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Yellowtail Conclusion acquires Fortrum

NPM Capital

Yellowtail Conclusion is acquiring Fortrum, which will give it a significant edge in the area of mortgage and risk management. The acquisition will allow Yellowtail Conclusion to expand the range of services it offers its clients and to provide more innovative solutions. Yellowtail Conclusion is part of the Conclusion ecosystem, an NPM participation.

Yellowtail Conclusion acquires Fortrum

 

Fortrum is based in Houten and was established in 2018 by Michel van der Sluis, Jaap van Raak, Simon Collingridge, and Tony Ward. Fortrum offers consultancy services in the area of risk, governance and compliance and is also specialised in carrying out due diligence, for which it developed the FortApp. The acquisition adds a group of expert professionals to the Yellowtail Conclusion team and offers major benefits in terms of scale and synergy.

 

This strategic acquisition will enable clients to benefit from the combined expertise and innovative solutions offered by Fortrum, Yellowtail Conclusion, and Davinci Conclusion. Their collaboration will make it possible for all three organisations to offer an unparalleled package of services and software solutions to clients in the mortgage and credit market, thereby covering the entire value chain.

 

More information is available at the Yellowtail Conclusion website.

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Acquisition Spaans Babcock

Anders Invest

Anders Invest has acquired screw pump manufacturer Spaans Babcock from Balk. The company has an annual turnover of €20 to €25 million and employs over 100 people.

Spaans Babcock engineers, produces, builds and installs screw pumps, screw generators, grids and aeration for wastewater treatment plants, pumping stations and hydroelectric power plants. The company is over 125 years old and was founded in 1897 by the Spaans family. In 1974, the company became part of the FKI Group Ltd., which also had a Babcock company in its group, and the current company name was created. In 1995, the company was acquired by the Alpha Group International.

The company realises the majority of its turnover with screw pumps, aerators and hydro turbines, in which niche the company is the global market leader. A large production location is located in Balk where the screw pumps are produced using CNC-controlled machines and welding robots. The screw pump distinguishes itself from other pumping techniques because of its capacity, lifespan, insensitivity to contaminated liquids and energy efficiency. In addition, the screw is fish-friendly and maintains the biological balance in purification plants because the pump has no destructive effect on the composition of the liquid. In addition to the branch in Balk, there are branches in England and Canada/United States.

The end customers are generally (waste) water purification companies, water boards (for example polder pumping stations) and companies active in the construction or operation of sewage treatment. With its own sales offices in England (Heywood) and Canada (Ontario), Spaans Babcock supplies its products worldwide.

The shares in Spaans Babcock were acquired from Alpha Group International.  The Alpha Group is an investment vehicle of Mr. Nolst Trenité and Mr. Eijt. Mr. Eijt is general manager at Spaans Babcock and will remain as general manager and shareholder.

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Investment in HTC Group

Anders Invest

Anders Invest has acquired a minority stake in HTC Group from Waddinxveen. HTC is the Dutch market leader in speed gates and employs over 80 people.
HTC is known for its high-quality products and innovative custom solutions. For example, the company has introduced mobile speed gates for temporary applications and produces speed gates with safety standards up to and including RC5. HTC has developed a product-as-a-service model and is investing in sustainability by developing the circular speed gate.
The company’s head office is located in Waddinxveen, where the production and assembly of the speed gates also takes place. From this location, the company carries out service and maintenance work with a nationwide network. HTC has its own engineering branch for the development of its products. Sales take place from the Netherlands and through a dealer network in Europe. Its customers are parking managers, government institutions, installers and homeowners’ associations.
The shares in HTC were acquired from Peter Thun. In addition to Anders Invest, operational director Robert-Jan Karsman has joined as a shareholder. Peter will remain as general manager and majority shareholder.

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Platinum Equity Acquires Controlling Stake in Inventia Healthcare

Platinum

Acquisition of Mumbai-based generic pharmaceutical business led by Platinum’s Asia investment team

LOS ANGELES and MUMBAI (August 28, 2024) – Platinum Equity announced today the acquisition of a controlling stake in Inventia Healthcare Limited’s core Oral Solid Dosage (“OSD”) business (“Inventia”) from India Life Sciences Fund III (Advised by InvAscent), NYLIM Jacob Ballas India Fund III, LLC, Mauritius and affiliates of the company’s founding Shah family (collectively, the “Sellers”).

The Shah family is retaining a minority stake in Inventia. Invengene and Nutriventia, the injectables and nutraceuticals businesses, respectively, are not part of the transaction and are being retained separately by the Shah family.

Financial terms of the acquisition were not disclosed.

“India’s generics sector is well established with attractive long-term growth characteristics, and serves a key role in supplying the pharmaceuticals market globally. Inventia has built a differentiated B2B business that supplies both emerging and mature markets with high-quality products through its longstanding customer relationships and proven drug development and manufacturing capabilities. We intend to help Inventia build upon that strong foundation, expand its reach and further enhance the company’s technology platform and delivery capabilities.”

Jacob Kotzubei, Co-President, Platinum Equity

“India’s generics sector is well established with attractive long-term growth characteristics, and serves a key role in supplying the pharmaceuticals market globally,” said Platinum Equity Co-President Jacob Kotzubei. “Inventia has built a differentiated B2B business that supplies both emerging and mature markets with high-quality products through its longstanding customer relationships and proven drug development and manufacturing capabilities. We intend to help Inventia build upon that strong foundation, expand its reach and further enhance the company’s technology platform and delivery capabilities.”

Headquartered in Mumbai, Inventia was jointly founded in 1985 by the company’s late chairman and managing director Janak Shah and executive director Maya Shah. Today, Inventia serves as a partner to over 100 customers supplying both semi-finished and finished OSD formulations for both regular and value-added generics. Inventia’s partners include global and leading local pharmaceuticals companies that sell in more than 40 countries across North America, South America, Europe, Southeast Asia, Middle East and Africa.

Inventia operates a manufacturing facility in Ambernath and a research and development facility in Thane in Maharashtra, India. The company’s manufacturing platform is accredited by the U.S. FDA, U.K. MHRA and other Stringent Regulatory Authorities (“SRA”).

“This investment marks a significant milestone in the journey of Inventia. As founders and long-standing stewards of the company, we are thrilled to see Platinum Equity’s investment in our core OSD business,” said Maya Shah and the late Janak Shah in a joint statement prior to Janak Shah’s recent passing. “This partnership will harness Inventia’s strengths and Platinum’s operational expertise to propel us to new heights. We remain deeply committed to our mission and are confident that this collaboration will drive further innovation and growth. Our vision for Inventia has always been to provide high-quality, accessible pharmaceutical products, and with Platinum Equity, we believe this vision will only grow stronger.”

The acquisition is being led by Platinum Equity’s Asia investment team based in Singapore.

“We believe Inventia is a strong platform for growth in a fragmented market, and our goal is to create a larger, more diversified B2B business focused on the attractive but underserved emerging markets,” said Platinum Equity Managing Director Amit Sobti. “We are excited to build upon the strong foundation set by the Shah family by bringing in our operational and financial resources to further institutionalize the company and set it up for success on a significantly greater scale. Inventia’s current product pipeline can drive strong organic growth over the foreseeable future, which we will look to enhance through acquisitions, with an emphasis on broadening the company’s product portfolio and capabilities.”

Kotzubei said in addition to seeking add-ons for Inventia, Platinum Equity will continue to source platform deals in India that fit the firm’s investment strategy.

“The buyout market in India continues to evolve and there are more opportunities available today that fit our approach,” he explained. “There are more mature companies with more need for operational support, including founder or family-owned businesses seeking a partner who can not only provide capital, but also operational expertise. We have a lot of experience in those situations.”

Barclays served as exclusive financial advisor to Platinum Equity on the transaction. Latham Watkins served as international legal counsel alongside Trilegal as India legal counsel for Platinum Equity. Kirkland & Ellis provided financing counsel to Platinum Equity on the transaction. Rothschild & Co and Stifel Nicolaus India (erstwhile Torreya Partners) served as financial advisors to the Sellers. Quillon Partners served as legal counsel to the Sellers on the transaction.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.

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Sealing System sold

Polaris

We hereby announce that Sealing System has been sold following the restructuring and most jobs have been retained.

Please see the initial press release concerning the process published on the 30th of August:

English

For more information, please contact:

Allan Bach Pedersen, Partner
Phone: +45 40 30 24 15
Mail: abp@polarisequity.dk

Categories: News

René Keulen starts as CFRO – Anders Invest

Anders Invest

As of August 19, 2024, René Keulen has joined Anders Invest as CFRO. His arrival will enable Anders Invest to professionally fulfill its further growth ambitions. René has extensive experience in the field of fund management and, in the crucial CFRO role, will be responsible for, among other things, financial management including investor administration, internal business operations, risk management and compliance. In the past 7 years, René worked in a similar role as CFO at Orange Capital Partners, a successful investment and asset management organization with real estate funds active in four European countries. At Orange Capital Partners, he managed the process of applying for and implementing the AFM license, which will also be his responsibility at Anders Invest. Before that, he worked at Klepièrre, Schroders and EY, among others.

Categories: People

ImCheck Awarded EUR 20.18 Million from the French Government Through the France 2030 Investment and Innovation Plan

GIMV

ImCheck secures substantial non-dilutive funding to accelerate the progress of two breakthrough programs in cancer and infectious diseases, in support of France’s 2030 ambitious vision to deliver 20 innovative biomedicines by the end of the decade.

Marseille, France, August 29, 2024, 11 am CET – ImCheck Therapeutics announced today that it has received EUR 20.18 million in non-dilutive funding as part of the “i-Démo” call for projects under the France 2030 Plan operated by Bpifrance on behalf of the French government.

The funding will support the development of the company’s most advanced drug candidate, ICT01, a pathogen-agnostic γ9δ2 T cell-activating monoclonal antibody, currently in a Phase I/IIa clinical trial program in various solid cancer and hematologic malignancy indications.  The funding also supports ImCheck’s ICT41 infectious disease candidate, which is moving toward clinical development.

“We are honored to be supported by the France 2030 innovation plan. It is a tribute to theprogress we have achieved in the clinic and the overall potential of our novel immunotherapeutic programs. Our approach is both unique and polyvalent, enabling us to address solid tumors, hematologic malignancies and infectious diseases. This recognition from the French government and Bpifrance represents their confidence in our first-in-class therapies, which have the potential to significantly improve patients’ lives,” commented Pierre d’Epenoux, Chief Executive Officer of ImCheck Therapeutics. “We look forward to providing updates from the ICT01 clinical development program as well as other corporate advances later this year.”

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Maven makes three new hires to investment team in Scotland

Maven

Victoria McLaren and Craig McGill join as Investment Managers where they’ll lead on deal origination and execution, with a focus on Scottish deals and opportunities for the IFS Fund. Jamie Warner also joins as Investment Associate to support the growing deal team as they continue to back ambitious and entrepreneurial companies across Scotland.

Victoria is a qualified corporate lawyer, specialising in M&A, private equity, venture capital and early-stage investment work. Her deal experience spans a wide variety of industry sectors and involved cross-border transactions, particularly in the technology, life-science and software sectors. Victoria joins from Brodies prior to which she spent close to 8 years at Thorntons specialising in transactions involving development capital funding for entrepreneurial and high growth businesses.

Craig qualified as a Chartered Accountant with Deloitte before joining Corporate Finance specialist HNH where he worked on a range of M&A transactions across a number of sectors and stage of business covering Building Products, Haulage & Logistics, Specialist Engineering, Aquaculture, Whisky and Sport Tech. Jamie is also a CA joining from EY, where he gained broad experience in audit and business assurance. Prior to this Jamie specialised in corporate tax and advisory work for the SME business comminuty whilst with Azets and Johnston Carmichael.

Maven has a long established deal team operating in Scotland, including four transactional partners with a national office network spanning Aberdeen, Edinburgh and Glasgow.

Last year Maven was appointed as Fund Manager for the initial £50 million equity fund, part of the overall £150 million Investment Fund for Scotland with the new additions supporting the enlarged team at a time of continued high investment activity.

IFS Maven Equity Finance has already announced a number of new investments into local businesses including: 3D printed micro-tumour specialist Carcinotech, Perth-headquartered producer of premium Indian ready meals, Praveen Kumar, and industry-leading learning and training management platform, Administrate, underscoring Maven’s commitment to nurturing innovative businesses across Scotland and driving their growth to realise their full potential.

“Maven is rightly proud of its Scottish heritage, and this further and significant investment in the team only strengthens our ability and ambition to identify and support the growing number of entrepreneurial companies seeking growth capital. The launch of IFS in 2023 marked a strong intent to increase the level of funding available to Scottish businesses and I am delighted that the team have been able to support a number of companies with investment already with a number of other discussions well advanced. The growth in our team comes at a very exciting time for Maven with the recent launch of IFS and we are delighted to have been able to welcome three highly talented individuals who very much compliment the existing team and who collectively are committed to supporting the SME business community across Scotland.”

Alan Robertson, Partner at Maven

“We’re delighted to welcome Victoria, Craig and Jamie to Maven. The response to the IFS has been fantastic and we are exceptionally busy and therefore the contribution from all three will be crucial in continuing Maven’s success in identifying and supporting high-potential businesses across Scotland. These appointments underscore our commitment and belief in our regional approach and having passionate, experienced professionals on the ground to help support our SME community.”

David Milroy, Partner and Fund Manger for IFS

The purpose of the Investment Fund for Scotland is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across Scotland. The Investment Fund for Scotland will increase the supply and diversity of early-stage finance for smaller businesses in Scotland, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

Categories: People

Altor divests 19.2% shares in SATS

Altor Fund III (Altor) announces the successful placement of 39,242,358 shares in SATS ASA (SATS), representing approximately 19.2% of the votes and share capital in SATS. The shares were divested through a club deal, at a selling price of NOK 18 per share for a total transaction size of approximately NOK 706 million.

In 2014, Altor and Tryghedsgruppen joined forces by bringing together the strongest and most respected brands in Nordic fitness with the goal to build a market in the Nordics.

“We have had a fantastic journey with the mangagement team and Tryghedsgruppen for the past 10+ years. We are impressed and proud of the many achievements and milestones that have been reached by the team at SATS. We are also thankful for the close partnership with Tryghedsgruppen all these years” said Tom Jovik, Principal at Altor.

About Altor

Since inception, the family of Altor funds has raised more than EUR 11 billion in total commitments. The funds have invested in just south of 100 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Marshall, Vianode, Toteme, Raw Fury, Carnegie and OX2.

 

For more information visit www.altor.com

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Apax Funds to acquire Veriforce from Thoma Bravo

Apax

Funds advised by Apax Partners LLP (“Apax”) today announced that they have reached a definitive agreement to acquire a controlling stake in Veriforce (or the “Company”), a global provider of supply chain risk management solutions (“SCRM”), from Thoma Bravo, a leading software investment firm. The transaction is subject to customary regulatory approvals. Financial terms were not disclosed.

Headquartered in the US, Veriforce is one of the world’s largest providers of integrated supply chain risk management solutions, serving a multitude of end markets, with hubs in the US, Canada and UK. The Company’s solutions focus on verifying the services offered by contractors to hiring clients. This allows organisations to drive safety and compliance throughout all aspects of their supply chains.

Under Thoma Bravo’s ownership, Veriforce achieved rapid growth through strategic investments to expand its contractor network across multiple sectors and geographies. Veriforce now operates in more than 140 countries, helping bring more than five million workers home safely every day. Since 2018, Veriforce’s network has grown from approximately 115 clients and 9,500 contractors to over 1,300 clients and more than 90,000 contractors today. To support this expansion, Veriforce’s workforce has more than tripled to over 530 employees.

Colby Lane, CEO, Veriforce said: “Thoma Bravo has been an incredible partner. Together, we have led Veriforce to exponential growth and market expansion, becoming a truly global player in the SCRM space. We are beyond excited to partner with the Apax team going forward. With their experience in the SCRM ecosystem, Apax will be invaluable partners in advancing our global mission to bring workers home safely. Our team looks forward to continuing to deliver best-in-class solutions for our hiring clients and contractors.”

Frank Ehmer, Partner, Apax, commented: “The SCRM sector is still a relatively new industry and it is highly fragmented. Veriforce has a strong reputation and market position in the US and we see an opportunity to partner with Colby and the Veriforce team to drive further organic growth, while continuing to scale the business internationally and into new verticals.”

Anders Meyerhoff, Partner, Apax, added: “Apax has significant experience in the SCRM sector, particularly given current Apax Fund investments in Alcumus and EcoOnline. It is an industry that has seen significant growth, driven by increasingly complex regulatory pressures and more demanding commercial requirements. We are excited by the industry outlook and are looking forward to supporting the next phase of Veriforce’s growth.”

Hudson Smith, Partner, Thoma Bravo, said: “Thoma Bravo is proud to have helped guide Veriforce’s strategic evolution over the past five years while also keeping the Company laser focused on its mission of getting workers home safely. Five years ago, we started with a business with two products focused primarily on one industry and transformed it to a business with greater than ten products focused on a broad range of industries across the globe. We also supported a multi-year research and development project to build the VeriforceOne technology platform that now provides customers with best-in-class features to manage their supply chains.”

George Jaber, Principal, Thoma Bravo, added: “We’ve worked closely with Colby and the entire Veriforce management team to build Veriforce into a global, world-class platform, across all industries and all geographies. Over the course of our ownership, the Company grew revenue 6x through organic initiatives and strategic M&A. We are excited for Veriforce’s continued success in its next chapter with Apax.”

Apax is being advised by Harris Williams and William Blair is acting as exclusive financial advisor to Veriforce.

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