to develop our unique asset management model and further accelerate the growth of our activities worldwide.”

Marc Frappier, Managing Partner of Eurazeo and Head of Eurazeo Capital, says: “Our strong belief in the growth of the asset management profession, coupled with the talent and the vision of Philippe Couvrecelle, led us to support the development of an innovative network bringing together the best managers worldwide and leading distribution capacities.”

Thomas Grob, Partner at IK Investment Partners and advisor to the IK Partnership Fund, adds: “We were impressed by the growth trajectory, quality of the teams, international nature and development project of iM Global Partner. We are pleased and proud to have won the trust of Philippe Couvrecelle, Eurazeo and Amundi to join them in contributing to the Company’s growth story.”

Olaf Kordes, Managing Director of Luxempart, says: “We are very pleased to be able to join the group of iM Global Partner’s shareholders. We have been convinced by the quality and vision of the management team. We are very keen to continue supporting the development of this leading player with significant international ambitions. This operation is perfectly in line with Luxempart’s revised strategy, which aims to support first-rate management teams in their development projects over the long term.”

For further questions, please contact:

IK Investment Partners

Maitland/AMO
James McFarlane
Phone: +44 (0) 7584 142 665
jmcfarlane@maitland.co.uk

iM Global Partner

KL Communications
Camilla Esmund
Phone: +44 (0) 203 995 6678
imgp@kl-communications.com

Eurazeo

MAITLAND/AMO
David Sturken
Phone: +44 (0)7990 595 913
dsturken@maitland.co.uk

Luxempart

Olaf Kordes
Phone: +352 691 306 540
olaf.kordes@luxempart.lu

About IK Investment Partners

IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €13 billion of capital and invested in 145 European companies. IK supports 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 iM Global Partner

iM Global Partner is a worldwide asset management network dedicated to asset management. It selects and builds long-term partnerships with talented and independent asset management companies through direct capital ownership.

iM Global Partner is present in 11 locations across Europe and the United States and provides its clients with access to the best management strategies of its Partners. iM Global Partner’s wide range of investment solutions thus includes the OYSTER range, a Luxembourg SICAV, but also Mutual Funds and ETFs dedicated to US investors.

iM Global Partner represents over 19 billion USD of assets under management as at December 2020.

www.imgp.com

About Eurazeo

Eurazeo is a leading global investment company, with a diversified portfolio of €18.8 billion in assets under management, including 13.3 billion EUR from third parties, invested in over 430 companies. With its considerable private equity, real estate and private debt expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by 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.

www.eurazeo.com

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players, offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets.

With its six international investment hubs, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

Amundi clients benefit from the expertise and advice of 4,700 employees in more than 35 countries. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €1.700 trillion of assets.

Amundi, a trusted partner, working every day in the interest of its clients and society.

www.amundi.com 

About Luxempart

Luxempart is a listed investment company with net assets of approximately 1.6 billion EUR, backed by Luxembourgish entrepreneurial families. With its permanent capital and professional investment team, Luxempart provides flexible and long-term financing solutions to entrepreneurs, families and dynamic management teams and supports them in their growth and international development. Luxempart’s objective is to invest between 30M EUR and 100M EUR in companies based in Luxembourg, Belgium, France or German-speaking Europe. www.luxempart.lu

Categories: News

Tags:

iM Global Partner enters a new phase in its development, welcoming two new investors, IK Investment Partners and Luxempart, alongside Eurazeo and Amundi

Eurazeo

Paris, February 18, 2021 – Eurazeo has sold part of its stake in iM Global Partner to IK Investment Partners and Luxempart, subject to the approval of the French Autorité des Marchés Financiers and the Commission de Surveillance du Secteur Financier.
This comes after iM Global Partner, a global network dedicated to asset management, increased its assets under management by 65% – of which 46% was organic growth – to more than $19bn in the year to end December 2020. With the support of Eurazeo and Amundi, which have supported Philippe Couvrecelle and the management team since the company’s inception, iM Global Partner has become a major international asset management network in just a few years.

The addition of IK Investment Partners and Luxempart as shareholders marks an important step in the development of the company. Their support strengthens iM Global Partner’s development potential and will accelerate its growth for years to come. iM Global Partner’s strategy is to continue to invest, both organically and through external growth, to further develop the company with the aim of exceeding $100bn in assets under management within five to seven years.

Following the transaction, Eurazeo, as a controlling shareholder, will continue to actively support the company alongside shareholders IK Investment Partners, Luxempart and Amundi. Proceeds from the disposals relating to this transaction of 20% of the capital represent about €70m for Eurazeo – a cash-on-cash multiple of 2.1x and an internal rate of return of 22%. Dassault/La Maison, a shareholder from the outset, is selling its stake at the time of this transaction.

Philippe Couvrecelle, CEO and founder of iM Global Partner, states: “We are pleased to welcome IK Investment Partners and Luxempart alongside Eurazeo and Amundi, which have been accompanying and supporting us since the beginning of this great adventure. Together, we will continue to develop our unique asset management model and further accelerate the growth of our activities worldwide.”
Marc Frappier, Managing Partner of Eurazeo and Head of Eurazeo Capital, says: “Our strong belief in the growth of the asset management profession, coupled with the talent and the vision of Philippe Couvrecelle, led us to support the development of an innovative network bringing together the best managers worldwide and leading distribution capacities.”
Thomas Grob, Partner at IK Investment Partners, adds: “We were impressed by the growth trajectory, quality of the teams, international nature and development project of iM Global Partner. We are pleased and proud to have won the trust of Philippe Couvrecelle, Eurazeo and Amundi to join them in contributing to the company’s growth story.”
Olaf Kordes, Managing Director of Luxempart, says: “We are very pleased to be able to join the group of iM Global Partner’s shareholders. We have been convinced by the quality and vision of the management team. We are very keen to continue supporting the development of this leading player with significant international ambitions. This operation is perfectly in line with Luxempart’s revised strategy, which aims to support first-rate management teams in their development projects over the long term.”

About iM Global Partner
iM Global Partner is a worldwide asset management network dedicated to asset management. It selects and builds long-term partnerships with talented and independent asset management companies through direct capital ownership.
iM Global Partner is present in 11 locations across Europe and the United States and provides its clients with access to the best management strategies of its Partners. iM Global Partner’s wide range of investment solutions thus includes the OYSTER range, a Luxembourg SICAV, but also Mutual Funds and ETFs dedicated to US investors.
iM Global Partner represents over 19 billion USD of assets under management as at December 2020.
www.imgp.com

About Eurazeo
Eurazeo is a leading global investment company, with a diversified portfolio of €18.8 billion in assets under management, including 13.3 billion EUR from third parties, invested in over 430 companies. With its considerable private equity, real estate and private debt expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by 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.
www.eurazeo.com

About Amundi
Amundi, the leading European asset manager, ranking among the top 10 global players1, offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets.
With its six international investment hubs2, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.
Amundi clients benefit from the expertise and advice of 4,700 employees in more than 35 countries. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €1.700 trillion of assets3.
Amundi, a trusted partner, working every day in the interest of its clients and society.
www.amundi.com
1Source: IPE “Top 500 Asset Managers” published in June 2020, based on assets under management as at 31/12/2019
2Boston, Dublin, London, Milan, Paris and Tokyo
3Amundi data as of 31/12/2020

About IK Investment Partners
IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €13 billion of capital and invested in 145 European companies. IK supports 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 Luxempart
Luxempart is a listed investment company with net assets of approximately 1.6 billion EUR, backed by Luxembourgish entrepreneurial families. With its permanent capital and professional investment team, Luxempart provides flexible and long-term financing solutions to entrepreneurs, families and dynamic management teams and supports them in their growth and international development. Luxempart’s objective is to invest between 30M EUR and 100M EUR in companies based in Luxembourg, Belgium, France or German-speaking Europe.
www.luxempart.lu

Press Contacts
iM Global Partner
KL Communications – Camilla Esmund
imgp@kl-communications.com / +44 (0) 203 995 6678
Eurazeo
MAITLAND/AMO – David Sturken
dsturken@maitland.co.uk / +44 (0)7990 595 913
IK Investment Partners
Maitland/AMO – James McFarlane
jmcfarlane@maitland.co.uk / +44 (0) 7584 142 665
Luxempart
Olaf Kordes – olaf.kordes@luxempart.lu / +352 691 306 540
Stakeholders in the operation
iM Global Partner and Eurazeo
M&A Advisory
Banque Hottinguer: Philippe Bonhomme, Romain Guillemin, Anthony Larroque
Legal Advice
Goodwin Procter: Maxence Bloch
Sekri Valentin Zerrouk: Géraud de Franclieu, Céline Raynal
Regulatory Counsel
CMS Francis Lefebvre: Jérôme Sutour
Tax Advice
Cazals Manzo Pichot: Romain Pichot
Vendor Due Diligence Advisory
KPMG: Raphaël Jacquemard
IK Investment Partners
Thomas Grob, Thibaut Richard, Florent Labiale
M&A Advisory
Cardinal Partners: Guillaume Werner, Konstantinos Kostis
Legal Advice
Willkie Farr & Gallagher: Eduardo Fernandez
Legal Audit
KPMG: Florence Olivier
Tax Advice
Arsène: Mirouna Verban
Financial Advice
Grant Thornton: Emmanuel Riou
Luxempart
Olaf Kordes, Philippe Theisen
Legal Advice
Weil Gotshal & Manges: Frédéric Cazals, Côme Wirz
Strategic Audit
LEK: David Danon-Boileau, Ashish Khanna, Bronswe Cheung
Tax Advice
Atoz: Keith O’Donnel, Samantha Hauw
Regulatory Counsel
Simmons & Simmons: Emilien Bernard-Alzias

Categories: News

Tags: