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General Atlantic Closes Inaugural Climate Solutions Fund

General Atlantic

More than $800 million already invested across five companies that are combating climate change at scale

New York – December 20, 2022 – General Atlantic, a leading global growth equity firm, today announced the final close of its inaugural BeyondNetZero fund. Following the fund’s close, General Atlantic has a total of approximately $3.5 billion in capital to invest in climate solutions.

BeyondNetZero’s first fund brings together capital from investors at the forefront of climate investing, including several strategic investors, sovereign wealth funds, family offices, multinational corporations and global institutional investors. The BeyondNetZero fund is structured as a companion fund investing in climate growth equity companies alongside General Atlantic’s core global growth equity program. General Atlantic’s core program will generally contribute 25% of capital to each climate investment that meets this mandate.

“We believe strongly in the power of technology to accelerate the transition to net zero,” said Bill Ford, Chairman and Chief Executive Officer of General Atlantic. “We look forward to supporting passionate entrepreneurs who are delivering innovative climate solutions while creating durable growth businesses.”

General Atlantic launched BeyondNetZero in July 2021 as the firm’s dedicated climate investment effort, designed to capture the rapidly growing opportunity for growth equity in the climate space. The initiative combines the industrial expertise, investing experience and network of a seasoned team with the growth equity capabilities and global reach of General Atlantic to provide a unique offering to climate entrepreneurs and investors alike.

“We are encouraged and energized to see the strong investor demand for our growth equity investment strategy focused on climate solutions” added Graves Tompkins, Global Head of Capital Partnering at General Atlantic. “We are grateful for our partnerships with family, institutional and corporate investors who share our commitment to addressing climate change. As we continue to invest in high-quality climate companies, we look forward to bringing key insights to bear for General Atlantic’s broader portfolio and investor community.”

“As world leaders, policymakers and the investment community acknowledged at COP27, the fight against climate change will be won or lost this decade – on our watch. The climate solutions we are seeking to scale are an important part of the systemic transformation required to mitigate the global threat of climate change,” commented Lord John Browne of Madingley, Chairman of BeyondNetZero. “As we reach this key milestone for BeyondNetZero, we are doubling down on our commitment to accelerate the technologies at the forefront of delivering verifiable emissions reductions across the global economy.”

Since the fund’s launch, the BeyondNetZero team has focused on identifying innovative growth companies with the potential to meet and exceed net zero emissions targets. BeyondNetZero has deployed $826 million in five companies with the technological, engineering and operational capabilities to go beyond net zero by helping their customers – whether they’re individuals, small businesses or multinational corporations – to reduce their emissions. These investments include:

  • 80 Acres Farms, a sustainable vertical farming company.
  • RoadRunner Recycling, a technology-enabled marketplace for commercial recycling and waste removal.
  • o9 Solutions, a SaaS provider that helps companies streamline their supply chains, improving efficiencies and reducing carbon footprints across industry verticals.
  • Sun King, the largest provider of solar energy products for off-grid homes in Africa and Asia.
  • EcoVadis, a leading provider of globally trusted business sustainability ratings.

“In the next three years alone, 90% of the carbon abatement needed could come from technologies that are currently mature or in the early stages of adoption1 – which means there will be a very significant opportunity for growth equity to support and scale high-quality climate solutions in the years ahead,” said Lance Uggla, Chief Executive Officer of BeyondNetZero. “I am immensely proud of what the BeyondNetZero team has achieved since launch, and I look forward to capturing our fast-growing opportunity set.”

BeyondNetZero has chosen to operate as an Article 9 Fund, defined under the EU’s Sustainable Finance Disclosure Regulation as “a Fund that has sustainable investment… or a reduction in carbon emissions as its objective.” In line with Article 9 Fund requirements, BeyondNetZero is fully focused on investments that aim to accelerate the net zero transition and holds itself to a high standard of ESG commitment and transparency.

Paul, Weiss, Rifkind, Wharton & Garrison LLP represented General Atlantic in connection with the formation and closing of its BeyondNetZero fund.

About BeyondNetZero
BeyondNetZero is the climate fund of General Atlantic, a leading global growth equity firm. BeyondNetZero invests in growth companies delivering innovative climate solutions that have the potential to meet and exceed net zero emissions targets, with a focus on decarbonization, energy efficiency, resource conservation and emissions management. This venture combines General Atlantic’s growth equity experience and global network with a team of experienced climate investors, advisors and industry executives who bring decades of experience in both addressing climate-focused problems and building pioneering growth companies. For more information on BeyondNetZero, please visit: https://beyond-net-zero.com.

About General Atlantic
General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 445 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic has over $73 billion in assets under management inclusive of all products as of September 30, 2022, and more than 220 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit: www.generalatlantic.com.

Media
Casey Gunkel
media@generalatlantic.com

[1] https://www.mckinsey.com/business-functions/sustainability/our-insights/navigating-americas-net-zero-frontier-a-guide-for-business-leaders?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiosgenerate&stream=top

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EQT Infrastructure to acquire Madison Energy Investments, a leading integrated US solar distributed generation platform

eqt
  • Transaction builds on EQT’s thematic investment strategy in the renewable energy space, adding a leading integrated renewable distributed generation platform that is a key contributor to the broader energy transition by providing solar and storage energy solutions
  • EQT Infrastructure to support MEI’s next phase of growth by providing ample access to growth capital to drive increased deployment of distributed solar and storage assets, leveraging in-house digital expertise to further optimize the organization, and expanding MEI’s reach across a broader customer base

EQT is pleased to announce that the EQT Infrastructure VI fund (“EQT Infrastructure”) has agreed to acquire Madison Energy Investments (“MEI”) from affiliates of Stonepeak Partners LP (“Stonepeak”).

Founded in 2019 and headquartered in Vienna, VA, MEI is a leading developer, owner, and operator of distributed solar and energy storage projects for commercial and industrial (“C&I”) and community-based (“community”) customers within the US. Since inception, MEI has built a leading portfolio of more than 386MW across the US. The MEI management team brings deep sector knowledge within distributed generation with more than 50 years of combined experience in acquiring, constructing, financing, and operating assets, having deployed more than 800MW across ~500 projects.

Spurred by customer demand and federal/state policy tailwinds, the distributed renewable generation industry continues to experience rapid growth and is a key facilitator of the broader energy transition. MEI’s on-site and proximate distributed energy projects address critical energy supply issues by delivering significant cost savings vs. retail electricity prices and enabling avoidance of transmission constraints for its customers. MEI’s innovative energy solutions are a key driver of C&I and community customers achieving their energy resiliency goals, which is essential for the global energy transition.

EQT Infrastructure will support the MEI management team and platform by providing access to growth capital to accelerate the deployment of distributed solar and storage assets, offering EQT’s in-house digital expertise to further digitize the organization, and expanding MEI’s reach across a broader customer base.

Alex Darden, Partner and Head of EQT’s US Infrastructure platform, said, “EQT Infrastructure has followed the renewable distributed generation market and MEI closely for several years given the strong thematic tailwinds supporting the sector, prior EQT experience in solar development and operation, and MEI’s strong position as a leading integrated platform in the US. The renewable generation sector is an increasingly important part of the energy transition, and we are excited to partner with the MEI team as they build on their strong track record and continue to provide solar and storage energy solutions that are not only better for the environment, but also have tangible cost savings for their customers.”

Richard Walsh, Managing Partner of MEI, said, “We are looking forward to partnering with EQT’s US infrastructure platform. EQT’s team, experience and growth mindset make them the ideal partner to amplify our business in achieving new heights in clean energy. This is an exciting chapter we call ‘MEI 2.0’ – a transformative time in the industry with strong policy tailwinds, compelling economics for our customers and ever-increasing demand for resiliency and ESG solutions. Our focus remains on our customers and our partners to lead them through this critical energy transition. We could not be more excited to lean into the EQT portfolio and accelerate that mission.”

The transaction is subject to customary conditions and approvals and is expected to close in Q1 2023. With the acquisition of MEI, EQT Infrastructure VI (target fund size of EUR 20.0 billion) will be 0-5 percent invested based on its target fund size. The agreement to acquire MEI is the first transaction signed by EQT Infrastructure VI, which means that the fund has been activated and started charging management fees. EQT Infrastructure V is expected to be 80-85 percent invested following recent acquisitions (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) and continues to be in its commitment period but management fees will, following activation of EQT Infrastructure VI, be based on net invested capital.

EQT Infrastructure was advised by Barclays (financial) and Simpson, Thatcher, & Bartlett LLP (legal).

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

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Infrastructure VI will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

About EQT
EQT is a purpose-driven global investment organization with EUR 114 billion in 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, Twitter, YouTube and Instagram 

About MEI
Madison Energy Investments develops, constructs, owns, and operates distributed generation assets within the commercial and industrial (C&I) and small utility-scale sectors. The team’s diverse experience has produced best practices across all phases of the industry from origination to asset management. Quality partnerships and the ‘execution mindset’ drives MEI to be the best team in the industry.

More info: www.madisonei.com

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $51.7 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, and to have a positive impact on the communities in which it operates. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnership to sustainably grow investments in its target sectors, which include communications, energy transition, transport and logistics, and social infrastructure. Stonepeak is headquartered in New York with offices in Austin, Hong Kong, Houston, London, and Sydney.

More info: www.stonepeak.com

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KKR to Acquire Bushu Pharmaceuticals

KKR

TOKYO & SAITAMA, Japan–(BUSINESS WIRE)– KKR, a leading global investment firm, and Bushu Pharmaceuticals Ltd. (“Bushu Pharma” or the “Company”) today announced the signing of definitive agreements under which KKR will acquire all shares in Bushu Pharma from BPEA EQT. Following the transaction’s completion, KKR aims to accelerate Bushu Pharma’s growth and further position the Company as a leading contract development and manufacturing organization (“CDMO”) for the pharmaceuticals market in Japan and worldwide.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221219005856/en/

Founded in 1998, Bushu Pharma is a leading pure-play pharmaceutical CDMO based in Japan, which is the third-largest pharmaceutical market in the world. The Company is committed to producing, processing and delivering high-quality healthcare products to patients spanning categories including pharmaceuticals – such as oral solid dosages and injectables – and clinical trial materials. The Company additionally applies advanced quality control processes and supply chain management support for the inspection, packaging and distribution of pharmaceutical products. Bushu Pharma has Good Manufacturing Practice (“GMP”) certifications globally, and manufacture products for worldwide end-markets, with a particular focus on Japan and Asian countries, such as China.

Following the transaction’s close, KKR plans to work alongside Bushu Pharma’s management team to expand into new and growing segments, such as injectables, invest in further capacity expansion and quality control, and explore organic and inorganic opportunities for growth to deliver more healthcare solutions to patients.

Hiro Hirano, Co-Head of Private Equity for KKR Asia Pacific and Chief Executive Officer of KKR Japan, said, “We are proud to invest in the growth and success of Bushu Pharma, a premier manufacturer for pharmaceutical businesses. We see significant demand for strategic and reliable solutions to address a range of challenges facing the global healthcare industry. By leveraging KKR’s deep experience in healthcare, tech, and supply chain solutions, we aim to help Bushu Pharma to further scale its best-in-class business and to drive growth and technical innovation that will ultimately benefit patients in Japan and around the world.”

Tadao Takano, Chief Operating Officer and President of Bushu Pharma, said, “Bushu Pharma is pleased to welcome KKR as a new shareholder able to advance our company’s mission to deliver high-quality pharmaceutical products and solutions to patients in Japan and around the world. KKR brings to Bushu Pharma its deep knowledge of the pharmaceutical industry, its experience supporting global businesses in the sector, and its extensive investment experience in Japan. We look forward to working with the KKR team to pursue further growth opportunities, and thank BPEA EQT for their partnership with us these recent years.”

KKR is making its investment from one of KKR’s Asia-focused investment funds. The transaction is expected to be completed in Q1 2023, subject to customary approvals and closing conditions. Further details of the investment have not been disclosed.

About Bushu Pharmaceuticals Ltd.

Bushu Pharma was established in August 1998 as an independent pharmaceutical contract manufacturer. Bushu Pharma carries out pharmaceutical drug product contract manufacturing and packaging of clinical trials and commercial products in accordance with the latest GMP standards. Through the utilization of know-how and the latest industry information, Bushu Pharma prides itself in being able to offer added-value solutions to customers. For more information, visit www.bushu-pharma.com/en/.

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 and on Twitter @KKR_Co.

Media

For Bushu Pharmaceuticals
Corporate Planning
+81 49 233 4651

For KKR:
KKR Asia Pacific
Anita Davis
+852 3602 7335
Anita.Davis@kkr.com
or
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

FGS Global (for KKR Japan)
Sam Brustad, +81 703853 3284
Deborah Hayden, +81 702492 0463
KKR-TYO@fgsglobal.com

Source: KKR

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Vow and ETEL team up for recycling of end-of-life tyres

Vow ASA announced December 20 that it has teamed up with European Tyre Enterprise Ltd. (ETEL), to deploy Vow’s advanced technology in a complete solution to convert end-of-life tyres to valuable raw material and renewable energy. ETEL has identified a potential demand for more than 300 tyre recycling plants in Europe, North America and Japan.

Murfitts Industries (Murfitts), which is a subsidiary of ETEL and the largest collector and processor of end-of-life tyres in the UK and ETIA, a subsidiary of Vow, have been working together for several years. The parties have developed a full industrial process, in which end-of-life tyres are valorised into a premium recovered carbon black.

ETEL is an international tyre and automotive service, maintenance, and repair group. It is a subsidiary of Itochu, one of Japan’s largest trading companies.

“Together with Murfitts, ETEL and Itochu, we are forming a unique British-French-Japanese-Norwegian partnership. We see a huge opportunity for Vow technology and our combined competence and capacity in a rapidly emerging market. We have agreed to come together to offer a truly sustainable method for handling end-of-life tyres and at the same time decarbonise the tyre industry,” said Henrik Badin, CEO of Vow ASA.

Every year 30 million tonnes of end-of-life tyres are generated globally. As of today, around 30 percent of the tyre composition is virgin carbon black, an important component in tyre manufacturing. Virgin carbon black is produced by cracking fossil oil, a process which generate a large quantity of CO2. Today, all major tyre manufacturers are looking to replace part of the virgin carbon black with recovered carbon black in tyre production.

Pyrolytic oil and syngas, the two other products that are generated in the tyre recovery process are valorised into low carbon fuel or synthetic naphta to generate new low carbon molecules.

“The tyre industry is facing a significant environmental challenge on a global scale, and a great opportunity driven by circular economy incentives. We aim at deploying our solution firstly in Europe, North America, and Japan. Combined these regions represent a market of 8.6 million tons of end-of-life tyre or more than 300 industrial tyre recycling plants,” said Mark Murfitt of Murfitts.

The partnership between Vow and ETEL is defined and agreed in a memorandum of understanding (MoU). The MoU is a continuation of more than two years of successful cooperation and joint operation of a first plant installed at Murfitts’ Lakenheath facility in the UK facility.

According to the MoU the parties will develop a modularised and scalable industrial solution and value chain to turn end-of-life tyres into recovered carbon black and clean energy. Vow will deliver its Biogreen reactor technology to the projects and to the companies that build, own, and operate the plants. ETEL has already identified the first three locations. Applications for building permits for these three sites are well underway.

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IK Partners and Keensight Capital to agree on the sale of Quanos

IK Partners

Leading pan-European private equity house IK Partners (“IK”) is pleased to announce that the IK Small Cap II Fund (“IK SC II”) has signed an agreement to sell Quanos Solutions GmbH (“Quanos” or “the Company”), a leading developer of software and technology solutions for smart information, to Keensight Capital (“Keensight”), one of the leading private equity managers dedicated to pan-European Growth Buyout[1] investments.

Headquartered in Nuremberg, Germany, Quanos is the global leader for industrial aftersales and digital technical documentation software. The Company offers a comprehensive product portfolio that enables customers to realise substantial cost and time savings, increase operational efficiency, drive profits of aftersales and service activities and enable customers to digitise aftersales services and offerings.

The Company has more than 1,000 customers worldwide who place their trust in Quanos’ software solutions and are served by 270 employees. Quanos’ software offering is focused on original equipment manufacturers and operators, thereby catering to a diversified customer base ranging from global champions to small to medium-sized enterprises.

The Company has recently launched its next-generation cloud platform (InfoTwin), bringing together the power of content and service solutions in one place. The integrated, modular software solutions enable customers to take a 360° view on their products to optimise service processes and efficiency, offer new service models and ultimately to increase customer satisfaction.

IK invested in Quanos in November 2018. Through M&A, three leading software companies were combined to create a market-leading platform for software and technology solutions for smart information. The Quanos brand was launched in 2020 with support from IK’s Operations team.

Keensight Capital will support Quanos’ team, led by Nikolaus Scholz, in its next phase of growth. The Company is well-positioned to further digitise the aftersales market, with massive potential to expand its solutions and services offering, market penetration and international reach, both organically and through acquisitions.

Financial details of the transaction are not being disclosed.

Nikolaus Scholz, CEO at Quanos, said: “With IK’s support, we have been able to achieve a lot in a short period of time. From the brand and vision building to operational initiatives to the design of a product roadmap, we have a solid foundation on which we can grow further. We thank Nils and the team at IK for their invaluable support over the last few years and look forward to partnering with Keensight as we embark on the next phase of our journey.”

Nils Pohlmann, Partner and Advisor to the IK SC II Fund, said: “It has been fantastic to work with Nikolaus and his team to create Quanos and develop the platform into a market-leading software and solutions provider. The Company’s value proposition and vision are fully aligned with key trends. Quanos is in a prime position to shape the ongoing digitalisation wave in industrial aftersales and services. We wish Nikolaus and the team every success for the future.”

Stanislas de Tinguy, Partner at Keensight, said: “We have been very impressed with Quanos’ journey to date and the way in which it has undergone significant transformation to become a software powerhouse. Under Nikolaus’ leadership, the Company has gone from strength to strength, and we look forward to building on this and exploring new growth strategies.”

Completion of the transaction is subject to relevant legal and regulatory approvals.

 

PR Contacts

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

Keensight Capital
Tim Lee
Phone: +44 (0) 7785 345 250
tlee@keensightcapital.com

Citigate Dewe Rogerson
Yoann Besse
Phone: +33 6 63 03 84 91
yoann.besse@citigatedewerogerson.com

 

[1]Growth Buyout: investment in profitable, private companies experiencing strong growth, in minority or majority positions, with or without leverage, using a flexible approach tailored to the needs of individual entrepreneurs, in order to finance organic growth projects, acquisition strategies or provide historic shareholders with liquidity.

About Quanos

Quanos – that is the association of software experts who develop unique software products and solutions for aftersales, service and technical documentation. More than 1000 customers worldwide trust in the innovative, successful and sustainable technology of Quanos. Our 270 employees have more than 20 years of market experience and contribute to the uniqueness of Quanos: We work closely together, complement each other and benefit from each other’s know-how. True to our motto “Passion for smart information”, we live our mission every day: we help people understand machines better. For more information, visit www.quanos.com

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About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 170 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikpartners.com

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About Keensight

Keensight Capital (“Keensight”), one of the leading European Growth Buyout firms, is committed to supporting entrepreneurs as they implement their growth strategies. For over 20 years, Keensight Capital’s team of seasoned professionals has leveraged their knowledge of investment and growth industries to invest for the long term in profitable companies with high growth potential and revenues in the range of €10 million to €400 million. Drawing on its expertise in the Technology and Healthcare sectors, Keensight identifies the best investment opportunities in Europe and works closely with management teams to develop and achieve their strategic vision. Keensight Capital’s success has also earned it a Gold Award from the Private Equity Exchange & Awards each year for the last six consecutive years, and in particular, the Best European Growth Private Equity Fund. www.keensightcapital.com

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BPEA EQT to sell Bushu Pharmaceuticals, a leading pharmaceutical CDMO in Japan

eqt

EQT is pleased to announce that the BPEA V Fund (“BPEA EQT”) has agreed to sell Bushu Pharmaceuticals (“Bushu” or the “Company”) to KKR.

Founded in 1998, Bushu is a leading pharmaceutical CDMO (Contract Development and Manufacturing Organization) and manufacturer of high-quality pharmaceutical and medical devices with advanced quality control and supply chain management support.

Headquartered in Kawagoe, Japan and with four manufacturing facilities across the country, Bushu serves both domestic and multinational pharmaceutical customers with manufacturing and packaging processes for a large variety of solid dosage products, injectables and filled vials, as well as clinical trial supplies. The Company has a wide range of loyal customers in the Japanese pharmaceutical market, well known for its high-quality standards, andit enjoys increasing outsourcing demand from Japanese and foreign pharmaceutical companies.

Since it was acquired by BPEA EQT (formerly BPEA) in December 2014, Bushu has solidified its capabilities to serve its growing customer base of global pharmaceutical companies. BPEA EQT supported the launch of the Company’s “Gateway-to-Asia” strategy, which allows international pharma companies to import bulk products into Japan for quality inspection, labeling, packaging, and distribution both within Japan and across other markets in Asia.

In 2022, Bushu acquired a factory from Sanwa Kagaku Kenkyusho with the capacity to handle contracts from both major domestic and foreign pharmaceutical manufacturers. Under BPEA EQT’s tenure, Bushu’s employee base has nearly doubled to a total of around 1,600. Additionally, the Company’s net revenue has grown by approximately 70 percent and its EBITDA increased by 50 percent.

Tadashi Maruoka, Partner within BPEA EQT’s Investment Advisory team, commented “We are proud of Bushu Pharmaceuticals’ development journey over our investment period. The company has grown to become one of the leading CDMOs in Japan today. We would like to thank Bushu’s Chairman of the Board Mr. Wes Wheeler and the highly esteemed management team led by CEO Mr. Tetsuichi Okada, President and COO Mr. Tadao Takano, CFO and CHRO Mr. Tetsuya Morikawa and all its employees for their hard work, collaboration and achievements”.

Tadao Takano, President and COO of Bushu Pharmaceuticals, commented “Over the past years, Bushu not only achieved impressive growth but also built a solid foundation to meet the rapidly growing demand as a CDMO and to play a greater role in the stable supply of pharmaceutical products throughout Japan and Asian countries. On behalf of the Bushu management team and all employees, I would like to thank BPEA EQT for its constructive and supportive partnership, which our whole team truly enjoyed.”

The transaction is subject to customary conditions and approvals and is expected to close in Q1 2023.

JP Morgan acted as exclusive financial advisor to BPEA EQT on the transaction.

Contact
Global: EQT Press Office, press@eqtpartners.com, +46 8 506 55 334
Japan: Kekst CNC, eqt.japan@kekstcnc.com, +81 3 5156 0187

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Gauge Capital Announces Strategic Investment in Exact Customer

Southlake, TX – Gauge Capital (“Gauge”) announced that it has partnered with the founders and management team of Exact Customer (www.exactcustomer.com) (“Exact Customer” or the “Company”). Exact Customer is a software-enabled, digital performance marketing agency, focused on providing high-value purchase sales leads of high intent consumers to the home services market. Today, the Company services the window, bath, and solar markets. Exact Customer utilizes first and third-party data to aggregate and assess leads from multiple channels, including email, pay-per-click, and publishers.

“We look forward to partnering with Gauge for the next chapter of the Company’s growth,” said Steve Jacoby, Exact Customer’s Co-Founder. “We’re proud of Exact Customer’s success thus far, and with additional resources to invest in sales and marketing, strategic M&A, and vertical expansion, we will continue to deliver an excellent experience for our current and future customers.”

Eric Bloomfield, Exact Customer’s Co-Founder added, “Our customers rely on us to scale alongside their business and support their core operations without incident. Our focus has always been on delivering a best-in-class experience and listening to what our customers want.”

Tom McKelvey, Managing Partner and Co-Founder at Gauge Capital, said, “We have been impressed with what Steve, Eric, and the Exact Customer team have built. Exact Customer’s reputation for excellence precedes itself and we look forward to achieving our shared vision for growth.”

As part of the investment, Tom McKelvey, Tristan Loiselle, and Sam Yang from Gauge Capital and Billy Sewell, Gauge Operating Partner, have joined the Company’s Board of Directors. FocalPoint, a division of B. Riley Securities, Inc., served as financial advisor and Jeffer Mangels Butler & Mitchell served as legal counsel to Exact Customer. Ropes & Gray LLP served as legal counsel to Gauge Capital.

About Gauge Capital (www.gaugecapital.com)
Gauge Capital is a middle-market private equity firm based in Southlake, Texas. Gauge invests in five key sectors: healthcare, technology, business services, government & industrial services, and food & consumer. The firm manages more than $2.0 billion in capital and in 2020, 2021 and 2022, Inc. Magazine named Gauge one of the top private equity firms for founders. In 2021 and 2022, Gauge was also named to the Top 50 PE Firms in the Middle Market by Grady Campbell. In 2022, Gauge ranked in the top 5 out of 517 private equity firms in the HEC Paris – DowJones Small-Cap Buyout Performance Ranking. For more information, please contact Andrew Peix, Managing Director of Business Development at apeix@gaugecapital.com.

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Latour invests in Qoitech

Latour logo
2022-12-19

Investment AB Latour (publ) has, through its subsidiary Latour Future Solutions AB, signed an agreement to invest in Qoitech AB (”Qoitech”).

Qoitech offers solutions for energy optimization of products powered by batteries and various energy harvesting technologies. Sales take place on a global basis via digital channels and customers are found in around sixty countries. The business was started within Sony Mobile Communications and a spin-out of the company was carried out in 2019. Qoitech is headquartered in Lund with 9 employees.

“One of our investment areas is in the electrification of industry. Qoitech enables better battery utilization, sustainable electrified products, and shortened lead times in the development phase”, Pelle Mattisson, CEO of Latour Future Solutions AB.

“Qoitech combines hardware instruments with software-based analysis tools in a patented solution that has not been on the market before. With Latour as a long-term partner, we can continue growing both internationally and within new customer segments”, says Vanja Samuelsson, CEO of Qoitech AB and one of the company’s three founders.

The investment will be made via a directed share issue in Qoitech AB, where Latour Future Solutions AB enters as a 21,9% minority owner of the company.

Gothenburg, 19 December, 2022

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Pelle Mattisson, CEO, Latour Future Solutions AB, +46 705 80 06 57
Fredrika Ekman, Investment Director, Investment AB Latour, +46 72 584 93 43

Latour Future Solutions is an investment area within Latour that targets sustainability-focused growth companies. The goal is for the investments to create a sustainable society based on all dimensions; environmental, social and economic.

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of ten substantial holdings with a market value of about SEK 65 billion. The wholly-owned industrial operations has an annual turnover of SEK 22 billion.

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DIF Capital Partners: Congratulations to our 36 employees that have been promoted this year!

DIF

People have always been DIF’s greatest asset and the work our employees do doesn’t go unrecognised.

Join us in wishing them every success in their new role. This is the full list of this year’s promotions per grade. Congratulations to all of you!

Rhea Castelino CA Origination Associate
Claudia Harrington GB Asset Management Associate
Alexander Mend NL IT Associate
Foucault Monguillon FR Origination Associate
Josh Simpson CA Asset Management Associate
Samira Taarabti LU Finance Associate
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GTCR Announces Strategic Investment in Senske Services

GTCR Executes the Leaders Strategy™ to Support Growth and Expansion of Leading Lawn Care and Pest Control Platform
CHICAGO, IL — December 16, 2022

GTCR, a leading private equity firm, announced today that it has made a strategic investment in Senske Services (“Senske” or the “Company”).

Founded in 1947 and based in Kennewick, WA, Senske Services is a leading regional provider of recurring subscription-based residential lawn care, pest control, and other home services. The Company serves over 80,000 residential and commercial customers across 16 branches in Washington, Utah, Idaho, and Colorado.

In executing the Leaders Strategy™ GTCR is partnering with Casey Taylor and Nathan Hurst, former CEOs of the Americas region for route-based commercial water filtration business Waterlogic, to invest in Senske. At Waterlogic, Messrs. Taylor and Hurst built a consolidation platform, completing over 60 acquisitions in the last five years while building a fully-integrated national brand. Messrs. Taylor and Hurst are joining Senske as Co-CEOs and succeed owner Chris Senske who has led the Company since 1974. Mr. Senske will remain a substantial shareholder of the Company and remain on the board of directors.

Senske Services will serve as the platform for a broader national expansion in the residential lawn care and pest control industries. As part of the transaction, GTCR has committed significant capital to fund acquisitions and organic growth opportunities.

“Chris and the Senske team have built a tremendous business that is well-positioned to serve as the platform for further investment in a growing sector,” said GTCR Principal, Tom Ehrhart. “The entire Senske organization should be proud of the business they have built. We look forward to Casey and Nate working with the Company and its employees to continue providing exceptional customer service while expanding into new geographies and service offerings nationally.”

“We are excited to partner with GTCR and look forward to continuing to provide Senske’s customers with exceptional service,” said Messrs. Taylor and Hurst. “GTCR brings significant resources and experience in building companies and together we expect to grow Senske into a leading national lawn care and pest control company.”

David Donnini, Managing Director and Head of Business & Consumer Services at GTCR, added: “Through their exceptional customer service and commitment to integrity, Senske has grown to become one of the leading lawn care and pest control companies in the U.S. We are thrilled to be partnering with Casey and Nate, as well as Senske, at this exciting time in the Company’s evolution.”

Solomon Partners served as financial advisor and Kirkland & Ellis served as legal advisor to GTCR. LR Tullius served as exclusive financial advisor to Senske Services and Gravis Law served as legal advisor to Senske.

About GTCR
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $24 billion in over 270 companies, and the firm currently manages over $26 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com. Follow us on LinkedIn.

About Senske Services
Founded in 1947, Senske Services is a market-leading, multi-state home services company focused on growing organically and through mergers and acquisitions in the Western United States. The Senske family of brands includes Senske Pest Control, Senske Lawn and Tree Care, Senske Grounds Maintenance, Fit Turf, and Christmas Décor by Senske. Senske is actively exploring expansion opportunities; for companies interested in selling their lawn care or pest control business, contact Jordan Cano at 214.497.7245 or visit www.senske.com.

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