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Stonepeak Acquires 1.8 Million Square Foot Logistics Portfolio in Jacksonville, Florida

Stonepeak

NEW YORK, NY – November 4, 2024 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced the acquisition of nine logistics assets totaling 1.8 million square feet in Jacksonville, Florida.

The assets are strategically located near the Port of Jacksonville, which lifts 1.3 million TEUs annually and is investing more than $1 billion over the next five years to improve access and utilization of this critical transport infrastructure. Jacksonville’s transport infrastructure is further supported by an extensive rail network anchored by CSX, Norfolk Southern, and the Florida East Coast Railway. Jacksonville has also seen positive demographic trends, with a 1.7 million population that has grown 4x the national average since 2013 and is expected to grow by 2x the national average over the next decade.

“We are excited to add these assets to our growing portfolio,” said Phill Solomond, Senior Managing Director and Head of Real Estate at Stonepeak. “We believe that high-quality real estate adjacent to transport infrastructure will continue to outperform given its mission-critical role in local and national supply chains.”

Most recently, Stonepeak acquired a 1.1 million square foot logistics portfolio located in the Alliance submarket of Dallas-Fort Worth, Texas. Earlier this year, Stonepeak acquired a 1.7 million square foot logistics portfolio located adjacent to the BNSF and Union Pacific intermodal terminals in Chicago, Illinois.

Stonepeak’s real estate team invests thematically in real estate assets that demonstrate infrastructure characteristics. The team invests in high conviction sectors including supply chain, residential, healthcare, and technology real estate. With the benefit of the strength and insights of the broader Stonepeak platform, the team targets opportunities supported by strong macro tailwinds that have durable cash flow profiles, embedded demand drivers, high barriers to entry, inflation protection, and are mission critical to the businesses and communities they serve.

Simpson Thacher & Bartlett LLP served as legal counsel and Jones Lang LaSalle served as financial advisor to Stonepeak.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

Contacts
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (212) 907-5100

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eRESI Secures Additional Investment from KKR

KKR

NEW YORK & CHARLOTTE, N.C.–(BUSINESS WIRE)–eRESI Capital, LLC (“eRESI” or the “Company”), an innovative mortgage funding platform that offers comprehensive private capital solutions to the residential mortgage market, today announced that it has secured a new investment from insurance accounts managed by KKR, a leading global investment firm. These insurance accounts initially invested in eRESI in 2021. The additional capital is expected to help the Company continue to reach new origination milestones and drive further innovation, excellence, and value for its customers.

Founded in 2019, eRESI offers customized products and liquidity solutions to hundreds of mortgage banking partners. With the support of KKR’s High-Grade Asset-Based Finance (ABF) strategy, eRESI has provided over $10 billion in residential whole loan funding. The new commitment is expected to help broaden eRESI’s funding capabilities and operational capacity to capture market share and further increase liquidity to its customers.

“With KKR’s support, we have achieved remarkable goals, and we look forward to accomplishing even more in the future,” said Gregory Tsang, Chief Executive Officer and Tim Wang, President of eRESI. “Our best-in-class platform empowers us to deliver exceptional products and services to our customers and partners and this commitment will continue to drive our growth and strengthen our market-leading position.”

“We are pleased to support eRESI’s growth through our High-Grade Asset-Based Finance strategy and look forward to deepening our commitment to the company, which plays a key role in expanding access to financing options in the mortgage market” said Avi Korn and Chris Mellia, global co-heads of Asset-Based Finance at KKR.

KKR’s high grade ABF strategy focuses on investment grade and investment grade-like financings and whole loan purchases. Through access to proprietary sourcing and privately negotiated structures, this strategy can provide attractive excess returns over corporate investment grade exposure with similar risk. KKR’s ABF platform began investing in 2016 and now has approximately $66 billion in ABF assets under management globally across its High-Grade ABF and Opportunistic ABF strategies.

About eRESI

eRESI’s comprehensive private capital access and technology platform is empowering mortgage companies with better liquidity and more efficiency. eRESI continues to expand its Non-Agency market share through enhanced transparency, innovative process, and best-in-class client service. The ability to provide a fully integrated suite of solutions and expansive executions to origination partners and capital markets helps support and benefit the U.S. housing market. Based in Charlotte, NC and Pasadena, CA, eRESI has completed billions in Non-Agency transactions serving a national network of clients.

About KKR

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

Contacts

For eRESI:
Semone Aye
1-855-208-2546
semone.aye@eresimortgage.com

For KKR:
Julia Kosygina or Lauren McCranie
212-750-8300
media@kkr.com

 

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KKR Appoints Georgia Rankin as Executive Advisor

KKR

LONDON–(BUSINESS WIRE)– Global investment firm KKR announced today the engagement of Georgia Rankin as Executive Advisor to the firm. Ms. Rankin will work closely with KKR’s European Private Equity team to bring innovation and best-in-class executive talent management to the firm’s portfolio companies and future prospective investments. She will focus on building long-term relationships with top CEOs and senior executives, helping to strengthen KKR’s capabilities as a trusted strategic partner to leadership teams and supporting value creation across its European portfolio.

Ms. Rankin brings over two decades of experience in executive search and leadership advisory, having served as Managing Director and Co-Head of the Global Private Equity Practice at Russell Reynolds.

Ms. Rankin is deeply committed to fostering diverse and inclusive leadership teams that drive long-term value and growth. She has been actively involved with Level 20, a not-for-profit organization dedicated to improving gender diversity in the European private equity industry.

“We are delighted to welcome Georgia to KKR as Executive Advisor. Her expertise in identifying and nurturing leadership talent will greatly enhance our portfolio’s ability to access and develop world-class talent,” said Mattia Caprioli, Co-Head of KKR EMEA and European Private Equity.

“Georgia’s deep commitment to promoting diversity and excellence aligns perfectly with our core values at KKR and mission to be an exceptional partner to executives and companies we work alongside,” added Philipp Freise, Co-Head of European Private Equity.

“KKR’s partnership mind-set and strong track record of building businesses and supporting the vision of entrepreneurial teams is truly inspiring,” said Ms. Rankin. “I look forward to contributing to the shared success of KKR and its portfolio companies by helping to build diverse, high-impact teams and making innovative talent management a key lever for value creation.”

KKR’s successful track record in Europe is based on a combination of a strong on-the-ground presence and expertise with additional access to the global network and resources that the firm offers. Over 100 professionals, including KKR’s European Private Equity team, KKR Capstone Europe members, and additional professionals across KKR Capital Markets, Public Affairs and KKR’s EMEA Macro team, work across nine European offices and comprise over 15 European nationalities, providing deep local market knowledge to portfolio companies. This expertise is supplemented by KKR’s global network drawing on the knowledge and skills of additional members across the firm, including the KKR Global Institute and KKR’s Industry, Executive and Senior Advisors.

About KKR

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

Media
KKR
FGS Global
Alastair Elwen
+44 20 7251 3801
KKR-LON@fgsglobal.com

Source: KKR

 

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Serent Capital Announces Acquisition of Landscape Management Network (LMN) by SingleOps

Serent Capital, a growth-focused private equity firm that invests in founder-led B2B SaaS and technology companies, announced that its portfolio company, Landscape Management Network (LMN), a premier provider of business management software for the landscape industry, has been acquired by SingleOps, a leader in business management solutions for green industry service providers.

Founded in 2009, LMN provides a comprehensive software suite that helps landscaping and snow management businesses streamline operations and drive growth. With Serent Capital’s 2020 investment, LMN expanded its product offerings and market position across North America through strategic initiatives, including enhanced go-to-market strategies and product innovation. Notably, LMN acquired SLICE Technologies to bolster its business management solutions and Greenius training software to enhance training offerings for industry professionals.

“Partnering with the LMN team and supporting their growth journey has been highly rewarding,” said Lance Fenton, Partner at Serent Capital. “Through go-to-market expansion, product innovation, and strategic acquisitions, LMN has solidified its leadership in the market. We look forward to their continued success.”

The merger will enable SingleOps and LMN to better serve the evolving needs of the green industry, extending their reach and impact across North America.

Serent Capital has a strong track record of investing in field services technology companies, having partnered with over a dozen innovative businesses in this space to help them scale and succeed. For more information about Serent Capital’s investments, visit serentcapital.com.

Serent Capital invests in growing businesses that have developed compelling solutions that address their customers’ needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent seeks to help growing businesses thrive. Learn more about our portfolio companies.

Other News at Serent Capital

At Serent Capital, we work hard to create effective and longstanding growth with all our portfolio companies. Here’s what we’ve been up to recently.

Disclaimer:

This publication is for informational purposes only, and nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy any interest in any investment vehicle managed by Serent Capital or any company in which Serent Capital or its affiliates have invested. An offer or solicitation will be made only through a final private placement memorandum, subscription agreement and other related documents with respect to a particular investment opportunity and will be subject to the terms and conditions contained in such documents, including the qualifications necessary to become an investor. Serent Capital does not utilize its website to provide investment or other advice, and nothing contained herein constitutes a comprehensive or complete statement of the matters discussed or the law relating thereto. Information provided reflects Serent Capital’s views as of a particular time and are subject to change without notice. You should obtain relevant and specific professional advice before making any investment decision.
Executive endorsements of Serent Capital are for illustrative purposes, designed to attract business development contacts, and should not be construed as a client or investor testimonial of Serent Capital’s investment advisory services. All such endorsements are from current or former portfolio company leadership about Serent Capital’s ability to provide services to their companies. Certain executives are also investors in Serent Capital’s investment vehicle(s), and as such, there is an inherent conflict in that those executives have an incentive to provide favorable reviews of Serent Capital’s business practices for the benefit of the investment vehicles that they hold a personal ownership interest in. Serent Capital has not, directly or indirectly, paid any compensation to such individuals for their endorsements.
Certain information on this Website may contain forward-looking statements, which are subject to risks and uncertainties and speak only as of the date on which they are made. The words “believe”, “expect”, “anticipate”, “optimistic”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements. Serent Capital undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Past performance is not indicative of future results; no representation is being made that any investment or transaction will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided.

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Prime Label acquires Romanian printing company Grafoprint

Innnova Capital

Prime Label acquires Romanian printing company Grafoprint

Prime Label Group, a leading label manufacturer in Central and Eastern Europe (CEE), has strengthened its position by acquiring a 100% stake in Grafoprint, a prominent Romanian printing business. As part of the private equity fund Innova/6 of the Innova Capital group, this marks Prime Label’s sixth acquisition in five years, underscoring its growth ambitions in the CEE region. This acquisition allows the Group to expand in the promising Romanian market while exceeding its sales target of EUR 100 million by the end of 2024.

Founded in 1991, Grafoprint was one of Romania’s first private printing companies and has remained a leading player in the industry. With over 30 years of experience, the company provides comprehensive label production services, from design to professional printing using top-quality materials. Specializing in both flexographic and digital printing, Grafoprint produces self-adhesive labels for leading FMCG brands in the cosmetics, household chemicals, and food & beverage sectors.

Prime Label’s latest acquisition is another step in its long-term growth strategy, which strengthens the Group’s position as a regional leader in label production. Entering the Romanian market – the second largest in Central and Eastern Europe – not only enhances the Group’s sales capabilities by cross-selling products manufactured in other facilities but also allows significant cost synergies to be realized.

“2024 is a milestone year for Prime Label. We’re set to surpass EUR 100 million in sales, joining the ranks of Europe’s largest label manufacturers. Since 2019 and the acquisition of the first company – the Poland-based Embe Press printing house, the Group has grown more than sevenfold. Geographical expansion through the Grafoprint takeover creates new development opportunities for us. We see Romania as a great potential market, although it is still underestimated. Intuition and market data tell us that it is a good investment direction. The Romanian economy is growing dynamically compared to other European countries, and the increasing direct investments of the Group’s current and potential clients in Romania show that it is worth being here. I am very excited about our development plans within this market,” says Arkadiusz Sapiecha, CEO of Prime Label.

“I believe that bringing Grafoprint into the Prime Label Group will yield substantial benefits. Being part of a larger network will strengthen its market position and enable purchasing synergies. We’re also eager to expand Grafoprint’s product range with new label types in which Prime Label excels, fostering a productive exchange of expertise. The sharing of know-how and best practices, supported by a cooperative atmosphere – which we prioritize – will drive company success and employee satisfaction,” adds Grzegorz Świderski, CFO of Prime Label.

“Today, Grafoprint begins a new chapter as part of Prime Label Group, marking our transition from a local business to a European player. This step is both a challenge and an opportunity, recognizing our team’s dedication and the trust of our investors. We are excited to leverage our expertise within a European network and look forward to a fruitful collaboration ahead,” – comments Octavian Tocaci, Managing Director of Grafoprint.

“We have been consistently developing the Prime Label portfolio for years and entering new markets in the region is a natural step for us towards further growth. We believe that close cooperation with the Grafoprint team and knowledge sharing will allow us to fully exploit the potential of the Group, especially in Romania. We have an exciting time ahead of us – on the one hand, we will be expanding our Prime Label and Grafoprint offerings, strengthening the sales network, and creating solutions for customers that perfectly match their needs. On the other hand, we will continue to make acquisitions in line with the long-term vision for the development of Prime Label,” says Michał Wojdyła, Partner at Innova Capital, who leads the transaction.

 

About Prime Label

Prime Label has five label printing companies in its portfolio: Chemes from Poznan (Poland) and EmbePress from Lublin (Poland) – specialising in flexo printing, LabelProfi – a Slovenian digital printing house, LabelPrint – an Estonian entity dedicated to the Baltic markets and Scandinavian clients, and the Polish printing company PEGWAN.

www.embepress.pl, www.chemes.eu, www.labelprofi.com, www.labelprint.ee, www.pegwan.com

 

About Grafoprint

Grafoprint is a Romanian company with more than 30 years of experience, specialising in the production of high quality self-adhesive labels and packaging materials. As one of the first privately owned printers in the country, Grafoprint offers a wide range of solutions for various industries, including FMCG, cosmetics, pharmaceuticals and industrials. The company uses advanced flexographic and digital printing technologies, offering flexibility, vibrant colours and the ability to fully personalise labels. With a comprehensive approach that includes design, pre-press and colour management, Grafoprint helps clients build a strong brand in the retail market, attract consumer attention and add value to products on the shelf.

www.grafoprint.ro

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Kaizen receives £42 million growth investment from Guidepost Growth Equity

Guidepost Logo

London, November 6, 2024 – Kaizen, a leading provider of regulatory compliance solutions for global financial institutions, today announced the completion of a £42 million minority investment from Guidepost Growth Equity, a Boston-based growth equity firm partnering with entrepreneur-led technology companies. The investment will be used to accelerate product development, invest in go-to-market initiatives, expand in North America, and enhance its award-winning compliance technology. This represents Kaizen’s first external investment since its founding in 2013 by CEO Dario Crispini.

Kaizen is the global leader in regulatory reporting quality assurance with its pioneering ReportShield platform, which enables its clients to fully test the accuracy and quality of regulatory reports at the trade level, identify 100% of errors at scale, and efficiently remediate with global regulatory coverage including MiFID, EMIR, SFTR, CFTC, and SEC, among others.

Kaizen has established itself as a trusted partner to the world’s largest and most sophisticated banks, asset managers, hedge funds and brokers to ensure accurate, complete, and timely reporting in an increasingly challenging regulatory environment, evidenced by strong revenue growth since inception.

More recently, the Company has diversified its product suite to include solutions for managing and reporting shareholding disclosures, regulatory rules management, trade and communications surveillance and research management. Kaizen has also invested in London Reporting House and Cumulus9.

Dario Crispini, Founder and CEO, Kaizen commented: “We are delighted to be partnering with Guidepost as we enter a new chapter in our evolution. Guidepost has a great track record in helping firms reach their full potential and their investment and partnership will enable us to build and enhance our existing technology, deliver new compliance solutions, and drive our expansion into North America. The solutions we offer at Kaizen are designed to help our clients adhere to their compliance obligations in an efficient and cost-effective manner and we look forward to delivering more solutions that do just that.”

Gene Nogi, General Partner at Guidepost said: “Kaizen has transformed the transaction reporting and compliance market, helping the world’s largest financial institutions navigate and comply with an increasingly complex regulatory environment with heightened scrutiny from regulators. The Company embodies everything we look for in an entrepreneur-led, capital-efficient, rapidly growing, and highly differentiated technology business operating within a large, dynamic market. We are thrilled to partner with Dario, Ian and the entire team at Kaizen and look forward to working together on the next stage of the journey.”

As part of the investment, Gene Nogi will join the Kaizen Board of Directors alongside two new independent directors to be named. Raymond James was the exclusive financial advisor on the investment and Norton Rose Fulbright acted as legal counsel to Kaizen. Liberty Corporate Finance, Alvarez and Marsal and Crosslake also advised Kaizen. Choate Hall & Stewart and Stevens & Bolton acted as legal counsel to Guidepost.

About Guidepost Growth Equity

Guidepost Growth Equity (“Guidepost”) is a leading core growth equity firm that partners with entrepreneur-led companies utilizing technology to transform industries within application and infrastructure software and tech-enabled and data services. Current and prior investments include ActiveViam (acquired by Nordic Capital), ClassWallet, Lucid (acquired by Cint Group AB), Mineral (acquired by Mitratech), OutSystems, Traction on Demand (acquired by Salesforce), and Tractive. The firm is headquartered in Boston, MA.

Guidepost Growth Equity provides the flexible capital, operational assistance, and strategic guidance necessary to support the continued success of high-growth businesses and has over $1.9 billion of capital under management. For more information, please visit their website.

For more information, please contact James Dunseath, Communications Advisor, on +44 (0) 7557 955795 or media@kaizenreporting.com

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Gridiron Capital Portfolio Company Vertical Supply Group Acquires UK-Based Tacklestore ltd.

Gridiron Capital

Acquisition Will Further VSG’s Leadership in the At-Height Safety and Adjacent Industrial End Markets

NEW CANAAN, CT, November 4, 2024 – Gridiron Capital, LLC (“Gridiron Capital” or “Gridiron”), an investment firm focused on partnering with founders, entrepreneurs, and management teams, is proud to announce that its portfolio Company Vertical Supply Group (“VSG” or the “Company”), a leading supplier and manufacturer of life safety equipment, has acquired Tacklestore ltd. (“Tacklestore”), a UK leader in at-height safety, fall protection, material lifting, and personal protection equipment (PPE). Tacklestore was founded by Mike Hughes in 2004 and currently operates out of its head office in Bristol, with seven depot locations across the UK. Tacklestore sells its leading brands including G-Force, LiftinGear, LoadSurfer, ActionRam, and LifeGear through its depots and websites: safetyliftingear.com, lifegear.com, and safety-lifting.com. Terms of the acquisition were not disclosed.

“We are very excited to add the Tacklestore brands, websites, and depots to the VSG platform and build on the amazing base Mike Hughes created. By adding the Tacklestore brands to our current assortment offered at our Honey Brothers locations, we are expanding the industries we cover to help us achieve our goal of becoming a one-stop shop for all of our customers’ work-at-height needs,” remarked Jeff Morris, CEO of Vertical Supply Group.

Vertical Supply Group (VSG) was established in 1960 as Sherrill Tree, initially serving arborists and tree care professionals. Since that time VSG has expanded its portfolio to include multiple brands and products for those who work at height, becoming a leader in vertical access, life safety, and climbing equipment.

“We had been looking for the right partner to carry on the Tacklestore legacy. We feel that our brands and people are in great hands with VSG and the partnership will open many opportunities for us to reach a global customer base,” added Mike Hughes, founder and Managing Director of Tacklestore.

“VSG’s partnership with Tacklestore’s product portfolio expands VSG into new attractive industrial, entertainment, utility and construction end markets in the UK and will provide a springboard for expansion into new end markets and geographic areas in the future,” commented Tom Burger, Co-Founder and Managing Partner of Gridiron.

“The acquisition of Tacklestore further expands VSG’s addressable market and progresses our growth strategy to significantly expand VSG’s international presence while building out VSG’s owned and controlled brands strategy to create a good, better, best product offering across diversified end markets in the work-at-height and life-safety industries,” said John Warner, Managing Director at Gridiron.

 

About Gridiron Capital

Gridiron Capital is an investment firm focused on partnering with founders, entrepreneurs, and management teams, and creating value by building middle-market companies into industry-leaders in consumer products & services, industrial growth, and business services segments in the United States and Canada. We help transform growing companies by winning together through hard work, partnerships grounded in shared values and a unique culture that comes from hands-on experience building and running businesses. As a team led by former operators and entrepreneurs, we know what it takes to run successful businesses on a day-to-day basis. Additional information is available on the firm’s website: www.gridironcapital.com.

About Vertical Supply Group

Vertical Supply Group (“VSG”) is a vertically integrated business focusing on product development, manufacturing, and equipment supply. Comprised of brands Sterling, Notch, Rope Logic, Yates Gear, and Silky, as well as webstores TreeStuff.com, SherrillTree.com, HoneyBros.com, Universal Field Supplies, UtilityDirect.com, Bishco.com, and RescueDirect.com, VSG delivers the most comprehensive assortment of products for arborists, climbers, rope access and technical rescue technicians, utility lineman, and other work-at-height professionals globally. Learn more at www.verticalsupplygroup.com.

About Tacklestore ltd.

Tacklestore is a specialist supplier of lifting and fall protection products. It is comprised of 13 brands, including G-Force, Liftingear, and LoadSurfer, as well as several websites such as safetyliftingear.com, safety-lifting.com, and life-gear.com. Headquartered in Bristol, UK, Tacklestore offers an extensive range of products and technical expertise across lifting gear, height safety, load restraint, material handling, PPE, workwear, and industrial supplies. Their services also include inspection, repair, testing, and rentals across nine UK locations. Learn more at www.tacklestore.net.

 

Contacts

Gridiron Capital, LLC

Thomas A. Burger Jr.

Co-Founder and Managing Partner

tburger@gridironcapital.com

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Aliter completes investment in legal services firm BBS Law

Aliter Capital

BBS Law to increase national footprint and expand services to high growth clients

 

Picture shows back row (L to R) Richard Denton, Head of London Office and Private Client, BBS Law, James Davies, Investment Director, Aliter, Avi Barr, Head of Secured Lending and Property (London), BBS Law. Front row (L to R) Dov Black, Managing Partner and Head of Corporate, BBS Law, Billy Allan, Founding Partner, Aliter.

 

Aliter has completed an investment in BBS Law (BBS), the full service law firm with offices in Manchester and London, serving the legal needs of the SME sector, entrepreneurs and high-net-worth individuals.

 

Founded in 1978, BBS provides a wide range of legal services including Corporate, Property, Secured Lending, Private Client, Employment, Litigation and Family Law. Over the past two years, BBS has grown through the successful completion of two acquisitions and Aliter’s investment will now support the firm’s ambitious future growth and development plans.

Dov Black, Managing Partner and Head of Corporate Finance, BBS Law said: “This deal provides a fantastic opportunity to build national coverage across the UK and create a differentiated brand within the market, while remaining resolutely focused on meeting the needs of our core client base. We believe strongly the added support of Aliter brings significant experience and resources to help us accelerate the next stage of BBS’s development.”

 

Aliter’s Investment Director James Davies said: “Aliter is the ideal partner for BBS, bringing a track record of driving growth, access to capital for further expansion and specialist knowledge and experience of BBS’s main target markets. BBS is a great business with highly compelling characteristics, including a resilient business model, a range of complementary services to suit its customer base, long-standing customer relationships, a footprint in the attractive areas of Manchester and London and a track record of organic growth and successfully integrating bolt-on acquisitions”.

 

Davies also confirmed that Aliter is working closely with BBS on a pipeline of target acquisitions, aiming to expand the firm’s regional coverage across the UK, strengthen existing services and add complementary new services.

 

Aliter’s investment establishes a fifth platform business in Aliter Fund II and the senior partners at BBS will continue to be significant shareholders.

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Nektar Announces Definitive Agreement with Ampersand Capital Partners to Sell Its Commercial PEGylation Reagent Manufacturing Business in Alabama

Ampersand

Huntsville-based facility to be spun out as standalone Ampersand portfolio company. Nektar to receive $90 million in total consideration for the business, comprised of $70 million in cash and $20 million equity ownership in new portfolio company. Strategic divestiture allows Nektar to streamline its operations and continue its strategic focus on the development of core R&D programs in immunology.

San Francisco, CA, November 4th, 2024 – Nektar Therapeutics (Nasdaq: NKTR), a global biotechnology company focused on the discovery and development of novel therapies to treat autoimmune disorders, today announced that it has entered into a definitive agreement to sell its Huntsville, Alabama manufacturing facility and reagent supply business to Ampersand Capital Partners, a Boston-based private equity firm with a decades-long track record of investing in life sciences and healthcare companies, including contract manufacturing and pharma services businesses.

Ampersand has agreed to acquire Nektar’s commercial-scale manufacturing facility and PEGylation reagent supply business for a total consideration of $90 million, comprised of $70 million in cash proceeds and $20 million in a retained equity position for Nektar in a newly-created Ampersand portfolio company. Ampersand has also committed to invest additional growth equity capital into the new portfolio company. Following the closing of the transaction, Nektar will be entitled to appoint a representative to the board of the new Ampersand portfolio company.

The Huntsville site is a 124,000 square foot, commercial-scale specialized manufacturing facility with a strong history of supporting commercial supply chains for PEGylated therapeutics across global markets. The facility has several commercial-scale supply chain contracts with leading pharmaceutical companies. All of Nektar’s employees at the Huntsville facility will be offered employment at the new portfolio company, ensuring continuity in the high-quality manufacturing and PEGylation expertise that longstanding customers trust and rely on.

“This sale streamlines Nektar’s operations as we continue to focus on the future success and clinical advancement of rezpegaldesleukin and our other antibody-based immunology pipeline assets, including our TNFR2 antibody and bispecific programs,” said Howard W. Robin, President and CEO of Nektar Therapeutics. “We believe Ampersand is an optimal partner to lead the manufacturing activities at the Huntsville facility. Importantly, Ampersand’s commitment to investing in the plant’s business will help ensure that Nektar’s existing commercial customers of PEGylation reagents will continue to be well served and will also provide uninterrupted access to a reliable supply of PEGylation reagents for Nektar’s needs. The sale also further extends Nektar’s cash runway into the fourth quarter of 2026.”

Nektar and the new Ampersand portfolio company will be entering into manufacturing supply agreements to meet Nektar’s PEG reagent needs for rezpegaldesleukin and certain pipeline programs.

“We were immediately impressed with the world-class PEGylation reagent manufacturing capabilities at this facility,” said David Anderson, General Partner, Ampersand Capital Partners. “The Huntsville site and its employees have played an important role in the development of significant FDA-approved PEGylated therapeutic medicines. We look forward to investing in and growing the site as a stand-alone manufacturing business dedicated to serving existing and new customers.”

The sale is not subject to financing contingencies. The transaction will be subject to customary closing conditions and costs and is expected to close by December 2, 2024. Following the closing, Nektar will retain all rights to current and future royalty streams and milestones related to existing PEGylated product license agreements.

UBS Investment Bank acted as exclusive financial advisor and Sidley Austin LLP served as legal advisor to Nektar Therapeutics. Goodwin Procter LLP acted as legal advisor to Ampersand Capital Partners.

About Nektar Therapeutics

Nektar Therapeutics is a clinical-stage biotechnology company focused on developing treatments that address the underlying immunological dysfunction in autoimmune and chronic inflammatory diseases. Nektar’s lead product candidate, rezpegaldesleukin (REZPEG, or NKTR-358), is a novel, first-in-class regulatory T cell stimulator being evaluated in two Phase 2b clinical trials, one in atopic dermatitis and one in alopecia areata. Our pipeline also includes a preclinical candidate NKTR-0165, which is a bivalent tumor necrosis factor receptor type II agonist antibody. Nektar, together with various partners, is also evaluating NKTR-255, an investigational IL-15 receptor agonist designed to boost the immune system’s natural ability to fight cancer, in several ongoing clinical trials. Nektar is headquartered in San Francisco, California. For further information, visit Nektar.com and follow us on LinkedIn.

About Ampersand Capital Partners

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

This press release contains forward-looking statements which can be identified by words such as: “will,” “expect,” “develop,” “extend,” “advance,” “anticipate,” “can,” and similar references to future periods. Examples of forward-looking statements include, among others, statements regarding the therapeutic potential of, and future development plans for rezpegaldesleukin, NKTR-1065, and our other drug candidates. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward looking statements. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others: (i) our statements regarding the therapeutic potential of rezpegaldesleukin, NKTR-1065, and our other drug candidates are based on preclinical and clinical findings and observations and are subject to change as research and development continue; (ii) rezpegaldesleukin, NKTR-1065, and our other drug candidates are investigational agents and continued research and development for these drug candidates is subject to substantial risks, including negative safety and efficacy findings in future clinical studies (notwithstanding positive findings in earlier preclinical and clinical studies); (iii) rezpegaldesleukin, NKTR-1065, and our other drug candidates are in preclinical and clinical development, and the risk of failure is high and can unexpectedly occur at any stage prior to regulatory approval; (iv) the timing of the commencement or end of clinical trials and the availability of clinical data may be delayed or unsuccessful due to regulatory delays, slower than anticipated patient enrollment, manufacturing challenges, changing standards of care, evolving regulatory requirements, clinical trial design, clinical outcomes, competitive factors, or delay or failure in ultimately obtaining regulatory approval in one or more important markets; (v) patents may not issue from our patent applications for our drug candidates, patents that have issued may not be enforceable, or additional intellectual property licenses from third parties may be required; and (vi) certain other important risks and uncertainties set forth in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 9, 2024. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

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Teamfront Expands its Portfolio of Field Services Software Companies with the Acquisition of Floorzap

Mainsail partners

This acquisition bolsters Teamfront’s mission to empower field service businesses with innovative technology

Austin, TX – November 4, 2024 – Teamfront, a strategic partner for founder-owned field services software companies, today announced the acquisition of Floorzap, a leading provider of business management software for the flooring and remodeling industries. This strategic move strengthens Teamfront’s commitment to providing innovative software solutions to the field services industry and underscores its dedication to empowering founder-owned software companies with the tools and best practices they need to succeed in their unique domains.

Developed by flooring industry experts with more than 20 years of experience, Floorzap offers a comprehensive suite of features that streamline the entire flooring business management process. From lead management to job costing, and billing and payment processing to installation, Floorzap provides a seamless and efficient solution that helps flooring businesses increase efficiency, reduce costs, and improve customer service, whether in the store or in the field.

“We’re excited to welcome Floorzap to the Teamfront family, ” said Cameron Darby, CEO of Teamfront. “Their extensive knowledge of the flooring and remodeling industries and their commitment to operational efficiency make them a perfect fit for our portfolio. Together, we’ll offer flooring companies a comprehensive suite of solutions to streamline their operations and help drive growth.”

Mike Saleh, founder of Floorzap, expressed enthusiasm about the partnership with Teamfront, saying “This acquisition will provide Floorzap with the resources and strategic support needed to continue our mission of helping flooring and remodeling businesses work smarter and grow faster and more profitably.”

The acquisition of Floorzap marks a significant milestone for Teamfront as it continues to expand its portfolio of vertical software companies. Teamfront’s comprehensive solutions automate fundamental back-office tasks, streamline and optimize payments, drive growth through powerful marketing websites and services, and boost loyalty through effective customer communications. Teamfront has become a trusted partner for bootstrapped, founder-owned companies seeking support for operational efficiency and growth.

About Teamfront
Founded in 2023 and headquartered in Austin, TX, Teamfront is a strategic partner to founder-owned software companies that are market leaders in the field services industry. Our team, comprised of seasoned executives in vertical SaaS, provides holistic operational support, playbooks, and best practices that enable our Team Cos to achieve their visions. Our commitment is to empower software companies to thrive and succeed in their unique domains. Together, we aim to thrive on this journey of growth. Learn more at www.teamfront.com.

About Floorzap
Floorzap is a leading provider of flooring business management software designed to streamline operations and drive growth for flooring companies. With a comprehensive suite of features, Floorzap helps businesses manage inventory, track sales, manage projects, and improve customer relationships, ultimately increasing efficiency and profitability. Learn more at www.floorzap.com.

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