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KKR Appoints General David Petraeus as Chairman of the Middle East and Establishes Dedicated Investment Team in the Region

KKR

Expansion builds on 16-year local presence and several investments in the region

NEW YORK & RIYADH, Saudi Arabia & DUBAI, United Arab Emirates–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that it is expanding its presence in the Middle East including the appointment of General David Petraeus (US Army, Ret.) as Chairman of KKR Middle East and the establishment of a dedicated investment team in the region led by Julian Barratt-Due, a Managing Director at KKR. These appointments build on KKR’s ongoing strategic commitment to the region, including having local offices since 2009 and deploying capital directly since 2019.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250413402703/en/

General David Petraeus (US Army, Ret.), Partner and Chairman of the KKR Global Institute and Chairman of KKR Middle EastGeneral David Petraeus (US Army, Ret.), Partner and Chairman of the KKR Global Institute and Chairman of KKR Middle East

General Petraeus, former CIA Director and former Commander of US Central Command, is a Partner at KKR and Chairman of the KKR Global Institute, which assesses geopolitical issues and supports international growth, as well as a Board Director and strategic advisor to KKR portfolio companies and the Kissinger Fellow at Yale University’s Jackson School of Global Affairs. In his expanded role, General Petraeus will leverage his extensive Middle East knowledge and stakeholder relationships to strengthen KKR’s presence and partnerships in the region.

Julian Barratt-Due, who joined KKR in 2016, has been instrumental in a broad range of infrastructure investments, including the recent agreement to invest into Gulf Data Hub, a major independent data center platform in the Middle East with an owned portfolio of seven purpose-built and state-of-the art data centers in the UAE and Saudi Arabia, and additional facilities planned in Kuwait, Qatar, Bahrain and Oman. Julian will lead the new regional investment team to identify investment and partnership opportunities in the region, with a focus on the Gulf Cooperation Council (GCC) countries.

Building on 16 years in the region, KKR has also strengthened and grown its Global Client Solutions team based across KKR’s offices in the UAE and Saudi Arabia, with Directors Patricia Bandeira Vieira and Michael de Freitas moving to the region last year to focus on strategic partnerships and client engagement across the Middle East.

Joe Bae and Scott Nuttall, Co-CEOs of KKR, commented: “We view the Middle East as an increasingly important destination for investment, with structural reforms, pro-investment policies, and favorable demographic trends accelerating economic growth. With General Petraeus’ unparalleled insight into the region’s strategic and economic landscape, and Julian’s expertise in optimizing and growing businesses, we believe KKR can be a valuable partner for clients and companies across the Middle East.”

General Petraeus served over 37 years in the U.S. military, concluding his career with six consecutive commands as a general officer, including command of the Surge in Iraq, U.S. Central Command and coalition forces in Afghanistan. After retiring, he was confirmed by the Senate as Director of the CIA (Agency) with a vote of 94-0, leading the Agency as it achieved significant milestones in the global war on terror, the establishment of important Agency digital initiatives, and significant investments in the Agency’s human capital. General Petraeus also earned a Ph.D. from Princeton University in a combination of international relations and economics.

General David Petraeus (US Army, Ret.), Partner and Chairman of the KKR Global Institute and Chairman of KKR Middle East, said: “The Middle East is emerging as a leading investment powerhouse with a clear vision, impressive innovation, strong fiscal position, and increasingly partnership-orientated private sector and governments. We see growing opportunities for KKR to partner with leading domestic businesses, bringing differentiated expertise to deliver value while supporting governments’ strategic economic goals. It will be a pleasure to be spending considerable time in the Middle East, and to help build on regional momentum and contribute to its growing global presence.”

Julian Barratt-Due, Managing Director at KKR, added: “The Middle East represents a compelling investment destination driven by the size and growth of the economy, favorable demographic trends, and a stable currency and jurisdictional climate. As the region’s economy is diversifying and foreign direct investment flows are increasing, we are excited to invest long-term capital and be a partner to businesses and our stakeholders to drive economic growth and value creation aligned with the region’s strategic objectives.”

In addition to the strategic partnership with Gulf Data Hub, KKR’s prior investments in the region include a strategic partnership with ADNOC in 2019 to create ADNOC Oil Pipelines, which marked the first midstream infrastructure collaboration between a leading global institutional investor and a national oil company in the Middle East. KKR also acquired a portfolio of commercial aircraft from Etihad Airways in 2020 through aircraft leasing investment platform Altitude Aircraft Leasing, which was established by KKR’s credit and infrastructure funds in 2018 to acquire aircraft serviced by Altavair.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media contacts
Annabel Arthur, KKR
+44 7554 919 491
Annabel.Arthur@kkr.com

Source: KKR

 

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Categories: People

Bain Capital reaches agreement with Ageas to sell esure and establish a top-3 UK personal lines platform

BainCapital

Ageas and Bain Capital agree to a c. €1.510 billion cash transaction for esure
Ageas/esure combination creates multi-channel motor and home insurer with broad customer appeal across the UK

LONDON – April, 14, 2025 – Bain Capital today announced that it has reached an agreement with Ageas to sell esure, a leading digital personal lines insurer with strong positioning on price comparison websites (PCW) in the UK. The proposed transaction is fully aligned with Ageas’s strategic priorities for M&A in Europe under Elevate27. It increases Ageas’s European markets presence through the acquisition of a controlled entity, reinforces its positioning in the UK, generates shareholder value from the realization of synergies and enhances the cash generation of the Group.

The combination of Ageas UK and esure will create the third largest UK personal lines platform with a balanced and diversified distribution spanning Direct, PCW, brokers and partnerships. The acquisition of esure will enable Ageas UK to accelerate the diversification of its distribution strategy into the important PCW channel in the UK market. Its underwriting footprint will widen Ageas UK’s target customer demographics and enable growth to a top-line of £3.25 billion (€3.8 billion) by 2028.

Ageas UK has established itself as an accomplished insurer over the past four years by focusing on profitable growth solely in the personal lines business with a specialism in broker distribution, outstanding technical insurance skills and technology, and successfully delivering insurance solutions for its distribution partners and over four million customers.

esure is a leading UK personal lines insurer with a fully digital distribution model through the PCW channel and three popular brands – esure, Sheilas’ Wheels and First Alternative. In 2024, esure had more than 2.1 million policies and GWP of over £1 billion (€ 1.2 billion).

The acquisition of esure creates significant potential for operational synergies and capital benefits to be realized in the medium term. We expect economies of scale in our UK personal lines portfolio and the accelerated implementation of the EIS IT platform, including esure’s complementary claims module, to drive operational efficiencies and cost avoidance for Ageas UK. Continued focus on technology, data and AI is expected to create further competitive advantages. In addition, capital benefits from enhanced diversification and the inclusion of esure in Ageas’s partial internal model are expected to emerge over time.

Under the terms of the transaction, Ageas will pay Bain Capital a cash consideration of £1.295 billion (€ 1.510 billion) for esure, respecting a Solvency II target ratio of 150 percent as at year-end 2024.  The Group’s capital position will remain robust with Solvency II ratio expected to decrease by approximately only 10pp thanks to the inclusion of around €1 billion of Own Funds instruments in the financing mix.

The transaction will be financed through a combination of surplus cash and newly issued senior and hybrid debt and/or equity within the existing authorizations and subject to market conditions. A fully underwritten 2-year bridge facility is provided by BofA Securities and Deutsche Bank Luxembourg S.A..

The integration of Ageas UK and esure is anticipated to be completed, in all material respects, during the Elevate27 strategic cycle. Entering the next strategic period, we project that the transaction will generate a full cost saving potential in excess of  100 million (c. €115 million) per annum, before tax. On a run-rate basis, this transaction is expected to generate an unlevered return on investment of over 12 percent for Ageas and an uplift in the Return on Equity of more than 1pp. It will become Holding Free Cash Flow accretive per share of c. 10 percent as from 2028.

The completion of the transaction is expected to occur in 2H 2025 and remains subject to regulatory approvals.

Luca Bassi, Partner at Bain Capital, said: “We are pleased to have supported esure through its transformation and growth journey. During our ownership, esure has built the leading tech platform in UK insurance and their highly efficient operations have set a new standard for the industry. This transaction is a testament to esure’s strong market position and the state-of-the-art technology platform built under Bain Capital’s tenure, with the business now at record levels of profitability. We are confident that Ageas is the right partner to continue this legacy of success and innovation.”

Commenting on the agreement, Hans De Cuyper, Ageas Group CEO, said: “We are delighted to have reached an agreement to acquire esure. In recent years, Ageas has experienced significant growth in the UK, making it an increasingly important part of the Group. This transaction will allow us to offer competitive value propositions to a wider customer profile via a multi-channel distribution model, positioning Ageas UK as one of the top three personal lines insurers. Acquiring esure also supports our strategic ambitions of re-balancing our Group profile towards businesses with high cash conversion. We remain, of course, committed to our Elevate27 financial objectives, including our commitment to a progressive dividend policy, and will observe the full synergies of this transaction in the forthcoming strategic period.”

Ant Middle, Ageas UK CEO, said: “esure is a significant addition to the Ageas UK business and aligns perfectly with our growth strategy. As demand for motor and home insurance grows, Ageas will be perfectly positioned to gain market share and become the insurer of choice for our existing and new customers. The combined Ageas and esure franchise will benefit from an outstanding customer offering, through market leading technology and prominent brands, that will drive our expansion into new customer demographics. Under Elevate27, we want to continue to grow our broker and partnerships personal lines business in the UK, and esure will help us to rapidly expand our direct distribution, our customer reach, and our scale overall. esure’s technical capabilities will match Ageas UK’s and will enable us to develop our well-balanced business at greater pace and serve a wider range of customers. We’re really excited for the potential this brings our UK business and wider Group.”

David McMillan, esure Group CEO, said: “This transaction brings together two highly complementary businesses and creates an even stronger platform for continued innovation, growth and excellent delivery for our customers. Combining Ageas’s scale, financial strength and excellent broker relationships with esure’s strong retail brands, market-leading data capabilities and strength on PCWs, alongside a shared technology platform, will enhance our combined ability to invest in our customer proposition and open up new opportunities for growth. I am deeply proud of what the esure team has achieved to date. We look forward to working alongside the Ageas team to build the UK’s leading personal lines insurer.”

BofA Securities is acting as financial adviser and Allen Overy Sherman Sterling LLP is acting as legal counsel to Ageas in relation to the transaction

Fenchurch Advisory Partners LLP and Goldman Sachs International served as financial advisers to Bain Capital and esure. Weil, Gotshal & Manges (London) LLP served as legal adviser and Norton Rose Fulbright LLP served as regulatory adviser to Bain Capital and esure.

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About Bain Capital:

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. The firm has a significant history in Europe, starting with the establishment of a London office in 2000 and expanding to include other European locations, with a focus on private equity, credit and special situations investments. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About esure Group:

esure Group is one of the UK’s leading providers of Motor and Home insurance products through the esure, Sheilas’ Wheels and First Alternative brands. Founded in 2000, esure Group has the scale, heritage and expertise capable of inspiring the trust and confidence of their 2.1m customers, combined with the entrepreneurial mindset and agility of an insurtech. esure Group is focused on using their market-leading technology platform, insights and data, alongside fantastic customer service, to deliver more personalized experiences that meet the evolving needs and expectations of customers.

About Ageas:

Ageas is a listed international insurance Group with a heritage spanning of 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow, and is also engaged in reinsurance activities. As one of Europe’s larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 50,000 people and reported annual inflows of EUR 18.5 billion in 2024.

For analysts:

An analyst meeting regarding this transaction will be held on Monday, April 14, 2025, from 10:00 to 11:00 am CET (9:00 to 10:00 am UKT). The Teams call can be accessed using the following link: https://ageas.com/en/esure-2025

Note to editors:

To support its expansion, in 2024 Ageas UK announced a partnership with Saga, growing its offering to the over-50s segment, which is strategically in line with Ageas’s focus on an ageing population.

 

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Apollo Funds Commit up to $400 Million for New Commercial Solar Partnership with Summit Ridge Energy

Apollo logo

NEW YORK and ARLINGTON, Va., April 11, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) and Summit Ridge Energy, LLC (“Summit Ridge Energy” or “Summit Ridge”), one of the nation’s leading commercial solar companies, today announced that Apollo-managed funds (the “Apollo Funds”) have committed up to $400 million for a new joint venture partnership with Summit Ridge to jointly own and operate a portfolio of commercial solar assets across Illinois.

Summit Ridge Energy is one of the largest owner-operators of commercial solar assets in the United States, with over 2GW of solar projects operating and in development across Illinois, Maryland, Virginia, New York, Delaware, Pennsylvania and Maine, providing energy savings to more than 40,000 homes and businesses while contributing to American energy independence. In 2022, Apollo Funds previously made a $175 million strategic investment in Summit Ridge.

Apollo Partner Corinne Still said, “We are pleased to expand our relationship with Summit Ridge Energy and enter this new partnership, which we believe represents a compelling opportunity to invest in solar projects poised to contribute domestic power generation capacity to meet growing electricity demands for households and businesses alike. Apollo is committed to serving as a leading capital provider enabling the new industrial renaissance and is excited to continue our support of Summit Ridge’s mission to deliver a more secure, self-reliant energy future for communities across the country.”

“As we expand our footprint of solar assets, Summit Ridge Energy is advancing a more reliable and locally driven energy system—bolstering the U.S. electric grid while delivering savings to businesses and households and helping to create thousands of American jobs,” said Adam Kuehne, Chief Investment Officer of Summit Ridge Energy. “We’re proud to partner with the Apollo team as we continue driving the nation toward greater energy independence.”

Over the past five years, Apollo-managed funds and affiliates have committed, deployed or arranged approximately $58 billioni of climate and energy transition-related investments, supporting companies and projects across clean energy and infrastructure.

Orrick, Herrington & Sutcliffe LLP served as legal counsel to the Apollo Funds.

____________________
i As of December 31, 2024. The firmwide targets (the “Targets”) to deploy, commit, or arrange capital commensurate with Apollo’s proprietary Climate and Transition Investment Framework (the “CTIF”), are (1) $50 billion by 2027 and (2) more than $100 billion by 2030 The CTIF, which is subject to change at any time without notice, sets forth certain activities classified by Apollo as sustainable economic activities (“SEAs”), and the methodologies used to calculate contribution towards the Targets. Only investments determined to be currently contributing to an SEA in accordance with the CTIF are counted toward the Targets. Under the CTIF, Apollo uses different calculation methodologies for different types of investments in equity, debt and real estate. For additional details on the CTIF, please refer to our website here: https://www.apollo.com/strategies/asset-management/real-assets/sustainable-investing-platform.

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 credit to private 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 December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

About Summit Ridge Energy   

As the nation’s leading commercial solar company, Summit Ridge Energy merges financial innovation and industry-leading execution to deliver locally generated energy via a more resilient and secure electric grid. This has made Summit Ridge one of the fastest-growing energy companies in America, with over 2 GW of solar power operating and in development.

Since launching in 2017, Summit Ridge has raised over $5B in project capital to finance 200+ solar farms, providing energy savings to more than 40,000 homes and businesses while contributing to American energy independence. Learn more at srenergy.com and connect with us on LinkedIn.

Contacts

For Apollo:

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

For Summit Ridge Energy:

Media

347-723-7231

press@srenergy.com

Business Development

business@srenergy.com

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Stonepeak Completes Acquisition of ATSG

Stonepeak

WILMINGTON, Ohio — April 11, 2025 – Air Transport Services Group, Inc. (“ATSG”), a global leader in medium widebody freighter aircraft leasing, air transport operations, and support services, today announced the completion of its acquisition by Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, in an all-cash transaction with an enterprise valuation of approximately $3.1 billion.

“Today marks an important milestone in ATSG’s journey,” said Mike Berger, Chief Executive Officer of ATSG. “As a private company – and with Stonepeak’s support, as a leading investor in transportation, logistics, and asset leasing businesses – we are well-positioned to enhance our capabilities and sustain ATSG’s long term growth. I look forward to focusing on delivering value for our employees, customers, partners, communities, and other stakeholders. Our employees continue to demonstrate they are the best in the business across all ATSG companies. That, very simply, is what separates us from the rest.”

“ATSG has proven itself to be a leader in global aircraft leasing, with significant scale, strong customer relationships, and an incredibly talented team across all of its businesses,” said James Wyper, Senior Managing Director, Head of Transportation & Logistics, and Head of U.S. Private Equity at Stonepeak. “We look forward to partnering with Mike and the rest of the team to support ATSG in its next chapter as a private company.”

The transaction was announced on November 4, 2024, and received approval of ATSG’s stockholders on February 10, 2025. In accordance with the definitive merger agreement, holders of ATSG’s common shares will receive $22.50 per share in cash. With the completion of the acquisition, ATSG’s common shares have ceased trading and will no longer be listed on NASDAQ.

Goldman Sachs & Co. LLC acted as exclusive financial advisor to ATSG. Davis Polk & Wardwell LLP, Vorys, Sater, Seymour & Pease LLP and Silverberg Goldman LLP acted as legal counsel to ATSG. Evercore acted as financial advisor to Stonepeak. Simpson Thacher & Bartlett LLP and Hogan Lovells US LLP acted as legal counsel to Stonepeak.

About Air Transport Services Group

Air Transport Services Group (ATSG) is a premier provider of aircraft leasing and cargo and passenger air transportation solutions for both domestic and international air carriers, as well as companies seeking outsourced airlift services. ATSG is the global leader in freighter aircraft leasing with a fleet that includes Boeing 767, Airbus A321, and Airbus A330 converted freighters. ATSG’s unique Lease+Plus aircraft leasing opportunity draws upon a diverse portfolio of subsidiaries including three airlines holding separate and distinct U.S. FAA Part 121 Air Carrier certificates to provide air cargo lift, and passenger ACMI and charter services. Complementary services from ATSG’s other subsidiaries allow the integration of aircraft maintenance, airport ground services, and material handling equipment engineering and service. ATSG subsidiaries comprise ABX Air, Inc.; Airborne Global Solutions, Inc.; Airborne Maintenance and Engineering Services, Inc., including its subsidiary, Pemco World Air Services, Inc.; Air Transport International, Inc.; Cargo Aircraft Management, Inc.; LGSTX Services, Inc.; and Omni Air International, LLC. For further details, please visit www.atsginc.com.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $72 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

Contact:

ATSG

Quint O. Turner
Chief Financial Officer
Air Transport Services Group, Inc.
(937) 366-2303

Stonepeak

Kate Beers / Maya Brounstein
Corporate Communications
corporatecomms@stonepeak.com
(212) 907-5100

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John Kelleher joins CVC as a Managing Partner

CVC Capital Partners

CVC is pleased to announce the appointment of John Kelleher as a new Managing Partner. John will join in early Q3 2025 to focus on driving value creation across our portfolio and will be based in New York.

John brings a strong mix of private equity and operational leadership experience having spent over nine years at McKinsey & Company. Most recently he was a Senior Partner and Interim CEO/CXO in the firm’s special operations unit, McKinsey Transformation, where he led numerous corporate transformations across sectors such as technology, industrials, infrastructure and services. Prior to McKinsey, he was a senior member of the operating team at Brookfield Asset Management and he has also been CEO of private equity-backed companies, with a focus on strategic execution and value creation. Earlier, he was a co-founder and partner of a mid-market private equity firm and an investment banker at Goldman Sachs.

As part of our long-term succession planning, Jean-Remy Roussel, Managing Partner and Global Head of Operations, who started the CVC Operations team 17 years ago, will transition to Senior Adviser in H1 2026 and will continue to drive value through to exit in those portfolio companies where he remains a Board member. Jean-Remy will gradually transition his day-to-day responsibilities to John who will lead Global Operations going forward.

Rob Lucas, CEO of CVC, said: “On behalf of CVC, I’d like to thank Jean-Remy for his outstanding contributions over the last 17 years. In that time, Jean-Remy has been instrumental in building out our Operations capabilities and we wish him all the best for the future. Building on this strong foundation, we are delighted to welcome John to the team. His deep operational expertise and proven leadership in complex transformations will further strengthen our ability to support portfolio companies and deliver long-term value to our investors.”

Jean-Remy Roussel added: “Having been at CVC since 2008, the time feels right to step back from the Operations team and hand over the reins to John. I’m immensely proud of what we’ve built together over the years and I’m deeply grateful to my colleagues across the CVC Network for their support, collaboration and friendship. I can’t wait to see what the firm achieves in the future.”

John Kelleher said: “I am honoured to be joining CVC, an outstanding platform with an exceptional reputation. I look forward to working alongside the talented team to help drive growth and performance across the portfolio.”

Categories: People

Martyn Curragh Joins Warburg Pincus as Senior Advisor

Warburg Pincus logo

Former CFO and Head of Portfolio Strategy at PwC to Support Professional and Tech-Enabled Services Companies

NEW YORK, NY – April 10, 2025 — Warburg Pincus, the pioneer of private equity global growth investing, today announced the appointment of Martyn Curragh as a Senior Advisor working within the firm’s Technology and Services practice. In his role, Mr. Curragh will work with Warburg Pincus to identify, evaluate and support new investment opportunities and advise portfolio companies on strategic growth and value creation initiatives, with a focus on professional and tech-enabled services companies.

Martyn Curragh was Chief Financial Officer and Head of Portfolio Strategy at PwC, where he played a key role in optimizing revenue, profitability growth and evolving the firm’s investment processes and operating model to drive efficiencies. He successfully executed several significant business divestitures and led acquisitions focused on strategic growth. He previously led PwC’s U.S. Deals practice, driving significant revenue growth through broadening and enhancing capabilities and offerings to both private equity and corporate clients.

Warburg Pincus continues to be an active investor in professional and tech-enabled services, with a strong track record of investing in companies including Aztec Group, Specialist Risk Group, A-LIGN, Edelman Financial Engines, Ensemble Health Partners, Foundation Risk Partners, and Octus (formerly Reorg).

“We are thrilled to welcome Martyn Curragh to Warburg Pincus. Martyn is a transformative leader who has consistently demonstrated his ability to drive significant growth and innovation.  He will be a significant resource as we look to accelerate investment in professional and tech-enabled services businesses,” said Ash Somani, Managing Director, Head of San Francisco Office, Warburg Pincus. “We look forward to leveraging his expertise and insights in supporting our portfolio companies and exploring new areas of investing within professional and tech-enabled services. He will be a value-added advisor for our current and future portfolio companies as they continue their growth journeys,” added King Leung, Principal, Warburg Pincus.

“I am thrilled to join Warburg Pincus, a firm well-known for its extensive experience in services investing and uniquely focused on growth within its portfolio,” said Martyn Curragh. “It’s an incredible time to invest given the growing trends in generative AI-driven automation, accelerating outsourcing, and the continued need for sector-specific expertise. I look forward to partnering with management teams to help accelerate profitable growth and work with Warburg Pincus on new areas of investing within tech-enabled services.”

Mr. Curragh is a fellow of the Institute of Chartered Accountants in Ireland and received his undergraduate degree in economics from the Queen’s University of Belfast, Northern Ireland.

About Warburg Pincus

Warburg Pincus LLC is the pioneer of private equity global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $87 billion in assets under management, and more than 220 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

Contact

Sarah McGrath Bloom

Director, Communications

Sarah.bloom@warburgpincus.com

Categories: People

Carlyle closes acquisition of SNP Schneider-Neureither & Partner SE

Carlyle

Munich and Heidelberg, 10 April 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced the completion of its voluntary public cash takeover offer (the “Offer”) for all outstanding shares of SNP Schneider-Neureither & Partner SE (“SNP” or the “Company”), creating a strategic partnership in support of SNP’s long-term growth.

Founded in 1994 and based in Heidelberg, Germany, SNP is a leading global provider of software and consulting services for digital transformation, automated data migration and data management with a focus on the SAP ecosystem. It works with more than 3,000 global customers of all sizes and in all industries, including 20 of the DAX 40 and over 100 of the Fortune 500. SNP partners with 17 out of the Top 20 SAP System Integrators to enable SAP transformations and business agility. The company has more than 1,500 employees worldwide at over 35 locations in 20 countries.

Carlyle will aim to support SNP’s continued growth journey together with management to drive further international expansion, optimize its product strategy, and explore inorganic growth opportunities. Carlyle will leverage its longstanding track record of scaling software companies as well as its global network, deep sector expertise, and institutional scale.

Equity for the investment was provided by Carlyle Europe Partners V (CEP V), a €6.4bn fund investing in European opportunities across a range of sectors and industries.

Michael Wand, Head of Europe Private Equity at Carlyle, said: “We are pleased to have closed this transaction and we are excited to partner with SNP’s management team and its employees as part of the next phase of their growth journey. Leveraging Carlyle’s global platform and financial resources, we will actively support SNP’s further internationalization and investment into SNP’s next generation Kyano platform.”

The CEO of SNP, Jens Amail, said: “We are confident that Carlyle’s expertise, network and commitment will strengthen SNP and our value proposition for customers and partners. The SNP team looks forward to entering this next chapter with Carlyle as the right partner to support its future development and create sustainable value for all stakeholders.”

The deal marks the second public-to-private transaction executed by Carlyle in Germany in recent years, and highlights Carlyle’s strong local execution capabilities as one of the most active players in complex public-to-private transactions.

—

 

About Carlyle 

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Global Investment Solutions. With $441 billion of assets under management as of December 31, 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 2,300 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.

About SNP

SNP (ticker: SHF.DE) is the global technology platform leader and trusted partner for companies seeking unparalleled data-enabled transformation capabilities and business agility. SNP’s Kyano platform integrates all necessary capabilities and partner offerings to provide a comprehensive software-based experience in data migration and management. Combined with the BLUEFIELD approach, Kyano sets a comprehensive industry standard for restructuring and modernizing SAP-centric IT landscapes faster and more securely while harnessing data-driven innovations.

SNP works with more than 3,000 customers of all sizes and in all industries, including 20 of the DAX 40 and over 100 of the Fortune 500. The SNP Group has more than 1,500 employees worldwide at over 35 locations in 20 countries. The company is headquartered in Heidelberg, Germany, and generated revenues of EUR 255 million in the 2024 fiscal year.

Further information is available at www.snpgroup.com

Media Contacts

Carlyle

Nicholas Brown

nicholas.brown@carlyle.com

+44 7471 037 002

Or

FTI Consulting

Robert Labas

+49 175 601 2124

robert.labas@fticonsulting.com

Lutz Golsch

+49 173 6517 710

lutz.golsch@fticonsulting.com

SNP

Marcel Wiskow

Director lnvestor Relations

Tel.: +49 6221 6425-637

Email: marcel.wiskow@snpgroup.com

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Blackstone Real Estate to Acquire 6M SF Industrial Portfolio Developed by Crow Holdings for $718M

Blackstone

New York & Dallas – April 10, 2025 – Blackstone (NYSE: BX) and Crow Holdings, a leading real estate investment and development firm, today announced that Core+ funds affiliated with Blackstone Real Estate have agreed to acquire a 95 percent stake in an industrial portfolio developed by Crow Holdings for $718 million. Crow Holdings and its partners will retain 5 percent ownership. The portfolio consists of 25 Class A buildings totaling 6 million square feet and is predominantly located in high-barrier submarkets in Dallas and Houston, two of the top-performing U.S. logistics markets.

David Levine, Co-Head of Americas Acquisitions for Blackstone Real Estate, said: “This transaction is another example of Blackstone Real Estate deploying capital during this period of market volatility. We are thrilled to acquire this high-quality portfolio located in some of the best performing U.S. industrial markets. With limited vacancy and new construction starts down over 80% from the 2022 peak, logistics remains a high conviction theme for us; we are proud owners of more than $90 billion of warehouses in North America and nearly $170 billion in total around the world.”

Michael Levy, Chief Executive Officer at Crow Holdings, said: “We are excited about the opportunity to partner with Blackstone in this investment portfolio. Our company was founded by Trammell Crow when he built his first warehouse in Dallas in 1948 – a building that we still own today. We are extremely proud of our team for developing such a high-quality portfolio that attracted Blackstone, a global leader in the logistics industry, and we look forward to the partnership’s possibilities.”

The transaction is expected to close in the second quarter of 2025.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $315 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

About Crow Holdings
Crow Holdings is a privately held real estate firm founded in 1948 based in Dallas, Texas. The company’s business activities include a leading real estate development and investment platform, an expanding traditional and renewable energy business, and broader private equity investment capabilities. With 18 offices across the U.S., Crow Holdings’ local, on-the-ground presence amplifies its hands-on capabilities across a broad range of investment strategies and ventures in partnership with leading institutional and individual investors. The firm manages $33 billion in assets and investments across a diversified business and investment portfolio rooted in its founding principles of partnership, collaboration, and alignment of interests. For more information, please visit: www.crowholdings.com.

Contacts

Adam McGill
amcgill@crowholdings.com

Ruby Wald
Ruby.Wald@blackstone.com

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EQT, Hg and TA-owned IFS valued at EUR 15 billion in minority stake sale, following investment from Hg, ADIA and CPP Investments

eqt

IFS

  • Hg increases its stake in enterprise software provider IFS and becomes co-control shareholder alongside EQT, while existing minority shareholder TA Associates remains invested
  • New investors in this transaction include a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) and the Canada Pension Plan Investment Board (“CPP Investments”)
  • IFS continues to perform strongly, having recently surpassed EUR 1 billion in ARR while growing by more than 30% year-on-year

IFS, a leading provider of cloud enterprise software and Industrial AI applications, announces it has achieved a valuation of over EUR 15 billion following a significant pivot to AI-driven growth. The valuation comes as Hg increases its stake to become a co-control shareholder alongside EQT, with TA Associates (“TA”) remaining as minority shareholder. New minority shareholders also include a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) and the Canada Pension Plan Investment Board (“CPP Investments”). Hg and the new investors are acquiring shares in IFS from EQT, which is selling through its EQT VIII and EQT IX funds, as well as from TA and other minority investors.

The transaction follows many successful years of growth for IFS, delivering more than EUR 1 billion in ARR (“annual recurring revenue”) last year. Total revenue for 2024 was over EUR 1.2 billion, with some of the world’s largest industrial companies choosing IFS over legacy vendors. Demand for IFS’s industrial AI capabilities has increased significantly over the past 12 months as organizations across IFS’s focus industries of Aerospace & Defence, Engineering & Construction, Energy & Utilities, Manufacturing, Telco and Service, continue to realise the rapid and transformative value that IFS.ai delivers. IFS will continue to expand its capabilities with the industrial application of generative and agentic AI, so that customers can automate workflows, improve efficiency and deliver amazing moments of service to their own customers.

Over the past year, IFS added 350 new customers including Exelon who adopted IFS to streamline asset maintenance across its energy grid, Rolls-Royce who is using IFS to transform service delivery of its Power Systems business, and Total Energies who is deploying IFS as the single platform for management and servicing of its global operated asset portfolio. Moreover, an increasing number of large businesses are moving to IFS which is reflected in the average deal size of IFS’s largest customers increasing by 64% year-on-year.

Mark Moffat, CEO of IFS, said: “IFS’s success and sustained growth is centred around a commitment and track record of rapidly delivering business value to our customers. We have a differentiated proposition that continues to drive momentum in the industrial setting, specifically with the agentic and generative capabilities of IFS.ai, which enables us to be the technology of choice for the businesses that service, power and protect our planet.” Moffat continued: “The investment and continued commitment from Hg, EQT and TA will help IFS further accelerate our journey to be the undisputed category leader of Industrial Software.”

Johannes Reichel, Partner and Co-Head of Technology in the EQT Private Equity advisory team, added: “EQT’s relationship with IFS started in 2015 and it has been remarkable to see the company’s growth since then. Starting as a software vendor focused on Northern Europe, IFS has become a global provider of enterprise solutions while embracing the power of AI for the benefit of its industrial clients. It’s a prime example of EQT’s ability to “run with the winners”, where we partner with management teams over the long-term to scale regional players into global champions. We are excited to work alongside Hg to continue supporting IFS through this next phase.”

Nic Humphries, Senior Partner and Head of the Saturn funds at Hg, commented: “With 20 years’ experience investing in software, we recognise exceptional businesses when we see them. Our increased investment in IFS reflects our conviction in their long-term vision and strong execution, which enables their customers’ digital transformation.” Jonathan Wulkan, Partner at Hg, added: “Since our initial partnership in 2022 alongside EQT, Mark and the team have not only delivered impressive and consistent growth but have emerged as a global leader in Industrial AI – translating the promise of AI into practical solutions that drive efficiency and sustainability for essential industries, with significant potential for continued growth.”

Naveen Wadhera, Managing Director at TA, commented: “IFS’s exceptional leadership, strong execution, and transformative AI capabilities are redefining what’s possible in enterprise software. We remain confident in the company’s vision and are excited to be part of its continued journey.”

The transaction is subject to customary regulatory approvals and is expected to complete end of Q2 2025. IFS and selling shareholders were advised by Arma Partners and White & Case, EQT was also advised by Evercore, and Hg was advised by Morgan Stanley & Co. plc and Skadden.

Contact
EQT Press Office, press@eqtpartners.com

Hg
Tom Eckersley, tom.eckersley@hgcapital.com
Sam Ferris, sam.ferris@hgcapital.com

TA
Maggie Benoit, mbenoit@ta.com

IFS
EUROPE / MEA / APJ: Adam Gillbe, adam.gillbe@ifs.com
NORTH AMERICA / LATAM: Mairi Morgan, mairi.morgan@ifs.com

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About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 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 Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers. This industry is characterised by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come.

Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.

With a vast European network and strong presence across North America, Hg’s 400 employees and around $75 billion in funds under management support a portfolio of around 50 businesses, worth over $160 billion aggregate enterprise value, with around 115,000 employees, consistently growing revenues at more than 20% annually.

About TA
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and businesses services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has more than 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

About IFS
IFS is one of the world’s leading providers of Industrial AI and enterprise software for hardcore businesses that service, power, and protect our planet. Our technology enables businesses which manufacture goods, maintain complex assets, and manage service-focused operations to unlock the transformative power of Industrial AI™ to enhance productivity, efficiency, and sustainability.

IFS Cloud is a fully composable AI-powered platform, designed for ultimate flexibility and adaptability to our customers’ specific requirements and business evolution. It spans the needs of Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM), Supply Chain Management (SCM), and Field Service Management (FSM). IFS technology leverages AI, machine learning, real-time data and analytics to empower our customers to make informed strategic decisions and excel at their Moment of Service™.

IFS was founded in 1983 by five university friends who pitched a tent outside our first customer’s site to ensure they would be available 24/7 and the needs of the customer would come first. Since then, IFS has grown into a global leader with over 7,000 employees in 80 countries. Driven by those foundational values of agility, customer-centricity, and trust, IFS is recognized worldwide for delivering value and supporting strategic transformations. We are the most recommended supplier in our sector. Visit ifs.com to learn why.

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EQT to sell Karo Healthcare, a Leading Pan-European Consumer health Platform, to KKR

eqt

Karo Healthcare

  • Under EQT’s ownership, Karo has transformed from a Nordic specialty pharma business into a pan-European consumer healthcare platform, driven by strong organic growth, eight strategic acquisitions, and investment in digitalisation and in-house commercial capabilities
  • KKR will support Karo’s continued growth by leveraging its deep sector expertise, global network, and a long-term investment approach to drive innovation, internationalization, and further brand growth and acquisitions
  • Karo now operates a diversified portfolio of trusted consumer health brands with leadership positions in European markets and a scalable, digitally enabled platform

EQT and KKR today announced that EQT VIII fund (“EQT”) has agreed to sell Karo Healthcare (“Karo” or the “Company”) to KKR. The acquisition marks the next chapter for Karo, as it continues to accelerate its growth strategy under KKR’s ownership, building on its transformation into one of Europe’s leading consumer health platforms since EQT’s initial investment.

Karo is a leading pan-European consumer healthcare company headquartered in Stockholm, Sweden. The Company operates an attractive product portfolio spanning core categories such as Skin Health, Foot Health, and Intimate Health, as well as Digestive Health and Vitamins, Minerals & Supplements. During the past five years, Karo has scaled substantially, quadrupling in sales, building leading digital capabilities and establishing market presence to reach consumers in more than 90 countries with top brand positions across European markets.

Under EQT’s ownership since 2019, Karo has undergone a significant strategic repositioning, shifting from a specialty pharmaceutical company focused on the Nordics into becoming a pan-European pure-play consumer healthcare platform. During this time, with M&A having been a cornerstone of Karo’s growth strategy, Karo completed eight acquisitions from industry players which have enriched Karo’s portfolio, strengthened its presence in key markets, and accelerated its entry into new geographies.

Commenting on the transaction, Christoffer Lorenzen, CEO of Karo Healthcare, said: “We’re incredibly proud of what we’ve achieved in recent years and grateful to EQT for their partnership, which has been instrumental in helping us grow and evolve into the business we are today. With KKR as our new owner, we are entering an exciting next phase in our journey. Their global reach, deep sector understanding, and long-term approach make them the ideal strategic partner as we continue to invest in our brands, expand into new markets and meet the evolving health needs of consumers.”

“Karo is a textbook example of EQT’s approach – scaling a local company into a fast-growing sector champion with international reach,” said Erika Henriksson, Partner in the EQT Private Equity advisory team. “Thanks to its consumer centricity, strong M&A track record, and proven brand growth playbooks, Karo is now primed to further expand on its leadership position. We’re proud of what Christoffer and the team have achieved and excited to hand over to a new owner for the next phase.”

Inaki Cobo, Partner at KKR, said: “Karo is a unique platform with high-quality brands, strong digital and commercial capabilities, and a proven strong leadership team. We are thrilled to invest in this European champion’s next phase of growth, drawing on our deep experience in the consumer health space to support continued expansion, innovation, and organic and inorganic growth.” Hans Arstad, Managing Director at KKR, added: “Karo operates in a resilient, growing sector supported by long-term demographic trends and increasing consumer focus on wellness and self-care. We engaged the full capabilities of our firm to deliver this transaction during a period of market disruption and we look forward to supporting Karo’s growth as a value-enhancing strategic partner.”

The transaction is subject to customary regulatory conditions and approvals and is expected to close in the coming months. EQT was advised by Jefferies, Morgan Stanley, PwC and White & Case. Citigroup acted as financial advisor to KKR.

Media Contacts
EQT Press Office, press@eqtpartners.com
KKR, Alastair Elwen, alastair.elwen@fgsglobal.com

About Karo Healthcare
Karo Healthcare is a leading European consumer healthcare company with the purpose of delivering “Smart choices for everyday healthcare”, empowering people to live life to the fullest. Our products are available in more than 90 countries and include trusted original brands such as Lamisil®, E45®, Pevaryl®, Proct®, AlphaFoods, Nutravita, Flux®, Locobase®, Multi-Gyn® and Paracet®. Headquartered in Stockholm, Karo employs about 470 people who work out of Karo’s 13 international hubs. More info: karohealthcare.com.

About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 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 KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

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