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OMERS Infrastructure and DWS to acquire Italy’s Grandi Stazioni Retail

Omers Infrastructure

Grandi Stazioni Retail

August 6, 2024 – OMERS Infrastructure and an Infrastructure Investment fund managed and advised by DWS Group today announced that they have signed an agreement to acquire 100% of Grandi Stazioni Retail from Antin Infrastructure Partners, ICAMAP and Borletti Group.

Grandi Stazioni Retail manages the entirety of commercial and advertising spaces in 14 of Italy’s major railway stations and hubs for the high-speed rail network, which collectively receive over 800 million visits a year. The stations include over 800 commercial units, totaling around 190,000 Sqm of leasable space, and over 1,800 media assets.

The investment becomes OMERS first-ever in Italy, its 19th in Europe, and 14th transportation asset globally. DWS has a strong track record in rail transportation, including its investments in Akiem, Streem and Corelink, as well as in Italian infrastructure via its investments in Gruppo SAVE, Rimorchiatori Mediterranei and Ergéa.

Michael Hill, Executive Vice President and Global Head of Infrastructure, OMERS said: “We are delighted to be partnering with DWS to acquire Grandi Stazioni Retail. The acquisition is highly consistent with the OMERS Infrastructure strategy and will be an excellent complement to our world-class portfolio of infrastructure investments.”

Alastair Hall, Head of Europe, OMERS Infrastructure, said: “We’re delighted to acquire Grandi Stazioni Retail, which marks our entry into Italy and further expands OMERS presence in Europe. The investment presents us with an exciting opportunity to grow our exposure to the resilient and dynamic European rail sector. We are hugely impressed by Grandi Stazioni Retail’s management team, their commercial strategy and successful track-record of growth.”

Hamish Mackenzie, Global Head of Infrastructure at DWS, said: “This acquisition is a testament to our commitment to investing in high-quality infrastructure assets. Grandi Stazioni Retail offers a unique platform that aligns with our long-term vision for growth and providing essential services to the passengers and communities served by our portfolio companies, as well as a strong alignment with the key sustainability trend of reduction of transportation emissions, a theme supported by local and European policies. We are particularly impressed by the Grandi Stazioni Retail’s strategic direction and operational excellence of the management team, led by Alberto Baldan. We are excited to partner with OMERS and leverage our expertise and resources to further enhance the value of this asset and ensure it continues to serve as a vibrant travel hub for connectivity.”

The transaction is expected to be completed by the end of the year, subject to certain customary closing conditions and regulatory approvals.

 

Media contacts

OMERS James Thompson

Director of Communications

E: JaThompson@OMERS.com

T: +44(0)7443 264 154

 

DWS

Nick Bone

E: nick.bone@dws.com

T: +44 (0) 20 754 72603

About OMERS Infrastructure

OMERS Infrastructure manages infrastructure investments globally on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada, and third-party investors through its Strategic Partnership Program. OMERS Infrastructure manages approximately C$36 billion, including capital invested on behalf of OMERS and third parties, in approximately 30 investments located in North America, Western Europe, India and Australia, and across sectors including energy, digital and transportation. OMERS Infrastructure has employees in Toronto, New York, London, Amsterdam, Singapore and Sydney.

About DWS Group

DWS Group (DWS) with EUR 933bn of assets under management (as of 30 June 2024) aspires to be one of the world’s leading asset managers. Building on more than 60 years of experience, it has a reputation for excellence in Germany, Europe, the Americas and Asia. DWS is recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines.

We offer individuals and institutions access to our strong investment capabilities across all major liquid and illiquid asset classes as well as solutions aligned to growth trends. Our diverse expertise in Active, Passive and Alternatives asset management – as well as our deep environmental, social and governance focus – complement each other when creating targeted solutions for our clients. Our expertise and on-the-ground knowledge of our economists, research analysts and investment professionals are brought together in one consistent global CIO View, giving strategic guidance to our investment approach.

DWS wants to innovate and shape the future of investing. We understand that, both as a corporate as well as a trusted advisor to our clients, we have a crucial role in helping to navigate the transition to a more sustainable future. With approximately 4,600 employees in offices all over the world, we are local while being one global team. We are committed to acting on behalf of our clients and investing with their best interests at heart so that they can reach their financial goals, no matter what the future holds. With our entrepreneurial, collaborative spirit, we work every day to deliver outstanding investment results, in both good and challenging times to build the best foundation for our clients’ financial future.

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Apollo and Vale Enter Into Joint Venture Partnership Related to the Vale Oman Distribution Center

Apollo logo

NEW YORK, Aug. 06, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced a definitive agreement under which Apollo-managed affiliates, funds and other long-term investors will invest $600 million to acquire a 50% interest in a joint venture entity related to the Vale Oman Distribution Center (“VODC”) from Vale S.A. (“Vale” or the “Company”).

VODC operates a maritime terminal in Sohar, Oman, with a large deep-water jetty and an integrated iron ore blending and distribution center with a nominal capacity of 40 Mtpy. Vale will continue to own 100% of Vale Oman Pelletizing Company.

Apollo Partner Jamshid Ehsani said, “We are pleased to provide a bespoke, cost-effective capital solution to an affiliate of one of Latin America’s leading companies, building on the strong momentum of our corporate solutions business. VODC operates at the heart of one of the world’s busiest trade routes and the transaction is another example of Apollo’s ability to finance critical supply chain infrastructure. This investment also further demonstrates our ability to provide our clients with differentiated access to high grade securities.”

The transaction is expected to close in the second half of 2024 and is subject to customary regulatory approvals.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2024, Apollo had approximately $696 billion of assets under management. To learn more, please visit www.apollo.com.

Contacts

Noah Gunn

Global Head of Investor Relations

Apollo Global Management, Inc.

(212) 822-0540

IR@apollo.com

Joanna Rose

Global Head of Corporate Communications

Apollo Global Management, Inc.

(212) 822-0491

communications@apollo.com

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Bridgepoint agrees sale of investment in Vitamin Well

Bridgepoint
  • Since Bridgepoint partnered with Vitamin Well in 2016, the business has grown revenue twelvefold through international expansion and new product development.
  • The Bridgepoint funds will retain a significant minority stake in the business with a compelling opportunity for substantial value creation in the years ahead.
  • Bridgepoint welcomes Cinven as new lead investor with a mutual vision to continue to support Vitamin Well’s growth aspirations through further international expansion and continued product development.

 

Bridgepoint, one of the leading private asset growth investors, is pleased to announce that the Bridgepoint funds have agreed the exit of their investment in Vitamin Well, the high-growth functional food and beverage business, welcoming Cinven, the international private equity firm, as new lead investor. Through the transaction, Cinven will become the largest shareholder in the company, while Bridgepoint will retain a significant minority shareholding.

Established in 2008 and headquartered in Stockholm, Vitamin Well is a fast-growing functional food and beverage business, offering premium products for health-conscious and active consumers. Today, the company has c. 500 employees, with a broad product portfolio across several brands, including core brands Vitamin Well (vitamin and mineral-enriched drinks), NOCCO (performance energy drinks) and Barebells (protein bars and shakes), which are sold internationally across more than 40 markets.

Since Bridgepoint partnered with the Vitamin Well founders and management in 2016, the company has experienced a period of exceptional growth and development. Bridgepoint has supported the founders and the management team in pursuing international growth, gaining traction in several international markets, including the DACH region, the UK, Spain and the US.

The investment in Vitamin Well was initially made in 2016 by a fund managed by Bridgepoint Development Capital (“BDC III”), Bridgepoint’s lower middle-market strategy. It has been co-owned with Bridgepoint Europe (“BE VI”), Bridgepoint’s middle-market strategy, since 2021 following additional investment. Both funds will retain a significant minority stake in the business going forward.

Christopher Bley and Johan Dahlfors, Partners and Co-Heads of the Nordics at Bridgepoint, said:

“We are proud to have been part of the remarkable growth and transformation that Vitamin Well has achieved, with revenue increasing twelvefold during our partnership, and the company expanding from 50 employees in 2016 to 500 employees today. The Vitamin Well management team and the broader organisation are exceptionally strong and highly motivated, and we have strong conviction in the company’s ability to sustain its growth momentum. We look forward to continuing to work with Vitamin Well and welcome Cinven as a new partner to help support the continued global expansion.”

Jonas Pettersson, CEO and Co-Founder at Vitamin Well, said:

“With Bridgepoint as a partner, we have strengthened our presence in our core market, the Nordic region, and expanded our international presence. We look forward to continuing our journey with both Bridgepoint and Cinven as we further expand our presence globally. With their continued support, we are confident in our ability to innovate, grow and develop, bringing our premium products to even more health-conscious consumers around the world.”

Pontus Pettersson, Partner and Head of the Nordic regional team at Cinven, commented:

“We are delighted to partner with co-founder Jonas Pettersson, the management team and Bridgepoint to support Vitamin Well in its next stage of growth. This is an exciting time for the business – while it has achieved a huge amount in its first 15 years, we think its journey has just begun. Cinven has significant experience investing in both the Consumer sector and the Nordic region, including backing leading businesses to expand internationally, and we believe that we can use this knowledge to support the management team to effectively deliver and achieve their ambitious targets.”

The transaction is subject to customary conditions and regulatory approvals. It is expected to complete in the second half of 2024.

Bridgepoint was advised by Jefferies (M&A), Vinge (Legal), McKinsey (Commercial), PwC (Financial and Tax).

Bridgepoint is one of the world’s leading quoted private asset growth investors, specialising in private equity, infrastructure and private credit.

With over €67bn of assets under management and a strong local presence in Europe, North America and Asia, we combine global scale with local market insight and sector expertise, consistently delivering strong returns through cycles.

Bridgepoint Advisers Limited, a subsidiary of Bridgepoint Group plc, is authorised and regulated by the Financial Conduct Authority.

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CBPE completes sale of Perspective

CBPE

CBPE is pleased to announce that it has completed on the sale of Perspective to Charlesbank, a US middle-market private equity firm, generating a return of 5.4x MoC for Fund IX.

CBPE is pleased to announce that it has completed on the sale of Perspective Financial Group Limited (“Perspective”) to US middle-market private equity firm Charlesbank Capital Partners LLC (“Charlesbank”).

During CBPE’s investment the business has grown significantly from £2.6bn to £8.0bn of assets under management through a focused buy-and-build investment strategy, supported by strong organic growth. Perspective has completed or exchanged on 54 acquisitions since CBPE invested. These have been fully integrated into the group, ensuring consistently high standards of advice whilst enabling all acquisitions to benefit from the significant investments that have been made in central support functions and technology.

The transaction completed on 8 May 2024 following regulatory approval from the FCA. The sale to Charlesbank represents a money multiple of 5.4x CBPE’s original investment in Perspective.

This exit marks the sixth realisation for CBPE’s 2016 vintage Fund IX with a weighted average return across these six exits of 5.1x MoC.

 

We have been delighted to partner with a strong management team at Perspective. The business has developed and grown significantly in its first round of institutional investment, whilst sticking to founding principles, which is exactly the type of journey CBPE looks to support. We take immense pride in what we have achieved together and wish the team the best of luck in the exciting next stage with Charlesbank.

Richard Thompson, Partner
CBPE

 

CBPE’s investment in Perspective was led by Richard Thompson and Harry Hewlett with support from Rachel Milton.

CBPE were advised by: Houlihan Lokey (Corporate Finance), Mayer Brown (Legal), Deloitte (financial, operational and tax diligence), LEK (commercial diligence), Thistle Initiatives (regulatory diligence) and Crosslake (IT).

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greytHR Secures its Largest Investment in Series F Funding from Apax Digital Funds

Apax

greytHR, a full-suite HRMS provider, announced that it has secured a strategic investment from Apax Digital Fund II (“the Apax Digital Funds”), advised by Apax, a leading global private equity advisory firm. The company will use the funds to leverage the significant growth opportunities in the cloud-based HR software market.

greytHR offers 40+ tools for automating HR, payroll, leave & attendance, and performance management, along with an employee self-service portal and mobile app. Serving over 23,000 customers in 25+ countries, it is a comprehensive HR ecosystem featuring HR professionals, experts, and chartered accountants. greytHR’s customer-centric services include a community, training academy, compliance website, resources, webinars, and an award-winning podcast series.

The investment will enable greytHR to further enhance its product portfolio, including adding more strategic HR modules focused on recruitment and talent management, as well as support the company in accelerating growth and expanding into new customer segments, cementing its position as a market leader.

“We’re excited to welcome Apax as part of our growth journey, marking a significant milestone for greytHR. We’re also deeply grateful to MegaDelta and Blume for their support and belief in our vision from the early days of greytHR. As outgoing board members and partners, the spirit of collaboration with Bala, Tarun, Ruchir, Kapel and Karthik is highly appreciated and will be truly missed. In the next chapter of our journey, we look forward to scaling new heights with the backing of Apax and our continuing shareholders Info Edge and GMO. Moreover, we wouldn’t be where we are today without the support of our customers, resellers, affiliates, and the entire greytHR community.” said Girish Rowjee, Co-founder & CEO of greytHR.

“This funding accelerates our plans to enhance customer experience and our R&D efforts by upskilling our employees and expanding our business. In fact, we have already started adding and building out AI-enabled modules and other value-added services to help our customers optimize their investment in greytHR.” added Sayeed Anjum, Co-founder & CTO of greytHR.

Mark Beith, Partner and Shashwat Shukla, Vice President at Apax Digital commented: “Small and mid-sized companies are pillars of the economy but have been underserved by legacy payroll and HCM solutions. greytHR enables businesses to save time and money by moving from complex and error-prone manual work to an automated and accurate next-gen solution with a mobile-first interface that delights employees. Drawing on our experience in the sector from previous Apax Fund investments, such as Paycor and Zellis, and having tracked the company for over two years, we are thrilled to partner with Girish, Sayeed and their team to take greytHR to new peaks.”

Anurag Sud, Managing Director at Apax, added: “greytHR represents the third investment by the Apax Funds, after Azentio and IBS Software, in the Indian software sector. The investment in greytHR is a classic example of the high-quality technology businesses the Apax Funds look to back in India.”

“At my previous firm, MegaDelta Capital, we took an unconventional view in backing greytHR, betting on Girish and Sayeed’s bold vision to disrupt India’s vast and underserved mid-sized companies with cloud-native HR solutions. Under their exceptional leadership, the company has executed with remarkable efficiency, becoming India’s undisputed market leader. As a long-standing board member, I am grateful for the privilege of being their partner on this journey. Now as greytHR embarks on its next exciting phase with Apax, I wish the team continued success and a spectacular journey ahead, filled with stellar achievements.” stated Tarun Sharma, outgoing Board member.

Bala Deshpande, Managing Director at MegaDelta added: “MegaDelta identified the potential of Indian SaaS at the right time and partnered with greytHR among others. The entrepreneurs Girish and Sayeed have a unique blend of great tech skills and a deep understanding of the Indian market which proved to be a winning edge for investors. We at MegaDelta used our experience of scaling disruptive companies to the fullest in greytHR. Overall, a wonderful journey and investment.”

Karthik Reddy, Co-founder and Managing Partner at Blume Ventures added, “We are very happy for Girish, Sayeed and the entire greytHR team. Finding a deep believer and strategic partner in a world class firm like Apax is a testament to the solid foundation of the business, that’s primed for substantial growth. As their first investor, we enjoyed the gritty build out over a decade of partnership, and would’ve loved to partner for many more years if not for fund life limits. We are grateful for being partners in their journey and the handsome returns for Blume investors.”

As part of the transaction, Mark Beith and Shashwat Shukla will join greytHR’s board of directors. The transaction is expected to close in Q3 2024 subject to customary closing conditions.

Ambit acted as the exclusive financial advisor to greytHR.

Global media contact

Katarina Sallerfors

t: +44 20 7872 6300

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TP Tuned and Vortex form strategic partnership to drive next phase of growth

Vortex

msterdam, 5 august 2024 – TP Tuned, a boutique specializing in transfer pricing automation based in Amsterdam, has entered into a partnership with the investment firm Vortex Capital Partners. Vortex will support TP Tuned’s ambition to become the leading provider of transfer pricing documentation services and software. Vortex will assist in expanding the company’s offerings across global markets.

 

TP Tuned was established in 2015 to address the need of large multinationals for a more efficient approach to transfer pricing, with a particular focus on automating transfer pricing documentation. Transfer pricing regulations aim to ensure that multinationals report a fair amount of profits in the countries where they operate. To evidence that profits are allocated fairly, multinationals are required to prepare complex annual documentation, involving significant time and costs.

 

TP Tuned enables the automated preparation of complete, consistent, and locally compliant transfer pricing documentation. The company with its 20 team members serves many multinationals around the globe, including companies such as TomTom, Stahl, Avnet, Ravago and Stanley Black & Decker. Together with Vortex, which will become a majority shareholder alongside management, the company plans to invest significantly in expanding its business internationally—both organically and potentially through new acquisitions. Additionally, TP Tuned aims to continue enhancing its proprietary software with additional functionalities.

 

Lennart van den Kommer, CEO of TP Tuned, is enthusiastic about the partnership: “TP Tuned has a proven offering and a loyal customer base. Together with Vortex, we can serve more clients in additional countries and expand our software offering. Vortex brings extensive experience and expertise that will support our growth. I am excited to collaborate with the Vortex team and look forward to this next phase of growth.”

 

Evert Jan de Groot, Managing Partner at Vortex, is excited about the collaboration: “The proprietary software, combined with TP Tuned’s deep knowledge of transfer pricing, makes the company both relevant and appealing. Over the years, TP Tuned has proven to be a valuable partner for its international clients. We are eager to collaborate with the TP Tuned team to support their continued growth in the coming years. Our strategy is to leverage this partnership to drive innovation and broaden our international presence, ensuring that TP Tuned remains at the forefront of the industry.”

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AURELIUS portfolio company Minova strengthens presence in Latin America through acquisition of Itabolt

Aurelius Capital

New York/London/Luxembourg, August 5, 2024 – Minova, an AURELIUS Private Equity portfolio company, has acquired Itabolt in Brazil, a family-owned manufacturer of special roof support bolts for underground mining founded in 1970. The acquisition further strengthens Minova’s presence in Latin America and will allow the company to expand its share of emerging global metals markets in Brazil, Peru, Colombia and Chile.

Itabolt offers an almost complete high-quality product portfolio, a large area for expansion on its site, and a strong reputation in the local market. The ability of its engineers to develop bespoke products according to customers’ requirements will complement Minova´s offering and provide a competitive advantage in the regional market.

“The acquisition of Itabolt not only allows us to strengthen our activities in the important Latin American market with a local production footprint, but also significantly enhances our capabilities within the Metals segment. Supported by AURELIUS, we aim to further expand in the region and look forward to welcoming Itabolt into the Minova family”, commented Ryan Kerr, CEO of Minova.

Since being backed by AURELIUS, Minova has grown and expanded, successfully integrating the Spain-based steel ground support manufacturing company Bulteck in 2023. With the support of AURELIUS Operations Advisory, the company continues to focus on the Metals, Non-Metals and Infrastructure segments.

“Minova is on an exciting growth trajectory. Itabolt marks the first add-on acquisition in Latin America, and together with Minova´s existing sales offices in Chile & Mexico this will accelerate the expansion in the region. The recent opening of an AURELIUS office in New York means that expertise located in the Americas is available if needed. Going forward, Minova will continue its efforts to assess further M&A potential”, commented Andrzej Cebrat, Managing Director at AURELIUS European Opportunities IV.

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Equistone invests in loss adjusting and claims solutions group QuestGates

Equistone

Equistone Partners Europe (“Equistone”), one of Europe’s most active mid-market private equity investors, today announces its investment in QuestGates, the UK’s largest independent provider of complex loss adjusting and claims solutions.

QuestGates is headquartered in Birmingham and operates out of 12 offices across the UK and Ireland. Founded in 2003, the company has evolved over the past two decades from a niche loss adjusting provider into a professional services business providing multi-disciplinary loss adjusting, claims handling, surveying, engineering and legal services. QuestGates employs c.500 people and generated revenues of £41 million in the 2023/24 financial year.

QuestGates’ management team, led by CEO Chris Hall, will continue to lead the company and, alongside the wider team of QuestGates employees, remain majority shareholders in the business. Equistone’s significant minority investment in the company will support the continued delivery of QuestGates’ existing growth strategy. This will comprise both organic growth initiatives, such as further diversification into wider specialist claims services and development of the company’s proprietary suite of technology products, as well as continued acquisitive growth, building on the 18 M&A deals completed by QuestGates since 2003.

Equistone has invested over €1bn in 14 financial services businesses across Europe, with extensive experience across asset-light service-provider models. Dominic Geer and Tristan Manuel will join the board of QuestGates, complementing the management team’s expertise within the loss adjusting industry.

Tristan Manuel, Director at Equistone, said: “We are delighted to be partnering with Chris and his team to support the next chapter in QuestGates’ growth. The company has a highly experienced leadership team with strong networks and also boasts a track record of long-term organic growth and successful M&A activity. That combination presents a fantastic opportunity for Equistone to help QuestGates continue to evolve its service offering, grow its client base and consolidate a fragmented market.”

Dominic Geer, Senior Partner at Equistone, said: “Equistone has invested widely across the financial services sector and, in a complex market where subject-matter specialism is a real differentiator, we can offer the benefit of this experience to the companies we back. Insurance is a particularly attractive market currently. The non-cyclical nature of claims volumes, from which loss adjusting revenues are derived, means that businesses like QuestGates are resilient to the kind of economic and geopolitical shocks which currently face every business.”

Chris Hall, Chief Executive Officer of QuestGates, said: “Over the 20 years since incorporation, QuestGates has grown to be a leader in the UK loss adjusting and claims sector. We undertook an extensive review to identify a partner who could provide the capital and support that would allow us to maintain our growth and continue investing in innovation and service quality. With its long-term approach, track record of supporting UK financial services businesses and cultural alignment around our focus on our customers and staff, Equistone is the right fit as the partner to support the next phase of our development.”

Completion of the transaction is subject to the customary regulatory approvals. Dominic Geer, Tristan Manuel, Taha Hasan and Steve O’Hare led the transaction on Equistone’s behalf. Equistone was advised by Hines Associates, Deloitte, PwC and DLA Piper.

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Mallinckrodt Reaches Agreement to Sell Therakos Business to CVC

CVC Capital Partners

DUBLIN and LUXEMBOURG – August 5, 2024 – Mallinckrodt plc (“Mallinckrodt” or the “Company”), a global specialty pharmaceutical company, and CVC Capital Partners (“CVC”), one of the world’s leading investment firms, today announced that they have entered into a definitive agreement1 under which CVC Capital Partners Fund IX will acquire the Company’s Therakos business for a purchase price of $925 million, subject to customary adjustments.

Therakos is a fully integrated extracorporeal photopheresis (ECP) delivery system for autologous immunomodulatory therapy. With approvals for use in the U.S., Canada, Europe, Japan, Australia and Latin America, it is the platform-of-choice among healthcare providers and patients to treat a range of immune-related diseases. CVC has deep expertise in healthcare and a global portfolio of life sciences businesses spanning pharma, med-tech and healthcare services. The firm intends to make additional investments in the continued research, development, indication expansion and geographic expansion of Therakos.

Under the terms of the agreement, key employees who work on Therakos will transition with the business and continue supporting the product and its stakeholders.

Quotes

We see significant opportunities ahead to expand Therakos’ indications, enter new geographies and bring this innovative treatment to more patients around the world.

Cathrin Petty and Phil RobinsonCVC’s Healthcare Team

On behalf of CVC’s Healthcare team, Cathrin Petty and Phil Robinson said, “We see significant opportunities ahead to expand Therakos’ indications, enter new geographies and bring this innovative treatment to more patients around the world. We look forward to working closely with the talented Therakos team and adding this best-in-class ECP system with an unparalleled efficacy, safety and tolerability profile to our portfolio of healthcare businesses.”

“Today’s announcement underscores our commitment to executing on our strategic priorities and creating value for our stakeholders,” said Siggi Olafsson, President and Chief Executive Officer of Mallinckrodt.

“This transaction provides the Therakos business with an ideal partner to invest in its continued growth, and we look forward to closely working with CVC to transition Therakos for the benefit of patients, healthcare providers, partners and employees. I thank the Therakos team for their ongoing commitment and dedication to improving the lives of patients.”

Mallinckrodt intends to use net proceeds from the transaction to reduce its net debt by more than 50%. The transaction is expected to close in the fourth quarter of 2024, subject to regulatory approvals and other customary closing conditions.

Advisors
Lazard is serving as Mallinckrodt’s financial advisor, and Wachtell, Lipton, Rosen & Katz is serving as primary legal counsel, with Arthur Cox serving as counsel in Ireland and A&O Shearman serving as counsel in other international geographies.

UBS is serving as CVC’s financial advisor, together with Freshfields Bruckhaus Deringer (legal counsel), PWC (financial) and Candesic (commercial).

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Quantum Capital Group to Acquire Cogentrix from Carlyle for $3 Billion

Carlyle

Cogentrix Platform Consists of 11 Natural Gas-Fired Power Plants, Comprising 5.3 Gigawatts of Efficient and Reliable Capacity Across Key U.S. Markets

 

HOUSTON – August 5, 2024 – Quantum Capital Group and its affiliates (“Quantum”) today announced that it has entered into an agreement to acquire Cogentrix Energy (“Cogentrix” or the “Company”), a premier U.S. independent power producer, from funds managed by Carlyle (NASDAQ: CG) for a total consideration of approximately $3 billion. The Cogentrix platform is comprised of 5.3 gigawatts of efficient and flexible natural gas-fired power plants, located throughout PJM, ERCOT, and ISO-NE, which support the reliability, resiliency, and affordability of the U.S. electricity market.

Headquartered in Charlotte, North Carolina, Cogentrix has a multi-decade track record of successfully acquiring, developing, constructing, operating, and optimizing conventional and renewable power generation assets throughout the U.S. Following transaction close, the Company will continue to be led by current CEO John Ragan and the existing Cogentrix management team.

“We are at a critical juncture in the evolution of the domestic power market. Electricity demand is rapidly increasing thanks to explosive growth in data centers and AI, the reshoring of manufacturing, and the electrification-of-everything,” said Wil VanLoh, Founder and CEO of Quantum. “This growth is occurring at the same time our grid is becoming more unstable with additions of intermittent renewable power and continued retirements of coal-fired generation. Now more than ever, we need reliable and efficient power infrastructure. This is what the Cogentrix assets provide.”

Michael MacDougall, Partner at Quantum, said: “We are thrilled to partner with the Cogentrix team. Having stewarded more than 18 gigawatts of assets over its 40+ year history, the Company is a proven leader in building, managing, and optimizing power generation assets of all technology types. We expect to meaningfully grow the Cogentrix platform, with a focus on gas-fired power generation, renewables, and battery storage. Our goal is to deliver clean, reliable, and affordable power to customers.”

Matt O’Connor, a Partner within Carlyle’s Global Infrastructure team, added: “This is a win-win transaction for everyone involved as Cogentrix begins its next chapter of growth with Quantum. We are proud of the significant transformation Cogentrix has achieved under our ownership. We wish John and his team continued success as they expand their platform and seize numerous opportunities in the rapidly evolving U.S. power sector.”

“We are pleased to have supported Cogentrix’s efforts to establish decarbonization objectives for its fleet of natural gas-fired power generation assets while continuing to support grid reliability, a critical balance required to effectuate the energy transition,” said Pooja Goyal, CIO of Global Infrastructure at Carlyle. “This successful transaction is a testament to the deep sector expertise of our energy and infrastructure platform at Carlyle. We look forward to continuing our investment activities in this rapidly growing area, including partnering with our management teams on growth opportunities and deploying capital in new investments.”

“We are grateful for Carlyle’s partnership, which has provided us with the tools and capabilities to capture a growing opportunity set within the U.S. power market,” said John Ragan, CEO of Cogentrix. “As we look to the future, we are confident Quantum’s deep knowledge of the energy markets, successful track record of business building, and risk management capabilities will drive significant long-term value for our customers, employees, investors, and other stakeholders.”

Guggenheim served as Quantum’s financial advisor while King & Spalding and Vinson & Elkins provided legal advice to Quantum. Lazard served as Carlyle’s financial advisor and Latham & Watkins as legal advisor.

The transaction is subject to customary regulatory approvals and is expected to close between the fourth quarter of 2024 and the first quarter of 2025.

 

About Quantum Capital Group

Founded in 1998, Quantum is a leading provider of private equity, credit, and venture capital to the global energy and energy transition industry, having managed together with its affiliates more than $27 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumcap.com.

 

About Cogentrix

Founded in 1983, Cogentrix is a leading independent power producer with a long track record of successfully acquiring, developing, constructing, operating and improving power generation assets across the United States. Further information is available at www.cogentrix.com.

 

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.

 

Contacts

Quantum Capital Group

Kate Thompson / Erik Carlson / Madeline Jones

Joele Frank, Wilkinson Brimmer Katcher

212-355-4449

 

Carlyle

Brittany Berliner

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Brittany.Berliner@carlyle.com

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