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EQT Life Sciences leads EUR 93 million oversubscribed Series A round in Pantera, which aims to accelerate global actinium-225 production

EQT Life Science

On track for commercial-scale production of actinium-225, which is crucial to a new class of targeted treatments for cancer

Largest Series A in life sciences sector in Belgium to date; led by EQT Life Sciences

Total of EUR 134 million raised including funding secured through EUR 7.2 million equity from IBA and SFPIM, and EUR 33.8 million debt financing

EQT Life Sciences is pleased to announce that it has led a EUR 93 million oversubscribed Series A fundraise in PanTera, the Belgian radioisotope producer. With additional equity and debt funding, the total amount raised is EUR 134 million. The round was also joined by Kurma Partners, Eurazeo, Korys, Paladin and PMV. Alongside this, IBA, the world leader in particle accelerator technology, and SFPIM, a Belgian sovereign fund, will convert into equity EUR 7.2 million convertible loans.

PanTera was founded in 2022 with the primary goal of enabling large-scale production of actinium-225 (225Ac), which is crucial to enable a new class of targeted cancer treatments known as Targeted Alpha Therapy. The funds raised will be used primarily to support the construction of a state-of-the-art production facility in Belgium.

Targeted Alpha Therapy is a promising new cancer treatment approach that enables safe and effective delivery of radiation to the cancer cells by radioisotopes that emit highly energetic alpha particles. The radiation effect of the alpha particle is more localized compared to other approaches and as such can destroy the cancer cells to which it is attached without harming surrounding healthy tissue. The most promising alpha emitter for this approach is 225Ac. As a result, demand for 225Ac is increasing rapidly as drug-development companies look to scale-up clinical trials across a range of different cancers and seek regulatory approvals. However, dependable, scalable and sustainable methods for producing 225Ac are complex and require advanced nuclear infrastructure, which has resulted in a global shortage of the isotope.

PanTera is working to solve this global shortage. The Company’s unique, patented photo-nuclear “gamma” production process transforms Radium-226 (226Ra) into Radium-225 (225Ra), which in turn decays into 225Ac. This process provides a reliable, safe and high-quality supply of 225Ac, not only for clinical trials but also for future commercial radiopharmaceutical therapies, the first of which are due to be on the market in 2028-2029. PanTera’s process and infrastructure is designed to enable the annual production of more than 100 Curies (Ci) of clinical grade 225Ac by 2029, allowing treatment of more than 100,000 patients per year. The combination of SCK CEN’s unmatched large stock of pure 226Ra and IBA’s Rhodotron® electron accelerator, positions PanTera to become a highly successful and reliable producer of this key medical radioisotope.

In parallel to its effort to develop commercial-scale production of 225Ac, PanTera is already providing early 225Ac supply through an alternative production method. Working in collaboration with TerraPower Isotopes, PanTera is on track to provide 1.5-2 Ci of 225Ac annually from early 2025. With today’s current global supply estimated at 3 Ci annually, this will be a significant contribution to drug development. PanTera has signed supply agreements with several pharmaceutical companies, including Bayer, and expects to have secured agreements for more than 80% of its capacity before starting production.

Sven Van den Berghe, CEO of PanTera, said: “PanTera is looking to radically improve supply in the short and long term, in order to ensure that this potentially life-saving, highly innovative modality can reach patients. The size of this raise is testament to our strategy, our unique assets and our capabilities. We are working alongside very experienced partners with a combined expertise and a network that goes well beyond 225Ac production and encompasses all aspects of the radiopharmaceutical revolution. With this funding, we are now en route to realise our vision of providing a “Better Fight for Life” to cancer patients worldwide by becoming a dependable global 225Ac supplier.”

Martijn Kleijwegt, Partner at EQT Life Sciences, commented: “It is clear to us that PanTera has the expertise, assets and strategy in place to address the critical actinium-225 supply shortage faced by the pharmaceutical industry today, as well as the significant increase in demand expected in the future. EQT is one of the world’s largest healthcare investors and we are committed to supporting pioneering ventures, like PanTera, to reach their fullest potential. We are excited to partner with the PanTera team, alongside IBA, SCK CEN and our fellow investors, on the next phase of PanTera’s development.”

Contact
EQT Press Office, press@eqtpartners.com

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About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About PanTera
PanTera, an IBA and SCK CEN joint-venture, aims to secure the large-scale production of actinium-225 (225Ac), one of the most promising alpha-emitting radioisotopes to fight cancers. By working towards this large-scale production, PanTera’s ultimate goal is to improve the accessibility of future innovative cancer therapy based on 225Ac and theranostics in general.

More information can be found at: www.pantera-life.com

About IBA
IBA (Ion Beam Applications S.A.) is the world leader in particle accelerator technology. The company is the leading supplier of equipment and services in the field of proton therapy, considered to be the most advanced form of radiation therapy available today. IBA is also a leading player in the fields of industrial sterilization, radiopharmaceuticals and dosimetry. The company, based in Louvain-la-Neuve, Belgium, employs approximately 2,000 people worldwide. IBA is a certified B Corporation (B Corp) meeting the highest standards of verified social and environmental performance.

IBA is listed on the pan-European stock exchange EURONEXT (IBA: Reuters IBAB.BR and Bloomberg IBAB.BB).

More information can be found at: www.iba-worldwide.com

About SCK CEN
70 years of experience in nuclear research and technology

SCK CEN is one of the largest research institutions in Belgium. Every day, more than 900 employees dedicate themselves to developing peaceful applications of radioactivity. SCK CEN’s research activities focus on three main areas: innovative nuclear systems, nuclear waste management and dismantling, and the resolute fight against cancer. World-renowned, SCK CEN shares its knowledge through countless publications and training courses, so that this pool of exceptional competence can be maintained.

More information can be found at: www.sckcen.be

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Gryphon Investors Closes Continuation Vehicle for Vessco Water

CVC Capital Partners

Gryphon Investors (“Gryphon”), a leading middle-market private equity firm based in San Francisco, announced today that it has closed a single-asset continuation vehicle (“CV”) for Vessco Water (“Vessco” or “the Company”), a market-leading distribution and services platform in the water and wastewater treatment market. Apollo S3, CVC Secondary Partners, and Lexington Partners L.P. acted as lead investors in the transaction, with the Company’s management remaining large shareholders in the Company.

Gryphon’s Flagship Fund VI, a $2.7 billion fund, acquired Vessco, in partnership with the Company’s management team, in November 2020. During Gryphon’s nearly four years of ownership, Vessco has transformed its business, growing fivefold by expanding its product base and service capabilities to support its customers and expanding its footprint, while investing in the corporate infrastructure needed to support its local operations.

Gryphon Co-CEOs David Andrews and Nick Orum said, “We are excited to complete Gryphon’s first continuation vehicle with Vessco, which has substantial runway to continue scaling rapidly in a fragmented industry. This transaction delivered liquidity to Gryphon VI limited partners and provided them with an option to retain their interests in Vessco through the Company’s next phase of growth and value creation. The CV also provided new committed capital for growth and investment and will allow us to continue our support of Vessco, its management team, and its employees.”

Based in Minneapolis, Minnesota, Vessco is a high value-added distributor in the water and wastewater treatment equipment, and services market. The Company serves critical customer needs through a comprehensive suite of products, solutions and services across major market segments, including process equipment, flow control, pump and pump repair, industrial processes, and automation & controls. Its end-to-end solutions encompass design, engineering support, repair and reconstruction, and aftermarket parts and services.

“Our partnership with the Gryphon team has yielded substantial results,” said Vessco CEO Brian DeWolf. “With their operational and financial resources, we have advanced our mission to transform the water treatment industry by building strength and stability through a family of companies that provides exceptional products and services to our customers and an unwavering commitment to our manufacturers, employees, and the environment. We look forward to continued success together as we make progress toward our vision of becoming the biggest and best value-added water treatment equipment distributor in our industry, operating in all 50 states.”

Leigh Abramson and Scott Hearn, Partners and Co-Heads of the Industrial Growth Group at Gryphon, added, “Gryphon’s long experience with infrastructure and utility products and value-added distribution businesses allowed us to build a playbook to support Vessco’s growth. In partnership with a talented management team, we invested deeply in the corporate infrastructure that prioritizes collaboration throughout Vessco’s family of businesses, driving value for suppliers and customers. We expect to see continued value-creation from Vessco’s comprehensive solutions combining multiple product lines and services across geographies we serve, and increased demand for water treatment from population growth, higher water quality standards and the need to replace aging infrastructure.”

Jefferies and William Blair served as financial advisors and Kirkland & Ellis LLP served as legal advisor to Gryphon on the transaction. Vessco management was represented by attorney Peter W. Klein, P.A., of Boca Raton, FL. Akin served as legal counsel to CVC Secondary Partners and Apollo S3. Proskauer Rose served as legal counsel to Lexington Partners.

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adlicious welcomes FIELDS Group as partner for ambitious growth plans

Fields Group

FIELDS Group is pleased to announce the acquisition of a majority interest in adlicious, a digital advertising agency with a strong presence in Germany and selected international markets. By bringing together seamless media delivery, premium ad creative solutions, and data integration for smarter campaigns and marketing automation, adlicious helps brands and agencies maximize the impact of their advertising campaigns. adlicious specializes in combining these advertising solutions with the right strategy to find the most effective marketing channels and formats, enhancing every touchpoint throughout the entire customer journey.

The partnership between FIELDS Group and adlicious aims to build on adlicious’ success in the advertising industry and grow the company into a leading provider across Europe, both organically and inorganically. At the same time, FIELDS Group will support the management team, led by Viktor Eichmann, David Lange, and Matt Probert, in further scaling international business operations.

“We are thrilled to welcome FIELDS Group as our key investor. This partnership marks an exciting new chapter for adlicious, and we are fully prepared to elevate the company to new heights. With FIELDS Group’s backing, we are eager to expand our international footprint and bring our successful approach to new markets. Our leadership will be focused on scaling the strategies that have driven our growth, ensuring we continue to deliver exceptional value to our clients across the globe,” comment Viktor Eichmann and David Lange, Founders & Managing Directors of adlicious.

Matt Probert, CTO of adlicious, adds: “I am excited about the upcoming growth opportunities, especially in terms of advancing our technological products. This collaboration will enable us to develop even more innovative advertising solutions, helping brands achieve smarter and more effective marketing outcomes.”

André Reitz, on behalf of FIELDS Group, states: “We are proud to partner with adlicious. The technology-driven approach and resulting innovative products provide better return on marketing spend for customers, a USP that has had us impressed right from the start. We are delighted to continue this journey with Viktor, David and Matt in their roles as management as well as co-shareholders and the rest of the adlicious team in the coming years. Together we aim to both further scale the existing operations but also grow via selective buy-and-build.”

About adlicious
adlicious was founded in 2014 as one of the first independent and purely programmatic media agencies. Combining data and technology to achieve better media activation has been central to their work from the beginning. Based on their many years of hands-on experience with many different platforms, they decided to develop their own technology to bridge the existing gap between creation, data and media. Today, adlicious has evolved into a technology-driven full-service digital agency and is thus able to deliver integrated and fully customizable media solutions to their clients across the entire customer journey and all digital channels.

www.adlicious.me

About FIELDS Group
FIELDS Group is an entrepreneurial hands-on investor focused on developing companies with potential. FIELDS Group invests in companies with headquarters in Benelux and the DACH region and realizes true transformations with its team.

www.fields.nl

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Adelis partners with international life science company IonOpticks to support global expansion and innovation

Adelis Equity

IonOpticks responds to growing global market needs for proteomics tools by partnering with Nordic based private equity firm Adelis. The fast-growing proteomics tools company brings onboard Adelis as new controlling shareholder, with founders and management as co-investors. The investment will augment IonOpticks’ global presence, drive innovation, and support acquisitions as the company expands closer to key customers and consolidates its leading position in the exciting and rapidly growing field of proteomics and adjacent applications.

Adelis Equity Partners (“Adelis”), announces its first platform investment outside of the Nordics with its majority investment into IonOpticks, a leading global producer of high-performance chromatography columns. IonOpticks’ solutions are today used by the leading academic, biotech and pharma proteomics research labs around the globe. The company, which has been profitable since inception, is continuing to grow at roughly 50% per year and is expected to exceed 10m EUR of sales this financial year. The investment will augment IonOpticks’ global presence, drive innovation, and support acquisitions as the company expands closer to key customers and consolidates its leading position in the exciting and rapidly growing field of proteomics and adjacent applications.

The partnership between founders, management and Adelis will enable IonOpticks to scale its operations globally and further enhance product development. Being closer to its key customers and collaborators while also ensuring compatibility across major LC-MS platforms is a key priority, allowing researchers worldwide to benefit from IonOpticks’ leading chromatography solutions. Adelis’ extensive experience, industrial advisor network and resources will support IonOpticks in maintaining its leadership position as the provider of the best solutions for LC-MS proteomics research.

IonOpticks also strengthens its board with the appointment of several industry heavyweights, including Dr. Peter Wrighton-Smith as Chairman. With an established career in scaling life sciences companies, Peter is well-positioned to guide IonOpticks through its next phase of growth. Joining Xavier Perronnet and Dr. Jarrod Sandow, the board also welcomes industry leaders Mårten Winge, Sibel Arnes, and Rasmus Molander.

“I’m excited to join IonOpticks to help support the expansion of its commercialisation efforts globally and to help the company with its ambitious program of new product introductions into current and new markets.” Peter Wrighton-Smith, newly appointed Chairman of IonOpticks, explains.

“We chose to partner with Adelis because they share our vision for IonOpticks’ goals and are a strong cultural fit. Their genuine desire to work with us and guide the company to realise its goals, together with their experience, networks, and resources, made them the ideal partner. This partnership allows us to continue developing the best chromatography solutions for researchers worldwide and pursue further innovations tailored to the industry’s evolving needs,” says Xavier Perronnet, Chief Executive Officer of IonOpticks.

“Ultimately, it’s about human health, and we believe that maximising what is discoverable in biological samples is a vital early step in developing therapies and improving patient outcomes. That’s what IonOpticks does,” Perronnet continues.

Sibel Arnes and Rasmus Molander at Adelis note, “Europe and indeed the Nordics has a long legacy in proteomics and pioneering human health research. When we met the team, we immediately recognised IonOpticks’ unique solutions and global potential. Their commitment to working with key opinion leaders in the field and delivering best-in-class solutions is impressive, and the results from the accelerating research in proteomics is promising. IonOpticks aligns perfectly with Adelis’ strategy of supporting unique and growing companies in healthcare and life sciences. It is a privilege to partner with a company that can meaningfully contribute to addressing many of our currently unresolved health conditions, and we look forward to collaborating with the IonOpticks team in the coming years.”

The transaction has closed, having received all necessary regulatory approvals.

For further information:

Michael Sinden, CBO, IonOpticks

E-mail: michael@ionopticks.com

Sibel Karina Arnes, Adelis Equity Partners

E-mail: sibel.arnes@adelisequity.com

About IonOpticks

IonOpticks produces high-performance chromatography solutions for the global research community enhancing mass spectrometry (LC-MS) and high-end proteomics research. Their solutions enhance the sensitivity of mass spectrometry sample analysis, enabling scientists and clinicians to discover more from their samples. These advancements are valuable for a broad range of applications within the field of biological and medical research including drug discovery, phosphoproteomics and shotgun proteomics. https://ionopticks.com/

About Adelis Equity Partners

Adelis is a growth partner for well-positioned companies primarily in the Nordic and DACH regions. Adelis partners with management and/or owners to build businesses in growth segments with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 42 platform investments and more than 230 add-on acquisitions. Adelis manages approximately €3.0 billion in capital. For more information, please visit www.adelisequity.com.

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Bain Capital Life Sciences Raises Fourth Fund

BainCapital

Fund will invest in innovative life sciences companies that seek to improve the lives of patients with unmet needs

BOSTON – September 10, 2024 – Bain Capital Life Sciences (BCLS) has raised its fourth fund, with approximately $3 billion of total commitments.  The fund includes approximately $2.5 billion of outside commitments from existing and new investors.  Bain Capital partners, employees, and affiliates committed the balance of the fund, continuing the firm’s heritage of collectively being the largest investor across its funds.

The fund will draw on BCLS’ multi-decade investment experience to invest scale capital globally in transformative medicines, medical devices, diagnostics, and life sciences tools that have the potential to improve the lives of patients with unmet medical needs. The BCLS investment team includes more than 25 professionals, as well as a distinguished group of advisors, who together bring extensive private and public market investing experience, operating and consulting experience, and deep scientific and medical insights to each investment. These core capabilities are further complemented by the reach and resources of Bain Capital’s global platform.

Since its inception in 2016, BCLS has raised approximately $6.7 billion and invested in more than 70 companies that have initiated more than 100 clinical trials, achieved 16 regulatory authority approvals, and launched numerous products.

About Bain Capital Life Sciences 
Bain Capital Life Sciences (www.baincapitallifesciences.com) was founded in 2016 and builds on Bain Capital’s forty-year history of healthcare and life sciences investing across private equity, public equity, credit, venture capital, and real estate. Bain Capital Life Sciences invests in biopharmaceutical, medical device, diagnostic, and life science tool companies across the globe, with a focus on companies that drive medical innovation to improve the lives of patients with unmet medical needs. The Bain Capital Life Sciences investment team has organically grown to more than 25 professionals with extensive public and private investing expertise, operating and consulting experience, and colleagues who bring deep scientific and medical insights.  The team’s differentiated skillset enables Bain Capital Life Sciences to invest scale capital and provide value-added strategic support to clinical and commercial-stage companies around critical phases of value creation.

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Nimbus acquires National Floorcoverings Group

Nimbus

Nimbus, the Pan European investor, has acquired National Floorcoverings Group (“NFCG”).

Nimbus acquires National Floorcoverings Group

The investment represents Nimbus’s first UK investment out of its new Fund V investment vehicle following the successful exits of two UK manufacturing businesses earlier in the year. NFCG produces a range of floor coverings which includes fibre bonded carpets for the education market, tufted carpet tiles for the commercial sector, aluminium/modular entrance matting and specialised indoor and outdoor sports surfaces.

Operating from two sites in Heckmondwike and Rotherham NFCG consists of four market facing divisions Heckmondwike, Paragon, Playrite and Mat.Works. The group has been under family ownership for over 60 years dominating the educational sector with its Supacord product since the early 1970s.

Nimbus have supported the incumbent Managing Director David Rhodes and his Management Team in leading a management buy out. Mr Rhodes commented “This investment marks an exciting new chapter for the group and we are looking forward to working with Nimbus who have an excellent track record in supporting UK manufacturers adapt to ever-changing commercial landscapes”.

David Keenan, who led the investment for Nimbus, added “NFCG holds a very strong market presence in the UK and we hope to work with David and his team to advance further export opportunities whilst introducing new product ranges to our existing markets”. The investment comes swiftly after the successful exits of Paralloy Ltd and Hawthorn Timber Ltd for Nimbus which delivered market leading returns for investors. Nimbus continues to pursue traditional UK businesses with its hands on approach and capital transforming and future proofing their manufacturing footprints.

Over the last 25 years Nimbus targeted investing in companies across all sectors, that have a healthy core activity and exhibit potential that can be realized through additional development, operational improvements and/or growth, which can benefit from the extensive international operating experience of its team.

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Redwood to be Acquired by Vista Equity Partners and Warburg Pincus

Warburg Pincus logo

Frisco, TX – September 10, 2024 – Redwood Software (“Redwood”), a leader in automation fabric solutions, today announced that it has agreed to be acquired by funds affiliated with Vista Equity Partners (“Vista”), a global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, and Warburg Pincus, a leading global growth investor. Terms of the transaction were not disclosed; the transaction is subject to customary conditions and approvals.

Redwood’s automation fabric solutions help customers compose, orchestrate and manage business and IT business processes across any application, service or server with confidence and control. In June, Redwood announced that it had added over 1,000 new customers since mid-2023 while consistently delivering above ‘Rule of 60’ financial performance. Redwood currently serves more than 7,500 customers globally, including 28% of the Fortune 500 and 40% of the Fortune 50.

“We are honored to join forces with Vista Equity Partners and Warburg Pincus. The wisdom, experience and operating expertise of these two leading global technology investors will accelerate our vision to unleash human potential through the transformative power of automation,” said Kevin Greene, Redwood Software CEO. “We are excited to embark on the next chapter of the Redwood Software story – where every IT and business process that can be automated, will be automated, and where automation fabrics will change everything about how and why people work.”

“Redwood’s easy-to-use and highly integrated automation solutions help enterprises automate the critical workflows which power their core commercial and IT operations,” said Steven White, Managing Director at Vista Equity Partners. “We are excited to partner with Redwood and Warburg Pincus to deliver even more customer value and efficiency as the demand for automation solutions capable of spanning multiple data, application and cloud environments continues to accelerate.”

“As a leading next generation enterprise automation platform, Redwood enables businesses to streamline and optimize their mission-critical business processes, an essential service as enterprise IT becomes increasingly complex. We believe that Redwood is well-positioned to capture the growth in the market given the company’s strong capabilities in business and IT automation and are excited to continue investing in Redwood’s innovative solutions both organically and through strategic M&A,” said Parag Gupta, Managing Director, Warburg Pincus. “We look forward to the partnership with Redwood and Vista in this next phase of growth.”

​​“It has been our privilege to support Redwood on its remarkable journey as it continues to build one of the leading automation software companies in the world,” noted Matthew Amico, Partner at Turn/River Capital. “Throughout our partnership, Redwood has experienced significant growth, and with its strong set of automation products and exceptional team led by Kevin Greene, we believe strongly that the best is yet to come.”

Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Redwood; Orrick, Herrington & Sutcliffe LLP is serving as legal counsel to Turn/River Capital and Redwood. Kirkland & Ellis LLP is serving as legal counsel to Vista. Cleary Gottlieb Steen & Hamilton LLP is serving as legal advisor to Warburg Pincus.

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About Redwood Software

Redwood Software is the leader in full stack automation fabric solutions for mission-critical business processes. With the first SaaS-based composable automation platform specifically built for ERP, we believe in the transformative power of automation. Our unparalleled solutions empower you to orchestrate, manage and monitor your workflows across any application, service or server — in the cloud or on premises — with confidence and control. Redwood’s global team of automation experts and customer success engineers provide solutions and world-class support designed to give you the freedom and time to imagine and define your future. Get out of the weeds and see the forest, with Redwood Software. For more information, visit www.redwood.com. Follow Redwood Software on LinkedIn, @Redwood Software.

About Vista Equity Partners

Vista is a leading global investment firm with more than $100 billion in assets under management as of March 31, 2024. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.

About Warburg Pincus

Warburg Pincus LLC is the oldest private equity firm and a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 225 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Since its founding in 1966, Warburg Pincus has invested more than $117 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore.  For more information, please visit www.warburgpincus.com. Follow us on LinkedIn.

About Turn/River

Turn/River Capital is a lower middle market private equity firm that uses a proprietary growth engineering strategy to drive revenue acceleration and build enduring value. Turn/River partners with B2B software companies and provide data-driven methods, hands-on operational support and flexible capital to catalyze the next phase of growth. The firm’s team of equal software operators and investors have firsthand experience scaling go-to-market and solving its challenges. Founded in 2012 in San Francisco, Turn/River invests globally with a particular focus in North America and Europe. For more information, visit www.turnriver.com.

Media Contacts

For Redwood Software

Liz Reilly

lreilly@nextpr.com

(401) 525-1775

For Vista Equity Partners

Brian Steel
media@vistaequitypartners.com

(212) 804-9170

For Warburg Pincus

Kerrie Cohen

kerrie.cohen@warburgpincus.com

(917) 887-9184

For Turn/River

Katie Duckhorn

media@turnriver.com

(901) 832-0680

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OMERS to increase stake in Indian roads business Interise Trust

Omers Infrastructure
IndInfravit

September 10, 2024 – OMERS has signed an agreement with Allianz Capital Partners (ACP) to acquire ACP’s 13.5% stake in Interise Trust, one of the largest Indian Infrastructure Investment Trusts (InvIT) in the roads sector. Upon completion, OMERS stake in Interise Trust will increase to 34.8% (from the current 21.3%). CPPIB will remain the largest investor, and the remainder is distributed between domestic investors. Terms of the deal are not being disclosed.

OMERS has been invested in Interise Trust, formerly known as IndInfravit Trust, since 2019. Interise Trust holds a diversified portfolio of 17 operational road concessions across eight states in India, of which 14 are toll roads and three are annuity roads, with an aggregate length of approximately 7,300 lane kilometres. Its road projects have been consistently winning awards from the National Highways Authority of India (NHAI) for Excellence in Operations & Maintenance, Toll Management, Innovation and Best Project Management.

Michael Hill, Executive Vice President and Global Head of OMERS Infrastructure, said: “We are excited to be able to increase our stake in Interise and continue our partnership with CPPIB in this attractive sector. This transaction is our second in the transportation sector in six weeks, following our signing an agreement to acquire Italy’s Grandi Stazioni Retail in partnership with DWS last month.”

Christopher Curtain, Head of Asia-Pacific, OMERS Infrastructure, said: “We’re excited to increase our stake in Interise Trust. The transaction aligns well with our Infrastructure investment strategy – it increases OMERS exposure to India’s economic growth, through an asset and sector that we know well, and in line with our approach to focus on large, resilient and yielding assets in our priority markets. We look forward to continuing to work with the Interise team as they manage critical road infrastructure across India.”

Transportation is one of OMERS Infrastructure’s three global priority sectors, the others being digital and energy. Interise Trust is one of OMERS Infrastructure’s 14 transportation investments, with the others including airports (London City and Bangalore airports), ports (Associated British Ports and Port of Melbourne), logistics (Direct ChassisLink Inc.), rail (VTG and the recently announced Grandi Stazioni Retail), and motorway service stations (Tank & Rast).

The transaction is expected to be completed by the end of the year, subject to certain customary closing conditions and regulatory approvals.

 

 

Media contact

James Thompson

Director of Communications

E: JaThompson@OMERS.com

T: +44(0)7443 264 154

 

About OMERS Infrastructure

OMERS Infrastructure manages infrastructure investments globally on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada, and third-party investors through its Strategic Partnership Program. OMERS Infrastructure manages approximately C$36 billion, including capital invested on behalf of OMERS and third parties, in approximately 30 investments located in North America, Western Europe, India and Australia, and across sectors including energy, digital and transportation. OMERS Infrastructure has employees in Toronto, New York, London, Amsterdam, Singapore and Sydney.

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Maven achieves 2.85x return on the realisation of CB Technology

Maven

The acquisition by Northern Ireland-based Elite Electronic Systems will create one of the largest electronics contract manufacturers in the UK.

Published: Sep 10, 2024
Focus: Growth Capital, Private Equity

Maven has fully exited its investment in CB Technology (CBT), a specialist electronics contract manufacturer (ECM), following its acquisition by Elite Electronic Systems. With a combined turnover of over £50 million, the acquisition creates one of the largest ECM operators in the UK while generating a return on investment of 2.85x cost for Maven’s investors.

Based in Livingston, Scotland, CBT provides high reliability electronics capable of operating in the harshest of environments, including extremes of temperature, pressure and vibration. The company is a trusted partner to its clients, priding itself on quality of service that has seen it build long-term partnerships with its customers who value the company’s proactive, flexible and value added services to which they have become accustomed.

Maven initially backed a management buy-in of CBT in 2014, following the retirement sale from the company’s founders. As part of the original transaction, Maven assembled a new executive management team led by CEO John Cameron (pictured) and CFO Graham Scott who continue to lead the business today, supported by group chairman Laurence Ormerod who will be retiring upon completion. During Maven’s tenure, CBT invested significantly in its workforce which has more than doubled, while investment in production technology, including automated capabilities allowed the company to increase production capacity and expand into new vertical markets that require high-performance and reliable electronics.

John Cameron

Since the successful management buy-in, CBT has quadrupled its revenues and has established itself as a trusted partner within the contract electronics sector, serving global Original Equipment Manufacturers (OEMs) and Tier 1 firms across a variety of industries.

The acquisition of CBT by Northern Ireland-based Elite Electronics is highly complementary, enhancing the combined group’s service capacity and capabilities while adding critical mass. As part of the transaction CBT will continue to operate from its headquarters in Livingston, with the enlarged group having access to new market, expanded resources and enhanced capabilities.

“The transformation of CBT from what was essentially a lifestyle business to becoming Scotland’s largest independent electronics contract manufacturer has been incredibly rewarding to be a part of. John and Graham have done an exceptional job of professionalising the business and implementing a clear strategic plan that has consistently driven revenue growth. We are proud to have supported CBT’s growth over the past decade and are delighted to see it combine with Elite to become one of the largest ECM’s in the UK, while continuing to support its existing and growing customer base from Livingston. We wish John, Graham and all the staff at CB continued success and thank them for their significant efforts during our partnership.”

Alan Robertson, Partner at Maven

“We are delighted that the acquisition of CB by Elite has been finalised and we are extremely excited about the future potential and opportunities this will create for CBT’s employees and customers. The journey to get to this point has been immensely rewarding and could not have been achieved without the support and insight of Maven. Their team have been an integral part of the successful growth and development of the company over the last 10 years, and I would like to take this opportunity to extend our thanks to them for their unwavering support.”

John Cameron, CEO at CB Technology

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Audax Private Equity Acquires Total PowerGen Solutions

Audax Group

BOSTON & SAN FRANCISCO – September 10, 2024 – Audax Private Equity (“Audax”), a growth-oriented capital partner to middle market companies, announced today an investment in Total PowerGen Solutions (“TPGS”). Audax is acquiring TPGS from Trivest Partners. Terms of the deal are not disclosed.

Based in Mississauga, Ontario, TPGS is a full-service provider of power generation solutions. The company focuses on providing critical maintenance and repair services for commercial and industrial generators, generator rentals and rental-related services, and new equipment distribution.

“Through TPGS, we see a tremendous opportunity to invest behind a platform with a successful track record sourcing and integrating acquisitions and driving organic growth,” noted Don Bramley, a Partner with Audax Private Equity. “We’re excited to partner with management and through our Buy & Build approach will look to position TPGS as a key player in the larger North American market.”

With roots dating back to 1959, TPGS has grown into an established platform in commercial and industrial generator services.

“We believe Audax Private Equity represents an ideal partner to build on our momentum, accelerate our Buy & Build strategy, and expand into the U.S. market,” noted Andrew Rudderham, CEO of Total PowerGen Solutions. “We want to thank Trivest for their support and partnership over the past five years. We’re excited to embark on this next stage of growth.”

Audax is investing out of its latest flagship fund. The investment was sourced through Audax’ Industrial Services & Technologies team, one of six core industry specializations at the firm.

“Our thesis is premised on several factors, as the backup generator market is large, fragmented, and, in our opinion, positioned for continued growth as aging infrastructure, weather events, and an increasing demand for power combine to increase the demand for commercial and industrial power quality and continuity solutions,” noted Matthew Gosselin, a Managing Director at Audax. “We are excited to partner with TPGS and its management team in building a differentiated North American solutions provider.”

Stephens acted as financial advisor to the sellers on the transaction and Blake, Cassels & Graydon LLP served as legal counsel to the sellers. Guggenheim Securities, LLC served as financial advisor to Audax and Stikeman Elliott LLP and Kirkland and Ellis LLP served as legal counsel to Audax.

About

ABOUT TOTAL POWERGEN SOLUTIONS
Total PowerGen Solutions is a Canadian distributor of power generation solutions that has been in business since 1959. Operating across Canada, Total Power provides a full complement of maintenance and repair services, rentals, and equipment sales for standby, mobile and prime power generator systems and other power quality and continuity equipment ranging from 10kW to 2,000kW and beyond.

ABOUT AUDAX PRIVATE EQUITY
Headquartered in Boston, with offices in San Francisco, New York, and London, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of May 2024, over 270 employees, and 100-plus investment professionals, Audax has invested in more than 170 platforms and 1,300 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

“Through TPGS, we see a tremendous opportunity to invest behind a platform with a successful track record sourcing and integrating acquisitions and driving organic growth.”
Don Bramley
Partner, Audax Private Equity

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