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Alerce acquires WeMob, adding telematics and fleet monitoring solutions to its transport and logistics SaaS offering

Oakley

Bolt-on acquisition bolsters Alerce’s product suite in Iberian transport & logistics software market

Oakley Capital, a leading pan-European private equity investor, is pleased to announce that portfolio company Alerce is acquiring WeMob, a leading provider of fleet management and telematics SaaS solutions in Iberia.

Wemob Telematics

WeMob provides essential vehicle monitoring and tracking solutions to fleet managers, reporting real time location, on-board diagnostics and driver activity data, ensuring the safety, cost efficiency, and environmental and regulatory compliance of a fleet.

Wemob (1)

Founded in 2014 by Miguel Guerrero, WeMob has grown to support over 500 clients and over 15,000 vehicles, achieving the trust and certification of its partners, for example monitoring the safety of cold-chain maintenance in critical supply chains like healthcare.

With its best-in-class product and market tailwinds underpinned by regulatory and ESG reporting requirements, WeMob has expanded rapidly, recording profitable, double-digit revenue growth over the past few years and its high-quality offering has helped it to build a loyal customer base with minimal churn.

Founded in 1989 by the Pardo family, Alerce established itself as a leading transport management software (“TMS”) provider to Spanish courier, carrier and haulage businesses.

Alerce Newspost

Oakley partnered with Alerce in 2023 to accelerate the company’s growth and facilitate international expansion through organic growth and bolt on acquisitions.

Learn more: Oakley Capital invests in Spanish transport and logistics software business Alerce

The investment in WeMob will be Alerce’s first bolt-on: it will expand the company’s range of mission critical SaaS solutions, improving customer service, as well as offering cost and environmental efficiency by providing customers with increased visibility and control over core transportation workflows associated with the shipment of physical goods. The acquisition further cements Alerce’s position as Iberia’s leading provider of transport & logistics software solutions and unlocks cross-selling opportunities.

WeMob’s management team will continue to lead the business.

The acquisition extends Oakley’s track record scaling SaaS businesses, demonstrated by investments in Iberia such as Grupo Primavera which was strategically combined with Cegid following an ambitious buy-and-build strategy.

Quote Peter Dubens

We are pleased to support Alerce’s first acquisition. WeMob is an attractive company in a large, non-cyclical market with attractive tailwinds from regulatory and ESG reporting requirements. This investment will allow Alerce to broaden its reach into a valuable adjacent addressable market and present significant cross selling opportunities.

Peter Dubens

Founder and Managing Partner — Oakley Capital

This is an exciting investment for Alerce. WeMob’s powerful fleet management and telematics SaaS solutions will help us widen our product offering and deliver greater value to our clients while also positioning Alerce as a dominant presence in the Spanish transport and logistics software market. WeMob’s loyal customer base of over 500 clients demonstrates the Company’s high-quality offering and aligns with Alerce’s customer-first ethos. We look forward to working with Miguel and his team to deliver on our ambitious growth plans.

Pablo Pardo Garcia

CEO — Alerce

Quote Miguel Guerrero

Combining our business with Alerce, in partnership with Oakley, is a great opportunity for WeMob. It exponentially enhances our growth and development opportunities and will empower us to better meet the needs of our clients. It is a decision we have carefully considered, thinking about the end benefits not just for our clients but also our suppliers and employees as well as the future trajectory of our business.

Miguel Guerrero

CEO — WeMob

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Bain Capital Credit Announces $1.8 Billion of Financing Investments for First Half 2024

BainCapital

Bain Capital Credit Announces $1.8 Billion of Financing Investments for First Half 2024

BOSTON – September 4, 2024 – Bain Capital Credit, LP, a leading global credit specialist, today announced that the firm’s Private Credit Group invested $1.8 billion to support the growth of middle market and private equity-backed companies during the first half of 2024.

Bain Capital Credit’s Private Credit Group made 43 investments across 21 industries in the first half of 2024, supporting the refinancing, leveraged buyout, and add-on acquisition activity of both new and existing portfolio companies.  With over 25 years of middle market private debt experience, the Private Credit Group has invested over $25 billion across 520 portfolio companies since inception.

Additional first-half 2024 highlights include:

  • Investments across 43 companies including 22 new platforms
  • Served as majority lender on approximately 60% of new commitments, with a weighted average portfolio company EBITDA of $47 million
  • Strong credit performance across our diversified portfolio of more than 175 middle market businesses
  • New investments spanned senior secured debt, unsecured debt and preferred and common equity given our flexible capital solutions
  • Closed over $1 billion of new capital for investments

“Our global and long-standing presence in the core middle market, combined with our strong focus and expertise across key industries, including technology and software, business services, and aerospace and defense, enables us to generate an active deal pipeline while remaining highly selective in our investments,” said Michael Ewald, a Partner and Global Head of the Private Credit Group.  “While the private credit market continues to experience significant growth as many private lenders have moved up market, we continue to see attractive opportunities to source and underwrite investment opportunities in the core middle market and serve as a value-added capital provider and business partner to growing businesses.”

Bain Capital Credit’s dedicated Private Credit Group focuses on providing complete financing solutions to businesses with EBITDA between $10 million and $150 million located in North America, Europe and Asia Pacific. The Private Credit Group, which managed over $13 billion of capital as of March 31, 2024, has a dedicated global team that enables Bain Capital Credit to diligence the most complex situations and provide flexible private capital solutions to middle market businesses.

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About Bain Capital Credit, LP
Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $48 billion in assets under management. Bain Capital Credit invests across the credit spectrum and in credit-related strategies, including leveraged loans, high-yield bonds, structured products, private middle market loans and bespoke capital solutions. Our team of more than 100 investment professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, venture capital, real estate, life sciences, and insurance, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.

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Revelstoke Capital Partners Announces Significant Growth Investment in MediQuant

Revelstroke Capital Partners

DENVER and INDEPENDENCE, Ohio, Sept. 4, 2024 /PRNewswire/ — Revelstoke Capital Partners (“Revelstoke”), a healthcare-focused private equity firm, today announced a significant growth investment in MediQuant, LLC (“MediQuant” or the “Company”), a leader in cloud-based data archiving and interoperability solutions for hospitals and health systems. MediQuant is the seventh investment from Revelstoke Capital Partners Fund III. Terms of the transaction were not disclosed.

MediQuant’s flagship product, DataArk®, allows health systems to maintain access to relevant clinical, financial, and administrative data, ensuring that valuable data required for patient care and compliance is secure and within reach. MediQuant’s platform applications are secure, intuitive, and scalable, providing an active view of patient records from within existing systems. This allows customers to reduce security risks and costs by eliminating redundant software applications. MediQuant has successfully rationalized more than 3,300 clinical, financial, and administrative applications since inception.

“MediQuant was founded by pioneers in the data management industry 25 years ago, and the work we do to preserve critical healthcare data has never been more important. As a result, demand for our solutions has grown significantly, and our enterprise-grade, HITRUST r2-certiied offering continues to resonate with health system customers,” said Jim Jacobs, CEO of MediQuant. “We are thrilled to partner with Revelstoke to accelerate MediQuant’s growth.”

“Provider data management has been an active investment theme for Revelstoke. MediQuant has built a differentiated platform that helps healthcare providers better manage data while achieving a tangible return on investment through reducing application spend, maintaining compliance with regulatory requirements, and increasing physician satisfaction,” said Andrew Welch, Partner at Revelstoke.

“We are excited to build on MediQuant’s leading platform and expand its scope of customers and capabilities,” added Michael Temple, Vice President at Revelstoke.

MediQuant was advised by Harris Williams and Ropes & Gray LLP. Revelstoke was advised by OM Partners, LLC and McGuireWoods LLP.

About MediQuant
Founded in 1999, MediQuant is a leader in enterprise active archiving and interoperability solutions for hospitals and health systems. The Company’s flagship product, DataArk, allows health systems to maintain access to relevant clinical, financial, and administrative data, ensuring that valuable data required for patient care and compliance is within reach. With decades of experience successfully executing data conversions and archives across virtually all major EMR, EHR, ERP and Patient Accounting software vendors, MediQuant serves 250+ individual health systems, which represent more than 1,100 hospital and physician practice customers. For more information, visit www.mediquant.com.

About Revelstoke Capital Partners
Revelstoke is a private equity firm formed by experienced investors who focus on building industry-leading companies in the healthcare services, healthcare technology, and health and wellness sectors. Revelstoke partners with entrepreneurs and management teams to execute a disciplined organic and acquisition growth strategy as it strives to build exceptional companies. Revelstoke is based in Denver, Colorado and has approximately $5.1 billion of assets under management. Since the firm’s inception in 2013, Revelstoke has completed 191 acquisitions, which include 28 platform companies and 163 add-on acquisitions.
www.revelstokecapital.com

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Ncontracts acquires Venminder via Hg buyout

  • Ncontracts announces the acquisition of Venminder to broaden its governance, risk and compliance solutions capabilities.
  • Hg, a leading investor in software and services businesses, has become a new investor in the combined business, backing Founder and CEO, Michael Berman. 
  • Gryphon Investors, a leading middle-market private equity firm, has completed a full exit of Ncontracts.

BRENTWOOD, Tenn., September 4, 2024 – Ncontracts, a leading provider of integrated compliance, risk, and vendor management solutions to the financial services industry, announced today that it has acquired Venminder, a unified platform for managing third-party risk.

Simultaneously with this transaction, Hg has bought out prior Ncontracts shareholder Gryphon Investors (“Gryphon”), as well as prior Venminder shareholders. Hg is a leading investor in software and services businesses and is backing Founder and CEO, Michael Berman, to lead the combined business, which promises to deliver more value to customers via these expanded capabilities.

Acquiring Venminder gives Ncontracts more depth and expertise in third-party risk management, further enhancing its position as a software-as-a-service (SaaS) and knowledge-as-a-service (KaaS) leader in enterprise risk management.  The investment from Hg brings resources and expertise, continuing to strengthen Ncontracts as a leader in governance, risk and compliance (“GRC”) software solutions for banks, credit unions, mortgage companies, fintechs and registered investment advisors, as they grapple with increased risks and regulatory scrutiny.

“We are excited to join forces with Venminder,” said Michael Berman, Ncontracts Founder and CEO. “With our teams coming together to help reduce risk, improve compliance and control costs, we will continue to strengthen the financial industry and the communities they serve. With the investment and support from Hg, we are well positioned to continue our rapid growth. Gryphon has been a valuable partner, and I want to thank their outstanding team of operating partners, operating advisors and investment professionals.”

“Uniting Venminder and Ncontracts will bring tremendous value to our customers,” stated James Hyde, Venminder’s CEO. “This strategic partnership extends beyond third-party risk management, propelling Venminder into the broader integrated risk and compliance space. By combining our strengths, we are poised to deliver even more comprehensive and innovative solutions to our clients and the broader market.  Our unwavering commitment is to continue to support our clients by guiding them through the complex landscape of third-party risk.”

Ncontracts has been named in the prestigious Inc. 5000 list of fastest growing private companies in America for the sixth consecutive year in 2024. This transaction will grow Ncontracts’ customer base further to over 5,000 customers. The investment and acquisition demonstrate Ncontracts’ commitment to continued growth from both an organic and inorganic perspective.

Alan Cline, Head of North America at Hg, said: “We see Ncontracts swiftly becoming a ‘gold standard’ provider of highly automated, AI-enabled, integrated software solutions for the financial industry. The merger with Venminder creates a compelling platform with a comprehensive product suite that can deliver significant value to customers.”

Alexander Johnson, a Director at Hg added: “We’re excited to partner with Michael Berman as he continues to lead and scale the company for its next stage of growth.”

Jon Cheek, Partner & Co-Head of the Software Group at Gryphon, said: “We are delighted to have completed a complex transaction that significantly transforms Ncontracts and positions it to continue to thrive. Through a combination of organic and inorganic growth strategies, Ncontracts has more than quadrupled in size since Gryphon originally invested in 2020. With its comprehensive suite of products meeting the continued demand for sophisticated financial services governance, risk and compliance management tools, the company is poised to continue that aggressive growth going forward.”

Gryphon sees continued attractive opportunity for new platform investments in the GRC sector and retains its investment in separate portfolio company RegEd, a leading provider of enterprise regulatory compliance solutions to insurance companies and financial services firms.

Terms of the acquisition were not disclosed.

Raymond James served as the lead financial advisor to Gryphon, with Atlas Technology Group also advising Gryphon; Kirkland & Ellis acted as Gryphon’s legal advisor. William Blair served as exclusive financial advisor to Venminder.  Choate Hall & Stewart, LLP served as legal counsel to Venminder.  Goldman Sachs served as financial advisor to Hg; Latham & Watkins served as Hg’s legal advisor.

For more information, please contact:

Ncontracts Shawn McKee shawn.mckee@ncontracts.com
Venminder Deirdre Grubbs media@venminder.com
Hg Tom Eckersley tom.eckersley@hgcapital.com
Gryphon Investors Caroline Luz cluz@lambert.com

 

About Ncontracts

Ncontracts provides integrated risk, vendor and compliance management software to a rapidly expanding customer base of over 4,000 financial institutions, mortgage companies, and fintech companies in the United States. The company’s powerful combination of software and services enables financial institutions to achieve their risk management and compliance goals with an integrated, user-friendly cloud-based solution suite encompassing vendor, organizational, audit, and compliance risk management. Visit www.ncontracts.com or follow the company on LinkedIn and Twitter for more information.

About Venminder

Venminder is the leading provider offering a unified SaaS platform for third-party risk management. The platform is used by more than 1,200 customers to manage the entire vendor lifecycle, from onboarding to offboarding, with ease and efficiency. Venminder combines technology and human expertise to enable customers to manage vendors, track contract data, perform due diligence and oversight, send and score questionnaires, conduct risk assessments, systemically monitor risks across domains, order due diligence assessments on vendor controls, and much more. Venminder also powers Third Party ThinkTank, the largest online community dedicated to the practice of third-party risk.

About Hg

Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers. This industry is characterized by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well. With a vast European network and strong presence across North America, Hg’s 400 employees and $70 billion in funds under management support a portfolio of more than 50 businesses, worth over $150 billion aggregate enterprise value, with over 110,000 employees, consistently growing revenues at more than 20%.

About Gryphon Investors

Gryphon Investors (www.gryphoninvestors.com) is a leading middle-market private equity firm focused on profitably growing and competitively advantaged companies in the Business Services, Consumer, Healthcare, Industrial Growth, and Software sectors. With approximately $9 billion of assets under management, Gryphon prioritizes investments in which it can form strong partnerships with founders, owners, and executives to accelerate the building of leading companies and generate enduring value through its integrated deal and operations business model. Gryphon’s highly-differentiated model integrates its well-proven Operations Resources Group, which is led by full-time, Gryphon senior operating executives with general management, human capital acquisition and development, treasury, finance, and accounting expertise. Gryphon’s three core investment strategies include its Flagship, Heritage, and Junior Capital strategies, each with dedicated funds of capital. The Flagship and Heritage strategies target equity investments of $50 million to $350 million per portfolio company. The Junior Capital strategy targets investments in junior securities of credit facilities, arranged by leading middle-market lenders, in both Gryphon-controlled companies, as well as in other private equity-backed companies operating in Gryphon’s targeted investment sectors.

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KKR Launches Tender Offer for FUJI SOFT

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KKR

TOKYO, September 4, 2024 – KKR, a leading global investment firm, announced today that it will launch its tender offer for the common shares and share options of FUJI SOFT INCORPORATED (“FUJI SOFT” or the “Company”; TSE stock code 9749) through FK Co., Ltd. (the “Offeror”), an entity owned by investment funds managed by KKR (the “Tender Offer”). The tender offer period will commence on September 5, 2024 and run until October 21, 2024 (tender offer price: JPY 8,800 per share). The Board of Directors of FUJI SOFT has resolved today again to express its opinion in support of the Tender Offer and to recommend the shareholders and share option holders of the Company tender their shares and options.

FUJI SOFT is a leading system integrator in Japan with a focus on embedded, control and operational software and systems. The Company serves clients across various industries based on advanced technologies built on decades of experience with a team of over 10,000 system engineers. Under the Company’s five-year “Mid-Term Business Plan 2028,” FUJI SOFT’s vision is to become a leading provider of system, software, and service both in information technology and operational technology fields. The Company’s five-year plan also outlines its strategy to improve the profitability of its existing businesses, strengthen group synergies, and capture new growth opportunities.

The tender offer will be financed predominantly from KKR Asian Fund IV.

For more details regarding the conditions of the tender offer, please refer to the full text of the release issued by the Offeror today titled “Notice Regarding the Commencement of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749) by FK Co., Ltd.” *** This press release should be read in conjunction with the release issued by the Offeror today titled “Notice Regarding the Commencement of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Code: 9749) by FK Co., Ltd.

” The purpose of this press release is to publicly announce the commencement of the tender offer and it has not been prepared for the purpose of soliciting an offer to sell or purchase in the tender offer. When making an application to tender, please be sure to read the tender offer explanatory statement for the tender offer and make your own decision as a shareholder or share option holder. This press release does not constitute, either in whole or in part, a solicitation of an offer to sell or purchase any securities, and the existence of this press release (or any part thereof) or its distribution shall not be construed as a basis for any agreement regarding the tender offer, nor shall it be relied upon in concluding an agreement regarding the tender offer.

The tender offer will be conducted in compliance with the procedures and information disclosure standards set forth in Japanese law, and those procedures and standards are not always the same as the procedures and information disclosure standards in the U.S. In particular, neither sections 13(e) or 14(d) of the U.S. Securities Exchange Act of 1934 (as amended; the same shall apply hereinafter) or the rules under these sections apply to the tender offer; and therefore the tender offer will not be conducted in accordance with those procedures and standards.

Unless otherwise specified, all procedures relating to the tender offer are to be conducted entirely in Japanese. All or a part of the documentation relating to the tender offer will be prepared in English; however, if there is any discrepancy between the English-language documents and the Japanese-language documents, the Japanese-language documents shall prevail. 1 This press release includes statements that fall under “forward-looking statements” as defined in section 27A of the U.S. Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934. Due to known or unknown risks, uncertainties or other factors, actual results may differ materially from the predictions indicated by the statements that are implicitly or explicitly forward-looking statements. Neither the Offeror nor any of its affiliates guarantee that the predictions indicated by the statements that are implicitly or expressly forward-looking statements will materialize. The forward-looking statements in this press release were prepared based on information held by the Offeror as of today, and the Offeror and its affiliates shall not be obliged to amend or revise such statements to reflect future events or circumstances, except as required by laws and regulations.

The Offeror, its financial advisors and the tender offer agent (and their respective affiliates) may purchase the common shares and share options of the Company, by means other than the tender offer, or conduct an act aimed at such purchases, for their own account or for their client’s accounts, in the scope of their ordinary business and to the extent permitted under financial instrument exchange-related laws and regulations, and any other applicable laws and regulations in Japan, in accordance with the requirements of Rule 14e-5(b) of the U.S. Securities Exchange Act of 1934 during the tender offer period. Such purchases may be conducted at the market price through market transactions or at a price determined by negotiations off-market. In the event that information regarding such purchases is disclosed in Japan, such information will also be disclosed on the English website of the person conducting such purchases (or by any other method of public disclosure).

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as 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 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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com. For more information, please contact: KKR Asia Pacific Wei Jun Ong +65 6922 5813 WeiJun.Ong@kkr.com

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AVP Investment Thesis – Finbourne

AXA

AVP and Highland Europe recently co-led a Series B investment in Finbourne, a cloud native, investment and data management platform. The software market for large asset managers is dominated by large, legacy incumbents and it is becoming increasingly critical for financial institutions to upgrade their legacy systems to remain competitive in a dynamic and ever evolving environment.

Financial markets are often assumed to be some of our most technologically advanced but we found the reality to be quite different as we dug deeper. Over the last few decades asset management has significantly increased in complexity with the proliferation of asset classes, globalization and increased reporting requirements for reasons of transparency or regulation. In an effort to keep pace asset managers have stitched together disparate technology solutions into a patchwork quilt sewn with COBOL and spreadsheets.

As technology teams are asked to stretch this to accommodate new requirements such as ESG reporting or to provide data to train AI models things are reaching a breaking point for many of the largest asset managers. Painful, manual data extractions and reconciliations between systems that were never designed to talk to another have also been driving up costs. At the same time innovation has been restrained by the high complexity of solutions and the business risk if a systems change was to impact on the end customers.

Finbourne solves these problems with an end-to-end platform built on a unified data model across asset classes. The Operational Data Store brings all assets under a single pane of glanss and they provide a suite of models, analytics and products built for financial institutions. Building upon their success at the infrastructure layer they now offer best in class portfolio management systems, an investment book of record (IBOR) and an accounting book of record (ABOR). Core to the success of the solution have been their bidirectional data pipelines to other software and data repositories at their clients. To pursue the earlier metaphor, Finbourne allows clients to replace one patch at a time without ever needing to leave a hole and giving a migration path away from the legacy systems and towards a single source of the truth across assets.

This great technology could only come from a great team, here led by Tom McHugh who cofounded the company in 2016. Having worn both the CEO and the CTO hats Tom has a rare blend of commercial and technical skills and under his direction we believe Finbourne will become the market leader in the space. We’re excited to partner with Finbourne on their journey to setting the new standard in asset management technology.

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Aztec Group welcomes Warburg Pincus as strategic partner

Warburg Pincus logo

3 September 2024 – Aztec Group (“Aztec” or the “Group”), a leading international fund and corporate services provider, has today announced it has welcomed Warburg Pincus, a leading global growth investor, as a strategic partner, which will see Warburg Pincus become a minority shareholder and key client of the Group.

This agreement, which is subject to the relevant regulatory approvals, will support Aztec’s long-term ambitions and the expansion of its client services as it moves beyond its strong position in Europe to become a global player in the high-growth U.S. market and beyond.

With over $83bn in assets under management (AUM), Warburg Pincus intends to actively use Aztec as the preferred partner for certain fund administration services on an ongoing basis across its global footprint. The investment is a significant endorsement of Aztec’s current strategy and future prospects.

Having Warburg Pincus on board supports and accelerates Aztec’s build out of capacity and capability in the U.S. in particular, ensuring the Group is even better placed to serve its clients. As the largest Private Capital market in the world, U.S. Private Fund AUM is forecast to grow from $6.6 trillion in 2022 to $12.2 trillion in 2028, driven by a 10.8% CAGR which is the fastest of any region*. This partnership will ensure Aztec is in a stronger position to capitalise on these opportunities in the U.S. and more widely.

Founded in Jersey in 2001, Aztec Group delivers award-winning fund and corporate services to the alternative assets industry. Aztec has established itself as a leading player in Europe, while also expanding into new markets and broadening its offering, with an ambition to become the premium provider of private market asset services globally. The Group now employs over 2,100 people, managing over €600 billion in assets under administration and 450 funds for a wide range of clients, from large institutions and mid-market firms to multi-national corporates.

Warburg Pincus is an experienced growth investor and trusted partner to outstanding founder-owned businesses, with a strong history of continuing to build the legacy of these businesses. Within the Financial Services industry, it has invested more than $24 billion across more than 58 companies. Within Fund Administration specifically, Warburg Pincus has significant experience evaluating investment opportunities in the sector as well as significant in-house fund accounting and portfolio analysis expertise developed over decades as a leading global private equity firm.

Aztec will continue to be led by its experienced management team, headed by Chief Executive Officer Kathryn Purves, as the Group further develops into international markets and extends its client base. Founder and Chair, Edward Moore, will remain the Group’s majority shareholder.

Kathryn Purves, Chief Executive Officer, Aztec Group, said: “Welcoming Warburg Pincus highlights the increasing strength of Aztec and the significant potential that lies ahead. We are excited to partner with a global investor in Warburg Pincus, which has a strong track record in supporting businesses like ours to further their growth trajectories.

“In becoming a significant client of Aztec, Warburg Pincus is fully committed to retaining what makes Aztec so special: the strength of our teams and our proud record of providing world-class client service. We look forward to working together to capture the significant opportunities in Private Capital moving forwards.”

Andrew Sibbald, Managing Director and Head of Europe, Warburg Pincus, said: “We are delighted to partner with Aztec as both a shareholder and a client. We have enjoyed a long-standing relationship with Aztec and its excellent management team and have followed the successful growth of the business over many years. This has given us a strong belief in Aztec’s right to win in this attractive sector, founded upon a proven track record of delivery, deep market expertise and an exciting future vision. We look forward to supporting the continued development of Aztec’s existing market-leading position in Europe, while also scaling its offering to exploit attractive growth opportunities globally.”

ENDS

* Source: Preqin Future of Alternatives in 2028 Report

Notes to Editors

Aztec was advised by Evercore (M&A), Latham & Watkins, PriestlySoundy, Carey Olsen (Legal), EY (Tax), PWC (Financial) and Liberty Corporate Finance (Corporate Advisory). Warburg Pincus was advised by Kirkland & Ellis (Legal), Oliver Wyman (Commercial), EY (Financial & Tax), and Alvarez & Marsal (Operations & IT).

About Aztec Group

Established in 2001, Aztec Group is an award-winning independent provider of fund and corporate services, employing more than 2,100 people across The Channel Islands, Luxembourg, Ireland, the US and the UK. Owner-managed, the Group specialises in alternative investments, administering more than €600 billion in assets, 450 funds and 4,500 entities for a range of clients, spanning the major asset classes including private equity, venture capital, private debt, real estate and infrastructure. Please visit www.aztec.group for more information, and follow us on LinkedIn.

About Warburg Pincus

Warburg Pincus LLC is 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.

Media contacts

Aztec Group

Ross Davidson, Head of Communications

M: +44 7913 020 745

E: ross.davidson@aztecgroup.co.uk

Tom Murray, Teneo

M: +44 7813 166 798

E: aztecgroup@teneo.com

Warburg Pincus

Jenna Ward, Europe Communications Director

M: +44 7570 844 338

E: jenna.ward@warburgpincus.com

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Henry Steinberg Named Global Head of EQT Exeter

eqt

 

EQT is excited to announce that Henry Steinberg assumes the role of global head of EQT Exeter today. Ward Fitzgerald, founder and global head of EQT Exeter, has decided to step down. EQT also announces that Matthew Brodnik, Chief Investment Officer, North American Industrial, assumes the role of Global CIO of EQT Exeter.

Since founding the firm nearly 20 years ago, Ward has, together with EQT, led EQT Exeter to become a leading global real estate investment manager with over 450 professionals across 50 offices globally. With nearly $30B of equity under management, EQT Exeter owns and operates over 2,000 properties and 375 million square feet. Ward will work with Henry to ensure a smooth transition and join EQT’s advisor network.

“We are extremely grateful to Ward,” said Lennart Blecher, head of Real Assets, EQT, and chairman, EQT Exeter. “Since the acquisition, EQT Exeter has doubled its fee-paying AUM, revenue, and EBITDA. Ward will leave behind a terrific legacy. Now, as our real estate business continues its steady growth trajectory and evolution into a global leader across strategies, Ward has decided that it is the right time to transition to the next generation of leadership.”

Henry, who currently serves as president of EQT Exeter North America, brings decades of experience across real estate investment, development, management, and leasing. Henry joined EQT Exeter over 15 years ago and has been instrumental in the growth of the business.

“I am incredibly grateful to the professionals at EQT Exeter who have enabled us to deliver top ventile returns for our investors, including the many firefighters, teachers, policemen, and other civil servants whose pensions depend on that success,” said Ward. “It has been an unbelievable opportunity to join and serve one of the world’s most prominent global private markets firms over the past several years. As I look forward to new challenges, I am confident that we have together prepared the organization to continue growing and evolving with Henry and Matt at the helm.”

“It has been an honor to be a part of the development of EQT Exeter, working closely with an incredible leader like Ward and the rest of the team,” said Henry. “We’ve truly accelerated our growth since joining with EQT, and I’m excited to continue driving our evolution forward.”

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

 

About

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.

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Cinven enters into exclusive negotiations with Ardian to acquire the Finaxy group

Ardian

International private equity firm Cinven is pleased to announce that it has entered into exclusive negotiations to acquire the Finaxy group (‘Finaxy’ or ‘the Company’), a leading French multi-specialist insurance broker, from Ardian, a world-leading private investment house. The management team, led by Founder and CEO Erick Berville, will significantly reinvest alongside Cinven. Financial details of the transaction are confidential.

Established in 2009 and headquartered in Paris, Finaxy is a leading player in the French insurance brokerage market with over 330 employees, having delivered strong organic growth and executed a successful buy-and-build strategy, including more than 30 acquisitions in France. The Company has established a strategic position across its three specialised divisions: “Enterprise” that is focused on the insurance of major Property and Casualty (‘P&C’) and Health and Protection risks for businesses; “Affinities” that specialises in niche insurances; and “Solutions” that manages and develops the group’s major strategic and institutional partnerships.

Since Ardian’s majority acquisition in 2020, Finaxy has invested significantly to accelerate the development of its multi-specialist broker model with the addition of new niche verticals and continued regional expansion. This strategy has strengthened Finaxy’s leadership in the SME / mid-size enterprise segment and has translated into a path of continued strong revenue growth. Finaxy also continued its industry diversification and acquisition strategy through, amongst others, the acquisition of Xplorassur in its Affinities division.

Cinven would be investing out of its Strategic Financials Fund that specialises in the financial services industry and brings substantial experience of investing in and growing insurance brokers. Cinven will look to work closely with the Finaxy management team and contribute significant resources and capital to further accelerate strategic value-enhancing M&A across the fragmented French market, and to drive further growth by attracting new team hires, while upholding Finaxy’s commitment to long-term client-focused delivery.

“We are delighted to partner with Erick Berville, Philippe Guetta, Cyril Chazarain and the rest of the team and we look forward to supporting them in their growth ambitions. The Company has a differentiated position in a resilient and expanding market, and we see a tremendous opportunity to accelerate Finaxy’s current growth momentum.” Juan Monge, Partner, Cinven

“Finaxy is a unique opportunity for Cinven funds to invest in a French multi-specialist broker of scale. Drawing on Cinven’s significant experience in insurance brokerage and Cinven’s strong presence in France and across Europe, we believe Cinven will be the perfect partner to lead Finaxy in its next stage of growth.” Luigi Sbrozzi, Partner and Head of the Strategic Financials Funds, Cinven

“The acquisition of Finaxy is the result of Cinven’s considerable track-record in financial services combined with our strong presence in the French market. We look forward to supporting the Finaxy team in their next phase of development.” David Giroflier, Senior Principal, Cinven

“The Executive Board: Philippe Guetta, Cyril Chazarain and I, together with the Group’s management, would like to thank François Jerphagnon, Alexis Lavaillote and all the Ardian Expansion teams for the 4 years we have spent together and for their unfailing support for the Finaxy group. This close collaboration has enabled us to achieve our growth objectives and keep to our development plan with an excellent atmosphere of cooperation. 15 years after its creation in 2009, the Finaxy group is now one of the top 10 brokers in France, with more than 700 million premiums collected, mainly in insurance for small and medium-sized businesses, and a strengthened position as a multi-specialist broker, particularly following the creation in 2023 of Xplorassur, number 1 in travel insurance and assistance.  We have chosen to continue our adventure with Cinven in order to pursue and significantly accelerate our organic and external growth. Having already established a foothold abroad, we now have a shared desire to focus on a new major area of international development.” Erick Berville, Founder and CEO, Finaxy

“We were proud to work alongside the Finaxy teams. They have developed the group both organically and through a series of strategic acquisitions. The growth potential is still very significant. Management’s focus on digital, ESG and human capital issues has also been a powerful driver of value creation.” Alexis Lavaillote, Managing Director Expansion, Ardian

Centerview Partners acted as financial advisor to Cinven on the transaction.

The transaction is subject to regulatory approvals and other customary closing conditions.

ABOUT CINVEN

Cinven is a leading international private equity firm focused on building world-class global and European companies. Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecommunications (TMT). Cinven has offices in London, New York, Frankfurt, Paris, Milan, Madrid, Guernsey and Luxembourg.
Cinven takes a responsible approach towards its portfolio companies, their employees, suppliers, local communities, the environment and society.
Cinven Limited is authorised and regulated by the Financial Conduct Authority.
In this press release ‘Cinven’ means, depending on the context, any of or collectively, Cinven Holdings Guernsey Limited, Cinven Partnership LLP, and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by any of the foregoing.

cinven.com

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $169bn of assets on behalf of more than 1,600 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

Media Contacts

CINVEN

Clare Bradshaw

clare.bradshaw@cinven.com+44 (0)7881 918 967

FTI CONSULTING LLP (ADVISERS TO CINVEN)

Edward Bridges

edward.bridges@fticonsulting.com+44 (0)7768 216 607

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Zellis Group agrees to acquire Benify in transformational global benefits software combination

Apax

Zellis Group agrees to acquire Benify in transformational global benefits software combination

  • Benify to be combined with Zellis Group’s benefits administration and employee engagement software business, Benefex. Together, Benefex and Benify will offer enhanced product and services capabilities to customers globally
  • Complementary geographic footprints improve ability to serve customers in the fragmented benefits administration and employee engagement software segment

Zellis Group (or the “Company”), a portfolio company of funds advised by Apax Partners LLP (“Apax”) providing HR, payroll, and benefits administration software, today announced that it has reached a definitive agreement to acquire Benify, a provider of employee benefits administration software, from Vitruvian Partners. As part of the transaction, Benify will be combined with Zellis Group’s benefits administration and employee engagement software business, Benefex, and Vitruvian Partners will become a minority investor in Zellis Group alongside the Apax Funds.

Together, Benefex and Benify will create a leading global benefits, reward, recognition, and employee engagement software provider with an enhanced value proposition to customers globally. Benefex and Benify are highly complementary, and this acquisition creates a truly global solution, powered by an expanded geographic network, a strengthened product portfolio, and a broader range of services. The combination will allow customers to benefit from a deeper suite of platform integrations across HR, Payroll and Benefit Carriers. This acquisition comes at a time when global employers are accelerating investment in technology to create a single global experience across benefits and reward, underpinned by a focus on eliminating administration and ensuring compliance.

Benefex was acquired by the Zellis Group in 2018, and has since experienced rapid global growth, powering exceptional employee experiences for customers through its modern benefits management, brokering, and engagement offerings.

Founded in 2004, Benify is a pioneer of benefits administration software services and today offers best-in-class benefits and total rewards solutions via a globally enabled SaaS platform. Following a long-term growth investment programme under Vitruvian ownership since 2011, Benify has evolved from a Sweden-focussed business into a global business within its field.

Combined, Benefex and Benify will support c.3,000 companies across more than 100 countries to transform and align the experiences of more than 5 million employees through their modern benefits, wellbeing, broking, rewards and recognition, and communications offerings. Together, the two businesses will be better able to enhance employee experiences across the globe.

Matt Macri-Waller, CEO of Benefex said: “We’re excited by the opportunity that this combination provides for new and crucially current customers of both Benify and Benefex. Together we share a common goal of powering a truly global and exceptional employee experience for our customers and this acquisition develops the global capabilities of our products and services, whilst bringing together the depth of talent that sits across both organisations.”

John Petter, CEO of Zellis Group, added: “This represents an exciting next chapter for the Zellis Group and is an early demonstration of the commitment of the Apax Funds to our continued growth.”

Joakim Alm, CEO of Benify commented: “We look forward to joining Zellis Group and Benefex to create a leading player in HCM software. By combining our respective strengths, we will further expand our products, services and value to our customers and their employees. The transaction is a testament to Benify’s track record of achieving profitable growth through delivering world class solutions to our customers and the hard work and dedication of our entire team. We are grateful for the support we have received from Vitruvian in accelerating our international growth journey over the past decade.”

Adam Garson, Principal at Apax, said: “When the Apax Funds invested in the Zellis Group, we identified an opportunity to accelerate the growth of Benefex and help establish the business as a leading provider in the large, fragmented, and growing global benefits administration software segment. The combination with Benify is an important milestone in this growth journey and we look forward to working with the teams at Zellis Group, Benefex, and Benify as the two companies come together.”

Jussi Wuoristo, Partner at Vitruvian Partners, said: “We are delighted with Benify’s remarkable growth journey to date which has been made possible thanks to the continued commitment of the Benify management team, its founders and its employees over the years. Since our investment, Benify has organically multiplied in size many times over and thus emerged as a strong global player in its field. We are excited to be able to continue our support to the company as a minority shareholder of Zellis Group and are highly enthusiastic about the road ahead.”

Zellis Group was advised by Arma Partners, Evercore, and Kirkland & Ellis. Benify and Vitruvian were advised by Deutsche Bank and Bird & Bird. Completion of the proposed transaction is subject to customary closing conditions. Financial terms were not disclosed.

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