KKR to Invest $400 Million in Decarbonization Platform Serentica Renewables

KKR

November 8, 2022

  • Serentica seeks to enable the energy transition for energy-intensive, hard-to-abate industrial sectors by providing complex clean energy solutions
  • Transaction is among the largest industrial decarbonization investments in India to date

NEW DELHI–(BUSINESS WIRE)– KKR, a leading global investment firm, and Serentica Renewables (“Serentica” or the “Company”), a decarbonization platform that seeks to enable the energy transition by providing complex clean energy solutions for energy-intensive, hard-to-abate industries, today announced the signing of definitive agreements under which KKR will invest $400 million in the Company.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221107006199/en/

Serentica looks to deliver round-the-clock clean energy solutions for large-scale, energy-intensive industrial customers. This includes providing renewable energy solutions through long-term Power Purchase Agreements (“PPAs”) and working closely with customers to design their paths to net-zero electricity. Currently, the Company has entered into three long-term PPAs and is in the process of developing ~1,500 MW of solar and wind power projects across various states including Karnataka, Rajasthan, and Maharashtra. Serentica’s medium term goal is to install 5,000 MW of carbon-free generation capacity coupled with different storage technologies and supply over 16 billion units of clean energy annually and displace 20 million tonnes of CO2 emissions.

Serentica’s launch builds on the favorable macroeconomic tailwinds behind India’s power and renewables sectors, as well as the government’s strong commitment to advancing India’s energy transition. In addition, Serentica looks to provide clean energy alternatives to the critical but hard-to-abate industrial sectors that continue to drive India’s development and economic growth. As energy demands continue to rise alongside India’s developmental needs and prosperity, there is significant potential for renewable energy to play an important role in meeting the energy needs of the industrial sector in a sustainable manner.

Pratik Agarwal, Director of Serentica Renewables, said, “We are happy to have a like-minded strategic partner in KKR who believes in our model of sustainable development. The world is undergoing a clean energy transition and India is at the forefront of this effort with its ambitious target of 450GW by the year 2030. This investment will allow us to leap ahead in our vision of decarbonizing large energy intensive industries and help in reversing climate change. This transaction is amongst the largest industrial decarbonization investments in India to date and carries forward the global decarbonization agenda which is centre stage at COP27 (2022 United Nations Climate Change Conference).”

Hardik Shah, Partner at KKR, said, “Our investment in Serentica reflects KKR’s confidence in India’s renewables sector and our commitment to advancing the energy transition in India. Energy-intensive, heavy-industry companies play an important role in society but have traditionally faced more challenges in meeting energy needs sustainably. With Serentica, we look to support these companies in their decarbonization objectives. We are delighted to back Serentica through this latest strategic partnership and are excited to develop Serentica into a leading decabonization platform that can contribute meaningfully to the energy transition requirements that lie ahead of us.”

Standard Chartered Bank acted as the sole financial advisor to Serentica for this transaction.

KKR makes its investment from its Asia Pacific Infrastructure strategy. The transaction in Serentica marks KKR’s latest investment in India and the renewables sector. Since 2011, KKR has deployed over $15 billion in equity globally to invest in renewable assets, such as solar and wind, which have an operational power generation capacity of 23 GW, as of December 31, 2021. In Asia Pacific, KKR sees renewables as core to its infrastructure strategy and seeks to invest behind the significant opportunities across the region.

About Serentica Renewables

Established in 2022, Serentica Renewables is 100% held by Twinstar Overseas Limited (“TSOL”) which also owns controlling stakes in Sterlite Power Transmission Limited & Sterlite Technologies Ltd. Serentica Renewables looks to provide round-the-clock clean energy solutions enabling the transition of large-scale, energy-intensive industries to clean energy. The company is focused on industrial decarbonization, by making renewables the primary source of energy for the commercial & industrial segment which consumes more than 50% of the electricity generated in India. Serentica aims to provide assured renewable energy through a combination of solar, wind, energy storage and balancing solutions.

For more details on Serentica, please visit www.serenticaglobal.com

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 and on Twitter @KKR_Co.

Media enquiries:
For Serentica Renewables:
Ajay Padamanabhan
+91 90112 38700
contact@serenticaglobal.com

For KKR:
Wei Jun Ong
+ 65 9139 5813
WeiJun.Ong@kkr.com

Source: KKR

Categories: News

Tags:

Acquisition of Control Mechatronics expands E.GRUPPE’s product range and continues its growth trajectory

GIMV

07/11/2022 – 08:30 | Portfolio

Gimv portfolio company E.GRUPPE, which already includes Klotter Elektrotechnik GmbH, has acquired Control Mechatronics GmbH in Nidderau near Frankfurt/Rhein-Main, Germany. This acquisition will allow E.GRUPPE to expand its product range in industrial electrical process measurement and control technology as well as in project planning and engineering of industrial process automation. Control Mechatronics’ shareholders and founders Michael Kopf, Peter Gareis, Roland Lauk and Axel Hoch will become shareholder of E.GRUPPE as part of the transaction. In addition, Michael Kopf and Axel Hoch will support the group on its growth journey in a consultative role. 

E.GRUPPE’s goal is to become a full-service provider in all electrical engineering fields in order to offer customers a holistic and future-oriented solutions portfolio from a single source. In 2021, the European investment company Gimv took a majority stake in Klotter Elektrotechnik GmbH, which was established in 1997 (www.klotter.de). E.GRUPPE emerged from this partnership  with entrepreneur and founder Werner Klotter. In addition to the existing business in the area of production of customized transformer stations, electrical distribution and control boards, as well as building technology, Control Mechatronics is particularly strengthening the area of automation solutions for industrial processes, including automation projects for safety-relevant and certificate-related automation services, such as those used in nuclear power plants or for the production of control units in the medical field of proton therapy. Control Mechatronics is present at three sites: its main location in Nidderau and branches in Lörrach and Ravensburg.

Categories: News

Tags:

Eurazeo announces sale of majority ownership position in Nest New York to North Castle Partners led investor group

Eurazeo

Eurazeo, a leading global investment company with a diversified portfolio of €32.5 billion in assets under management, today announced that it has reached an agreement to sell its majority ownership position in NEST New York (“NEST” or the “Company”), a leading fragrance lifestyle brand, in a transaction that values NEST at approximately $200 million. Under the terms of the transaction, an investor group led by North Castle Partners (“North Castle”), a consumer-focused private equity firm, will purchase a majority stake in NEST, with Eurazeo and NEST Founder Laura Slatkin retaining minority ownership positions. Following the close of this transaction, Eurazeo’s invested equity capital will yield a return of approximately 2.7x.

Eurazeo’s Brands Division launched in May 2017 and NEST was its debut investment. Under Eurazeo’s management, NEST’s leadership team accelerated product innovation, expanded brand awareness and significantly increased the brand’s digital penetration. As a result, overall brand sales tripled, direct-to-consumer sales increased 10-fold and EBITDA margins significantly expanded. NEST is the leading luxury home fragrance brand in the U.S., a top 10 women’s fine fragrance brand at Sephora and continues to be recognized for its innovation, having won two 2022 Allure Best of Beauty awards and having been named “Best New Beauty Brand” in the U.K. by The Fragrance Foundation.

Laura Slatkin, Founder of NEST New York, said:

“Since I founded NEST in 2008, I have been fortunate to have exceptional partners that have helped the brand solidify its position as one of the world’s most trusted and highly regarded fragrance brands. I am deeply grateful for Eurazeo’s partnership and expertise, which have enabled the business to flourish and deliver impressive growth over the past five years. As the brand embarks on its next chapter of growth, I look forward to partnering with North Castle and reuniting with Rich Gersten, whom I have had the pleasure of working with in the past.”

Maria Dempsey, CEO of NEST New York, said:

“NEST New York is a beloved fragrance lifestyle brand that has seen explosive growth over the past several years due to a laser-focus on product innovation, new customer acquisition, digital expansion and creative storytelling. This significant growth has been achieved with our exceptional team of professionals, strong retailer partnerships and a highly collaborative relationship with Eurazeo. We are thrilled to be working alongside the North Castle team on this next phase of growth.”

Jill Granoff, Managing Partner of Eurazeo and CEO of Eurazeo’s Brands Division, said:

“Laura, Maria and the NEST team have been exemplary partners, and together, we have built the NEST brand and driven tremendous value creation. We look forward to working with North Castle Partners on the next chapter of NEST’s growth to leverage the Company’s strong foundation and expand the business globally.”

Hemanshu Patel, Partner at North Castle Partners, noted:

“We’re very excited to partner with Eurazeo and the management team at NEST and welcome the Company into North Castle’s family of health and wellness focused brands that are leaders in their respective categories. It’s an ideal situation for us with Rich Gersten, Beauty Industry Advisor at North Castle Partners, having worked with Laura and NEST in the past.”

Rich Gersten added:

“I have always been a huge fan of the brand and its potential, and it is exciting to partner with NEST once again at this inflection point to expand the brand’s reach across categories and geographies.”

NEST represents North Castle’s second beauty and personal care investment in the last two years. North Castle has spent more than two decades partnering with entrepreneurs and management teams to scale brands and unlock the full potential of companies in the Healthy, Active and Sustainable Living sector.

The transaction is expected to close at the end of November. Perella Weinberg Partners LP acted as financial advisor to NEST.

Categories: News

Tags:

Eudonet announces the acquisition of GiveXpert

Montagu

Eudonet is the French leader in vertical CRM software for charities, professional associations, higher education and the public sector. The company is also present in Switzerland, Belgium, Canada, the Netherlands and the UK. Today, Eudonet is pleased to announce the acquisition of Carisinfo and its solution provider GiveXpert.

GiveXpert is a leading provider of online donation solutions in France having supported over 200 clients to raise more than 228 million euros since 2015. The SaaS platform allows non-profit organisations to attract donors and to design and manage their fundraising campaigns.

Through this combination, Eudonet will be able to increase investments in the GiveXpert solution and to offer it to all Eudonet’s clients who wish to run online fundraising campaigns. Both R&D teams have already started working together to offer their respective clients the best combination of CRM and online fundraising.

GiveXpert clients will benefit from full data integration with their CRM if they use Eudonet. Similarly, Eudonet clients will be able to seamlessly manage their donation campaigns using GiveXpert directly from their CRM. Furthermore, Eudonet’s international presence provides a unique opportunity to expand the GiveXpert solution outside of France.

Antoine Henry, CEO of Eudonet, said: “We are very pleased to welcome the GiveXpert team, their product offering, and their customers to the Eudonet group. This acquisition strengthens our offering in a strategic area for our clients allowing them to further develop their web presence and enhance their fundraising. It demonstrates our commitment to invest in the charity market to better serve our clients.”

 

We are very pleased to welcome the GiveXpert team, their product offering, and their customers to the Eudonet group.

Antoine Henry, CEO , Eudonet,

Alexandre Ayad, CEO of Carisinfo, adds: “After 13 years of autonomy, it seemed to us that the time had come to join a group in order to develop the GiveXpert solution with new resources and thus enable it to be distributed even more widely, particularly abroad. Eudonet is a leader in CRM solutions and, what’s more, a French company that places social impact at the heart of its concerns, which was essential for us.”

Eudonet is a leader in CRM solutions and, what’s more, a French company that places social impact at the heart of its concerns, which was essential for us.

Alexandre Ayad, CEO, Carisinfo

 

Categories: News

Tags:

Cinven to acquire TaxAct

Cinven

Cinven will bring TaxAct and Drake Software, a Cinven portfolio company, together over time under a new holding company, creating a leading, full-service tax solutions provider for professionals and consumers

LONDON, November 1, 2022 – International private equity firm, Cinven, today announces that it has reached an agreement to acquire TaxAct for approximately $720 million. Following closing of the transaction, Cinven will bring the business together with existing portfolio company Drake Software (“Drake” or the “Company”) under a single holding company. This will create a full-service tax ecosystem provider with the scope to use the resources and shared principles of the combined businesses to innovate and support their complementary professional tax preparer and individual tax filer customer bases.

TaxAct is one of the leading providers of digital, do-it-yourself (“DIY”) tax filing assistance software and services, operating in a fast growing subset of the U.S. tax preparation services market. Since it was founded in 1998, TaxAct has grown rapidly, providing DIY tax filing services to more than 85 million individual filers to date, and was the first online software provider to offer free tax filing services.

With a 45-year track record of best-in-class products and services, Drake Software is a leading provider of comprehensive professional tax preparation software, servicing more than 70,000 tax offices throughout the U.S. In 2021, Cinven made a significant investment in Drake to support the next stage of the Company’s growth.

 

Chris Good, Partner at Cinven, commented:

“Since investing in Drake in 2021, Cinven has set out to support the Company’s growth plans, including expanding its presence in the professional tax preparation market, renewing its technology platform and enhancing its product offerings for the benefit of Drake’s tax professional customers. The addition of TaxAct’s consumer tax preparation platform will further strengthen Drake’s capabilities to anticipate and serve the needs of all types of customers as today’s tax landscape becomes increasingly sophisticated. This transaction exemplifies Cinven’s track record of working with companies to support their growth and capability expansion strategies, creating better products for customers and increasing opportunities for employees.”

 

Daniel Garin, Senior Principal at Cinven, added:

“Cinven has followed TaxAct for many years. This acquisition allows Cinven to back two leading management teams, building a stronger combined company that can win in an attractive market with substantial potential for future growth. We are excited to bring together two industry-leading, complementary businesses with shared values and a collective vision for delighting customers through product innovation and exceptional customer service. This investment builds on Cinven’s strong track record in the TMT sector in North America and is continued evidence of Cinven successfully deploying its sector-country matrix to originate attractive investment opportunities.”

Upon the close of the transaction, Dom Morea will remain President and Chief Executive Officer of Drake Software and Curtis Campbell will continue to lead the TaxAct business. The businesses will continue to operate under their own brands within the holding company.

The transaction is expected to close before the end of 2022, subject to regulatory approvals and other customary closing conditions.

Advisers to Cinven on the transaction included: Evercore, J.P. Morgan, and Ropes & Gray LLP.

Categories: News

Tags:

DIF appoints three partners – press release

DIF

DIF Capital Partners is pleased to announce the appointment of three partners, Zaina Ahmed-Karim, Tom Goossens and Vincent Liu.

The promotion of Tom and Vincent from managing director to partner is in response to their personal contributions to the strong development of the firm. Tom and Vincent, who joined DIF in 2014 and 2016 respectively, have been leading several landmark investments over the years and have played a key role in further building the presence of DIF in their respective markets. Tom has been covering the UK, Ireland and Scandinavia, Vincent North America.

Zaina joined DIF on the 1st of September to succeed Robert Doekes as CFO. She will be responsible for finance and investor reporting, as well as tax, treasury, IT and operations. Zaina was previously CFO of Dasym, an investment management boutique firm. Prior to that, she spent 25 years at EY, of which 13 years as senior audit partner in the Financial Services group. She is a qualified chartered accountant and holds a Master’s degree in both Business Economics and Accountancy from the VU Amsterdam University, the Netherlands.

Robert Doekes retired as a partner after 13 years in his role as CFO. DIF is pleased to be able to continue to benefit from his experience and knowledge, given that he will stay active for DIF in several projects and advisory roles.

Managing partner Wim Blaasse said, “”We are very pleased to welcome Zaina, Tom and Vincent as partners of DIF. Zaina has now officially taken over the role of Robert as CFO. I’m confident her longstanding background and experience will be of great added value to DIF. At the same time, her appointment will further increase the diversity of our senior leadership team. We would like to express deep gratitude to Robert for his commitment and contribution to building a strong investment platform over the last 13 years. Tom and Vincent have already contributed substantially to where we are today and I am confident they will continue to play a crucial role in achieving the future success of the company.”

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 14 billion in assets under management across eleven closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure VII is the latest vintage, target core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).
  • DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.

DIF Capital Partners has a team of over 200 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact DIF: Diederik Heinink, d.heinink@dif.eu

Categories: People

KKR & Co. Inc. Reports Third Quarter 2022 Results

KKR

November 1, 2022

NEW YORK–(BUSINESS WIRE)– KKR & Co. Inc. (NYSE: KKR) today reported its third quarter 2022 results, which have been posted to the Investor Center section of KKR’s website at https://ir.kkr.com/events-presentations/.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221101005383/en/

A conference call to discuss KKR’s financial results will be held today, Tuesday, November 1, 2022 at 10:00 a.m. ET. The conference call may be accessed by dialing (877) 407-0312 (U.S. callers) or +1 (201) 389-0899 (non-U.S. callers); a pass code is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Center section of KKR’s website at https://ir.kkr.com/events-presentations/. A replay of the live broadcast will be available on KKR’s website beginning approximately one hour after the broadcast.

ABOUT KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

 

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

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

Source: KKR & Co. Inc.

Categories: News

KREST Grows Multifamily Portfolio with Acquisitions in Brooklyn and Philadelphia

KKR
November 1, 2022

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that KKR Real Estate Select Trust Inc. (“KREST” or the “Fund”) has completed the purchases of two Class A multifamily properties with a combined 1,380 units from different sellers in separate transactions. The latest additions to KREST’s portfolio include a full-service, LEED Silver multifamily property located in Downtown Brooklyn and a highly amenitized multi-building asset located on the border of the Main Line and West Philadelphia.

“We continue to see long-term trends supporting demand for lifestyle-oriented real estate near city centers,” said Daniel Rudin, Managing Director on KKR’s real estate equity team. “Both of these assets are well-located from a live/work perspective and are ideal for younger working professionals seeking quality lifestyle-oriented housing with easy access to major cities.”

The Downtown Brooklyn asset is a trophy, 2011 vintage, full-service residential property with modern finishes and amenities, including an outdoor terrace, fitness center, 24-hour doorman, and a children’s playroom. The property is comprised of 365 rental units positioned in one of the top-performing Brooklyn submarkets, within walking distance of several public transportation stations, servicing all of Manhattan’s critical transportation lines.

The Philadelphia asset, purchased alongside Mack Real Estate Group (MREG), is an integrated five building complex comprising 1,015 units. Located on the border of Lower Merion Township in the Main Line and West Philadelphia, the property provides easy access to Center City and to numerous nearby universities and hospitals. Gut-renovated in 2015, the property offers best-in-class amenities, including a pool club, lounge, fitness center, and dog park. Mack Property Management, L.P., a wholly-owned subsidiary of MREG, will handle property operations. The transaction is KKR’s second Philadelphia multifamily acquisition with MREG.

“We are pleased to grow KREST’s exposure to income-generating residential properties with these two investments. KREST acquired both properties using irreplaceable long-duration fixed-rate financing, which creates compelling cash yields,” said Billy Butcher, Chief Executive Officer of KREST and Chief Operating Officer of KKR’s global real estate business. “We continue to add high-quality properties to our growing portfolio of multifamily assets and believe these properties offer attractive value to a wide range of residents.”

The acquisitions are part of KREST’s stabilized real estate investment strategy, one of the Fund’s three primary investment strategies, which focuses on thematically-driven, income-generating real estate in high growth markets, including well-leased multifamily. KREST’s other focus areas include prime single tenant real estate and private real estate debt.

About KREST

KKR Real Estate Select Trust Inc. (“KREST”) is a continuously offered, registered closed-end fund that thematically invests in high quality, stabilized, income-oriented commercial real estate equity and debt. The fund is open to all investors with daily subscriptions and its primary investment objective is to provide attractive current income, with a secondary objective of long-term capital appreciation. KREST is managed by KKR Registered Advisor LLC, an affiliate of KKR & Co. Inc., and utilizes the experience and reach of KKR’s global real estate team and the resources available through the KKR platform. For additional information about KREST, please visit its website at www.krest.reit.

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 and on Twitter @KKR_Co.

Media Contacts
Miles Radcliffe-Trenner and Emily Cummings
+1 212-750-8300
media@kkr.com

Source: KKR

Categories: News

Tags:

ProjectiveGroup grows further with acquisition of Dutch Charco & Dique

GIMV

28/10/2022 – 09:00 | Portfolio

Projective Group, the international consulting firm, has today announced its acquisition of the Dutch specialists in legal, risk & compliance, Charco & Dique. With this acquisition, Projective Group expands its team to about 700 experts across Europe.

Since Projective Group and Gimv joined forces in 2021, Projective Group has already made several strategic acquisitions throughout Europe. With this acquisition of Charco & Dique, Projective Group strengthens its position on the Dutch market.

The expertise and experience in legal, risk & compliance of Charco & Dique as well as their initiatives such as the Ministry of Compliance or their application Ruler brings Projective Group one step closer to becoming the one-stop-shop financial services provider in Europe.

Categories: News

Tags:

ProjectiveGroup grows further with acquisition of Dutch Charco & Dique

GIMV

8/10/2022 – 09:00 | Portfolio

Projective Group, the international consulting firm, has today announced its acquisition of the Dutch specialists in legal, risk & compliance, Charco & Dique. With this acquisition, Projective Group expands its team to about 700 experts across Europe.

Since Projective Group and Gimv joined forces in 2021, Projective Group has already made several strategic acquisitions throughout Europe. With this acquisition of Charco & Dique, Projective Group strengthens its position on the Dutch market.

The expertise and experience in legal, risk & compliance of Charco & Dique as well as their initiatives such as the Ministry of Compliance or their application Ruler brings Projective Group one step closer to becoming the one-stop-shop financial services provider in Europe.

Categories: News

Tags: