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Trustar Capital Completes Acquisition of Leading Throat Health Enterprise Guilong Pharmaceutical

Citic Capital

(Hong Kong, 2 April 2024) – Trustar Capital (the private equity affiliate of CITIC Capital Holdings Limited)
is pleased to announce the successful completion of the acquisition of leading throat healthcare
company Guilong Pharmaceutical (Anhui) Co., Ltd. (“Guilong Pharmaceutical”, or the “Company”) via its
China buyout fund. This acquisition marks a significant milestone in Trustar Capital’s investment strategy
in the OTC pharmaceutical and wellness industry.

Established in 1989, Guilong Pharmaceutical has a rich history of over 30 years. Guided by the mission
of “Inheriting the Essence of Chinese Medicine, Promoting Public Health”, Guilong Pharmaceutical has
continuously pursued research and innovation to enrich its product portfolio, covering both the OTC
pharmaceutical and the larger wellness sector. Over the years, the company has successfully built two
well-known brands, Guilong ( ) and Manyanshuning ( ), offering a comprehensive selection
of solutions for throat problems spanning from mild to severe conditions. Additionally, Guilong
Pharmaceutical has expanded its product line into the broader wellness sector, providing consumers
with a diverse selection of products for throat health and related areas.

With the increasing demand for medical health, the OTC pharmaceutical and wellness industry in China
has a promising outlook. OTC pharmaceuticals play a crucial role in improving treatment accessibility
and reducing healthcare costs. In recent years, there has been a significant surge in China’s self-care and
self-medication markets, bolstered by the extensive support from national policies. Furthermore, factors
such as an aging population, heightened public health awareness, tech innovation, and pervasive
healthcare reform will continue to drive steady growth in the Chinese OTC pharmaceutical market.
According to IQVIA, a leading global healthcare service provider, the market size of OTC sector will
exceed RMB300 billion by 2025.

Feng DAI, general manager of Guilong Pharmaceutical, said: “Since its establishment over 30 years ago,
Guilong Pharmaceutical has consistently focused on the needs of consumers, laid great emphasis on
product efficacy and quality management, and regarded product competitiveness as a backbone of the
brand, hence has built a leading reputation in the throat health sector. In the future, under the support of
Trustar Capital, Guilong Pharmaceutical will actively expand the treatment offerings, enhance product
portfolio, and improve omnichannel presence to strengthen our leading position in the OTC
pharmaceutical markets.”

Yan ZHAO, Partner of Trustar Capital, said: “We are optimistic about the future of China’s OTC
pharmaceuticals industry. We highly recognize Guilong’s excellent reputation in the market and their
iconic brand and are excited to work with the outstanding and energetic management team led by general
manager DAI Feng. Looking ahead, we aim to utilize our resources and post-investment experience to
further empower the company. Additionally, we plan to leverage our M&A expertise and network to
expand Guilong Pharmaceutical’s product line and treatment offerings, driving sustainable growth going
forward.”

Trustar Capital has significant investment experience in the healthcare sector, focusing on
comprehensively and continuously integrating resources and expanding the industry, and has
established a rich ecosystem of portfolio enterprises, including Harbin Pharmaceutical Group, GNC,
Taibang Biologic Group, Jissbon, Genertec Universal Medical, Hygeia Healthcare, Genesis MedTech,
MedAlliance and other high-quality enterprises. This acquisition of Guilong Pharmaceutical aligns
perfectly with Trustar Capital’s buyout investment strategy. It also showcases Trustar Capital’s deep
experience and strong capabilities when it comes to multinational corporations carving out their Chinese
businesses. Moving forward, Trustar Capital will remain focused on mergers and integration within the
OTC pharmaceutical and wellness space and create long-term value by building out a complete suite of
public health services over the long run.

About Trustar Capital
Trustar Capital, the private equity affiliate of CITIC Capital Holdings Limited, focuses on control buyout
opportunities globally and has completed around 100 investments since inception across China, Japan,
U.S., Europe, etc. Trustar Capital currently manages USD8.7 billion of committed capital. For more
information, please visit http://www.trustarcapital.com/.
Founded in 2002, CITIC Capital Holdings Limited is an alternative investment management and advisory
company. The firm manages over USD16 billion of capital across 100 funds and investment products
through its multiple asset class platform covering private equity, real estate, structured investment &
finance, and asset management. CITIC Capital has over 290 portfolio companies that span 11 sectors
and employ over 500,000 people around the world.

For media enquiries, please contact:
Cindy TAM
Director, Corporate Relations
CITIC Capital Holdings Limited
Tel: +852 3710 6813
cindytam@citiccapital.com
Irene GAO
Senior Associate, Corporate Relations
CITIC Capital Holdings Limited
Tel: +852 3710 6814
irenegao@citiccapital.com

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The Rawlings Group Announces Growth Investment from New Mountain Capital

New Mountain Capital

Investment supports the acceleration of Rawlings’ strategic roadmap, capability expansion, and product development with a focus on delivering greater value for its clients

NEW YORK & LA GRANGE, KY – April 2, 2024 – The Rawlings Group (“Rawlings” or the “Company”), a leading coverage analytics provider ensuring payment accuracy on behalf of its health plan clients, today announced a strategic investment from affiliates of New Mountain Capital, LLC (“New Mountain”), a leading growth-oriented investment firm with approximately $50 billion in assets under management. New Mountain is partnering with the Rawlings management team to support the next phase of growth for the Company, including investments in artificial intelligence, product development, and expansion into new markets and capabilities.

Rawlings is a leading technology-enabled payment integrity provider that delivers significant savings for its health insurance clients by identifying the correct third parties responsible for paying medical claims across its subrogation, workers’ compensation, coordination of benefits, and drug claim payment integrity offerings. The Company achieves meaningful financial outcomes for its clients through its differentiated subject matter expertise, longstanding commitment to service and quality, and proprietary technology platforms.

Founded by the late George Rawlings in 1977, the Company has been partnering with health insurance clients for more than 45 years to lower the cost of healthcare. Rawlings created the first ever subrogation outsourcing solution and soon after launched coordination of benefits and pharmaceutical claims recovery offerings that form the foundation of the Company’s capabilities today. Today, Rawlings serves more than 30 health insurance companies and delivers more than $1.5 billion in annual savings for its clients.

“George Rawlings built the industry leader in the payment integrity solutions we provide. With the help of our new partners, the company will continue its growth and success on behalf of health insurers,” said Ryan Little, CEO of The Rawlings Group. “With New Mountain Capital, we are equipped with the resources to accelerate our planned investments in technology, talent development, and innovative payment integrity solutions. We could not be more excited about the future and the role we’ll play in enhancing the experience of all stakeholders in the healthcare ecosystem.”

“We have long admired the Rawlings business and the Company’s reputation for outstanding client outcomes,” said Matt Holt, Managing Director and President, Private Equity at New Mountain. “New Mountain’s deep experience in healthcare technology and payer services, as well as its philosophy of building great businesses, will support Rawlings as the Company accelerates its strategic vision through investing in cutting-edge technology and AI capabilities, while building on its strong market reputation and client relationships.”

“Rising healthcare costs and increasing payment complexity create a significant need for firms that can help health insurance companies navigate these market dynamics. Rawlings’ deep subject matter expertise, augmented by its proprietary technology platform, positions the Company as a leading player in the coverage analytics space that delivers hard dollar savings for its clients,” added Brian Murphy, Managing Director at New Mountain. “We are excited to partner with the entire Rawlings organization to support the next phase of growth for the Company.”

Barclays served as financial advisor to Rawlings, and Debevoise & Plimpton LLP and Dentons Bingham Greenebaum LLP served as its legal advisors. AMB Investment Bank served as financial advisor and Ropes & Gray LLP served as legal advisor to New Mountain Capital.

About New Mountain Capital

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit, and net lease investment strategies with approximately $50 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit http://www.newmountaincapital.com.

About Rawlings

Rawlings, founded in 1977 and based in La Grange, Kentucky, is a leading technology-enabled coverage analytics provider that delivers savings for its health insurance clients by identifying liable third parties responsible for paying medical claims across its subrogation, coordination of benefits, and drug claim payment integrity offerings. For more information on Rawlings, please visit https://www.rawlingsgroup.com.

Media Contacts

New Mountain Capital

Dana Gorman

H/Advisors Abernathy

(212) 237 – 5999

dana.gorman@h-advisors.global

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iCapital to Acquire Mirador, a Leading Financial Technology Provider of Consolidated Reporting and Data Management

Aquiline

NEW YORK–(BUSINESS WIRE)–iCapital1, the global fintech platform driving the world’s alternative investment marketplace for the wealth management industry, and Mirador, a leading technology-enabled provider of investment data aggregation and financial reporting across both alternative and traditional investments, today announced they have entered into a definitive agreement under which iCapital will acquire Mirador. With the acquisition, iCapital will expand its data management and reporting capabilities to create an enhanced technology experience for clients in the wealth management, family office, endowment, and foundation segments.

“Mirador has set the industry standard for managing data with leading third-party performance reporting providers,” said Lawrence Calcano, Chairman and CEO of iCapital. “This acquisition further enhances and broadens the service model iCapital delivers through our market-leading alternative investment operating system and allows us to deliver on our goal of creating a reliable end-to-end data management capability for the industry.”

Mr. Calcano further commented, “Integrating Mirador’s exceptional financial reporting capabilities creates a holistic solution for both wealth and asset managers.”

Mirador delivers an array of services for its client base, including advisors serving high-net-worth investors, family offices, endowments, and foundations. Mirador’s offerings include consolidated financial reporting, private investment support, offline and alternative investment data management, K-1 document management, and compensation management for wealth management firms. Mirador also has a technology consulting team offering custom wealth technology solutions.

“Mirador and iCapital share a commitment to provide the wealth management community with easier access to alternative investments. By combining Mirador’s data aggregation, comprehensive reporting capabilities, and customizable service model with iCapital’s scale, global reach, and industry-leading technology solutions, we will offer clients of both firms a robust suite of enhanced resources,” said Joseph Larizza, CEO and President of Mirador. “Together, we meet clients precisely where they are and provide an experience without rival when integrating alternatives into investment portfolios.”

iCapital’s platform, analytic tools, and advisor education resources enable wealth managers and fund managers to streamline their operational infrastructures to provide advisors and high-net-worth investors with a digital investing experience across a broad spectrum of alternative investments – including private equity, private credit, real assets, hedge funds, registered funds, structured investments, and annuities.

As part of the transaction, over 180 employees of Mirador are expected to join iCapital. Terms of the agreement were not disclosed.

Morgan Stanley & Co. LLC and Goodwin Proctor LLP are serving as advisors to iCapital. Raymond James and DBM Legal Services LLC are serving as advisors to Mirador.

About iCapital iCapital powers the world’s alternative investment marketplace offering a complete suite of tools, end-to-end enterprise solutions, data management and distribution capabilities and an innovative operating system. iCapital is the trusted technology partner to independent financial advisors, wealth managers, and asset managers, offering unrivaled access, technology, and education to incorporate alternative assets into the core portfolio strategies for their clients.

At the forefront of the digital transformation in alternative investing, iCapital’s secure platform delivers a complete portfolio of management capabilities for education, transactions, data flows, analytics, and client support throughout the investment lifecycle. With $180.92 billion in global platform assets, the iCapital operating system automates and streamlines the complex process of private market investing and seamlessly integrates with clients’ existing infrastructure platform and tools.

iCapital employs more than 1200 people globally, and has 13 offices worldwide including New York, Greenwich, Zurich, Lisbon, London, Hong Kong, Singapore, Tokyo, and Toronto. iCapital has consistently been recognized for its outstanding innovation, fintech industry leadership, and performance including Forbes Fintech 50 for 2018, 2019, 2020, 2021, 2022, 2023, and 2024 and MMI/Barron’s Industry Awards as Solutions Provider of the Year for 2020, 2021, 2022, and 2023.

For more information, visit icapital.com | Twitter (X): @icapitalnetwork | LinkedIn: https://www.linkedin.com/company/icapital-network-inc/

About Mirador, Inc. Grounded in Wall Street and enabled by technology, Mirador combines powerful data science and deep financial expertise to provide best-in-breed financial reporting services, middle office services, and technology solutions and products to the U/HNW wealth management industry. Through partnerships with leading technology platforms, Mirador’s flagship award-winning consolidated reporting creates insightful, consolidated, real-time views of all assets and liabilities – what they are, who holds them, how ownership is divided, how they’re invested, and how they’re performing – strategically constructed to identify opportunities and expose financial risks.

Founded in 2015, the firm employs over 180 professionals working from offices in Stamford, CT (HQ), Chicago, IL, Jacksonville, FL, Salt Lake City, UT, Edinburgh, Scotland and London, England, and supports the performance reporting requirements of family offices, wealth managers, endowments, and foundations throughout North America, South America, EMEA, and Asia Pacific.

For more information on Mirador, please visit www.Mirador.com.

SOURCE Business Wire

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Platinum Equity Completes Acquisition of Horizon Organic and Wallaby from Danone

Platinum

Leading dairy products brands projected to benefit from Platinum Equity’s carve-out experience and operational expertise

LOS ANGELES (April 2, 2024) – Platinum Equity today announced that the acquisition of a majority interest in Horizon Organic and Wallaby from Danone has been completed.

Horizon Organic is the largest USDA-certified organic dairy brand in the world and is a pioneer in dairy beverages, having introduced the first organic milk available coast to coast in the United States in 1991. Horizon Organic’s portfolio of organic dairy products includes milk, creamers and whiteners, yogurt, cheese and butter.

The acquisition also includes the Wallaby brand, an Australian-inspired Greek-style yogurt made with organic milk and premium ingredients.

Platinum Equity Completes Acquisition of Horizon Organic and Wallaby from Danone

“Horizon Organic is an iconic name in dairy that is well recognized and beloved by consumers,” said Platinum Equity Co-President Louis Samson. “The brand has earned a reputation for quality and innovation that is unmatched in the industry. We appreciate Danone’s confidence in our ability to build on that legacy and support Horizon Organic’s growth as a standalone company.”

The US dairy category is estimated at $68 billion with milk comprising approximately $17 billion of that total.

“Premium offerings, including organic and value-added products, are driving the growth in the dairy milk category,” said Platinum Equity Managing Director Adam Cooper. “Horizon Organic is a pioneer of that segment and is in position to continue capitalizing on and accelerating the trend.”

Platinum Equity has decades of experience acquiring and operating global businesses that have been part of large corporate entities. The firm recently announced the pending acquisition of Kohler Energy from Kohler Co. In recent years Platinum Equity has also acquired businesses from firms like Ball Corporation, Caterpillar, ConAgra, Emerson Electric, Ingersoll Rand and Johnson & Johnson, among others.

“We are excited about Horizon Organic’s potential as an independent business with a renewed sense of focus and a commitment to investing in its success,” said Cooper. “We have a lot of experience supporting food and beverage businesses. We look forward to partnering with Horizon Organic’s management team to ensure a seamless transition and chart a path for continued growth and expansion.”

“With confidence in our brands and people, we are excited to build a bright future for Horizon Organic,” said Horizon Organic CEO Tyler Holm. “Leveraging Platinum’s operational capabilities and expertise, we’re well positioned for growth and accelerated performance to best serve our customers and consumers while deepening our farmer partnerships and focusing on breakthrough product innovation.”

Platinum Equity’s current portfolio includes Biscuit International, a European manufacturer of private-label sweet biscuits, wine producer Fantini Group Vini and seafood provider Iberconsa. Previous Platinum Equity investments include JM Swank, a food ingredients distributor acquired from ConAgra, and Harvest Meat Company, a US distributor of packaged meat and bakery products.

Morgan Lewis served as legal advisor and Alston & Bird served as debt financing counsel to Platinum Equity.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $47 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.

About Danone (www.danone.com)

Danone is a leading global food and beverage company operating in three health-focused, fast-growing and on-trend Categories: Essential Dairy & Plant-Based products, Waters and Specialized Nutrition. With a long-standing mission of bringing health through food to as many people as possible, Danone aims to inspire healthier and more sustainable eating and drinking practices while committing to achieve measurable nutritional, social, societal and environment impact. Danone has defined its “Renew” strategy to restore growth, competitiveness, and value creation for the long-term. With almost 90,000 employees, and products sold in over 120 markets, Danone generated €27.6 billion in sales in 2023. Danone’s portfolio includes leading international brands (Actimel, Activia, Alpro, Aptamil, Danette, Danio, Danonino, evian, Nutricia, Nutrilon, Volvic, among others) as well as strong local and regional brands (including AQUA, Blédina, Bonafont, Cow & Gate, Mizone, Oikos and Silk). Listed on Euronext Paris and present on the OTCQX platform via an ADR (American Depositary Receipt) program, Danone is a component stock of leading sustainability indexes including the ones managed by Moody’s and Sustainalytics, as well as MSCI ESG Indexes, FTSE4Good Index Series, Bloomberg Gender Equality Index, and Access to Nutrition Index. Danone’s ambition is to be B CorpTM certified at global level in 2025.

About Horizon Organic®

Horizon Organic has been producing great-tasting organic milk since 1991. From the start, Horizon has remained committed to protecting a healthy planet and hasn’t stopped working toward raising the bar as a leading organic milk producer in the U.S. In 2017, Horizon Organic became a brand of Danone North America. Today, Horizon works with more than 600 family farmers across the U.S. For more information on Horizon’s full portfolio of organic dairy products, visit Horizon.com.

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iCapital to Acquire Mirador, a Leading Financial Technology Provider of Consolidated Reporting and Data Management

Aquiline

NEW YORK–(BUSINESS WIRE)–iCapital1, the global fintech platform driving the world’s alternative investment marketplace for the wealth management industry, and Mirador, a leading technology-enabled provider of investment data aggregation and financial reporting across both alternative and traditional investments, today announced they have entered into a definitive agreement under which iCapital will acquire Mirador. With the acquisition, iCapital will expand its data management and reporting capabilities to create an enhanced technology experience for clients in the wealth management, family office, endowment, and foundation segments.

“Mirador has set the industry standard for managing data with leading third-party performance reporting providers,” said Lawrence Calcano, Chairman and CEO of iCapital. “This acquisition further enhances and broadens the service model iCapital delivers through our market-leading alternative investment operating system and allows us to deliver on our goal of creating a reliable end-to-end data management capability for the industry.”

Mr. Calcano further commented, “Integrating Mirador’s exceptional financial reporting capabilities creates a holistic solution for both wealth and asset managers.”

Mirador delivers an array of services for its client base, including advisors serving high-net-worth investors, family offices, endowments, and foundations. Mirador’s offerings include consolidated financial reporting, private investment support, offline and alternative investment data management, K-1 document management, and compensation management for wealth management firms. Mirador also has a technology consulting team offering custom wealth technology solutions.

“Mirador and iCapital share a commitment to provide the wealth management community with easier access to alternative investments. By combining Mirador’s data aggregation, comprehensive reporting capabilities, and customizable service model with iCapital’s scale, global reach, and industry-leading technology solutions, we will offer clients of both firms a robust suite of enhanced resources,” said Joseph Larizza, CEO and President of Mirador. “Together, we meet clients precisely where they are and provide an experience without rival when integrating alternatives into investment portfolios.”

iCapital’s platform, analytic tools, and advisor education resources enable wealth managers and fund managers to streamline their operational infrastructures to provide advisors and high-net-worth investors with a digital investing experience across a broad spectrum of alternative investments – including private equity, private credit, real assets, hedge funds, registered funds, structured investments, and annuities.

As part of the transaction, over 180 employees of Mirador are expected to join iCapital. Terms of the agreement were not disclosed.

Morgan Stanley & Co. LLC and Goodwin Proctor LLP are serving as advisors to iCapital. Raymond James and DBM Legal Services LLC are serving as advisors to Mirador.

About iCapital iCapital powers the world’s alternative investment marketplace offering a complete suite of tools, end-to-end enterprise solutions, data management and distribution capabilities and an innovative operating system. iCapital is the trusted technology partner to independent financial advisors, wealth managers, and asset managers, offering unrivaled access, technology, and education to incorporate alternative assets into the core portfolio strategies for their clients.

At the forefront of the digital transformation in alternative investing, iCapital’s secure platform delivers a complete portfolio of management capabilities for education, transactions, data flows, analytics, and client support throughout the investment lifecycle. With $180.92 billion in global platform assets, the iCapital operating system automates and streamlines the complex process of private market investing and seamlessly integrates with clients’ existing infrastructure platform and tools.

iCapital employs more than 1200 people globally, and has 13 offices worldwide including New York, Greenwich, Zurich, Lisbon, London, Hong Kong, Singapore, Tokyo, and Toronto. iCapital has consistently been recognized for its outstanding innovation, fintech industry leadership, and performance including Forbes Fintech 50 for 2018, 2019, 2020, 2021, 2022, 2023, and 2024 and MMI/Barron’s Industry Awards as Solutions Provider of the Year for 2020, 2021, 2022, and 2023.

For more information, visit icapital.com | Twitter (X): @icapitalnetwork | LinkedIn: https://www.linkedin.com/company/icapital-network-inc/

About Mirador, Inc. Grounded in Wall Street and enabled by technology, Mirador combines powerful data science and deep financial expertise to provide best-in-breed financial reporting services, middle office services, and technology solutions and products to the U/HNW wealth management industry. Through partnerships with leading technology platforms, Mirador’s flagship award-winning consolidated reporting creates insightful, consolidated, real-time views of all assets and liabilities – what they are, who holds them, how ownership is divided, how they’re invested, and how they’re performing – strategically constructed to identify opportunities and expose financial risks.

Founded in 2015, the firm employs over 180 professionals working from offices in Stamford, CT (HQ), Chicago, IL, Jacksonville, FL, Salt Lake City, UT, Edinburgh, Scotland and London, England, and supports the performance reporting requirements of family offices, wealth managers, endowments, and foundations throughout North America, South America, EMEA, and Asia Pacific.

For more information on Mirador, please visit www.Mirador.com.

SOURCE Business Wire

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Shermco Industries Acquires Power Test, a Leading NETA Testing Company

Gryphon Investors

Supports the Company’s strategic expansion while strengthening its position in the Southeast

Irving, TX – April 2, 2024 —

 

Shermco Industries, Inc. (“Shermco”), one of North America’s largest and fastest growing providers of electrical testing, maintenance, commissioning and repair services, announced today it has completed the acquisition of Power Test, Inc. (“Power Test”), a NETA-accredited electrical testing business based in Harrisburg, NC. Terms of the transaction were not disclosed.

Since 2005, Power Test has been a leader in providing field service, maintenance, testing, repair and analysis of power distribution systems and equipment to numerous customers in Charlotte and Raleigh, NC and surrounding areas. Power Test is accredited by NETA, the InterNational Electrical Testing Association.

The Power Test management team, including Ron McCormick, Doug Templeton and Rich Walker, will join Shermco following the acquisition. Leveraging the support and resources of the wider Shermco organization, the team will continue to offer unmatched service excellence and a rigorous focus on safety, aligning with Shermco’s foundational values.

“This strategic acquisition is a significant milestone in our journey towards expanding and enhancing Shermco’s service offerings in the southeastern United States, and we anticipate continuing our acquisition strategy to expand our presence in key markets,” said Phil Petrocelli, CEO of Shermco.

Doug Templeton, owner at Power Test, added, “We are very excited to join the Shermco team, which shares our dedication to maintaining the highest standards in safety and professionalism for both our employees and clients. Their additional resources and expertise will allow us to continue to grow and add innovative services.”

Shermco is majority-owned by San Francisco-based Gryphon Investors, a leading middle-market private equity firm.

About Shermco
Headquartered in Irving, TX, Shermco provides electrical testing, maintenance, commissioning and repair services to a wide range of utility, industrial, energy and other end markets. With more than 40 locations, Shermco serves a diversified blue-chip client base across North America. The Company is an active participant in NETA (the InterNational Electrical Testing Association), EASA (Electrical Apparatus Service Association), and AWEA (American Wind Energy Association). For more information, visit www.shermco.com.

About Gryphon Investors
Gryphon Investors (https://www.gryphon-inv.com/) is a leading middle-market private equity firm focused on profitably-growing and competitively-advantaged companies in the Business Services, Consumer, Healthcare, Industrial Growth, and Software sectors. With approximately $9 billion of assets under management, Gryphon prioritizes investments in which it can form strong partnerships with founders, owners, and executives to accelerate the building of leading companies and generate enduring value through its integrated deal and operations business model. Gryphon’s highly-differentiated model integrates its well-proven Operations Resources Group, which is led by full-time, Gryphon senior operating executives with general management, human capital acquisition and development, treasury, finance, and accounting expertises. Gryphon’s three core investment strategies include its Flagship, Heritage, and Junior Capital strategies, each with dedicated funds of capital. The Flagship and Heritage strategies target equity investments of $50 million to $350 million per portfolio company. The Junior Capital strategy targets investments in junior securities of credit facilities, arranged by leading middle-market lenders, in both Gryphon-controlled companies, as well as in other private equity-backed companies operating in Gryphon’s targeted investment sectors.

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ServiceTitan Supercharges Commercial Capabilities with Acquisition of Convex

Thomabravo

LOS ANGELES—ServiceTitan, a leading software platform built to power the trades, announced today that it has entered into a definitive agreement to acquire Convex, a leading sales and marketing platform purpose-built for the commercial services industry. For years, ServiceTitan and Convex have independently invested significant amounts of capital in building best-in-class software for commercial contractors, with a deep focus on driving ROI and positive business outcomes for their customers. This new partnership will help deliver an industry-leading end-to-end solution that enables commercial businesses to grow profitably – from initial outreach to new prospects, through work order execution, invoicing, job costing, and everything in between.

“ServiceTitan is on a mission to build technology that significantly improves the lives of every single contractor,” said Ara Mahdessian, CEO and co-founder of ServiceTitan. “We are laser focused on delivering high ROI, purpose-built software for the commercial services industry. Commercial businesses deserve a platform that works as hard as they do – a platform that can help them operate and enable profitable growth for decades to come. I’m thrilled to welcome Convex to the ServiceTitan family as we collectively join forces to continue executing on this ambitious vision.”

Founded in 2017, Convex was built to modernize the commercial services industry with data-driven solutions that increase revenue for contractors by improving their go-to-market strategies and execution.

Convex’s purpose-built platform allows commercial businesses to:

  • Plan their growth strategies with one of the most comprehensive views of the market available, including property, contact, business, and permit data
  • Target high-value opportunities to identify new business and expand existing relationships
  • Engage customers at the right time, with the right messaging to win their business
  • Manage revenue teams to drive both consistent and predictable growth

“Our mission at Convex is to provide commercial services businesses with the tools and technology they need to win in their market,” said Charlie Warren, CEO and co-founder of Convex. “ServiceTitan and Convex have both been battle tested, empowering contractors to succeed even amidst a challenging labor market. Together, our companies can deliver an unparalleled end-to-end customer experience in the commercial market. I look forward to partnering with Ara and Vahe as we embark on this new chapter to collectively enable commercial businesses to grow profitably.”

Last year, ServiceTitan released a definitive market report on the Commercial Service Industry, providing insights into challenges and opportunities facing the market, as well as strategies businesses are employing by leveraging digital tools to stay competitive. The report surveyed more than 1,000 commercial contractors and found that 70% did not see an increase in revenue and 39% experienced a decrease in their revenue. However, in 2023, Convex helped its customers drive nearly $1.5 billion in incremental growth, and an estimated $3 billion in revenue. Convex customers also experienced a 9x median ROI in year one on average, with the software paying itself back in days, not months [1]. With this partnership, the impact that ServiceTitan and Convex can jointly enable for commercial services business increases significantly.

Together, ServiceTitan and Convex are excited to invest in making the Convex platform even better, creating greater value and ROI for commercial contractors. To ensure a seamless transition and integration of the Convex platform, Charlie Warren will continue serving as Convex CEO, and co-founder Blake Meulmester, will continue leading Convex’s product driving forward the joint mission of bringing revenue generation capabilities to all commercial services businesses across the industry.

ServiceTitan’s acquisition of Convex is subject to the satisfaction or waiver of certain closing conditions contained in the definitive agreement.

About ServiceTitan

ServiceTitan is a cloud-based software platform built to power trades businesses. The company’s end-to-end solution gives contractors the tools they need to run and grow their business, manage their back office, and provide a stellar customer experience. By bringing an integrated SaaS platform to an industry historically underserved by technology, ServiceTitan is equipping tradespeople with the technology they need to keep the world running. ServiceTitan is backed by world-class investors including Battery Ventures, Bessemer Venture Partners, Coatue, CPP Investments, Dragoneer Investment Group, Durable Capital Partners LP, Generation Investment Management, ICONIQ Growth, Index Ventures, Sequoia Capital, Thoma Bravo, TPG, and T. Rowe Price.

About Convex

Convex is a leading sales and marketing platform for the commercial services industry. Founded in 2017, Convex helps service businesses target and engage their customers through unique offerings in Property Intelligence, Sales Intelligence, Sales Engagement, CRM, and Buyer Intent. Unlike horizontal solutions, the Company leverages AI-powered insights and purpose built workflows that drive high ROI and scale efficient teams. Convex is headquartered in San Francisco.

Read the release on the ServiceTitan website here.

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CD&R to Acquire Presidio from BC Partners

Clayton Dubilier Rice

Positions the Company to Expand Its Digital Solutions and Managed Cloud Services Offerings to Accelerate Growth

BC Partners to Retain Minority Ownership Position

Presidio
Tuesday, April 2, 2024
New York

Clayton Dubilier & Rice (“CD&R” or the “Firm”) and BC Partners today announced that they have entered into a definitive agreement under which funds affiliated with CD&R will acquire a majority ownership position in Presidio, a leading technology services and solutions provider, from BC Partners. As part of the transaction, funds affiliated with BC Partners will retain minority ownership interest in Presidio. Terms of the transaction were not disclosed.

With more than 6,660 customers, relationships with leading technology providers such as Amazon, Palo Alto Networks, Microsoft, Google, Cisco and Dell and more than 3,500 team members, Presidio is a leading provider of IT and digital solutions. It offers customers a full suite of solutions from data and analytics, cloud services, cybersecurity solutions and infrastructure to keep pace with evolving digital transformation, rising security needs, and new workplace demands.

“CD&R is an experienced technology investor with a longstanding track record of applying an operational mindset to build businesses with enduring value, and our leadership team and I are excited to welcome CD&R as Presidio’s new investment partner,” said Bob Cagnazzi, CEO of Presidio. “We remain committed to growing by continuing to deliver high-quality technology solutions and services to help our customers deliver impactful outcomes through the strategic use of technology. The technology depth of our Presidio team, along with the operating expertise of CD&R and continued support of BC Partners, will help us execute on our ongoing business evolution to deliver world-class solutions to customers, drive deeper relationships with our technology ecosystem partners, and create opportunities for our employees worldwide.”

Mr. Cagnazzi continued, “I would like to thank BC Partners for their true partnership, as we expanded our offerings as a leading technology services and solutions provider. We are well positioned for the future and look forward to working closely with our investors as we advance our business strategy.”

BC Partners acquired Presidio in 2019, successfully delisting the Company from the Nasdaq in a $2.1 billion take private transaction. Under BC Partners’ ownership, Presidio initiated and completed a transformative growth plan, developing a leading cloud services business and expanding internationally. In turn, the Company realized strong growth across key financial metrics.

“It has been a pleasure to partner with Bob Cagnazzi and the entire Presidio team, who have done an incredible job of transforming the business and positioning it as a true global market leader,” said Fahim Ahmed, Partner at BC Partners. “Over the last four years, Presidio has expanded its portfolio in critical offerings such as cloud services and compelling new geographies. This investment further exemplifies BC Partners’ proven approach of working closely with our portfolio partners to help them accelerate their growth trajectories and reach their potential, for the benefit of all stakeholders. Presidio is well positioned for continued success, and we look forward to their next chapter of growth.”

Upon completion of the transaction, CD&R Operating Partner Bill Berutti will serve as Chair of Presidio’s Board of Directors.

“Presidio is at an important and exciting inflection point, and we are thrilled to have the opportunity to partner with Bob and his colleagues and the BC Partners team to help the company seize the numerous growth opportunities in front of it,” said Bill Berutti, Operating Partner at CD&R and former CEO of Plex Systems. “We have followed Presidio closely for some time and continue to be impressed by its growth and the management team’s strategic vision and execution abilities. We are excited to support the business and build on the already strong relationships they have with their customers.”

“We look forward to bringing our technology and distribution experience to further deepen Presidio’s technology ecosystem relationships and expand the company’s software, cloud and managed services offerings to make Presidio an even more valuable and trusted partner to its customers,” said Harsh Agarwal, Partner at CD&R.

The transaction is expected to close in the second quarter of 2024, subject to customary closing conditions.

J.P. Morgan Securities LLC, Citi, Wells Fargo, RBC Capital Markets LLC, BNP Paribas Securities Corp., UBS Investment Bank and Deutsche Bank Securities Inc. provided financing and served as financial advisors to CD&R. Debevoise & Plimpton LLP served as legal advisor to CD&R. Guggenheim Securities, LLC and LionTree Advisors served as financial advisors to BC Partners and Kirkland & Ellis LLP acted as legal advisor.

About Presidio
At Presidio, speed and quality meet technology and innovation. With a decades-long history of building traditional IT foundations and deep expertise in automation, security, networking, digital transformation, and cloud computing, Presidio is a trusted ally for organizations across industries. Presidio fills in gaps, removes hurdles, optimizes costs, and reduces risk. Presidio’s renowned technical team develops custom applications, provides managed services, enables actionable data insights and builds forward-thinking solutions that drive extraordinary outcomes for customers globally. For more information, visit www.presidio.com.

About Clayton, Dubilier & Rice
Founded in 1978, CD&R is a leading private investment firm with a strategy of generating strong investment returns by building more robust and sustainable businesses through the combination of skilled investment experience and deep operating capabilities. In partnership with the management teams of its portfolio companies, CD&R takes a long-term view of value creation and emphasizes positive stewardship and impact. The firm invests in businesses that span a broad range of industries, including industrial, healthcare, consumer, technology and financial services end markets. CD&R is privately owned by its partners and has offices in New York and London. For more information, please visit www.cdr-inc.com and follow the firm’s activities through LinkedIn and @CDRBuilds on X/Twitter.

About BC Partners
BC Partners is a leading investment firm with over €40 billion in assets under management across private equity, private debt, and real estate strategies. Established in 1986, BC Partners has played an active role for over three decades in developing the European buy-out market. Today BC Partners integrated transatlantic investment teams work from offices in Europe and North America and are aligned across our four core sectors: TMT, Healthcare, Services & Industrials, and Consumer. Since its foundation, BC Partners has completed over 127 private equity investments in companies with a total enterprise value of over €160 billion and is currently investing its eleventh private equity buyout fund.

For further information, visit www.bcpartners.com

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H.I.G. Capital Acquires the Spine Business of ZimVie Rebranded as Highridge Medical

H.I.G. Europe

MIAMI – April 1, 2024 – H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $60 billion of capital under management, is pleased to announce that one of its affiliates has completed the acquisition of the Spine division of ZimVie, Inc (“ZimVie”, NYSE: ZIMV). The acquired business will operate as an independent entity and has been renamed Highridge Medical (“Highridge” or the “Company”).

Headquartered in Westminster, CO, Highridge is a leader in the global spinal device market that develops, manufactures, and delivers a comprehensive portfolio of products and solutions designed to treat a wide range of spine pathologies. The Company has a market-leading portfolio of bone healing therapies and will be led by a team of seasoned executives from the medical device industry. Glen Kashuba will join Highridge as the Chief Executive Officer and Rebecca Whitney will continue as President of Highridge. Eric Major, the founder and former CEO of K2M Group Holdings, will serve as Executive Chairman of the Board of Directors, and Chris O’Connell, former EVP & Group President at Medtronic and CEO of Waters Corporation, will also join the Company’s Board of Directors.

Glen Kashuba commented, “Highridge has a robust foundation of spine solutions supported by extensive clinical evidence and patient outcomes to build upon.  The Company is committed to improving spine care by investing in R&D, product innovation and introducing additional product offerings to restore mobility and alleviate pain for patients around the world. We believe our partnership with H.I.G. to create the largest privately held spine business in the industry will generate lasting benefits for distributors, surgeons, and patients.”

Rebecca Whitney added, “We are excited to begin this next chapter with H.I.G. The current management team has made significant progress across the organization, and we are encouraged by the growth opportunities ahead for our business. We believe this partnership will solidify Highridge’s market leading position and will deliver increased value to the surgeons and patients we serve.”

“I am thrilled to embark on this new chapter alongside Highridge and H.I.G.,” stated Eric Major. “We are committed to a culture of rapid innovation, informed by pioneering surgeons, and driven by our dedicated team. We will expand and continue to invest in our strong technology portfolio of best-in-class solutions.”

“We are excited to partner with Glen, Rebecca, and Highridge’s exceptional management team to enhance the Company’s leadership position in the market,” said Mike Gallagher, Managing Director at H.I.G. “Highridge has a solid foundation with a market-leading product portfolio, strong surgeon satisfaction, and exceptional patient outcomes.”

Gwen Watanabe, Managing Director at H.I.G., added, “H.I.G. has followed the spine market closely for many years, and we believe Highridge is uniquely positioned to succeed in this market.  We are looking forward to significant growth through operational excellence, increased investment into our R&D pipeline, and strategic acquisition opportunities.”

H.I.G.’s investment in Highridge represents its latest transaction in the medical device sector. Other H.I.G. medical device investments include Augmedics, Vertiflex (acquired by Boston Scientific), Neuwave Medical (acquired by J&J), and Intact Vascular (acquired by Philips).

About Highridge

Highridge is a global medical device company focused on designing and commercializing novel and proprietary products and solutions for the treatment of patients suffering from spine disorders. For more information, visit highridgemedical.com.

About H.I.G. Capital

H.I.G. Capital is a leading global alternative investment firm with $60 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, and Dubai, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach:

  • H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  • H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
  • H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
  • H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

* Based on total capital raised by H.I.G. Capital and its affiliates.

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Carlyle Names Masahiko Fukasawa as Head of Global Portfolio Solutions Japan

Carlyle

Tokyo, Japan – April 1, 2024 – Global investment firm Carlyle (NASDAQ: CG) today announced that Masahiko Fukasawa has joined the firm as Head of Global Portfolio Solutions Japan, effective immediately.

In this newly created role, Mr. Fukasawa will strengthen Carlyle’s existing portfolio operational value creation efforts in Japan, leveraging the full range of global resources and capabilities for the benefit of portfolio companies in the region.

Global Portfolio Solutions (GPS) is a global team of functional experts across revenue/pricing, cost/cash, digital, talent, procurement, IT and other disciplines that provides insight and support to Carlyle’s investment process and portfolio value creation efforts. Working with investment advisory teams, the firm’s network of advisors, as well as an ecosystem of partners, GPS’s goal is to increase the speed and scale of performance improvement and transformational change.

As Head of Global Portfolio Solutions Japan, Mr. Fukasawa will work closely with the Carlyle Japan Co-Heads, Kazuhiro Yamada and Takaomi Tomioka, as well as Richard Elder, Global Head of GPS based in Washington D.C., U.S.

Kazuhiro Yamada and Takaomi Tomioka, Co-Heads of the Carlyle Japan advisory team, said: “We are delighted to welcome Masa as we continue to build the team. His deep expertise in business transformation and performance optimization will bolster our capabilities of creating value in Japanese companies.”

Mr. Fukasawa, Head of Global Portfolio Solutions Japan, said: “I am excited to join Carlyle, a firm with a long-standing presence in Japan and one that is well-known for its value creation capabilities globally. I look forward to using my experience to help deliver positive impact to our Japanese portfolio.”

Prior to joining Carlyle, Mr. Fukasawa was a Senior Advisor at AlixPartners based in Tokyo. He also held various leadership positions including Co-Head of Asia and Co-Head of Japan. Previously, he worked at Kearney (previously A.T. Kearney) for close to two decades where he was a Partner and held a number of roles including Head of Japan and he was a Member of the Global Board and Chairman of the Strategy & Portfolio Committee. He brings extensive experience in global management consulting and has helped major global and Japanese companies in numerous sectors with business transformations, M&A, and post-merger integrations.

Since 2016, Mr. Fukasawa has served as a non-executive director at Fukuoka Financial Group and The Bank of Fukuoka. He holds a degree in Economics from Hitotsubashi University and an MBA from the Massachusetts Institute of Technology.

 

About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $426 billion of assets under management as of December 31, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on LinkedIn and X.

Media contacts
Andrew Kenny, Global Corporate Communications
+44 7816 176120
andrew.kenny@carlyle.com

David Ashton / George Ohyama
+81 80 9713 2020 / +81 80 7340 1015
carlylejp@brunswickgroup.com

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