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Resolution Life Acquired by Nippon Life

Blackstone
  • Resolution Life announces the acquisition of 100% of its shares by Nippon Life at a valuation of $10.6 billion
  • The transaction will accelerate growth for both Resolution Life and Nippon Life in the highly active, multi-trillion-dollar global life and annuity consolidation sector
  • Resolution Life, which comprises Resolution Re, Resolution Life US and Resolution Life Australasia will retain the Resolution brand
  • Resolution Life Australasia and Nippon Life’s Australian company, MLC, will be merged to form Acenda
  • Blackstone will continue to be Resolution Life’s investment manager across private credit and other key areas

Resolution Life, a global life insurance group focusing on the acquisition and ongoing management of portfolios of life insurance policies, today announces that Nippon Life Insurance Company (“Nippon Life”) has agreed to acquire 100% of the company.

Nippon Life will consolidate its ownership interest by paying $8.2 billion to acquire the remaining shares from Resolution Life’s investment limited partnership, valuing Resolution Life at $10.6 billion, with shareholders also retaining final dividends before completion.

Following the acquisition, Resolution Life’s institutional business in the US, the UK, Bermuda and Singapore will become a subsidiary of Nippon Life, creating a new division that complements Nippon Life’s Japanese life business as well as its international asset management and retail businesses. Resolution Life will continue to be led by Clive Cowdery as Chairman and CEO and Resolution Life Group Holdings Ltd will remain the primary regulated entity.

Resolution Life’s Australasian business will be combined with Nippon Life’s Australian company, MLC, to form Acenda, a new primary life insurer open to new business, which will be run as a joint venture between Nippon Life and Resolution Life.
The transaction completes a partnership that began in 2019 when Nippon Life first invested in Resolution Life. Since then, it has remained the company’s largest investor and supported the growth of Resolution Life into a company with over $85bn of reserves and over 4m policies.

For Resolution Life, this transaction enables the company to secure its position as a leader in the multi-trillion-dollar global life and annuity consolidation sector. Having a single well-capitalised parent will enable Resolution Life to accelerate its growth and continue to serve the needs of policyholders and the broader life insurance industry.

For Nippon Life, this transaction is a further step towards achieving their stated medium-term plan to grow their international business and deliver long-term growth and stable dividends from overseas markets. It will enhance Nippon Life’s product offering as well as expanding the application of asset management, liability management and digital skills by leveraging Resolution Life’s existing capabilities, including a highly experienced global team.

Resolution Life will continue its mission of being a global custodian to the life insurance and annuity industry by providing capital for growth, removing stranded costs and mitigating long-term risks so that the industry can continue to respond to the needs of policyholders.

Resolution Life is regulated by the Bermuda Monetary Authority with a strong group capital position, high solvency ratios and investment grade ratings.

Blackstone will continue its relationship with Resolution Life as the company’s investment manager for directly originated assets across the private credit, real estate and asset-based-finance markets – reflecting the significant value Blackstone’s origination platform has provided to the business and its policyholders. Resolution Life will also continue as Blackstone’s strategic partner in the life and annuity consolidation sector globally.

Hiroshi Shimizu, President of Nippon Life, said,

“As a mutual company owned by our policyholders, Nippon Life has always had a culture which puts customers at the heart of everything we do. We believe the acquisition of Resolution Life and the formation of Acenda demonstrates our commitment to working with exceptional businesses and teams to deliver innovative products and services. We are aligned with Resolution Life and our investment management partner Blackstone in continuing to deliver on the trust policyholders have placed in us to protect them and their families when they need us.”

Sir Clive Cowdery, Founder and Executive Chairman of Resolution Life, said,

“For 22 years, Resolution Life and prior Resolution companies have raised our capital from institutional investors and the public markets. I am delighted that we are now going forward under the single ownership and capital support of Nippon Life, an institution I admire and respect. There is a strong foundation of shared values, clarity of vision and breadth of capabilities across our organisations. Combining Resolution Life’s strengths, the investment management expertise of our partners at Blackstone and a well-funded parent gives us the opportunity to accelerate our growth and serve the needs of policyholders into the decades ahead.”

Gilles Dellaert, Global Head of Blackstone Credit and Insurance (BXCI), said,

“We are very pleased with this outcome for Resolution Life’s policyholders and investors. Clive Cowdery has built a tremendous insurance platform, and we believe that this expanded partnership with the world-class team at Nippon Life will help drive its accelerated global growth. We look forward to continuing to deliver the benefits of Blackstone’s leading private credit and asset origination capabilities to Resolution Life and its policyholders in this next chapter with Nippon Life.”

The transaction is subject to regulatory approvals and anticipated to be completed in H2 2025. The person responsible for arranging the release of this announcement on behalf of the company is Claire Singleton, General Counsel.

About Nippon Life
Founded in 1889, Nippon Life is the core company of the Nippon Life group, which consists of multiple group companies operating life insurance and asset management businesses in the Asia-Pacific region and globally and is the largest private asset owner in Japan. With over 70,000 employees, Nippon Life has 15 million customers and over ¥87,000 Billion in total assets.

For more information on Nippon Life, visit www.nissay.co.jp/global.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1.1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Resolution Life
Resolution Life is a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies. Since 2003 to date, prior Resolution entities together with Resolution Life have deployed approximately $19 billion of equity in the acquisition, reinsurance, consolidation and management of life insurance companies. Together, these companies have served the needs of over 13 million policyholders while managing approximately $385 billion of assets. Resolution Life today has operations in Bermuda, the U.K., the U.S., Australia, New Zealand and Singapore assisting the restructuring of the primary life insurance industry globally. Resolution Life provides a safe and reliable partner for insurers by:
Primarily focusing on existing customers, with selective new business growth in strategic marketsDelivering policyholder benefits in a secure, well capitalised environmentReturning capital to our institutional investors in the form of a steady dividend yieldwww.resolutionlife.com

About Resolution Life Australasia
Resolution Life Australasia has c.A$29 billion in AUM and is committed to servicing its existing one million customers across Australia and New Zealand by providing them with competitive premiums, quality investment management, great customer service and efficient claims management. Resolution Life Australasia’s growth is predominantly through the acquisition of in-force portfolios of life insurance policies as well as remaining open to growing new business in select strategic markets. As part of the transaction announced today Resolution Life Australasia will be combined with Nippon Life’s Australian business, MLC, to form a new primary life insurer open to new business.
For more information on the transaction please click here Resolution Life AustralasiaFor more information on Resolution Life Australia, visit www.resolutionlife.com.au

Advisors
Resolution Life is represented by Goldman Sachs & Co. LLC as financial advisor and Debevoise & Plimpton LLP, Herbert Smith Freehills LLP and Kirkland & Ellis LLP as legal counsel in connection with this transaction.

Nippon Life is represented by J.P. Morgan and Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. as financial advisors and Nishimura & Asahi, Mayer Brown LLP, ASW Law Limited and Ashurst LLP as legal counsel in connection with this transaction.

Media Enquiries:
Temple Bar Advisory (US / UK / RoW)
Alex Child-Villiers / Sam Livingstone / Alistair de Kare-Silver / Juliette Packard
+44 (0)20 7183 1190 / resolution@templebaradvisory.com

SEC Newgate (Australasia)
Erica Borgelt
Tel: +61 (0) 413 732 951 / erica.borgelt@secnewgate.com.au

This announcement may include statements that are, or may be deemed to be, forward-looking statements. The words “expect”, “anticipate”, “believe”, “intend”, “plan”, “estimate”, “aim”, “forecast”, “project”, “indicate”, “should”, “may”, “will” and similar expressions may identify forward-looking statements. Any statements in this presentation regarding the Company’s current intentions, beliefs or expectations concerning, among other things, the Company’s operating performance, financial condition, market position, liquidity, prospects, growth, strategies, general economic conditions and the industry in which the Company operates, are forward-looking statements and are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and that may cause the actual results, performance or achievements of the Company to differ significantly, positively or negatively, from those expressed or implied by such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as the Company’s ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance or the achievement or reasonableness of any forward-looking statements. As a result, recipients of this presentation should not rely on forward-looking statements due to the inherent uncertainty therein and which speak only as of the date of this presentation. The Company undertakes no obligation to publicly release the results of any revisions to any forward-looking statements in this presentation that may occur due to any change in its expectations or to reflect events or circumstances after the date of this presentation. No statement in this presentation is intended to be, nor should be construed as, a profit forecast or a profit estimate and no statement in this presentation should be interpreted to mean that earnings of the Company for the current or any future financial periods would necessarily match, exceed or be lower than any historical earnings published by the Company.

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Blackstone and TCV Increase Investment in RELEX Solutions

Blackstone

Existing investors purchase shares from Summit Partners, who exits after nearly a decade of partnership with RELEX

Helsinki, Finland – December 10, 2024 – RELEX Solutions, a provider of unified supply chain and retail planning solutions, today announced that funds managed by Blackstone Growth (“Blackstone”), Blackstone’s growth equity investing business, and TCV, a leading investment firm focused on investing in global, category-defining, technology companies, have increased their investment in RELEX. The transaction represents an exit for original RELEX investor Summit Partners, which initially invested in the company in 2015. Blackstone and TCV first invested in RELEX in 2022 and 2019, respectively.

“We’ve been proud to support RELEX’s continued innovation and global expansion over nearly a decade of partnership,” said Steffan K. Peyer, a Managing Director at Summit Partners, who has served on the RELEX Board of Directors since 2015. “At the time of our investment, RELEX was one of the very few disruptive vendors leveraging leading-edge technologies and machine learning to process huge volumes of data to help drive better real-time outcomes in the retail supply chain. Today, against a backdrop of channel proliferation and ever-evolving consumer expectations, RELEX’s solutions continue to resonate with customers worldwide.”

Blackstone and TCV’s additional investment underscores their conviction in RELEX’s growth trajectory, and reaffirms their commitment to supporting the company’s strategy, which includes expanding its addressable market into the consumer packaged goods (CPG) and manufacturing sectors, following the acquisition of Optimity earlier this year.

As reported in August, RELEX continues to deliver impressive growth, with reported subscription revenue increasing 37% year-over-year (YoY), and total revenue growth of 35% YoY, during the first half of 2024. RELEX also benefitted from continued customer growth across all sectors, with new and expanded customer signings across the globe, as a variety of retailers and consumer goods companies recognize the inherent value in RELEX’s planning solutions.

“We are deeply grateful to Summit Partners for their decade-long commitment to RELEX. The firm’s support of our vision and strategy has been instrumental in our transformation and growth into new markets and new regions,” said Mikko Kärkkäinen, Group CEO and Co-founder of RELEX Solutions. “As we look ahead to the next chapter, we are thrilled to have Blackstone and TCV reinvest in RELEX. Their support will enable us to further expand our addressable market, strengthen our product offerings, and deliver even greater value to our customers worldwide. Our partnership is based on a shared commitment to our customers and building a very happy customer-base.”

“Our increased investment in RELEX reflects our confidence in their exceptional team and their AI-driven retail and supply chain planning platform. RELEX has shown remarkable growth and resilience, and their solutions are more relevant than ever in today’s dynamic market environment. We are thrilled to support their journey as they continue to innovate and leverage AI to bring more value to customers, and expand their reach, particularly in the consumer packaged goods and manufacturing industries,” said John Doran, General Partner at TCV.

“RELEX has cemented its position as a leading next-generation supply chain software player globally. RELEX has an impressive track record of strong growth, successful customer implementation and exceptional customer satisfaction. We are excited to reinvest in the company and look forward to our ongoing partnership to support their continued expansion into new markets and sectors,” said Paul Morrissey, Senior Managing Director and Nicolas Dupuis, Principal at Blackstone Growth.

Financial details of the transaction are not disclosed.

About RELEX
RELEX Solutions provides a unified supply chain and retail planning platform that aligns and optimizes demand, merchandising, supply chain, operations, and production planning across the end-to-end value chain. We help retailers, manufacturers, and consumer goods companies like ADUSA, AutoZone, Coles, Dollar Tree and Family Dollar, M&S Food, PetSmart, and The Home Depot drive profitable growth across all sales and distribution channels, leading to higher product availability, increased sales, and improved sustainability. Learn more at: https://www.relexsolutions.com/customers/

Media Contacts

Jolene Peixoto
Vice President of Communications
RELEX Solutions
Jolene.Peixoto@relexsolutions.com

Savannah Yawn
Communications Manager
RELEX Solutions
Savannah.Yawn@relexsolutions.com

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Blackstone Credit & Insurance Announces Over $1 Billion in New Financings to Support Recapitalization of Jet Support Services, Inc., a Portfolio Company of GTCR and Genstar Capital

Blackstone

New York – December 10, 2024 – Blackstone Credit & Insurance (“Blackstone”) and Jet Support Services, Inc. (“JSSI”) today announced over $1 billion in new financings to support the recapitalization of JSSI, the world’s largest independent provider of hourly cost maintenance programs for business aircraft engines, auxiliary power units, and airframes. Funds managed by Blackstone have now provided over $1.8 billion of debt financing and an investment in the common equity in a series of financings for JSSI, a portfolio company of leading private equity firms GTCR and Genstar Capital.

These strategic financings will enable JSSI to strengthen its capital structure, enhance its operational capabilities and continue its growth trajectory in the business aviation sector. Blackstone has been a long-time investor in JSSI since 2015, and these transactions exemplify the firm’s commitment to growing with companies in its credit portfolio.

“JSSI has consistently demonstrated its leadership in the aviation maintenance and technology sector, and we are proud to continue our capital support for them and to partner in the equity with premier sponsors like GTCR and Genstar,” said Brad Colman, Senior Managing Director at Blackstone. “These financings not only underscore our longstanding investment in JSSI but also highlight how Blackstone can grow with world-class companies as they mature. Our position as a scaled capital provider allows us to deliver tailored solutions for both sponsors and corporates.”

“We have enjoyed a great partnership with Blackstone for close to 10 years. We’re excited about the opportunities this latest transaction presents,” said Neil Book, President and CEO of JSSI. “These financings will enable us to further enhance our capabilities, accelerate growth, and deliver even greater value to our customers.”

About Blackstone Credit & Insurance
Blackstone Credit & Insurance (“BXCI”) is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.

About Jet Support Services, Inc. (JSSI)
Founded in 1989 and headquartered in Chicago, JSSI is the leading independent provider of hourly cost maintenance (HCM) programs for business aircraft engines, airframes, and auxiliary power units (APUs). JSSI’s HCM programs cover over 300 different makes and models of business aircraft, including jets, turbo-props and helicopters.

JSSI has constructed a portfolio of complementary business lines that support owners, operators, and maintenance providers across the entire lifecycle of ownership, including parts procurement, maintenance tracking software, aircraft financing, and advisory services. With 6,000+ aircraft supported by maintenance programs and software platforms, JSSI leverages this wealth of data, scale, and innovation to drive cost savings and provide custom solutions that align to the interests of each client, regardless of aircraft platform. Learn more at jetsupport.com.

Contact
Thomas Clements
646.482.6088
Thomas.Clements@blackstone.com

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Ardian strengthens its self-storage platform in France, by acquiring Atout-Box, the leading self-storage company in the Occitanie region

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Ardian

Ardian, a world-leading private investment house, today announces the acquisition of Atout-Box, the leading self-storage company in the Occitanie region. The acquisition is part of Ardian’s strategy of creating a property platform dedicated to self-storage.

Atout-Box was founded in 2010 with a first site in Montpellier of c.1,600sqm. Today, the company owns 7 storage centers representing around 40,000sqm with thirty employees. In addition to its core self-storage business, Atout-Box has also developed complementary services such coworking spaces, daily van hire and dedicated areas for delivering heavy goods.

Atout-Box is experiencing strong growth, driven by the increasing demand for storage among private individuals, particularly during major life events. With the support of Ardian, which will draw on its deep experience in acquisitions and asset management, Atout-Box will continue its nationwide geographic expansion as it acquires and develops further self-storage sites, to offer new locations to its customers.

The acquisition of Atout-Box strengthens Ardian’s self-storage platform, launched at the end of 2023 with the acquisition of Costockage. The portfolio now comprises 19 centers across several regions, including Ile de France, Occitanie, Auvergne-Rhône-Alpes, Bretagne, Provence-Alpes-Côte d’Azur and Hauts-de France. Ardian plans to continue its acquisition strategy in this developing property sector to meet the increasing demand from private individuals and professionals for storage space.

“The acquisition of Atout-Box represents a major step forward in the strategic development of our self-storage platform. Through its well-established centers and excellent operational expertise, Atout-Box has positioned itself as a key player in the south of France. We’re particularly impressed by its focus on customer satisfaction and the quality of its center management, which will be key to future growth. This integration strengthens our self-storage platform and we are confident that this rapidly expanding sector in France continues to demonstrate great potential.” Omar Fjer, Managing Director Real Estate, Ardian

“We’re delighted to be embarking on this new adventure with Ardian. Their experience in asset management and real estate will enable us to continue to expand throughout France and become a major player in the self-storage market. Our know-how in customer relations and expertise in the operational management of large-scale centers will help ensure this partnership is a success. True to our values and with our in-depth knowledge of the markets in which we operate, we are excited for the next stage in Atout-Box’s journey, as it continues to expand throughout France.” Jean-Baptiste Bertrand, Président, Atout-Box

List of participants

  • Ardian

    • M&A: Edmond de Rothschild
    • Legal: Lacourte Raquin Tatar
    • Notaries: Etude Attal
    • Tax law: Arsène Taxand
    • Social law: Daher
    • Data protection law: Taliens
    • Intellectual property law: Lighten
    • Financial due diligence: Oderis
    • Real estate technical due diligence: Théop
    • IT due diligence: Vaultinum
    • Environmental due diligence: Axa Climate

  • Sellers

    • M&A: CIC Conseil
    • Legal: Fairway Avocats
    • Financial due diligence: Deloitte
    • Notary: Victor Vendrell
    • Senior Advisor: Faro Capital Partners

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $176bn of assets on behalf of more than 1,720 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

Media Contacts

Ardian

Headland

ardian@headlandconsultancy.com

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Investcorp Expands U.S. Student Housing Portfolio with Four Acquisitions at Flagship Universities

Investcorp

Investcorp, a leading global alternative investment firm, today announced that it has completed four student housing acquisitions totaling nearly 3,000 beds for a gross transaction cost of over $300 million. The investments strengthen Investcorp’s student housing presence in key college markets and advances the firm’s strategy to build a diversified portfolio of off-campus housing at flagship state universities across the country. The acquisitions include:

  • A 792-bed, 99%-occupied property at Texas A&M University in College Station, Texas;
  • A 486-bed, 98%-occupied property at Texas State University in San Marcos, Texas;
  • A 699-bed, 96%-occupied property at the University of Kentucky in Lexington, Kentucky; and
  • A 684-bed, 99%-occupied property at the University of Oklahoma in Norman, Oklahoma.

“The student housing sector continues to perform well, and we believe the robust fundamentals of this asset class will translate into strong performance and compelling risk-adjusted returns for investors,” said Michael O’Brien, Global Co-Head of Real Assets for Investcorp. “Many of the top university markets face shortages of housing, and when combined with growing enrollment, this creates favorable operating dynamics which support our long-term conviction in the asset class. These dynamics are helping to drive sustained and rising demand that reinforces our long-term conviction in the asset class.”

Nationally, the student housing sector has seen strong performance this academic year, with steady tenant demand and rent growth averaging nearly 5% across the top 200 university markets, which is above the long-term average, according to Yardi. In addition, high interest rates, disrupted capital markets, and land scarcity near major universities have contributed to a significant slowdown in new construction, which is expected to sustain favorable supply/demand dynamics and stable long-term cash flows.

Ryan Bassett, Investcorp’s Head of US Residential Acquisitions, stated, “This portfolio was aggregated in four individual transactions and underscores Investcorp’s ability to target stable assets located at the best large public universities in the US. We have developed robust business plans for each asset to improve the properties over time, and have long-term conviction in each university’s continued enrollment growth.”

Investcorp has deep experience in the student housing sector, having owned and managed approximately 20,000 beds across roughly 30 investments. The firm’s US real estate strategy invests primarily in the industrial and residential sectors, which collectively represent 98% of the firm’s US real estate portfolio. In 2024, the Investcorp real estate team ranked 51 on PERE’s PERE 100, one of the most prominent rankings of real estate equity investment managers in the industry. Since 1996, Investcorp Real Estate has acquired approximately 1,400 properties for a total value of over $26 billion and currently has approximately $11.2 billion in global real estate assets under management.

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Ratos company Speed Group signs new multi-billion contract with Ericsson

Ratos

After a thorough procurement process, Ericsson has reconfirmed its confidence in Speed Group (Speed), choosing to renew its contract for the management and development of the company’s supply hub in Borås, Sweden. The new contract runs for eight years and is estimated to be worth SEK 2.5 billion

The contract includes logistics and production services and was won in tough competition with several of the industry’s largest players. The new contract is based on increased automation to future-proof Ericsson’s solution.

“The fact that Ericsson has again once again shown its confidence in Speed is very gratifying. This will help to future-proof the company and is an acknowledgement of the high quality and precision with which Speed delivers its services. In a broader perspective, Sweden is a small and export-dependent economy and it is important that products from companies like Ericsson reach their global markets. This is something we are proud to be able to contribute to. It creates value for the whole society,” says Christian Johansson Gebauer, Chairman of the Board of Speed Group and President, Business Area Construction & Services, Ratos.

“I am incredibly proud that we, among the toughest possible competition, are Ericsson’s first choice. This is a great testament to the excellent work we do, but also to our close cooperation. We have had the privilege of working with Ericsson since 2010, and we now look forward to taking their solution to the next level together,” says Jesper Andersson, CEO of Speed Group.

The contract comes into effect on 1 July 2025. The operations will continue to be conducted from Speed’s facility in Borås, Sweden.

About Speed Group
Speed offers sustainable, flexible and innovative solutions to complex logistics, transportation and staffing challenges. Sustainability permeates the entire business, and the aim of becoming carbon neutral by 2025 was already achieved by 2023. Speed has its head office in Borås, Sweden, and logistics centres in Borås, Gothenburg, Mölndal, Stenungsund and Stockholm covering a combined total of more than 220,000 square metres. The company has sales of approximately SEK 1 billion and employs around 1,000 people.

For more information, please contact:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21
Jesper Andersson, CEO, Speed Group, +46 76 816 68 37

About Ratos
Ratos is a Swedish business group focusing on technological and infrastructure solutions, consisting of 17 companies divided into three business areas: Construction & Services, Industry and Consumer. The companies have approximately SEK 32 billion in net sales (September 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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Press release

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NSEIT Technology Business Rebrands as NuSummit, Ushering in a New Era of Global Innovation

Investcorp

A leading technology solutions provider NSEIT today announced the rebranding of its technology business to NuSummit, marking a transformative milestone in the company’s evolution as a strategic services provider with deep domain expertise. NuSummit, backed by leading global alternative investment firm Investcorp, aims to establish itself as a modern, global technology powerhouse committed to driving digital transformation across the BFSI sector and other industries.

This rebranding is part of a journey that began with the National Stock Exchange’s (NSE) divestment of NSEIT’s technology business to Investcorp in April 2024. The transaction excludes the digital examinations business that is also housed inside NSEIT. The launch of NuSummit will lay out the foundation for a powerful, unified brand with strengths in advanced cybersecurity, cloud transformation, app modernization, AI and data-driven solutions. Aujas Cybersecurity, an acquisition by NSEIT specializing in providing end-to-end cybersecurity services and solutions across industries, will now operate as ‘A NuSummit Company.’

Announcing the brand’s new identity, Mr Anantharaman Sreenivasan, Managing Director & Group Chief Executive Officer, NuSummit, said, “NuSummit symbolizes our commitment to helping clients achieve their peak potential. We are not just rebranding; we are reimagining how technology can orchestrate meaningful and measurable outcomes that empower businesses to meet and capitalize on the opportunities presented by the digital and AI-driven business landscape. With a strong focus on cybersecurity, we ensure that businesses remain secure while advancing their digital transformation. Backed by Investcorp’s strategic vision and resources, NuSummit is now positioned to enter new geographies and industries. We aspire to be the strategic technology partner for companies worldwide, trusted for delivering business-critical services and solutions. Our customers can rely on us to deliver future-ready, thorough, and robust systems and processes that enhance efficiency and scalability.”

Mr Varun Laul, Partner at Investcorp, added, “We are pleased to be NuSummit’s partner in their ambitious goals to unlock transformative value through technology. NuSummit is uniquely positioned in the market with its cutting-edge solutions. We will be closely working with the NuSummit team as they explore newer geographies offering innovative and tailored solutions to modernize their IT landscapes, with a focus on tangible business outcomes.”

NuSummit is a leading provider of advanced digital transformation and cybersecurity services across industries. Its core focus is on global customers in capital markets, insurance, and banking. NSEIT has a strong presence in India, North America, and the Middle East.

Over the next five years, NuSummit aims to be the partner of choice, particularly for BFSI organizations that aim to leverage technology as a business differentiator by adopting AI-led modernization and digital transformation, and zero-trust cybersecurity.

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Carlyle to Acquire a Majority Stake in Waste Services Group from Livingbridge

Carlyle

Sydney, Australia, December 9, 2024 – Global Investment firm Carlyle (NASDAQ: CG) today announced that it has agreed to acquire a majority stake in Waste Services Group (“WSG”), a commercial, industrial and liquid waste management business in Australia, from Livingbridge. Equity for the investment will come from investment funds affiliated with Carlyle Asia Partners (CAP). Livingbridge will also be reinvesting for a significant minority stake. Terms of the transaction are not being disclosed.

Established in 2016, WSG is a waste services company operating in the commercial and industrial segment of the Australian waste sector, serving over 10,000 customers and employing over 600 people.

Carlyle has a long history of investing in and growing industrial businesses, both globally and across Asia. Carlyle will work with WSG’s management team to further build out the company’s scale and operations, including supporting continued geographic expansion within Australia, and the broadening of services provided.

Geoff Hutchinson, Managing Director and Head of Australia and New Zealand at Carlyle, said, “We have been impressed by WSG’s track record of growth, enabled by its strong focus on customer service, and we think the business is an excellent platform for continued expansion. We are excited to partner with the management team and look forward to working together with them on the next chapter of growth.”

Oliver Mauldridge from Livingbridge, said, “We are committed to the continued success of WSG and are delighted to be reinvesting. We look forward to partnering with management and Carlyle to build the leading commercial and industrial waste business in the region.”

Carlyle has invested approximately US$32 billion of equity in over 125 deals in the industrial sector globally, as of September 30, 2024.

***

About Waste Services Group

Waste Services Group (WSG) is a waste services company operating in the commercial and industrial segment of the Australian waste sector. Since its inception in 2016, WSG has grown to now serve over 10,000 customers and employ over 600 people.

 

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $447 billion of assets under management as of September 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

 

About Livingbridge 

Livingbridge is a leading mid-market private equity firm which empowers businesses to unlock their potential. Since 1999, Livingbridge has supported over 170 investments. Livingbridge is an ambitious and international team with offices in London, Manchester, Australia, and the US.

To find out more visit Livingbridge.com   

 

Media contacts:

Carlyle

Lonna Leong

Lonna.leong@carlyle.com

+852 9023 1157

 

About Livingbridge 

Livingbridge

Lydia Kalia

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Apollo and Santander Partner on a $370 Million Infrastructure Portfolio Financing

Apollo logo

NEW YORK, Dec. 09, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) and Santander today announced that Apollo-managed funds and affiliates have agreed to invest in an approximately $370 million portfolio of infrastructure credit. The transaction was led by Apterra, an affiliate of Apollo founded in 2023 that specializes in innovative financing solutions for infrastructure projects.

Apollo Partner and President of ACT Capital Samuel Feinstein said, “We are pleased to announce this transaction with Santander, which builds on our longstanding relationship and demonstrates the type of bespoke financing solutions that Apollo can provide to our banking partners and corporate clients. We have high conviction in the infrastructure finance opportunity globally given the large capital demands that will continue to drive investment in the sector and see continued opportunity to collaborate with Santander in the space.”

Marcel Patino, Global Head of Private Debt Mobilization at Santander said, “As we continue to execute on our strategy to proactively rotate assets and maximize profitability, we are pleased to partner with Apollo and Apterra on this portfolio transaction. We remain committed to private debt mobilization to generate additional capital for profitable growth as we continue to accelerate our business transformation efforts.”

Over the past five years, Apollo has deployed over $40 billion[i] into energy transition and climate-related investments and actively seeks to grow its platform as capital deployment in these areas of the global economy continues to scale. Across asset classes, Apollo targets deploying $50 billion in clean energy and climate investments through 2027 and sees the opportunity to deploy more than $100 billion by 2030.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately $733 billion of assets under management. To learn more, please visit www.apollo.com.

About Santander
Banco Santander (SAN SM) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. At the end of the third quarter of 2024, Banco Santander had €1.3 trillion in total funds, 171 million customers, 8,100 branches and 208,000 employees. Santander Corporate & Investment Banking (Santander CIB) is Santander’s global division that supports corporate and institutional clients, offering tailored services and value-added wholesale products suited to their complexity and sophistication, as well as to responsible banking standards that contribute to the progress of society.

[i] As of June 30, 2024. Deployment commensurate with Apollo’s proprietary Climate and Transition Investment Framework, which provides guidelines and metrics with respect to the definition of a climate or transition investment. Reflects (a) for equity investments: (i) total enterprise value at time of signed commitment for initial equity commitments; (ii) additional capital contributions from Apollo funds and co-invest vehicles for follow-on equity investments; and (iii) contractual commitments of Apollo funds and co-invest vehicles at the time of initial commitment for preferred equity investments; (b) for debt investments: (i) total facility size for Apollo originated debt, warehouse facilities, or fund financings; (ii) purchase price on the settlement date for private non-traded debt; (iii) increases in maximum exposure on a period-over-period basis for publicly-traded debt; (iv) total capital organized on the settlement date for syndicated debt; and (v) contractual commitments of Apollo funds and co-invest vehicles as of the closing date for real estate debt; (c) for SPACs, the total sponsor equity and capital organized as of the respective announcement dates; (d) for platform acquisitions, the purchase price on the signed commitment date; and (e) for platform originations, the gross origination value on the origination date.

Apollo Contacts
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

Santander:
comunicacion@gruposantander.com

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Antares Capital is Lead Investor in Sconset Re

Antares

CHICAGO — Antares Capital (“Antares”), a leading alternative credit manager with approximately $73 billion in capital under management and administration, today announced its role as a lead investor in Sconset Re Reinsurance Company (“Sconset Re”), a newly formed independent reinsurance company that will re-insure certain Allianz assets.

Beyond this initial transaction, Sconset Re will support future reinsurance opportunities for Allianz, enabling it to continue to reinvest in product innovation and growth.

As a direct lending asset manager for Sconset Re, Antares will manage a portion of the company’s assets through its direct lending strategy, which focuses on extending senior secured loans to leading, sponsor-backed middle market U.S. companies. Sconset Re will be capitalized through equity investments from high quality institutional partners, including Voya Financial and Antares.

“Antares is proud to serve as a trusted partner to insurance companies, providing a depth of expertise in capital efficient investment solutions and as a source of strategic capital,” said Ben Concessi, Head of Strategy and Corporate Development for Antares and Sconset RE Board member. “This transaction marks an important milestone for Antares, serving as a replicable example of our approach to supportive, long-term partnerships with insurance companies.”

Debevoise & Plimpton LLP served as legal counsel for Antares. Deutsche Bank acted as the sole Financial Advisor to Allianz on the transaction, and also acted as the sole Arranger of a debt financing facility to Sconset Re Ltd.

About Antares Capital
Founded in 1996, Antares has been a leader in private credit for nearly three decades. Today with approximately $73 billion of capital under management and administration as of September 30, 2024, Antares is an experienced and cycle-tested alternative credit manager. With one of the most seasoned teams in the industry, Antares is focused on delivering attractive risk-adjusted returns for investors and creating long term value for all of its partners. The firm maintains offices in Atlanta, Chicago, Los Angeles, New York, Toronto and London.

Visit Antares at www.antares.com or follow the company on LinkedIn at https://www.linkedin.com/company/antares-capital-lp.

Antares Capital is a subsidiary of Antares Holdings LP, (collectively, “Antares”). Antares Capital London Limited is an appointed representative of Langham Hall Fund Management LLP, an entity which is authorized and regulated by the Financial Conduct Authority of the UK.

Contacts
Allison Perkins
475-266-8039
allison.perkins@antares.com

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