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BDC to acquire Achilles

Bridgepoint

Achilles, a global leader and partner of choice for supply chain risk and performance management, today announces an agreement to be acquired by Bridgepoint, the international private assets fund management group.

The acquisition marks a new chapter for Achilles. Despite the recent global turmoil and uncertainty, Achilles has continued to partner with customers, build new value, bring new products to market and add new customers to the portfolio.

Over the past decade supply chain risk management has increased in complexity due to numerous environmental, social, and economic drivers. Issues such as sustainability, modern slavery and equality, diversity and inclusion, as well the increased risk of sophisticated cyber-attacks have changed the way in which supply chains need to be managed: Achilles’ solutions enable customers to mitigate risk and make informed business decisions for their supply chains.

Partnering with Bridgepoint will give Achilles access to the capital and expertise to significantly expand the solution set, both organically and through M&A, delivering new capabilities around key focus areas like ESG, CSR, EDI, Health and Safety, and supply chain mapping, all of which are critical customer needs.

Matt Legg, Director of Bridgepoint Development Capital, said: “Supply chains across the world are under increased pressure and scrutiny, creating opportunities for those companies who are able to provide data-driven solutions to ensure more sustainable and ethical solutions. Achilles, with its global platform, breadth of risk coverage, in-house audit capabilities, and depth of data validation provides a compelling proposition to its customers. We look forward to working with the Achilles management team and have already identified multiple avenues to drive value creation in a sector which is growing due to increasing supply chain complexity and corporate focus on supply chain risk and ESG.”

Jay Katzen, CEO of Achilles, commented: “I am delighted Bridgepoint will be working with the team at Achilles for the next chapter in our story. Our teams have built a great rapport, and we have a shared vision about both the opportunity and goal to expand our solutions, helping our customers drive a more sustainable future.

I believe this is a pivotal moment, not just for my colleagues and I at Achilles, but for our customers and partners as well. With this in mind, I’d like to thank Hg and Achilles’ Chairman Craig Rodgerson, for their support in driving success for Achilles.

With over 30 years’ experience, sector leading technology and extremely engaged employees, Achilles is uniquely well placed to take advantage of the opportunities that evolve as the world looks to make supply chains more sustainable, efficient and ethical. Achilles creates opportunity and provides the sector leading insight that enables better, value added decision making for our customers, from the smallest micro business to FTSE 100 companies. It is this strength of purpose and range of strategic opportunity that the team at Bridgepoint recognise and value – I’m excited about all that the future holds for Achilles and our customers.”

The investment in Achilles was made by the Bridgepoint Development Capital fund IV. Bridgepoint was advised on the transaction by: Raymond James (M&A), Ropes & Gray (Legal), GCA Altium (Debt), McKinsey (Commercial), BDO (Financial & Tax) and Intechnica (Technology). Hg and Achilles were advised by Baird (M&A) and Barclays (M&A).

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Matillion Raises $150M Series E Funding at $1.5B Valuation

General Atlantic

Latest funding follows accelerated growth as Matillion platform fuels cloud analytics, AI and machine learning in large global enterprises

September 15, 2021

Matillion, a leading cloud data integration platform, today announced $150M in Series E funding, led by General Atlantic, a leading global growth equity firm, with participation from Battery Ventures, Sapphire Ventures, Scale Venture Partners, and Lightspeed Venture Partners. This funding marks Matillion’s second triple-digit round of 2021, bringing the total amount raised to $310M at a valuation of $1.5B.

The average enterprise uses more than 1,080 different data sources in its analytics program. Even as cloud data platforms such as Snowflake, Amazon Redshift, and Databricks become central to modern data architectures, enterprises struggle to collect, synchronize and transform their data for analytics, AI and ML programs. Traditional and other methods are primitive and slow, relying heavily on hand-coding and placing the burden of enterprise data preparation on a few workers. This creates information gaps within the organization and limits critical insights. Matillion unlocks the data supply chain, accelerating time to value by delivering a data operating system that integrates and manages data at scale. This allows enterprise data teams to work together to source, enrich and share data, enabling the rapid and data-led decision-making required to compete and win in today’s digital economy.

“Enterprises need to effectively close information gaps by rapidly transforming operational data into analytics-ready datasets that fuel business intelligence, AI, and ML innovation,” said Matthew Scullion, CEO of Matillion. “With Matillion, large organizations are empowered with a data operating system that is purpose-built for the enterprise, enabling a broad spectrum of data users — from data scientists and engineers to marketers and business analysts — to make data useful.”

Coming off of its Series D round in February, Matillion has delivered accelerated growth in 2021, including recognition by Snowflake as its FY2021 Technology Partner of the Year for Data Integration and by Databricks for an ISV Innovation Award, as well as the launch of its new product, Matillion ETL for Delta Lake on Databricks. The company also earned the Great Place to Work Certification, with 94% of its UK employees and 91% of its U.S. employees stating that Matillion is a great place to work.

“As organizations look for ways to harness data to make better business decisions, the market for cloud data integration and transformation is expanding,” said Chris Caulkin, Managing Director and Head of Technology for EMEA at General Atlantic. “We believe that Matillion’s low-code ETL platform simplifies the process of constructing data pipelines and preparing data for analysis, enabling citizen data scientists and data engineers alike to play a valuable role in extracting data-based insights. We look forward to supporting the team through its next phase of growth and expansion.”

Hundreds of large enterprises including Western Union, FOX, Sony, Slack, National Grid, Peet’s Coffee and Cisco use Matillion’s cloud-native, low-code/no-code solutions to transform raw data into an analytics-ready asset, ready to power business intelligence, visualization, artificial intelligence, and machine learning projects.

“Global data teams are being tasked to support digital transformation journeys within their organizations and look to low-code, cloud native solutions to accelerate the delivery of business results,” said Frederick Wright, US Director, UK Senior Manager, Enterprise Architect – Integration & Analytics at National Grid. “Matillion enables enterprises like ours to increase our usage of analytics and drive greater understanding within our business.”

For further data transformation industry updates and perspectives, follow Matillion on Twitter @Matillion and LinkedIn at https://www.linkedin.com/company/matillion-limited/. Learn more about the success Matillion customers have achieved at https://www.matillion.com/resources/case-studies/.

About Matillion

Matillion makes the world’s data useful with an easy-to-use cloud-native data integration and transformation platform. Optimized for modern enterprise data teams, only Matillion is built on native integrations to cloud data platforms such as Snowflake, Delta Lake on Databricks, Amazon Redshift, Google BigQuery, and Microsoft Azure Synapse to enable new levels of efficiency and productivity across any organization. Learn how Matillion delivers rapid returns on cloud investments for global enterprise customers at www.matillion.com.

About General Atlantic

General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 400 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $65 billion in assets under management as of March 31, 2021 and more than 175 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore and Stamford. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

Media Contacts

Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com

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Trackunit and ZTR come together to connect construction

HG Capital

LONDON, ON, MINNEAPOLIS, MN and AALBORG, DK – September 15, 2021 – Trackunit and the Industrial IoT division of ZTR are uniting to better serve the growing demands of the construction industry. Putting customer needs first, the two telematics leaders are combining their considerable resources to accelerate innovation and drive digital transformation — with collaboration and service at the centre of their strategy.

“We see the industry at a pivotal tipping point when it comes to digitalization of their business and equipment – and customers are looking for a trusted partner.”

Soeren Brogaard, CEO of Trackunit

“By combining ZTR IIoT and Trackunit resources and offerings, we’re better equipped to serve the needs of the customers now and in the future.”

Sam Hassan, President & CEO of ZTR

Strengthening our core focus
As a combined entity, Trackunit and the ZTR IIoT division will extend their core focus to accelerate the digital journey in construction, Hassan continues.

“By coming together with Trackunit, we will be able to operate on a global scale to provide an expanded offering to our customers with greater efficiency and depth,” he says.

“Together, we are strengthening our core focus on enabling the ecosystem of construction. By combining our businesses, we’re elevating our technology and increasing the value customers will be able to extract from their data”, adds Soeren Brogaard.

Over the past few years, the realm of IoT and telematics possibilities has evolved from simple track and trace technology into highly actionable insights that create massive value for the stakeholders of the construction industry.

After the transaction closes the combined entity of Trackunit and ZTR will specialize in creating offerings that enhance utilization, increase fleet availability, improve safety and reduce equipment loss as major value drivers. In addition, both companies will help customers in collecting data and translating it into actionable insights – enabling customers to build smarter and more resilient machines. Furthermore, the combined entity is dedicated to helping improve daily operations for customers with increased operator safety, machine health and business optimizations.

“Our promise to the industry is based on collaboration. With a purpose as determined and noble as eliminating downtime, we know that working with our customers to apply new digital tools, is absolutely necessary. We make ourselves useful and strive to solve real problems, building everything for scale, while showing compassion for our customers, partners, competitors, and the industry at large”, says Soeren Brogaard.

Best of both worlds
At their cores, both Trackunit and ZTR are in business to build solutions that propel the construction industry forward. Trackunit recently attracted a strategic investment from Hg, a leading global software and services investor, to accelerate the company expansion, while ZTR has been transforming its business, and predicts growth through rising demand. Both Trackunit and ZTR have recently taken their first steps into, and secured traction in, the APAC region. Both businesses are ready to start the next chapter – one company focused on uniting the industry and shape it to become the most useful industry for the world. In essence, the timing couldn’t be better.

“We’re focused on delivering our existing customer commitments and creating a smooth integration. This is all about bringing people, competence, and great technology together to create a bigger impact”, says Soeren Brogaard.

A shift in the market
The construction industry is growing rapidly. It is experiencing accelerated investment in IoT capabilities with construction now one of the top five industries for investment growth. As a result, data proliferation is expected to grow exponentially as penetration of connected equipment continues beyond 2025 and machine-level data grows. Given these developments, Trackunit and ZTR IIoT are teaming up to better help their customers meet the changes that come with increasing digitalization of the construction industry.

“ZTR and Trackunit together represent an incredible next step that will enable us to become a truly global player to better serve our customers. I’m excited to roll up my sleeves and take an active part in the executive team. I look forward to venturing out on this shared mission – one in which I have no doubt Soeren Brogaard will capably lead”, says Sam Hassan.

About Trackunit ApS
Trackunit is the leading SaaS-based IoT solution and machine insights provider to the global construction equipment industry. Trackunit collects and analyzes machine data in real-time to deliver actionable, proactive and predictive information, empowering customers with data-driven foresight.

Trackunit promises to lead the technology engagement to help eliminate downtime. The ambition of this mission is not only to recover from budget and schedule overruns, but also to re-establish the reputation of the industry for innovation and leadership.

From operator safety and machine health to business optimization, Trackunit’s industry-leading telematics software, hardware and fleet management services benefit the everyday operations of the customers worldwide. Trackunit services its customers directly from its headquarters in Denmark, Chicago, IL and Singapore, as well as through subsidiaries in Sweden, Norway, France, Holland, Germany, UK, Australia and Japan. Visit trackunit.com to learn more

About ZTR
ZTR is a global technology company that develops solutions for the compact construction industry. Known as a pioneer in the development industrial Internet of Things (IoT) technology, the telematics provider delivers products and services that allow companies to remotely monitor and manage mobile as well as fixed assets.

Leading the industry in response to the need for richer machine data, greater uptime, and better insights, ZTR has designed new solutions that help Rental Companies, OEMs and end-users work together to operate smarter and easier. By listening and collaborating with its customers, ZTR takes on big industry challenges and opens pathways toward the continued digitalization of the construction sector.

ZTR Telematics Solutions easily integrate with industrial machinery and the business systems customers use every day so they can use the data to make decisions and react in real-time. With more than 450,000 telematics-enabled assets under contract, ZTR integrates with 150+ industrial Original Equipment Manufacturers, and many top rental houses worldwide.

The Rail division of ZTR will continue to operate independently. There will be no impact to its organization structure, customers or business operations as a result of this announcement. For more information visit www.ztr.com

Media contacts

Trackunit Aps
Laerke Ullerup
Chief Marketing Officer

Gasværksvej 24, 4.sal,
DK-9000 Aalborg

Tel: +45 53703033
LUL@trackunit.com

ZTR
Colleen Burghardt
Marketing Communications Manager

Industrial IoT Division
955 Green Valley Road
London, Ontario Canada
N6N 1E4

Tel: 1-519-452-1233 Ext.337
cburghardt@ztr.com

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GNIST to become part of Norlandia Preschools

Altor

Norlandia Preschools AS (“Norlandia”) has signed an agreement to purchase the Norwegian preschool chain Gnist Barnehager AS (“Gnist”) from the founders of the chain and Altor Fund IV (“Altor”).

Gnist is a private Norwegian preschool chain with a strong pedagogical platform, with a particular focus on a systematic approach to operations, supported by good practices. This ensures high and consistent quality in all Gnist preschools, with a focus on the child’s individual needs and close cooperation with highly satisfied parents.

Gnist Kindergartens currently owns 17 kindergartens in Møre og Romsdal, Trøndelag, Vestland and Viken.

“We are pleased that the Gnist will be part of our organization,” says Kristin Voldsnes, division director for Norlandia. “The competence and commitment that is clear among the employees bodes well for a continued, high-quality daycare operation”, Voldsnes continues. She adds: “We look forward to welcoming all Gnist employees to a community where we seek to continue the good work at Gnist, as well as further develop the daycare offer for the benefit of children, parents and employees.”

“I am sure that with the professional foundation and long-term approach that has been a hallmark of Norlandia; children, employees and parents will find that this transition will be characterized by continuity and stability,” says Lill Nyseter Kortgaard, CEO of Gnist.

Maria Tallaksen, partner in Altor added: “Gnist offers a great experience for 1,800 children and their parents around Norway. It has been a privilege to work with management and Kjersti and Bjørn Grønmyr to further develop this company. As part of Norlandia, Gnist will become part of an even larger professional pedagogical environment to further develop the service offer.”

The transaction is subject to customary regulatory requirements and approvals.

For more information, please contact:
Kristin Voldsnes, Division Director Norlandia, Tel +47 416 92 791
Tor Krusell, Head of Communications, Altor, Tel +46 8 512 516 01, Mobile +46 705 43 87 47

About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 5 billion in more than 75 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are OX2, Sonion, PIAB, Ålö, Dynapac, Gunnebo, and Norican Group.

Author: Katarina Karlsson
Date: 2021.09.15
Categories: News

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Trackunit and ZTR come together to connect construction

HG Capital

LONDON, ON, MINNEAPOLIS, MN and AALBORG, DK – September 15, 2021 – Trackunit and the Industrial IoT division of ZTR are uniting to better serve the growing demands of the construction industry. Putting customer needs first, the two telematics leaders are combining their considerable resources to accelerate innovation and drive digital transformation — with collaboration and service at the centre of their strategy.

“We see the industry at a pivotal tipping point when it comes to digitalization of their business and equipment – and customers are looking for a trusted partner.”

Soeren Brogaard, CEO of Trackunit

“By combining ZTR IIoT and Trackunit resources and offerings, we’re better equipped to serve the needs of the customers now and in the future.”

Sam Hassan, President & CEO of ZTR

Strengthening our core focus
As a combined entity, Trackunit and the ZTR IIoT division will extend their core focus to accelerate the digital journey in construction, Hassan continues.

“By coming together with Trackunit, we will be able to operate on a global scale to provide an expanded offering to our customers with greater efficiency and depth,” he says.

“Together, we are strengthening our core focus on enabling the ecosystem of construction. By combining our businesses, we’re elevating our technology and increasing the value customers will be able to extract from their data”, adds Soeren Brogaard.

Over the past few years, the realm of IoT and telematics possibilities has evolved from simple track and trace technology into highly actionable insights that create massive value for the stakeholders of the construction industry.

After the transaction closes the combined entity of Trackunit and ZTR will specialize in creating offerings that enhance utilization, increase fleet availability, improve safety and reduce equipment loss as major value drivers. In addition, both companies will help customers in collecting data and translating it into actionable insights – enabling customers to build smarter and more resilient machines. Furthermore, the combined entity is dedicated to helping improve daily operations for customers with increased operator safety, machine health and business optimizations.

“Our promise to the industry is based on collaboration. With a purpose as determined and noble as eliminating downtime, we know that working with our customers to apply new digital tools, is absolutely necessary. We make ourselves useful and strive to solve real problems, building everything for scale, while showing compassion for our customers, partners, competitors, and the industry at large”, says Soeren Brogaard.

Best of both worlds
At their cores, both Trackunit and ZTR are in business to build solutions that propel the construction industry forward. Trackunit recently attracted a strategic investment from Hg, a leading global software and services investor, to accelerate the company expansion, while ZTR has been transforming its business, and predicts growth through rising demand. Both Trackunit and ZTR have recently taken their first steps into, and secured traction in, the APAC region. Both businesses are ready to start the next chapter – one company focused on uniting the industry and shape it to become the most useful industry for the world. In essence, the timing couldn’t be better.

“We’re focused on delivering our existing customer commitments and creating a smooth integration. This is all about bringing people, competence, and great technology together to create a bigger impact”, says Soeren Brogaard.

A shift in the market
The construction industry is growing rapidly. It is experiencing accelerated investment in IoT capabilities with construction now one of the top five industries for investment growth. As a result, data proliferation is expected to grow exponentially as penetration of connected equipment continues beyond 2025 and machine-level data grows. Given these developments, Trackunit and ZTR IIoT are teaming up to better help their customers meet the changes that come with increasing digitalization of the construction industry.

“ZTR and Trackunit together represent an incredible next step that will enable us to become a truly global player to better serve our customers. I’m excited to roll up my sleeves and take an active part in the executive team. I look forward to venturing out on this shared mission – one in which I have no doubt Soeren Brogaard will capably lead”, says Sam Hassan.

About Trackunit ApS
Trackunit is the leading SaaS-based IoT solution and machine insights provider to the global construction equipment industry. Trackunit collects and analyzes machine data in real-time to deliver actionable, proactive and predictive information, empowering customers with data-driven foresight.

Trackunit promises to lead the technology engagement to help eliminate downtime. The ambition of this mission is not only to recover from budget and schedule overruns, but also to re-establish the reputation of the industry for innovation and leadership.

From operator safety and machine health to business optimization, Trackunit’s industry-leading telematics software, hardware and fleet management services benefit the everyday operations of the customers worldwide. Trackunit services its customers directly from its headquarters in Denmark, Chicago, IL and Singapore, as well as through subsidiaries in Sweden, Norway, France, Holland, Germany, UK, Australia and Japan. Visit trackunit.com to learn more

About ZTR
ZTR is a global technology company that develops solutions for the compact construction industry. Known as a pioneer in the development industrial Internet of Things (IoT) technology, the telematics provider delivers products and services that allow companies to remotely monitor and manage mobile as well as fixed assets.

Leading the industry in response to the need for richer machine data, greater uptime, and better insights, ZTR has designed new solutions that help Rental Companies, OEMs and end-users work together to operate smarter and easier. By listening and collaborating with its customers, ZTR takes on big industry challenges and opens pathways toward the continued digitalization of the construction sector.

ZTR Telematics Solutions easily integrate with industrial machinery and the business systems customers use every day so they can use the data to make decisions and react in real-time. With more than 450,000 telematics-enabled assets under contract, ZTR integrates with 150+ industrial Original Equipment Manufacturers, and many top rental houses worldwide.

The Rail division of ZTR will continue to operate independently. There will be no impact to its organization structure, customers or business operations as a result of this announcement. For more information visit www.ztr.com

Media contacts

Trackunit Aps
Laerke Ullerup
Chief Marketing Officer

Gasværksvej 24, 4.sal,
DK-9000 Aalborg

Tel: +45 53703033
LUL@trackunit.com

ZTR
Colleen Burghardt
Marketing Communications Manager

Industrial IoT Division
955 Green Valley Road
London, Ontario Canada
N6N 1E4

Tel: 1-519-452-1233 Ext.337
cburghardt@ztr.com

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HHAeXchange and healthcare investor Cressey & Company welcome strategic investment from software investor, Hg, to accelerate continued growth as the leading homecare management solution provider

HG Capital

Partnership builds on HHAeXchange’s exponential growth and enhances its ability to scale its best-in-class enterprise management and homecare workflow solutions.

New York, New York, USA & London, United Kingdom. 14 September 2021: HHAeXchange (“HHAX” or the “Company”), the leading provider of homecare management solutions for payers, providers, and state Medicaid agencies, announced today that it has secured a new investment from Hg, a leading global investor in software and services.

Cressey & Company LP (“Cressey”), a leading healthcare-focused private investment firm which first partnered with HHAX in 2018, will continue to be a significant investor in HHAX. Both investors will share joint governance of the business.

“We are proud to welcome Hg to the team for this next chapter of HHAeXchange’s continued success. With Hg’s track record of growing technology businesses and Cressey’s specialist background in the healthcare space, HHAeXchange is incredibly well-positioned to enhance our solution suite and expand our reach to meet the growing demand for home and community-based services.”

Greg Strobel, CEO of HHAeXchange

Founded in 2008, HHAX offers a comprehensive software as a service (SaaS) platform to its customers that improves patient outcomes, drives operational efficiency and increases compliance across the homecare ecosystem. Its solutions are delivered through subscription-based enterprise and mobile tools and facilitate over 125 million annual visits for 650,000 caregivers across more than 44 states. Today, HHAX has global offices across North America, Europe, and Asia.

“HHAX provides a best-in-class SaaS platform to the homecare industry, with a vital mission to enable high-quality care in home and community-based settings. We’re excited to partner with a stellar team at both HHAX and Cressey to advance the Company’s mission and support its continued growth.”

Nick Crowne, Principal at Hg

“Hg has a strong focus on healthcare technology, with HHAX being our sixth current healthcare technology business across Europe and North America and our second investment in the sector in just the last few weeks, meaning Hg will have invested well over $1.5bn in the sector globally. We look forward to bringing this experience to the table and are delighted to partner with Greg, as well as the entire HHAX and Cressey teams.”

David Issott, Partner at Hg

“We are thrilled to welcome Hg as our and HHAX’s new partner, as the Company continues executing on its strategic plan and strengthening its leadership position in the homecare sector,”

Dave Rogero, Partner at Cressey

The terms of the transaction have not been disclosed. William Blair & Company advised HHAX and Cressey on the transaction. Lincoln International LLC were advisers to Hg.

 

Media Contacts:

HHAeXchange

Kaitlin Olcott

(631)-938-1479 x 5542

kolcott@hhaexchange.com

 

Cressey & Company

Chuck Dohrenwend / Will Braun

Abernathy MacGregor

212-371-5999

cod@abmac.com / whb@abmac.com

 

Hg

Tom Eckersley

Tom.Eckersley@hgcapital.com

+44 208 148 5401

Alex Yankus and Harry Mayfield (Brunswick, USA)

+1 917 818 5204

 

About HHAeXchange

Founded in 2008, HHAeXchange is the leading technology platform for homecare and self-direction program management. Developed specifically for Medicaid home and community-based services, the HHAeXchange platform connects state agencies, managed care payers, providers, and caregivers through its intuitive web-based platform, enabling unparalleled communication, transparency, efficiency, and compliance. For more information, visit hhaexchange.com.

 

About Cressey & Company LP

Based in Chicago, IL and Nashville, TN, Cressey & Company LP is a private investment firm focused on building leading healthcare services and information technology businesses. With a history spanning nearly 40 years, the Cressey & Company team is one of the most experienced and successful in the healthcare private equity field. For more information, visit cresseyco.com.

About Hg

Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialization and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $37 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $70 billion aggregate enterprise value, with over 55,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.

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MERIT Completes $20 Million Series A Funding Round Led By L Catterton’s Growth Fund

LCatterton

LOS ANGELES, Sept. 14, 2021 /PRNewswire/ — MERIT, the minimalist beauty brand led by CEO Katherine Power, is announcing a $20 million Series A funding round led by the Growth Fund of L Catterton, the largest global consumer-focused private equity firm. Marcy Venture Partners and Sonoma Brands also participated in the round. The transaction underscores strong investor confidence in MERIT’s success and consumer interest in the simplification of beauty routines, and the investment will accelerate MERIT’s rapid expansion into an omni-channel, cross-category beauty brand.

MERIT launched as a minimalist beauty line in January 2021 with a “five-minute morning” color cosmetics assortment. Since then, the brand has experienced exponential growth, driving an innovative direct-to-consumer strategy alongside aggressive retail expansion, including into Sephora U.S., Sephora Canada, and Sephora at Kohl’s.

The brand has challenged conventional beauty marketing and product formulation since its inception, pioneering a curated routine focused on ease of use and a holistic approach to clean and responsible luxury at an accessible price point that encourages brand loyalty through repeat purchase. With this funding round, MERIT will continue to grow its color cosmetics collection and expand into new categories. Additionally, L Catterton Vice President Courtney Nelson is joining MERIT’s Board of Directors.

“Our customer is a discerning individual who is selective about the brands and products they welcome into their life. At MERIT, we aim to serve our consumer in many aspects of their beauty and self-care routines,” says MERIT founder and CEO Katherine Power. “Our team is looking forward to collaborating with L Catterton and our other partners as we leverage their collective expertise scaling consumer brands to support the development of new products within and beyond clean color.”

This is Power’s fourth digitally native and data-informed brand serving millennial consumers. She previously founded media property Who What Wear, skincare brand Versed, and co-founded the natural wine label Avaline alongside Cameron Diaz.

MERIT has demonstrated an impressive track record in the beauty industry since its launch, and L Catterton looks forward to supporting the Company as it capitalizes on the growing color cosmetics category, expands into additional key growth categories, and becomes a defining example of a true modern lifestyle brand.

L Catterton has significant experience investing globally in the beauty and personal care category. Current and past investments include TULA, IL MAKIAGE, Function of Beauty, The Honest Company, Intercos, Marubi, Elemis, and many others.

About MERIT

MERIT is the antidote to the oversaturated world of beauty — well-edited essentials that have earned a place on your vanity. By taking a holistic approach to responsible luxury, MERIT creates products that are safe for the body, skin and planet. We simplify what it means to get ready.

For more information visit meritbeauty.com and @MERIT on social media.

About L Catterton

With approximately $30 billion of equity capital across its fund strategies and 17 offices around the world, L Catterton is the largest global consumer-focused private equity firm. L Catterton’s team of nearly 200 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad partnership network. Since 1989, the firm has made over 250 investments in leading consumer brands. For more information about L Catterton, please visit lcatterton.com.

Contacts:

MERIT
Allison Dent
Sunshine Sachs
merit@sunshinesachs.com

L Catterton
Andi Rose / Haley Salas
Joele Frank, Wilkinson Brimmer Katcher
+1 212-355-4449

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KLAR Partners funds invest in Oleter Group to build the leading Northern European provider of Property Damage Restoration (“PDR”) services

Klar Partners

KLAR Partners funds invest in Oleter Group to build the leading Northern European provider of Property Damage Restoration (“PDR”) services

Funds advised by KLAR Partners Limited (“KLAR Partners” or “KLAR”), have invested in Oleter Group, one of the Nordic region’s leading PDR providers. KLAR has invested as a growth partner alongside the existing owners and management with the objective of developing the company into the leading provider of PDR services in Northern Europe.

Oleter Group consists of Ocab and Frøiland Bygg Skade (FBS), market-leading providers of property damage restoration services. The service offering includes damage inspection, pest control and restoration of fire and water damage. The group has a strong geographical presence in Sweden and Norway with close to 1,700 employees in 90 locations. In 2020, Oleter Group had sales of approximately SEK 2 billion.

The investment in Oleter Group is in line with KLAR’s strategy to invest in companies providing mission-critical services in resilient and growing markets.

“Our investment in the Oleter Group is at the very core of KLAR’s expertise. The group is active in a highly attractive market and has a clear sustainability profile which forms a solid foundation on which we can build the next growth chapter of the business. We look forward to partnering with management and the team to build a leading northern European PDR platform,” said Petter Darin, KLAR Team Leader.

“We are excited to welcome KLAR as a new partner to accelerate the growth of Oleter Group, both organically and through acquisitions, into a market leader of PDR services. We share a strong focus on people and culture and in addition KLAR will contribute industry-specific experience and geographical reach to the team,” said Bo Ingemarson, Chairman of the Board, Oleter Group.

For more information:
Carl Johan Falkenberg
cj@klarpartners.com
+44 7918 941 391

Petter Darin
pd@klarpartners.com
+46 70 240 5015

About Oleter Group
Oleter Group is a leader in PDR in the Nordic region and consists of Ocab (dehumidification and decontamination services in Sweden), Frøiland Bygg Skade (PDR services in Norway), NHS (underground infrastructure services), MCM Relining and S-Pipe (relining), and Planea (property development consulting services). The business has a strong geographical presence with approximately 1,700 employees established in close to 90 locations in Norway and Sweden. The company benefits from close and stable customer relationships in stable markets with underlying secular growth trends. In 2020, the Group delivered SEK 2 billion of sales.

About KLAR Partners
KLAR Partners is a European private equity firm focused on investments in companies operating in business services and light industrials. The companies in which KLAR invests each have an annual turnover of approximately EUR 50-500m and are headquartered in the Nordics, Benelux or DACH regions. With investment professionals located in London, Stockholm, Frankfurt and Brussels, together with a broad international network in the industry, KLAR has a proven business model to support, develop and grow companies. KLAR’s senior professionals have worked together for many years and have more than 50 years of combined investment experience in KLAR’s industry-specific and geographical focus area. KLAR Partners is a signatory of United Nations Principles for Responsible Investment. More information about KLAR can be found on the company’s website at www.klarpartners.com.

Published September 13, 2021

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Apax Partners to sell a majority shareholding in Marlink to Providence Equity Partners

Ardian

13 September 2021 Co-Investment United-KIngdom, London

London and Paris, September 13, 2021 –  Apax Partners SAS (“Apax”), the leading European private equity firm based in Paris, announces that it has sold a majority stake in Marlink (the “Company”) to Providence Equity Partners (“Providence”), a leading private equity firm specializing in media, communications, education, software and services. The transaction values the Marlink Group at $1.4 billion. No further information on the terms of the transaction is disclosed.

  • The transaction values Marlink at $1.4 billion.
  • Marlink’s management team is significantly reinvesting in the transaction.
  • Ardian is also taking an equity stake.
  • The objective: to accelerate Marlink’s growth in the face of increasing broadband demand and the accelerating digitalization of its customers.

Convinced of the group’s growth prospects, Apax retains a significant minority stake in Marlink. Ardian and Marlink’s management team are also investing alongside Apax and Providence.

Based in Paris and Oslo, Marlink is the leading independent provider of communications services and solutions in the most remote areas of the world. The group serves the largest companies in the maritime and land-based sectors.

“Marlink offers a comprehensive set of smart grid solutions, combining terrestrial and satellite connectivity, computing, cloud, cybersecurity and IoT managed services,” said Karim Tabet, President and CEO of Providence. “We are thrilled to partner with such an outstanding company as Marlink. Along with Apax and Ardian, we look forward to supporting Erik Ceuppens and his team. As a leader in its market, Marlink wants to capitalize on the growing demand for digital solutions and broadband connectivity.”

Michael Vervisch, Managing Director of Providence, added: “We have been impressed with Marlink’s transformation into a leading broadband provider, able to operate its own network and generate economies of scale to become a leader within its industry. By offering digital solutions with real added value, among other things, we will be able to create real growth opportunities in the future.”

Bertrand Pivin, Partner at Apax, said: “Apax first invested in Marlink 15 years ago. Under the leadership of Erik Ceuppens, the company has completely transformed its value proposition, tripling its revenues and increasing its EBITDA by a factor of 10. It has become the world’s leading operator of satellite services, first in the maritime sector and more recently in the enterprise sector with the acquisition of ITC Global. The 10,000 broadband terminals installed around the world are a true lever for the design and delivery of critical digital services sought by Marlink’s direct customers in their strategic operations. We are convinced that Providence is a partner of choice to lead the next steps in the group’s development and are happy to continue the adventure with them.”

Erik Ceuppens, CEO of Marlink, said: “This major transaction demonstrates the confidence of our investors in the strength of our company and its development potential. Through significant organic growth and several targeted strategic acquisitions, Marlink has established itself as a leader in B2B satellite communication solutions. In line with its Smart Network strategy, Marlink is working hard to rapidly digitize its customers’ remote operations and support their sustainability. We are delighted to partner with leading private equity investors Providence and Ardian as our new majority shareholders, and to have the full support of our first ever investor Apax. With their support, our management team and our employees, we have all the keys in hand to take Marlink to the next level.”

Alexandre Motte, Head of Ardian Co-Investment, said: “Whether it is the company’s unique positioning in the B2B satellite communications industry or the various achievements of Erik and his team, we have been particularly impressed with Marlink. With new opportunities for growth – including significant acquisitions – and the increasing need for services and connectivity, we are excited to be a part of writing this new chapter in Marlink’s development. Many thanks to Marlink, Providence and Apax for their confidence. We look forward to contributing to this collaboration!”

Subject to customary and regulatory approvals, the transaction is expected to close in the first half of 2022.

Parties to the transaction

  • Providence

    • Providence : Karim Tabet, Michael Vervisch, Stefano Bosio, Tarik Ben Brahim
    • Conseils M&A : UBS (Christian Lesueur, Abhishek Dhacholia)
    • Conseils Capital Markets : DC Advisory (Ciara O’Neill)
    • Due Diligence commerciale : Arthur D. Little (Guillaume Picq, Matteo Ainardi)
    • Due Diligence financière : FTI Consulting (Aneesh Maloo, Thomas Rawlinson)
    • Juridique : Paul Hastings (Arthur de Baudry d’Asson), Allen & Overy (Vanessa Xu)
    • Fiscal : KPMG (Saul Russo)

  • Apax Partners

    • Apax : Bertrand Pivin, Vincent Colomb, Arnaud Vigier
    • Conseils M&A : Goldman Sachs (Céline Méchain, Thomas Gagnez), BNP Paribas (Sylvina Mayer, Marc Walbaum, Claire Ramaharobandro)
    • Due Diligence commerciale : BCG (Franck Luisada, Benjamin Sarfati)
    • Due Diligence financière : Deloitte (Leonardo Clavijo, Lisa Lauv, Christele Fraisse)
    • Corporate : Weil, Gotshal & Manges (Alexandre Duguay, Guillaume Bonnard)
    • Juridique / social : Mazars (Jérôme Gertler)
    • Fiscal : Taj (Olivier Venzal)

 

ABOUT PROVIDENCE EQUITY PARTNERS

Providence Equity Partners is a leading global private equity firm with nearly $45 billion in committed capital. Providence is a pioneer in the industry approach to private equity, cultivating the idea that a dedicated team of industry experts can build exceptional companies with enduring value. Since its founding in 1989, Providence has invested in more than 170 companies. It is a leading private equity firm focused on the media, telecommunications, education, software solutions and services sectors. Providence has a strong track record of investing in a variety of European TMT companies, including (between 2001 and 2021) Node4, MasMovil, Mach, MobilServ, M7 Group, Ono, Comhem, TDC, Eircom, Bite, Kabel Deutschland and Casema. Providence is headquartered in its namesake metropolis (in the U.S. state of Rhodes Island) and has a branch office in New York and another in London.

www.provequity.com

 

ABOUT D’APAX PARTNERS

Apax Partners is one of the leading private equity firms in Europe. With over 45 years of experience, Apax Partners supports companies over the long term to make them leaders in their sector. The funds managed and advised by Apax Partners amount to over €4.5 billion. These funds invest in high-growth SMEs and SMIs in four sectors of specialization: Tech & Telecom, Services, Healthcare and Consumer Goods.

www.apax.fr/en/

 

ABOUT MARLINK

Marlink Group, the leading independent provider of transmission services and solutions and a pioneer in its field, has been serving the world’s largest maritime and land-based businesses for 75 years. With expertise in the design, installation and operation of intelligent network solutions that combine hybrid connectivity with satellite and terrestrial links, Marlink enables businesses to stay connected at all times, while optimizing the performance of their operations wherever they are, in an increasingly intelligent, efficient and secure manner.

In addition to a range of unparalleled satellite and terrestrial connection services, Marlink offers a range of digital solutions such as network management, cloud access and cybersecurity. Marlink brings unique tailor-made fixed and mobile solutions to each project thanks to its expert teams, its powerful network, and its technology partners. More than 1,000 Marlink employees serve major global customers worldwide, with over 1,500 land-based VSAT installations and over 6,000 maritime VSATs.

More than 200,000 end-users rely on Marlink’s services, including the shipping, transportation, oil and mining industries, media, NGOs, and government institutions.

www.marlink.com

 

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$114bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.

Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 780 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,200 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

www.ardian.com

Press contact

PROVIDENCE EQUITY PARTNERS

Sard Verbinnen & Co CHARLIE CHICHESTER / RORY KING

Prov-SVC@sardverb.com

APAX PARTNERS

LAUREN BARDET Head of communication

Lauren.bardet@apax.com

MARLINK

JESSIKA DAMMERT Head of marketing and communication

Jessica.dammert@marlink.com +49 (0)175 581 541 3

ARDIAN – Image 7

FLORE LARGER/ ANNE-CHARLOTTE CREACH

ardian@image7.fr

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True takes D2C clean energy drink Sneak to next level.

True

True has acquired a majority stake in D2C zero sugar, energy drink

business Sneak to help supercharge international expansion, build out Sneak’s distribution channels and support the business as it continues to disrupt the traditional energy drink market with its creative approach to marketing and ecommerce.

Sneak, which was founded in 2018 by experienced consumer entrepreneurs Will Peirce and Jonny Teeling, is the product of many years of working together having founded a number of successful direct-to-consumer brands within the health and wellbeing space. In Sneak the pair have developed a strong brand identity, featuring an instantly recognisable rabbit logo, and built an engaged customer base who are fully invested in Sneak’s business model, buying into market ‘drops’, with Sneak’s limited-edition boxes often selling at five times their original sale cost on secondary markets. The result of this creative approach to commerce is that the business has grown over 200% annually in the last three years and is expected to generate £30m in sales next year.

Manchester-based Sneak has created an alternative to many of the legacy energy drinks on the market by producing a clean, powdered energy formula in tubs and sachets, as well as pre-mixed cans. Its range of exciting flavours, which are sugarfree and made entirely with natural colours and flavours are more suited to the next generation of consumers that care about the ingredients in their products. Notably in tandem, Sneak’s strong and vibrant brand identity resonates with its core customer-base of new-media creatives and gamers and features across its range of merchandise and lifestyle apparel.

The deal, which represents the first investment by True from its recently announced Fund III, will support co-founders Peirce and Teeling to explore retail options and build out Sneak’s distribution channels, from the strong digitally-led foundation it has today, as well as accelerate international expansion. Currently over half of Sneak’s customers are in the UK with a third in the US and growing.

Sneak Co-founder Jonny Teeling says: “Will and I are delighted to have found an investment partner that slots in so naturally to our company. The team at True seemed to get us and the Sneak brand straight away. They place people and culture at the top of the priority list, which was highly important to us and overall, they seem very different, and more human, to how we’d imagined private equity investors to be. We’re really excited to have True alongside us for this next phase of our journey.”

True Co-founder Paul Cocker and Sneak board member says: “Jonny and Will have done a fantastic job of bringing a clean, differentiated energy drink to market and creating a brand that truly resonates with Sneak’s core customer base of next generation gamers and creatives. They’ve also built a fantastic team and a culture that’s very aligned with our own – they’ve been deliberate in trying to find a partner that can help them with the next stage of their growth and we are looking forward to utilising both our digital expertise and our international network across grocery and retail.”

Sneak joins True’s portfolio of disruptive consumer brands that include: virtual fitness community Zwift, healthy food group Soulfresh, women’s loungewear hush, organic kidswear label Frugi, British cycling brand Ribble and online furniture retailer The Cotswold Company. By joining the portfolio Sneak will become part of a network that spans from the emerging technologies and early-stage disruptors of the industry such as workplace mental health platform Unmind and fulfilment technology Huboo Technologies, through to the leading retailers and consumer groups that sit in True’s innovation programme such as Morrisons, Coca-Cola European Partners and 7-Eleven.

The acquisition comes at a time following a number of key milestone accomplishments at True including raising a new £275m private equity fund and becoming one of only a few investment firms globally to achieve B Corporation Certification.

True was advised by Stephens, Jones Day and PwC. Sneak was advised by Spayne Lindsay & Co, Addleshaw Goddard, and KPMG. You can find out more about why True invested in Sneak here and for any questions around the deal please contact Investment Principal Richard Brick.

09 September 2021

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