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think-cell appoints Alexander von Fritsch as CEO

Cinven

Berlin – March 1st, 2024 – think-cell, the leading productivity software for creating data-driven presentations in Microsoft PowerPoint, announces the appointment of Alexander von Fritsch as its new Chief Executive Officer (CEO), effective today.

Berlin – March 1st, 2024 – think-cell, the leading productivity software for creating data-driven presentations in Microsoft PowerPoint, announces the appointment of Alexander von Fritsch as its new Chief Executive Officer (CEO), effective today.

Alexander has a strong background in software and management consulting. He is a seasoned executive with hands-on experience in building high-performing teams. Most recently, Alexander served as Chief Revenue Officer (CRO) for ATOSS Software – a leading enterprise HR software vendor – where he ran sales, business development, and partnerships globally. Prior to ATOSS, he worked at McKinsey & Company for 6 years, advising clients from various industries on strategy and execution.

“With a suite of outstanding products, a commitment to innovation, and a truly global team, think-cell is well-positioned to unlock its next phases of growth. I am honored and excited to take on this role to lead think-cell in its expansion strategy while creating exciting products for our customers,” said Alexander von Fritsch.

“We are delighted to welcome Alexander to think-cell. With his track record of building successful international go-to-market teams and his genuine understanding of our user base, Alexander will play a pivotal role in leading think-cell into its next phase of growth and innovation”, said Markus Hannebauer, Co-founder of think-cell and Chairman of the Board.

Categories: People

Ratos AB – change in number of shares and votes

Ratos

The fifth opportunity to exercise warrants according to the incentive program for the CEO and other key personnel in Ratos decided on by the 2019 Annual General Meeting was completed in February 2024. Through the exercise of 329,200 warrants, the number of Class B shares increased by 329,200 and the number of votes by 32,920. After the increase, the share capital amounts to SEK 1,029,563,917.20.

Before exercise of warrants and conversion, no.   After exercise of warrants and conversion, no.
Class A shares: 84,637,060   Class A shares: 84,637,060
Class B shares: 241,879,428   Class B shares: 242,208,628
Total number of shares: 326,516,488   Total number of shares: 326,845,688
Total number of votes: 108,825,002.80   Total number of votes: 108,857,922.80

For further information, please contact:
Magnus Stephensen, General Counsel
+46 72 517 52 00

This is information that Ratos AB is obliged to make public pursuant to the Financial Instruments Trading Act. The information was submitted for publication at 08:00 CET on 29 February 2024.

About Ratos
Ratos is a Swedish business group focusing on technology and infrastructure solutions, consisting of 17 companies divided into three business areas: Construction & Services, Industry and consumer. The companies have approximately SEK 34 billion in net sales (LTM). We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent subsidiaries to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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Qovetia implements a financing of €130 million from Five Arrows Debt Partners to support its growth and carry out its development plan

Careventures

By bringing together more than 70 veterinary clinics in just 4 years, the Qovetia network has quickly distinguished itself by advocating for a unique model that integrates all specialties of the sector (companion animals, equine medicine, and rural medicine) and involves veterinarians in its governance.

Founded in 2020 by the grouping of around ten sites in Normandy, Burgandy Franche-Comté, and Occitanie, with the financial support of Careventures and Unexo, Qovetia has since been joined by around sixty sites covering the majority of French territory and become one of the main players in the veterinary clinics sector.

Qovetia stands out with a unique and “veterinarian-centric” value proposition, which promotes the quality of care and the performance of clinics. This unique model in the animal health sector allows for alignment of interests and a lasting alliance with veterinarians. Qovetia involves associate veterinarians in the group’s decision-making process and guarantees true medical autonomy to provide individualized care services at each clinic, closest to the patients.

Qovetia and its management were advised, in the context of their negotiations with lenders as well as in the development of a financial structure adapted to the Group’s ambitious external growth policy, by Degroof Petercam Investment Banking.

With a new financing of €130 million in the form of senior and junior bonds allows the Group to (i) improve its financial structure by refinancing a portion of its bank debts, (ii) finance an ambitious plan of around sixty acquisitions over the next 2 years, and (iii) finance development projects.

 

Jean-Matthieu Cottin, CEO of Qovetia: “I thank Five Arrows Debt Partners for their trust, as well as all the teams who made this operation possible. I am very happy about this important milestone for Qovetia. In a competitive and complex environment, in a sector undergoing profound evolution and facing major societal challenges, this new partnership will allow us to continue our development with the associated veterinarians in service of caregivers, their patients, and their owners.”

Eric Souêtre, Partner at Careventures: “As Co-founder and principal investor, Careventures is delighted to partner with Five Arrows to develop the Qovetia model both in France and Europe. Their support represents a validation of our commitment to the company, its management team, and its positioning.”

Raoul Mahler, Managing Director of Five Arrows Debt Partners: “We were very impressed by Qovetia’s business project, focused on supporting and empowering veterinarians, as well as by the quality of its management team. Qovetia is pursuing an ambitious yet controlled external growth strategy, which has strengthened our investment decision.”

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Arjan Elderhorst and Joris Van Troos appointed as Partner

Vendis Capital

Vendis Capital further strengthens its position in the Netherlands, Belgium and the Nordics by appointing Arjan Elderhorst and Joris Van Troos as Partner

Vendis Capital proudly announces the promotion of Arjan Elderhorst and Joris Van Troos to the position of Partner, recognizing their instrumental role in the firm’s evolution and growth.

Arjan & Joris both joined Vendis Capital in February 2011 with only days apart.
At that time, Vendis comprised just five individuals and operated with one single fund, Vendis I, just having closed its first two investments.

Today, Vendis manages three highly successful funds and oversees a portfolio of 15 active companies, having closed 27 platforms investments and numerous add-ons.
The firm is currently in the process of raising capital for Vendis IV, with its team now consisting of 26 professionals.

Arjan will work alongside Vincent Braams as Partner covering the Dutch market, while Joris will cover the Belgian and Nordic markets alongside Cedric Olbrechts.

We wish them both lots of success in their new role!

Categories: People

IK Partners to invest in Schwingshandl

IK Partners

IK Partners (“IK”) is pleased to announce that the IK Small Cap III (“IK SC III”) Fund has signed an agreement to invest in Schwingshandl automation technology GmbH (“Schwingshandl” or “the Company”), a leading provider of smart intralogistics automation solutions based in Austria. IK is partnering with the founders, Thomas Schwingshandl and Enrico Larcher, who will both retain a significant minority share in the Company. Financial terms of the transaction are not disclosed.

Founded in 2003 and headquartered near Linz, Austria, Schwingshandl provides innovative, made-to-measure automation solutions for a broad range of end-market applications. The Company specialises in designing, engineering and assembling customised modules and sub-systems such as storage and distribution technology, lifts, conveyor systems, (de-) palletisers, (de-) stackers and (un-) loading stations. Schwingshandl is a long-term partner to blue-chip customers globally, focusing on the development of high quality, complex intralogistics solutions, leveraging its successful automation track record of over 20 years.

Since inception, Schwingshandl has demonstrated impressive growth, in a large part due to the entrepreneurial spirit of the founders as well as the dedication of its 90 employees. The Company recently finalised the expansion of its production facility and has firmly established itself as a leading provider of customised warehouse automation solutions. In partnership with IK, Schwingshandl will look to: continue investing in its people and organisation; selectively broaden its service offering; and pursue international expansion. Both founders will retain their respective leadership positions on Schwingshandl’s management board and will remain significantly invested in the Company.

Thomas Schwingshandl, Founder and CEO of Schwingshandl, said: “The rise of warehouse automation is a key trend we are seeing across various end-industries, presenting attractive growth opportunities for a Company like ours. We are excited to welcome an experienced partner like IK on board. The team at IK has already recognised Schwingshandl’s potential for development and possesses both the experience and expertise to support our ongoing expansion strategy.”

Nils Pohlmann, Partner at IK and Advisor to the IK SC III Fund, said: “Under the stewardship of Thomas, Enrico and their team, Schwingshandl has established itself as a leading provider of customised intralogistics automation solutions in Europe. We have been extremely impressed with the Company’s journey to date and look forward to utilising our significant experience in the automation technology sector to unlock further value.”

For further questions, please contact:

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

About IK Partners

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

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About Schwingshandl

Founded in 2003, Schwingshandl is a leading provider of smart intralogistics automation solutions and focuses on innovative, made-to-measure modules and sub-systems for warehouse automation. Based in Holzhausen, Austria, Schwingshandl serves a global and trusted customer base across multiple end-markets as solution partner. schwingshandl.com

Categories: News

Arjan Elderhorst and Joris Van Troos appointed as Partner

Vendis Capital

Vendis Capital further strengthens its position in the Netherlands, Belgium and the Nordics by appointing Arjan Elderhorst and Joris Van Troos as Partner

Vendis Capital proudly announces the promotion of Arjan Elderhorst and Joris Van Troos to the position of Partner, recognizing their instrumental role in the firm’s evolution and growth.

Arjan & Joris both joined Vendis Capital in February 2011 with only days apart.
At that time, Vendis comprised just five individuals and operated with one single fund, Vendis I, just having closed its first two investments.

Today, Vendis manages three highly successful funds and oversees a portfolio of 15 active companies, having closed 27 platforms investments and numerous add-ons.
The firm is currently in the process of raising capital for Vendis IV, with its team now consisting of 26 professionals.

Arjan will work alongside Vincent Braams as Partner covering the Dutch market, while Joris will cover the Belgian and Nordic markets alongside Cedric Olbrechts.

We wish them both lots of success in their new role!

Categories: People

Thompson Street Capital Partners Portfolio Company PestCo Holdings Acquires PestShield

Thompson Street Capital

Thompson Street Capital Partners (TSCP), a private equity firm based in St. Louis, today announced the acquisition of the assets of PestShield, LLC (PestShield) by PestCo Holdings, LLC (PestCo), a TSCP portfolio company. Located in St. Louis, Missouri, PestShield is a leading provider of residential pest control services that partners with local home builders to pre-install preventive pest control equipment in homes during the construction phase. With the backing of PestCo’s team and resources, PestShield is positioned for future growth, while continuing to provide high-quality service to customers. Terms of the transaction were not disclosed.

This is the fourteenth investment for PestCo, a growth-oriented, national provider of pest control services to residential and commercial customers.

“PestShield is an excellent addition to our growing presence in the greater St. Louis area,” said Jay Keating, CEO of PestCo. “We look forward to working together with PestShield to enhance growth opportunities for the business and create opportunities for the team.”

Patrick Hoene, owner of PestShield, added, “PestCo impressed me throughout the acquisition process. Efficient due diligence, consistent attention to detail, collaborative engagement, thoughtful guidance, and fairness in all negotiations from beginning to end. I highly recommend this experienced and honest pest control buyer for any small to large company or owner considering a transition but uncertain of the process and the complexities of selling their business.”

“Thompson Street is excited to add a quality business in PestShield to PestCo’s growing presence in St. Louis, alongside our previous acquisitions of Bel-O and Mick’s,” said Dan Cooper, Director, TSCP.

PCO M&A Specialists, a division of PCO Bookkeepers, acted as the exclusive financial advisor to PestShield on the transaction.

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DIF Capital Partners sells US toll road Northwest Parkway

DIF

DIF Capital Partners (DIF) is pleased to announce that it has signed an agreement to sell its 33.3% stake in Northwest Parkway to VINCI Highways, subsidiary of VINCI Concessions, part of the VINCI group, global concession operator and construction company headquartered in France and listed on the Paris Stock Exchange. DIF is selling its stake in the toll road alongside its co-shareholders HICL Infrastructure PLC and funds managed by Northleaf Capital Partners in a joint sale for 100% of the equity interest in the project.

The Northwest Parkway toll road project (NWP) is a ca. 14km US toll road located in Denver, Colorado. Originally constructed in 2003, NWP comprises the northwest quadrant of the Denver Metropolitan area beltway. Among other purposes, the road serves as a vital connection between Northwest Denver and the Denver International Airport. The road was acquired by DIF in 2017, via its DIF Infrastructure IV (DIF IV) fund and co-investors, alongside consortium members.

Andrew Freeman, Partner and Head of Exits at DIF Capital Partners, said: “This successful exit represents a material transaction for DIF IV, after actively managing it through covid times back to normality, generating strong yield and now realising attractive returns for our investors.”

Closing of the transaction is subject to customary conditions and approvals, and is expected to take place in Q2 2024.

DIF was advised on the transaction by Evercore (financial), Kirkland & Ellis (legal), C&M (traffic & revenue), KPMG (accounting & tax) and Arup (technical).

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with over EUR 17 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower-risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital infrastructure, energy transition and sustainable transportation sector.

With a team of over 240 professionals in 11 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu or follow us on LinkedIn.

Press contacts:
DIF Capital Partners: press@dif.eu

 

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JMI named to GrowthCap’s Top Growth Equity Firms of 2023

JMI Equity

JMI Equity is pleased to announce it has been named to GrowthCap’s list of The Top Growth Equity Firms of 2023.

This is GrowthCap’s tenth year running this award process and they began their evaluation process by assessing a set of over 400 firms. GrowthCap compiled their annual list by evaluating each firm’s unique capabilities, sector expertise, investment judgment, demonstrated value creation, senior partner composition, talent retention, firm evolution, and firm momentum, among other attributes. This year’s list of awardees is comprised of the best growth equity firms who have instituted integrity and instilled trust as a core part of their culture when interacting with each of their stakeholders—portfolio companies, limited partners, their employees, their industry colleagues and others.

Disclaimer: GrowthCap is a leading growth capital research and advisory firm. The criteria considered for this award is determined by GrowthCap which compiles its annual list by speaking with investors and CEOs across industries, evaluating firm attributes through nomination submissions, reviewing ESG commitment, and studying investment performance to form a holistic view. The award is the subjective determination of the party conferring the award and not of JMI Equity. JMI Equity submitted a nomination to be considered for, and once selected, paid to be included on, and to promote inclusion on, this list. JMI Equity received this award in 2024. For more information about GrowthCap, please see their website at growthcapadvisory.com. JMI is not responsible for the contents of any third-party website and has not confirmed the accuracy of any information provided therein.

Categories: News

Leading Tennr’s $3.25M Seed Round: An Investment in Founders

Foundation Capital
Ideas / News / Leading Tennr’s $3.25M Seed Round: An Investment in Founders

02.28.2024 | By: Joanne Chen

When we led Tennr’s $3.25M seed investment in May 2023, the company was still iterating on product and didn’t have any revenue. Eight months later, Tennr surpassed $1M ARR. The rapid growth trajectory is a testament to the team, the company’s focus, and the urgency of the problem they’re solving.

Tennr is an automation platform for healthcare and financial services operations. It’s building in a space that I’ve studied for nearly a decade—RPA (robotic process automation). In the early 2000s, RPA promised to replace mundane and repetitive tasks with software bots. The industry had isolated cases of success, but overall adoption plateaued, falling short of becoming the enterprise-wide solution McKinsey prophesied in 2017 and 2019. It’s estimated that 30-50% of RPA projects fail, and even if they succeed, scale is difficult: only 3% of organizations scale the digital workforce with RPA.

Up until recently, the vast majority of RPA solutions used rules. They were brittle, costly to implement, and lacked AI. Even the ones that used AI only dealt with structured data (like spreadsheets). Recent advances in LLMs have led to a huge change in the industry. Today, LLMs can analyze unstructured data like complex documents, code, and emails, opening up the possibilities of what can be automated—and we believe 10x the market opportunity as a whole.

Investors recognize this, which has led to some recent frenzy. But I have personally been (and Foundation Capital as a firm!) investing in these RPA companies for years: I invested in business procurement automation tool Tonkean in 2019, and my partner Ashu Garg, invested in Ikigai in 2021, an AI platform for structured data. We also have another investment in stealth. These companies are able to focus on one or two processes and do them really well—and at a time where the technology is advancing, and more and more processes are ripe for automation, focus is how winners will emerge.

Before investing in Tennr, we spent eight months helping the team sharpen that focus.

They were obsessed with automating work people hated doing, but each time we met with Co-Founder and CEO Trey Holterman, he had a different approach that wasn’t quite working. We turned him down multiple times, but it was clear he and the team were maturing quickly. They iterated to understand what created value for customers; in one meeting, Trey told us he’d learned customers were so interested in Tennr’s approach that the company could charge $500 for customized product demos. In a short time, the team went from struggling with GTM to turning a demo into a revenue stream.

In another meeting, we brainstormed product positioning, realizing that not all customers were getting the same value by automating workflows. Healthcare and financial services did, so that’s where they focused. It’s an industry with massive document-processing needs—billing, claims, referrals, explanations of benefits, PDFs, hand-written notes—which takes a lot of time because the information is messy and input is done manually. Breaking down the automation steps was a process Trey and Co-Founder and CPO Diego Baugh recognized; as former professional rowers, it was like they were breaking down a training regimen.

Foundation Capital invests in amazing founders. Trey, Diego, and Tyler Johnson (CTO) were that and more. They brought innovation and dedication. We supported with expertise and networks: helping establish Tennr’s seed positioning, building its team, introducing them to customers, and finding advisors and investors. An early-stage company’s success is built on its founding team—and we’re there to support them.

 

Looking more broadly, there’s a sea change on the horizon in the RPA space and of applying AI to verticals. The combination of new technology and rote processes are leading to the emergence of new possibilities. If you’re an ambitious founder thinking about what’s next, I’d love to learn more about what you’re doing: jchen@foundationcap.com. It’s never too early.

Published on 01.31.2023
Written by Foundation Capital

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