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CVC and Greenbriar announce recapitalisation of Radwell International

CVC Capital Partners

CVC and Greenbriar to support continued rapid growth and expansion

CVC Capital Partners VIII (“CVC Fund VIII”), has invested in Radwell International, LLC (“Radwell” or the “Company”), a global distributor of new and surplus industrial automation components. CVC Fund VIII is acquiring an interest in the Company from founder & CEO Brian Radwell and Greenbriar Equity Group, L.P. (“Greenbriar”), both of whom will remain significant shareholders going forward. Financial terms of the private transaction were not disclosed.

Founded in 1979, Radwell is a leading specialty distribution and light manufacturing business that provides new and refurbished industrial automation components for the repair and maintenance of production and processing equipment on plant floors. The Company focuses on the aftermarket for mission-critical components and is dedicated to keeping customers’ facilities operating efficiently. Headquartered in Willingboro, NJ, the company operates nine facilities in the United States, Canada, United Kingdom and Germany.

The investment from CVC Fund VIII will support Brian Radwell and the management team in executing against their multi-year expansion program focused on domestic and international growth as well as selective M&A opportunities across the business’s geographies and product sets.

Brian Radwell, President and CEO of Radwell, commented, “We have truly enjoyed working with Niall McComiskey and the Greenbriar team and are thrilled that they have reinvested in Radwell. Our partnership with Greenbriar enabled Radwell to significantly accelerate growth and innovation which allowed us to scale rapidly. We are also very excited to bring on CVC as a new partner, whose global resources and experience building businesses will enable us to pursue new avenues of growth in the US and worldwide. CVC’s values are fully aligned with our business and I am confident that we have chosen the perfect partner for the next stage of our development.”

James Christopoulos, Senior Managing Director at CVC, said, “Radwell is a fantastic business which has evolved into a leader, well-known for providing its customers with a unique and critical service. We value its employee-centric culture focused on continuous improvement and are delighted to partner with Brian and his excellent team. We look forward to supporting the next stage of Radwell’s growth domestically, internationally and through strategic acquisitions.”

Niall McComiskey, Managing Partner at Greenbriar, said, “Radwell is an incredibly special business and we are honoured to have supported Brian and the Radwell team as their first institutional partner. The Radwell team has built a market-leading automation MRO platform that is underpinned by unparalleled proprietary data and a passionate team with deep technical expertise. We are proud of our partnership with the management team, and we are excited to support the next chapter of growth alongside Radwell and CVC.”

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Creation of the commercial subsidiary of the Ligue de Football Professionnel

CVC Capital Partners

The LFP and a company owned and financed by funds managed by the investment company CVC Capital Partners (“CVC”) announce the signing of an investment commitment agreement in connection with the creation of the LFP’s commercial subsidiary and CVC’s minority investment in its capital.

Following the competitive investor search process conducted by the LFP since autumn 2021 and its entry into exclusive negotiations with CVC on 18 March 2022, the LFP General Meeting held today unanimously approved the creation of the commercial subsidiary and the firm investment commitment by CVC for a total amount of €1.5 billion in its capital, intended to support the development of the entire French football ecosystem. Most of this financial contribution will be paid to professional football clubs, another part will be intended for amateur football, the reimbursement of the PGE contracted by the LFP in 2020, the constitution of a reserve fund and the seeding of the commercial subsidiary in order to give it the means to achieve its ambitions.

In return for its investment in the commercial subsidiary, CVC will hold a 13.0% stake in its capital, valuing the entire capital of the commercial subsidiary at €11.5 billion.

This new partnership is a continuation of the structural reforms undertaken by the LFP in order to transform and accelerate the development of French professional football. It reinforces the LFP’s ambition to reposition France on the world podium of football leagues in the medium term, both in terms of sport and economy. As a pioneer in sports investment, CVC will put its expertise, experience and relationships at the service of the LFP’s commercial subsidiary and support its business development ambitions.

The LFP would like to thank all the stakeholders who made it possible to implement this project, first and foremost the professional clubs of Ligue 1 and Ligue 2 who unanimously approved the project, as well as the French State and the French Football Federation. Their unwavering support for the LFP project show the unity of French football to engage in this ambitious development project.

The completion of the transaction is expected by the end of July 2022, after consultation with the LFP’s employee representative bodies and the fulfilment of the usual conditions precedent, including in particular the obtaining of authorisations from the competition authorities.

Vincent Labrune, President, LFP, said: “This project is a major step in the development of French football and a historic step forward for sport in France. We are delighted with this alliance with CVC, a partner that perfectly fits our project for Ligue 1 and for French professional football. Beyond having chosen the candidate with the best financial offer, we needed a partner who will help us grow our future projects and understands our DNA. CVC’s unique expertise in media and sport (F1, Moto GP, Six Nations, Volleyball, Football, etc.) was also a structuring point for us. In terms of governance and style, CVC will support the LFP, the commercial company and its leaders, who will benefit from its global network, to achieve the ambitious objectives we have set ourselves.

“We were also particularly sensitive to CVC’s ‘French Touch’. It is a European player with deeply French roots, able to offer a tailor-made approach adapted to our national challenges but also in all territories. For all these reasons, I am absolutely convinced that CVC will be a reliable, expert partner and up to our challenges in the months and years to come.

“Finally, I would like to thank personally and on behalf of French professional football the President of the Republic and his government for having made this project possible at the legislative level. I also do not forget the French Football Federation and its President, Noël Le Graët, for its constant support. Finally, and above all, I salute all the LFP teams for their unwavering commitment over the past 16 months to this project, and without which it would not have been possible.”

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Ratos acquires NVBS and Ratatek – creates Nordic challenger in railway infrastructure

Ratos

Regulatory Information 2022-03-30

Ratos has signed an agreement to acquire 74% of the Swedish company NVBS Rail Group Holding AB (NVBS), which in turn has signed an agreement to acquire 100% of the Finnish company Ratatek. NVBS will become a Nordic platform company for Ratos in the attractive and growing railway infrastructure market, with a presence in Sweden, Finland and Norway. Together, the companies had pro forma revenues of SEK 978m in 2021, with adjusted EBITA of SEK 113m. The cash-free, debt-free purchase price for 100% of both companies amounts to SEK 1,066m. NVBS will belong to Ratos business area Construction & Services.

“Maintenance and upgrades of critical infrastructure is an attractive and growing niche in which Ratos established a position in road maintenance in 2021. With the acquisition of NVBS, we are now broadening our offering into the expanding railway market – a market where NVBS and Ratatek have excellent prospects for continued organic and acquisition-driven expansion,” says Christian Johansson Gebauer, President Business Area Construction & Services at Ratos.

NVBS is a fast-growing player in maintenance, improvement and construction of critical railway infrastructure in Sweden and Norway. The company specialises in rail-related services, including groundwork, track, electrical, signal and telecom. Through a strong focus on efficient operations and meeting the customer’s expectations, NVBS reported an organic compound annual growth rate (CAGR) of 30% between 2019 and 2021. The company had pro forma revenues of SEK 719m in 2021, with adjusted EBITA of SEK 85m.

Ratatek specialises in the design, installation and maintenance of overhead contact lines and electrical systems on tram and railways, with operations in Finland and Sweden. The company already has a successful partnership with NVBS in the Swedish market. Ratatek’s key personnel will be part of the owner group in NVBS in conjunction with the transaction. Ratatek had sales of EUR 25.5m in 2021, with adjusted EBITA of EUR 2.7m.

“With the acquisition of NVBS, Ratos has secured a majority shareholding in one of the Nordic region’s fastest-growing players within railway infrastructure. We are impressed with NVBS’s culture, entrepreneurial spirit and decentralised governance model, which has enabled the company’s rapid growth. The fact that the founders and key personnel of NVBS have chosen to retain a holding of 26% is very positive, and we look forward to building a strong Nordic market challenger together,” continues Christian Johansson Gebauer.

“Since 2012 when NVBS was founded it has established a strong position as a fast-growing contractor specialising in railway environments with a focus on profitable growth in the Swedish market. With Ratos as our new principal owner, we can now take the next step in our growth journey, and we see significant opportunities to expand our business model to new geographic areas,” says David Skalin, President and CEO of NVBS.

“The acquisition of NVBS and Ratatek is an excellent match for the business area and will also contribute to, and themselves be able to leverage, soft synergies with other companies,” says Jonas Wiström, President and CEO of Ratos.

Acquisition financing and valuation and impact on Ratos
NVBS and Ratatek had pro forma sales of SEK 978m in 2021, with adjusted EBITA of SEK 113m. The cash-free, debt-free purchase price (enterprise value) for 100% of the shares in both companies amounts to SEK 1,066m, corresponding to an EV/EBITA multiple of 9.4x for the full-year 2021. The acquisition was financed with Ratos’s own funds and bank financing. The founders have chosen to remain as owners of NVBS in conjunction with Ratos’s acquisition, with a holding amounting close to a quarter of the shares in the company. After a certain period of time and at the earliest in full after seven years, both the founders and Ratos have a customary right to demand that Ratos acquire the shares at market value.

For the Ratos Group, the acquisition corresponds to a pro forma increase in sales of just over 4% and an increase of nearly 7% in EBITA for full-year 2021. The Ratos Group’s leverage in December 2021 amounted to 0.2x EBITDA and increase pro forma to 0.6x EBITDA.

Terms of the transaction
The acquisition, which is conditional on customary competition clearance, is expected to be completed in May 2022.

For further information:
Jonas Wiström, President and CEO, Ratos, +46 8 700 17 00
Christian Johansson Gebauer, President BA Construction & Services, Ratos, +46 8 700 17 00
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21
David Skalin, President and CEO, NVBS, +46 763 166 136

This is information that Ratos AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 a.m. CEST on 30 March 2022.

About Ratos
Ratos is a business group consisting of 13 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2021, the companies have approximately SEK 35 billion in sales. Our business concept is to develop companies headquartered in the Nordics that are or can become market leaders. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.

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Partners Group invests in LogCap, a last mile logistics platform in Oslo

Partners Group
  • Portfolio comprised of 19 assets with a combined GAV of EUR 442 million
  • High demand for last mile assets and limited supply underpinning strong rental growth
  • Partners Group plans to grow LogCap’s platform to over EUR 1 billion in size

Partners Group, a leading global private markets firm, has agreed to invest in LogCap, a last mile logistics platform in Oslo, on behalf of its clients. The seed portfolio is comprised of 19 assets with a combined GAV of EUR 442 million. Following the transaction, Partners Group will be the largest shareholder in the LogCap portfolio with a 50% stake.

LogCap’s portfolio is strategically located in the Drammen-Langhus-Lillestrøm logistics triangle, which is considered the most attractive area for last mile logistics assets in Oslo. Around two million people can be reached within a one-hour drive of this area, representing 37% of Norway’s population. The portfolio has over 100 tenants from a range of industries, which provides strong diversified cashflows and insight into demand dynamics. It is 96% occupied and the average remaining contract period is 4.9 years with 100% annual inflation adjustment leases. A limited supply of logistics space combined with strong demand due to rising e-commerce sales volumes is underpinning rental growth in Oslo. The conversion of industrial premises to residential and office space in recent years has reduced existing stock whilst natural geographic barriers are restricting new urban developments. Meanwhile, the Norwegian e-commerce market is projected to grow at a 13.8% CAGR between 2022 and 2025.

Partners Group will work with LogCap on a value creation plan and seek to expand the portfolio to over EUR 1 billion in size. LogCap has already identified a strong pipeline of potential add-on targets. In addition, Partners Group will also look to enhance the ESG credentials of underlying assets in line with its commitment to stakeholder impact.

Anne-Jan Jager, Managing Director, Private Real Estate Europe, Partners Group, says: “We have been tracking the logistics sector in Norway for some time through our thematic investing approach and following LogCap’s development since early 2021. We plan to capitalize on strong occupier demand and limited new stock to create a leading last mile logistics platform in the country. This investment in LogCap is a great starting point as it provides instant access to scale, vertical depth, and sourcing capabilities in the capital.”

Anders Brustad-Nilsen, Chief Executive Officer, ORO, adds: “We are very excited to welcome Partners Group as the largest investor in LogCap. The firm’s extensive expertise in the sector will be very valuable as we look to scale our existing logistics platform around the greater Oslo area.”

Partners Group’s Private Real Estate business has USD 18 billion in assets under management globally. The firm deployed USD 4 billion of equity across private real estate in 2021, of which c. 40% was in the logistics sector.

Arctic Securities structured the acquisition of the LogCap platform, with Advokatfirmaet Schjødt as legal advisor.

Kirkland & Ellis, Thommessen, and PwC advised Partners Group. DnB is providing the debt financing for the transaction.

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European cybersecurity company Pointsharp enters the German market by acquiring Cryptshare

Main Capital Partners

Stockholm, 30 March 2022 – Pointsharp, backed by Main Capital Partners (“Main”), today announces its second add-on acquisition in the form of German-based secure communication specialist Cryptshare AG (“Cryptshare”).

With this acquisition, Sweden-based Pointsharp continues its impressive growth journey as it bids to become the leading provider of European-made cybersecurity products, thus strengthening European data sovereignty. Together with Cryptshare, Pointsharp is now well positioned to compete with global competitors.

Pointsharp enables companies to build a better, modern and more secure workplace. Main first invested in Pointsharp in 2020 to support the company in its next phase of growth, with a keen focus on international expansion.

In 2021, Swedish company Secmaker was added to the Pointsharp portfolio, which created a leading Nordic player in the Identity and Access Management market (“IAM”) . This acquisition of Cryptshare further strengthens Pointsharp’s position as a leading security software player in the European market, currently servicing more than 3,000 customers.

Cryptshare enables organisations to secure their digital communication, protect sensitive data and comply with GDPR regulations. Among its clients are organisations with high demand for online security, such as local governments, financial institutions, healthcare organisations, and manufacturers across the DACH region, Benelux, the Nordics and the United Kingdom.

Complete security software suite
The Pointsharp group now offers a comprehensive suite of solutions and services that enables a secure workflow from access to communication. The solutions range from advanced authentication, secure application publication, device security, lifecycle provisioning, secure email and file transfer to enterprise collaboration.

The acquisition of Cryptshare comes at a time where there is an increasing need for software that improves data safety in society and work environments, in a world that is dominated by increasing digitisation and automation of processes. The global messaging security market is expected to reach a value of USD 11.10 billion by 2025, growing by more than 13 % year on year. Main currently manages three other platform companies in the broader security software market: Sivis (Germany), Oribi and ReadID (Netherlands).

Developing a leading European IT security player
Pointsharp, founded in 2006, has grown from 10 FTE in 2020 to approximately 120 FTE in 2022, with a combined revenue of approximately EUR14 million. Together the group services clients such as Akademiska Sjukhuset Uppsala, Friesland Campina, ThyssenKrupp, Audi, Försäkringskassan, Region Blekinge, Karolinska Institutet, Deutsche Rentenversicherung Bund and Nottingham County Council.

Niklas Brask, Managing Director at Pointsharp Group, commented:
“Pointsharp is on a rapid and exciting journey to build a leading European IT security player. We offer a complete suite of security software solutions to help companies build a better, modern and more secure workplace. By partnering with Cryptshare, we are broadening our software and SaaS offering as well as our geographic reach across Europe. Together with Cryptshare, we will look not only to make our companies stronger and more advanced but also to service our customers and partners even better, with European-made IT security software and cloud solutions.”

Dominik Lehr, Founder and CEO at Cryptshare, commented:
“We have recognised that in the fragmented European vendor landscape it is crucial to join forces to become a leading SaaS and software player. So, the idea is to create larger organizations by combining different and locally strong technology vendors, which together represent a real European alternative to US technology providers. By connecting Cryptshare and Pointsharp, Main supports us with knowledge and capital while growing our German market leadership in secure digital logistics to a European scale. We welcome our new colleagues and thank them for the professional and considerate cooperation, which I personally could not observe in any other merger project so far. I am more than happy to kick-off our joint journey.”

Wessel Ploegmakers, Partner and co-Head of the Nordics office at Main, concluded:
“This strategic combination with Cryptshare symbolises another important step in Pointsharp’s growth journey as it seeks to become the leading European security player while also competing with the larger US vendors. Furthermore, the acquisition of Cryptshare enables Pointsharp to enter a key strategic growth market in Germany. We are delighted with the improved international outlook for the group as it also simultaneously adds strong and complementary solutions to the already impressive service offering.”

Pointsharp
Pointsharp was founded in 2006 and has since enabled organizations to secure their digital identities and logins by combining the ability to meet the highest security demands and today’s need for user friendly solutions. Pointsharp has a broad solution offering in the Identity and Access Management market related to multi-factor authentication, secure access, encryption, digital signature, user provisioning and password management. The company serves more than 3,000 enterprise organizations globally with high security or sensitive data needs in several different market verticals, including finance, governmental, and industrial.

Cryptshare
Cryptshare was founded in 2000 and is based in Freiburg, Germany. The company provides a comprehensive solution suite tailored towards secure communication. By combining ad hoc file transfer with email encryption the company help customers to protect data in transit outside and inside their IT environment. With 75 employees, Cryptshare services over 2.000 clients across Europe via its global partner network supporting a strong foothold across the DACH, Benelux, UK and Nordic region.

Main Capital Partners
Main Capital Partners is a strategic investor with an exclusive focus on enterprise software companies. Main has almost 20 years of experience in building strong software groups in the Benelux, the DACH-region and the Nordics. Main specialises in helping management teams within mature and growing software companies achieve sustainable growth by working closely together as a strategic partner. Main has a workforce of 45 employees working from offices in The Hague, Stockholm and Düsseldorf, offering support on a strategic and a pragmatic level. As of October 2021, Main Capital has approximately €2.2 billion assets under management. Main has invested in more than 130 software companies to date. These companies have created jobs for approximately 4,000 employees.

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EQT Private Equity and TA to welcome Hg as a significant minority partner in IFS and WorkWave at a USD 10bn valuation

eqt

EQT VIII to sell a large part of its stake in cloud software vendors IFS and WorkWave to Hg, in a transaction valuing the Companies at USD 10bn. EQT Private Equity to remain majority shareholder alongside Hg, TA and the management teams

Since the acquisition by EQT VIII and EQT IX, IFS has grown Cash EBITDA by 51 percent p.a. and established a global leadership position within cloud software for companies which want to differentiate on service

Since separating WorkWave from IFS in 2021, WorkWave has more than tripled revenues by combining a compelling organic growth strategy and three transformational add-ons, cementing a leadership position within cloud software for recurrent Field Service verticals

EQT Private Equity, Hg and TA to support IFS’s and WorkWave’s continued value creation journeys, including investments in their organizations and product capabilities, while pursuing further growth, both organically and through add-on acquisitions

EQT is pleased to announce that the EQT VIII fund has agreed to sell most of its stake in IFS and WorkWave (the “Companies”) to Hg in a transaction valuing the Companies at USD 10 billion. Existing minority shareholder TA will also divest a portion of its stake to Hg. The EQT VIII and EQT IX funds (together, “EQT Private Equity”) remain in voting control as the largest shareholder in IFS and WorkWave alongside Hg, TA and the Companies’ respective management teams following the closing of the transaction.

Founded in 1983, IFS is a globally recognized leader in developing and delivering cloud-based enterprise software. IFS provides a single unified platform delivering best-in-class Field Service Management (FSM), Enterprise Asset Management (EAM), Enterprise Resource Planning (ERP) and Enterprise Service Management (ESM) solutions. IFS is a key enabler for customers digitizing their core operations while contributing to more efficient use of resources and assets across its customers’ value chain. IFS has over 4,500 employees in more than 50 countries, serving thousands of customers worldwide.

Since EQT Private Equity and TA acquired IFS from the EQT VII fund in 2020, the company has continued its transformation journey into a global enterprise software champion. Several strategic initiatives have contributed to this success, including the launch of IFS Cloud, the “Moment of Service” rebranding, the establishment of a fourth product segment in ESM (through IFS Assysts) and completion of three add-on acquisitions. Between FY19A and FY21A, IFS grew Cash EBITDA by 51 percent per annum and Software Revenues by 22 percent per annum, with 70 percent of revenues this year being recurring.

Founded in 1984, WorkWave is a leading provider of software and related digital solutions to recurrent service verticals within field service management (FSM). WorkWave’s solutions empower companies in their target verticals to reach their full potential through scalable, cloud-based software solutions that support every stage of their business life cycle, including marketing, sales, service delivery, customer interaction and financial transactions.

Following the 2021 decision to separate WorkWave from IFS and operate it as a standalone portfolio company, WorkWave has grown revenues three-fold through rapid organic growth combined with three transformational add-on acquisitions. In less than 12 months, WorkWave has grown from being the leading software provider in one vertical to having the clear leadership position across four main vertical segments within recurrent Field Services. The company has also expanded its digital offerings including continued success with its payments solution.

EQT, Hg and TA will support IFS’s and WorkWave’s continued standalone growth journeys, cementing and strengthening their respective leadership positions. Further investments will be made in the companies’ organizations and product capabilities, both organically and through strategic add-on acquisitions.

Johannes Reichel, Partner within EQT Private Equity’s Advisory team, and Naveen Wadhera, Managing Director at TA, said, “The continued push of industries and enterprises to digitize and streamline their core operations presents a great opportunity for innovative software leaders like IFS and Workwave. Both companies have undergone significant transformation journeys to date and are now well positioned to take advantage of several global thematic trends, including customers increasingly relying on cloud-based software to deliver even better service to their customers as well as more sustainable usage of their resources and assets. We would also like to thank the high-performing teams at IFS and WorkWave, led by Darren Roos and David Giannetto respectively.”

Darren Roos, CEO of IFS and Chairperson of WorkWave, said, “We’re proud to have built two amazing software brands – and we continue to go from strength-to-strength. We are structured to scale, we have class-leading technology, and our people and partners remain obsessed with customer satisfaction. These have been the foundations of our success at both IFS and WorkWave, and now with the additional backing and software expertise of Hg alongside EQT and TA, we have the ability to accelerate our growth even faster.”

Nic Humphries, Senior Partner and Head of the Saturn funds at Hg, said, “We have spent well over 20 years with a strong focus on enterprise software. As a result we have followed IFS’s success for several years and recognise it as a very high-quality cloud business. Its consistent performance and growth is a result of a compelling and differentiated proposition, built by a strong management team led by Darren. Both IFS and WorkWave offer very strong cloud products in verticals which are growing rapidly and we therefore see a clear runway for sustained growth for the businesses.”

Per Franzén, Partner and Head of EQT Private Capital, said, “Having led EQT VII’s buyout of IFS from Nasdaq Stockholm back in 2015, I am truly impressed by the strong positions the Companies hold today. IFS has transformed from a Northern European-focused software vendor into a global provider of cloud-based software solutions with a clear leadership position within its segments. I believe we have only seen the beginning of IFS’s and WorkWave’s growth trajectories, and I am pleased to welcome Hg as a new co-investor as the Companies enter a new chapter in their exciting journeys.”

The transaction is subject to customary conditions and approvals and is expected to close during Q3 2022.

Arma Partners acted as exclusive financial adviser to the sellers on this transaction alongside White & Case (legal), Kirkland & Ellis (legal) and PwC (financial and tax).

Contact

EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About

About EQT
EQT is a purpose-driven global investment organization with EUR 73.4 billion in assets under management across 28 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About IFS
IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build and maintain assets, and manage service-focused operations. Within IFS’s single platform, the industry specific products are innately connected to a single data model and use embedded digital innovation so that IFS’s customers can be their best when it really matters to their customers—at the Moment of Service™. The industry expertise of the people in the organization and of IFS’ growing ecosystem, together with a commitment to deliver value at every single step, has made IFS a recognized leader and the most recommended supplier in the sector. The team of 4,500 employees every day live the IFS values of agility, trustworthiness and collaboration in how IFS supports its thousands of customers.

More info: www.ifs.com

About WorkWave
For nearly 40 years, WorkWave has been building best practices into its market-leading field service and last mile software solutions to allow best-in-class companies to grow their business, service their customers, and maximize their money. Its solutions empower service-oriented companies to reach their full potential through scalable, cloud-based software solutions that support every stage of a business life cycle, including marketing, sales, service delivery, customer interaction, and financial transactions. WorkWave is a trusted partner for thousands of customers across a wide variety of industries, including pest control, lawn care, cleaning, HVAC, plumbing and electrical, and last mile delivery. WorkWave’s award-winning culture and solutions have been recognized in the SaaS Awards, the Cloud Awards, the American Business Awards, the NJBIZ Best Places to Work Awards, and the Stevie Awards for Great Employers

More info: www.workwave.com

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Segulah divests NVBS, marking yet another successful exit for Fund V

Segula

Segulah V has entered into a definitive agreement to sell its interest in NVBS Rail Group Holding AB to Ratos.

NVBS is a fast-growing player operating within maintenance, upgrading and construction of critical railway infrastructure. NVBS is niched within railway projects related to groundwork, track, electric, signal and telecom (MBEST) and operates in Sweden and Norway. NVBS has achieved a strong organic growth of 30% CAGR during the period 2019-2021.

Segulah acquired a majority stake in NVBS in April 2020 and has since together with founders and management developed the company and made significant investments in organisation and offering. These initiatives, combined with solid organic growth and several strategic add-on acquisitions, have resulted in significant growth in revenue as well as in profitability.

”I am proud of NVBS´ strong development over the last years, both in terms of revenue and profitability but also in how we have strengthened the organization. We are thankful for the support we have received from Segulah, and we are now looking forward to continuing our growth journey together with Ratos”, says David Skalin, Group CEO, NVBS Rail.

”NVBS operates in a market with strong structural growth driven by underlying needs to maintain and upgrade infrastructure and thus presented a perfect fit with Segulah’s investment strategy. Through active ownership we have, together with founders and management, in a short period of time developed a young entrepreneurial business into a scalable platform with impressive growth. NVBS has been a very successful investment for Segulah Fund V”, says Marcus Planting-Bergloo, Managing Partner, Segulah Advisor AB.      

For further information, please visit www.segulah.se or contact:

Marcus Planting-Bergloo, Managing Partner, Segulah Advisor AB                       +46 70 229 11 85, planting@segulah.se

Oskar Oxenstierna, Director, Segulah Advisor AB, +46 73 909 09 47, oxenstierna@segulah.se

David Skalin, Group CEO, NVBS Rail, +46 76 316 61 36, david.skalin@nvbs.se

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Antin to invest in Empire Access and North Penn, leading fiber-to-the-home broadband providers in New York and Pennsylvania

Antin

29 March 2022

Network services over 92,000 addresses and 24,000 customers

Antin Infrastructure Partners (“Antin”, Ticker: ANTIN – ISIN: FR0014005AL0) announced today that it has agreed to invest in Empire Access and North Penn Telephone (together, “Empire”), leading fiber-to-the-premise (“FTTP”) broadband providers in New York and Pennsylvania.

Founded in 1896 in Prattsburgh, New York, Empire offers high-speed FTTP internet, voice and digital TV services. With a network of 1,280 fiber route miles servicing over 92,000 addresses and 24,000 customers, Empire is the independent fiber provider of choice in both Western New York and Northern Pennsylvania, with plans to continue to expand its high speed fiber broadband footprint across the region. In 2021, Empire was rated as the “Fastest ISP in the U.S.” by PC Mag.

The Wagner family, which has controlled Empire since 1946, will retain an ownership stake in the company and Brian Wagner will remain on the company’s board of directors. Jim Baase, Empire’s COO, will become CEO. Empire’s management, the Wagner family and Antin share a common vision for Empire’s business plan and its future.

Kevin Genieser, Senior Partner at Antin, commented: “We are excited to back the Empire team in its next phase of growth. Empire is uniquely positioned to leverage its expansive fiber network to provide broadband services to underserved parts of New York and Pennsylvania. We are thrilled to have Empire join Antin’s expanding North American portfolio.”

Jim Baase, who will become CEO at Empire, added: “Empire is one of the preeminent FTTP providers in the regions we serve and the Empire-Antin partnership will enable us to grow more quickly. With still a substantial opportunity ahead, we are excited to partner with Antin to help secure that future growth and provide high speed broadband access to consumers across our footprint.”

Guillaume Friedel, Partner at Antin, stated: “For over 75 years, the Wagners have been an integral part of bringing telecom services to the region. We are delighted to support the company’s employees in their mission to expand Empire’s service offering to further underserved areas.”

Brian Wagner, CEO and member of the Empire board of directors, added: “Ever since my grandfather Herman Wagner purchased Empire in 1946 and North Penn in 1952, our growth, track record of success and longevity have been entirely a credit to the people that work here. I’m thankful for everyone’s contributions over the years and grateful for Antin’s commitment to support the great work of the Empire team going forward.”

Financial details of the transaction were not disclosed. The transaction is expected to close in the second half of 2022, subject to obtaining customary regulatory approvals.

Citizens, CIT (a division of First Citizens Bank), and Webster Bank acted as lead arrangers on the debt financing, with Citizens also acting as financial advisor to Antin. Weil, Gotshal & Manges and Morgan Lewis & Bockius acted as legal advisors to Antin. Harter Secrest & Emery acted as legal advisors to Empire.

About Empire

Founded in 1896 and based in Prattsburgh, NY, Empire is a regional broadband provider serving large areas of Western New York and Northern Pennsylvania. Today, the company operates a fiber network of 1,280 route miles servicing over 24,000 customers and 92,000 addresses, of which 95% are served by fiber. Empire offers a wide range of products and services, including high-speed fiber internet, voice and digital TV services. In 2017 and 2018, Empire Access was awarded Best Internet Service Provider in the Southern Tier region of New York. In 2021, Empire was named Fastest Internet Provider in the U.S. by PC Mag.

 

About Antin Infrastructure Partners

Antin Infrastructure Partners is a leading private equity firm focused on infrastructure. With over €22.7 billion in assets under management across its Flagship, Mid Cap and NextGen investment strategies, Antin targets investments in the energy and environment, telecom, transport and social infrastructure sectors. With a presence in Paris, London, New York, Singapore and Luxembourg, Antin employs over 165 professionals dedicated to growing, improving and transforming infrastructure businesses while delivering long-term value to portfolio companies and investors. Majority owned by its partners, Antin is listed on Euronext Paris (Ticker: ANTIN – ISIN: FR0014005AL0).

 

Media Contacts

Antin Infrastructure Partners

Nicolle Graugnard, Communication Director

Email: nicolle.graugnard@antin-ip.com

 

Ludmilla Binet, Head of Shareholder Relations

Email: shareholderrelations@antin-ip.com

 

Brunswick

Email: antinip@brunswickgroup.com

Tristan Roquet Montegon +33 (0) 6 37 00 52 57

Gabriel Jabès +33 (0) 6 40 87 08 14

Categories: News

Sitevision to join forces with IK Partners

IK Partners

IK Partners (“IK”) is pleased to announce that the IK Small Cap III Fund has reached an agreement to invest in Sitevision AB (“Sitevision” or “the Company”), a leading Swedish content management system (“CMS”) and intranet solution provider. IK is investing from its dedicated pool of Development Capital and is acquiring its stake from the founders Anders Korsvall, Karl Eklöf, and Niclas Hedlund, all of whom will be reinvesting alongside IK and will remain majority owners. Financial terms of the transaction are not disclosed.

Sitevision is a rapidly growing and well-renowned CMS and intranet solutions platform, with a market-leading position in Sweden and a growing presence in Norway, among public institutions and mid-to-large corporate clients. The Company offers a single unified platform for both CMS and intranet solutions, allowing clients to manage content, publish information and interact with customers and employees in a flexible and accessible environment.

Sitevision was founded in 2002 in Örebro where its headquarters remain. Today, the Company has grown into one of the leading CMS and intranet providers in Sweden and has local sales presence in Stockholm, Gothenburg and more recently Oslo, as part of its strategic expansion into Norway.

Over the last 20 years, Sitevision has successfully developed and refined its proposition to meet the changing needs of its customers with regards to their external communications, as well as internally towards their employees, against the backdrop of an ever-evolving modern workplace. The core cloud-based CMS and intranet products are easy to integrate and operate with a range of customisable features which allow clients to tailor the system to their specific needs. Sitevision is in the remarkable position of having achieved Sweden’s highest customer satisfaction score for the 13th year in a row for both its CMS platform and intranet solution, according to the “Web Services Award” report.

IK will be partnering with the co-founders to continue investing in the Company’s technological platform, further strengthen its position among public and private customers in Sweden and drive international expansion in the Nordics and beyond. In addition, IK’s Operations team will support Sitevision in further developing its business operations.

Carl Jakobsson, Director at IK and Advisor to the IK funds, said: “Sitevision is a highly impressive outfit operating in an exciting and growing market space that has been subject to rapidly changing dynamics over the past few years. As organisations consciously adapt to new ways of working, the ability to interact with customers and employees efficiently has never been more critical. Anders and his team have built an outstanding reputation in
Sweden as a provider of a secure, user-friendly, yet highly capable product offering. We look forward to working with them to further grow their offering and expand into neighbouring markets.”

Anders Korsvall, CEO of Sitevision, said: “After twenty years of developing our unique proposition, we are delighted to welcome the IK team as our new partner and a specialist in developing and internationalising high-potential tech-enabled business services companies. Their core values align with ours and just as we prefer to be situated close to our customers, IK’s local presence in Sweden, combined with its international platform and long track record of supporting companies of our size and position, was hugely important to us in selecting this promising partnership. We cannot wait to get started with the team and work together on our ambitious growth plans to continue being the platform of choice and fulfil our brand promise of ‘Tell your world’.

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 160 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 www.ikpartners.com

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About Sitevision

Sitevision AB is a leading Swedish provider of CMS and Intranet solutions. The headquarters are located in Örebro with sales offices in Stockholm, Gothenburg and Oslo, serving customers all over Sweden and internationally. For more information visit: www.sitevision.se

Categories: News

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Ampersand Investment Opportunity: Syft Technologies

Ampersand

Syft is pleased to announce that it has reached an agreement with Ampersand Capital Partners (Ampersand) to invest $22.8m in Syft, subject to shareholder approval. Ampersand will subscribe to 17,545,000 convertible preference shares, equivalent to 19.6% of the total shares post-investment, at a price of $1.30 per share.

Ampersand is a Boston, Massachusetts, USA based private equity investor, founded in 1988 and with more than US$2billion assets under management. They specialise in the life sciences and healthcare sectors, and have deep expertise in this space.

As part of the investment, Syft will also welcome Mr David Patteson to the Board. Mr Patteson leads Ampersand’s Portfolio Acceleration team, and currently serves as Chairman of US headquartered Alliance Pharma. He has over 30 years of experience in the space in Board and CEO roles, scaling businesses built on mass spectrometry and other analytical instrumentation technologies.

Alex Fala, CEO of Syft, comments “Syft continues to build momentum in our core business. The capital from Ampersand will allow us to accelerate our progress in the semiconductor market and develop our next scalable opportunity in life sciences. Dave Patteson and Ampersand have deep expertise and networks that are directly applicable in Syft. We couldn’t think of a better partner to have on our next phase.”

Dave Patteson, Partner at Ampersand, shared “Syft has a remarkable technology and product platform, with notable traction in semiconductor and adjacent segments.  Their life science market pull, applications and commercial expertise, combined with Ampersand’s investments, should allow for meaningful penetration and adoption rates.  We are thrilled to partner with their executive team, board, and shareholders to help realize the full potential.”

Following this announcement shareholders will receive two invitations:

  1. A formal notice of meeting to attend the Special Meeting to vote on the ordinary resolutions to issue capital and formally appoint Mr Patteson to the Board. And;
  2. An update on the company strategy from CEO, Alex Fala, at 10am, Thursday 7th Please register your interest via the following link, where you will also find further instructions on how to participate.

Operational Update

We are now in the final days of the financial year, and Syft is projecting an unaudited full year revenue of $34m, 18% growth YoY.

Mr Fala commented “We are pleased to have returned to growth mode in FY22. We have a large pipeline, including significant potential orders from our major customers. We had aimed for more of that revenue to come into the FY22 year, but that hasn’t ultimately met with our customers’ operational plans and the impacts of the Omicron variant. That’s somewhat the reality of the current concentration in our revenue, which we continue to work on in our sales activities.”

To further support the business growth, Syft has appointed Sharonn Zimmerman as Vice President of People and Capability. Sharonn will oversee every aspect of the people function as Syft develops its talent, capability and culture to enable global growth.

Sharonn brings over 30 years of experience in a myriad of HR leadership roles. In her early career, she was appointed by Ixchange/FrontRange Solutions as HR Director to support their transition from a private to Nasdaq listed company. She spent 12 years with Dimension Data / NTT, as head of the talent integration and organisational development practices, receiving a number of awards for her innovative, people-centred approach and ability to scale for growth. She joins Syft after spending just short of three-years in a strategic HR role with the Ministry of Social Development, the lead agency in the social sector.

Sharonn commented, “I’m thrilled at the opportunity of joining Syft, a homegrown success story, and returning to my business roots. Syft is a big little company, small enough to enable agility and pace, while also big in ambition and global footprint. I’m particularly energised at the prospect of working alongside a relatively new and dynamic leadership team, and supporting the company’s growth agenda.”

Sharonn will join the team based in Christchurch at the end of April.

About Syft

Syft Technologies Limited is a world leading provider of Selected Ion Flow Tube Mass Spectrometry (SIFT-MS) solutions. Revolutionizing the trace analysis world, Syft’s instruments enable the rapid, targeted and comprehensive analysis of compounds in air to a parts-per-trillion level. Syft’s technology is used in industries including semiconductor, energy, life sciences, environmental, consumer products, laboratory and research, security and air quality monitoring. Based in Christchurch, Syft trades on New Zealand’s Unlisted Securities Exchange (USX: SYF). Further information is available at syft.com.

About Ampersand Capital Partners

Founded in 1988, Ampersand is a middle market private equity firm with more than $2 billion of assets under management dedicated to growth-oriented investments in the healthcare sector.  With offices in Boston and Amsterdam, Ampersand leverages its unique blend of private equity and operating experience to build value and drive superior 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.  Additional information about Ampersand is available at ampersandcapital.com.

Enquiries:

Alex Fala
Chief Executive Officer
alex.fala@syft.com

Nicole Robinson
Chief Financial Officer
alex.fala@syft.com

Categories: News