Archives

IK Partners to invest in Checkmate Fire

IK Partners

IK Partners (“IK”) is pleased to announce that the IK Small Cap III (“IK SC III”) Fund has signed
an agreement to acquire Checkmate Fire (“Checkmate” or “the Company”), the UK’s largest
passive fire protection specialist, from YFM Equity Partners (“YFM”). IK is making its first UK investment from the Fund’s dedicated pool of Development Capital. The existing management
team will be reinvesting alongside IK. Financial terms of the transaction are not disclosed.

Established in 1989 and headquartered in West Yorkshire, Checkmate provides a comprehensive range of passive fire protection services to organisations across the Healthcare, Education, Government, Social Housing and Commercial sectors. The Company inspects, installs, remediates and maintains passive fire systems and also provides installation and maintenance of active fire systems.

Checkmate engineer remediating a fire door

Checkmate operates across the UK and has over 200 employees. The Company is responsible for maintaining passive fire systems in around 2,000 buildings nationally to ensure compliance with increasingly stringent regulations, carrying out over 30,000 fire door remediations or replacements per year. The focus is on maintaining fire doors rather than replacing them; an approach that aligns with the Company’s commitment to strong environmental, social and governance practices across the business.

Since YFM’s investment and under the existing management team, Checkmate has scaled rapidly, expanding its service offering and supporting more customers in managing their passive fire systems through multi-year contracts. In partnership with IK, Checkmate will look to further develop its passive fire offering, particularly its inspections division, in a market with compelling long-term growth dynamics. The Company will also continue to invest in its people and technology to enhance operational efficiency, while also executing a targeted M&A strategy.

Completion of the transaction is subject to regulatory approvals.

John Lewthwaite, CEO at Checkmate, said: “We are very much looking forward to working with IK after a successful partnership with YFM. IK’s track record of supporting businesses in the fire protection market, combined with our position as UK’s leading passive fire specialist, means that we are best placed to drive future growth in a market with attractive dynamics. We would like to take this opportunity to thank YFM for all their support and guidance over the last five years.”

Simon May, Partner at IK and Advisor to the IK SC III Fund, added: “This is an exciting first investment for the IK Development Capital strategy in the UK. Under the stewardship of John and his team, Checkmate has established itself as a high-quality provider in a rapidly growing and increasingly regulated market. We have been impressed with the Company’s journey to date and see plenty of opportunities for continued growth. We look forward to working with the team at Checkmate and leveraging the resources and expertise of the wider IK platform to deliver an ambitious strategy.”

Steve Harrison, Partner at YFM Equity Partners, commented: “It has been an absolute pleasure working with John and the entire team at Checkmate since we first invested in 2018. The business has seen rapid growth and development during this period, establishing itself as the leading player in the UK passive fire protection market. We wish Checkmate the best of luck for the future with the support of IK.”

For further questions, please contact:

Checkmate Fire
Ian Turpin
Phone: +44 7841 443948
info@checkmatefire.com

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

YFM Equity Partners
Viktoria Harrison
Phone: +44 7716 097 774
viktoria.harrison@yfmep.com

About Checkmate Fire

Checkmate Fire is the UK’s leading specialist passive fire protection company and a founder member of the BRE/LPCB passive fire protection certification scheme. Checkmate delivers a full turnkey service, from initial assessments and surveys, through to full pre-planned maintenance packages. For over three decades, the firm has served a growing list of industries with the same reliable, ethical, quality service that makes it the most trusted contractor in specialist passive fire protection. For more information, visit www.checkmatefire.com.

Read More

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 180 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com.

Read More

About YFM Equity Partners

YFM invests £3m to £15m into businesses with strong growth potential located across the UK through a regional network of offices in London, Leeds, Manchester, Reading and Birmingham.

YFM Equity Partners are specialist, independently owned, private equity investors. Having recently celebrated 40 years of investing experience, our portfolio may have changed over the years, but our ethos has remained the same – to support small businesses across the UK in their next phase of growth. We seek to unlock value and growth potential by providing up to £10 million of equity to fuel the development of established business throughout the UK regions. We do this by helping our portfolio companies launch new initiatives, make transformative acquisitions, and upgrade technologies and systems. We are dedicated to working alongside management teams to create long-term value for our investors, the companies we invest in, and make a positive economic impact for the communities in which we work. We manage funds in excess of £630 million which include venture capital trusts and private equity funds.

YFM Equity Partners conducts its investment business through its subsidiary YFM Private Equity Limited which is authorised and regulated by the Financial Conduct Authority (FRN: 122120).

For more information, please visit www.yfmep.com or follow us on LinkedIn.

Read More

Categories: News

Tags:

KKR Appoints Ruchir Swarup As Chief Information Officer

KKR

NEW YORK–(BUSINESS WIRE)– KKR today announced the appointment of Ruchir Swarup as a Partner and Chief Information Officer, effective immediately. In this role, Mr. Swarup will be responsible for driving KKR’s technology strategy and vision. Based in New York, Mr. Swarup will lead the firm’s efforts to embrace new technologies and scale existing technology to create efficiencies and reduce risk across the firm.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240305984251/en/

Ruchir Swarup (Photo: Business Wire)Ruchir Swarup (Photo: Business Wire)

Mr. Swarup brings significant investment technology experience across both public and private markets. He joins KKR from Addepar, a leading software and data platform that is purpose-built for professional wealth, investment and asset management firms, where he served as Chief Technology Officer (CTO). Throughout his time at Addepar, Mr. Swarup developed and implemented a cohesive Product and Platform strategy, led the global expansion of Research & Development and identified new acquisition opportunities to expand the company’s product footprint.

“Technology remains critical to protecting the firm and supporting us in efficiently scaling our businesses. As a technology veteran with nearly three decades of industry experience, Ruchir will build upon the foundation our team has created and help deepen connectivity across the firm,” said Ryan Stork, Chief Operating Officer of KKR. “We are delighted to welcome Ruchir to KKR and look forward to leveraging his experience and exceptional management skills as we continue to advance our technology capabilities.”

“I am honored to join KKR at a key moment in the firm’s growth,” said Mr. Swarup. “KKR has an incredible reputation for innovation, and I look forward to working alongside the firm’s leadership team to drive new and transformative initiatives with a world-class technology team.”

Before Addepar, Mr. Swarup spent nearly 20 years at BlackRock in various technology leadership roles in the U.S. and Asia, most recently as a Managing Director and Global Head of the Aladdin Product Group across Business Operations and Enterprise Systems. This responsibility included the development of all post-trade capabilities, regulatory, client experience and enterprise operations technology. Mr. Swarup was also a key architect of BlackRock’s middle- and back-office technology strategy on Aladdin, an end-to-end portfolio management system, combining risk analytics and comprehensive investment tools on a single platform. He was also a member of BlackRock’s Global Operating Committee.

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
Liidia Liuksila or Emily Cummings
212-230-9722
media@kkr.com

Source: KKR

 

DOWNLOAD PDF

Categories: People

BB Capital takes majority stake in health app VYTAL

BB Capital

THE HAGUE – BB Capital Investments has taken a majority stake in VYTAL, an IT platform specialized in digital total solutions for the sports and health industry. Both parties announced this today. The company from Alphen aan den Rijn will use the investment to expand its unique market position in the Netherlands and Europe.

VYTAL supplies a complete software package to support coaches in their business processes and coaching activities. The company has been active in the growing digital health solutions market since 2019. The nutrition app managed to develop into an innovative platform with a complete offering where users and providers come together. The entire team of ten employees remains active from the head office in Alphen aan den Rijn.

Stephan Laurs, founder and CEO: “With BB Capital on board, we can roll out our strategy to become the all-in-one platform for coaches even more effectively. Our mission is to create a real vitality movement where, on the one hand, we help our users to become and remain vital, while we give our coaches all the tools to support users in this. From business administration to community and marketing support.”

Susan van Koeveringe, Managing Partner BB Capital Investments: “VYTAL has a clear focus on building a digital platform within which all activities for coaches come together. With the knowledge and drive of the VYTAL team, we are working with ambition to offer a total solution in this growing but fragmented market. We are excited to build a strong and innovative company together, both through organic growth and through multiple follow-up acquisitions in the Netherlands and abroad.”

Categories: News

Tags:

Coller Capital becomes largest investor in Permira continuation fund

Coller Capital
  • Coller represents 50% of secondary commitments into new Permira continuation fund
  • Permira continuation fund to include assets from Permira IV and V

London, 04 March 2024 – Coller Capital, one of the world’s leading investors in the secondary market for private assets, has committed to Permira’s new continuation fund. The commitment makes Coller Capital the largest investor, accounting for 50% of the fund.

The continuation fund will include five assets from Permira’s existing funds and provide capital over a five-year period to support further value creation in the underlying companies.

This transaction is Coller Capital’s second GP-led secondary investment with Permira, having also been the lead investor on a Permira GP-led secondary transaction which closed in 2020. Coller and Permira have transacted numerous times beforehand, specifically as it relates to Permira funds IV and V, attesting to the strong partnership between the two organisations.

Martin Fleischer, Coller Capital, commented: “We are pleased to partner with Permira once again on another GP-led transaction. This is exactly the type of investment we specialise in, focusing on high quality underlying companies managed by an outstanding GP”.

This transaction demonstrates Coller’s ability to structure unique investments that provide exposure to strong growth across the private equity lifecycle. This solution allows existing investors to maintain access to these promising assets ‘status quo’ or to take liquidity if desired.

Mentions

Martin Fleischer

Principal, Investment
Press contact
Edelman Smithfield
coller@edelmansmithfield.com+44 (0)7980 684 247

Categories: News

Tags:

General Atlantic Announces Investment in Plusgrade, Joining Existing Investor CDPQ

Partnership to support Plusgrade’s continued expansion as a leader in ancillary revenue solutions for the travel industry

New York, NY and Montreal, Canada – General Atlantic, a leading global growth investor, today announced a strategic growth investment in Plusgrade, a global leader powering ancillary revenue solutions for the travel industry. With this transaction, Novacap will fully exit its stake in Plusgrade, and existing investor CDPQ will remain a significant shareholder. General Atlantic intends to partner with Plusgrade to support the company’s continued growth, including through the acceleration of new business segments and go-to-market efforts, strategic M&A opportunities, and key operational initiatives.

Over 200 partners worldwide across the airline, hospitality, cruise, passenger rail, and financial services industries trust Plusgrade’s portfolio of leading ancillary revenue offerings and loyalty expertise to create incredible travel experiences and new revenue opportunities.

In 2022, Plusgrade acquired Points.com, bringing together two of the largest sources of ancillary revenue to create even greater impact for travel businesses worldwide. Plusgrade further expanded its portfolio in 2023 with the acquisition of UpStay, a provider of hotel upgrade and ancillary revenue solutions for the hospitality industry.

Ken Harris, Founder and CEO of Plusgrade, commented, “Ancillary revenue has become a critical driver of financial robustness for travel companies in every sector, and as the global ancillary revenue powerhouse, Plusgrade plays a central role in helping our travel partners create, grow, and enable major new revenue opportunities. We believe we have significant opportunity ahead of us to continue innovating and building out our leading portfolio even further. Our team is deeply grateful to Novacap for their transformative partnership and all the new heights that we achieved together. We are thrilled to welcome General Atlantic as a strategic partner to help us accelerate our mission and vision by leveraging the firm’s deep expertise across travel, software, and technology.”

Tanzeen Syed, Managing Director and Head of Consumer Internet and Technology at General Atlantic, said, “Ken and the Plusgrade team have worked diligently to scale the business and offer partners a differentiated portfolio of solutions. With ancillary revenues and loyalty programs standing as some of the most important drivers of growth in the travel industry today, we believe Plusgrade is strongly positioned to continue capturing the market. We have strong conviction in Plusgrade’s vision and are excited to support the company in future value creation initiatives.”

“CDPQ is proud to reiterate its support for Montréal-based Plusgrade, which has grown significantly since we became a shareholder in 2018. Alongside this new and experienced partner, we look forward to pursuing value creation in this leader in the travel industry’s ancillary revenue market, which will benefit our depositors,” said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ.

Financial terms of the transaction were not disclosed.

Barclays served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor and Goodmans LLP served as co-counsel to General Atlantic. J.P. Morgan served as lead financial advisor, Scotiabank served as financial advisor, and Davies Ward Phillips & Vineberg LLP served as legal advisor to Plusgrade.

About Plusgrade

Plusgrade powers the global travel industry with its portfolio of leading ancillary revenue solutions. Over 200 airline, hospitality, cruise, passenger rail, and financial services companies trust Plusgrade to create new, meaningful revenue streams through incredible customer experiences. As the ancillary revenue powerhouse, Plusgrade has generated billions of dollars in new revenue opportunities across its platform for its partners, while creating enhanced travel experiences for millions of their passengers and guests. Plusgrade was founded in 2009 with headquarters in Montreal and has offices around the world. For more information, please visit: www.plusgrade.com

About General Atlantic

General Atlantic is a leading global growth investor with more than four decades of experience providing capital and strategic support for over 500 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic has approximately $83 billion in assets under management inclusive of all products as of December 31, 2023, and more than 280 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, San Francisco, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit: www.generalatlantic.com.

About CDPQ

CDPQ invests constructively to generate sustainable returns over the long term. As a global

investment group managing funds for public pension and insurance plans, CDPQ works alongside its partners to build enterprises that drive performance and progress. CDPQ is active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2023, CDPQ’s net assets totalled CAD 434 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

Media Contacts

Plusgrade
Carrie Mumford
Director, Brand & Communications
pr@plusgrade.com

General Atlantic
Emily Japlon & Sara Widmann
media@generalatlantic.com

CDPQ
Kate Monfette
Director, Media Relations
+ 1 438 525-2520
kmonfette@cdpq.com

Categories: News

Tags:

CapMan Growth establishes its third fund: first closing at €110 million, surpassing target size

Capman

CapMan Growth establishes its third fund: first closing at €110 million, surpassing target size

The CapMan Growth Equity III fund initiates operations and makes its first closing at €110 million, surpassing its target size. The strong interest towards the fund is a testament to the successful growth stories and well-executed exits facilitated by the team. The fund is expected to reach its hard cap at €130 million by the end of April 2024.

At first closing CapMan Growth’s third fund already exceeds the size of the team’s previous fund which closed at €97 million. Since its establishment in 2017 CapMan Growth has raised over €300 million in total for growth investments.

Raising a fund larger than its predecessor in the current market environment clearly shows there is significant interest towards CapMan Growth’s investment strategy. Driving this interest is the team’s strong track-record in supporting multiple growth companies and achieving successful exits of which Picosun and Coronaria are good examples.

CapMan Growth’s strategy is to make active minority investments into entrepreneur-led growth companies, with the aim of further developing them together with the entrepreneurs and the operative management.

CapMan Growth’s investor base consists mainly of reputable Finnish institutional investors and successful Finnish entrepreneurs including several founders of CapMan Growth’s portfolio companies.

”Our investment strategy has gained a lot of interest amongst both owners of growth companies and investors. Many growth entrepreneurs seek an alternative to selling their business and we can support growth while letting entrepreneurs retain control in their company. Investors have also viewed our strategy as an interesting alternative to more traditional private equity funds. A warm thank you for the trust to all our current and new investors”, says Antti Kummu, Managing Partner at CapMan Growth.

CapMan Growth is the leading Finnish growth investor making significant minority investments in entrepreneur-led growth companies with revenues ranging between €10–200 million euros. We offer entrepreneurs an alternative to selling the majority of their business by facilitating a partial exit while also supporting growth and internationalisation. We have been part of building companies such as Coronaria, Cloud2, Digital Workforce, Fennoa, Fluido, Neural DSP, Picosun, Sofigate, Silmäasema and Unikie.

For more information:

Antti Kummu, Managing Partner, CapMan Growth, +358 50 432 4486

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and over €5 billion in assets under management. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

Categories: News

Tags:

Halma plc to acquire Rovers Medical Devices from Smile Invest

Smile Invest

Today, Smile Invest announces the sale of Rovers Medical Devices B.V. (“Rovers”), the leading designer and manufacturer of sample collection devices used in the prevention and diagnostics of cervical cancer, to Halma plc (“Halma”), a global group of life-saving technology companies.

Halma will support Rovers in realizing its ambition to become the global leader in sample collection devices targeted at the prevention and diagnostics of cervical cancer and other diseases, thereby reinforcing its vital role in cervical cancer screening globally.

Rovers sees Halma as the perfect partner to realize its growth ambitions and a partner that is well aligned with its culture and mission. Halma’s extensive experience creates a solid basis for Rovers and its employees to realize the company’s strategic agenda.

In the 5-year period of working together with Smile Invest, Rovers managed to reinforce the position of its key products globally, create compelling new products and further improve the highly automated production set-up, creating a solid foundation for the Rovers’ next growth phase.

Rovers and its shareholders were advised by Lincoln International (financial advisor).

This transaction is the fourth deal of Smile Invest this year, following the exit and reinvestment in SmartSD, the sale of Microflor and the recent investment in MedEnvision.

Roel Leenders – Chief Executive Officer, Rovers
“We want to contribute to the prevention of cancer on a global scale. This mission strongly aligns to Halma’s when it comes to improving quality of care for patients. Many physicians work with us to develop the highest quality screening products that are most effective for their patients. I am grateful for Smile Invest’s support during the holding period, in which Rovers was able to grow significantly and continued to invest in its state-of-the-art, fully automated production set-up.”

Ivo Vincente and Thomas Dewever – Managing Partners, Smile Invest
“We are proud to have supported Rovers in its development as the reference in the market for cervical cancer cell sampling. As a key player in women’s health we are convinced that Rovers will remain the solution of choice for medical professionals and women worldwide. It has been a privilege to work with Roel Leenders and Rover’s management team and we wish them all the best under the Halma umbrella.”

Marc Ronchetti – Chief Executive Officer, Halma
“Rovers will broaden the range of markets we serve in women’s health and further strengthen our Healthcare sector’s position in cancer diagnosis products. We are excited by the opportunities we see to increase Rovers’ positive impact on public health. We expect its future growth to be driven by increasing global cervical screening rates, supporting the World Health Organization’s strategy to accelerate the early detection of cervical cancer.”

For further information, please contact:

Smile Invest NV

Thomas Dewever, Managing Partner: +32(0)476.423.582
Ivo Vincente, Managing Partner: +31(0)622.919.232

 

Rovers (www.roversmedicaldevices.com)
Rovers is a designer and manufacturer of sample collection devices used in the prevention and diagnostics of cervical cancer. Rovers’ products are principally for professional use and include its Cervex-Brush®, widely recognized as the gold standard for cervical cancer and HPV screening. Rovers’ products are used in more than 90 countries, and are sold primarily to medical diagnostic companies, as well as medical distributors, laboratories, research institutes and governments.

Smile Invest (www.smile-invest.com)
Smile Invest (Smart Money for Innovation Leaders) is a European evergreen investment firm with over €500m of assets under management, financed by 40 entrepreneurial families and with a long-term focus on innovative growth companies. Smile Invest focuses on companies active in three investment themes: digitalization, healthcare and sustainability. Since its inception in 2017, Smile Invest has invested in 17 platform companies in Belgium and the Netherlands. From its offices in Leuven and The Hague, the team supports ambitious entrepreneurs and management teams in realizing their growth plans.

Halma plc (www.halma.com)
Halma is a global group of life-saving technology companies, focused on growing a safer, cleaner, healthier future for everyone, every day. Its purpose defines the three broad markets it operates in: Health, Environment and Safety. It employs over 8,000 people in more than 20 countries, with major operations in the UK, Mainland Europe, the USA and Asia Pacific. Halma is listed on the London Stock Exchange (LON: HLMA) and is a constituent of the FTSE 100 index.

Categories: News

Tags:

Kinnevik leads funding round in Mews

No Comments
Kinnevik
Kinnevik AB (publ) (“Kinnevik”) today announced an investment of USD 41m in Mews, the leading vertical software and payments solution for hotels. In line with its priority to concentrate capital deployment and portfolio weight towards its highest conviction companies, Kinnevik led the USD 110m funding round valuing the company at USD 1.2bn post-money.

Kinnevik first invested in Mews in December 2022, and since then the company has continued to execute on its vision to create the leading platform for the new era of hospitality. The funding follows a year of significant growth, in which Mews achieved:

  • Over 60% increase in revenue year-on-year, crossing USD 100m in annualized net revenue
  • A significant increase in Gross Payment Volume to over USD 8bn
  • Over 16 million annual check-ins at hotels worldwide
  • Three new acquisitions (Frontdesk Anywhere, Hotello and Nomi), taking the total number of hospitality companies acquired by Mews to eight

The new funding sets Mews up for further growth and enables the company to prioritize global expansion, research and development and acquisitions. Mews aims to revolutionize hotel operations with its cloud-based system that integrates with thousands of other tech solutions. Today, over 350,000 hospitality spaces are managed via Mews across 5,000 customers worldwide, including Strawberry Hotels, The Social Hub and Airelles.

Kinnevik led the USD 110m funding round with an investment of USD 41m, alongside Revaia, Goldman Sachs Alternatives, Notion and new investor LGVP. The new funding values the company at USD 1.2bn, some 10% above Kinnevik’s assessed valuation in its 2023 year-end net asset value statement on a like for like basis.

Akhil Chainwala, Investment Director at Kinnevik, commented: “Matt and Richard are building a product and a team that is redefining the hospitality industry. In the short period of time since our initial investment, Mews has outperformed our expectations as it moved into new geographies and segments. Now, we are excited to further back the team to help them realize their ambitions and accelerate even more quickly – especially to extend the platform’s combination of software and payments. We’re looking forward to continuing this journey with Mews and being a part of the transformation that is happening across the industry.”

Richard Valtr, Mews Founder, commented: “We’re seeing a fundamental shift in the way the world’s leading hospitality brands are accelerating their digital transformation and reshaping the way they deliver hospitality. With this raise we will continue to build industry-leading products with a world-class team behind us. In five years, the way that hospitality brands and guests interact with each other will be completely different, with Mews leading the way.”

Matt Welle, CEO of Mews, added: “This funding is a credit to the strength of our vision, the Mews team, our forward-thinking customers and committed investors who have helped us get to where we are today. As more hoteliers embrace modern technology, we have a huge opportunity to help them streamline their operations, build more profitable businesses and deliver personalized guest experiences. Mews is in a unique position to truly transform the industry.”

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik’s ambition is to be Europe’s leading listed growth investor. We back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthcare, software, marketplaces and climate tech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe and the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

Attachments

Categories: News

Tags:

Reena Carter joins OMERS Infrastructure

Omers Infrastructure
Reena Carter news banner

(March 4, 2024) OMERS today announced that Reena Carter has joined OMERS Infrastructure as Senior Managing Director, Portfolio Management and Operations, reporting directly to Michael Hill.

Commenting on the appointment, Michael Hill, Global Head of OMERS Infrastructure, said: “I’m thrilled Reena joins our team today. Leveraging her many years of experience, Reena will now be responsible for executing the OMERS Infrastructure operating strategy and actively participating in our related committees.”

Reena also joins the global Infrastructure Management Committee alongside Michael Hill, Alastair Hall (Head of Europe), Chris Curtain (Head of Asia-Pacific), Irini Kalamakis (Global Head of Strategic Partnerships) and John Knowlton (Senior Managing Director).

Reena joined OMERS in 2003 as part of Borealis Infrastructure. She has held progressively senior Finance positions, ultimately leading the Finance & Operations function for the business. Since then, Reena has held various roles at OMERS, most recently as Head of Investment Finance & Valuations, with responsibility for both Infrastructure and Private Equity.

For further information on our leadership team and colleagues around the world, please visit here: https://www.omersinfrastructure.com/team/.

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.

Categories: People

Cinven agrees to make significant strategic investment in Alter Domus

Cinven

International private equity firm Cinven today announces that it has reached an agreement to make a majority investment in Alter Domus, a leading global provider of end-to-end tech-enabled fund administration and corporate services across three sectors: private equity, real assets and private debt. All existing shareholders, including the Company’s Founders and the Permira Funds, will sell approximately half of their shares to Cinven, and retain a significant investment in Alter Domus going forward. 

Established in 2003 and headquartered in Luxembourg, Alter Domus is one of the largest fund administrators globally, with over $2.5tn assets under administration (AuA). The firm has grown rapidly to meet the evolving needs of its client base, building a global network that now spans 23 jurisdictions, servicing 90% of the top 30 asset managers globally. Since 2021, Alter Domus has increased revenue by 54% and grown AuA by 69%.  

Cinven has spent significant time targeting investment opportunities in the fund services subsector, given its attractive and resilient characteristics, underpinned by structural growth in the alternative assets space. Cinven’s Business Services and Financial Services sector teams worked together in close partnership to acquire Alter Domus, identifying the following key investment attractions:

  • Its impressive financial track record, with Alter Domus having consistently outperformed the market, delivering double-digit organic growth and attractive margin performance;
  • Alter Domus represents a scarce, market-leading global fund services platform that delivers market-leading service levels to a blue-chip customer base including 90% of top-30 asset managers served;
  • It is a proven M&A platform in the fragmented fund services market that has a successful track record of acquisitions, and a strong further pipeline of potential buy and build opportunities across a range of markets and geographies; 
  • The company operates in attractive markets, with the fund services subsector benefitting from the structural growth of private capital markets, increasing regulation and a continued trend towards outsourcing of fund services, together with downside-protection through strong revenue visibility and cashflow generation; 
  • Alter Domus has received significant investment in the tech-enablement of the Company – resulting in best-of-breed third-party platforms, workflow automation and a leading data and analytics product capability to better serve the increasingly complex needs of its global client base; and
  • It has an experienced and highly respected management team that has led the strong performance to date.

Through this transaction, Cinven will support the long-term strategic growth of Alter Domus, working in close partnership with Alter Domus’ founders and Permira. 

Drawing on its global platform and leveraging the expertise of both its Business Services and Financial Services sector teams, and its Digital Hub team, Cinven will support management to accelerate growth across key regions and customer verticals and invest further in developing Alter Domus’s leading tech-enabled and digital offerings to its clients.

Rory Neeson, Partner and Head of Cinven’s Business Services sector team, said: 

“Cinven is delighted to make this investment in Alter Domus. Fund services has been a priority subsector for Cinven’s Business Services team for some time due to the attractive business model characteristics and strong growth drivers. We have followed Alter Domus closely over many years and admired it as a global leader with blue-chip clients and leading service levels. Looking forward, we see significant potential for further growth and look forward to working with the management team and shareholders in the next phase of its journey.”

Maxim Crewe, Partner and Head of Cinven’s Financial Services sector team, added:

“Alter Domus is well positioned to benefit from the strong growth in the fund services market, underpinned by the structural expansion in private capital markets, greater regulation and further outsourcing. The Company is a leading player in the industry with a differentiated service proposition, and we see a compelling opportunity to leverage Cinven’s Financial Services sector knowledge and global footprint to help the business continue this trajectory.”

Doug Hart, Chief Executive Officer of Alter Domus, commented:

“With an enviable track record of investing in fast-growing, world-class businesses, we are thrilled to welcome Cinven as an investor in Alter Domus. Cinven shares our strategic vision and commitment to developing long-term technology-enabled partnerships with the leading alternatives firms globally through the delivery of operational and client service excellence. Together we look forward to further accelerating our international growth and delivering innovative new services to our clients.”

The transaction is subject to regulatory approvals and other customary closing conditions. 

Categories: News

Tags: