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Blackstone Acquires Power Grid Components, Inc., a Leading Supplier of Critical Components for the Electrical Grid

Blackstone

New York, December 5, 2023 – Today, Blackstone (NYSE: BX) announced that private equity funds affiliated with Blackstone have closed the acquisition of Power Grid Components, Inc. (“PGC”) from Shorehill Capital LLC.

PGC is a leading domestic designer and manufacturer of a wide range of critical components for protection, monitoring, and safety applications in electrical substations, an essential segment of the electrical grid responsible for managing and monitoring power flows and converting electricity into different voltages. As a supplier of critical components to the grid and partner to many of the nation’s largest electrical utilities, PGC advances the global energy transition by improving the reliability, capacity, and safety of the grid, by enabling the deployment of new renewable generation, and by supporting broad electrification trends. PGC was founded in 2017 by CEO Rick McClure and Shorehill Capital LLC.  Mr. McClure and the other senior leaders will remain with the business in their current positions following the transaction.

David Foley, Global Head of Blackstone Energy Transition Partners, said: “As a leading investor in the energy transition, we proactively seek out companies with strong, entrepreneurial management and work to help them fully capitalize on the growth opportunities available to them. The acquisition of Power Grid Components fits squarely within one of our favorite investment themes – the U.S. electrical grid, joining our other recent grid-related investments, including Champlain Hudson Power Express, equipment manufacturers such as Sabre and grid software companies such as Energy Exemplar.”

John-Paul (JP) Munfa, Senior Managing Director at Blackstone, added: “We’re thrilled to invest in PGC, which we believe is well-positioned to benefit from tremendous growth driven by long-term secular tailwinds associated with the need to replace aging electrical grid infrastructure, connect newly-built renewable power generation, increase capacity to meet growing electricity demand, and harden the grid to improve its reliability. We look forward to working with Rick and his team on this next chapter for PGC. PGC has built strong, long-term relationships with many of our nation’s leading electrical utilities and has positioned itself as an acquiror of choice within the electrical components sector.”

Rick McClure, CEO of Power Grid Components, Inc., said: “Our leadership team is thrilled to be partnering with Blackstone, a leader in energy transition investing. We believe Blackstone will be an outstanding strategic partner in helping us achieve long-term growth while continuing to supply essential components with outstanding quality, reliability and lead times to North America’s electrical utilities.”

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors. We do this by relying on extraordinary people and flexible capital to help strengthen the companies we invest in. Our over $1 trillion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Blackstone Energy Transition Partners   
Blackstone Energy Transition Partners is Blackstone’s energy-focused private equity business, a leading energy investor with a successful long-term record, having invested over $21 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders.

About Power Grid Components, Inc.
Power Grid Components, Inc. was formed by electric grid products industry veteran Rick McClure and Shorehill Capital LLC to acquire and grow companies that manufacture, and supply products used in the North American electric power grid. Currently, the company is a supplier of high voltage disconnect switchgear, high quality porcelain and glass insulators, as well as instrument transformers for revenue metering and protective relaying to electric utilities, original equipment manufacturers and other customers who support the grid.

Contact
Kate Holderness
Kate.holderness@blackstone.com
917-318-6818

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Sogelink’s Next Growth Chapter backed by Partnership between CVC Capital Partners and Keensight Capital

CVC Capital Partners

CVC Capital Partners (“CVC”), a global private markets manager focused on private equity, secondaries and credit and Keensight Capital (“Keensight”), one of the leading private equity managers dedicated to pan-European Growth Buyout1 investments, are pleased to announce they have entered into an  exclusivity agreement to invest2 together  in Sogelink (“the Company”), a leading European provider of software solutions for infrastructure, construction, and property management professionals.

Founded in 2000 and headquartered in Lyon, Sogelink is a software, cloud and mobile solutions provider and has driven the digitalization of its ecosystem over two decades. The Company responds to mission-critical needs of all stakeholders across the value chain by addressing specific industry pain points, delivering tangible value. Sogelink’s comprehensive software offering digitizes each step of the construction process: infrastructure design, pre-build checks, construction management, and post-build risk. Employing over 600 people across six countries, the Company generates more than €120m of revenues and €50m of EBITDA, serves over 18,000 blue chip clients and 220,000 users, and is extremely well-placed to further strengthen its position as a leader of the Construction Tech market in Europe.

Since Keensight’s majority investment in 2019 alongside Naxicap Partners, the Company has reinforced its position in the Construction Tech space through sustained innovation, continuous product development, and geographic expansion. Its position as a pan-European champion has translated into a path of robust double-digit revenue growth. In addition to its strong organic performance, the Company also continued its European consolidation efforts through, amongst others, the acquisition of Locatiqs, Geodesial, and Focus Software.

Fatima Berral, CEO of Sogelink, says, “After four years of productive and successful partnership with Keensight Capital, that made Sogelink an undisputed European leader in the Construction Tech industry, I am delighted to open a new chapter in the group’s development with a partnership between CVC and Keensight, whose capabilities will surely reinforce our growth ambition.”

John Clark and Jean-Christophe Germani, Managing Partners at CVC, comment: “We have been tracking Sogelink closely for several years and have been very impressed with its capabilities and business model. The Company’s leading position and pan-European reach set it up well for further organic and non-organic growth and we look forward to working closely with Fatima and her high quality team, as well as Keensight, to accelerate Sogelink’s growth, while continuing to focus on delivering best-in-class solutions to its existing valued client base.”

Quotes

The Company’s leading position and pan-European reach set it up well for further organic and non-organic growth and we look forward to working closely with Fatima and her high quality team, as well as Keensight, to accelerate Sogelink’s growth.

John Clark and Jean-Christophe GermaniManaging Partners at CVC

Jean-Michel Beghin, Managing Partner of Keensight Capital, and Arjan Hannink, Partner, add: “We are delighted to announce our continued partnership with Sogelink through this strategic re-investment. Over the past four years, our collaboration, particularly with the dynamic leadership of Fatima and the rest of the management team, has been pivotal in driving the Company’s international expansion and enlarging its offering. As we embark on this next phase of growth, we are excited to join forces with CVC and we look toward this renewed partnership with Management to drive forward the Company’s success in the coming years.”

1Growth Buyout: investment in profitable, private companies experiencing strong growth, in minority or majority positions, with or without leverage, using a flexible approach tailored to the needs of individual entrepreneurs, in order to finance organic growth projects, acquisition strategies or provide historic shareholders with liquidity.

2Subject to regulatory clearances and employees representative bodies opinion.

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Francisco Partners Backs the Combination of Muse Group and Hal Leonard, Creating a Leading Global Music Platform

Franciso Partners

SAN FRANCISCO – Today, Francisco Partners, a leading global investment firm that specializes in partnering with technology and media businesses, announced its growth investment and funding of the combination of Hal Leonard, the legendary sheet music publisher and music-learning provider, and Muse Group, an industry leader in music content and creation. The partnership of the two companies creates a leading global music learning content platform, solidifies its competitive position in the music creation industry, and allows for significant growth potential to lead content and education in both the traditional and digital form.

Hal Leonard’s exclusively licensed, premium arrangements include the world’s most iconic artists and scores from Taylor Swift and The Beatles to John Williams and Disney soundtracks. Combined with over 3 million expert and community-created tabs and compositions, 300 million annual visitors and over 40 million accounts on Muse Group’s Ultimate Guitar and MuseScore, the joint business now includes a content library of over 5.5 million scores, tabs, books, video courses, backing tracks, and presets.

“This partnership will create more music makers worldwide and will lead to even more advances in music education technology, while also expanding ways creators and rights holders can make their musical works more widely available,” said Larry Morton, Hal Leonard’s Chairman. “Hal Leonard and Muse have been working closely together in commercial partnerships for over fifteen years and have built trust and mutual respect over that time. Combining the strengths of both companies is a truly exciting prospect, full of potential ways to grow the music industry in new directions.”

“Our passion for improving the lives of all musicians has always been at the heart of Muse Group and we’re immensely excited to partner with the Hal Leonard team who share that passion,” said Eugeny Naidenov, CEO of Muse Group.

“We are excited to partner with Muse Group and Hal Leonard to help enable their combination and usher in the joint company’s next stage of growth. The combined business will offer its customers unparalleled content and technology focused on music learning across digital, print, and educational channels,” said Matt Spetzler, Partner & Co-Head of Europe at Francisco Partners. “We are thrilled to provide a tailored capital solution in support of this transaction and are excited to back the innovative growth strategy of the combined company,” added Lee Rubenstein, Managing Director at Francisco Partners.

While Hal Leonard will join Muse Group, both companies will retain their respective headquarters in the U.S. and Cyprus, respectively, and distinct operational expertise. The combined company will apply Francisco Partners’ investment to accelerate organic and inorganic growth and is actively looking to partner with innovators in the sector.

Hal Leonard was advised by Lincoln International and JEGI CLARITY as its financial advisors, and O’Melveny & Myers LLP as its legal advisor. Muse Group was advised by Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. as its legal advisor. Francisco Partners was advised by Akin Gump Strauss Hauer & Feld LLP as its legal advisor.

About Muse Group

Muse Group is a visionary, international team of music lovers and audio obsessives, empowering millions of creatives to play, produce and compose every day. The company began life in 1998 as Ultimate Guitar, a tab sharing site that grew into the world’s most popular online musician community. Muse Group now includes products such as MuseScore, Audacity, StaffPad and more (https://www.mu.se/).

About Hal Leonard

Hal Leonard is the world-leader in sheet music publishing, and boasts a storied history of providing music learners with the very best arrangements of popular music for over 70 years. With experienced teams based all over the globe, Hal Leonard also supplies books, instruments, gear and software to millions of educators and learners worldwide (https://www.halleonard.com/).

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch nearly 25 years ago, Francisco Partners has invested in more than 400 technology companies, making it one of the most active and longstanding investors in the technology industry. With approximately $45 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

Contacts

For Muse Group
Jack Sutton, Head of Communications at Muse Group
j.sutton@mu.se

For Francisco Partners
Whit Clay / Sarah Braunstein
wclay@sloanepr.com / sbraunstein@sloanepr.com

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Christian Cederholm new President and CEO of Investor in May 2024

Investor

Investor’s Board of Directors has appointed Christian Cederholm as new President and CEO, effective from the Annual General Meeting (AGM) 7 May 2024. He will succeed Johan Forssell who will transition into a consultancy role, as industrial advisor focusing on industrial companies and board work. Johan Forssell will also resign from Investor’s Board of Directors at the AGM.

Christian Cederholm comes from a role as Head of Patricia Industries and has been employed by Investor since 2001. He holds a M.Sc. in Economics and Business Administration from Stockholm School of Economics and lives in Stockholm with his family. Christian is currently a board member at Hi3G Scandinavia and Mölnlycke.

“Investor’s Board of Directors and I are very pleased that Christian Cederholm has accepted the role of leading Investor and that Johan Forssell will continue to contribute with his extensive competence to create long-term value for Investor’s shareholders. We believe Christian has the right background, drive and determination to take Investor forward. He also possesses great investment skills and a profound interest in future-proofing Investor and our companies”, Jacob Wallenberg, Chair of the Board at Investor says.

“I am grateful for the confidence of the Board and feel excited about this opportunity. Having spent many years in the organization I have gained some understanding of what the assignment entails, and it is hard to find a more energizing and inspiring role. I really look forward to working together with our great team on developing and positioning Investor and its portfolio companies in the years to come”, Christian Cederholm says.

This information is information that Investor AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 4 December 2023.

Downloads

Our press releases can be accessed at www.investorab.com

Investor AB, founded by the Wallenberg family in 1916, creates value for people and society by building strong and sustainable companies. Through substantial ownership and board participation, we drive initiatives that we believe create value and support our companies to remain or become best-in-class. Our portfolio is organized in three business areas: Listed Companies, Patricia Industries and Investments in EQT.

For further information:

Jacob Lund, Chief Communications & Sustainability Officer
Phone +46 725 60 21 57
jacob.lund@investorab.com

Magnus Dalhammar, Head of Investor Relations
Phone +46 73 524 2130
magnus.dalhammar@investorab.com

Categories: People

Verlinvest Acquires Majority Stake in Faceland, Enabling the Leading Dutch Medical Aesthetics Brand to Accelerate Pan-European Growth

Verlinvest

BRUSSELS AND ROTTERDAM – 4th December 2023 – Faceland, a leading chain of branded medical aesthetics clinics in the Netherlands, Belgium, Germany, and Switzerland, has reached an agreement with Verlinvest, the Belgian-based, family-backed evergreen investment company, for it to acquire a majority stake in the business. This new partnership will enable Faceland to accelerate its expansion within the fast-growing European medical aesthetics market and execute upon its mission of improving access to high-quality cosmetic medicine for all patients.

Founded in 2013 in The Netherlands, Faceland stands apart from competition with its unique model, which offers clinically proven aesthetics treatments at accessible price points. Faceland’s services are all delivered by qualified medical professionals that are trained in-house through the company’s proprietary training academy. Faceland’s team of plastic surgeons, doctors, and nurses complies with the highest regulatory standards in each operating region and now performs over 130,000 treatments annually across its four core markets.

With co-founders Dr. Stijn Bauland and Ruud van de Handel at the helm, Faceland has grown to become one of the first regional platforms in Europe, building on its position as market leader in the Netherlands, to own 31 clinics across Benelux and have a growing presence in Germany and Switzerland. Dr. Bauland and Mr. Van den Handel have also set up an independent foundation in the Netherlands, which aims to professionalise and broaden access to cosmetic medicine by training nurses looking to move into the field, by offering free accredited seminars and courses for any health professional interested in the discipline of aesthetics. It also publishes medical and academic research papers, including in leading international scientific journals in cooperation with the Universities of Amsterdam and Groningen.

Faceland has achieved record growth in recent years, with sales up 25%+ over the last twelve months to reach c.€40m in FY23A, and +20 clinics opening between January 2020 and today.

Ruud van den Handel, Chief Operating Officer and Co-founder of Faceland said, “Stijn and I are proud that over the last few years, Faceland’s brand has reached a critical mass where we are recognised thought leaders in the field of cosmetic medicine and both our patients and practitioners love working with us. We are thrilled to take this growth to the next level with Verlinvest’s experienced team by our side, as we scale into new markets, unlock Faceland’s potential for even greater innovation, and realise our vision of improving access to high-quality aesthetic medicine for all.”

Faceland will work together with Verlinvest’s team, many of whom are based on-the-ground in Benelux, to grow both its network of clinics and its much-loved consumer brand over the coming years. They will draw on Verlinvest’s experience of building successful branded healthcare platforms across Europe, including current and past investments in Nesto (vet care), Bludental (dental services), Sinomedica (medical acupuncture), and Armonea (senior care). The company’s ambitious plan is focused on rolling out a large number of new clinics using Greenfield and M&A strategies, thereby bringing Faceland’s high quality of medical care to as many patients as possible at affordable prices, as well as becoming the go-to employer for talented doctors and nurses.

Julius Hugelshofer, Senior Principal at Verlinvest said, “Stijn, Ruud and the team at Faceland are revolutionising and professionalising the fragmented medical aesthetics industry, which is growing rapidly and becoming a new norm in terms of personal health. The market is ready for a branded player to raise the overall standard of care at a price point that’s accessible for customers.” Roberto Italia, CEO at Verlinvest added, “Our vision for the aesthetics field sees top-quality care and operational excellence as essential levers to engage patient-customers in innovation-driven and sustainable long-term relationships. The approach that Stijn and Ruud have managed to develop consistently with Faceland over time is fully aligned and we look forward to partnering with them to build the company into a truly pan-European platform.”

The transaction will be subject to approval from the relevant regulatory bodies and stakeholder groups. It is expected to close in Q4 2023.

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About Faceland

Faceland was founded in 2013 in the Netherlands with the mission of improving access to cosmetic medicine and transforming it from a niche industry into mainstream medical care. A no-nonsense team of young executives, doctors and nurses set out on this mission, ensuring Faceland’s approach was focused on quality, customer satisfaction, accessibility, and value-for-money from the start. This strategy translated into sustained growth in the Netherlands, Belgium, Switzerland and Germany, and Faceland now has 31 clinics in its network. Further international expansion remains an essential part of their vision. True to Faceland’s mission, co-founders Dr. Stijn Bauland and Ruud van de Handel have set up a Foundation which provides free courses on cosmetic medicine to health professionals and publishes research papers in peer-reviewed scientific journals.

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PerkinElmer Acquires Covaris to Create an Innovation-Led, Global Life-Sciences and Diagnostics Platform

New Mountain Capital

SHELTON, CT, December 4th, 2023 – PerkinElmer, a leading global analytical services and solutions provider, today announced that it has acquired Covaris, a leading developer of solutions to empower life science innovations. The merger will accelerate Covaris’ growth potential and expand PerkinElmer’s existing life sciences portfolio into the high-growth diagnostics end market. Both companies are majority owned by New Mountain Capital, and terms of the transaction were not disclosed.

As precision medicine gathers pace for personalized disease treatment and prevention, Covaris is ideally positioned to help enable and accelerate the next generation of life sciences innovation, especially through its Next-Generation Sequencing (NGS) capability, for efficient, reproducible and high-throughput sample preparation and data analysis. Founded in 1999 and headquartered in Woburn, Massachusetts, Covaris is a global leader in the development and deployment of end-to-end solutions for high-throughput genomic and proteomic analysis, including instruments, consumables, and reagents. Covaris’ solutions empower customers to accelerate the pace of research and drug discovery for clinical diagnostics, biopharma, and research markets globally.

“Covaris has a well-defined growth strategy with market-leading technologies and a very capable leadership team that will allow PerkinElmer to deepen its life sciences portfolio in the diagnostics end market. We see significant growth opportunities resulting from the combined resources of both companies, with PerkinElmer’s global scale unlocking commercial opportunities for Covaris”, said Dirk Bontridder, CEO of PerkinElmer.

“We are excited to begin our new chapter as part of PerkinElmer, an exceptional brand that resonates in our core markets, and will allow us to bring our technology to more customers and expand our growth globally. Our two cultures are very similar and both our customers as well as our employees will benefit from strong R&D resources and complementary solution capabilities”, said Annemarie Watson, CEO of Covaris.

Andre Moura, Managing Director at New Mountain Capital, said, “The combination of PerkinElmer and Covaris will bring significant benefits to the customers, employees, and stakeholders of both companies. Covaris will now have access to PerkinElmer’s global reach, technical and operating capabilities to continue its rapid growth trajectory. Covaris’ strong position in the genomics, transcriptomics, and proteomics space brings an exciting new growth vector to PerkinElmer.  We look forward to continuing to work with management to build the combined company.”

About PerkinElmer

PerkinElmer is a global analytical services and solutions provider with offerings including the leading OneSource Field and Laboratory services business that serve the biopharma, food, environmental, safety and applied end markets to accelerate scientific outcomes. Since 1937, PerkinElmer has served as a trusted partner in laboratory analysis and management and today complements its service offerings with a broad portfolio of atomic spectroscopy, molecular spectroscopy, and chromatography instruments, consumables, and reagents. With a dedicated team of more than 6,000 team members, the Company serves customers in more than 35 countries. Additional information is available at www.perkinelmer.com.

About Covaris

Covaris develops, manufactures, and markets instruments, consumables, and reagents used in pre-analytical sample preparation for genomic and proteomic analysis to help accelerate the pace of research and life science innovations. Using proprietary technologies including focused acoustic energy, Covaris’ tools achieve highly accurate and reproducible results with the goal of empowering customers to make new discoveries, develop new assays and improve bioanalytical results. Some of the non-contact applications include faster automated DNA fragmentation, cell lysis, accelerated binding partner mixing, bead resuspension, and compound formulation. Additional information about Covaris is available at www.covaris.com.

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 over $45 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 www.newmountaincapital.com.

Media Contact:

PerkinElmer

Markus Leutert, VP Corporate Communications

+44 7447 03 44 16

Email: markus.leutert@perkinelmer.com

 

New Mountain Capital

Dana Gorman / Matthew Butler

H/Advisors Abernathy

212-371-5999

Email: dana.gorman@h-advisors.global / matthew.butler@h-advisors.global

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IK Partners to invest in Kooi

IK Partners

IK Partners (“IK”) is pleased to announce that the IK X Fund has signed an agreement to acquire Kooi European Mobile Security Solutions B.V. (“Kooi” or “the Company”) the fast-growing pan-European provider of temporary camera surveillance (“TVS”) and rising early-detection (“RED”) solutions. IK is acquiring a majority stake from Bencis Capital Partners (“Bencis”), founder Pieter Kooi and the management team, who will all reinvest. Financial terms of the transaction are not disclosed.

Headquartered in Drachten, the Netherlands, Kooi is a leading provider of TVS and RED solutions, including a range of Units for Observations (“UFOs”), serving various end markets across Europe. The Company provides an end-to-end service from technical advice, delivery, installation and 24/7 monitoring through its own Kooi Alarm Centres.

At present, Kooi has more than 200 employees who serve a growing customer base in 23 countries. The Company has a sizeable presence in the Benelux, DACH, France and the Nordics with a track record of successfully expanding into new geographies. In recent years, the Company has also successfully introduced its UFO offering to sectors including Construction and Infrastructure. Additionally, Kooi benefits from its unique and strong heritage in Renewables.

With Pieter Kooi’s involvement and the backing of Bencis since June 2018, the current management team, along with its strong staff, has successfully steered Kooi through robust growth, effectively expanding and enhancing its operational capabilities.

In partnership with IK, Kooi plans to: further realise benefits of scale; penetrate the growing TVS and RED markets; establish additional local teams; andexpand internationally into underserved markets.

Completion of the transaction is subject to legal and regulatory approvals.

Peter Schollmann, CEO of Kooi, stated: “We would like to thank Bencis for all their support over the past five years, which has provided us with a solid foundation for future growth. Kooi’s success comes from our people and culture; something I am very GRUTSK (proud) of!”

Pieter Kooi, Founder of Kooi, added: “We look forward to the next chapter and realising our ambitious plans to accelerate  growth of the Company across Europe. We are confident that with the support of IK, we can retain our autonomous, market-leading position and successfully penetrate a host of underserved European markets.”

Remko Hilhorst, Managing Partner at IK and Advisor to the IK X Fund, said: “We have been impressed with Kooi’s track record to date and its ability to continuously evolve its offering to meet the needs of its customers. It has a well-established presence in the TVS market with further growth potential which can be unlocked in the years to come, particularly in those European markets where IK itself has a recognised footprint. With this solid foundation in place, we look forward to collaborating with Peter and the team to develop the Company further.”

Robert Falk, Partner at Bencis, added: “Today marks a pivotal moment with the successful exit of Kooi. During our partnership since 2018, Kooi has seen an exceptional growth trajectory, thanks to the excellent collaboration with Pieter Kooi and the management team. Our journey with Kooi is a testament to a strong strategic partnership and visionary entrepreneurship resulting in an outstanding outcome. We are convinced that IK is the right partner for Kooi to further accelerate its growth and we are confident that Kooi will continue to play its market-leading role. We are proud to have been and  continue to be part of this journey and are excited for what the future holds for Kooi.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

 

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 180 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit http://www.ikpartners.com

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About Kooi

Kooi offers mobile video surveillance and incident response to secure the sites of its customers 24/7. The company has a leading position in the construction, infrastructure, renewables and waste management sectors across Europe. Kooi offers a range of systems with varying specifications, enabling them to secure different types of sites. For more information, visit https://247kooi.com/

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About Bencis Capital Partners

Bencis is an independent investment company that supports business owners and management teams in achieving their growth ambitions. Working out of offices in Amsterdam, Brussels and Düsseldorf, Bencis has been investing in strong and successful businesses in the Netherlands, Belgium and Germany since 1999. For more information, visit https://www.bencis.com/nl/

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Eurazeo invests into Igloo, Singapore’s regional insurtech player

Eurazeo
  • The regional insurtech player has closed a US$36 million Pre-Series C funding round to support its regional expansion via strategic acquisitions
  • Eurazeo, through its insurtech fund backed by the insurer BNP Paribas Cardif, led the funding with participation from Openspace’s OSV+, and returning investor La Maison

Eurazeo, through its insurtech fund backed by the insurer BNP Paribas Cardif, is pleased to announce its investment in Igloo’s US$36 million Pre-Series C funding round, with participation from Openspace and La Maison. The latter two also participated in Igloo’s Series B and Series B+ fundraises respectively, thereby reaffirming their confidence in the company’s strong business fundamentals. Openspace’s investment in this round comes via its mid-stage fund, OSV+, which is focused on the Series C and D rounds of transformative technology companies in Southeast Asia.

This latest round comes just 10 months after Igloo’s previous Series B+ fundraise led by BlueOrchard through its InsuResilience Investment Fund II. In total, the company has raised US$100 million.

Igloo’s recent scores include two innovative offerings. In 2022, it launched Ignite by Igloo, a digital platform that enhances the productivity of sales intermediaries in Vietnam and Indonesia. Ignite by Igloo works with 22,000 sales intermediaries and agent partners and aims to close 2023 with 50,000 agents as it expands into other markets. In line with Igloo’s purpose of improving financial inclusion for underserved segments, over 60% of Ignite by Igloo’s intermediary partners are female.

Another innovation for Igloo is its Weather Index Insurance, a pioneering blockchain-based parametric insurance for farmers. The product has drawn interest from partners in Vietnam and across Southeast Asia for its potential to greatly benefit the agricultural sector. Despite its novelty in a highly traditional sector, Weather Index Insurance has already been adopted by thousands of farmers since launching last November and covers 20,000 hectares of coffee and padi farms.

Igloo has facilitated over 500 million policies and aims to double its Gross Written Premium (GWP) from 2022. As of today, it has also actively established over 75 partnerships across six countries, expanding its product offerings to cover consumer finance, e-commerce, and logistics. In August 2023, Igloo was named ‘Insurtech of the Year’ by the Asia Fintech Awards.

The new funding will go towards both horizontal and vertical M&A opportunities – having added intermediary licenses across SEA this year, in addition to its license in Indonesia. It will also increase its workforce by 20% across engineering, commercial, strategy and insurance-focused verticals. On the product and value chain enhancement aspect, it looks to double down on motor, health, climate-related products, underwriting and claims digitization and AI and blockchain technologies.

 

Matthieu Baret, Managing Partner – Venture, and Albert Shyy, Managing Director, at Eurazeo declared:

“With our investments in China, Indonesia, India, and Singapore, we’re extending our footprint with the ambition to become a leading player in Asia. We have been following Igloo for some time now and have been impressed by their evolution into a diversified insurance platform across channels and products. The insurance market in Southeast Asia is still very underpenetrated and we believe Igloo is in a strong position to help solve this by making insurance more easily accessible and understandable for consumers.”

Raunak Mehta, Co-Founder and CEO at Igloo, shared:

“The support from our investors is testament to Igloo’s steady growth and resilience amidst macro headwinds and a validation of our strategy. We are the only insurtech player in Southeast Asia with a robust profit and loss statement, a diverse multi-product portfolio, and an extensive distribution line.”

Information – Individual investors

Eurazeo Investment Manager (EIM) and Eurazeo Mid Cap (EMC) are merging to form Eurazeo Global Investor (EGI)

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Kohler Expands Wellness Portfolio with Acquisition of KLAFS from Egeria Group

Egeria

KOHLER, Wis. – December 4, 2023 – Global kitchen and bath leader Kohler has entered into a definitive agreement to acquire KLAFS – a market-leading manufacturer of saunas, steam rooms, and other hydrothermal features – from the Egeria Group.

The agreement was signed on Dec. 1, and is still subject to customary closing conditions. Final closing is expected in the first quarter of 2024. Financial details of the transaction are not being disclosed.

KLAFS CEO Phillip Rock and CFO Jens Friedrich will continue in their leadership roles, and the company will join Kohler’s Luxury Brands division with other high-design brands including ANN SACKS, KALLISTA, Robern, and Kast Concrete Basins.

Headquartered in Schwäbisch Hall, Germany, KLAFS develops, designs, manufactures, and sells innovative premium wellness products designed to enhance personal spa experiences including saunas, sanariums, infrared cabins, steam baths, pools, and related wellness equipment and accessories. In addition, the company provides consultation and planning services. KLAFS sells its products through a vast direct-to-consumer showroom network that primarily spans across Europe to both residential and commercial (incl. hotels, fitness centers, day spas, etc.) clients.

KLAFS employs 850 associates across locations in Germany, Switzerland, Austria, Poland, Netherlands, U.K., Spain, and Mexico.

“As a privately held, global company celebrating our 150th anniversary, Kohler has always embraced a relentless pursuit of providing exceptional products, services, and experiences for our customers,” said David Kohler, Chair and CEO of Kohler Co., who represents the fourth generation of Kohler family leadership. “KLAFS is an international market leader with a stellar reputation that shares our passion for innovation and delighting customers. We look forward to welcoming the KLAFS organization to Kohler and, together, driving continued growth in sauna and spa solutions.”

Hannes Rumer, Partner and Managing Director at EGERIA in Munich: “Over the last years we have worked with CEO Phillip Rock and the entire team at KLAFS on transforming the company from a strong player in Germany, Austria, and Switzerland to a pan-European market leader for premium sauna, spa, and wellness products. It has been a great entrepreneurial team-up and we are especially proud of the successful roll-out of KLAFS’ exciting product portfolio in Northern and Western Europe, both organically and through several acquisitions. Kohler is the ideal partner to maintain the high-end positioning of the brand.”

Phillip Rock, CEO of KLAFS: “With their commitment and dedication, our employees have made KLAFS a globally recognized brand. With Kohler behind us, we will open new doors and take our success story to a new level.”

Houlihan Lokey (M&A), Menold Bezler (Legal), and RSM Ebner Stolz (Financial & Tax) are advising Egeria. Eversheds Sutherland (Legal) and Deloitte (Financial, Tax & HR) are advising Kohler.

About Kohler Co.
Founded in 1873 and headquartered in Kohler, Wisconsin, Kohler Co. is one of America’s oldest and largest privately held companies comprised of more than 40,000 associates. With more than 60 manufacturing locations worldwide, Kohler is a global leader in the design, innovation and manufacture of kitchen and bath products; luxury cabinetry, tile and lighting; engines, generators, and clean energy solutions; and owner/operator of two, five-star hospitality and golf resort destinations in Kohler, Wisconsin, and St. Andrews, Scotland. Kohler’s Whistling Straits golf course hosted the 43rd Ryder Cup in 2021. The company also develops solutions to address pressing issues, such as clean water and sanitation, for underserved communities around the world to enhance the quality of life for current and future generations. For more details, please visit kohlercompany.com.

About KLAFS
KLAFS has been creating places of relaxation for body and soul since 1928. Time and again, the company manages to surprise with groundbreaking innovations – such as the space-saving sauna KLAFS S1, which transforms from the size of a wall cabinet to a fully functional sauna within 20 seconds at the push of a button. Thanks to this innovative strength, KLAFS advanced from what was once a small family business to a global industry leader. Today, more than 850 employees work to meet – and exceed – the ever-increasing demands of customers. From small private sauna rooms to luxurious hotel spas. And they do this all over the world, with expert advice from carefully trained technical consultants and on-site service from experienced teams. As a trendsetter in the sauna, pool and spa industry, KLAFS continuously invests in research and development, for example to further increase the energy efficiency of its products.

About EGERIA
Egeria is an independent pan-European investment company founded in 1997, which focuses on medium-sized companies. Egeria invests in healthy companies with an enterprise value between EUR 50 million and EUR 350 million. Egeria believes in building great businesses together with entrepreneurial management teams (Boldly Building Together). Egeria Private Equity Funds hold investments in 16 companies, Egeria Evergreen has investments in 7 companies. Egeria’s portfolio companies have a combined turnover of c. EUR 2.5 billion and employ close to 13,000 people. Other activities are Egeria Real Estate Investments and Egeria Real Estate Development. In 2018, Egeria has launched EgeriaDO, a corporate giving program sponsoring projects in the fields of the arts, culture, and social objectives.

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Raymonde Wagemaker appointed as CEO Dieseko Group BV

NPM Capital

The Supervisory Board of Dieseko Group BV announces the appointment of Raymonde Wagemaker as Executive Chairman/CEO of Dieseko Group B.V. as of 01 December 2023.

 

As the new Chairman/CEO, Raymonde will implement the initiated strategy in consultation with customers, management and employees of Dieseko Group BV and its operating companies. The aim is and will remain to continue the growth of Dieseko and to further develop the company as a world leader in high quality and innovative foundation technology.

 

Raymonde studied mechanical engineering followed by studies in Canada and the UK and has worked for companies such as Mourik as President of the Industry Division and Imtech Industry as Managing Director Oil & Gas.

Jan Bruggenthijs will step down as CEO of Dieseko Group a.i. as of 1 December 2023 and return to the Supervisory Board. On behalf of the shareholders, the Supervisory Board would like to thank Jan for the way in which he has temporarily taken over and performed the role of CEO.

Categories: People