Archives

IQ Endoscopes sets sights on rapid early diagnosis

BGF

Funding from BGF and Development Bank of Wales has accelerated the roll-out of the Welsh company’s sustainable, single-use endoscopes.

6 February 2025
IQ Endoscopes sets sights on rapid early diagnosis

Wales-based medical device business IQ Endoscopes has strengthened its position for supporting clinicians and patients across the UK in 2025 and beyond — following its latest multi-million-pound funding round from BGF and the Development Bank of Wales.

The funding will enable IQ Endoscopes to accelerate the roll-out of its sustainable, single-use endoscopy platform. Designed and built in the UK, the platform is devised to increase the capacity of endoscopy provision across the country, allowing patients to be diagnosed earlier and ultimately help people live longer, healthier lives.

Of the 70 million endoscopy procedures currently completed each year, 98% are performed with reusable devices. These require reprocessing after each use, which is both costly and time-intensive, as well as having a significant environmental impact and posing the risk of cross-contamination.

The need for innovation in diagnostic healthcare has never been greater. According to Cancer Research, NHS England aims to begin treatment for 85% of cancer patients within 62 days of an urgent referral — a target that hasn’t been met since 2015. Worst still, the number of new cancer cases worldwide is expected to increase to 28 million per year by 2040, a 54.9% increase from 2020. In addition, the UK is suffering from a shortage of trained and skilled endoscopists, leading to increased waiting times for patients and rising costs for the NHS.

In response, IQ Endoscopes’ innovative product is set to launch in an initial four health centres this July, to begin to tackle the backlog of patients needing endoscopy treatments across England and Wales.

Matt Ginn, CEO at IQ Endoscopes, commented: “At IQ Endoscopes, we are on a mission to help drive rapid early diagnosis, using our single-use endoscopes, to help people live a longer and better life. This funding round has brought that ambition one step closer to reality and we are exceptionally thankful to BGF, DBW, and early shareholders for their ongoing belief in our mission.

“With strong evidence supporting the clinical acceptance of our technology, a clear path to regulatory clearance, and the required manufacturing capability established, we are primed for early commercialisation of our technology in the UK from July 2025.”

IQ Endoscopes’ model of flexible, plug-and-play endoscopes strongly aligns with the UK Government’s proposed network of Community Diagnostic Centres, designed to make procedures such as endoscopies more accessible in local areas. By offering greater flexibility, choice, and control, IQ Endoscopes can empower clinicians to increase capacity and deliver faster, more efficient care to patients – enabling rapid diagnosis and treatment.

Tim Rea, Co-Head of Early Stage Investments at BGF, said: “From the outset, we’ve been impressed by the team’s focus on improving patient outcomes, by eliminating the inconvenience, cross-contamination risks, and environmental impact associated with the repeated sterilisation of reusable systems.

“The team has made significant strides to address critical challenges in endoscopy, by offering a high-quality, sustainable, and more efficient solution for clinicians. We are excited to continue our support for the business as it advances to the next stage of its development.”

Tom Davies, Investor for the Technologies Venture Investments team at Development Bank of Wales, added: “This is the fourth investment we have made into IQ Endoscopes since our initial seed investment in the summer of 2020, and we continue to be impressed by their growth and innovation as a leading Welsh medtech company, delivering essential single-use solutions in the field of endoscopy.”

Categories: News

Tags:

CVC DIF agrees the sale of 1GW+ portfolio of renewable energy projects to Potentia Energy

DIF

Fnijulqveaat OO

CVC DIF agrees the sale of 1GW+ portfolio of Australian renewable energy projects to Potentia Energy

  • The portfolio consists of 609MW1 of operational wind and solar projects and 433MW of late stage wind and battery energy storage system (BESS) development projects.
  • Under CVC DIF ownership, three projects were successfully brought into operations, and the portfolio has grown significantly through the addition of new development projects, including BESS.

CVC DIF, the infrastructure strategy of leading global private markets manager CVC, is pleased to announce that DIF Infrastructure IV and DIF Infrastructure V have signed agreements to divest a combined portfolio of renewable energy projects in Australia to Potentia Energy (formerly Enel Green Power Australia).  

The geographically and technologically diverse portfolio includes:

  • Bright Energy Investments (BEI), the largest operational renewable platform in Western Australia with three operating projects and one wind farm which recently reached financial close, with a total capacity of 367MW. Cbus Super, who are a co-shareholder in BEI, have sold their stake alongside CVC DIF.
  • A portfolio of three operational solar farms and two adjacent BESS development projects in Queensland, South Australia, and Australian Capital Territory with a total capacity of 675 MW.

Andrew Freeman, Partner and Head of Divestments at CVC DIF, said: “At CVC DIF, we are focused on uncovering opportunities that enhance financial performance and drive sustainable growth in the businesses we invest in, while at the same time delivering strong returns for our investors and supporting the energy transition.”

CVC DIF were advised on the transaction by Macquarie Capital (financial) and White & Case (legal).

1 All capacity figures refer to AC capacity

About CVC DIF

CVC DIF (formerly DIF Capital Partners) is a leading global mid-market infrastructure equity fund manager.

Founded in 2005 and headquartered in Amsterdam, the Netherlands, CVC DIF has c. €19 billion of infrastructure assets under management in energy transition, transport, utilities and digitalisation.

With over 240 people in 12 offices, CVC DIF offers a unique market approach, combining a global presence with the benefits of strong local networks and sector-focused investment capabilities.

CVC DIF forms the infrastructure strategy of leading global private markets manager CVC. This partnership allows CVC DIF to benefit from CVC’s global platform, with 30 offices across five continents.

Press contacts

CVC DIF

Renate Klöters

press@dif.eu

Categories: News

Tags:

AVP Investment Thesis – Basetwo

AXA

AVP is excited to announce our lead investment in Basetwo’s $11.5M Series A round, alongside co-investors Glasswing, Global Brain, Deloitte Ventures, SHIMADZU and Chiyoda. After spending considerable time exploring the potential of software solutions in the manufacturing space, we are thrilled to support Basetwo’s innovative AI co-pilot for manufacturing processes. When we first met the Basetwo team over a year ago, we were impressed by their visionary solution to a clear and pressing market need. Below, we highlight the key reasons behind our enthusiasm for Basetwo:

1. The Manufacturing Market is Massive – and Technology is Outdated

Basetwo is at the forefront of AI-driven manufacturing optimization, entering the market at a time where AI technology is feasible, and companies are eager to adopt. The manufacturing industry is massive, contributing to ~16% of GDP¹, but it remains disproportionately reliant on outdated technology. Despite its size and impact, many manufacturers still rely on legacy tools and desktop simulation software—some dating back to the Windows 95 era. Our calculations estimate Basetwo’s TAM to be approximately $20 billion, primarily focused on chemicals, and around $60 billion when expanded to include other underserved verticals.

At AVP, we seek opportunities in industries primed for disruption, and believe this gap in manufacturing represents a significant opportunity. The industry is grappling with rising costs, labor shortages, nearshoring trends, and increasing competition, all of which are driving demand for greater operational efficiency. We believe Basetwo is uniquely positioned to fill this gap. In verticals such as pharmaceuticals, there is a distinct lack of advanced process optimization solutions, and Basetwo’s technology addresses this need, unlocking substantial value by improving operational efficiency.

2. Basetwo’s Technology is Cutting-Edge

Basetwo has a unique value proposition, providing a low-code, user-friendly platform enabling operators to efficiently perform process optimization with quick setup and time to value. The platform leverages best-in-class physics AI models to accurately simulate complex processes and recommend optimization strategies.

What truly sets Basetwo apart is not just the use of advanced AI, but also modern MLOps tools they have architected – creating a comprehensive, end-to-end solution for process optimization. The combination of technical excellence and usability positions Basetwo to drive significant operation improvements across manufacturing.

3. Basetwo’s Solution Delivers Strong ROI

The ROI potential for process optimization in manufacturing is significant. Even small inefficiencies can compound at scale, leading to millions of dollars in lost productivity. Basetwo’s platform has already demonstrated its value by helping customers identify and eliminate inefficiencies, generating millions in cost savings. As a result, Basetwo has been able to secure early contracts with large Fortune 500 companies—an endorsement of the platform’s effectiveness and real-world value.

4. Basetwo Has an Exceptional Management Team

At AVP, we prioritize investing in companies with strong leadership, and Basetwo’s management team of three brothers exceeds our expectations. CEO Thouheed and COO Thamjeeth previously co-founded an AI-driven water infrastructure company, which was acquired by Innovyze and later by Autodesk; Thouheed then went on to lead Autodesk’s AI initiatives. Head of Engineering Tawfeeq brings experience from highgrowth tech companies like Lyft, Uber, and Databricks. Their combined expertise gives us confidence in management’s ability to scale and grow Basetwo into a market leader.

Since its founding in 2022, Basetwo has made impressive strides with its cutting-edge platform addressing the significant gap in the manufacturing sector. We at AVP are excited to partner with Basetwo to help manufacturers across the globe unlock millions in cost savings and shape the future of process optimization.

1. https://ourworldindata.org/grapher/manufacturing-value-added-to-gdp?tab=table

Categories: News

Tags:

Waterland Private Equity partners with WellNess to accelerate the growth of France’s leading premium fitness club network

Waterland

Paris, 5 February 2025 – WellNess Sport Club is joining forces with investment fund Waterland to fuel its rapid expansion. Originally founded in Lyon, the premium fitness club network is growing quickly across France and Switzerland, strengthening its position in the high-end fitness market.

A Strategic partnership to build a market leader
Waterland Private Equity has acquired a stake in WellNess Sport Club with the ambition of making it the leading premium fitness club chain in France — and eventually across Europe. Already established in major regions such as Auvergne-Rhône-Alpes, Provence-Alpes-Côte d’Azur, the Paris area, western France, and Switzerland, WellNess focuses on prime citycenter locations. Today, its clubs can be found in Paris, Lyon, Marseille, Nantes, and Geneva, with plans to expand into Lille, Toulouse, Nice, and beyond. WellNess clubs offer a unique, all-inclusive experience: cutting-edge strength and cardio areas, a dedicated wellness space featuring a swimming pool, sauna, and hammam, an immersive cycling studio, and an unrivaled selection of 160 group classes per week — delivered by top-tier coaches. A key differentiator is its outstanding wellness and aquatic class offerings, highly sought after by members. Each WellNess club spans over 1,800 m², combining stylish, contemporary design with state-of-the-art fitness equipment. It is the only structured gym network in France and Switzerland to provide such a premium, allencompassing fitness experience.

“Our network is thriving in a highly dynamic and demanding premium market. This partnership is a unique opportunity to accelerate our growth across France and Europe, offering the best facilities, the best classes, cutting-edge equipment, and unparalleled comfort for our members,” says Sébastien Duvanel, CEO of WellNess Sport Club.

“We are thrilled to bring our expertise to WellNess, building on our investments in LifeFit Group and FitOne in Germany, as well as our past involvement with HealthCity/Basic-Fit. WellNess’s positioning and commitment to premium fitness services are perfectly aligned with the key trends driving this fast-growing industry,” explain Louis Huetz and Pierre Naftalski, Partner and Investment Director at Waterland Private Equity.

“We would like to thank the management and teams at WellNess for their outstanding achievements since 2017. The network’s strong growth is a testament to their dedication and the strength of the WellNess model. We wish Waterland and the WellNess teams continued success as they enter this next phase of expansion,” adds Jean Gore, Partner at Pechel.

About WellNess Sport Club
WellNess is a premium fitness club network with clubs in Paris, Lyon, Marseille, Nantes, and Geneva, and is rapidly expanding across France and Switzerland. Named Best Fitness Brand 2024 by Capital magazine, WellNess Sport Club offers a unique concept that combines fitness, strength training, wellness, and an extensive range of group classes. Each club, spanning over 1,800 m², features dedicated spaces for different activities, including cross-training, strength training, cardio, cycling, and an aquatic zone. Members also benefit from a wellness area with a swimming pool, hammam, and sauna, as well as 160+ group classes per week, all led by certified coaches. For more information, please visit: https://www.wellness-sportclub.fr/

Press Contacts:
Naël Madi – waterland@the-arcane.com | +33 6 21 93 22 14
Laurence Van Doosselaere – vandoosselaere@waterland.be | +32 473 88 05 21

Categories: News

Family shareholders, managers of Lavollée Group, and Waterland join forces to create an independent leader in specialty ingredient distribution: SIDG

Waterland

Paris, 5 February 2025 – WellNess Sport Club is joining forces with investment fund Waterland to fuel its rapid expansion. Originally founded in Lyon, the premium fitness club network is growing quickly across France and Switzerland, strengthening its position in the high-end fitness market.

A Strategic partnership to build a market leader
Waterland Private Equity has acquired a stake in WellNess Sport Club with the ambition of making it the leading premium fitness club chain in France — and eventually across Europe. Already established in major regions such as Auvergne-Rhône-Alpes, Provence-Alpes-Côte d’Azur, the Paris area, western France, and Switzerland, WellNess focuses on prime citycenter locations. Today, its clubs can be found in Paris, Lyon, Marseille, Nantes, and Geneva, with plans to expand into Lille, Toulouse, Nice, and beyond. WellNess clubs offer a unique, all-inclusive experience: cutting-edge strength and cardio areas, a dedicated wellness space featuring a swimming pool, sauna, and hammam, an immersive cycling studio, and an unrivaled selection of 160 group classes per week — delivered by top-tier coaches. A key differentiator is its outstanding wellness and aquatic class offerings, highly sought after by members. Each WellNess club spans over 1,800 m², combining stylish, contemporary design with state-of-the-art fitness equipment. It is the only structured gym network in France and Switzerland to provide such a premium, allencompassing fitness experience.

“Our network is thriving in a highly dynamic and demanding premium market. This partnership is a unique opportunity to accelerate our growth across France and Europe, offering the best facilities, the best classes, cutting-edge equipment, and unparalleled comfort for our members,” says Sébastien Duvanel, CEO of WellNess Sport Club.

“We are thrilled to bring our expertise to WellNess, building on our investments in LifeFit Group and FitOne in Germany, as well as our past involvement with HealthCity/Basic-Fit. WellNess’s positioning and commitment to premium fitness services are perfectly aligned with the key trends driving this fast-growing industry,” explain Louis Huetz and Pierre Naftalski, Partner and Investment Director at Waterland Private Equity.

“We would like to thank the management and teams at WellNess for their outstanding achievements since 2017. The network’s strong growth is a testament to their dedication and the strength of the WellNess model. We wish Waterland and the WellNess teams continued success as they enter this next phase of expansion,” adds Jean Gore, Partner at Pechel.

About WellNess Sport Club
WellNess is a premium fitness club network with clubs in Paris, Lyon, Marseille, Nantes, and Geneva, and is rapidly expanding across France and Switzerland. Named Best Fitness Brand 2024 by Capital magazine, WellNess Sport Club offers a unique concept that combines fitness, strength training, wellness, and an extensive range of group classes. Each club, spanning over 1,800 m², features dedicated spaces for different activities, including cross-training, strength training, cardio, cycling, and an aquatic zone. Members also benefit from a wellness area with a swimming pool, hammam, and sauna, as well as 160+ group classes per week, all led by certified coaches. For more information, please visit: https://www.wellness-sportclub.fr/

Press Contacts:
Naël Madi – waterland@the-arcane.com | +33 6 21 93 22 14
Laurence Van Doosselaere – vandoosselaere@waterland.be | +32 473 88 05 21

Categories: News

Tags:

XOi Amplifies Field Service Innovation with New Strategic Investment and Acquisition

KKR
The intelligent jobsite technology innovator secures record funding from KKR to expand data gathering and enrichment solutions.

NASHVILLE, Tenn.–(BUSINESS WIRE)–XOi, a leading provider of jobsite-focused technology solutions for the field service ecosystem, today announced the acquisition of Specifx, an on-demand data enrichment and metadata retrieval platform for field service equipment. The acquisition was enabled by an investment from funds managed by leading global investment firm KKR. The funding from KKR marks the most significant milestone yet in XOi’s journey to build out its system of work for the field service ecosystem.

This strategic investment from KKR, along with the acquisition of Specifx, enable XOi to amplify its use and capabilities across the field service industries, furthering its mission of serving stakeholders throughout the ecosystem, including technicians, field service providers, distributors, and OEMs.

“As the challenges of maintaining and manufacturing field service equipment grew more complex, we pushed ourselves to evolve our product alongside the demands of the industry,” said Aaron Salow, founder and CEO of XOi. “KKR’s strategic partnership will help us meet and exceed every stakeholder’s expectations of sustainability, profitability, and transparency.”

“We believe XOi’s comprehensive software stands apart in the field service space not only because it allows technicians to view and adjust multiple workflows in one efficient platform, but also for its ability to normalize and enrich field service asset-specific data,” said Jake Heller, Partner and Head of KKR’s Technology Growth team in the Americas. “The addition of Specifx further enhances XOi’s database offering. We look forward to working with the entire XOi team as they continue to innovate for their customers across the field service ecosystem.”

Prior to this acquisition Specifx helped expand XOi’s groundbreaking Insights product, which provides unique asset origination, performance, and diagnostics information. Now, the combined resources and capabilities of the two companies empower XOi to deliver a unified framework of proprietary and operational data to fuel faster and more meaningful innovation to the mechanical, electrical, and plumbing industries.

“Today marks a defining moment in our growth and we are thrilled to join forces with XOi,” said Ryan Martineau, founder and CEO of Specifx. “XOi’s extremely impressive platform, coupled with a shared mission and common customer base, allows us to accelerate our vision of next generation, asset-centric solutions that simplify the day-to-day operations for our customers.”

“We are humbled by the role we have been able to play in changing this industry and the skilled trades for the better, and we are excited to drive the mission forward for years to come,” said Aaron Salow, founder and CEO of XOi. “Our vision has never been clearer, and our passion for the trades has never been stronger.”

KKR is funding this investment primarily from its Next Generation Technology III Fund.

Bass, Berry & Sims PLC served as legal advisor and Raymond James Financial, Inc. served as financial advisor to XOi. Latham & Watkins LLP served as legal advisor to KKR.

About XOi
XOi, the leading provider of jobsite-focused technology for the field service ecosystem, arms the industry with a digital tool that connects people to mission-critical equipment. XOi technology is the hub in which every part of the job—from the field to the manufacturer—connects. XOi provides AI-powered workflows, asset and team management functions, a comprehensive knowledge base, and immediate revenue-producing insights leveraging data from current and historical projects. Beyond this tool that manages consistency, profitability, and transparency, XOi’s goal is to create future-focused technology that modernizes the field service industry as a whole, and delivers 1 of 1 asset origination, performance, and diagnostics information of mission critical assets. To learn more about XOi, visit xoi.io.

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 Specifx
Specifx, an industry leader in data management for HVAC companies, specializes in on-demand data enrichment and metadata retrieval for HVAC companies. The company’s flagship product, Decoder, gives technicians, HVAC providers and manufacturers access to complete HVAC metadata via a simple nameplate scan, and the tool gives users the flexibility to scan each unit individually, in batches, or via the Decoder API. Specifx’s database covers the most common HVAC equipment made by around 100 major manufacturers over the past 30+ years. Specifx’s mission is to transform the HVAC data acquisition and solutioning experience for owners, occupiers, investors and service providers, reducing the effort to acquire essential information for day-to-day operations while supporting strategic, enterprise-scale investment and decarbonization initiatives. For more information about Specifx, visit specifx.com.

Contacts

Media Contacts:

XOi
Heather Ripley
Ripley PR
(865) 977-1973
hripley@ripleypr.com

KKR
Emily Cummings
media@kkr.com

 

Download PDF

Categories: News

Tags:

Conversational AI Leader Paradox Acquires People Analytics Platform Eqtble to Advance AI Vision

Thomas Bravo

Paradox announces the acquisition of Eqtble — a people analytics platform that unifies and simplifies talent, employee and workforce data into an accessible, actionable view.

SCOTTSDALE, Ariz—Paradox, the conversational AI platform helping global employers like Chipotle, 7-Eleven, General Motors, Nestlè, and nearly 1,000 clients automate recruiting and hiring work, announced today the acquisition of people analytics platform Eqtble.

“AI is the future of talent acquisition – and the foundation of useful AI is high quality data, often connected from different sources that helps our clients solve real business challenges,” said Paradox CEO Adam Godson. “We’ve always believed that conversations are the UI of the future, and we see an opportunity to create a data foundation that powers people intelligence in a conversational, frictionless way.”

In 2024 alone, Paradox’s AI assistant and software automated the scheduling of more than 20 million interviews across the globe and powered over 1 billion AI-driven interactions with candidates in 30+ languages, saving recruiting teams millions in costs and countless hours of manual work. Combining Paradox’s depth in conversational AI experiences with Eqtble’s expertise in people data, the vision is for clients to create simple, accessible dashboards through a conversational interface – then take action that actually improves business results.

Founded in 2021, Eqtble’s mission is to power better workforce decisions through analytics – and its product is underpinned by a robust data model and analytics engine that more easily integrates data from all recruiting and HR systems. The company is a graduate of the prestigious Y Combinator startup incubator and was founded by People Analytics practitioners with nearly 30 years of combined experience.

Eqtble is led by CEO Joseph Ifiegbu, who previously held People Analytics roles at Snap and WeWork. Ifiegbu co-founded the business with Ethan Veres and Gabe Horwitz, who formerly served as a Data Scientist at Johnson & Johnson and Director of People Analytics at WeWork. The entire Eqtble team will join Paradox — and the company is already hard at work executing on the product vision, with a plan to release a fully-integrated solution later this year.

“As practitioners, we constantly experienced the pain of accessing workforce insights and thought: ‘Who better to solve this than people who understand the challenges firsthand?,’” said Ifiegbu. “We’re thrilled to help accelerate Paradox’s mission and AI vision, bringing powerful people  insights to the fingertips of talent acquisition and HR leaders — all through the simple, frictionless conversational experiences that make Paradox so special.”

About Paradox
Launched in 2016, Paradox built the first conversational recruiting platform – driven by its AI assistant Olivia – to help recruiting and hiring teams spend more time with people and less time with software. Serving global clients with hiring needs across frontline high-volume hourly and high-skilled professional roles, Paradox’s AI assistant does the work talent teams don’t have time for — streamlining tasks like screening for minimum qualifications, instantly scheduling interviews, answering common candidate questions, and more through simple, frictionless mobile-, chat-, and SMS-driven experiences. The company has been ranked one of the fastest growing companies in HR Tech by the Deloitte Fast 500, and has made the Inc. 5000 list four consecutive years. To learn more about Paradox’s product, visit www.paradox.ai. To explore open opportunities on its team, visit careers.paradox.ai.

Read the release on the Paradox website here.

Categories: News

Tags:

Bain Capital Announces Majority Investment in Milacron, a Leading Global Provider of Highly Engineered Plastic Processing Solutions

BainCapital

  • Investment to accelerate Milacron’s growth and strengthen its position as a global leader in highly engineered plastic processing solutions.
  • Milacron’s comprehensive suite of equipment offerings and services enables the production of everyday products used across the construction, automotive, packaging, consumer goods, and medical sectors.
  • Hillenbrand (NYSE: HI), Milacron’s current owner, will continue to remain a significant investor in the business.

BOSTON, Mass. and BATESVILLE, Ind. – February 5, 2025 – Bain Capital, a leading private investment firm, today announced a majority investment in the Milacron Injection Molding and Extrusion business (or the “Company”), a globally renowned provider of highly engineered plastic processing equipment and services. Bain Capital will partner with Milacron’s current owner, Hillenbrand, Inc. (NYSE: HI), who will remain a significant investor in the business to accelerate the Company’s continued growth. Bain Capital entered into a definitive agreement to purchase an ownership stake of approximately 51% of Milacron for $287 million, subject to customary closing adjustments. Hillenbrand will retain an ownership stake of approximately 49%.

Since 1968, Milacron has been a global provider of highly engineered plastic processing solutions including injection molding and extrusion equipment as well as aftermarket parts and services. Milacron has long been recognized as a market leader for its product and service expertise serving a variety of end-markets, including the construction, automotive, packaging, consumer goods, and medical industries. With the largest installed base of equipment in the U.S., Milacron serves as a complete lifecycle partner, leveraging its extensive support network to deliver comprehensive aftermarket parts and services solutions.

“Milacron is an iconic American manufacturing business with a 50-year legacy of driving innovation in plastics,” said Matt Evans, a Partner at Bain Capital Special Situations. “With manufacturers increasingly focused on supply-chain resilience and domestic production, we believe the U.S. is entering a manufacturing renaissance that will create significant opportunities for industry leaders like Milacron. With its advanced engineering capabilities, global reach, and deep customer relationships, Milacron is well-positioned to build on its strong foundation.”

“We are excited to partner with Mac Jones, the President of Milacron, and the entire Milacron team to support the next chapter of growth of one of the world’s premier plastics processing solutions businesses,” added Chris Sun, a Principal at Bain Capital Special Situations. “Milacron combines industry-leading engineering and manufacturing capabilities with innovative technology to enable the production of essential products used daily in the U.S. and around the world. We share a common vision with Milacron’s associates, customers, and other partners to continue building on Milacron’s more than 50-year legacy to create an even stronger future ahead.”

“Following an in-depth portfolio review, we determined that Milacron would be best positioned for the future through this partnership with Bain Capital,” said Kim Ryan, Hillenbrand President & CEO. “Bain Capital has a proven track record of successful corporate partnerships and will provide greater resources to Milacron, which we believe will drive future growth and success for Milacron’s associates and customers, as well as for Hillenbrand’s shareholders.”

Bain Capital’s Special Situations team is making this investment following the successful close of its second vintage of funds, which raised over $9 billion. Bain Capital Special Situations has $22 billion in assets under management and has invested more than $16 billion since its inception in 2018, providing bespoke capital solutions to meet the diverse needs of companies, entrepreneurs, and asset owners. With a long track record of supporting industrial and manufacturing businesses globally, the team brings deep expertise in driving operational growth and long-term value creation.

The transaction is expected to close at the end of the Company’s fiscal second quarter or beginning of the fiscal third quarter. Deutsche Bank is serving as exclusive financial advisor, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor to Bain Capital.

About Bain Capital

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

About Hillenbrand

Hillenbrand (NYSE: HI) is a global industrial company that provides highly-engineered, mission-critical processing equipment and solutions to customers in over 100 countries around the world. Its portfolio is composed of leading industrial brands that serve large, attractive end markets, including durable plastics, food, and recycling. The Company pursues excellence, collaboration, and innovation to consistently shape solutions that best serve our associates, customers, communities, and other stakeholders.

Forward Looking Statements

This press release contains forward-looking statements, including statements that are within the meaning of the Private Securities Litigation Reform Act of 1995 that are intended to be covered by the safe harbor provided thereunder, which reflect the current views of Bain Capital and Hillenbrand regarding future events, expectations, plans, and prospects for Milacron following the announced transaction. These statements are based on assumptions and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied in such statements.

Forward-looking statements include, but are not limited to, statements regarding: the expected benefits of the transaction; Milacron’s future growth, market position, and business strategy; anticipated industry trends, including implications with respect to growing supply chain resilience and domestic manufacturing; and the expected timing of the transaction closing.

Any number of factors, many of which are beyond Hillenbrand and Bain Capital’s control, could cause Hillenbrand and Bain Capital’s performance to differ significantly from what is described in the forward-looking statements. These factors include, but are not limited to: the ability to recognize the benefits of any acquisition or divestiture, including the Milacron injection molding and extrusion business sale (the “Proposed Transaction”), including potential synergies and cost savings or the failure of Hillenbrand and Bain Capital or any acquired company, or the Proposed Transaction, to achieve its plans and objectives generally; any failure by the parties to satisfy any conditions to the Proposed Transaction; the possibility that the Proposed Transaction is ultimately not consummated; potential adverse effects of the announcement or results of the Proposed Transaction on the market price of the Hillenbrand’s common stock; and risks related to diversion of management’s attention from Hillenbrand’s ongoing business operations due to the Proposed Transaction. There can be no assurances that the Proposed Transaction will be consummated.

Readers are urged to consider these risks and uncertainties in evaluating forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements. For a more in-depth discussion of certain factors that could cause actual results to differ from those contained in forward-looking statements, see the discussions in Hillenbrand’s filings with the U.S. Securities and Exchange Commission.

The forward-looking information in this release speaks only as of the date on which it is made. Hillenbrand and Bain Capital undertake no obligation to publicly update or revise any forward-looking statement, whether written or oral, made to reflect new information, future developments or otherwise.

Categories: News

Tags:

Avid Bioservices Poised for Significant Growth with New Partners GHO Capital and Ampersand Capital Partners

Ampersand
  • Acquisition of biologics Contract Development and Manufacturing Organisation Avid Bioservices now completed
  • GHO and Ampersand’s deep experience in CDMO investing to support Avid’s next stage of rapid growth including expanded offerings, talent investment and greater geographic reach

London, UK, and Boston, MA, February 5, 2025 — GHO Capital Partners LLP (“GHO”), the European specialist investor in global healthcare, and Ampersand Capital Partners (“Ampersand”), a private equity firm specialising in growth equity investments in the life sciences and healthcare sectors, today announced the successful closing of the previously announced acquisition of Avid Bioservices (“Avid”), a dedicated biologics Contract Development and Manufacturing Organisation (“CDMO”) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies.

On 7 November 2024, GHO and Ampersand entered into a definitive merger agreement for Avid to be acquired by funds managed by GHO and Ampersand in an all-cash transaction valued at approximately $1.1 billion.

Avid has experienced significant growth in recent years, offering its clients full lifecycle capabilities—from concept to commercial supply. With substantial investment already made by the company in its capacity at its state-of-the art facilities and its expertise in bioprocess optimisation, analytical testing, and regulatory compliance, Avid delivers high-quality, industry leading complex biologics to a roster of international customers.

GHO has considerable expertise in the CDMO sector through investments in its portfolio in companies like Ardena, Sterling Pharma Solutions, RoslinCT, and Alcami Corporation. Its strategy focuses on expanding technological capabilities, driving acquisitions, and supporting transatlantic expansion across the CDMO value chain, from early-stage development to commercial manufacturing. Leveraging its healthcare expertise and network, GHO Capital transforms CDMOs to enhance their services and market reach, ultimately delivering better, faster and more accessible healthcare.

Alan MacKay and Mike Mortimer, Managing Partners of GHO, commented: “We are delighted to start 2025 with the completion of this transaction, our first public to private deal. GHO has a deep understanding of the CDMO sector and Avid perfectly exemplifies a company that is operating in high growth markets supporting the growing biotech sector in research and development and big pharma and large biotech for the commercialisation of cutting-edge biologics. Avid’s recent investments, both in capacity and its exemplary team, have created a strong foundation for future growth. We look forward to partnering closely with the Avid team to unlock the business’s full potential.”

Nick Green, President and CEO of Avid Bioservices, said: “Avid has always strived to evolve and adapt to meet our customers’ complex development and manufacturing needs. The completion of this transaction marks an exciting milestone as we begin our new partnership with GHO Capital and Ampersand who will provide us with access to significant expertise that will accelerate our growth. With their support, we are well-positioned to enhance our capabilities, expand our service offerings, and deliver even greater value to our customers in this next phase of our journey.”

David Anderson, General Partner of Ampersand, added: “Avid has earned its reputation as a leader in biopharmaceutical development and manufacturing through technical excellence, customised solutions, and consistent regulatory compliance. By combining our deep industry expertise with Avid’s established capabilities, we are positioned to deliver enhanced value and accelerate innovation for clients globally.”

Advisors
William Blair served as buyside financial advisers, Ropes & Gray served as legal counsel, ClearView Healthcare Partners served as commercial advisor and Alvarez & Marsal served as financial advisors to GHO and Ampersand.

About GHO Capital

Global Healthcare Opportunities, or GHO Capital Partners LLP, is a leading specialist healthcare investment advisor based in London. GHO Capital applies global capabilities and perspectives to unlock high growth healthcare opportunities, targeting Pan-European and transatlantic internationalisation to build market leading businesses of strategic global value. GHO Capital’s proven investment track record reflects the unrivalled depth of our industry expertise and network. GHO Capital partners with strong management teams to generate long-term sustainable value, improving the efficiency of healthcare delivery to enable better, faster, more accessible healthcare. For further information, please visit www.ghocapital.com.

About Avid Bioservices, Inc.

Avid Bioservices (NASDAQ: CDMO) is a dedicated CDMO focused on development and CGMP manufacturing of biologics. The Company provides a comprehensive range of process development, CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With more than 30 years of experience producing biologics, Avid’s services include CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing and regulatory submissions support. For early-stage programs the Company provides a variety of process development activities, including cell line development, upstream and downstream development and optimization, analytical methods development, testing and characterization. The scope of our services ranges from standalone process development projects to full development and manufacturing programs through commercialization. www.avidbio.com

About Ampersand Capital Partners

Ampersand Capital Partners, founded in 1988, is a middle-market private equity firm with $3 billion of assets under management, dedicated to growth-oriented investments in the healthcare sector. With offices in Boston, MA, and Amsterdam, Netherlands, Ampersand leverages a unique blend of private equity and operating experience to build value and drive long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors. For additional information, visit Ampersandcapital.com or follow us on LinkedIn.

Categories: Insights

Tags:

Gilde Healthcare company NIZO participates in national consortium investing in precision fermentation scale-up facility

GIlde Healthcare
February 4, 2025

The Netherlands is strengthening its position as a global leader in cellular agriculture with the launch of two independent, open-access scale-up facilities. These facilities, developed in a collaboration between NIZO Food Research, Cultivate at Scale (CaS), Cellular Agriculture Netherlands Foundation (CAN), Biotechnology Fermentation Factory Ede (BFF), Mosa Meat, the Ministry of Agriculture, Fisheries, Food Security and Nature (LVVN) and the Dutch government’s National Growth Fund (NGF), mark a significant milestone in the development of sustainable food production.

Cellular agriculture offers a promising path towards a more resilient and diverse food system. By producing meat, dairy and other animal products directly from cells, this technology can significantly reduce the environmental impact associated with industrialised food production, while also enhancing food security and health. To support the growth of this upcoming industry, these new advanced facilities will provide companies working in cell culture and precision fermentation with the essential infrastructure to scale up their R&D and production processes. By removing the need for companies to invest in costly, pilot-scale production infrastructure, they will drive innovation and accelerate the commercialization of cellular agriculture ingredients and products.

BFF-NIZO: Unlocking the Power of Precision Fermentation
The scale-up facility focused on precision fermentation Biotechnology Fermentation Factory Ede is set up in partnership with NIZO and is welcoming new customers. The facility offers direct connection to the existing NIZO food grade DSP pilot plant and food application research. The collaboration is built on NIZO’s strong experience and extensive analytical, regulatory, and commercialization services, and enables fast product and process development, product optimization, and seamless scaling. In addition to the financial support of the Dutch government, NIZO boosts the scaling success of precision fermentation through a five-million-euro co-financing commitment and Oost NL as fund manager of Perspectieffonds Gelderland B.V. will make a loan available to BFF.

Nikolaas Vles, CEO NIZO – “We are incredibly excited about the establishment of this new scale-up facility at the NIZO site. Our combined food-grade upstream and downstream pilot facilities, state-of- the-art laboratories and scaling infrastructure, offer unparalleled opportunities to accelerate the protein transition and realize our ambitions for better food and health.”

About NIZO Food Research
NIZO is a globally leading, private, and independent contract research organization specializing in food and health innovation for over 75 years. Operating the largest open access food-grade pilot plant in Europe, NIZO leverages the integrated power of science and technology to help customers in transforming food and nutrition more successfully, sustainably and faster; ultimately leading to better food and health.

About Gilde Healthcare
Gilde Healthcare is a specialized healthcare investor managing over €2.6 billion across two fund strategies: Venture&Growth and Private Equity. The Venture&Growth fund of Gilde Healthcare invests in fast growing companies active in digital health, medtech and therapeutics, based in Europe and North America. The Private Equity fund of Gilde Healthcare participates in profitable lower mid-market healthcare companies based in North-Western Europe. For more information, visit the company’s website at www.gildehealthcare.com.

Categories: News