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DocuPhase Announces Major Investment by Aquiline Capital Partners and Level Equity

Aquiline

NEW YORK, Feb. 20, 2024 – DocuPhase LLC (“DocuPhase” or “the Company”), a provider of accounting and finance process automation software, announces a majority investment from Aquiline Capital Partners LP (“Aquiline”), a private investment specialist in financial services and related technologies, and Level Equity, a private investment firm focused on high growth software businesses.

Based in Tampa, Florida, DocuPhase provides software solutions to over 1,200 customers that enable finance teams to streamline invoicing and payment procedures, saving time, reducing errors, and lowering costs. The Company provides core software solutions across accounts payable automation, accounts receivable automation, and document management.

The investment from Aquiline and Level Equity will allow DocuPhase to continue to drive strong organic growth, expand its product suite, improve its offering through investment in product innovation, and grow its recently launched vendor payments solution to better serve its customer base.

Dan Gaertner, CEO of DocuPhase said: “This investment in DocuPhase marks a significant milestone in our company. The infusion of capital validates our product’s strength and potential while empowering us to accelerate our growth and expand our reach. I’m genuinely excited for our employees and our customers; having the combined support of Aquiline and Level Equity is a game changer for DocuPhase. We are poised to continue innovating and delivering exceptional value to our customers and creating additional career growth opportunities for our employees.”

Joe Pappalardo, a Partner at Aquiline, commented: “In an increasingly digital world, it is imperative for finance departments to drive efficiencies through automation and adoption of best of breed software. DocuPhase’s broad and robust suite of solutions drives real ROI for their customers, and has helped drive the Company’s strong growth and retention. Aquiline is thrilled to partner with Dan and the DocuPhase team to execute our collective vision for the business.”

Ben Levin, Co-Founder and CEO of Level Equity, commented: “Level is excited to make another investment focused on the office of the CFO where we see consistent and continued product innovation driving real business value. Dan and his team have demonstrated the powerful ability to innovate and expand the product suite while simultaneously accelerating growth and profitability.”

Leonis Partners served as the exclusive financial advisor to DocuPhase in the transaction.

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Omnispace Expands Spectrum Portfolio with Authorization to Operate Mobile Satellite System in Brazil

TDF Ventures logo

Brazil’s National Telecommunications Agency (ANATEL) Clears Omnispace’s Brazilian Subsidiary to Sell Mobile Satellite Capacity in Brazil

TYSONS, Va., Feb. 19, 2024 /PRNewswire/ — Omnispace LLC, the company redefining global mobile connectivity, today announced that on December 14, 2023, Brazil’s National Telecommunications Agency (ANATEL) approved its subsidiary Omnispace Comunicações Brasil Ltda’s request to operate its non-geostationary satellite (NGSO) system nationwide.  After conducting a public consultation and technical reviews, ANATEL determined that Omnispace meets the requirements to utilize the S-band (1980-2010 MHz / 2170-2200 MHz) in line with the ITU Radio Regulations global Mobile Satellite Service (MSS) allocation and the 3rd Generation Partnership Project (3GPP) n256 band specifications.

This regulatory milestone adds to Omnispace’s growing global portfolio of countries where it has achieved regulatory approvals and spectrum access. In total, Omnispace now has market access to reach more than 735 million people across Latin America, Asia, Africa and the Middle East. Together with partners that have spectrum access in 3GPP 5G NTN bands, Omnispace is poised to deliver access in all major international markets as part of a next generation global 5G NGSO system.

 

Since 2019, Omnispace Comunicações Brasil has demonstrated its NGSO MSS and IoT capabilities on its current system through a series of experimental licenses in Brazil. The pilot projects included showcasing MSS on a ship that journeyed more than 44,000 kilometers on the Amazon and Madeira Rivers to provide connectivity throughout those remote areas that do not have access to terrestrial mobile connectivity.  Omnispace also conducted vehicle tracking and Internet of Things (IoT) pilot projects in the state of São Paulo to test direct-to-device (D2D) communications. Omnispace is the first company to successfully conduct mobile satellite tests in the S-band in Brazil and will now be the first satellite operator licensed in Brazil for this band with an operational system.

“We look forward to providing MSS and IoT services in Brazil, which is at the forefront of the global stage for creating a harmonized S-band MSS ecosystem,” said Ram Viswanathan, President and CEO for Omnispace LLC. “This approval by ANATEL is a key component in accelerating our vision to unlock the full potential of direct-to-device connectivity globally leveraging standards-based technology. Brazil is part of a global map of countries and spectrum access that we have assembled, putting us closer to creating the necessary foundation for an exceptional voice, text, and data experience.”

“Obtaining an authorization to operate in Brazil has been one of my primary objectives since I first joined Omnispace.  We are grateful for the diligence, transparency, technical capabilities, and global leadership of Brazil’s regulatory authority, ANATEL, in supporting spectrum efficiency and technologies that will benefit Brazilian consumers, businesses and the economy,” said Mindel De La Torre, Chief Regulatory and International Strategy Officer of Omnispace LLC. “We eagerly anticipate connecting rural and remote communities, and fostering economic, environmental, and educational opportunities through the widespread expansion of satellite communications across both the country and the region.”

Learn more about Omnispace’s plans to offer enhanced 3GPP standards-based 5G non-terrestrial network (NTN) global, mobile direct-to-device connectivity at Omnispace.com.

About Omnispace, LLC 

Headquartered in the Washington D.C. area, and founded by veteran telecommunications and satellite industry executives, Omnispace is redefining mobile connectivity for the 21st century. By leveraging 5G technologies, the company is combining the global footprint of a non-geostationary satellite constellation with the mobile networks of the world’s leading telecom companies to bring an interoperable “one network” connectivity to users and IoT devices anywhere on the globe.

Learn more at: Omnispace.com and follow on LinkedIn or Twitter @omnispace.

Media contact:

Marie Knowles

mknowles@omnispace.com

SOURCE Omnispace

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August Equity exits Agilio Software to Five Arrows and TA for a 9.2x return

August Equity

August Equity has realised its investment in Agilio Software, an international provider of healthcare operations software, through a sale to Five Arrows and TA Associates. The investment represents a money multiple return of 9.2x.

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Five Arrows and TA Associates (TA) have joined forces to acquire the business which is headquartered in Sheffield and is led by Chairman, Sati Sian and Neil Laycock, Agilio’s CEO.

August first invested in Agilio in 2019 and has supported the business in making 10 acquisitions serving the primary care, dental and veterinary end markets, as well as supporting it to expand internationally.

The investment was led by August partner Mike Biddulph alongside director Katie Beckingham who both sat on the Agilio board.

Mike Biddulph, Partner at August Equity commented: “The leadership team at Agilio have done a fantastic job in growing the business into the UK’s leading healthcare operations software provider. It has been a privilege to support them on their initial journey and achieve such strong and dynamic growth. We are confident that the business will continue to thrive under the stewardship of Five Arrows and TA.”

August Equity and Agilio Software were advised by Arma Partners. CMS advised on Legals, Deloitte on Financial and Tax, OC&C on Commercial, Crosslake on Technology and Aon on Insurance.

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KKR Leads Financing For Clarience Technologies’ Acquisition Of Safe Fleet

KKR

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that it served as Lead Arranger, Administrative Agent, and investor on a debt financing for Clarience Technologies’ Acquisition of Safe Fleet. KKR invested in the transaction through its credit vehicles and accounts. KKR Capital Markets acted as Left Lead Arranger and Joint Bookrunner on the transaction.

Clarience Technologies is a global provider of visibility and safety technologies for transportation, including vehicle lighting, audible warning systems, telematics solutions and tire monitoring and inflation systems. With the Safe Fleet acquisition, Clarience Technologies adds a comprehensive set of complementary fleet safety solutions including video and evidence management, collision prevention, violation detection and trailer temperature control, as well as cargo storage systems, fire-fighting technologies, and other solutions. The acquisition opens cross-selling opportunities to common customer segments, accelerates technology innovation and ultimately enables Clarience Technologies to deliver better value to its customers.

KKR’s credit vehicles and accounts have been investors in both Safe Fleet and Clarience since 2018 and 2019, respectively.

“This transaction demonstrates how the scale and unique capabilities of our platform benefit the issuers with whom we work. Our long-standing investments in both companies allowed us to move quickly and with conviction to seamlessly deliver a scaled solution for Clarience Technologies and its sponsor, Genstar Capital,” said George Mueller, a Partner at KKR. “We look forward to supporting Clarience, Safe Fleet and Genstar teams as they capitalize on opportunities ahead.”

About KKR

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

About Clarience Technologies:

Clarience Technologies is the global leader of visibility and safety technologies for transportation. Born from a collection of premium brands each with a long track record of innovation, its solutions include vehicle lighting, camera and vision systems, telematics and safety solutions that protect our world and our livelihoods by keeping people, assets and businesses safe, secure and productive. Its team of companies includes Truck-Lite, DAVCO, Road Ready, RIGID, Lumitec, ECCO, Code 3, Fleetilla, LED Autolamps, Pressure Systems International and Safe Fleet. For more information, visit www.clariencetechnologies.com.

KKR
Julia Kosygina
+1 212-750-8300
Media@kkr.com

Source: KKR

 

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Miura Partners Sells Terrats Medical to Avista Capital Partners

Miura Capital
    • Avista Capital Partners, a leading US private equity firm focused on healthcare, has acquired the company and will support its product development and international expansion.
    • Since Miura’s investment, Terrats Medical, a leader in prosthetic solutions and dental implantology, has undergone a strong growth in sales and expanded its footprint across major international markets.

Miura Partners (“Miura”) has sold its stake in Terrats Medical (“Terrats” or the “Company”), a leading global provider of dental prosthetics, including abutments and implants to Avista Capital Partners (“Avista”). Terrats’ founders have reinvested in the company and will continue to lead the business. Miura will continue to support Terrats in the next phase of its growth with a minority investment.

Founded in 1947 and headquartered in Barcelona, Spain, Terrats manufactures and markets a wide variety of high-quality, high-value dental prosthetics, including abutments, implants, and related products. Terrats’ abutments are compatible with the leading implant systems sold by dental OEMs, allowing dentists and laboratories to leverage the high-quality products across multiple implant platforms. The company’s customers include dental offices labs, and distributors as well as dental implant OEMs, who purchase the company’s products on a private-label basis.  Terrats sells into over 50 countries and exports account for over 95% of sales.

Since Miura’s investment in 2020, Terrats has implemented various initiatives to fuel growth and improve operations, including the enhancement of direct sales under the DESS® Dental Smart Solutions brand, expansion of the company’s digitization strategy, the launch of the implantology business, and the acquisitions of distributors Geryon (USA) and Humanus Dental (Sweden). Operationally, the company has reinforced its management ranks with several senior hires.  Due to these initiatives, Terrats has tripled its sales since Miura’s investment in 2020.

Avista, a leading healthcare-focused private equity firm with deep knowledge of the US healthcare market, and specifically the dental market, will support Terrats as it enters a new phase of international growth. The company’s financial strength and global business positioning will reinforce its market presence in the US, empower the company to expand in other international markets and capitalize on new opportunities for inorganic growth.

Roger Terrats, CEO of Terrats:

“We are thrilled to begin working with Avista Capital Partners, which has a proven track record in the dental sector and the US markets. Their support will help us build upon the growth initiatives launched in 2008 and continued in 2020 with the entry of Miura Partners. Our vision for the next stage will be very consistent and focused on global growth, with a top-notch product suite and strong sales network that will be fortified in the coming years. Additionally, we look forward to continuing to invest in our production and our team.”

Carlos Julià, Managing Partner at Miura:

“Terrats is a clear example of positive transformation, executing on organic initiatives, operational reinforcement, and global growth. We are confident that Avista will continue to elevate the company’s operations and consolidate its international position.”

Sriram Venkataraman, Partner at Avista:

“Terrats has earned its leading reputation in the marketplace by producing high quality products that are broadly compatible and accessible. The company is well-positioned to accelerate growth as favorable sector trends continue, particularly growing demand in the dental prosthetics market.  We look forward to working with Roger and his team to execute on the numerous growth opportunities ahead.”

Miura was advised by Moelis & Company (M&A), KPMG (DD) and Clifford Chance (Legal). Avista, was advised by Deloitte (DD), Ropes & Gray (Legal), and Uría Menéndez (Legal).

About Terrats Medical

Terrats Medical is one of the leading global companies in the design and production of dental attachments and implants in Spain, operating under the DESS® Dental Smart Solutions brand. The company started its dental project in 2008 but has roots in precision component production since 1947. Terrats Medical has more than 120 employees and subsidiaries in the United States, Sweden, and Germany, as well as a solid network of distributors in more than 40 countries, with particular success in Central and Northern European countries. With its subsidiaries, it has tripled its sales volume in the last three years, with exports accounting for over 95% of its total revenue.

About Miura Partners

Miura Partners is a purpose-driven Private Equity firm. With offices in Barcelona and Madrid, the firm is focused on investing in small and medium-sized family-owned and entrepreneurial companies. Miura provides attractive growth and innovation plans with a clear focus on sustainability, under its three investment strategies: Buy-outs, Impact and Agribusiness.

Since 2008, Miura has invested in more than 60 companies, for a total value in excess of €3.0 billion. Currently, the firm has €1.5 billion assets under management.

About Avista Capital Partners

Founded in 2005, Avista Capital is a leading New York-based private equity firm with over $8 billion invested in more than 45 growth-oriented healthcare businesses globally. Avista partners with businesses that feature strong management teams, stable cash flows and robust growth prospects – targeting product and technology businesses with clear scale potential across six sub-sectors experiencing strong tailwinds. The team is supported by a group of seasoned Strategic Executives enhancing the entire investment process through strategic insight, operational oversight and senior counsel, which helps drive growth and performance, while fostering sustainable businesses and creating long-term value for all stakeholders.

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Smile Invest facilitates sale of minority stake in Microflor to Floré family

Smile Invest

Smile Invest is pleased to announce the successful agreement with the Floré family for the acquisition of all shares of Microflor, a leading company active in breeding and propagation of tropical plants.

Smile Invest became a minority shareholder in Microflor in 2019 when the company was carved out of the Floré Group. The family was looking for a partner with an entrepreneurial spirit and a good fit with the family values to foster strategic growth and long term value creation.

Amidst challenges posed by the COVID-19 pandemic and energy crises, Microflor demonstrated resilience and adaptability, fortifying its market position and expanding propagation capacities in Slovakia. Moreover, the company’s investments in innovative breeds underscore its commitment to pioneering advancements within the industry.

After almost five years of strong partnership with Smile Invest, Febe Floré will continue her tenure as CEO of Microflor alongside the management team.

Febe Floré – CEO, Microflor
“In Smile Invest we found a trusted partner to accompany Microflor during a transformative period for our family business. After five years, Smile Invest leaves an independent Microflor with a clear focus and the ambition to remain the partner of choice for our customers. We look forward to continuing the journey and I hereby wish to thank all Microflor employees for their contribution and dedication to the Company so far.”

Thomas Dewever – Managing Partner, Smile Invest
“It has been a privilege to support Microflor over the past 5 years and work closely with Febe, the management team and the entire board of directors. We wish Microflor all the best as an independent, family owned business.” 

 

Microflor (www.microflor.com)
Microflor is active in breeding and propagation of tropical plants with a focus on Phalaenopsis orchids. Over the past 30 years, Microflor has grown into a global top 3 player in breeding, propagation and acclimatization of orchids, the largest ornamental plant variety in the world. The company has unique expertise in in-vitro propagation and breeding technologies that resulted in an extensive proprietary plant genetics portfolio of over 160 commercially available varieties and over 1,000 varieties under development. The company is headquartered in Lochristi, Belgium, and operates state-of-the-art labs and production facilities in Belgium and Slovakia from which it delivers young plants across Europe and the Americas.

Smile Invest (www.smile-invest.com)
Smile Invest (Smart Money for Innovation Leaders) is a European evergreen investment firm with more than €500m of assets under management, financed by 40 entrepreneurial families and with a long-term focus on innovative growth companies. Smile Invest focuses on companies active in three investment themes: digitalization, healthcare and sustainability. Since its inception in 2017 Smile Invest supported 16 companies in Belgium and the Netherlands. From its offices in Leuven and The Hague, the team supports ambitious entrepreneurs and management teams in realizing their growth plans.

 

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MB2 Dental Raises US$2.344bn Unitranche Debt Facility With KKR

KKR

DALLAS–(BUSINESS WIRE)–Leading dental partnership organization (“DPO”), MB2 Dental has closed a US$2.344bn unitranche debt facility with credit vehicles and accounts managed by KKR, which acted as Lead Investor and Arranger on the transaction.

The financing will be used to fund upcoming acquisitions and future growth for the company, following a record year of growth in 2023 with 150 new partnerships.

“MB2 Dental’s access to this new credit facility demonstrates a true endorsement of our strong historical performance and confidence in our growth pipeline. We are seeing unprecedented interest in our partnership model that allows doctors to combine the benefits of joining a larger community with the independence that they love about private practice. The new financing will further accelerate our ability to disrupt the dental profession and continue our nationwide expansion as the fastest-growing dental group in the country,” said Dr. Chris Steven Villanueva, founder and chief executive officer at MB2 Dental.

About MB2 Dental

Dallas-based MB2 Dental is a first-of-its-kind dental partnership organization founded in 2007 and led by dentist and entrepreneur Dr. Chris Steven Villanueva. MB2 Dental was the first group to introduce the DPO model when it was born from Dr. Villanueva’s practice and soon resonated with his colleagues, quickly growing through doctor referrals.

MB2 Dental’s model is designed to preserve the integrity of the dental profession in a rapidly consolidating market. The Company empowers dentists to preserve their profession by ensuring clinical autonomy and providing resources and support to its doctor owners.

Since its founding, MB2 Dental has partnered with more than 685 general and specialty dental practices across 39 states. The Company has undergone two recapitalization events, most recently partnering with private equity firm Charlesbank Capital Partners in 2021. KKR also led the financing at time of Charlesbank’s investment in the company.

For more information, visit www.mb2dental.com or connect with the Company on Facebook, LinkedIn and Instagram.

Contacts

Lindsey Calamoneri
Director of Brand Marketing & Communications
972-869-3789
lbyrnes@mb2dental.com

 

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Altor has increased its financial interest in Mandatum by an additional 6.6% of the outstanding shares

We are pleased to announce that we, Altor Fund VI (“Altor”), have today increased our financial interest in Mandatum plc (“Mandatum”) by an additional 33 million shares, corresponding to 6.6% of the outstanding shares. Altor is the largest shareholder in Mandatum and following today’s increase has a total interest representing 16.6% of the outstanding shares.

About Altor

Since inception, the family of Altor funds has raised more than EUR 11 billion in total commitments. The funds have invested in just south of 100 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Trioworld, OX2, Carnegie, Kaefer, FLSmidth, Rossignol and Toteme.

For more information visit www.altor.com

About Mandatum

Mandatum is the leading Finnish financial services provider offering a wide array of services covering asset and wealth management, savings and investment, compensation and rewards, complimentary pension plans and personal risk insurance to corporates, retail customers as well as institutional and wealth management customers. Mandatum serves a network of 20,000 Finnish corporates and through its highly skilled sales force and customer relationship personnel, succeeds with cross-selling products from its broad and recognized offering. Mandatum has today approx. BEUR 11.9 in client assets under management across corporates, instituitional, wealth management and retail customers.

For more information visit www.mandatum.fi/en/

Press contact

Karin Åström

Head of Communications

karin.astrom@altor.com

+46 707 64 86 59

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SealteQ Group finds partner in Quadrum Capital

Quadrum Capital

Stadskanaal/Almelo, 15 February 2024 – SealteQ Group and investment company Quadrum Capital join forces. SealteQ specializes in protecting, strengthening and maintaining concrete and steel structures. The partnership aims to continue SealteQ’s strong growth of recent years. __

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SealteQ, formerly known as Frans Nooren and currently led by Martin van der Leest and Robert Lunenborg, celebrated its 50th anniversary last year. During this period, the company has grown into a leading player in the field of concrete and steel preservation. With approximately 250 specialists and seven offices, high-quality and innovative solutions are provided for technical maintenance challenges both in the Netherlands and abroad. SealteQ operates in various sectors, including infrastructure, energy, industry, civil engineering and residential and commercial construction.

Following the intended participation, the board of SealteQ will exist of Martin van der Leest, Robert Lunenborg and Peter Westra. Together with Quadrum, they will respond to the current challenges in the field of foundation repair and the backlog in maintenance and life extension of crucial infrastructure. The expansion of its geographic presence and the addition of specialistic expertise will be important strategic pillars.

“Quadrum is the perfect partner for us to realize these growth ambitions. Our independently established platform in the specialized maintenance market can be further expanded through this partnership, both domestically and internationally. This partnership represents a solid step to continue the growth of SealteQ. In the partnership with Quadrum, creative entrepreneurship is endorsed in an identical way. This gives confidence in a market that is constantly challenging us,” said Martin van der Leest.

Hedzer Wester, Investment Manager at Quadrum Capital: “The level of craftmanship, innovativeness and entrepreneurship within the company is impressive and have made SealteQ a market leader. We look forward to supporting the company in its growth ambitions and working with Martin, Robert, Peter and the rest of the SealteQ team to take the next steps.”

Financial details of the transaction will not be disclosed. The transaction is subject to approval of the Consumer & Market Authority. The investment in SealteQ will take place from Quadrum Investment Fund IV.

About SealteQ SealteQ protects and preserves civil engineering, infrastructure and industrial structures as well as real estate objects in the residential and utility sectors. With a Dutch focus but with a global perspective, SealteQ extends the life of concrete and steel structures. They achieve this by providing innovative customized solutions with the aim of protecting the structures against external influences. In this way, they are preserved for the future. For more information, go to https://www.sealteq.nl/

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Renovus Capital Partners Announces Team Promotions

Renovus

WAYNE, PA – February 15, 2024 – Renovus Capital Partners (“Renovus”), a Philadelphia-area based investment firm, announced today the promotions of several team members:

  • Lee Minkoff to Managing Director from Principal
  • Moe Tufail to Managing Director from Director of Business Development
  • Pat Heath to Vice President from Senior Associate
  • Adam Swack to Senior Associate from Associate
  • Jisa Ben to Senior Fund Accountant from Finance Analyst

“We are proud to recognize these outstanding professionals with well-earned promotions,” said Jesse Serventi, Founding Partner at Renovus. “They have contributed to accelerating the firm’s momentum, demonstrating both individual excellence and strong team play.  My fellow Founding Partners Atif Gilani and Brad Whitman and I have made a concerted effort to build and nurture Renovus’ talent base, which we believe is a critical element of our long-term success. We appreciate the work of these individuals and look forward to the future of our team.”

Full bios of the promoted individuals can be found online here: renovuscapital.com/our-team/

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