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FibreMax signs Memorandum of Understanding with UK’s largest port operator

NPM Capital

NPM investment FibreMax, a company specialised in the development and production of extremely strong wound fibre cables, and Associated British Ports (ABP), the largest port operator in the United Kingdom, have signed a Memorandum of Understanding (MoU). This agreement aims to explore development opportunities at ABP’s Port of Swansea in South Wales together with emerging opportunities for the Floating Offshore Wind (FLOW) sector in the Celtic Sea.

FibreMax signs Memorandum of Understanding with UK’s largest port operator

 

FibreMax is renowned for its innovative, patented parallel wound (PWT) technology for synthetic cables. These cables are not only lighter than steel cables but also last five times as long. This technology will allow FibreMax to provide a cutting-edge mooring system solution for floating offshore wind turbines. With the Celtic Sea, located north-east of Ireland, poised to become a major site for green energy generation from floating offshore wind (FLOW) turbines, the region will be a strong driver of demand for the offshore wind supply chain.

 

The collaboration between FibreMax and ABP is expected to create up to 90 full-time jobs via a new bespoke dockside facility. The project will be a major driver of sustainable green energy solutions as well as economic growth for the region as a whole.

 

More information is available at the FibreMax website.

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Vista Equity Partners Names Winners of 7th Annual Global Hackathon

Vista Equity

AUSTIN, Texas, August 15, 2024—Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, today announced the winners of its 7th Annual Global Hackathon. The portfolio-wide business innovation competition provides an opportunity for developers and engineers to connect with peers and compete to advance enterprise software solutions with generative AI.

This year’s Hackathon was held at The University of the District of Columbia, marking the first time Vista’s annual competition was hosted by a Historically Black College and University (HBCU). The event featured over 130 participants on 27 teams representing dozens of Vista portfolio companies and included participation from undergraduate and graduate students from 12 different HBCUs. These students joined individual portfolio company teams and worked to build innovative enterprise software solutions, providing hands-on experience to strengthen their knowledge and expertise.

“The ability to bring software developers and engineers together to innovate alongside one another is one of the greatest opportunities the Vista ecosystem offers,” said Robert F. Smith, Founder, Chairman and CEO of Vista Equity Partners. “By connecting with each other – people who are in their shoes and have experienced and solved similar challenges – we can help to expand knowledge across all of Vista’s more than 85 portfolio companies.”

Mr. Smith continued, “We were thrilled to once again welcome students from HBCUs to this year’s competition and are grateful to our hosts at the University of the District of Columbia for making it such a success. Integrating these talented students into our portfolio company teams fosters an atmosphere of innovation and creativity while providing them with invaluable hands-on experience and exposure to real-world challenges and solutions – all helping to pave the way for their future success in the tech industry.”

Vista is proud to congratulate the winners of this year’s global competition in the following categories:

Bonterra: Best Overall. Bonterra’s solution used Large Language Models (LLMs) to streamline the grant review process for funders, a major challenge in the grant making space. They used LLMs to score every grant application based on a variety of data – from the nonprofit’s IRS filings to the sentiment of their news mentions – resulting in a more efficient process and faster funding to nonprofits.

PowerSchool: Peer Choice Award. PowerSchool’s team created a generative AI tool that enables educators to develop engaging, immersive and effective instructional materials at scale, customized to each student’s skills, interests and learning needs.

StarRez: Highest Customer Value. The StarRez team engineered an automated image-to-process system for property managers and their residents. The advanced tool helps streamline room setup, inspections, move-in/out procedures and billing, enhancing efficiency and resident satisfaction.

BigTime Software: Best UI / UX. BigTime’s solution offers professional service firms instant insights into risks and opportunities for profitable service delivery by leveraging generative AI to surface critical insights, suggest actions, identify issues early and propose solutions that can be carried out by AI or a staff member.

Poppulo: Most Innovative Use of New Technology. Poppulo’s solution automatically generates communications tailored to employee demographics and preferences. By leveraging engagement data to make smart suggestions, it ensures the right message is delivered at the right time, through the most effective channels.

Avalara: Best Operational Efficiency. Avalara’s workflow tool automates business tasks by using a network of generative LLM agents. Each agent brings business-specific skills to perform research from approved corporate data sources and collaborate with other agents to execute complex workflows through a user-friendly interface.

All entries were reviewed by a panel of Vista value creation and product and technology experts. Submissions were judged based on innovation and originality, feasibility of productization and deployment, potential business impact, completeness of vision and clarity of presentation.

About Vista Equity Partners

Vista is a leading global investment firm with more than $100 billion in assets under management as of March 31, 2024. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on X, @Vista_Equity.

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EQT sets target fund size for EQT Private Capital Asia’s BPEA IX at USD 12.5 billion

eqt

 

THIS IS INFORMATION THAT EQT AB (PUBL) IS OBLIGED TO MAKE PUBLIC PURSUANT TO THE EU MARKET ABUSE REGULATION. THE INFORMATION WAS SUBMITTED FOR PUBLICATION, THROUGH THE AGENCY OF THE CONTACT PERSON SET OUT BELOW AT 18:00 CEST ON 14 AUGUST 2024.

EQT has today set the target size for EQT Private Capital Asia’s BPEA Private Equity Fund IX (the “Fund” or “BPEA IX”) at USD 12.5 billion. The actual fund size is dependent on the outcome of the fundraising process and may be higher or lower than the target size; the hard cap of the fund will be set at a later date. BPEA IX’s investment strategy is expected to be materially in line with the predecessor fund, BPEA VIII.

To ensure continuity between two fund generations, EQT’s capital raisings usually follow a cycle with successor funds targeted to be in a position to commence investment activities when the predecessor fund is close to being fully invested. This means that the commitment period of the predecessor fund typically ends when approximately 80 to 90 percent of its total commitments are invested, with remaining commitments being available primarily for add-on acquisitions and strategic capital injections as well as for ongoing expenses.

Management fee for BPEA IX may be charged from the initial closing of the Fund (or a later date designated by EQT in its sole discretion). Management fee on BPEA VIII will thereafter be based on net invested capital at the fee rate applicable post the commitment period.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of BPEA IX 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.

AttachmentsPR_EQT sets BPEA IX target size_14.08.24

 

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has EUR ‌​​246 billion in total assets under management (EUR ‌​​‌133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 25 countries across Europe, Asia and the Americas and has more than 1,800 employees.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About EQT Private Capital Asia
EQT Private Capital Asia has been transforming companies through its pan-Asian investment platform for nearly three decades. Following BPEA’s combination with EQT, the Asian private equity teams joined forces and formed EQT Private Capital Asia, a pan-regional team with more than 160 professionals spanning over 20 nationalities across eight offices. It invests from two complementary fund strategies, both of which seek control and co-control equity investments from small to large-cap buyouts with equity checks ranging between USD 50 million to 1 billion.

 

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EQT Private Equity to acquire a majority stake in AMCS, a global leader in performance and sustainability software to resource-intensive industries

eqt

AMCS is a supplier of cloud-based and AI-enabled planning, performance, safety and sustainability focused software for waste management, recycling and other resource-intensive industries

It enables organisations to achieve sustainability goals, streamline processes, and enhance efficiency while addressing the complexities of the circular economy and ensuring workplace safety, community well-being, and regulatory compliance

AMCS’ market is growing quickly as resources are increasingly recycled and as industrial companies digitise and rely on cloud solutions to navigate greater operational complexity and regulatory requirements

EQT Private Equity will invest from EQT X, its flagship private equity fund, and EQT Future, its impact-driven, longer-hold fund, and leverage its capabilities in software and impact value creation to support AMCS

AMCS is a supplier of cloud-based and AI-enabled planning, performance, safety and sustainability focused software for waste management, recycling and other resource-intensive industries

It enables organisations to achieve sustainability goals, streamline processes, and enhance efficiency while addressing the complexities of the circular economy and ensuring workplace safety, community well-being, and regulatory compliance

AMCS’ market is growing quickly as resources are increasingly recycled and as industrial companies digitise and rely on cloud solutions to navigate greater operational complexity and regulatory requirements

EQT Private Equity will invest from EQT X, its flagship private equity fund, and EQT Future, its impact-driven, longer-hold fund, and leverage its capabilities in software and impact value creation to support AMCS

About

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About AMCS
At AMCS we are focused on Performance Sustainability – enabling resource-intensive industries to boost sustainability and profitability. Built on decades of experience, our purpose-built software solutions are designed by people who understand your business, providing practical solutions for the resources, waste, recycling, transportation, manufacturing, and utilities industries.

Headquartered in Ireland, and with offices in Europe, the USA, and Australia, AMCS is a global market leader with over 1,300 mission-driven team members. The combined expertise of our team allows AMCS to deliver innovative solutions and extensive insight, helping customers to drive growth and achieve lasting success. As a trusted global partner, we work with 5000+ customers in more than 80 countries delivering digital solutions that create meaningful and measurable impact by increasing customer satisfaction, enhancing sustainability, and boosting margins.

At AMCS, we’re ready to innovate with you – deploying our experts, processes, and technology to drive your business forward and prepare you for success in a more sustainable, net zero carbon future. Learn more at: www.amcsgroup.com

About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of December 31, 2023, the firm has over $80B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the Bay Area. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on X @insightpartners.

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Chartis Announces Majority Investment from Blackstone to Advance Mission of Healthcare Transformation

Blackstone

August 14, 2024 (Chicago and New York) — Chartis, a leading healthcare advisory firm, today announced that it has entered into a definitive agreement to receive a majority investment from funds managed by Blackstone (”Blackstone”). This strategic investment will support the firm’s continued growth as a leading advisor to providers, payers, technology innovators, retail companies, and investors who are making positive and transformative change within US healthcare. The investment includes continued equity participation from Audax Private Equity (“Audax”).

Blackstone is investing in Chartis through its core private equity strategy, which partners with high-quality, market-leading businesses for longer periods than traditional private equity. The investment will enable Chartis to further extend its capabilities across its strategic, digital and technology, clinical, and financial transformation offerings for healthcare clients. This funding is also anticipated to help further expand the full Chartis family of companies, currently including HealthScape Advisors, Jarrard, and Greeley.

“Chartis was founded with the mission to help clients fundamentally improve healthcare delivery across the United States. Over the past 23 years, since our inception, great strides have been made. Looking to the future, we are excited to do even more. Blackstone shares our commitment to supporting industry leaders across the healthcare landscape as they strive to make care in the US more accessible, more affordable, more reliable, more equitable, and more human for patients and caregivers,” say co-founders Ken Graboys, CEO of Chartis, and Ethan Arnold, Managing Partner.

“Blackstone’s expertise, scale, and resources align well with Chartis’ transformative vision for the future of the industry,” said Greg Maddrey, President of Chartis. “This investment will provide us with the resources to grow our organic offerings, expand our capabilities, and further enhance our infrastructure. We are excited about the future and confident that this partnership will help us enable our clients to reshape healthcare for the better.”

“The increasing complexity of the healthcare landscape has only amplified the need for trusted partners like Chartis,” said Ram Jagannath, a Senior Managing Director at Blackstone. “Ken, Ethan, Greg, and their team have done a tremendous job building a leading advisory business for their clients by serving as a strategic thought partner that leverages next-generation technology and care models. The company’s powerful mission-driven culture is a testament to its impressive leadership and people. We look forward to bringing the resources of Blackstone’s global platform to bear to support Chartis’ continued growth.”

Since Audax’ 2019 investment, Chartis has acquired and integrated seven add-on acquisitions, expanding the firm into complementary capabilities and new end markets. During this period, Chartis has also established several new centers for research and advancement, which contribute to better understanding and addressing healthcare where it is most vulnerable.

“Our investment in Chartis is emblematic of our Buy & Build strategy, backing a first-class management team, understanding and collaborating around their vision for growth, and bringing capital and resources to bear to help the company execute on its purpose-driven strategy,” said Audax Private Equity Partner and Co-President Young Lee. “We sincerely thank Ken, Ethan, Greg, and the rest of the Chartis team for their continued partnership.”

The transaction is expected to close by the end of 2024, subject to customary closing conditions and regulatory approvals. Terms of the transaction were not disclosed.

Lincoln International and BofA Securities served as financial advisors, and Ropes and Gray and Winston & Strawn LLP served as legal counsel to Chartis and Audax Private Equity. Goldman Sachs & Co. LLC served as financial advisor and Kirkland & Ellis LLP served as legal counsel to Blackstone.
 
About Chartis
The challenges facing US healthcare are longstanding and all too familiar. We are Chartis, and we believe in better. We work with more than 900 clients annually to develop and activate transformative strategies, operating models, and organizational enterprises that make US healthcare more affordable, accessible, safe, and human. With more than 1,000 professionals, we help providers, payers, technology innovators, retail companies, and investors create and embrace solutions that tangibly and materially reshape healthcare for the better. Our family of brands—Chartis, Jarrard, Greeley, and HealthScape Advisors—is 100% focused on healthcare and each has a longstanding commitment to helping transform healthcare in big and small ways. Learn more at www.chartis.com.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Audax Private Equity
Headquartered in Boston, with offices in San Francisco, New York, and London, Audax Private Equity is a capital partner for middle and lower middle market companies that seeks to facilitate transformational growth through its private equity and strategic capital strategies. With approximately $19 billion of assets under management, over 270 employees, and 100-plus investment professionals, the firm has invested in more than 170 platforms and 1,300 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax helps portfolio companies execute organic and inorganic growth initiatives that fuel revenue expansion, optimize operations, and significantly increase equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

Media Contacts

Chartis
Amy Norwalk, Brand Manager
anorwalk@chartis.com

Thomas J. Rozycki, Jr. / John Perilli / Jack McCarthy
Prosek Partners for Chartis
Pro-Chartis@prosek.com

Blackstone
Matt Anderson
matthew.anderson@blackstone.com
(518) 248-7310

Mariel Seidman-Gati
mariel.seidmangati@blackstone.com
(917) 698-1674

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Waterland Private Equity and Lebara Group announce strategic partnership

Waterland

London, 12 August 2024 – Waterland Private Equity is pleased to announce the acquisition of Lebara Group B.V. (“Lebara”), a leading Mobile Virtual Network Operator (“MVNO”) providing high-quality telecommunications services to over four million customers across the UK, Netherlands, Germany, France, and Denmark.

Founded in 2001, Lebara has become one of the most successful MVNOs in Europe, continually expanding its offering and geographic footprint. Today, it is recognized as a leading challenger brand in its European mobile telecommunications markets, providing over four million customers with a great value alternative to the established category players, as well as exceptional customer satisfaction.

The transaction marks a buyout by Waterland Private Equity from the main existing owners Alchemy and Triton Partners. Waterland has been in discussion with the sellers and their advisors since January 2024 exploring strategies for Lebara’s seamless transition and continued growth.

Lebara’s strategic positioning as a value-focused challenger brand in the mobile SIM markets presents significant growth opportunities as consumers across Europe increasingly seek high-quality services at competitive prices. Lebara’s strong track record across its five markets demonstrates its ability to grow and adapt, making it a prime candidate for further expansion in partnership with Waterland.

Waterland has 25 years of experience in partnering with companies across Europe and brings extensive experience in the telecommunications sector through investments over that time. With this acquisition, Waterland aims to support Lebara’s growth ambitions in each of its markets.

“We are thrilled to partner with Lebara and its talented management team. Lebara has built a strong brand and loyal customer base by providing high-quality mobile telecommunications services at competitive prices. We look forward to working closely with the management team to continue on Lebara’s growth journey together, leveraging our expertise in the telecommunications sector.”, says Wendy McMillan, Partner at Waterland Private Equity.

Stephen Shurrock, CEO of Lebara, also shared his thoughts on the new partnership: “We are excited to join forces with Waterland Private Equity. Their extensive experience and successful track record in the telecommunications industry make the Waterland team an ideal partner for us. This partnership will provide us with the resources and strategic support needed to accelerate our growth and enhance our service offerings, ultimately benefiting our customers across all our markets. It has also been our pleasure to work with Alchemy and Triton over the last few years. They have been hugely supportive of the Lebara turnaround, and have invested in the company to achieve significant growth. Lebara now has the latest digital platform, a focus on customer experience and strong team to continue its growth story.”

As with all deals and transactions of this nature, this partnership is subject to necessary regulatory approvals before the acquisition can be completed.

Press Contact:
Ellie Hallam
Phone: +44 7502 409118
E-mail: ellie@wearehollr.com

ABOUT LEBARA
Lebara Group B.V. is a Mobile Virtual Network Operator (MVNO) offering high-quality, cost-effective telecommunications services. Serving over 4 million customers across the UK, Netherlands, Germany, France, and Denmark, and operating brand license agreements in a further 5 markets around the world, Lebara is the smarter choice for value-conscious consumers.

ABOUT ALCHEMY
Alchemy is a leading European corporate special situations investor. The Partners, Thomas Boszko, Ian Cash, Alex Dupée, Alex Leicester, John Rowland, Dominic Slade and Toby Westcott, have worked together for 12 years and lead a team of 25 investment professionals including experienced Senior Advisers and Portfolio Consultants.

Alchemy is focused on the mid-market and is a specialist in acquiring control of businesses through debt and equity. The firm has invested over £3bn since 2006 across more than 80 companies, spanning a broad range of sectors including financial services, hospitality and housebuilding.

For more information, please visit www.lebara.com.

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CVC Joins CD&R as an Investment Partner in Epicor

CVC Capital Partners

New York, NY and Austin, TX – August 13, 2024 – Clayton, Dubilier & Rice (“CD&R”) and CVC, today announced that funds managed by CVC have agreed to acquire a significant ownership position in Epicor, a global provider of industry-specific enterprise software to promote business growth. CD&R, which first invested in Epicor in 2020, and CVC will each have equal number of Board seats, with Jeff Hawn continuing to serve as Chairman. Steve Murphy will continue in his role as CEO of Epicor. Financial terms of the private transaction were not disclosed.

Founded in 1972 and based in Austin, Texas, Epicor is a leading SaaS provider of multi-vertical Enterprise Resource Planning (“ERP”) software designed to fit the precise needs of customers in a range of industrial sectors in the “Make, Move, and Sell” economy. The company’s flagship products are curated to support highly complex, industry-specific workflows and provide mission-critical support to customers seeking to drive growth and profitability in their own businesses. Epicor is an acknowledged leader in the industrial end markets it serves, including manufacturing, distribution, retail and services categories. Epicor serves approximately 23,000 customers in more than 150 countries.

“Our customers and their ambitions are the focus of what we do as we work to provide the most innovative solution sets possible,” said Steve Murphy, Epicor CEO. “CD&R’s support and partnership has been invaluable as we have accelerated the growth of our business, invested significantly in our portfolio and released a number of next-generation, cloud-ready products. We look forward to working with CVC as we continue to grow our platform capabilities, with a keen focus on better serving our dynamic customer base.”

Quotes

We are thrilled to partner with Steve Murphy and the Epicor management team, along with CD&R, to support the company and its growth plans.

Aaron DupuisManaging Partner at CVC

Since CD&R’s acquisition of Epicor in 2020, the company recently surpassed $1 billion in annual recurring revenue (ARR) as a result of organic growth, including a successful transformation into a SaaS-first company, as well as complementary strategic acquisitions which expanded product capabilities and geographic reach. Epicor’s SaaS transformation and 45% annual growth in SaaS ARR have been powered by significant R&D and Go-to-Market investments, while laying the groundwork for further innovation. In May 2024, Epicor unveiled its new Epicor Grow portfolio, an integrated set of artificial intelligence (AI) and Business Intelligence (BI) capabilities powered by an industry-focused data platform tuned specifically for the requirements of the Make, Move, and Sell industries. The company’s portfolio redefines how AI-powered ERP software serves the supply chain industries and their workers, and includes Epicor Prism, a patent-pending generative AI service embedded across Epicor’s Industry ERP Cloud solution.

“When we invested in Epicor nearly four years ago, there was an attractive opportunity to build on the company’s strong foundation and to create an industry leader focused on best-in-class enterprise SaaS,” said Jeff Hawn, Epicor Chairman and CD&R Partner. “Epicor has grown to become a preeminent global platform, led by a fantastic management team which has delivered more value for customers and organizations worldwide. We are confident that by leveraging our collective experience we can continue to unlock Epicor’s potential. Our continued partnership highlights the conviction we have in this next chapter, and we are enthused to continue to support Epicor’s growth with the experienced CVC team.”

Quotes

We look forward to enhancing Epicor’s next chapter of growth with further SaaS migration and geographic expansion into international regions, while continuing to drive product innovation that will benefit Epicor’s many valued customers, partners and employees.

Sebastian KünneSenior Managing Director at CVC

“We are thrilled to partner with Steve Murphy and the Epicor management team, along with CD&R, to support the company and its growth plans. Epicor has developed a differentiated value proposition based on its industry-leading SaaS product portfolio and demonstrated commitment to customer service excellence,” said Aaron Dupuis, a Managing Partner at CVC. “We look forward to enhancing Epicor’s next chapter of growth with further SaaS migration and geographic expansion into international regions, while continuing to drive product innovation that will benefit Epicor’s many valued customers, partners and employees,” added Sebastian Künne, Senior Managing Director at CVC.

“Steve and the rest of the management team have built a tremendous organization at Epicor,” said Harsh Agarwal, CD&R Partner. “We look forward to working with CVC to drive Epicor’s next phase of growth, while supporting the company’s culture that is essential to its success.”

Barclays is serving as lead financial advisor, with Goldman Sachs & Co. LLC serving as financial advisor, and Debevoise & Plimpton is serving as legal advisor to CD&R and Epicor. Jefferies LLC and Evercore are serving as financial advisors and White & Case is serving as legal advisor to CVC.

CVC will invest in Epicor through CVC Capital Partners IX. The transaction is subject to customary closing conditions and is expected to close in Q4 2024.

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Baxter Announces Definitive Agreement to Divest Its Vantive Kidney Care Segment to Carlyle For $3.8 Billion

Carlyle
  • Establishes Vantive as a leading standalone kidney care business backed by Carlyle’s global investment team and resources
  • Sale follows robust process focused on maximizing stockholder value
  • Provides increased flexibility to deploy capital toward opportunities to accelerate Baxter’s and Vantive’s respective growth objectives
  • Represents key milestone in Baxter’s ongoing business transformation, enabling heightened strategic clarity, operational efficiency and innovation
  • Baxter shares preliminary outlook for select financial metrics following completion of pending Kidney Care divestiture

 

DEERFIELD, Ill., and NEW YORK, N.Y., AUG. 13, 2024 – Baxter International Inc. (NYSE:BAX), a global medtech leader, and funds managed by global investment firm Carlyle (NASDAQ:CG) today announced that they have signed a definitive agreement under which Carlyle is to acquire Baxter’s Kidney Care segment, to be named Vantive, for $3.8 billion.

Under the terms of the definitive agreement, subject to certain closing adjustments, Baxter will receive approximately $3.5 billion in cash with net after-tax proceeds currently estimated to be approximately $3 billion. Baxter announced its intention to create a standalone kidney care company in January 2023 as part of its broader strategic realignment designed to enhance future performance and create value for all stakeholders. In March 2024, Baxter announced that it was in discussions to explore a potential sale of the segment. After reviewing the financial impact of the potential separation pathways, management and the Baxter Board determined that selling the business to Carlyle should maximize value for Baxter stockholders and best position Baxter and Vantive for long-term success, with enhanced flexibility to deploy capital toward opportunities that seek to accelerate each company’s respective growth objectives. Baxter intends to use after-tax proceeds from the transaction to reduce its debt, consistent with its stated capital allocation priorities.

Carlyle has been a leading private equity investor in the medtech sector over the past decade, with investments in medical technology and diagnostic companies totaling over $40 billion in enterprise value. Moreover, Carlyle’s investment in Vantive is made in partnership with Atmas Health, a collaboration among three industry executives founded in September 2022 to focus on acquiring and building a market-leading healthcare business. The partnership, consisting of Kieran Gallahue, Jim Hinrichs, and Jim Prutow, brings a proven track record of creating value in the medical technology industry. Kieran Gallahue will serve as the Chairman of Vantive, working with CEO Chris Toth and the Vantive management team.

“Today’s announcement represents another critical step forward in the strategic transformation process we announced in early 2023. As a result of this proposed transaction, Baxter will emerge a more focused and more efficient company, better positioned to redefine healthcare delivery and advance innovation that benefits patients, customers and shareholders,” said José (Joe) E. Almeida, chair, president and chief executive officer at Baxter. “I am confident that, under Carlyle’s stewardship and Chris Toth’s leadership, the Vantive team will continue to build on the business’s 70-year legacy as a pioneer in kidney disease and vital organ therapies.”

Vantive is a leader in global kidney care, offering products and services for peritoneal dialysis, hemodialysis and organ support therapies, including continuous renal replacement therapy (CRRT). The business has more than 23,000 employees globally and had 2023 revenues of $4.5 billion.

“I look forward to partnering with the combined Carlyle and Atmas team and working with my colleagues to advance Vantive’s mission of extending lives and expanding possibilities,” said Chris Toth, executive vice president and group president, Kidney Care at Baxter, who will serve as Vantive’s CEO. “Today’s announcement signals a new chapter in innovation on behalf of the patients and care teams around the world who rely on our solutions. Through this transaction, Vantive will be well-positioned to deepen our commitment to elevating dialysis through digital solutions and advanced services, while looking beyond kidney care to invest in transforming vital organ therapies.”

“The Atmas team is excited to support the growth of the Vantive business under the leadership of Chris Toth. We look forward to working together to build upon Vantive’s track record of patient-focused innovation and create long-term value in this next phase of the company’s development,” commented Kieran Gallahue, co-founder of Atmas and chairman of Vantive upon closing of the transaction.

“Vantive is a strong, growing business with market-leading franchises, and we are delighted to partner with the Vantive team to pursue their strategic vision through the separation from Baxter and transformation into a standalone global business,” said Robert Schmidt, Carlyle’s Global Co-Head of Healthcare. “Carlyle is uniquely positioned to support management in that pursuit with our global investing platform across the Americas, EMEA and Asia, where each of our regional teams will partner with Vantive to seek to ensure the success of the business, its employees, as well as its customers and their ultimate patients worldwide.”

Transaction Timing and Details

The transaction is expected to close in late 2024 or early 2025, subject to receipt of customary regulatory approvals and satisfaction of other closing conditions.

Perella Weinberg Partners LP and J.P. Morgan Securities LLC are serving as financial advisors to Baxter, and Sullivan & Cromwell LLP and Baker McKenzie are serving as legal advisors to Baxter. Barclays and Goldman Sachs & Co. LLC are serving as financial advisors, and Kirkland & Ellis LLP is serving as legal counsel to Carlyle.

Baxter Highlights Preliminary Financial Expectations Following Pending Kidney Care Divestiture

Following the completion of the pending sale of Kidney Care, Baxter is targeting operational sales growth of 4% to 5% annually  driven by innovation and continued market expansion. For 2025, the company anticipates an adjusted operating margin1 of approximately 16.5% on a continuing operations basis, which reflects an anticipated 100 basis point negative impact due to stranded costs, net of anticipated transition service agreement (TSA) income, and the manufacturing supply agreement (MSA) the company will enter into upon the completion of the divestiture of the Kidney Care segment. Baxter will continue to prioritize capital allocation and expects to direct investments toward higher-growth, higher-return opportunities to drive incremental value. To support these efforts, the company will continue to focus on deleveraging and expects to reach its investment-grade target of below 3.0X by the end of 2025, after utilizing proceeds from the sale of Kidney Care to repay outstanding debt, which may include repayment of its new bridge facility. Additionally, the company currently expects to fully offset stranded costs and loss of TSA income in 2027 through cost containment initiatives, some of which are already underway, which will further support the company’s objective of delivering annual adjusted operating margin expansion. Related slides for investors can be accessed from the Investor Relations section of the company’s website at www.baxter.com.

Baxter plans to provide additional details regarding the company’s longer-term strategic and financial outlook at an investor conference in 2025. In addition, the company expects to post financial schedules reflecting the Kidney Care segment as a discontinued operation for certain historical periods prior to the release of its third-quarter 2024 earnings results.

[1] Operational sales growth and adjusted operating margin are non-GAAP financial measures. See the “Non-GAAP Financial Measures” section below for additional information.

About Baxter 

Every day, millions of patients, caregivers and healthcare providers rely on Baxter’s leading portfolio of diagnostic, critical care, kidney care, nutrition, hospital and surgical products used across patient homes, hospitals, physician offices and other sites of care. For more than 90 years, we’ve been operating at the critical intersection where innovations that save and sustain lives meet the healthcare providers who make it happen. With products, digital health solutions and therapies available in more than 100 countries, Baxter’s employees worldwide are now building upon the company’s rich heritage of medical breakthroughs to advance the next generation of transformative healthcare innovations. To learn more, visit www.baxter.com and follow us on X, LinkedIn and Facebook.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Non-GAAP Financial Measures

This release contains certain forward-looking financial measures that are not calculated in accordance with U.S. GAAP (Generally Accepted Accounting Principles). The forward-looking non-GAAP financial measures include targeted annual operational sales growth and targeted adjusted operating margin for 2025. Those measures are provided on a continuing operations basis and exclude any impact of the Kidney Care segment, which will be reported as a discontinued operation.

Targeted annual operational sales growth represents the company’s targeted future sales growth excluding sales to Vantive under the MSA and assuming foreign currency exchange rates remain constant in future periods. Targeted adjusted operating margin represents targeted adjusted operating income (operating income excluding special items that may occur during the forecast period) divided by targeted net sales.

Baxter has not provided reconciliations of targeted annual operational sales growth to a forward-looking estimate of annual GAAP sales growth or targeted adjusted operating margin to a forward-looking estimate of GAAP operating margin because the company is unable to predict with reasonable certainty the impact of legal proceedings, future business optimization actions, separation-related costs, integration-related costs, asset impairments, unusual gains and losses, and changes in foreign currency exchange rates, and the related amounts are unavailable without unreasonable efforts (as specified in the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K). In addition, Baxter believes that such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.

Forward-Looking Statements

This press release contains forward-looking statements related to the proposed transaction between Baxter International Inc. and Carlyle, including Baxter’s estimated after-tax proceeds from the proposed transaction, the expected timeframe for completing the proposed transaction, strategic and other potential benefits of the transaction and other statements about future beliefs, goals, plans or prospects for Vantive and Baxter (including select longer-term financial forecasts for Baxter’s remaining business following completion of the pending divestiture). These forward-looking statements are subject to risks and uncertainties that include, among other things, risks related to the receipt of customary regulatory approvals and the satisfaction of other closing conditions in the anticipated timeframe or at all, including the possibility that the proposed transaction does not close; risks related to the ability to realize the anticipated strategic, financial or other benefits of the proposed transaction, and other risks identified in Baxter’s most recent filings on Form 10-K and Form 10-Q and other SEC filings, all of which are available on Baxter’s website. Actual results could differ materially from anticipated results. Baxter does not undertake to update its forward-looking statements or any of the statements contained in this press release.

Baxter is a registered trademark of Baxter International Inc. or its subsidiaries.

 

Contacts

Baxter Media 

Stacey Eisen, (224) 948-5353

media@baxter.com

 

Baxter Investors 

Clare Trachtman, (224) 948-3020

 

Carlyle

Brittany Berliner, (212) 813-4839

Brittany.Berliner@carlyle.com

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TIM: Agreement signed with Ardian and Daphne 3 to sell the residual stake in INWIT

Ardian

Expected in the fourth quarter proceeds of approximately €250 million, not included in 2024 guidance.

TIM, Impulse I (a consortium led by Ardian) and Daphne 3, have reached an agreement for the sale of TIM’s remaining 10% stake in the share capital of the holding company Daphne 3, which holds 29.9% of the share capital of Infrastrutture Wireless Italiane (“INWIT”).

The agreement is based on a valuation of INWIT share price of €10.43 and corresponds to proceeds to TIM, not included in the 2024 guidance, of approximately EUR 250 million, taking into consideration the existing net debt at Daphne 3 level. Terms and conditions of the transaction are in line with the practice of public M&A deals of comparable nature, including certain customary protections applicable after signing.

The closing of the transaction is subject to certain conditions and is expected to take place in the 4th quarter of 2024.

 

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $166bn of assets on behalf of more than 1,650 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 TIM

TIM offers fixed and mobile telephony services and products for communication and entertainment for individuals and households and supports small and medium-sized enterprises in their path towards digitalisation with a portfolio tailored to their needs.
Cloud, IoT and Cybersecurity technologies are at the heart of TIM Enterprise’s End-to-End solutions for companies and the public institutions that support the country’s digital transformation by making use of the largest data centre network in Italy, the expertise of Group companies such as Noovle, Olivetti and Telsy, and partnerships with leading industrial groups.
TIM Group develops 4G and 5G mobile network and fibre network infrastructure, that makes available to the entire market, both through a widespread national presence and intentionally through Sparkle. In Brazil, TIM Brasil is a major player in the South American communications market and a leader in 4G and 5G coverage.
The Group also support projects of high social interest via TIM Foundation in Italy and Instituto TIM in Brazil.

Media Contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

TIM

Press office https://www.gruppotim.it/media

+39 06 36882610

 

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Vista Equity Partners Acquires JAGGAER

Vista Equity

AUSTIN, Texas–(BUSINESS WIRE)–Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, today announced the acquisition of JAGGAER, a global leader in enterprise procurement and supplier collaboration software, from Cinven. Terms of the transaction were not disclosed.

“JAGGAER provides a mission-critical platform that enables its customers and partners to streamline global supply chain and procurement processes, lower costs and improve visibility”

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JAGGAER provides configurable source-to-pay and supplier collaboration software for direct and indirect procurement processes through a single, unified platform. The company’s AI-enabled solutions help optimize and automate sourcing, spend management, contracting, eProcurement, invoicing and supply chain visibility for a diversified group of more than 1,400 customers around the world.

“This new partnership with Vista underscores JAGGAER’s strong momentum and the compelling value our intelligent software delivers by helping our customers manage and automate complex processes while enabling a highly resilient, responsible and integrated supplier base,” said Andy Hovancik, CEO of JAGGAER. “Vista is a highly experienced software investor, and I’m confident they will be an exceptional partner to JAGGAER during this exciting next phase of growth and opportunity.”

“JAGGAER provides a mission-critical platform that enables its customers and partners to streamline global supply chain and procurement processes, lower costs and improve visibility,” said Michael Fosnaugh, Co-Head of Vista’s Flagship Fund and Senior Managing Director. “JAGGAER’s products serve a large addressable market benefiting from durable growth tailwinds, including customers’ increasing desire to unify direct and indirect spend management and realize the benefits of AI. JAGGAER is well-positioned to capitalize on these demand trends given its leading capabilities across source-to-pay workflows.”

“JAGGAER’s comprehensive solution enables customers to manage all procurement activities from an intuitive platform that harmonizes and optimizes disparate spend data,” said Sam Payton, Senior Vice President at Vista. “JAGGAER is led by a high-performing leadership team with a demonstrated commitment to operational excellence and a bright vision for the future of AI-powered spend management. We’re excited to support an organization that cares deeply about their customers, partners and mission.”

About JAGGAER: Procurement’s intelligent source-to-pay and supplier collaboration platform.

JAGGAER is a global leader in enterprise procurement and supplier collaboration, and the catalyst for enhancing human decision-making to accelerate business outcomes. We help organizations to manage and automate complex processes while enabling their highly resilient, accountable, and integrated supplier base. Backed by 30 years of expertise, our proven AI-powered industry-specific solutions, services, and partnerships form JAGGAER One, serving direct and indirect, upstream and downstream, in settings demanding an intelligent and comprehensive source-to-pay solution. Our 1,200 global employees are obsessed with helping customers create value, transform their businesses, and accelerate their journey to Autonomous Commerce.

About Vista Equity Partners

Vista is a leading global investment firm with more than $100 billion in assets under management as of March 31, 2024. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.

Endorsements presented herein are made by current or former employees of Vista portfolio companies, over which Vista may have the ability to exercise discretion on employee compensation, promotion and other employment decisions and may also be investors in Vista funds.

Contacts

Brian Steel
media@vistaequitypartners.com
(212) 804-9170

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