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FTV Capital Expands Internationally with Opening of London Office

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FTV Capital

As part of the expansion, Richard Earnshaw joins as partner to lead new office and FTV’s European investing efforts alongside growing team

NEW YORK & SAN FRANCISCO – FTV Capital, a prominent sector-focused growth equity investment firm with a successful 25+-year track record of investing in financial and enterprise technology, today announced the opening of its London office to serve as the firm’s hub for UK and European investments. FTV also announced Richard Earnshaw has joined the firm as partner to lead and grow the London-based team while deepening the firm’s investing efforts throughout Europe. Located in Mayfair, FTV’s London office joins the firm’s existing offices in New York, San Francisco and Connecticut, representing its first office outside of the United States.

Building on two and a half decades of experience and the firm’s strong investment track record in the region, FTV’s European team will work on deals in collaboration with FTV’s U.S. offices and strengthen its robust pipeline of European investment opportunities. FTV’s current portfolio of European-based companies includes Liberis, ManyPets, Paddle, PeopleCert, True Potential and VikingCloud. Notable exits include Centaur (acquired by Waystone Group in 2022), Egress (signed to be acquired by KnowBe4 in 2024) and WorldFirst (acquired by Ant Financial in 2019).

“We’ve enjoyed a successful history of investing in Europe for many years, supported by our Global Partner Network in the region, and establishing our on-the-ground presence in London is a significant milestone in our growth as we seek to partner with the best entrepreneurs globally,” said Brad Bernstein, managing partner at FTV Capital. “Europe is a promising breeding ground for technology innovation, and we’re excited to bring our flexible growth capital, value-creation resources and vast commercial network to more entrepreneurs to help them scale their businesses to new heights. I’m thrilled to welcome Richard, who we’ve known and respected for a long time, and to work alongside him and our fantastic growing team in London to accelerate FTV’s success.”

With 13 years of experience investing in financial services technology, Earnshaw brings extensive domain expertise in financial software and data to FTV. He joins the firm from Hg, one of Europe’s leading technology-focused private equity firms, with experience investing across Europe and North America. Earnshaw began his career at Deloitte Consulting where he worked on a range of strategy and M&A advisory projects.

“I’m excited to join FTV where we’re not only investing in innovative companies led by great teams to help fuel their growth but also working collectively to transform industries and build the future of technology in Europe,” said Earnshaw, partner at FTV Capital and head of the London office. “FTV’s unique DNA in financial and enterprise technology, combined with its collaborative culture and deep commitment to supporting founders and management teams, makes a material difference for the companies in which it invests. I can’t wait to work alongside the talented and ambitious team at FTV to leverage our sector specialisation, extensive reach into the global financial services and broader enterprise technology ecosystems, and our world-class operational capabilities to help build the next generation of European technology leaders.”

By having investment team members on the ground in Europe, FTV will further deepen its network of European founders, as well as Global Partner Network® executives and investors, which will serve all aspects of FTV’s model. With the London office and Earnshaw’s hire, FTV now comprises nearly 100 professionals, including 14 partners.

 “FTV was a true partner in helping Egress scale throughout our entire six-year relationship leading to Egress’ successful signing to be acquired by KnowBe4,” said Tony Pepper, CEO and co-founder of Egress, a London-based cybersecurity company. “No growth journey is ever straightforward, often with numerous twists and turns along the way, and it’s these moments which truly test the strength and depth of any relationship. For tech entrepreneurs looking to accelerate growth and break into new markets, FTV is an exceptional partner.”

This announcement comes on the heels of FTV receiving a series of major recognitions in recent months. In May 2024, FTV was recognized by the HEC Paris School of Business in the 2023 HEC Paris-Dow Jones Growth Capital Performance Ranking as the No. 6 top-performing growth equity firm globally out of 106 firms. The ranking evaluates growth capital firms’ ability to generate returns for their investors with funds raised between 2010 and 2019. FTV has also been named an Inc. Founder Friendly firm for three consecutive years.

About FTV Capital

FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in enterprise technology and services and financial technology and services. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in over 140 portfolio companies, including Agiloft, EBANX, Kore.ai, Lean Solutions Group, Luma, Patra and Vagaro, and successfully exited/partially exited companies including Enfusion (NYSE: ENFN), Globant (NYSE: GLOB), InvestCloud (recapitalized), RapidRatings (recapitalized), Strata Fund Solutions (acquired by Alter Domus), Tango Card (acquired by Blackhawk Network) and VPay (acquired by Optum). FTV has offices in New York, San Francisco, Connecticut and London. For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.

Media Contact

Josh Hess

Prosek Partners on behalf of FTV Capital

(646) 818-9291

Pro-ftvcapital@prosek.com

Categories: News

819 Capital Partners acquires Touroperating division from ANWB

819 Capital Partners

Deventer, June 13, 2024 – 819 Capital Partners has acquired the Touroperating division from ANWB through a buy-out, together with the management team Gert-Jan Bressers and Richard Broekhoven. The new organization will continue under the name Fox Reizen and will continue to develop and execute member trips for the ANWB.

ANWB is shifting its focus in the travel sector to offering a wide range of trips, but will no longer be developing these. The new Fox Reizen organization will continue to do this for ANWB.

Marga de Jager, CEO of ANWB: “We at ANWB are pleased with the privatization. The management knows the company well, which ensures the continuity of the organization. The privatization of the tour operating activities also fits well within ANWB’s strategy to focus more on the needs of our members and to meet those needs. We will continue to offer trips as ANWB, but we no longer want to develop and execute everything ourselves. We ensure a wide range products and services, including sales. In addition to our stores, we have a gateway for all products and services we offer at anwb.nl.”

Gert-Jan Bressers, director of Fox Reizen: “The privatization of the tour operating activities offers plenty of opportunities and makes us even more competitive, agile, and decisive. With the new management and our team, we will continue to focus on developing, selling, and executing beautiful trips in both Europe and beyond. We do this under the brands ANWB and Fox. We are convinced that with our expertise and passion, we will create great experiences for travelers. We look forward to working with our partner 819 Capital Partners to further expand the success of Fox Reizen in the coming years.”

Sven Kempers, director of 819 Capital Partners: “ANWB and Fox Reizen are renowned names in the travel industry. Given the strong management and the new form of cooperation with ANWB, we have great confidence in the future. We are pleased that we have been able to make this management buy-out possible from 819 Private Equity Fund I.”

All employees of the tour operating activities will move to Fox Reizen.

We have acquired Fox Reizen with 819 Private Equity Fund I.

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Ardian announces it has entered exclusive negotiations to acquire a majority stake in Alstef Group, alongside the management team, the founders, and Future French Champions

Ardian

Ardian, a world-leading private investment house, today announced it has entered exclusive negotiations to acquire a majority stake in Alstef Group, a leading provider of automated and robotic solutions for the airport, logistics and parcel sorting markets, alongside the Group’s management team and 260 employee shareholders. As part of this transaction, the founders (Pierre Marol and Jean-Luc Thomé) and Future French Champions, the joint venture between Qatar Investment Authority (QIA) and Bpifrance, will also reinvest in the company.

Founded in 1961 and headquartered near Orléans in France, Alstef Group is an established player in the design, integration and supply of equipment and proprietary software for intelligent handling solutions. For over a decade, the Group has experienced double-digit growth and rapid international expansion, supported by the acquisition of Glidepath, an airport-baggage and parcel-handling company in 2020, and parcel sorting company SNS in 2023. The Group has a global presence, with 16 subsidiaries around the world and systems installed in 93 countries. It is one of the world leaders in airport baggage sorting and has a blue-chip customer base in the intralogistics and parcel sorting markets.

Its collaborative approach is well-suited to complex operational environments and modernization projects. Its commitment goes beyond the provision of solutions: All teams are actively involved in design, planning, procurement and innovation to ensure the optimum delivery of its projects with minimal disruption to existing operations or environmental impact.

Alstef Group’s robust business model is based in particular on its asset-light strategy, its ability to maintain critical systems for its customers over the long term, and its presence in three complementary segments: baggage handling, intralogistics and parcel sorting.

Support from Ardian’s Expansion team will enable the company to accelerate its international development and growth ambitions.

“Alstef Group’s outstanding positioning is underpinned by an excellent management team that has consistently delivered a culture of innovation and a customer-focused approach. This ethos is an asset for continuing to develop the business. We look forward to working with the Alstef Group team to expand the group’s presence and continue its growth in its target markets.” Maxime Sequier, Managing Director Expansion, Ardian

“We are delighted to become Alstef Group’s new partner for the next phase of its development. We have every confidence in the management team and will use our expertise and access to the Ardian platform to support the group’s growth.” Arnaud Dufer, Head of Expansion France and Managing Director, Ardian

“We are delighted to welcome Ardian as a majority shareholder to support us in the next stages of our development. This transaction recognizes the expertise we have developed over more than 60 years and the success of the strategy we have implemented at Alstef Group to date. Ardian’s support will help to accelerate a new chapter in our history as we pursue our international growth ambitions.” Pierre Marol, President and Co-founder, Alstef Group

“It is with great determination that we embark on this new stage in our development, and we are confident that this partnership with Ardian will enable us to achieve our objectives quickly and efficiently. The common values we share, including our commitment, trust, know-how and a sustainable and socially conscious approach to our activities, will be the driving force behind our success. This is the beginning of a fruitful and lasting collaboration that will create value for our employees, our customers and our shareholders.” Nicolas Breton, Alstef Group

“We are delighted to continue our partnership with Alstef Group, whose growth we have supported over the past six years, particularly through its international expansion in New Zealand and the United States. With its new shareholder configuration and talented management, we are convinced that the Group will continue the great adventure initiated by its founders, Pierre Marol and Jean-Luc Thomé.” Antoine Emmanuelli, President, Future French Champions

The completion of the transaction is subject to the legal usual conditions and the approval of the relevant regulatory authorities.

LIST OF PARTICIPANTS

  • PARTICIPANTS

    • ALSTEF GROUP: PIERRE MAROL, JEAN-LUC THOMÉ, NICOLAS BRETON, SYLVIE SCHROEDER, LUCILE BERNARD
    • FUTURE FRENCH CHAMPIONS: ANTOINE EMMANUELLI, SANDRA PEZET, JUSTINE HIGELIN
    • EXPANSION, ARDIAN: MAXIME SEQUIER, ARNAUD DUFER, DAVID CAHUZAC, LESLIE PARMAST, VICTOR LESENECAL

  • BUYER ADVISORS

    • M&A ADVISORS: SYCOMORE (TRISTAN DUPONT), EDMOND DE ROTHSCHILD (ARNAUD PETIT, JULIEN DONARIER)
    • M&A LAWYERS: WINSTON (GRINE LAHRECHE, SOPHIE NGUYEN, AUDREY SZULTZ)
    • TAX LAWYERS: WINSTON (THOMAS PULCINI)
    • FINANCING LAWYERS: PAUL HASTINGS (TEREZA COURMONT VLKOVA, OLIVIER VERMEULEN)
    • DUE DILIGENCE STRATEGY: ROLAND BERGER (GABRIEL SCHILLACI, FLORIAN AKNIN)
    • DUE DILIGENCE FINANCE: EY (VICTOR DE FROMONT, BAPTISTE DAL POS)
    • LEGAL, TAX AND EMPLOYMENT: WINSTON (GRINE LAHRECHE, SOPHIE NGUYEN, AUDREY SZULTZ, THOMAS PULCINI, SOPHIE DECHAUMET, CHRISTOPHE MARIE, DIANE TARANTINI)
    • DUE DILIGENCE INSURANCE: FINAXY (DEBORAH HAUCHEMAILLE)
    • DUE DILIGENCE IT & DIGITAL: AKVIZE (MICKAEL MAINDRON)
    • DUE DILIGENCE ESG: WE DON’T NEED ROADS (JEANNE RIVES, NICOLAS BOUCHÉ)

  • SELLERS, COMPANY AND MANAGEMENT ADVISORS

    • M&A ADVISOR – SELLERS, COMPANY, MANAGEMENT: LAZARD (JEAN-PHILIPPE BESCOND, PIERRE OUAKNIN, MAXIME NORDIN)
    • M&A LAWYERS – SELLERS, COMPANY: MCDERMOTT WILL & EMERY (GREGOIRE ANDRIEUX, ANTOINE VERGNAT)
    • M&A LAWYERS – FFC: DE PARDIEU BROCAS MAFFEI (CEDRIC CHANAS, MATHIEU RETIVEAU)
    • M&A LAWYERS – MANAGEMENT: FIDES PARTNERS (NICOLAS MENARD-DURAND, CAMILLE PERRIN) & CAZALS MANZO PICHOT SAINT QUENTIN (XAVIER COLARD, CELINE DE LA ROSA)
    • VENDOR DUE DILIGENCE STRATEGIC – SELLERS, COMPANY: BCG (YVES WETZELSBERGER, BENJAMIN ENTRAYGUES)
    • VENDOR DUE DILIGENCE FINANCING – SELLERS, COMPANY: PWC (ERWAN COLDER, FRANÇOIS HAMAYON)
    • VENDOR DUE DILIGENCE LEGAL, TAX, SOCIAL – SELLERS, COMPANY: PWC (CLAIRE PASCAL OURY, CLAUDIO CARVALHO VICTER, FABIEN RADISIC, DELPHINE LEVY-DITCHI, AURELIE CLUZEL, FANNY MARCHISET)
    • VENDOR DUE DILIGENCE ESG: SELLERS, COMPANY: PWC (FRANÇOIS THUEUX, ALICE ROBINEAU)

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $166bn 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

ABOUT ALSTEF GROUP

Alstef Group designs, integrates and supports automated turnkey solutions for the airport, intralogistics and parcel markets. Its mission is to create intelligent solutions that not only meet the needs of its customers, but also provide them with the long-term benefits of a tailor-made automated system that is eco-designed, efficient, scalable and innovative.
Alstef Group focuses on developing long-term relationships through close collaboration with its customers and proactively promotes support and maintenance services to ensure the long-term effectiveness and performance of its solutions.
With a local presence in sixteen countries and a wide range of systems installed in 93 countries, Alstef Group has 950 employees. The group generated revenue over €220 million in 2023.

www.alstefgroup.com

ABOUT FUTURE FRENCH CHAMPIONS

Future French Champions is the partnership between Qatar Investment Authority and Bpifrance, initiated in 2014. Its shareholders are:
– Qatar Investment Authority (QIA) is the sovereign wealth fund of the State of Qatar. QIA was founded in 2005 to invest and manage the state’s reserve funds. QIA is one of the largest and most active sovereign wealth funds in the world. QIA invests across a wide range of asset classes and diverse regions, as well as partnering with leading institutions across the globe to develop a global and diversified investment portfolio, with a long-term perspective that can generate sustainable returns and contribute to the prosperity of the State of Qatar.
More information on: www.qia.qa

– Bpifrance: Bpifrance finances companies – at each stage of their development – with credit, guarantees and equity. Bpifrance supports them in their innovation and international projects. Bpifrance also ensures their export activity through a wide range of products. Consulting, university, networking and acceleration programs for startups, SMEs and ETIs are also part of the offer proposed to entrepreneurs. Thanks to Bpifrance and its 50 regional offices, entrepreneurs benefit from a close, unique and efficient contact person to help them face their challenges.
More information on: www.Bpifrance.fr -https://presse.bpifrance.fr/
Follow us on X (Ex Twitter): @Bpifrance – @BpifrancePresse

MEDIA CONTACTS

ARDIAN

HEADLAND

ardian@headlandconsultancy.com 

ALSTEF GROUP

KRISTY HOUSLEY

kristy.housley@alstefgroup.com 

FUTURE FRENCH CHAMPIONS

GEORGINA NIOM

georgina.niom@bpifrance.fr 

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Our investment in AirMDR: Closing the cyber inequity gap

Foundation Capital

06.13.2024 | By: Sid Trivedi

LinkedIn

A product and GTM strategy discussion with Kumar Saurabh and Foundation Capital Partner Sid Trivedi in Palo Alto.

Last week AirMDR emerged from stealth to announce its SMB-focused autonomous Managed Detection and Response (MDR) platform and the $5M seed round led by Foundation Capital. We were the first investor in AirMDR and incubated the company in summer 2023. I’ve personally been on the board of directors since inception and worked closely with the team from day zero.

Advances in automation have given AirMDR a chance to level the playing field in cybersecurity, giving small and medium enterprises the same detection and response capabilities as Fortune 2000s. Here’s the story of how the journey began, why we invested, and what’s ahead.

Kumar with Nick (CISO of Scrut Automation and an early customer) at Foundation Capital’s San Francisco office in May 2024.

A massive and unprotected attack vector

SMB executives have long believed that hackers pose a threat only to the largest companies—those with big brands to protect and plenty of capital to pay ransom demands. But this isn’t entirely true. Hackers have recognized that SMBs typically have limited cybersecurity tooling or knowledge and so are much easier targets. During the COVID-19 pandemic, small businesses were attacked at twice the rate of larger organizations.

SMBs have started to recognize that they are the weakest link, and they want to fix this problem. The most recent US Chamber of Commerce Survey from Q1 2024 found that cybersecurity threats are now the biggest concern for SMBs, ahead of supply chain breakdowns, theft, weather, or even another pandemic. Despite this strong demand, there is a significant talent shortage in cybersecurity (3.5M unfilled positions globally), and according to data from the World Economic Forum and Accenture, over half of SMBs don’t have the skills to respond to and recover from cyberattacks.

On the other hand, large companies typically have an internal 24/7 security operations center (SOC) that monitors alerts from across their IT and security tooling to detect threats and respond to them in real time. For a mid-size business of ~1-2K employees to maintain this level of capability you need to build a team of at least a dozen security analysts, detection engineers, and automation engineers. You also need to pay for the necessary software to log alerts, build playbooks, and run orchestration. Even for mid-market enterprises, this can end up costing $1-$3M a year.

This is where managed detection and response (MDR) providers come in. These providers become a mid-market customer’s outsourced security team and augment the in-house SOC for larger enterprises. MDR providers combine technology and human expertise to perform remote threat hunting, monitoring, and response. According to data from Emergen Research, the global MDR market was $4.9B in 2021 and is estimated to grow to $21.9B by 2030. It’s one of the fastest-growing segments in cybersecurity, but it’s mostly powered by services—typically located offshore in lower-wage economies.

Reinventing MDR with a virtual AI analyst

The rise of large language model innovation, supercharged by the launch of ChatGPT in November 2022, started to get me thinking about the opportunity ahead for new cybersecurity innovation. Two areas where I believed we would see significant innovation using generative AI are in a reinvention of detection and response tooling and the opportunity to target SMB cybersecurity. When Microsoft launched Security for Copilot in March 2023, I shared some of my thoughts on startup opportunities publicly on LinkedIn.

Kumar Saurabh saw this post and sent me a note:“This is a super interesting area for me. I do not have a concrete enough plan yet to start executing – but I am seriously exploring that area. My gut tells me that a new product should exist in that space.”

Kumar is no stranger to the detection and response category. He was one of the early employees at ArcSight, which helped to create the SIEM (Security Information and Event Management) market, and where he led the analytics and solutions teams. He eventually rose to become Director of Engineering and stayed right through the company’s IPO. After this journey, in 2010 alongside Christian Beedgen he co-founded Sumo Logic, a cloud-native SIEM platform that provided log management and analytics services. He ran engineering at Sumo and when he left at the end of 2015, half the company reported to him. Even after a successful IPO and thousands of new team members, employees have shared with me that part of the core codebase that runs the search query capabilities at Sumo Logic still comprises the original code written by Kumar. Most recently, Kumar served as CEO and co-founder of LogicHub, a cloud-native SOAR (Security Orchestration, Automation and Response) platform that was acquired by Devo in September 2022.

After some initial brainstorming, we spent a few months discussing how to leverage LLMs within detection and response. Both of us believed that one of the biggest opportunities created by generative AI was to completely reinvent the MDR through automation and target the underserved small and mid-market customer base. We believed a new startup could embed context learned from security-specific events and build on top of existing LLMs. The goal would be to reduce costs while significantly improving response times using a virtual AI analyst for each piece of the platform experience – from onboarding, detection content deployment, playbooks, threat hunting, and response actions.

Most importantly, instead of exposing a virtual analyst directly to the customer, we would leverage the AI analyst internally so that our own human SOC team could train the chatbot over time. This would ensure that customers didn’t have to deal with issues around the quality of responses and hallucinations. For the customer, the entire experience would feel like just another MDR platform, but under the hood, it would be a completely different engine.

A slide from AirMDR’s original May 2023 seed pitch deck, which walked through the reinvention of the MDR platform by augmenting human security analysts with AI.

Once the idea had crystallized into a product vision, we incorporated the company and signed a term sheet to lead the seed round in June 2023. Tae Hea Nahm of Storm Ventures, who was an early investor in Kumar’s last company LogicHub, also joined us as we began this journey.

Assembling the A-team

To go after a big vision in a competitive market, you need a world-class team. Kumar’s first partner in this journey was Anthony Morris who was an early employee at LogicHub and ran their MDR service. With experience working at top-tier SOC teams at Bank of America and Experian, Anthony knows what a good SOC looks like and wants to bring that same experience to SMBs. In fall 2023, Sekhar Sarukkai, the technical co-founder of Skyhigh Networks introduced me to his CPO, Anand Ramanathan. After long careers at Skyhigh, McAfee, Proofpoint, and Cisco, Anand was thinking about his next role and really wanted to go early. We were looking for a product leader and quickly realized that Anand brought the right mix of deep market insight, an execution-focused attitude, and the humbleness to realize what he didn’t know.

 

One of my former portfolio companies, Attivo Networks, which sold to SentinelOne for $617M in March 2022, also became a key ground for us to recruit talent. Carolyn Crandall, Attivo’s CMO became available in October 2023, and we knew she would be an excellent fit given her experience running marketing orgs at Cisco, Juniper, and Riverbed. Carolyn can make products stand out in the crowd and run focused demand-generation campaigns. And just as we thought things couldn’t get any better, in December 2023, Srikant Vissamsetti, the technical visionary behind Attivo, called me to say that he was thinking about what to do next. Srikant built Attivo’s platform to scale to over 300 customers across 6 continents and ran an engineering team of over 100 employees. This was a hire we couldn’t miss, and I immediately called Kumar. We got to work convincing Srikant to join us as CTO and by the start of the New Year he was all in.

With Kumar, Anthony, Anand, Carolyn, Srikant, and 20 other engineers, we have a dream team that brings enterprise-grade expertise to the SMB market.

With Srikant, Anand, Kumar, and Carolyn at Foundation Capital’s Palo Alto office in June 2024.

 

Pulling back the curtains

After a year of building, we’re finally ready to share the AirMDR platform publicly. We want to deliver on the promise of quality and speed— something that most human-oriented MDRs have failed to do—while also opening the market to a customer base that previously couldn’t afford a cybersecurity team. Our 24/7 human SOC leverages our virtual analyst (named Darryl) to investigate, triage, respond to, and contain threats. With AirMDR’s automation capabilities, we’ve shown that Darryl can perform tasks in under 5 minutes which would normally take human analysts over an hour to do. AirMDR’s platform supports each company’s business tech stack of choice with over 200 vendor integrations out of the box covering 90% of the integrations a typical customer might require.

We’ve already connected the team with several early customers and advisors like Nick Muy, Chris Castaldo, Assaf Keren, Kane Lightowler, and Mahendra Ramsinghani. This is also the only cybersecurity investment where we fit the customer profile, and I’m proud to say that Foundation Capital is also a paid customer of AirMDR.

We’ve had a long history of investing in novel approaches within detection and response security. From Phantom Cyber (which helped create the SOAR market) to Respond Software (which worked to automate the security analyst role before LLMs) to Anvilogic (which provides enterprises with a multi-platform SIEM architecture) to Permiso (which helps companies manage real-time cloud threats). We believe that AirMDR unpacks another new opportunity and focuses on a customer base we haven’t yet touched—the SMB market. We’re excited for AirMDR to finally bridge the cyber inequity gap. Congratulations, Kumar and the entire AirMDR team.

AirMDR is headquartered in Menlo Park, Ca. If you’d like to try their MDR platform, you can do so risk-free and for a limited-time 40% discount using an exclusive link here.

Published on 6.13.24
Written by Foundation Capital

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EQT to acquire majority position to support the growth of CluePoints, a leading provider of AI-powered software solutions used for data interrogation and analytics in clinical trials

eqt
  • CluePoints is a cloud-based software platform for Risk-Based Quality Management (“RBQM”) and data quality oversight in clinical trials, designed to enable safer and more efficient processes and improving data integrity and risk compliance
  • As scientific breakthroughs and advancements in technology and data are accelerating healthcare innovation, the markets for RBQM and data interrogation & analytics software are expected to experience strong growth
  • In this highly thematic investment at the intersection of pharma, software and AI, EQT will apply its expertise investing in healthcare and throughout the tech value-chain to help CluePoints cement its leading global position
  • Summit Partners, an investor in CluePoints since 2020, and Clinimetrics SA, a co-founder of CluePoints, will retain minority stakes with participation in this funding round

EQT is pleased to announce that the EQT Healthcare Growth Strategy and the EQT Growth Fund have agreed to acquire a majority stake in CluePoints (the “Company”), with meaningful reinvestment from the management team and existing shareholders Summit Partners and Clinimetrics SA, which was also a co-founder of the Company.

Founded in 2012 and headquartered in Belgium, CluePoints is a premier software provider for RBQM and data quality oversight in clinical trials. Applying advanced statistics and machine learning, and harnessing over 10 years of clinical trials knowledge, CluePoints’ proprietary algorithms help drive positive outcomes for pharmaceutical and biotech companies, contract research organizations and other customers. The Company offers an end-to-end value proposition from initial risk identification to ongoing tracking and monitoring of issues and discrepancies throughout the drug development process. With more than 9,500 platform users, CluePoints has helped de-risk more than 1,600 studies and has detected over 142,000 issues for its customers, which include many of the top 20 largest pharma companies.

CluePoints received a growth investment from Summit Partners in 2020, and over the course of the last several years, the Company has generated significant growth, building a robust go-to-market function, launching new products and diversifying into new markets.

This new investment comes at a time when CluePoints is seeing accelerating growth, underpinned by increasing adoption of RBQM software across virtually all clinical trial phases. The industry is experiencing momentum due to growing research & development spend, increasing data complexity in clinical trials and a focus on patient safety and data quality driven partly by regulatory scrutiny.

Investing in CluePoints is aligned with the objectives of EQT Healthcare Growth to support companies with their mission to deliver positive healthcare outcomes, and of EQT Growth to invest in the next generation of technology leaders. EQT will apply its 30-year track record of investing in healthcare, experience of investing in software and AI, its in-house digital team and global network of Industrial Advisors to help CluePoints cement its leading global position in RBQM and data analytics for clinical trials.

Andy Cooper, CEO of CluePoints, said: “We are delighted that EQT has chosen to partner with CluePoints. EQT is a market-leading investor in both SaaS (Software as a Service) and medical research industries. This combination makes EQT an ideal partner for CluePoints which is a market leader for SaaS-based clinical data analytics. We are grateful for Summit’s active support over the last four years. Their depth of industry knowledge and operational resources have been instrumental in our growth trajectory. Both EQT and Summit share our passion for and commitment to leveraging innovative advanced statistics and machine learning solutions to eliminate manual, error-prone activities in the clinical trial process.”

Dr Mark Braganza, Partner in the EQT Healthcare Growth Advisory Team, commented: “We are excited to be partnering with CluePoints and its dynamic leadership team to help it scale and reach its full potential. The Company’s ambition is a perfect match with ours to help enable the development of medical research to deliver more effective, efficient and accessible healthcare.”

Kirk Lepke, Partner in the EQT Growth Advisory Team, said: “CluePoints is a prime example of how data, machine-learning and AI can be leveraged to improve real world outcomes – in this case pharmaceutical drug development. The entire EQT platform is behind this investment and ready to support the Company with its continued expansion in RBQM and into growing, adjacent markets.”

Thomas Tarnowski, a Managing Director at Summit Partners, said: “We’ve been proud to work alongside the entire CluePoints team during a period of meaningful growth and expansion, supporting the acceleration of product development efforts and entry into new markets.” Jono Pagden, a Principal at Summit, continued: “We are excited to continue our support of the Company and to partner with management and EQT during this next phase of growth.”

The transaction is subject to customary conditions and approvals. It is expected to close in Q3 2024.

Contacts
EQT Press Office, press@eqtpartners.com
Summit Partners Press Office, mdevine@summitpartners.com
CluePoints Press Office, Jodie@discovery-pr.com

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 Healthcare Growth 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 242 billion in total assets under management (EUR 132 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
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About CluePoints
CluePoints is the premier Risk-Based Quality Management (RBQM) and Data Quality Oversight Software provider. CluePoints is leveraging the potential of artificial intelligence using advanced statistics and machine learning to determine the quality, accuracy, and integrity of clinical trial data both during and after study conduct. Aligned with guidance from the FDA, EMA, and ICH E6 (R2), CluePoints is deployed to support central and on-site monitoring, medical review, quality risk management and to drive a holistic Risk-Based strategy in all trials. Coupled with thought leadership and consulting expertise to aid pre-study risk assessment, identification of risk controls and solution implementation, you now have everything you need to adhere with global regulatory guidance. The result is positive clinical development outcomes, increased operational efficiency, lower costs and reduced regulatory submission risk as part of the industry paradigm shift to RBQM.

More info: www.cluepoints.com

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm with capital dedicated to growth equity, fixed income, and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 550 companies in healthcare, technology and other growth industries. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please see www.summitpartners.com or Follow on LinkedIn.

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Light secures $13M scale the first AI-powered general ledger for automating global company finances

Seedcamp

Legacy ERP (Enterprise Resource Planning) systems developed in the ‘80s and ‘90s fail to meet the expectations of today’s modern, global-first companies and are ripe for technological innovation. Software solutions focused on the general ledger — a company’s source of truth for financial transactions – are among the essentials in the CFO tech stack.

This is why we are excited to back Light, the first AI-powered general ledger for automating global company finances. Founded by Jonathan Sanders and Filip Kozjak, Light’s mission is to revolutionize ERP software for modern multinationals.

We partnered up with Light as part of their pre-seed and we’re really excited to see them come out of stealth and announce their seed round led by Atomico, in which we also participated.

The Copenhagen-based AI-driven platform unifies accounting, tax, payments, and reporting across entities, countries, and currencies, drastically reducing month-end closing times and enhancing accuracy. Companies can integrate Light with their CRM and HRM tools, their banks, and even their communication channels (e.g. Microsoft Teams and Slack).

Jonathan Sanders, Light’s co-founder and CEO emphasises:

 “Having both worked at and founded scaling companies, I am acutely familiar with how poor legacy accounting systems are, and how much that can impact your business. They’re expensive, very slow, and require too many add-ons to be useful on a standalone basis. With Light, our goal is to help companies understand their finances more accurately and quickly by integrating a ledger with a strong application layer, helping them achieve faster growth, stronger operations, and greater resilience.”

Light’s product has been developed in close collaboration with advisors who consist of former product leaders, chief architects and CXOs from Workday, SAP, Oracle and Microsoft Dynamics.

On why we partnered up with Light, our Partner Tom Wilson comments:

“Jonathan is a perfect founder to be building Light, he brings a huge amount of experience from his time working at Seedcamp Unicorn Pleo and founding VC-backed Juni. He fully appreciates the current market that Light is competing against and the scale of the opportunity to disrupt the legacy players. We love working with Jonathan and the Light team and look forward to seeing what they can achieve with this funding round which we’re delighted to follow-on in.”  

We are excited to participate in Light’s $13M financing round led by Atomico, alongside Entrée Capital, Cherry Ventures, and notable angels including Mario Götze.

For more information, visit light.inc.

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Equativ and Sharethrough merge to form one of the largest global independent ad platforms and marketplaces

Bridgepoint

Complementary capabilities and inventory create a commercially scaled industry player with a powerful global presence

Equativ, the global independent ad tech company, today announces its merger with Sharethrough, one of the top independent omnichannel ad exchanges. This union aims to establish one of the largest ad marketplaces globally, empowering advertisers, media owners and technology partners to optimise programmatic value and scale.

With more than 720 employees, 18 countries, and a combined net recurring revenue above $200m, the unified entity will provide advertisers and media owners with an independent vertically-integrated alternative to walled gardens, addressing the growing industry’s need for heightened efficiency and innovation on a large scale. Equativ, which confirmed Bridgepoint as its primary investor last year, has tripled in size over the last three years. In Q1 2024, Equativ and Sharethrough respectively achieved 16% and 20% growth year-over-year, driven by new strategic partnerships and increased revenue from curation, CTV, and green media products. Both companies collectively maintain complementary, long-standing relationships with major agency-holding companies, premium publishers, and Fortune 500 brands.

Leveraging the companies’ top-tier technological assets and global commercial presence the combined entity will offer a broader spectrum of services and sustainable media practices, enabling ad buyers to optimise supply paths while executing high-performance campaigns. Synergistic and complementary solutions will maximise outcomes for advertisers and media owners, who will be able to use the scaled offerings to:

  • Provide advanced video & CTV strategies with Equativ’s industry-leading server-side ad insertion (SSAI) and ad serving technology and its evolution of targetable TV advertising with the recent alliance with Deutsche Telekom. Broadcasters, rights owners, distributors, and operators can drive addressable live TV advertising and amplify yield through Equativ’s fully interoperable programmatic video ad tech stack.
  • Maximise user attention & performance through Sharethrough’s ad platform where creatives are seamlessly enhanced for attention and performance, which is further optimised by curating omnichannel inventory focused on directness, sustainability, and quality. Additionally, customers can reduce the carbon footprint while improving the efficiency of their digital advertising via the company’s industry-first Green Media Products (GreenPMPTM and GreenPMP+TM), launched in partnership with Scope3.
  • Deliver efficient and transparent transactions with Equativ’s curation platform, Equativ Buyer Connect (EBC), that streamlines programmatic efficiency by facilitating the creation of exclusive deals for more simplified and transparent transactions. Advertisers can achieve SPO and directly access premium inventory, while Media owners tap into additional demand, promoting fair value distribution across the ecosystem.
  • Expand addressability solutions with Equativ and Sharethrough’s comprehensive suite of seamless and privacy-first solutions. Equativ’s alternative IDs, first-party data activation, and proprietary contextual and semantic targeting solutions, combined with Sharethrough’s audience-based targeting solutions, can help advertisers reach audiences on a large scale, irrespective of the cookie’s future.

 

Arnaud Créput, CEO of Equativ, states:

“The merger with Sharethrough marks a significant milestone in Equativ’s history. The exceptional complementarity and minimal overlap between our two platforms, combining advanced TV technology, exclusive video demand, high-impact formats driving superior user attention, and our leading positions globally, will propel us among the top three independent SSPs worldwide. Our scaled, comprehensive, privacy-first, transparent, and vertically integrated Programmatic Direct Platform will enable us to meet the needs of advertisers, media owners, and consumers for greater control and simplicity in programmatic advertising.”

JF Cote, President & CEO of Sharethrough, adds:

“Our company cultures are exceptionally compatible. Given our longstanding acquaintance, merging the two companies feels like a natural progression; one that allows us to create commercial and operational efficiencies and reach new levels of unique scalability. The union positions us as an industry leader to our top-tier demand and supply-side partners as we work to provide the tools to enable enriched and equitable value exchanges for them across the ecosystem.”

Jean-Baptiste Salvin, Partner at Bridgepoint Development Capital, adds:

“We are excited to support Equativ and Sharethrough in this pivotal merger. This union represents a significant step forward, combining their unique strengths and innovative capabilities to drive unparalleled growth and value. We are confident that together, they will redefine the programmatic advertising landscape and create exceptional opportunities for their stakeholders.”

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Blue Earth Capital provides $ 16 million credit financing to Samunnati to improve access to finance for farmer collectives and agricultural enterprises in India

Blue Earth Capital

aar-Zug, Switzerland, June 11, 2024

Blue Earth Capital (“BlueEarth”), the specialist global impact investor, today announces it has completed a $ 16 million direct credit investment into Samunnati Financial Intermediation & Services Private Limited (“Samunnati” or “the Company”). Samunnati, India’s largest agri-enterprise, is an integrated platform offering financial and advisory services to underserved Indian farmer collectives and agricultural enterprises.

The investment from BlueEarth’s investment vehicles and partners will enable Samunnati to expand its financial support to a wider network of farmer collectives and agricultural enterprises across India.

Agriculture remains central to the Indian economy, accounting for over 16% of the country’s GDP in 2022, and employing 43% of the workforce.12 While agriculture financing and market access have improved substantially in recent years, finding adequate financing and suitable buyers remains challenging for smallholder farmers and participants in the agriculture sector.

Samunnati plays a crucial role in solving these problems by providing financing, market linkages, and advisory services to more than 6,000 farmer collectives and 3,500 agricultural enterprises across 28 states in India. It does this through a range of initiatives such as delivering academy programs to farming collectives and their promoters, developing commodity research reports, enabling capacity building, improving financial literacy, and embedding sustainable farming practices. This direct, targeted support helps collectives in the country scale their operations and apply more sustainable practices, working to unlock the full potential of Indian agriculture.

Amy Wang, Head of Private Credit at Blue Earth Capital, stated: “We’re delighted to start our partnership with Samunnati to help expand their loan book and enhance the adoption of climate-smart agricultural practices across their portfolio. BlueEarth is proud to support a first mover in agriculture value chain financing in India, and contribute to Samunnati’s overall mission to strengthen the agriculture ecosystem, benefitting millions of smallholder farmers in the country.”

Mr. Anil Kumar SG, Founder and CEO of Samunnati, expressed his gratitude, stating, “We deeply appreciate the commitment demonstrated by Blue Earth Capital, in providing the opportunity to create the impact through their credit financing. This credit facility will significantly bolster our resolve to amplify our efforts, empowering all stakeholders in the agricultural value chain and ultimately transforming the lives of smallholder farmers across India. We look forward to a successful partnership in delivering a sustainable value addition in India’s agricultural sector”.

-END-

Notes to editors

About Blue Earth Capital
Blue Earth Capital is a global, independent, specialist impact investor, headquartered in Switzerland, with operations in New York, London, and Konstanz. Blue Earth Capital seeks to address the world’s most pressing social and environmental challenges by delivering measurable impact alongside aiming for attractive and market-rate financial returns. The company operates dedicated private equity, private credit, and fund solutions. Blue Earth Capital is owned by the Blue Earth Foundation, a Stiftung (charity/trust) registered in Switzerland that focuses on deep impact to support initiatives and business ventures to help deliver a more equitable and sustainable future.

About Samunnati
India’s largest agri-enterprise, Samunnati is an open agri-network to unlock the trillion-dollar-plus potential of Indian agriculture with smallholder farmers at the center of it. Staying true to its name, Samunnati stands for collective growth & collective prosperity for the agri-ecosystem. Serving the entire value chain, Samunnati’s agri-commerce and agri-finance solutions enable affiliated Farmer Collectives and the larger ecosystem to be more efficient and productive. Samunnati has a presence in more than 100 agri-value chains spread over 28 states in India. Samunnati currently has access to 6500+ Farmer Collectives with a member base of over 8 million farmers and envisions impacting 1 in every 4 farming households through its network by 2027.

 

Media contact

Blue Earth Capital
Kekst CNC
Blueearthcapital@kekstcnc.com

Samunnati
Saravanan K
saravanan.k@samunnati.com

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Ardian acquires a stake in Groupe Orion to support the company’s growth strategy, alongside its founders

Ardian

Ardian, a world-leading private investment house, announces that it is acquiring a stake in Groupe Orion, one of the major players in wealth management in France, alongside the two founders and the management team. Siparex ETI, a shareholder of Groupe Orion since 2022, is selling its entire stake.

The aim of this new investment is to strengthen the company’s structure to support its growth and accelerate its consolidation strategy, and to support the development of new digital tools and the expansion of its product range.

Founded in 2009 and headed by Manuel Parent and Emmanuel Angelier, the Orion Group manages over €3.3 billion in assets. The Group stands out for its hybrid model. Its offering includes a multi-service platform providing access to a vast range of products dedicated to wealth management professionals, as well as a network of over 30 wholly owned independent financial advisor firms. The strong growth of Orion’s assets under management on its platform reflects the quality of the services provided to its distribution and insurance partners. This is made possible, in part, by Canopia, the in-house digital solution developed by Orion with the support of Siparex ETI. Thanks to this unique positioning in a buoyant market, the Orion Group now has over 470 distribution partners and 30,000 individual customers.

Alongside the founders and management team, Ardian will support the Group in structuring and enhancing its product and service offering, to accelerate its organic growth. The company’s growth already far outstrips the market average and is underpinned by a resilient business model characterized by recurring revenues, as well as by its long-standing, trust-based relationships with leading insurers and distribution partners. Ardian will also contribute to further strengthening the Group’s position in the French savings products distribution market, where business is also growing steadily, by actively supporting its external growth strategy already underway with 29 acquisitions since 2021.

The transaction remains subject to regulatory approvals.

“We are delighted to become the Orion Group’s new partner. The Group, led by two talented entrepreneurs, has enjoyed impressive growth thanks to a model that is unique in the market. We look forward to putting Ardian’s resources, experience and networks at their disposal to accelerate the Group’s growth and help them consolidate Orion’s leadership in its sector.” Stéphan Torra, Managing Director Expansion, Ardian

“Since its creation, the Orion Group’s track record has been remarkable. We are delighted to be beginning a new chapter alongside the founders, enabling the company to optimise its structure and further accelerate its organic growth and acquisitions strategy. We will also be supporting the company’s operational development, with the creation of new services and the expansion of its product range.” Marie-Arnaud Battandier, Managing Director Expansion, Ardian

“We are proud to welcome Ardian to the Orion Group and look forward to their support as we continue to grow and develop the company into a leader in the wealth management market. Ardian’s knowledge and vision of the market will enable us to continue to grow, for the benefit of our customers and partners.” Manuel Parent and Emmanuel Angelier, CEOs and Presidents, Groupe Orion

“We are proud to have taken part in Orion’s first capital injection two years ago, and to have supported its managers, Manuel Parent and Emmanuel Angelier, in accelerating the group’s growth, which has now become a benchmark platform for wealth management.” Thibaud De Portzamparc and Guillaume Rebaudet, Partners, Siparex ETI

LIST OF PARTICIPANTS

  • PARTICIPANTS

    • GROUPE ORION: MANUEL PARENT, EMMANUEL ANGELIER
    • EXPANSION ARDIAN: STÉPHAN TORRA, MARIE ARNAUD-BATTANDIER, DAVID CAHUZAC, PIERRE PESLERBE, BADR M’HAIDRA
    • SELLERS: SIPAREX ETI: THIBAUD DE PORTZAMPARC, GUILLAUME REBAUDET, THOMAS OILLIC, CAROLINE JACQUET

  • BUYER ADVISORS

    • M&A LAWYERS: HOGAN LOVELLS (STÉPHANE HUTEN)
    • TAX ADVICE LAWYERS: HOGAN LOVELLS (LUDOVIC GENESTON)
    • LAWYERS FINANCING: PAUL HASTINGS (OLIVIER VERMEULEN, TEREZA COURMONT VLORA)
    • STRATEGIC DUE DILIGENCE: KEARNEY (DANIEL DADOUN, ALBÉRIC FISCHER)
    • FINANCIAL DUE DILIGENCE: EIGHT ADVISORY (EMMANUEL RIOU, GUILLAUME HEBERT)
    • LEGAL, TAX AND SOCIAL DUE DILIGENCE: HOGAN LOVELLS (STÉPHANE HUTEN, MAXIMILIEN ROLAND)
    • DIGITAL DUE DILIGENCE: AKVIZE (MICKAEL MAINDRON), ARTEFACT (JÉRÔME PETIT)
    • INSURANCE DUE DILIGENCE: FINAXY (DÉBORAH HAUCHEMAILLE)

  • ADVISORS TO SELLERS, COMPANIES, MANAGEMENT

    • M&A ADVISOR: FIG PARTNERS (CHRISTOPHE MUYARD, YOUNES SEDDIKI, BAPTISTE FALGOUX)
    • M&A LAWYERS: MCDERMOTT WILL & EMERY (GRÉGOIRE ANDRIEUX, HERSCHEL GUEZ, AURIANE TOURNAY)
    • FINANCING LAWYERS: WILLKIE FARR & GALLAGHER (IGOR KUKHTA)
    • FINANCIAL DUE DILIGENCE: EIGHT ADVISORY (GUILLAUME CATOIRE, GUILLAUME CHAVAGNAT)
    • PUBLIC ACCOUNTANT: ROSSIGNOL ET ASSOCIÉS (BERTRAND GAGNEUX, PRISCILLIA BOISSINS)

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $166bn 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

ABOUT SIPAREX

An independent French private equity specialist, the Siparex Group has assets under management of €3.7 billion. With strong organic growth and significant acquisitions, Siparex is a group at the service of business development and transformation. From start-ups to ETIs, it finances and supports major entrepreneurial adventures through its various business lines: Private Equity (Tilt, Entrepreneurs, Territoires, Midcap, ETIs), Venture Capital (XAnge), and Private Debt.
The Group has a strong local presence, with 6 offices in France (Paris, Lyon, Nantes, Lille, Strasbourg and Toulouse), 3 in Europe (Milan, Berlin and Brussels) and partnerships in Africa and North America.

www.siparex.com

MEDIA CONTACTS

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Princeton Medspa Partners Closes $120 Million Growth Financing

BC Partners Logo

BC Partners Leads Strategic Capital Solution to Facilitate Expansion

Princeton Medspa Partners (“PMP” or the “Company”), one of the leading national medspa acquisition platforms in the high-growth, highly fragmented, approximately $30 billion U.S. medical aesthetics market, is pleased to announce the closing of $120 million of committed financing. BC Partners, a leading alternative assets investor with approximately $40 billion of assets under management, provided the growth capital to refinance the Company’s existing credit facility and fund near-term acquisitions.

PMP owns and operates 10 injectables-focused medspa clinics located in attractive suburban markets. Since 2022, the Company has built a scaled platform leveraging its reputation as the “Partner of Choice” for provider-owned practices. PMP is led by its team of experienced operators, who have successfully built multiple consumer and healthcare services businesses – adding over 400+ units in less than 5 years, combined. The Company has significant runway to acquire market-leading suburban clinics and help providers better operate and grow their practices. PMP was founded by Jim Waskovich, who is also the Co-founder and Managing Partner of Princeton Equity Group, a leading private equity firm with substantial experience in high-growth, multi-site companies.

“We are excited to partner with PMP and Princeton Equity Group, given their impressive track record growing the Company to where it is today. We believe the new capital will further elevate the business to achieve its strategic goals.” said Ted Goldthorpe, Partner at BC Partners Credit.

“BC has brought a unique offering through its ability to offer a turn-key capital solution that addressed our needs. We are thrilled to partner with BC and unlock the next phase of growth for PMP,” said Jim Waskovich, Founder and Managing Partner of Princeton Equity Group.

Princeton Medspa Partners was advised by Piper Sandler & Co. and Akin Gump Strauss Hauer & Feld LLP. BC Partners was represented by McDermott Will & Emery LLP.

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