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Wendel Growth invests in YesWeHack, a leading Bug Bounty1 and Vulnerability Management Platform

Wendel

Wendel (Euronext: MF.FP), through its Wendel Growth investment arm, announced today the acquisition of a
minority stake in YesWeHack through an equity investment of €14.5 million. Wendel invests alongside Adelie,
Seventure Partners and historical investors Eiffel Investment Group, Open CNP2 and Caisse des Dépôts et
Consignations.

YesWeHack is a cybersecurity company that was founded in 2015. The company has developed a platform to
manage Bug Bounties, a cybersecurity technique consisting in incentivizing a community of ethical hackers to
detect and report vulnerabilities in exchange for bounties. YesWeHack connects organisations to tens of
thousands of ethical hackers. The goal is uncovering and patching vulnerabilities in websites, mobile apps,
connected devices and digital infrastructure. YesWeHack has a strong international footprint with dominant
positions in France and Singapore and clients coming from over 50 countries.

Hundreds of organisations worldwide – private, public and governmental – already benefit from YesWeHack’s
in-house triage3, personalised support, customisable model and a results-based billing model for the customer.
Built and run by ethical hackers, YesWeHack has in-depth knowledge of what ethical hackers and
organisations need from a Bug Bounty platform to cost-effectively secure digital assets, reputations and
customer data.

Antoine Izsak, Head of Growth Equity, said:
« Bug bounty is now recognised as a must by some of the companies most exposed to the cyber threat. We
are delighted to be working with the European leader YesWeHack, which stands out for its quality of service,
compliance with regulations and the relevance of its technological roadmap for customers who are increasingly
overwhelmed by the growing volume of vulnerabilities.»

Guillaume Vassault-Houlière, YesWeHack CEO, stated:
« This new round of funding is a vote of confidence in our commitment to excellence and ambitious vision.
Thanks to this investment, YesWeHack commits to delivering even higher levels of customer satisfaction and
accelerating development of innovative solutions in one of the most dynamic market segments in
cybersecurity. We would like to express our deep gratitude to Wendel for their support. Their considerable
experience and long-term vision will be decisive assets for YesWeHack in this new phase of its development,
which will make it a global player in cybersecurity.”
1 where ethical hackers can report security exploits
2
the Corporate Venture Capital fund of CNP Assurances
3
the triage team main role is to check the vulnerabilities found before forwarding them to the customers

About Wendel
Wendel is one of Europe’s leading listed investment firms. The Group invests in Europe and North America in companies which are leaders in their field, such as ACAMS, Bureau
Veritas, Crisis Prevention Institute, IHS Towers, Scalian, Stahl and Tarkett. Wendel often plays an active role as a controlling or significant shareholder in its portfolio companies.
Wendel seeks to implement long-term development strategies, which involve boosting growth and margins of companies so as to enhance their leading market positions. With
Wendel Growth, Wendel also invests via funds or directly in innovative, high-growth companies. In 2023, Wendel initiated a strategic shift into third-party asset management of
private assets, alongside its historical principal investment activities.
Wendel is listed on Eurolist by Euronext Paris.
Standard & Poor’s ratings: Long-term: BBB, stable outlook – Short-term: A-2 since January 25, 2019
Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture”
in 2012.

For more information: wendelgroup.com
Follow us on LinkedIn @Wendel

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Ratos company LEDiL to acquire Ingemann Components

Ratos

LEDiL, the global market leader in secondary optics for LED lighting, is joining forces with the northern European leader in optical diffusive and reflective components: Ingemann Components (“Ingemann”). LEDiL has signed an agreement to acquire all the shares of Ingemann, creating a combined company that will serve as a one-stop shop for indoor lighting manufacturers.

Ingemann specialises in optimising light output, luminaire efficiency, light distribution, and glare control by providing customised best-in-class products and services. Through long-standing, close customer relationships and high-quality offerings, Ingemann achieved a revenue CAGR of approximately 20% for 2018-2023 (with its present offering), thereby securing a market-leading position in the Nordic office lighting industry. The company’s recent growth has been further fuelled by its geographic expansion in Europe and the US. As a result of the complementary offerings of LEDiL and Ingemann, LEDiL will accelerate Ingemann’s geographic expansion through its global sales and distribution network. Ingemann also creates a platform for further growth in large-scale optics.

“Add-on acquisitions are a core part of Ratos’s strategy, and since 2021, we have completed 19 add-on acquisitions. With complementary offerings and LEDiL’s global customer relationships coupled with proven operational excellence, this acquisition has all the prerequisites to drive profitable growth. LEDiL’s acquisition of Ingemann will create synergies and benefit the customers,” says Jonas Wiström, Chairman of the Board of LEDiL and President & CEO of Ratos.

“At LEDiL, we appreciate Ingemann’s outstanding customer service model, and we will invest in expanding this new complementary offering through our sales networks. Through our combined efforts, we can reach even more customers globally and provide a unique one-stop shop for indoor lighting manufacturers,” says Kimmo Rauhala, CEO of LEDiL.

About Ledil
LEDiL is a Finland-based, global leader in secondary optics for LED lighting. The company designs, develops and sells secondary optics for LED lighting globally. Secondary optics process light from the LED to achieve the luminaires’ optimal function, with the highest energy efficiency possible. Development and design are carried out in Salo, Finland. Products are sold worldwide through the company’s own sales force, agents, and distributors, and LEDiL exhibits industry-leading margins. The company’s products are primarily used in commercial applications such as street lighting, retail, and offices. The number of employees is approximately 110.

About Ingemann Components
Ingemann is a Denmark-based, northern European leader in light output, luminaire efficiency, light distribution, and glare control for large-scale optics. The company’s products are primarily used in retail and offices. The company generates approximately EUR 12m in revenue, with development, design and production carried out in Bjæverskov, Denmark. The company was founded in 2002.

For more information, please contact:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21
Kimmo Rauhala, CEO, LEDiL, +35 8 50 558 37 68

About Ratos
Ratos is a Swedish business group focusing on technological and infrastructure solutions, consisting of 17 companies divided into three business areas: Construction & Services, Industry and Consumer. The companies have approximately SEK 34 billion in net sales (LTM). We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in Execution and It’s All About People. We enable independent subsidiaries to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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Rabo Investments proudly announces the investment in Hawk, a pioneer in combatting financial crime.

Rabo Investments

Hawk is a leading provider of AI-powered technology, enhancing fraud prevention and combatting anti-money laundering. Hawk’s solutions enable financial institutions to increase the effectiveness of financial crime detection and fraud prevention capabilities whilst maintaining regulatory compliance. The recent funding round will further accelerate Hawk’s international growth, as demand for AI-powered anti-financial crime technology soars. Rabo Investments is joining existing investors BlackFin Capital Partners, Sands Capital, DN, Picus and Coalition.

On Hawk

Hawk, founded in 2018, has rapidly scaled globally and currently monitors and screens billions of transactions worldwide. The company’s explainable AI approach has proven to be a game-changer in the industry, enabling financial institutions to drastically reduce false positive rates compared to traditional anti-money laundering solutions, while also detecting more unseen and novel crime. Hawk’s modular solution can either enhance or replace traditional rules-based systems with AI-powered transaction monitoring, payment screening, KYC, and fraud prevention in real-time to deliver greater accuracy and reduced noise.

Rabobank has been working with machine learning applications in FEC already for many years. What impressed us most about Hawk is that they’re delivering compelling results using explainable AI. Their advanced screening, detection and monitoring capabilities align very well with our mission at Rabo Investments Corporate Venturing to build a more secure and robust financial ecosystem. We are pleased to join Hawk as a shareholder to effectively combat global financial and economic crime.

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GoodLife Foods to acquire Audens Group

GoodLife Foods B.V. and its affiliates (‘GoodLife Foods’) is pleased to announce that an agreement was signed to acquire Audens Group Solutions S.L. (‘Audens’ or the ‘Company’), a leading manufacturer in the Iberian frozen food market. The combination will result in a highly complementary group producing and selling innovative frozen food snacks and meal components across Europe. Financial terms of the transaction are not disclosed and completion is subject to legal and regulatory approvals.

Headquartered in Granollers (Barcelona area), Spain, Audens offers a broad portfolio of branded and private label products focused mainly on frozen snacks/appetizers and ready-meals.

The Company specializes in the production and distribution of branded and private label products, serving a customer base active in the Retail and Foodservice channels, mainly in Iberia next to a growing international presence.

Audens employs over 800 employees and operates five state-of-the-art manufacturing plants in Spain and Portugal. The Company’s CEO David Sala Coll will become non-executive director at GoodLife Foods and will remain active as strategic advisor to Audens. Carles Bosch will be appointed as General Manager of Audens and will manage the daily business operations in Iberia.

This strategic move represents a significant milestone for GoodLife Foods, as it allows to further diversify its product offerings and tap into new geographical growth opportunities. The combination will result in a leading frozen savoury food group with a pan-European sales and production network offering high levels of innovation and service levels to its customers.

Dirk Van de Walle, CEO at GoodLife Foods, said: ‘We believe that by combining the resources of Audens and GoodLife, talents, and innovative spirit, we can create a powerhouse in the food sector that is primed for success. Together, we will leverage our collective strengths to better serve our customers, drive operational excellence, and fuel growth in both existing and emerging markets’.

David Sala Coll, at Audens, said: ‘We are delighted to join forces with GoodLife Foods and become part of a dynamic and forward-thinking organization. This transaction presents exciting opportunities for our employees, customers, suppliers and partners alike. Together, we will continue to deliver exceptional appetizer solutions while maintaining our unwavering commitment to quality and customer satisfaction’.

Frederik Jacobs, Partner at IK, said: ‘We are pleased to have helped bringing both companies together. Part of our investment strategy at GoodLife Foods is to accelerate internationalisation and expand our presence to faster growing frozen food categories. The combination of GoodLife Foods with Audens is a significant accelerator of our ambition to create a strong and structurally growing frozen food business across select savoury categories’.

About Audens Group Solutions S.L.

Audens is a leading manufacturer in the Iberian frozen market of both branded and private label snacks/appetizers. The Company has its headquarters in Granollers, Spain, with production sites in Spain and Portugal. For more information, visit https://enaudensfood.com

About GoodLife Foods B.V.

GoodLife Foods is one of Europe’s largest producers of both branded and private label frozen savoury food products. GoodLife Foods has its headquarters in Breda, the Netherlands with production sites in the Netherlands, Belgium and Denmark. For more information, visit https://glfoods.com/en/

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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LMtec Digital Solutions completes rebranding to Emixa

Holland Capital

Naarden, June 10th, 2024 – Our portfolio company Emixa, the leading SAP/Siemens/Mendix technology partner, is finalizing the latest phase of its rebranding to one brand. The most recent acquisition LMtec Digital Solutions rebrands to Emixa DACH as of today!

LMtec Digital Solutions is a leading consultancy partner in Germany and Switzerland, specialized in providing Product Lifecycle Management (PLM) solutions, including management consultancy, maintenance and technical support. The partnership with Siemens Digital Industry Solutions, as well as SAP and Mendix contribute to their vision of playing a significant role in the digital transformation of the manufacturing industry, also known as ‘Industry 4.0’. The collaboration within Emixa offers its clients enhanced and more extensive services and its employees opportunities for international development within the wide range of services, technologies, and countries where the group operates.

 

Emixa’s expansion into DACH region

The acquisition of LMtec Digital Solutions in September 2023 has been an important step in Emixa’s international expansion strategy. Including LMtec, Emixa employs over 530 professionals, focusing on Product Lifecycle Management (PLM), Enterprise Resource Planning (ERP), IT architecture, low-code applications, system integrations and process optimization, primarily targeting the manufacturing industry. The group aspires to become one of the leading players in Western Europe, with a clear focus on the manufacturing industry, and has its operations in the Benelux, the United Kingdom, Ireland, Germany and Switzerland.

Peter-Jan Simons, CEO of Emixa, commented: “I am excited about his next phase of moving towards one brand including LMtec as this offers our clients and colleagues the great opportunity to extend our services and deliver projects and support on an international scale.”

Peter Wassmer, Managing Partner of LMtec Digital Solutions, stated: “The Emixa brand is being recognized as a leading specialist capable of delivering solutions based on SAP/Siemens/Mendix technology. Now Emixa can act as a trusted digital partner for our clients in addressing their digital challenges.”

 

About LMtec Digital Solutions

LMtec, founded in 2014, provides digital transformation consultancy, architecture, and implementation of PLM solutions, licenses, and IT services across all industrial sectors. With a team of more than 70 experts in Central Europe, its mission is to enable valued customers to innovate and bring better products and services to the market more quickly. They achieve leading innovation through in-depth industry knowledge, PLM best practices, unique processes, and technological skills. LMtec is a Smart Expert Partner of Siemens Digital Industries Software, SAP and Mendix in the DACH region.

 

About Emixa

Emixa offers its clients innovative, high-quality, full-service solutions in the field of digital transformation, with a special emphasis on the manufacturing industry, also known as ‘Industry 4.0,’ using Siemens (PLM), SAP (ERP), Mendix (Low Code Applications), complemented with Management Consulting, Integration Solutions and Data & Analytics practices.

The group operates in the Benelux, the United Kingdom, Ireland, Germany and Switzerland. The foundation for Emixa was established in 2021 with an extended journey in 2022 and 2023 when the companies Appronto, cards PLM Solutions, Dimensys, LMtec, Magnus, and OnePLM joined forces with the support of Holland Capital.

 

About Holland Capital

Holland Capital has been responsibly and successfully investing in promising Dutch and German SMEs with growth ambitions for over 40 years. The team understands entrepreneurship and fosters an open, sustainable, and professional relationship with the management teams of the invested companies, aiming for mutual growth. With offices in Amsterdam and Düsseldorf, Holland Capital focuses on Healthcare, Technology, and the Agrifood-Tech sector. Holland Capital has been involved in Emixa as a shareholder since 2020. She actively supports management in the strategic development of the company.

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Thermatras partners with Mentha Impact to accelerate growth

Mentha

Mentha Impact has entered into a partnership with Thermatras, a company specializing in measuring, producing, and installing thermal insulation in the form of sustainable insulation mattresses. The goal of this collaboration is to further leverage the existing growth potential and maximize the correlated CO2 reduction.

For over 40 years, Thermatras has been delivering a high-quality, sustainable custom product. The insulation mattress is used to reduce heat loss in technical systems and is made of fiberglass filled with insulation material. Thermatras serves the shipping, industrial, and utility sectors.

Alexander Norder, Managing Director of Thermatras: “Having Mentha Impact as a shareholder is a great opportunity for Thermatras. They are committed and bring extensive knowledge and experience in helping organizations maximize their potential. I am confident that together we can realize Thermatras’ ambitious growth plans.”

Edo Pfennings, partner at Mentha Impact: “We are very excited about this partnership. Thermatras is an excellent company operating in a clearly growing market where growth goes hand in hand with further CO2 reduction by reducing heat loss. The management team, together with us, has great ambitions to fully capitalize on the opportunities available and maximize impact as a result.”

Thermatras is the first investment of the Mentha Impact Fund.

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Ardian acquires 100% stake in CampusParc, concessionaire of the Ohio State University’s parking system

Ardian

Deal marks Ardian’s first transportation / P3 investment in the US.

Ardian, a world-leading private investment house, today announces that it has acquired a 100% stake in CampusParc, the concessionaire that manages, operates, and maintains the parking facilities at The Ohio State University’s flagship campus in Columbus, Ohio. Ardian acquired the company from funds managed by QIC.

Formed in 2012 as a Public-Private-Partnership (P3), CampusParc is the first and largest university parking concession in the US with over 38,000 total parking spaces. It provides parking for students, faculty, staff and visitors at The Ohio State University – the fifth largest public university in the US with more than 90,000 students and faculty – as well as the staff and visitors at Wexner Medical Center, a nationally recognized research facility and teaching hospital located on campus.

CampusParc, which has a strong track record and working relationship with The Ohio State University and other key local stakeholders over the past 11 years, is operating under a 50-year Concession Lease Agreement, with 39 years remaining. Working alongside the management team, Ardian will support CampusParc in its overall operations to deliver essential parking solutions and maintenance of assets that drive customer satisfaction. It will also leverage digital strategies from across its infrastructure portfolio to optimize CampusParc’s operations and performance. Additionally, it will leverage its ESG expertise to implement additional sustainability initiatives for the company.

Ardian’s Infrastructure team has a long track record of experience developing and acquiring essential infrastructure assets across the global transportation, energy, and digital infrastructure sectors. This transaction will be made through the Ardian Americas Infrastructure Fund V (AAIF V) and complements Ardian’s existing infrastructure portfolio in the Americas.

“CampusParc is Ardian’s first transportation investment in the US, and it’s an ideal fit within the broader strategy of our Americas fund. We are particularly excited to work with such a strong management team and support its commitment to the growing community. We look forward to assisting CampusParc in the years ahead and working closely with The Ohio State University, a premier academic institution.” Stefano Mion, Co-Head of Infrastructure Americas, Ardian

“This transaction marks an exciting milestone for our essential infrastructure strategy in the Americas. We admire CampusParc’s innovative solutions and customer-centric approach, and together, we look forward to leveraging our collective strengths to enhance the customer experience.” Leonarda Orani, Managing Director Infrastructure, Ardian

No additional financial details were disclosed.

LIST OF PARTICIPANTS

  • ARDIAN

    • FINANCIAL ADVISOR: SOLOMON PARTNERS
    • LEGAL: ORRICK
    • TECHNICAL: BTY GROUP
    • COMMERCIAL & MARKET: ALG
    • FINANCIAL: PWC
    • TAX: LEO BERWICK
    • INSURANCE: ALLIANT

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

MEDIA CONTACTS

ARDIAN

THE NEIBART GROUP MAEVE MALONEY

ardian@neibartgroup.com+1 781 987 4287

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Platinum Equity Portfolio Company Hop Lun Acquires P.H. Garment

Platinum

LOS ANGELES and HONG KONG (June 6, 2024) – Platinum Equity portfolio company Hop Lun, one of the world’s largest designers and manufacturers of intimate apparels, announced today the acquisition of P.H. Garment.

Headquartered in Hong Kong, P.H. Garment is an innovative private label manufacturer of high-quality bras, shapewear and performance-driven active wear for world renowned fashion brands.

The company has three manufacturing facilities in Bangladesh and China and provides a full range of design and production services, including expertise producing bonded products (fusing fabrics seamlessly using heat or adhesive).

“We are continuing to seek opportunities for Hop Lun to expand and diversify its capabilities, increase scale and add more value for its customers. We are working with Erik and the company’s leadership team to identify and pursue additional opportunities for growth, both organically and through strategic M&A.”

Jacob Kotzubei and Matthew Louie, Co-President and Managing Director, Platinum Equity

“We welcome the P.H. Garment team to the Hop Lun family,” said Erik Ryd, Founder and CEO of Hop Lun. “We believe our businesses are highly complementary are excited to work together leveraging our combined expertise to give even better service to our customers. P.H. Garment’s expertise in bonded products, in particular, will open new avenues for growth at Hop Lun.”

Eddie Wong, Founder and Executive Director of P.H. Garment said: “The P.H. Garment team is excited to join Hop Lun and we look forward to leveraging Hop Lun’s resources, design capability and manufacturing scale to expand our services and solutions for our customers.”

Based in Hong Kong, Hop Lun employs more than 26,000 people and has manufacturing operations in Bangladesh, China and Indonesia. The company produces products for many of the world’s largest global retailers as well as for its own in-house brands.

PH Garment is the second add-on acquisition Hop Lun has completed in the last six months. In December 2023 Hop Lun acquired Rainbow West Apparel.

“We are continuing to seek opportunities for Hop Lun to expand and diversify its capabilities, increase scale and add more value for its customers,” said Platinum Equity Co-President Jacob Kotzubei and Managing Director Matthew Louie in a joint statement. “We are working with Erik and the company’s leadership team to identify and pursue additional opportunities for growth, both organically and through strategic M&A.”

Latham & Watkins LLP provided legal counsel to Hop Lun on the acquisition of P.H. Garment.

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.

About Hop Lun

Established in 1992 and headquartered in Hong Kong, Hop Lun is the leading designer and manufacturer of intimate apparels, and is the largest global provider of bra solutions.  It employs over 28,000 people across its global operations in Bangladesh, Indonesia, China and Hong Kong.

About P.H. Garment

Founded in 1988 in Hong Kong, P.H. Garment has grown into a premier private label manufacturer for innovative high-quality bras, shapewear and performance driven active wear through pioneering manufacturing know-how, a robust talent pool and strong customer relationships.  The company has three manufacturing plants in Bangladesh and China.

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TDR Capital to become majority owner of ASDA

Tdr Capital

We are pleased to announce that TDR Capital has agreed to acquire Zuber Issa’s shares in ASDA and will become the majority shareholder with 67.5% ownership. The transaction is expected to complete in Q3 2024.

TDR Capital invested in Asda alongside the Issa brothers, and together they took majority ownership of the business in June 2021. Since then, together with the other shareholders, TDR has supported Asda to accelerate its strategy, with a particular focus on delivering low prices to customers and expanding into the fast-growing convenience retail segment.

Gary Lindsay and Tom Mitchell, Managing Partners of TDR Capital, said: “We first invested into Asda over three years ago, seeing a huge opportunity to cement its position as one of the UK’s leading retail brands.”

“By combining our investment and sector expertise with Asda’s heritage of delivering value for customers, we have already made significant progress in transforming Asda. We have added a scale convenience business, grown Asda’s store footprint from 623 to 1,200 stores and food-to-go sites, and launched a hugely successful loyalty app, which now has six million active customers, accounting for around half of total sales. We remain focused on investing in Asda’s stores and online, as well as its colleagues through the highest pay in the traditional supermarket sector, to drive sustainable, long-term growth.”

“As majority owners, we will continue to work closely with the Asda management team and colleagues across the business to support its growth strategy, which we believe is the right one to continue to move Asda forward.”

Learn more about our investment in ASDA.

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Kennet closes largest fund to date at €266m as cumulative assets under management surpass €1.3bn

Kennet Partners

London, United Kingdom – July 2024

Kennet has raised €266 million for its largest fund to date, Kennet VI. Kennet has already begun to deploy this capital into capital efficient B2B SaaS companies across Europe, including Screendragon in Ireland and the UK and Fluid Topics in France.

Kennet VI builds on the success of the previous five funds and proven investment thesis. Kennet has over 25 years of experience and a proven track record across multiple market cycles. Not only has the firm raised its largest ever fund in a challenging macro environment, it has also continued to deliver exits, such as Eloomi in January 2024 generating a 3.1x cash multiple. This follows numerous successful exits in recent years including Nuxeo (5x), Dext (3.8x), CrossBorder Solutions (6.4x), Rimilia (2.5x), and Impartner (2.6x).

Kennet focuses exclusively on investing in established, high growth B2B SaaS technology companies which are founder-owned and either highly capital efficient or fully ‘bootstrapped’ – built without external capital. The investment from Kennet is typically the first external funding that companies receive and is used to scale and expand internationally, build world class management teams and build strategic value.

Michael Elias, Managing Director, said: “This fundraise marks another important milestone for Kennet as we close our largest fund to date, with a significant number of previous investors participating in this fund. At a time when the market has recognised that ‘growth at any cost’ is no longer rational, our long-standing conservative strategy has appealed to investors. Kennet’s risk-balanced strategy provides investors with the growth associated with innovative technology, while maintaining a low failure rate. We have proven over numerous fund cycles that capital efficient B2B SaaS businesses offer attractive investment opportunities and that helping entrepreneurs build outstanding management teams and enter global markets remains a winning formula.”

Hillel Zidel, Managing Director, said: “Our proven approach is based on the relationships we establish with bootstrapped founders, understanding that this will be a long-term trusted partnership. Unlike venture-backed businesses, our founders have typically not taken external investment before – they need to know they are working with the right team to realise their global ambitions. We are very proud that founders choose to work with Kennet because of our deep market knowledge, and reputation for fairness and integrity. This has enabled us to invest in great companies at sensible valuations regardless of the hype cycle. B2B software has become the engine room of many sectors, and Kennet VI will be at the forefront of the next generation of mission critical, scaling businesses.”

Kennet VI was raised as part of a successful partnership with Edmond de Rothschild Private Equity (EdRPE) which began in 2017. Edmond de Rothschild is a cornerstone investor in the Kennet VI fund and the bank’s global client base has had priority access to the fund. British Patient Capital, Federated Hermes Private Equity and Bpifrance also committed to the fund.

Francois-Xavier Vucekovic, CIO at Edmond de Rothschild Private Equity, adds: “We firmly believe that technology plays a critical role in the transformation of our economies and societies. Our commitment is to support and nurture companies that are at the forefront of innovation and value creation. The success of this fundraising effort, particularly in the current challenging environment, is a testament to the strength and relevance of Kennet’s strategic approach. By leveraging cutting-edge tech solutions, Kennet ensures the sustainability and growth of their clients’ business models, enabling them to thrive in a rapidly evolving market.”

ABOUT EDMOND DE ROTHSCHILD

As a conviction-driven investment house founded upon the belief that wealth should be used to build the world of tomorrow, Edmond de Rothschild specialises in Private Banking and Asset Management and serves an international clientele of families, entrepreneurs and institutional investors. The group is also active in Corporate Finance, Private Equity, Real Estate and Fund Services. With a resolutely family-run nature, Edmond de Rothschild has the independence necessary to propose bold strategies and long-term investments, rooted in the real economy. Founded in 1953, the Group had more than CHF 163 billion in assets under management at the end of December 2023, 2,600 employees, and 28 locations worldwide.

PRESS CONTACT:

KENNET: Andrew Malone – kennet@fieldhouseassociates.com

EDMOND DE ROTHSCHILD AM: Fany de Villeneuve : +33 6 46 24 69 38 – f.devilleneuve@edr.com

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