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KKR to Sell GeoStabilization International to Leonard Green & Partners

KKR

ll 900+ GSI Employee Owners to Earn Cash Payouts, with Longest Tenured Hourly Employees Each Receiving Over $325,000 in Proceeds

DENVER & NEW YORK–(BUSINESS WIRE)– KKR today announced an agreement to sell GeoStabilization International (“GSI” or the “Company”) to Leonard Green & Partners, L.P. (“LGP”). GSI is a leading provider of geohazard mitigation solutions and roadway safety services. The sale delivers a return of five times the equity invested by KKR, and all GSI employees will receive substantial cash payouts on their ownership stakes in the Company.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240926128753/en/

GSI employees react to the news of the cash payouts they will receive upon close of the transaction (Photo: Business Wire)GSI employees react to the news of the cash payouts they will receive upon close of the transaction (Photo: Business Wire)

“It has been an honor working alongside Dominic, the management team, and GSI’s many talented employees to build on the Company’s strong legacy of serving customers and driving innovation. Through our strategic partnership we have expanded the Company’s reach, added service capabilities, and delivered on our mission to protect the public from the dangers of geohazards – all while investing significantly in GSI’s employees and our communities,” said Brandon Brahm, Partner at KKR and Co-Head of KKR’s Ascendant Strategy. “This is a great outcome for all GSI employee-owners and our limited partners in KKR’s Americas XII Fund and demonstrates our ability to be value-added strategic partners with middle market sized businesses.”

Since KKR’s acquisition of GSI in December 2018, the Company has experienced significant growth resulting from KKR’s investments in the business, including in employees, business infrastructure, service expansion and corporate development, all of which contributed to a near tripling of revenue and EBITDA. Over this roughly six-year ownership period, the Company successfully grew its family of brands and services, including an expansion into complementary roadway safety services. GSI also significantly enhanced worker safety and increased its rate of delivery for customers.

“This transaction is a testament to our years of collaboration with KKR and also reflects the dedication and hard work of the entire GSI team. KKR catalyzed our all-employee ownership program, developing an ownership culture that has made us even stronger. We are very proud that all GSI colleagues will share in this fantastic outcome,” said Dominic Ivankovich, CEO of GSI.

As a result of GSI’s all employee ownership program, all of GSI’s more than 900 employees will receive cash payouts upon closing of the transaction. This includes GSI’s over 550 field service colleagues, with the payouts for employees joining before December 2023 ranging from three months to over three years of annual pay, depending on tenure and job level. Employees will also receive pre-paid personal financial coaching and tax preparation services.

“GSI is a prime example of what ownership cultures can accomplish within the services sector and speaks to the power of an engaged workforce. This tremendous outcome recognizes the work GSI’s employees have done to create value, not just for the company but for themselves,” said Pete Stavros, Co-Head of Global Private Equity at KKR. “GSI will be in great hands with LGP, a fellow partner in Ownership Works, who shares our deep commitment to ownership and will carry on this effort at GSI following the close of this transaction.”

Since 2011, KKR has implemented broad-based employee ownership and alignment programs throughout its portfolio, first pioneered by KKR’s U.S. Industrials private equity team and more recently expanding across all control investments within KKR’s Americas Private Equity franchise. To date, more than 50 KKR portfolio companies have awarded billions of dollars of total equity value to over 110,000 non-senior management employees.

KKR and GSI were advised by Harris Williams and UBS as M&A advisors, and Kirkland & Ellis as legal advisor on the transaction.

About GeoStabilization International

GeoStabilization International® is the leading geohazard mitigation firm operating throughout the United States, Canada, and New Zealand. GeoStabilization specializes in the design and implementation of emergency slope stabilization and landslide repair, rockfall mitigation, grouting, and road safety solutions include road departure barriers. GeoStabilization International’s team includes some of the brightest and most dedicated professionals in the geohazard mitigation and road safety industry. Their expertise, proprietary tools, and worldwide partnerships allow them to repair virtually any slope stability or foundation problem in any geologic setting. Please visit www.geostabilization.com for more information.

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.

About LGP

Leonard Green & Partners, L.P. (“LGP”) is a leading private equity investment firm founded in 1989 and based in Los Angeles, California with over $70 billion of assets under management. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has completed over 150 investments in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, healthcare and business services, as well as distribution and industrials. For more information, please visit leonardgreen.com.

Media:

KKR
Liidia Liuksila or Emily Cummings
212-750-8300
media@kkr.com

Source: KKR

 

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Maven exits hospitality digital order and pay specialist QikServe

Maven

The sale of QikServe to The Access Group represents Maven’s fourth profitable exit in September.

Published: Sep 25, 2024
Focus: Growth Capital

We are delighted to announce that Maven has completed a profitable exit from Edinburgh-based QikServe through a sale to business management software provider The Access Group.

QikServe is a digital commerce platform, content management system, kiosk and mobile order and pay provider for the hospitality sector. Its comprehensive SaaS e-commerce platform last year processed over 50 million digital transactions for its hospitality partners across mobile, web and physical onsite kiosks, providing customers with a secure and frictionless way to order and pay in hospitality premises.

QikServe exit 2
The Maven VCTs first backed QikServe in 2016 to enable the business to rapidly roll-out its innovative offering to a hospitality industry which had begun to embrace technological solutions. The continued shift in consumer behaviour towards digital ordering and transactions, which has accelerated since the Covid-19 pandemic, has helped the business grow revenues by 65% CAGR over the last 3 years. QikServe’s technology is now deployed in over 8,000 bars, hotels, restaurants, sports stadiums and coffee shops across 44 countries around the world.

Maven provided QikServe with additional follow-on funding during its term, taking the VCTs’ total investment to £3.5 million and helping the business progressively scale. QikServe also completed the acquisition of Preoday in 2019, a complimentary provider of order-ahead technology, that brought strategic synergies and further accelerated growth. Headcount overall has grown fivefold since 2016.

The sale to The Access Group enables QikServe to partner with a large organisation with considerable worldwide reach and enable the business to leverage The Access Group’s software and technical expertise to continue its growth as part of an integrated hospitality suite of solutions.

“We’re thrilled with what we have been able to achieve alongside the management team at QikServe over the past eight years; entering new markets and further strengthening their proposition. In Access we have found a buyer that shares QikServe’s vision for the hospitality tech market and can support the business as it continues to scale globally. I would like to personally, and on behalf of Maven, thank the entire QikServe team and particularly CEO Tony Murphy, Founder and President Dan Rodgers, and Chairman Steve Tilly for their commitment and leadership, it has been a privilege working with them.”

David Milroy, Partner at Maven

“As CEO of QikServe, I’ve been working with the Maven team since 2019. Their investment in the business has been instrumental in driving our growth. But more than that, their ongoing commitment has ensured that the executive directors set the right strategy, drove consistent results, and dealt with the many challenges faced. I want to personally thank Maven, who have been strong and value-added partners throughout my tenure.”

Tony Murphy, CEO of QikServe

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Kleecks raised a € 6.5 million round backed by blacksheep, Axon Partners Group and Azimut’s vc funds

Axon

A new addition to Axon’s Italian portfolio: the Growth Equity fund specializing in investments in innovative companies is a Co-Lead Investor, along with the Italian fund BlackSheep and the Azimut Digitech Fund, under the advisory of FNDX, and Azimut Eltif – Venture Capital – ALIcrowd III of Azimut, in Kleecks’ €6.5 million round. Kleecks is an Italian startup that has developed a cutting-edge enterprise SaaS platform for optimizing website performance, helping maximize customer engagement. Kleecks already boasts an excellent track record and successful case studies, having worked alongside leading international brands, particularly in the luxury and fashion sectors, to optimize their digital channels.

With this investment, BlackSheep, Axon, and Azimut’s VC funds will support Kleecks in further developing its platform, consolidating its presence in target markets, and expanding into new business opportunities. Thanks to the funds’ established expertise in the software, marketing, and advertising sectors, as well as their managerial skills and international network, will actively contribute to implementing Kleecks’ growth plan, ensuring a rapid, solid, and strategic development.

With offices in London and Milan, Kleecks serves clients worldwide and has achieved excellent results in competitive markets such as the UK, France, the United States, and Japan. The platform handles significant volumes, managing over €1.5 billion in transactions for its clients and serving more than 8 million daily users.

Kleecks has developed an innovative platform based on advanced artificial intelligence and machine learning technologies, designed to optimize website and e-commerce performance without requiring back-end modifications. The platform operates directly on the front-end, enhancing critical aspects such as SEO, accessibility, site speed, and user experience. Through continuous 24/7 analysis in 50 languages, Kleecks constantly monitors competitors’ strategies, with a particular focus on keyword strategy, enabling brands to close any competitive gaps. The platform operates on the front-end, generating digital assets and providing data and insights to optimize content and performance. This ensures better search engine indexing, increased organic traffic, and higher conversion rates.Kleecks, which currently has around 30 employees, has shown year-over-year growth of over 70%, thanks to stable partnerships with more than 100 brands, including prominent international companies like Fendi, Bulgari (Luxury), Western Union (Finance), Gabel (Retail), Poliform, and Natuzzi (Design), among others.

Marco Bezzi, CEO and Founder of Kleecks: We are excited to continue our ambitious growth journey with the support of new strategic partners, including Axon and BlackSheep, with whom we share values and goals. This investment not only validates Kleecks’ value but also strengthens our belief that we can make a significant impact in the market. We are confident that together we will take Kleecks to a new level, reaching new markets and business opportunities, enabling us to offer increasingly effective solutions and positioning ourselves as a true game changer in the market

Francesco Terraneo, Head of Italy at Axon Partners Group stated: We are excited to announce our partnership with BlackSheep in the investment in Kleecks. We firmly believe that Kleecks has an exceptional future ahead, driven by an outstanding team. The international collaboration between the funds will support the company in further expanding its reach and positioning itself as a leading international player in the industry.

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MedPharm Announces Board Expansion with Appointment of Industry Veteran Eric Evans

Ampersand

Durham, NC – September 25th, 2024 – MedPharm, a global topical and transdermal Contract Development and Manufacturing Organization (“CDMO”), today announced Mr. Eric Evans will join its Board of Directors. With more than 30 years of experience, Mr. Evans has held senior financial leadership roles at companies across the pharmaceutical and contract services industries, including holding the position of Chief Financial Officer at the following companies: Alcami Corporation, TriPharm Services, Avista Pharma, Mayne Pharma, AAIPharma Services, and Patheon. Earlier in his career, Mr. Evans held executive finance positions at Novartis and Sandoz.

“Eric’s track record of providing leadership in financial and operational strategies as CFO of multiple high-growth, successful private equity-backed organizations is truly impressive,” commented Patrick Walsh, Executive Chairman at MedPharm. “I am delighted to be working with him again.”

On his appointment to MedPharm’s Board of Directors, Eric commented, “MedPharm has a well-documented history of providing reliable drug delivery services to the global pharma community and with its recent merger with Tergus Pharma, it has set the stage for an exciting next chapter of growth.”

 

 

About MedPharm

MedPharm is an end-to-end contract service provider of topical and transepithelial products supporting early phase research, formulation development and in vitro testing services in addition to both clinical and commercial manufacturing. With MedPharm’s recent merger with Tergus Pharma, MedPharm enhanced its capabilities, transforming the business into a truly differentiated CDMO of scale with superior end-to-end capabilities from drug development & formulation to large batch commercial manufacturing and distribution. For more than 25 years, MedPharm has specialized in reducing risk through its unique, industry-leading in vitro testing and research biology models and is a global leader in product development for dermal/transdermal, lung and nasal, mucosal membrane, ungual, otic and ophthalmic delivery. MedPharm has locations in the United Kingdom and United States, including a new 97,000 sq. ft. state-of-the-art manufacturing facility in Durham, NC. For more information, visit MedPharm.com.

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.

About Bourne Partners Strategic Capital

Headquartered in Charlotte, N.C., Bourne Partners Strategic Capital is a private equity and growth equity investment firm focused exclusively on the pharmaceutical, pharma services and consumer healthcare sectors. As owners and operators with over 20 years of experience, BPSC has investment, strategic and operational experience in companies ranging from $5M to $3B in equity value and seeks to align and partner with management teams and other owners in these sectors to grow their businesses. BPSC is a related company of Bourne Partners, which offers investment banking and advisory services in the same key focus areas. For more information, please visit bourne-partners.com.

About Great Point Partners

Great Point Partners, founded in 2003 and based in Greenwich, CT, manages over $1.9B of capital in its private funds and public life sciences equity strategy (BioMedical Value Fund). The private equity funds invest across all sectors of the health care industry with a particular emphasis on biopharmaceutical services and supplies, alternate site care, medical device contract manufacturing and information technology enabled businesses. The firm pursues a proactive and proprietary approach to sourcing investments and tuck-in acquisitions for its portfolio companies. For additional information, visit gppfunds.com.

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Altor divests Nova Austral

On September 25, 2024, Nova Austral announced a debt restructuring of the company resulting in a change of ownership and exit by Altor.

Altor invested in the world-leading fish feed supplier Ewos with Bain Capital in 2013. The partnership aimed at strengthening the company’s position as a global market leader in salmon feed and identifying further opportunities to grow by focusing on R&D, developing higher quality feed and expanding into new markets. After a successful partnership, Altor and Bain Capital sold Ewos to Cargill in 2015. After the exit of Ewos in 2015, Altor remained invested in the fish farming industry through its ownership of Nova Austral in Chile.

“We began our journey with Ewos in 2013, a successful partnership with the company and co-investors to scale and strengthen their position. As we now, many years later, exit Nova Austral, we would like to extend a thank you to the management team and employees for their contributions and commitment over the years,” said Tom Jovik.

About Altor

Since inception, the family of Altor funds has raised more than EUR 11 billion in total commitments. The funds have invested in just south of 100 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Permascand, Toteme, Trioworld, Carnegie and Vianode.

About Nova Austral

Nova Austral is a leading player in producing and processing sustainable salmon in the Chilean industry. It has operated in the Magallanes and Chilean Antarctica region for over 15 years.

Press contact

Karin Åström

Head of Communications

karin.astrom@altor.com

+46 707 64 86 59

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NPM Capital acquires interest in Jeco Energies

NPM Capital

Increased focus on growth via acquisitions and international expansion

Herentals/Ghent, 25 September 2024 – Investment company NPM Capital has agreed to acquire a significant minority interest in the Belgian family-owned company Jeco Energies, a leading industrial energy solutions provider in the Benelux. The participation of NPM Capital will accelerate the growth of Jeco Energies in the coming years through an increased focus on strategic acquisitions and international expansion. NPM Capital will contribute the required experience, expertise and capital in that area.

NPM Capital acquires interest in Jeco Energies

Jeco Energies is a leading player in the area of temporary as well as permanent solutions for industrial electrical power infrastructure. It rents hardware, including transformer containers built in-house, helping businesses to prevent unforeseen power outages or providing a temporary power solution until a permanent connection to the grid is established. The company also focuses on realising end-to-end projects for industrial energy supply in various sectors and is active in industrial service and automation. The company was established in 2022 as the result of the merger of hardware rental company Gens Rental, EPC contractor DSG, and industrial automation specialist Dymotec. As of today, the business will continue to operate under the name of Jeco Energies. It employs more than 200 people and has doubled its revenues over the last 2 years.

Sustainable future
’We are impressed by the strong growth realised by the company in recent years’, says Hiram Claus, investment director and head of Belgium for NPM Capital. ‘This investment is in line with NPM’s strategy of investing in sustainable businesses. Jeco’s engineered power solutions contribute to the electrification of industrial processes. Their unique expertise and position in the value chain, in combination with the structural demand for expansion of the electrical power grid, make Jeco Energies a powerful player in a rapidly growing market’.

Jeco’s founder and majority shareholder Jef van den Brande welcomes the participation of NPM Capital and sees it as an important step in the further development of Jeco Energies. ‘The expertise and professionalism of NPM will play an important role in the further development of our organisation within the various niches that we are active in. I am convinced that the synergy between our innovative way of working and the strategic support provided by NPM will enable us to propel Jeco Energies to new heights, locally as well as internationally’, he explains.

‘Same business values’
As part of the agreement, as of 1 October, Jan Van Nuffel will join the management team of Jeco Energies as Group CEO. Over the last three years, Van Nuffel was already involved as non-executive director. He gained extensive experience in previous management positions at construction companies Square Group, Group Verelst and Koninklijke BAM Group. Bob Zegers and the entire management team remain closely involved in the further development of the group.

Van Nuffel is looking forward to working together with NPM: ‘This partnership will further strengthen our operational clout and organic growth, including the accelerated expansion of our rental fleet, and certainly also via further external growth through acquisitions reinforcing our existing business lines. In NPM, we have found a partner with the same business values as Jeco: fostering sustainable growth and caring about our employees. It goes without saying that the expertise and technical excellence of all our Jeco colleagues play a vital role in the continued success of our organisation.’

Completion of the proposed transaction is subject to customary regulatory approval.

About NPM Capital
NPM is an independent investment partner that helps medium-sized and large companies with a head office in the Benelux to achieve their ambitions and build the businesses of the future. With offices in Ghent and Amsterdam, NPM focuses on family-owned enterprises and companies with a strong and dedicated management team. Its current portfolio consists of 24 companies, comprising both majority and minority participations, within themes that have an impact on the world’s future: Sustainable Future, Everything is Digital, Feeding the World, and Healthy Life & Learning. Earlier this year, NPM announced an investment in Belgian IT company Tech Tribes.

About Jeco Energies
Jeco Energies is a leading player in the area of low-voltage, medium-voltage, and high-voltage solutions for temporary as well as permanent industrial energy supply. With four business lines (energy, rental, automation and service), it enables its clients to focus on their core activities by providing them with end-to-end integrated sustainable energy solutions. Jeco Energies operates from seven sites in Belgium, the Netherlands and South Africa, serving clients in over 50 countries globally with a team of over 200 employees.

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For more information, please feel free to contact Koolhoven & Partners: npmcapital@koolhovenenpartners.nl or +31 804 017 175

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CAI Software, LLC Acquires Parsable, Inc., a Leading Connected Worker Platform for Manufacturers

Stg Partners

CAI Software, LLC, (“CAI” or “CAI Software”), a portfolio company of STG and a leader in industry-specific enterprise resource planning (ERP), manufacturing execution and supply chain solutions to manufacturers and distributors, today announced that they have acquired Parsable, Inc., a leading cloud-native Connected Worker platform used daily by global tier-1 manufacturers for production, maintenance, quality, safety and ESG.

“Combining CAI Software and Parsable brings digital instructions to manufacturers which layers in with their existing manufacturing execution and warehousing systems to drive production, quality, safety, and operational improvements,” said Brian Rigney, CEO of CAI Software. “As we bring the companies together, we will continue to collaborate with our customers to develop purpose-built solutions to serve the unique requirements of their industry. In our next chapter of growth, I look forward to working with the Parsable team and continuing to innovate the Parsable platform.”

“This marks a pivotal moment for our industry,” says Parsable CEO Matt Belkin. “Together with CAI, we’re setting a new standard, equipping frontline workers with innovative digital tools that elevate productivity, safety, and quality to new heights. This partnership propels us toward a future where manufacturing is more connected, agile, and transformative than ever before.”

“Parsable has been an early innovator and leader in the connected worker vertical and is mission-critical to daily operations of tier-1 manufacturers globally,” said Wesley Jiang, Vice President of STG. “Parsable will deepen CAI’s manufacturing capabilities in providing a comprehensive suite of ERP, supply chain and manufacturing solutions.”

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Icos Capital invests in ABOLIS

Icos Capital

Abolis is already a major success story in European industrial biotech, with a strong track record of strategic and financial performance, and an impressive client base. Icos Capital is proud to be part of this growth financing round, which should propel Abolis to the next level. Icos Capital, along with its corporate partners such as Nouryon and Bühler, looks forward to supporting Abolis on their journey to becoming a global market leader in green ingredients, facilitating the sustainability transition of the industry. Read the press release here.

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CDPQ acquires 25% of UK’s First Hydro Company from Brookfield

Cdpq
Investment in a critical national infrastructure providing 76% of the United Kingdom’s total pumped hydro storage capacity

CDPQ, a global investment group, today announced it has entered into an agreement with Brookfield Asset Management (NYSE: BAM, TSX: BAM) and its institutional partners, including its listed affiliate Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC) (together “Brookfield”), to acquire its 25% stake in First Hydro Company, a critical electricity generation and storage facility in the United Kingdom. Engie is the majority shareholder who owns the remaining 75% of the company.

Responsible for the management and operation of two power plants at Dinorwig and Ffestiniog in the Snowdonia region of Wales, First Hydro offers a capacity of more than 2,000 MW, representing 76% of the total pumped hydro storage in the United Kingdom, making it a critical infrastructure to face the country’s increasing needs of grid flexibility and stability.

“First Hydro is playing a critical role in helping the United Kingdom manage its national electricity system and meet its net zero commitment by providing renewable electricity and storage capabilities,” said Emmanuel Jaclot, CDPQ’s Executive Vice-President and Head of Infrastructure. “This investment marks CDPQ’s first foray into pumped hydro storage, and we are delighted to join forces with Engie, a longstanding partner for CDPQ and a world leader in the energy sector.”

“We are pleased to have supported First Hydro throughout our ownership period including securing its long-term future through active management of the business. First Hydro will continue to provide considerable renewable power to the U.K. long into the future,” said Ignacio Gomez-Acebo, Managing Director at Brookfield.

Financial close is expected by end of 2024, subject to customary closing conditions and relevant consents and approval.

About CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2024, CDPQ’s net assets totalled CAD 452 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

About Brookfield Asset Management

Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with approximately $1 trillion of assets under management. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.

Brookfield operates Brookfield Renewable Partners (NYSE: BEP, TSX: BEP), one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio totals over 34,000 megawatts and our development pipeline stands at approximately 200,000 megawatts. Our portfolio of sustainable solutions assets includes our investments in Westinghouse (a leading global nuclear services business) and a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas and materials recycling.

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KKR Completes Acquisition of Geospatial Software Business IQGeo

KKR

London, 24 September 2024 – KKR, a leading global investment firm, today announced the completion of its acquisition of IQGeo, a geospatial software developer headquartered in the U.K. KKR will combine its extensive technology and telecoms expertise to invest in the growth of the business by supporting international expansion, broadening its product range and strengthening its customer relationships.

KKR has acquired IQGeo for £333m and will be building on the company’s strong revenue growth. Over the past five years the IQGeo share price increased by more than 900% and revenues grew from approximately £10m in 2018 to over £44m in 2023. IQGeo’s geospatial software and services support leading operators within the telecoms and utilities sectors to design and operate fibre and electricity networks. It is well positioned for ongoing growth within industries driven by rapidly increasing demand for fibre rollout, as well as the transformation of electricity grid infrastructure and the impact of increasing electrification.

Through investment in technology and organizational processes, IQGeo will scale its key operational areas, including sales and corporate development, to sustain its commercial momentum. KKR brings combined expertise from its investment through both its Global Impact and Next Generation Technology funds to help support IQGeo in this next stage of growth. IQGeo will also draw on KKR’s network to strengthen its relationships with customers deploying fibre and developing grid infrastructure, as well pursue further organic and inorganic expansion opportunities to grow internationally and expand the product range available to its customers.

Commenting on the Acquisition, Richard Petti, CEO of IQGeo, added:

“We are committed to the success of our customers and our employees. Thanks to them, we have built a thriving business that delivers award-winning innovative software for the telecommunication and utility industries worldwide. I also want to recognise the support of our investors in building the business and this acquisition is a milestone achievement for the company and the valuation makes clear the extent of our success. Partnering with KKR now gives us an even greater opportunity to accelerate investment in our people, processes, and products and increase our ability to respond to market momentum. It’s also important to us that there is close cultural alignment between KKR’s Global Impact and Technology Growth funds with IQGeo’s focus on innovation and mission to bridge the digital divide and build the net-zero energy networks of the future. Their investment will underpin the next phase of growth of IQGeo’s exciting journey.”

Commenting on the Acquisition, Rami Bibi, Managing Director and Head of EMEA for KKR Global Impact, said:

“In our view, IQGeo is unique in its support for continued global efforts addressing the digital divide and transforming grid infrastructure, which is aligned with KKR’s strong focus of investing behind grid electrification for net-zero goals. To capitalise on the global growth potential ahead, increased investment and an acceleration of IQGeo’s strategy are imperative, and private ownership under KKR will help facilitate this.“

Patrick Devine, Managing Director on the Tech Growth team at KKR, added:

“KKR’s global platform and track record of scaling leading software businesses, combined with our experience of investing in telecom and grid networks gives us the right tools and capability to support IQGeo, and we look forward to working closely with its management team to capitalise on the long-term opportunity ahead.“

This investment builds on KKR’s track record as a major global investor in telecoms and sustainability capabilities, particularly fibre deployment and the electricity grid infrastructure. This includes investing over US$21.6 billion in technology-focused growth companies since 2014, having built a dedicated global team with deep technology growth equity expertise, as well as the Global Impact Strategy established in 2018 to take a focused and differentiated private equity investment approach and offer the potential for attractive risk-adjusted return opportunities in the global impact space.

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.

About IQGeo:

Telecommunication, fiber, and utility operators are “Building better networks” with IQGeo’s award-winning geospatial network management software. The ability to powerfully model any network requirement, integrate every system and data source, and support field and office teams with continual innovation is helping operators create the networks of the future. Our solutions ensure greater cross-team collaboration and process efficiency throughout the network lifecycle, from planning and design to construction, operations, and sales.

Whether it’s highly competitive fiber and 5G broadband rollouts or complex utility grid modernization projects, customers trust IQGeo’s Integrated Network and Adaptive Grid solutions. We partner with large multinationals and smaller regional operators to deliver the digital innovation they need to accelerate time-to-revenue, increase network resilience, improve operational safety, and deliver ROI. www.iqgeo.com

Media contacts

KKR

Alastair Elwen/ Jack Shelley

FGS Global

KKR-LON@fgsglobal.com

44 (0) 20 725 13801

IQGeo

Steve Tongish – CMO

enquiry@iqgeo.com

+44 1223 606 655

 

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