August Equity has realised its investment in Agilio Software, an international provider of healthcare operations software, through a sale to Five Arrows and TA Associates. The investment represents a money multiple return of 9.2x.
Five Arrows and TA Associates (TA) have joined forces to acquire the business which is headquartered in Sheffield and is led by Chairman, Sati Sian and Neil Laycock, Agilio’s CEO.
August first invested in Agilio in 2019 and has supported the business in making 10 acquisitions serving the primary care, dental and veterinary end markets, as well as supporting it to expand internationally.
The investment was led by August partner Mike Biddulph alongside director Katie Beckingham who both sat on the Agilio board.
Mike Biddulph, Partner at August Equity commented: “The leadership team at Agilio have done a fantastic job in growing the business into the UK’s leading healthcare operations software provider. It has been a privilege to support them on their initial journey and achieve such strong and dynamic growth. We are confident that the business will continue to thrive under the stewardship of Five Arrows and TA.”
August Equity and Agilio Software were advised by Arma Partners. CMS advised on Legals, Deloitte on Financial and Tax, OC&C on Commercial, Crosslake on Technology and Aon on Insurance.
NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that it served as Lead Arranger, Administrative Agent, and investor on a debt financing for Clarience Technologies’ Acquisition of Safe Fleet. KKR invested in the transaction through its credit vehicles and accounts. KKR Capital Markets acted as Left Lead Arranger and Joint Bookrunner on the transaction.
Clarience Technologies is a global provider of visibility and safety technologies for transportation, including vehicle lighting, audible warning systems, telematics solutions and tire monitoring and inflation systems. With the Safe Fleet acquisition, Clarience Technologies adds a comprehensive set of complementary fleet safety solutions including video and evidence management, collision prevention, violation detection and trailer temperature control, as well as cargo storage systems, fire-fighting technologies, and other solutions. The acquisition opens cross-selling opportunities to common customer segments, accelerates technology innovation and ultimately enables Clarience Technologies to deliver better value to its customers.
KKR’s credit vehicles and accounts have been investors in both Safe Fleet and Clarience since 2018 and 2019, respectively.
“This transaction demonstrates how the scale and unique capabilities of our platform benefit the issuers with whom we work. Our long-standing investments in both companies allowed us to move quickly and with conviction to seamlessly deliver a scaled solution for Clarience Technologies and its sponsor, Genstar Capital,” said George Mueller, a Partner at KKR. “We look forward to supporting Clarience, Safe Fleet and Genstar teams as they capitalize on opportunities ahead.”
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.
About Clarience Technologies:
Clarience Technologies is the global leader of visibility and safety technologies for transportation. Born from a collection of premium brands each with a long track record of innovation, its solutions include vehicle lighting, camera and vision systems, telematics and safety solutions that protect our world and our livelihoods by keeping people, assets and businesses safe, secure and productive. Its team of companies includes Truck-Lite, DAVCO, Road Ready, RIGID, Lumitec, ECCO, Code 3, Fleetilla, LED Autolamps, Pressure Systems International and Safe Fleet. For more information, visit www.clariencetechnologies.com.
Avista Capital Partners, a leading US private equity firm focused on healthcare, has acquired the company and will support its product development and international expansion.
Since Miura’s investment, Terrats Medical, a leader in prosthetic solutions and dental implantology, has undergone a strong growth in sales and expanded its footprint across major international markets.
Miura Partners (“Miura”) has sold its stake in Terrats Medical (“Terrats” or the “Company”), a leading global provider of dental prosthetics, including abutments and implants to Avista Capital Partners (“Avista”). Terrats’ founders have reinvested in the company and will continue to lead the business. Miura will continue to support Terrats in the next phase of its growth with a minority investment.
Founded in 1947 and headquartered in Barcelona, Spain, Terrats manufactures and markets a wide variety of high-quality, high-value dental prosthetics, including abutments, implants, and related products. Terrats’ abutments are compatible with the leading implant systems sold by dental OEMs, allowing dentists and laboratories to leverage the high-quality products across multiple implant platforms. The company’s customers include dental offices labs, and distributors as well as dental implant OEMs, who purchase the company’s products on a private-label basis. Terrats sells into over 50 countries and exports account for over 95% of sales.
Since Miura’s investment in 2020, Terrats has implemented various initiatives to fuel growth and improve operations, including the enhancement of direct sales under the DESS® Dental Smart Solutions brand, expansion of the company’s digitization strategy, the launch of the implantology business, and the acquisitions of distributors Geryon (USA) and Humanus Dental (Sweden). Operationally, the company has reinforced its management ranks with several senior hires. Due to these initiatives, Terrats has tripled its sales since Miura’s investment in 2020.
Avista, a leading healthcare-focused private equity firm with deep knowledge of the US healthcare market, and specifically the dental market, will support Terrats as it enters a new phase of international growth. The company’s financial strength and global business positioning will reinforce its market presence in the US, empower the company to expand in other international markets and capitalize on new opportunities for inorganic growth.
Roger Terrats, CEO of Terrats:
“We are thrilled to begin working with Avista Capital Partners, which has a proven track record in the dental sector and the US markets. Their support will help us build upon the growth initiatives launched in 2008 and continued in 2020 with the entry of Miura Partners. Our vision for the next stage will be very consistent and focused on global growth, with a top-notch product suite and strong sales network that will be fortified in the coming years. Additionally, we look forward to continuing to invest in our production and our team.”
Carlos Julià, Managing Partner at Miura:
“Terrats is a clear example of positive transformation, executing on organic initiatives, operational reinforcement, and global growth. We are confident that Avista will continue to elevate the company’s operations and consolidate its international position.”
Sriram Venkataraman, Partner at Avista:
“Terrats has earned its leading reputation in the marketplace by producing high quality products that are broadly compatible and accessible. The company is well-positioned to accelerate growth as favorable sector trends continue, particularly growing demand in the dental prosthetics market. We look forward to working with Roger and his team to execute on the numerous growth opportunities ahead.”
Miura was advised by Moelis & Company (M&A), KPMG (DD) and Clifford Chance (Legal). Avista, was advised by Deloitte (DD), Ropes & Gray (Legal), and Uría Menéndez (Legal).
About Terrats Medical
Terrats Medical is one of the leading global companies in the design and production of dental attachments and implants in Spain, operating under the DESS® Dental Smart Solutions brand. The company started its dental project in 2008 but has roots in precision component production since 1947. Terrats Medical has more than 120 employees and subsidiaries in the United States, Sweden, and Germany, as well as a solid network of distributors in more than 40 countries, with particular success in Central and Northern European countries. With its subsidiaries, it has tripled its sales volume in the last three years, with exports accounting for over 95% of its total revenue.
About Miura Partners
Miura Partners is a purpose-driven Private Equity firm. With offices in Barcelona and Madrid, the firm is focused on investing in small and medium-sized family-owned and entrepreneurial companies. Miura provides attractive growth and innovation plans with a clear focus on sustainability, under its three investment strategies: Buy-outs, Impact and Agribusiness.
Since 2008, Miura has invested in more than 60 companies, for a total value in excess of €3.0 billion. Currently, the firm has €1.5 billion assets under management.
About Avista Capital Partners
Founded in 2005, Avista Capital is a leading New York-based private equity firm with over $8 billion invested in more than 45 growth-oriented healthcare businesses globally. Avista partners with businesses that feature strong management teams, stable cash flows and robust growth prospects – targeting product and technology businesses with clear scale potential across six sub-sectors experiencing strong tailwinds. The team is supported by a group of seasoned Strategic Executives enhancing the entire investment process through strategic insight, operational oversight and senior counsel, which helps drive growth and performance, while fostering sustainable businesses and creating long-term value for all stakeholders.
Smile Invest is pleased to announce the successful agreement with the Floré family for the acquisition of all shares of Microflor, a leading company active in breeding and propagation of tropical plants.
Smile Invest became a minority shareholder in Microflor in 2019 when the company was carved out of the Floré Group. The family was looking for a partner with an entrepreneurial spirit and a good fit with the family values to foster strategic growth and long term value creation.
Amidst challenges posed by the COVID-19 pandemic and energy crises, Microflor demonstrated resilience and adaptability, fortifying its market position and expanding propagation capacities in Slovakia. Moreover, the company’s investments in innovative breeds underscore its commitment to pioneering advancements within the industry.
After almost five years of strong partnership with Smile Invest, Febe Floré will continue her tenure as CEO of Microflor alongside the management team.
Febe Floré – CEO, Microflor “In Smile Invest we found a trusted partner to accompany Microflor during a transformative period for our family business. After five years, Smile Invest leaves an independent Microflor with a clear focus and the ambition to remain the partner of choice for our customers. We look forward to continuing the journey and I hereby wish to thank all Microflor employees for their contribution and dedication to the Company so far.”
Thomas Dewever – Managing Partner, Smile Invest “It has been a privilege to support Microflor over the past 5 years and work closely with Febe, the management team and the entire board of directors. We wish Microflor all the best as an independent, family owned business.”
Microflor (www.microflor.com)
Microflor is active in breeding and propagation of tropical plants with a focus on Phalaenopsis orchids. Over the past 30 years, Microflor has grown into a global top 3 player in breeding, propagation and acclimatization of orchids, the largest ornamental plant variety in the world. The company has unique expertise in in-vitro propagation and breeding technologies that resulted in an extensive proprietary plant genetics portfolio of over 160 commercially available varieties and over 1,000 varieties under development. The company is headquartered in Lochristi, Belgium, and operates state-of-the-art labs and production facilities in Belgium and Slovakia from which it delivers young plants across Europe and the Americas.
Smile Invest (www.smile-invest.com)
Smile Invest (Smart Money for Innovation Leaders) is a European evergreen investment firm with more than €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 supported 16 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.
DALLAS–(BUSINESS WIRE)–Leading dental partnership organization (“DPO”), MB2 Dental has closed a US$2.344bn unitranche debt facility with credit vehicles and accounts managed by KKR, which acted as Lead Investor and Arranger on the transaction.
The financing will be used to fund upcoming acquisitions and future growth for the company, following a record year of growth in 2023 with 150 new partnerships.
“MB2 Dental’s access to this new credit facility demonstrates a true endorsement of our strong historical performance and confidence in our growth pipeline. We are seeing unprecedented interest in our partnership model that allows doctors to combine the benefits of joining a larger community with the independence that they love about private practice. The new financing will further accelerate our ability to disrupt the dental profession and continue our nationwide expansion as the fastest-growing dental group in the country,” said Dr. Chris Steven Villanueva, founder and chief executive officer at MB2 Dental.
About MB2 Dental
Dallas-based MB2 Dental is a first-of-its-kind dental partnership organization founded in 2007 and led by dentist and entrepreneur Dr. Chris Steven Villanueva. MB2 Dental was the first group to introduce the DPO model when it was born from Dr. Villanueva’s practice and soon resonated with his colleagues, quickly growing through doctor referrals.
MB2 Dental’s model is designed to preserve the integrity of the dental profession in a rapidly consolidating market. The Company empowers dentists to preserve their profession by ensuring clinical autonomy and providing resources and support to its doctor owners.
Since its founding, MB2 Dental has partnered with more than 685 general and specialty dental practices across 39 states. The Company has undergone two recapitalization events, most recently partnering with private equity firm Charlesbank Capital Partners in 2021. KKR also led the financing at time of Charlesbank’s investment in the company.
We are pleased to announce that we, Altor Fund VI (“Altor”), have today increased our financial interest in Mandatum plc (“Mandatum”) by an additional 33 million shares, corresponding to 6.6% of the outstanding shares. Altor is the largest shareholder in Mandatum and following today’s increase has a total interest representing 16.6% of the outstanding shares.
About Altor
Since inception, the family of Altor funds has raised more than EUR 11 billion in total commitments. The funds have invested in just south of 100 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Trioworld, OX2, Carnegie, Kaefer, FLSmidth, Rossignol and Toteme.
Mandatum is the leading Finnish financial services provider offering a wide array of services covering asset and wealth management, savings and investment, compensation and rewards, complimentary pension plans and personal risk insurance to corporates, retail customers as well as institutional and wealth management customers. Mandatum serves a network of 20,000 Finnish corporates and through its highly skilled sales force and customer relationship personnel, succeeds with cross-selling products from its broad and recognized offering. Mandatum has today approx. BEUR 11.9 in client assets under management across corporates, instituitional, wealth management and retail customers.
Stadskanaal/Almelo, 15 February 2024 – SealteQ Group and investment company Quadrum Capital join forces. SealteQ specializes in protecting, strengthening and maintaining concrete and steel structures. The partnership aims to continue SealteQ’s strong growth of recent years. __
SealteQ, formerly known as Frans Nooren and currently led by Martin van der Leest and Robert Lunenborg, celebrated its 50th anniversary last year. During this period, the company has grown into a leading player in the field of concrete and steel preservation. With approximately 250 specialists and seven offices, high-quality and innovative solutions are provided for technical maintenance challenges both in the Netherlands and abroad. SealteQ operates in various sectors, including infrastructure, energy, industry, civil engineering and residential and commercial construction.
Following the intended participation, the board of SealteQ will exist of Martin van der Leest, Robert Lunenborg and Peter Westra. Together with Quadrum, they will respond to the current challenges in the field of foundation repair and the backlog in maintenance and life extension of crucial infrastructure. The expansion of its geographic presence and the addition of specialistic expertise will be important strategic pillars.
“Quadrum is the perfect partner for us to realize these growth ambitions. Our independently established platform in the specialized maintenance market can be further expanded through this partnership, both domestically and internationally. This partnership represents a solid step to continue the growth of SealteQ. In the partnership with Quadrum, creative entrepreneurship is endorsed in an identical way. This gives confidence in a market that is constantly challenging us,” said Martin van der Leest.
Hedzer Wester, Investment Manager at Quadrum Capital: “The level of craftmanship, innovativeness and entrepreneurship within the company is impressive and have made SealteQ a market leader. We look forward to supporting the company in its growth ambitions and working with Martin, Robert, Peter and the rest of the SealteQ team to take the next steps.”
Financial details of the transaction will not be disclosed. The transaction is subject to approval of the Consumer & Market Authority. The investment in SealteQ will take place from Quadrum Investment Fund IV.
About SealteQ SealteQ protects and preserves civil engineering, infrastructure and industrial structures as well as real estate objects in the residential and utility sectors. With a Dutch focus but with a global perspective, SealteQ extends the life of concrete and steel structures. They achieve this by providing innovative customized solutions with the aim of protecting the structures against external influences. In this way, they are preserved for the future. For more information, go to https://www.sealteq.nl/
WAYNE, PA – February 15, 2024 – Renovus Capital Partners (“Renovus”), a Philadelphia-area based investment firm, announced today the promotions of several team members:
Lee Minkoff to Managing Director from Principal
Moe Tufail to Managing Director from Director of Business Development
Pat Heath to Vice President from Senior Associate
Adam Swack to Senior Associate from Associate
Jisa Ben to Senior Fund Accountant from Finance Analyst
“We are proud to recognize these outstanding professionals with well-earned promotions,” said Jesse Serventi, Founding Partner at Renovus. “They have contributed to accelerating the firm’s momentum, demonstrating both individual excellence and strong team play. My fellow Founding Partners Atif Gilani and Brad Whitman and I have made a concerted effort to build and nurture Renovus’ talent base, which we believe is a critical element of our long-term success. We appreciate the work of these individuals and look forward to the future of our team.”
Reaffirms Blackstone’s long-term commitment to the UK Premier office building will align to the highest sustainability credentials Construction will support ~5,000 jobs, including creating new local jobs and apprenticeships
London, UK – February 15, 2024 – Blackstone (NYSE: BX), the world’s largest alternative asset manager, today celebrated the commencement of construction on its 226,000 sq ft, European headquarters located on the site of the former Lansdowne House in its long-term London home, Berkeley Square.
Attending the formal groundbreaking ceremony was Prime Minister, Rishi Sunak, the US Ambassador to the UK, Jane Hartley and Blackstone Chairman, CEO and Co-Founder Stephen A. Schwarzman.
Blackstone will occupy the premier 226,000 sq ft 10-floor building, which is nearly two thirds larger than its existing office on the square. The development is being led by London commercial property developer, CO—RE, and Stirling Prize-winning architect, AHMM and will support ~5,000 jobs.
The new headquarters reaffirm Blackstone’s long-term commitment to the UK and Europe. The firm doubled headcount in London over the past three years to more than 600 people working across private equity, real estate and private credit amongst its many teams.
Blackstone is one of the UK’s largest investors, having deployed more than £70 billion across over 100 businesses and investments in the past 20 years, supporting over 35,000 jobs across affordable housing, tourism, financial services, life sciences, logistics and more. Investments include Bourne Leisure, Merlin Entertainments, Sage Homes, Autolus Therapeutics and Mileway.
Construction is slated to be completed in 2028. The expanded headquarters will include approximately 14,000 sq ft of ground-floor retail space and redeveloped public areas surrounding the site at the south end of the square.
Today, the Prime Minister Rishi Sunak, US Ambassador Hartley and Mr Schwarzman were joined by the award-winning architects and an engineering apprentice to hear about the innovative sustainable construction method which will ensure the building can be adapted and repurposed for decades to come.
The building is aspiring to BREEAM Outstanding, WELL Platinum, NABERS 5 Star Rating and EPC A sustainability criteria, and will incorporate recycled steel from the original building. It will also feature a biodiverse outdoor terrace and balconies on every floor. Once in operation, it will harness renewable energy through ground-source heat pumps and solar panels.
Stephen A. Schwarzman, Chairman, CEO and Co-Founder of Blackstone, said: “This is a great day for Blackstone. We’re proud to be one of the largest foreign investors in the U.K. and I am delighted to celebrate our next phase of growth after more than 20 years at Berkeley Square. Our expanded headquarters at the redeveloped Lansdowne House will be an important part of our story as we continue to build great companies across Europe.”
Prime Minister, Rishi Sunak, said: “Blackstone’s new European headquarters is a vote of confidence in the British economy – proof that our plan is working. We’ve already halved inflation, debt is forecast to fall, and – with the help of Britain’s proud financial sector– we’re on course to grow the economy.”
Bradley Baker, chief executive of CO—RE, said: “Blackstone are providing a huge boost to the London and West End economy through their major investment in Mayfair. At their new headquarters they will enjoy a building that raises the standard of future office design and gives a new sense of place to the historic Berkeley Square. The sustainability credentials and features of the building, including its flexible core to enable future redesign and generous provision of green terraces, will give Blackstone a place to call home for years to come.”
Stephen A. Schwarzman, Chairman, CEO, Co-Founder of BlackstoneAmbassador Jane Hartley, Stephen A. Schwarzman, UK Prime Minister Rishi Sunak
About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.
About CO—RE
CO—RE are central London development experts who form world-class teams to deliver world-class buildings. CO—RE works with property investors to make the most of their existing assets and discover new opportunities. We bring unparalleled experience and vision to the process, maximising the development opportunity at every stage for every client. Over the past 20 years, CO—RE has advised on over 12.5 million sq ft with an investment value of over £10bn. Recent projects include Lansdowne House, 72 Upper Ground, 20 Ropemaker Place, One Fen Court, LSQ London and Bureau at 90 Fetter Lane. www.co-re.co.uk
Notes to Editor
The announcement that Blackstone reached an agreement to establish a newly constructed, purpose-built European headquarters located on Berkeley Square is available here.
CapMan Real Estate strengthens residential property management team with hire of Miro Karttunen, previously CEO of Newsec Property Asset Management in Finland
Ex Newsec veteran Miro Karttunen joins CapMan Real Estate as Head of Residential Property Management.
Miro will be responsible for leading property management across CapMan’s Nordic core residential portfolio which currently comprises 108 properties and over 6,000 apartments in Denmark, Finland and Sweden. Miro is an experienced leader with a proven track record in the real estate industry. Most recently, he led Newsec’s Property Asset Management in Finland between 2017 and 2022.
“We are delighted to welcome Miro to our Nordic residential property management team and look forward to him assisting us in developing our management capability even further. We have big growth plans for our residential platform and are confident in Miro’s ability to help us reach our goals”, comments Mikael Hjorth, Partner at CapMan Real Estate.
In the core rental residential sector, CapMan invests in centrally located properties in major Nordic cities, focusing on assets with strong sustainability profiles.
vCapMan Real Estate has approximately €4.2 billion of real assets under management, and the team comprises over 70 professionals located in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo and London.
For more information, please contact:
Mikael Hjorth, Partner, CapMan Real Estate, +44 7741 873 663
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. We have set greenhouse gas reduction targets under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs approximately 190 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com
