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CapMan Plc 2023 Financial Statements Bulletin

Capman

CapMan Plc
Stock Exchange Release / Financial Statements Bulletin
7 February 2024 at 8:00 a.m. EET

CapMan Plc 2023 Financial Statements Bulletin

Results and significant events in 2023:

  • Group turnover was MEUR 59.4 1 January–31 December 2023 (MEUR 67.5 1 January–31 December 2022) and decreased by 12 per cent.
  • Operating profit was MEUR 4.7 (MEUR 53.1). Comparable operating profit was MEUR 6.7 (MEUR 55.7).
  • The decrease in operating profit was mainly due to the fair value changes of investments MEUR –6.1 (MEUR +36.5).
  • Group turnover excluding carried interest, i.e., fee income was MEUR 56.2 (MEUR 57.9).
  • Comparable fee profit was MEUR 9.7 (MEUR 9.5) and increased by 2 per cent.
  • Diluted earnings per share were 0.8 cents (24.8 cents).  Comparable diluted earnings per share were 1.9 cents (26.4 cents).
  • In December, CapMan Plc agreed to acquire Dasos Capital Oy.
  • Board of Directors expects the dividend distribution for 2023 to be 10 cents per share, of which 6 cents per share is proposed to be paid in the spring and 4 cents per share in the autumn following a Board resolution.

This stock exchange release is a summary of CapMan Plc’s Financial Statements Bulletin for the period 1 January–31 December 2023. The complete report is available in pdf-format as an attachment to this release and on the company’s website at https://capman.com/shareholders/result-reports/reports/ together with the result presentation.

CEO’s comment:

“Fee profit continued to grow for the fourth consecutive year, but the result was weak overall due to fair value changes. Our growth strategy has advanced as planned despite a challenging market environment and 2024 will be a year of strong growth for CapMan.

Fee profit continued to grow

The Management Company business and procurement service CaPS developed well taking the market situation into account. Fee base was strengthened following new funds under management and CaPS’s strong growth. Fee profit, which is a key metric of our business, remained on a positive track in 2023 supported by a moderate development in expenses. Fee profit has grown annually over already four consecutive years and I expect this growth to continue.

Carried interest and especially changes in fair value fell below 2022. Consequently, results for 2023 were lower in comparison. CapMan’s own funds developed positively on average due to the strong development of Private Equity and Infra funds. The single most significant factor for the weaker result compared to the previous year was the fair value development of external venture capital funds, which turned negative in 2023 after a strongly positive 2022.

Interest from international investors in new funds creates growth opportunities

Despite a more challenging fundraising market, we succeeded in expanding our customer base even further among international institutional investors. During 2023, we raised nearly MEUR 400 in new assets under management. Over half of the capital came from outside the Nordic countries and about a third from investors who made their first investment in a CapMan fund. This is a testament to the strong value creation of our funds, the ability to realise value for investors, and to make new and attractive investments despite the slow transaction market and uncertain operating environment.

Fundraising was promoted across all investment areas. At the end of 2023, we established a Social Real Estate Fund, with the aim of raising MEUR 500 over the next few years. Nordic Real Estate IV, our flagship real estate fund, is preparing for fundraising. We expect it to hold its first close in 2024 and reach a final close of MEUR 750. CapMan’s second infrastructure fund continues fundraising and is now nearly MEUR 300, exceeding the size of the previous fund by 50 per cent. As for our Private Equity strategies, the Growth team has continued its impressive performance. The third fund received significant commitments in the latter part of 2023, and the fund is expected to hold its first close in early 2024. Due to these and other fundraising projects ongoing this year, assets under management are expected to grow significantly in 2024.

Expansion into natural capital following the acquisition of Dasos Capital

In December, we agreed to acquire Dasos Capital, a sustainable timberland and natural capital investor. Dasos is a leading player in terms of the breadth of its European investment portfolio, the international profile of its investors, and its strong track record. Dasos is perfectly compatible with CapMan’s growth strategy and sustainability focus. CapMan’s assets under management will immediately increase by approximately MEUR 630 at the closing of the transaction. By combining Dasos’s expertise in a growing asset class with CapMan’s experience in scaling products, we create excellent conditions for rapid growth in a new business area.

As part of the value creation work of all our funds under management, we are promoting our mission to become the most responsible private assets company in the Nordics. At the end of 2023, we set a net-zero emissions target for 2040, 10 years earlier than the global target. The target covers our own operations as well as all CapMan’s portfolio companies and assets. However, reducing emissions alone is not enough, and we are therefore one of the first in our industry to launch an initiative to promote nature-positive business models across all our investment areas.

I would like to thank CapMan’s investors and shareholders for their trust and all our employees for their good work and commitment to our common goals. We continue to implement our strategy systematically and are well positioned to achieve our growth targets. Consequently, we take determined measures to build a more international, sustainable, and financially stronger private markets frontrunner.”

Sincerely,

Pia Kåll

CEO, CapMan Plc

Key figures

MEUR 1-12/23 1-12/22
Operating profit 4.7 53.1
Items impacting comparability:
Impairment of goodwill 2.6
Reorganisation costs 1.5
Acquisition related expenses 0.6
Items impacting comparability, total 2.0 2.6
Adjusted operating profit 6.7 55.7
Result for the period 3.4 41.0
Items impacting comparability:
Impairment of goodwill 2.6
Reorganisation costs 1.2
Acquisition related expenses 0.6
Items impacting comparability, total 1.7 2.6
Adjusted profit for the period 5.1 43.6
Earnings per share, cents 0.8 25.1
Items impacting comparability, cents 1.1 1.7
Adjusted earnings per share, cents 1.9 26.8
Earnings per share, diluted, cents 0.8 24.8
Items impacting comparability, cents 1.1 1.6
Adjusted earnings per share, diluted, cents 1.9 26.4

Proposal of the Board of Directors regarding distribution of funds

The Board of Directors’ resolution proposal to the Annual General Meeting (AGM) to be held on 27 March 2024 is a combined proposal of a dividend distribution and an authorisation for the Board of Directors to decide on distribution of an additional dividend. The Board of Directors expects the overall dividend distribution to be EUR 0.10 per share for 2023.

The Board of Directors proposes to the AGM that a dividend in the total amount of EUR 0.06 per share would be paid for 2023. The payment date would be 9 April 2024.

The Board of Directors further proposes to the AGM that the Board of Directors be authorised to decide on an additional dividend in the maximum amount of EUR 0.04 per share. The authorisation would be effective until the end of the next Annual General Meeting. The Board of Directors intends to resolve on the additional dividend in its meeting scheduled for 18 September 2024.

CapMan’s distributable funds amounted to MEUR 37.5 on 31 December 2023.

Long-term financial objectives

CapMan’s distribution policy is to pay sustainable distributions that grow over time. CapMan’s objective is to distribute at least 70 per cent of the Group’s profit attributable to equity holders of the company excluding the impact of fair value changes, subject to the distributable funds of the parent company. In addition, CapMan may pay out distributions accrued from investment operations, taking into consideration foreseen cash requirements for future investments.

The combined growth objective for the Management Company and Service businesses is more than 15 per cent p.a. on average. The objective for return on equity is more than 20 per cent p.a. on average. CapMan’s equity ratio target is more than 50 per cent.

CapMan expects to achieve these financial objectives gradually and key figures are expected to show fluctuations on an annual basis considering the nature of the business.

Outlook estimate for 2024

CapMan’s objective is to improve results in the long term, taking into consideration annual fluctuations related to the nature of the business. Carried interest income from funds managed by CapMan and the return on CapMan’s investments have a substantial impact on CapMan’s overall result. In addition to asset-specific development and exits from assets, various factors outside of the portfolio’s and CapMan’s control influence fair value development of CapMan’s overall investments, as well as the magnitude and timing of carried interest. For these reasons, CapMan does not provide numeric estimates for 2024.

CapMan estimates assets under management to grow in 2024. The company estimates fee profit also to grow in 2024. These estimations do not include possible items affecting comparability.

Result webcast today at 9.30 a.m. EET

CapMan’s management will present the result for the review period in a webcast to be held at 9.30 a.m. EEST. Please access the webcast at https://capman.com/shareholders/at-a-glance/events/. The conference and Q&A will be held in English. A replay of the webcast will be available on the company’s website after the event.

Helsinki, 7 February 2024

CAPMAN PLC
Board of Directors

Contact details:
Atte Rissanen, CFO, CapMan Plc, tel. +358 50 040 5732

Distribution:
Nasdaq Helsinki Ltd
Principal media
www.capman.com

Appendix: CapMan Plc 2023 Financial Statements Bulletin

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics, it has built value in unlisted businesses, real estate, and infrastructure for over three decades. With approx. EUR 5 billion in assets under its management, its objective is to provide attractive returns and innovative solutions to investors. An example of this are the greenhouse gas reduction targets that it has set under the Science Based Targets initiative in line with the 1.5°C scenario as well as a commitment to net zero GHG emissions by 2040. It has a broad presence in the unlisted market through its local and specialised teams. Its investment strategies cover minority and majority investments in portfolio companies and real estate, as well as infrastructure assets. It also provides wealth management solutions. Its service business includes procurement services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London, Luxembourg and Jyväskylä. It has been listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.  

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Blackstone to Present at the Bank of America Securities Financial Services Conference 2024

Blackstone

NEW YORK – February 7, 2024 – Blackstone (NYSE:BX) announced today that Michael Chae, Chief Financial Officer, is scheduled to present at the Bank of America Securities 2024 Financial Services Conference on Wednesday, February 21, 2024 at 2:30pm ET.

A live webcast of the presentation will be available on the Shareholders section of Blackstone’s website at http://ir.blackstone.com. For those unable to listen to the live webcast, a replay will be available on Blackstone’s website shortly after the event.

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.

Contact
Blackstone Shareholder Relations
BlackstoneShareholderRelations@blackstone.com

Categories: News

KKR & Co. Inc. Reports Fourth Quarter 2023 Result

KKR

NEW YORK–(BUSINESS WIRE)– KKR & Co. Inc. (NYSE: KKR) today reported its fourth quarter 2023 results, which have been posted to the Investor Center section of KKR’s website at https://ir.kkr.com/events-presentations/.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240206323669/en/

A conference call to discuss KKR’s financial results will be held today, Tuesday, February 6, 2024 at 10:00 a.m. ET. The conference call may be accessed by dialing (877) 407-0312 (U.S. callers) or +1 (201) 389-0899 (non-U.S. callers); a pass code is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Center section of KKR’s website at https://ir.kkr.com/events-presentations/. A replay of the live broadcast will be available on KKR’s website beginning approximately one hour after the broadcast.

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.

Investor Relations:
Craig Larson
+1 (877) 610-4910 (U.S.) / +1 (212) 230-9410
investor-relations@kkr.com

Media:
Kristi Huller, Miles Radcliffe-Trenner or Julia Kosygina
+ 1 (212) 750-8300
media@kkr.com

Source: KKR & Co. Inc.

 

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CBPE agrees sale of Perspective

CBPE

CBPE Capital LLP (“CBPE”) is pleased to announce that it has exchanged contracts on the sale of Perspective Financial Group Limited (“Perspective”) to US middle-market private equity firm Charlesbank Capital Partners LLC (“Charlesbank”). The sale is subject only to regulatory approval from the FCA. Terms of the transaction have not been disclosed.

CBPE invested in Perspective alongside the current management team in December 2019. During CBPE’s investment the business has grown significantly from £2.6 to £8.0bn assets under management through a focused buy-and-build investment strategy, supported by strong organic growth.

Perspective has completed over 45 acquisitions since CBPE invested. All of these have been fully integrated into the group, ensuring consistently high standards of advice whilst enabling all acquisitions to benefit from the significant investments that have been made in central support functions and technology.

From the outset, CBPE understood the key element of a successful wealth business and the importance of maintaining our client-centric culture. They have been a constant and supportive presence throughout the past four years. Together, we have built a highly efficient M&A execution and integration team, which has allowed us become the go-to acquirer for retiring IFA businesses. We are excited to partner with Charlesbank and believe this new partnership will help us continue building on our success to date and enable us to take our business to new heights.

Ian Wilkinson, CEO
Perspective

We have had the pleasure of working in a highly collaborative partnership, with a fantastic management team at Perspective. We have seen the business develop and grow significantly, whilst maintaining its focus on regulatory best practice and always doing the right thing by its clients. We take immense pride in what we have achieved together and the quality of Perspective as a platform for further growth in the UK wealth management market.

Richard Thompson, Partner
CBPE

The sale continues CBPE’s strong track record of investing in the financial services sector. The proposed sale of Perspective will follow the previous successful exits in the sector including Xceptor, Compre, Xafinity and JTC, and will represent the sixth exit from Fund IX. Current investments in the financial services sector include BKL, Centralis Group and DCL.

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

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

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Ardian acquires a stake in My Pie, the French leader in supermarket hot snacks

Through this primary transaction, Ardian has joined forces with the founders of My Pie to support their ambitious growth plans.

Ardian, a world-leading private investment house, announces the acquisition of a minority stake in My Pie, a unique player in the French snack market. Founded in 2015 by Adrien Goud and Sébastien Rico with the support of Jean-Rémy Cousin, My Pie offers an innovative turnkey solution combining display cases and hot snacks for supermarkets under the “My Pie” brand.

My Pie has established itself as a market leader with annual growth of more than 90% over the last three years, by responding to a previously unmet retailer and consumer demand:  a complete range of hot and ready-to-eat snacks, available in supermarkets under an easily identifiable brand. The Company’s offering combines compact display cases, that keep the products warm and are easily deployed by supermarkets, with a growing range of 100% natural snacks made from French ingredients.

Thanks to a complete oversight of the key stages in its value chain, including an automated in-house production facility, and a national listing strategy with the main supermarket chains, My Pie has progressively extended its distribution network across supermarkets.

Ardian’s investment in My Pie will enable the company to prepare for its next phase of development whilst maintaining its strong growth trajectory. Ardian Growth’s extensive track record, with numerous primary transactions carried out alongside fast-growing companies, will provide My Pie’s founders with access to a vast network and active support around company strategy, particularly regarding organizational structure, the roll-out of its out-of-home catering offering and international expansion.

“We are delighted to support Adrien Goud and Sébastien Rico in this new stage of My Pie’s development. This primary transaction reflects the DNA of Ardian’s Growth platform: investing alongside ambitious entrepreneurs in a fast-growing, profitable company with unique expertise in its market. We are already working actively with the founders to give them the benefit of our expertise, particularly around organizational structure, digitalization, and internationalization. With Ardian’s support, we can build on its strong growth trajectory and make My Pie a European leader in hot snacks.” Frédéric Quéru, Managing Director Growth, Ardian

« This new partnership with Ardian is a wonderful opportunity for My Pie. We share a common vision with the Ardian team: sustainable and responsible development. We look forward to writing a new page in our history. » Adrien Goud and Sébastien Rico, President and CEO, My Pie

PARTIES TO THE TRANSACTION

  • ARDIAN

    • INVESTMENT TEAM GROWTH: FRÉDÉRIC QUÉRU, PIERRE SCHAEFFER, SOPHIE MEYER
    • FINANCIAL ADVISOR: ALVAREZ & MARSAL (BENOÎT BESTION, ANTOINE FABIANI, GRÉGORY PEREIRA)
    • STRATEGIC ADVISOR: OC&C STRATEGY (STÉPHANE BLANCHARD, DAVID DE MATTEIS, LÉA BORONI)
    • OPERATIONAL ADVISOR: ALVAREZ & MARSAL (MARC FERREY, ELISABETH KARSENTY)
    • LEGAL, REGULATORY AND TAX ADVISOR: MCDERMOTT (DIANA HUND, HERSCHEL GUEZ, AURIANE TOURNAY, NARÉ ARSHAKYAN, CHARLES DE RAIGNAC, HÉLÈNE ADDA, PAUL-HENRY DE LAGUICHE)
    • CORPORATE LAWYER: MCDERMOTT (DIANA HUND, HERSCHEL GUEZ, AURIANE TOURNAY)
    • FINANCING LAWYER: MCDERMOTT (PIERRE-ARNOUX MAYOLY, SHIRIN DEYHIM, SALOMÉ BELHASSEN)
    • TAX ADVISOR: MCDERMOTT (CÔME DE SAINT-VINCENT)
    • M&A ADVISOR: ODDO BHF (THOMAS DEVINEAU, NICOLAS ECOT)

  • MANAGEMENT

    • MANAGEMENT TEAM: ADRIEN GOUD, SÉBASTIEN RICO, JEAN-RÉMY COUSIN, TOM CHEGARAY
    • M&A ADVISOR: OAKLINS (FRANCK MONNOT, SALAH BEN HAMOUDI, HARRY BERCU)
    • CORPORATE LAWYER: WINSTON & STRAWN (GRINE LAHRECHE, EDITH BOUCAYA, VINCENT BOURRELLY)
    • FINANCING LAWYER: WINSTON & STRAWN (ARIANE BERTHOUD, CYPRIEN BOUVIER)
    • TAX LAWYER: WINSTON & STRAWN (JÉRÔME MAS)
    • VENDOR DUE DILIGENCE: WINCAP (CHRISTOPHE PIÉMONT, CHRISTOPHE BOUSSARD, VICTOR LEFOULON)

  • FINANCING

    • DEBT POOLER: HÉLIA CONSEIL (LIONEL MILOT, DELPHINE GUIGNARD)
    • DEBT TEAM: CAISSE D’EPARGNE BRETAGNE PAYS DE LOIRE (DAVID LAIDET), BANQUE POPULAIRE GRAND OUEST (DAVID WADOUX), CIC OUEST (ANNE-CÉCILE BESCOND, GRÉGORY VEYEAU), ARKEA (ISABELLE BOUEDO, GAUTHIER MANGEART, BAPTISTE LE GOLVAN, CHRISTOPHE COZ, BRENDAN GIANONC
    • FINANCING LAWYER: CORNET VINCENT SÉGUREL (ANDRÉ WATBOT, MARION NICOLAS, ROBIN PETIT, ELISE LE ROUX)

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $160bn of assets on behalf of more than 1,560 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT MY PIE

My Pie is a leading producers and distributors of hot snacks to supermarkets in France. Its development has been based on a unique value proposition for retailers, consisting of providing a turnkey offer to supermarket chains, ranging from display cases that keep products warm to a wide range of hot snacks, produced in-house in Mayenne and made exclusively from natural ingredients.

mypie.fr

PRESS CONTACT

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Fronnt further expands and strengthens its offering through the acquisition of Bovema International

GIMV

Antwerp/Olen 5 February 2024 – Fronnt, an innovative alliance of installation companies founded in July 2022 in cooperation with investment companies Gimv and Tilleghem, has acquired another leading specialist.
Following the entry of Bovema International as the newest Fronnt member, the group consists of 14 companies and 485 employees. This steadily builds on an integrated multi-technical installation group, uniquely positioned to support organisations in the energy transition.

Today, this energy transition is in a crucial phase where the installation engineering and automation sector is becoming increasingly complex. Fronnt has extensive knowledge and know-how, which enables it to offer integrated solutions and fully unburden its customers. Bovema International’s entry into the group strengthens its offering in the field of innovative refrigeration.

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ContourGlobal Appoints Antonio Cammisecra As Chief Executive Officer

KKR

London, 5 February 2024 – ContourGlobal Ltd. (“ContourGlobal”), a developer, owner and operator of power generation assets around the world, today announces the appointment of Antonio Cammisecra as CEO, effective 2 February, 2024.

During his international career at Enel Group spanning more than two decades, Antonio contributed to the expansion of Enel Green Power into a renewables supermajor and accelerated the decarbonization of a power generation fleet with 84 GW managed in 20 countries. He also led, between 2020 and 2023, the Enel Grids business overseeing a portfolio of more than 2.2 million km of power distribution lines, across eight countries.

In joining ContourGlobal, Antonio brings solid expertise in navigating structural challenges of the energy transition: from the pioneering of renewables to their massification and mainstreaming, from the sustainability transformation in the energy business to dealing with the resilience and climate adaptation of infrastructures, as well as leveraging internal talent and external ecosystems to accelerate industrial and financial innovations.

Antonio will be responsible for steering ContourGlobal’s investment strategy towards decarbonising the Company’s footprint and growing the platform in sustainable technologies critical to the transition of the power sector. He succeeds CEO Joseph C. Brandt who is stepping down after seventeen years leading the company.

Antonio Cammisecra commented: “I am thrilled to join ContourGlobal at an exciting and demanding time for the business that will undertake a solid growth strategy of its power portfolio, accelerating its renewable development activities and leading the transition of thermal assets to lower carbon solutions. This is a global trend that I have long been engaged with throughout my career. I look forward to working with the talented management team, my new colleagues, and KKR, a shareholder with an impressive track record of energy and renewables investing that brings a long-term view and is helping to accelerate the energy transition within the Company’s portfolio.”

Ryan Miller, Managing Director in KKR’s Infrastructure team and Board member of ContourGlobal, added: “We are delighted to welcome Antonio to ContourGlobal at an exciting time for the business.  ContourGlobal is a leading platform driving transition of the power sector and developing sustainable power. Antonio brings an incredible breadth of experience in leadership roles across the energy transition sector, and we are thrilled to have him on board to take ContourGlobal to the next level.”

— Ends —

About ContourGlobal

ContourGlobal is a global developer, owner, and operator of over 6.2 GW of electricity generating facilities around the world, relying on diversified technologies and driving the low-carbon transition through innovation and operational performance.  ContourGlobal generates electricity for large-scale utility and private companies in renewable electricity production with deep expertise in wind, hydro, solar and battery storage, and in thermal electricity production where we balance environmental sustainability with energy security and affordability.  ContourGlobal operates 131 assets in 20 countries across Europe, the Americas, and Africa.  ContourGlobal is committed to operational excellence, the highest standards of health and safety, and making the communities where we work better because we are there.

Media Contact: Investor.Relations@ContourGlobal.com

 

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Onex Partners to Invest in Morson Group

Onex

Onex Corporation (“Onex”) (TSX: ONEX) today announced that Onex Partners V has completed a majority investment in Morson Group (“Morson” or the “Company”), a leading UK engineering and technical staffing and workforce solutions business, with growing operations in the UK, U.S., Italy, Canada and Australia. The investment has been made alongside the founding family CEO Ged Mason and members of the management team. Financial terms were not disclosed.

Headquartered in Manchester, United Kingdom, Morson Group provides services including: (i) contingent workforce solutions, relating to the placement of engineering, IT and technical contractors with customers, (ii) permanent recruitment and recruitment process outsourcing (RPO), (iii) related planning workforce support management and training, and (iv) engineering consultancy and design services. With a history stretching back over 55 years, the Company employs more than 1,500 people in over 60 locations, with a vision to create a better, more innovative world through inspiring, supporting, reskilling, and nurturing talent. Morson deploys specialist recruitment and engineering expertise on STEM skills in its focus sectors of aerospace, defence, IT and technology, rail, marine, nuclear, multi-disciplined engineering, professional services, construction, and manufacturing.

“Morson’s ability to deploy unique sector knowledge and innovative solutions to its clients in highly resilient sectors of the economy is unique. We are attracted by its growth profile, corporate culture and multiple opportunities for value creation going forward. Most importantly, we are delighted to be partnering with Ged Mason and the management team, to continue building on what they have accomplished,” said Nigel Wright, Co-Head of Onex Partners. Adrien Faure, a Managing Director of Onex Partners, added “Morson is an excellent business and a leader with pedigree in its core markets. The investment aligns with our theme of investing in businesses that help to solve the need for technical and specialist skills alongside the best management teams. It builds on our track record in the broader human capital management sector.”

Ged Mason, who will continue as CEO of Morson Group, said “We have found a true partner in Onex, and a team whose values are aligned with ours. Onex shares our vision. It has an impressive track record of helping companies to grow and we are confident about the contribution our new partner will make to achieving our goals.”

About Onex

Onex is an investor and asset manager that invests capital on behalf of Onex shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Onex’ two primary businesses are Private Equity and Credit. In Private Equity, we raise funds from third-party investors, or limited partners, and invest them, along with Onex’ own investing capital, through the funds of our private equity platforms, Onex Partners and ONCAP. Similarly, in Credit, we raise and invest capital across several private credit, public credit, and public equity strategies. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, insurance companies and family offices. In total, Onex has US$49.7 billion in assets under management, of which US$8.1 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.

Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedarplus.ca.

About Morson Group

Morson Group is a leading provider of complete talent solutions, offering services across contingent workforce, design consultancy, and permanent recruitment through a variety of delivery models. The Company’s proprietary technology underpins managed service provider (MSP) and recruitment process outsourcing (RPO) offerings alongside other service models. Morson employs over 1,500 people in more than 60 locations in the UK, Australia, the United States, and Canada. With revenues in excess of £1.3 billion, Morson is ranked by SIA as the world’s third largest engineering and technical staffing business.

Disclaimers

This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance, or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

For Further Information:

Onex

Jill Homenuk

Managing Director – Shareholder Relations and Communications

JHomenuk@onex.com

+1 416.362.7711

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Aquiline Capital Partners Announces Partnership with Health Prime

Aquiline

NEW YORK, Feb. 5, 2024 – Health Prime International (“Health Prime” or “the company”), a provider of revenue cycle management (“RCM”) solutions for physician practices, announces that Aquiline Capital Partners LP (“Aquiline”) has made a majority investment. Aquiline is a private investment firm, investing in financial services and related technologies, with over $10 billion in assets under management as of September 30, 2023.

Founded in 2004, Health Prime provides tailored RCM solutions to over 800 clients across 50 specialties. The company offers comprehensive end-to-end services through a multi-shore delivery model that differentiates it from peers. Health Prime’s proprietary Datalytics and Prime Flow technologies are compatible with nearly all EMRs, generating valuable insights and driving powerful results for healthcare practices. The company has completed 4 acquisitions since 2019 and is well positioned to continue to execute strategic M&A.

Pranil Vadgama, CEO at Health Prime, said: “We are excited to continue our growth trajectory with the support of Aquiline. Their deep network and experience within healthcare technology will be invaluable as we work together to achieve our long-term goals. This investment is not just a change in sponsorship but a strategic move to accelerate Health Prime’s growth and services.”

Benedict Baerst, Partner at Aquiline, said: “Effectively navigating the complexities of revenue cycle management is becoming increasingly critical for providers in today’s healthcare ecosystem. Health Prime’s unique tech-enabled delivery model has consistently produced successful outcomes for its clients. We look forward to partnering with Pranil and the Health Prime management team to execute our collective vision for the business.”

Guggenheim served as Aquiline’s lead financial advisor, alongside Lincoln and Rothschild. Ropes & Gray served as Aquiline’s legal advisor. AB Private Credit Investors provided the unitranche debt financing to support the transaction.

TripleTree served as financial advisor to Health Prime.

About Health Prime

Health Prime is a provider of powerful revenue cycle management solutions to physician groups across a variety of specialties. The company’s proprietary technology suite includes financial reporting tool Prime Datalytics and workflow automation applications Prime Link and Prime Flow. Health Prime was founded in 2004, headquartered in National Harbor, MD and has more than 3,500 employees in the United States, Costa Rica, India, and the Philippines.

About Aquiline Capital Partners

Aquiline Capital Partners LP is a private investment firm based in New York, London, Philadelphia, and Greenwich, Connecticut, that invests across financial services, healthcare, and technology. For more information about Aquiline, its investment professionals, and its portfolio companies, visit www.aquiline.com.

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AnaCap and TA backed MRH Trowe completes 4 bolt-on acquisitions in January

Anacap

AnaCap, a market-leading partner for founders and entrepreneurial management teams across services, technology and software within the European financial ecosystem, today announces that portfolio company MRH Trowe (“MRHT”), one of the largest independent P&C commercial brokers in Germany, has completed four bolt-on acquisitions in January. The four acquisitions are Bavaria AG, Vertoura Versicherungsmakler GmbH & Co. KG, Frank Rauch & Kollegen Finanz-und Versicherungsmakler GmbH and ASSPERT Versicherungsmakler GmbH & Co. KG. The companies were acquired with effect from 1st January 2024 and the respective management teams will remain on board.

The acquisition of Bavaria AG, one of the leading insurance brokers for yachts, private aircraft, classic cars and holiday properties, introduces a comprehensive range of insurance solutions for exclusive movables and valuables to MRHT. The acquisition of Vertoura, a renowned broker in the tourism sector, strengthens MRHT’s position in advising and insuring corporate clients within this industry.

Frank Rauch & Kollegen Finanz-und Versicherungsmakler GmbH brings MRHT a substantial customer base within the private client and SME market segment, while the acquisition of ASSPERT Versicherungsmakler GmbH & Co. KG, a company that focuses on commercial customers in the trade and crafts sector, complements MRHT’s geographical presence in south-west Germany, with a particular focus on purchasing associations.

With these four acquisitions, MRHT has further demonstrated its long-term, targeted growth strategy, starting 2024 on a successful note, as it continues to create value for customers, both in terms of sector-specific expertise and geographical proximity and personal support.

These developments represent a new chapter for AnaCap and its strategic partnership with MRHT as well as TA Associates (“TA”) following its investment into the company in 2023 and the successful closure of AnaCap’s maiden Continuation Fund, enabling the continuation of its investment hold periods for MRHT (and portfolio company GTT). These acquisitions exemplify AnaCap’s ambition for its growth partnership with TA, to further accelerate MRHT’s growth trajectory and cement its position as a leading insurance broker in the DACH region.

2023 was a very successful year overall for AnaCap. In addition to the closing of the Continuation Fund, it completed three portfolio company exits, for an average realised return of 3.6x and 44% IRR. This track record further endorses AnaCap’s strategy to institutionalise entrepreneurialism, scaling high-quality founder-led businesses in the European lower-mid-market.

Tassilo Arnhold, Co-Managing Partner at AnaCap, commented:
“We are delighted to announce this excellent start to the year for MRHT through this accelerated M&A programme, as the Founders and management team, together with TA continue MRHT’s ambitious growth plans across the DACH region. This early success entirely endorses our vision for the continued hold period afforded by the Continuation Fund. Our expectation is for a significantly amplified ultimate return for our LPs through this new structure.”

Ralph Rockel, Chief Executive Officer at MRH Trowe, added:
“We are focussing on targeting partners who expand our range of services and create added value for customers as part of an integrated offering. This also includes comprehensive integration management, which ensures a high level of synergy and opens up long-term growth potential.”

Rockel concluded:
“All four brokerage houses contribute additional, established expertise from which other areas of the MRH Trowe brand also benefit. At the same time, the integration into MRHT’s overall product offering also ensures the future viability of these companies and further expands the range of services available for customers.”

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