Archives

Argos Wityu to acquire IJssel Technologie

argos wityu

The common objective is to reinforce IJssel Technologie’s robust market position in accelerating commercial developments, boosting innovation, contributing to the energy transition, and deploying a clear M&A strategy.

Argos Wityu has reached an agreement with the shareholders of IJssel Technologie to become majority shareholder of the Dutch industrial maintenance services provider. Wadinko will remain as a minority shareholder alongside Argos Wityu. This acquisition marks Argos Wityu’s fifth investment by its MidMarket fund VIII.

Founded in 1992 from the process engineering department of Scania in Zwolle, Ijssel has been supported by the current shareholders since 2004. The business is active in (predictive) maintenance and optimization for industrial production and process industries. With its high reputation and its loyal workforce of over 400 employees, IJssel provides skilled services to clients active in basic materials, chemicals, food & beverages and transport. The company is known as a specialized maintenance provider with a high degree of technical knowledge, a customer-centric approach, and a brand strongly recognized in the Dutch industrial maintenance market.  In 2021, the company’s revenues were €59m.

The current shareholders are enthusiastic about this next step for the company and its employees. Argos Wityu was selected as partner for their understanding of the business, core skillsets in growth and operational excellence, and track record in successful (international) buy & build programs. Wadinko, a provincial fund focused on employment in the region, will remain as a minority shareholder alongside Argos Wityu.

IJssel will continue to provide its high-quality services and support its clients in the best manner.

The transaction is subject to conditions and approvals including but not limited to the Works Council and the Dutch market authorities.

Richard Reis, Partner at Argos Wityu said “Argos Wityu is proud to have been chosen by the historical shareholders of IJssel and glad to build this new partnership with this very successful Dutch company. We will strive to preserve the group’s DNA, develop its market-leader identity and structure its growth.”

Han Leemhuis, Investment Manager at Wadinko added: “We look forward to continue as shareholder alongside with Argos Wityu and unroll all the opportunities included in the business plan.”

Argos Wityu team: Gilles Mougenot, Richard Reis, Roel van Ark, Skyler van Wezel

Buyer advisors
Corporate Finance/M&A – Deloitte (Onno Vos, Jeroen van Leeuwen, Jeffrey Riesmeijer, Guy Valette)
Strategy & Commercial – Deloitte VCS (Karin de Sousa Nobre, Walter Lutz, Jig Sevinga)
Financial – PwC (Cornelis Smaal, Khayyam Butt, Nick de Leeuw)
Legal – Houthoff (Bram Caudri, Ivar Brouwer, Jeanne Beck, Sylvia Dikmans, Diede van der Voort)
Pension – HVG Law (Nicolette Opdam, Roderick Buijs, Inge Renes)
Tax – PwC (Bart Weijers, Joey Schellingerhout)
Insurance – Aon (Ingrid van Bussel, Richard Stemerdink)
ESG – Tauw (Hans Nieuwenhuis, Julian Stempher, Nick Distelbrink)

Seller advisors
Corporate Finance/M&A –  Oaklins (Arjen Kostelijk, Martijn de Win, Ruben Knooren, Baran Temur)
Strategy & Commerical – Roland Berger (David van der Does, Maarten Roelofsma, Bart Woltjes
Financial – Accuracy (Leontine Koens-Betz, Barry van der Vliet)
Legal – Loyens&Loeff (Herman Kaemingk, Eline de Ruijter, Frank Bambacht, Sandrine Lekkerkerker)

Argos Wityu

Coralie Cornet
Director of Communications
ccc@argos.fund
+33 1 53 67 20 63

Wadinko

Han Leemhuis
h.leemhuis@wadinko.nl
+31 6 51 84 55 81

About Argos Wityu / www.argos.wityu.fund
One firm, two strategies. Argos Wityu is an independent European private-equity group that supports the growth of mid-sized business and back their management teams.

With more than €1.4bn assets under management, over 30 years of experience and more than 90 businesses assisted, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan, and Paris. The group seeks to acquire majority stakes and invests between €10m and €100m in each investment of its two strategies:

  • The MidMarket fund helps companies implement ownership transitions to accelerate growth
  • The Climate Action fund aims at shaping European sustainable leaders by making their ‘grey-to-green’ transition.

About IJssel Technologie / www.ijssel.com

IJssel is a leading Dutch provider of engineering, installation, (predictive) maintenance and (production) optimization services for industrial customers and is involved in a significant part of the industrial services value chain. Via over 400 employees it offers its services via 7 locations in the Netherlands, both as professional service provider and outsourced technical department.

About Wadinko / www.wadinko.nl

Wadinko is a private equity company with social impact and an entrepreneurial approach. Wadinko offers risk capital, management support, and shares its knowledge and networks. In addition, Wadinko has adopted a social commitment to stimulate healthy local commercial activity and employment in the Dutch regions of Overijssel, the Noordoostpolder and south-west Drenthe. This manifests itself in substantial minority interests, realistic return requirements, and a focus on the continuity of shareholdings. As of 2022, Wadinko has holdings in 26 companies, employing 4,250 people.

Categories: News

Tags:

FSM Group has joined Ambitious People Group

Capital-A

FSM Group has joined Ambitious People Group with the backing of Investment company Capital A. Ambitious People Group has acquired a majority stake in the FSM Group, an international recruitment consultancy operating with four brands in 5 countries. Ambitious People Group is advancing its 2026 Vision through its strategy of Organic Growth, Buy-and-Build and Digitalisation.

Four brands, five countries

The current management of FSM Group will remain on board. In fact, several key managers will also join as shareholders. David Jacob, MD: “We are very excited about this partnership as it will allow us to further our growth plan in opening up new offices, new brands, and joining a very like-minded firm in Ambitious People Group”.

Continuing ambition

FSM Group has four specialized brands: James Woodman (Finance Recruitment), Eye Tech Solutions (IT Recruitment), Fuse Engineering and LEDR Executive Solutions. With nearly one hundred and fifty employees and 8 offices, the company is in five countries, with its headquarters in Brussels. FSM Group was awarded a Trends Gazelle for 2020 – an award for the fastest growing companies in Belgium – and Best Place to Work in 2022.

Strong growth

Dennis Grefkens, Ambitious People Group, CEO: “We are very impressed with the strong international growth that FSM Group has shown year after year. We believe that the ambitions of FSM perfectly fits with those of APG. Together we will continue to focus on digitalization, accelerated international growth and buy-and-build.”

About FSM Group

FSM Group (Fun, Success, Meritocracy) is an international recruitment consultancy, active in five countries, with just under one hundred and fifty employees, and eight physical offices in five countries. The Brands are James Woodman, EyeTech Solutions, Fuse Engineering and LEDR Executive Solutions. Started in Brussels in 2008, its specialized, candidate centric approach has ensured fast growth, and earmarked it as a market leader in helping candidates, clients and staff reaching their full potential.

About Ambitious People Group

Ambitious People Group is an international recruitment consultancy, active with five brands, almost two hundred employees and twenty-four offices in six countries. The brands are SAM Recruitment, Ardekay IT Recruitment, LMH Engineering, Four Life Sciences and Five Finance. Since our start in Amsterdam in 2007 we have been matching candidates and companies in different, specific sectors. Our mission is to help people and organizations to realize their ambitions. Our consultants with their specialism, deep market knowledge and large database are indispensable to make the right match. Ambitious People Group was awarded a FD Gazelle for ten consecutive years. That is an award for the fastest growing companies in the Netherlands. Grefkens: “We have doubled every four years. Together we will accelerate that growth path further.”

About Capital A

Capital A is one of the longest active private equity investors in the Netherlands, with a focus on investing in very fast (both autonomous and acquisitive) growing companies. Originally started at ABN AMRO in the 1980’s as an investment fund focused on SMEs, Capital A continued independently in 2018 with support from investors such as ABN AMRO, Five Arrows, Alpinvest, Bregal, LGT, entrepreneurs of former portfolio companies and the Capital A team itself. From offices in Amsterdam and Antwerp, Capital A manages approximately EUR 900 million in assets under management and has a portfolio of more than 30 growth companies that are predominantly active in Europe.

Categories: News

Tags:

Corvus Insurance Appoints Angela Whiteford as New Chief Marketing Officer

.406 Venture

Boston, MA — November 30, 2022 — Corvus Insurance, the leading provider of Smart Cyber Insurance® products powered by AI-driven risk data, recently welcomed Angela Singhal Whiteford as its new Chief Marketing Officer. She brings more than two decades of marketing and product management experience spanning several technology verticals, including telecommunications, identity management, and robotics, to the rapidly expanding insurtech company. Whiteford joins Corvus’s Executive Leadership team and reports directly to the company’s CEO, Madhu Tadikonda.

A results-driven marketing leader, Whiteford has a proven track record of driving category leadership and brand authority for high growth companies. Whiteford previously held marketing leadership roles at high-tech brands, including Affirmed Networks (acquired by Microsoft), Forter, and Berkshire Grey.

“Corvus is disrupting the traditional insurance industry by leveraging data and technology to more accurately assess risk and proactively mitigating that risk for policyholders — creating a truly unique offering in the market. I’m excited to join Corvus to help bring the company into its next stage of growth and innovation,” said Whiteford.

Whiteford joins Corvus on the heels of a series of pivotal milestones. In August of this year, the cyber insurtech MGA elevated Madhu Tadikonda to the role of CEO to lead its rapid growth and international expansion, while in July the company opened its first continental European office. Most recently, earlier this month Corvus officially entered a multi-year cyber insurance partnership with The Travelers Companies, Inc. around its continental European product. Corvus also secured an enhanced multi-year U.S. agreement with SiriusPoint and R&Q Accredited to further enable Corvus’s evolution and focus on policyholders across geographies.

“Corvus has established significant groundwork in the market, thanks to our industry-leading technology, great fundamental metrics, and strong growth opportunities. Angela will drive our proven industry leadership and go-to-market strategies, built upon the foundation that Corvus is able to better predict and prevent complex cyber risks for brokers, policyholders, and risk capital partners alike,” said Corvus’s CEO Madhu Tadikonda. “She is joining Corvus at such an exciting time; I look forward to seeing Angela inspire and motivate us all.”

View the original press release on BusinessWire.

 

About Corvus Insurance

Corvus Insurance is building a safer world through insurance products and digital tools that reduce risk, increase transparency, and improve resilience for policyholders and program partners. Our market-leading specialty insurance products are enabled by advanced data science and include Smart Cyber Insurance® and Smart Tech E+O™. Our digital platforms and tools enable efficient quoting and binding and proactive risk mitigation. Corvus Insurance offers insurance products in the U.S., Middle East, Europe, Canada, and Australia. Current insurance program partners include AXIS Capital, Crum & Forster, Hudson Insurance Group, certain underwriters at Lloyd’s of London, R&Q Accredited, SiriusPoint, and The Travelers Companies, Inc. Corvus Insurance, Corvus London Markets, and Corvus Germany are the marketing names used to refer to Corvus Insurance Agency, LLC; Corvus Agency Limited; and Corvus Underwriting GmbH. All entities are subsidiaries of Corvus Insurance Holdings, Inc. Corvus Insurance was founded in 2017 and is headquartered in Boston, Massachusetts with offices across the U.S., in the UK, and Germany. For more information, visit corvusinsurance.com.

Categories: People

KKR Completes Tender Offer For Hitachi Transport System

KKR

TOKYO–(BUSINESS WIRE)– Global investment firm KKR announced today that its tender offer for the common shares of Hitachi Transport System Ltd. (“HTS” or the “Company”; TSE stock code 9086) concluded on November 29, 2022. The cash tender offer was through HTSK Co., Ltd. (the “Offeror”), a special purpose entity owned by the investment funds managed by KKR. Approximately 51.11% of the common shares have been tendered and will be acquired by the Offeror. Settlement of the tender offer will commence on December 6, 2022.

In addition to the shares acquired during the tender offer, the Offeror will acquire the remaining shares of HTS through a squeeze-out process which, combined with a buyback by HTS of the shares held by Hitachi Ltd., will result in the Offeror owning 100% of the shares of HTS.

HTS is a leader in the third-party logistics business (“3PL”) in Japan. The Company provides supply chain solutions for customers who outsource logistics functions such as logistics system integration, inventory and order control, logistics center operations, factory logistics, and transportation and delivery services. HTS has a strong domestic 3PL business as well as an international business which includes forwarding business and related 3PL business.

This tender offer will be financed predominantly from KKR’s Asia IV Fund.

Hiro Hirano, Co-Head of Private Equity for KKR Asia Pacific and Chief Executive Officer of KKR Japan, said, “We are pleased with the results of this tender offer and to begin our strategic partnership with Hitachi Transport System. We look forward to utilizing KKR’s global network and expertise to help Hitachi Transport System become the leading 3PL company in Asia. Now more than ever, 3PL is vital to the trade flows and the global economy. Our goal is to help HTS grow its business through increasing its innovative supply chain solutions for its clients and business partners around the world.”

HTS will be renamed LOGISTEED, Ltd. from April 1, 2023, a name that combines LOGISTICS with Exceed, Proceed, Succeed, and Speed, which represents the Company’s determination to be a leading global 3PL provider for its clients and business partners.

HTSK Co., Ltd. “Announcement Regarding Results of Tender Offer for Shares of Hitachi Transport System, Ltd. (Securities Code 9086)”

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 and on Twitter @KKR_Co.

KKR Media
Anita Davis
+852 3602 7335
Anita.Davis@kkr.com

Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

FGS Global (for KKR Japan)
Samuel Brustad
+81 70 3853 3284
Samuel.Brustad@fgsglobal.com

Source: KKR

Categories: News

Tags:

EQT Infrastructure enters exclusive negotiations to acquire a majority stake in Trescal, a global leader in calibration laboratories

eqt
  • EQT Infrastructure enters exclusive negotiations to acquire a majority stake in Trescal, a global leader in calibration laboratories, from OMERS
  • Trescal provides essential and regulated calibration services via a network of more than 380 laboratories, for testing and measurement equipment in transport, healthcare, telecom, and other sectors
  • EQT Infrastructure will support the continued development of Trescal and its pursuit of growth opportunities in current and new markets, drawing on EQT’s global footprint, industrial DNA and extensive experience in the Company’s key end-markets such as telecom and healthcare

EQT is pleased to announce that the EQT Infrastructure V (“EQT Infrastructure”) fund has entered exclusive negotiations to acquire a majority stake in Trescal (the “Company”) from Ontario Municipal Employees Retirement System (“OMERS”), which will remain a minority investor alongside EQT Infrastructure.

Headquartered in Paris, France, Trescal is a global leader in calibration laboratories providing essential and regulated calibration services for testing and measurement equipment in a diverse range of critical end-markets such as transport, healthcare, telecom and other sectors. Formerly part of Air Liquide and established as an independent company in 2007, Trescal is today one of the world’s largest owners and operators of third-party calibration laboratories with a global network of more than 380 facilities spanning 29 countries. The Company employs 4,400 people and has an annual turnover of around EUR 450 million.

Trescal provides mission-critical and regulated calibration testing to ensure that the quality of essential products meets the most stringent requirements. The demand for its solutions are underpinned by clear industry trends including the increasing number and complexity of testing and measurement instruments, as well as more stringent quality and regulatory standards. Investment in Trescal provides strong resilience towards macroeconomic headwinds due to the mandatory, time-based rather than volume-based service, the recurring nature of its offering, and its loyal customer base.

EQT Infrastructure will support the continued development of Trescal and its pursuit of growth opportunities in current and new markets, drawing on EQT’s global footprint, industrial DNA, and extensive experience in the Company’s key end-markets such as transport, telecom and healthcare. Moreover, EQT will support Trescal in further digitizing its operations, employing EQT’s in-house expertise and global track record of developing strong companies within the technology sector.

Christoph Balzer, Partner within EQT Infrastructure’s Advisory Team, said: “EQT Infrastructure has followed Trescal for a long time. We are deeply impressed by the management team’s achievements in  creating a global leader in calibration laboratories with a differentiated one-stop-shop offering to serve its customer’s requirements. We believe EQT’s track record of building global companies, industrial DNA, and value-add approach strongly positions us to support the Company in its next phase of growth.”

Thomas Rajzbaum, Managing Director and Head of EQT’s French Infrastructure Advisory Team, added, “Trescal provides mission-critical services to its industrial customers in essential end-markets that are experiencing increasingly stringent requirements. We look forward to further strengthening Trescal’s market position through increased investment in the breadth of its laboratories’ capabilities and footprint, commercial excellence, sustainability and cutting-edge digitization.”

Guillaume Caroit, CEO of Trescal, said: “We at Trescal are very keen to welcome EQT as our new owner and look forward to benefiting from the capabilities and experience EQT offers. We are confident that together with EQT Infrastructure we have the right partner to drive the next phase of our global growth, further cement our leading market position, and continue to best serve our clients.”

The acquisition of Trescal is EQT Infrastructure’s third investment in France after the European operator of nursing home facilities Colisee, and the French water services management company SAUR.

The transaction is subject to the consultation process or information of the Employee Representative Bodies, as well as antitrust and potential foreign investment clearances. It is expected to close in H1 2023.

With the acquisition of Trescal, EQT Infrastructure V is expected to be 80-85 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication), subject to customary regulatory approvals.

Contact

EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT

EQT is a purpose-driven global investment organization with EUR 114 billion in assets under management within two business segments – Private Capital and Real Assets. EQT funds own portfolio companies and assets in Europe, Asia-Pacific and the Americas and support them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Trescal

Trescal is a global leading operator of calibration laboratories. It offers an array of industries a single-source solution for calibration, measurement, repair, qualification, validation and asset management across the globe. Its technicians and experts carry out accredited and non-accredited calibrations for all measured variables and measuring instruments in all technical domains, whether physical, electrical or mechanical. Trescal’s 4,400 team members perform more than 3.3 million operations per year, including 27,000 repairs across 150,000 types of instruments and 20,000 brands. 

More info: www.trescal.com

Categories: News

Tags:

CVC agrees the sale of APRIL Group

CVC Capital Partners

After refocusing its activities around insurance distribution and carrying out an in-depth transformation of its business model since its acquisition by CVC Capital Partners Fund VII in 2019, enabling the group to return to a high level of performance, the APRIL Group announces that it has signed a long-term strategic partnership with global investment firm KKR. By teaming up with KKR, APRIL, which is already one of the leading insurance brokers in Europe, is preparing to accelerate its development and digitalization in the markets for borrowers, health and personal protection, niche property and casualty, international health insurance and wealth management in France and internationally.

With a turnover of €544 million in 2021, double-digit growth dynamics for 2022 and a nearly 20-point rise in its NPS, the APRIL Group has completed its transformation, achieving its objectives more than a year in advance. Building on this upward trajectory and its position as the French leader in wholesale insurance, the group has decided to take its ambitions to the next level and secure the means to become a key player at an international level.

To support this new stage of growth, the APRIL Group will now be supported by KKR, which, as a majority shareholder, will bring its global expertise in insurance and financial services.

The transaction will be subject to the usual legal and regulatory approvals.

Quotes

After a great collaboration with CVC… our aim is to continue the history of this great company and to make it a French champion

Eric Maumy President & CEO, APRIL Group

“The APRIL Group was created 35 years ago by a visionary entrepreneur. After a great collaboration with CVC Capital Partners, April recovered its original strength. Our aim is to continue the history of this great company and to make it a French champion on a global scale. This next chapter will be enabled by the management team, our 2,300 employees, and KKR, for the benefit of our partners and policyholders,” states Eric Maumy, President & CEO of APRIL Group.

Over the past three years, the APRIL Group has reinvented itself:

  • Organic growth of +8% in 2021 thanks to substantial work on products in France and worldwide across all its markets – loan insurance, health / personal protection, casualty niche insurance, international medical insurance – and entering a new market, property insurance, through the acquisition of Magnacarta;
  • Improvement in customer experience, as recognised by 24-point NPS;
  • Returned to its position as an industry leader, with all actors mobilised around the liberalisation of the loan insurance market;
  • Strengthened digital and technological capabilities, with the creation of the dedicated APRIL X hub and the acquisition of ELOA and Comparadise;
  • 800 employees recruited in three years;
  • International expansion, with offices opened in Germany and Dubai.

Categories: News

Tags:

Ratos company Aibel gets billion NOK assignment at Aasta Hansteen

Ratos

2022-11-29

Aibel has by Equinor been awarded a billion NOK contract for extensive modifications and preparation of the Aasta Hansteen platform for tie-in of the Irpa field (previously Asterix). Aibel describes the contract as ’large’ ‒ a term used by Aibel when it comes to agreements in the order of NOK 1.5-2.5 billion.

Management and engineering will be carried out from Aibel’s office in Stavanger with the support of the offices in Oslo and Singapore. The project will employ a maximum of 200 people. In addition, the project will exploit synergies with Aibel’s existing maintenance and modification contract for Aasta Hansteen, which is led by the Harstad office. Prefabrication and module assembly will take place at Aibel’s yards in Haugesund, Norway and Thailand.

The EPCIC contract (Engineering, Procurement, Construction, Installation and Commissioning) was an option when Aibel last year was awarded the FEED contract (Front End Engineering and Design) to plan the modifications in detail.

“This contract together with the extension of the agreement for Johan Sverdrup means that Aibel has received two billion contracts with Equinor in a short time. It is proof of the companies’ good cooperation and strong relationship. Aibel plays an important role in the energy supply of the future,” says Christian Johansson Gebauer, member of the Board of Directors of Aibel and President, Business Area Construction & Services, Ratos.

“The contract award is an acknowledgment to the organisation that has worked with the FEED. At the same time, it confirms Aibel’s leading position in modifications of infrastructure on the Norwegian continental shelf. We have a long history as main supplier within this area and look forward to providing an integrated solution in close cooperation with Equinor,” says Mads Andersen, President and CEO of Aibel.

Engineering work starts immediately, while the first offshore activities are expected already during February 2023. The project is expected to be completed in 2026.

For further questions, please contact:
Josefine Uppling, VP Communication, Ratos
+46 76 114 54 21, josefine.uppling@ratos.com

About Ratos
Ratos is a business group consisting of 16 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2021, the companies have approximately SEK 28 billion in net sales. Our business concept is to own and develop companies that are or can become market leaders. We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas.

Categories: News

Tags:

ZS and Abacus Insights Announce Partnership To Bring Innovative Data and Analytics Solutions to Health Plans

.406 Venture

EVANSTON, Ill. and BOSTON, Mass. – November 29, 2022 –  As ZS continues to help health plans evolve and transform, the firm announced today an investment in and partnership with Abacus Insights, a healthcare technology leader with a groundbreaking offering in data usability that rapidly accelerates the achievement of key health plan goals including efficiency, equity, health services and member outcomes.

“At ZS, we believe the future of healthcare is connected, with providers, health plans, pharma companies and other stakeholders working together,” said ZS CEO Pratap Khedkar. “Usable data from Abacus Insights is a key enabler and connecter, and we take seriously our role in helping health plans innovate and excel. Partnerships like this one between ZS and Abacus Insights will be increasingly important in a connected health ecosystem.”

Abacus Insights offers the capability to consolidate and clean billions of pieces of structured and unstructured data from payers, providers, labs, digital apps and many more sources, providing end users with complete, current and accurate data sets that drive both operational and analytical uses. Through this partnership, health plans working with ZS gain access to usable data and a full suite of analytics and digital tools, unlocking insights from sales to operations to health outcomes and accelerating a path to decisions and actions.

“Abacus Insights is proud to have the support of ZS both as an investor and partner. ZS recognizes that data usability is a game-changer in creating and scaling big performance advances for health plans,” said Minal Patel, Abacus Insights CEO. “Our companies share a common purpose to improve healthcare. Our combined health plan-specific expertise will accelerate our ability to help clients achieve their key transformational goals of better serving their members and leading healthcare change.”

Usable data from Abacus Insights is already powering better quality reporting, more accurate risk adjustment and improved value-based contracting, care and payments. ZS Managing Principal Adam Siskind, who leads the firm’s health plan and provider vertical, said the partnership aims to help unlock use cases that health plans can leverage to fully realize the benefits of their analytics transformations.

“There is no shortage of health plan challenges to solve, and it seems there is never enough capacity to unravel them. Our partnership with Abacus Insights will help our clients access the solutions they need to not only reach their goals but to do so efficiently and with scale,” Siskind said. “At ZS, we are proud to be the leading firm at the intersection of healthcare and analytics, so it only made sense to join forces with Abacus Insights, a company already recognized as the leader in health plan data usability in the U.S. Our combined capabilities allow us to achieve a new level of impact that all of our health plan clients seek—and all of their members deserve.”

About ZS

ZS is a management consulting and technology firm focused on transforming global healthcare and beyond. We leverage our leading-edge analytics, plus the power of data, science and products to help our clients make more intelligent decisions, deliver innovative solutions and improve outcomes for all. Founded in 1983, ZS has more than 12,000 employees in 35 offices worldwide. To learn more, visit www.zs.com.

About Abacus Insights

Abacus Insights is a healthcare technology leader with the only data transformation platform and solutions built specifically for health plans. Focused on data quality and usefulness, Abacus Insights gives payers a new level of control and flexibility with their data by developing accurate, timely, and robust ecosystems that can support any analytics or other applications. Managing data for 21 million members, Abacus Insights partners with payers to deliver scalable solutions that drive strategic initiatives, control costs, and improve member lives and experiences.

Categories: News

Tags:

Adams Street Closes 2022 Global Fund Program with $1.1 Billion in Commitments

Adams Street

CHICAGO, IL – November 29, 2022 – Adams Street Partners, LLC, a private markets investment firm with more than $52 billion in assets under management, has held the final closing of the Adams Street 2022 Global Fund Program with approximately $1.1 billion in committed capital. The Global Fund Program is a private markets portfolio spanning all of Adams Street’s investment strategies, including primaries, secondaries, co-investments, growth equity, and private credit, across North America, Europe, and Asia.

This year’s Global Fund Program saw strong demand despite market volatility, closing with commitments 20% higher than initial internal targets. Investors in the 2022 Global Fund Program included public and corporate pension plans, foundations, and endowments, with increased interest in the Program from registered investment advisors and high net worth individuals. There was strong representation from both new and returning investors globally.

“The Adams Street Global Fund Program was originally introduced as the firm’s flagship product and has evolved into a targeted, multi-strategy product that we believe includes the investment teams’ best ideas,” said Miguel Gonzalo, Partner & Head of Investment Strategy and Risk Management at Adams Street. “The Global Fund Program represents a one-stop solution for Adams Street’s investment strategies and prior Global Fund Programs have, over the long term, delivered alpha above the public equity markets. The Global Fund Program is constructed with cost-effective private equity portfolios of high-growth and low-leverage investments across the Adams Street platform globally.”

“In periods of market uncertainty, investors have historically looked for more reliable, risk-adjusted returns and strategic alpha generation with strong downside protection, which aligns with our targeted strategy for the Global Fund Program,” said Jeff Diehl, Managing Partner and Head of Investments at Adams Street. “We are grateful for the continued trust of our investors as we navigate the opportunities and challenges in the markets.”

Adams Street first implemented the Global Fund Program in 1996. The Global Fund Program aims to outperform public equity markets by 3-5% through a highly diversified global portfolio that incorporates some of the top-performing ideas across each of Adams Street’s strategies.

About Adams Street Partners

Adams Street Partners is a global private markets investment manager with investments in more than 30 countries across five continents. The firm is 100% employee-owned and has over $52 billion in assets under management. Adams Street strives to generate actionable investment insights across market cycles by drawing on 50 years of private markets experience, proprietary intelligence, and trusted relationships. Adams Street has offices in Austin, Beijing, Boston, Chicago, London, Menlo Park, Munich, New York, Seoul, Singapore, Sydney, and Tokyo. Visit www.adamsstreetpartners.com

This information is not investment advice or an offer or sale of any security or investment product or investment advice. Offerings are made only pursuant to a private offering memorandum containing important information. Statements are made as of the date of this release, and there is no implication that the information contained herein is correct as of any time subsequent to such date. Past performance is not a guarantee of future results.

Media Inquiries:
Rich Myers / Rachel Goun
Profile Advisors
+1 347 343 2999
adamsstreet@profileadvisors.com

Categories: News

Tags:

Audax Private Equity Announces Acquisition of Medi-Weightloss, Inc.

Audax Group

BOSTON & TAMPA, Fla.–(BUSINESS WIRE)–Audax Private Equity (“Audax”) announced the acquisition of Medi-Weightloss, Inc. (“the Company”), a leading operator of science-based, physician-supervised weight-loss and wellness clinics, with approximately 100 franchised and company-owned locations nationally. Buzz Franchise Brands is co-investing alongside Audax as a minority-stake partner. Financial terms of the transaction were not disclosed.

Headquartered in Tampa, Florida, Medi-Weightloss offers customized weight-loss programs designed to address obesity and other related diseases, including heart disease, stroke, type-2 diabetes and other specific conditions generally covered by commercial insurance payors. The Company also sells a line of proprietary nutritional supplements, healthy-food products and vitamins that treat comorbidities caused by obesity.

Franchised clinics account for approximately 80% of Medi-Weightloss’ total locations. The Company provides comprehensive support to its base of professional franchisees, ranging from compliance and regulatory oversight to other support functions, such as advanced staff training, IT, quality assurance, franchise-performance consulting, and advertising and marketing.

“Medi-Weightloss differentiates itself a number of ways,” noted Edward Kaloust, founder and board member of Medi-Weightloss. “Beyond the breadth and scope of the Company’s individualized programs spanning the full continuum of care, our value proposition rests on the documented efficacy of our approach. For instance, a two-year study demonstrated that the diet and intensive lifestyle and behavioral programs offered by Medi-Weightloss reduced the prevalence of metabolic syndrome by 45% in 13 weeks and by 73% over 52 weeks. Moreover, patients on the Medi-Weightloss individualized calorie-restricted program lost 29 pounds, on average, over a 13-week period.”

“The obesity epidemic is only getting worse,” added Ken Hall, incoming CEO of Medi-Weightloss. “Our customized programs, tailored to the specific conditions of each individual, are developed by physicians board-certified to treat obesity. We’re thrilled to partner with Audax Private Equity to accelerate our growth and address this challenge through personalized programs that catalyze the lifestyle and behavioral changes necessary to deliver improved health outcomes to our patients.”

“We are excited that Medi-Weightloss has decided to partner with Audax Private Equity and believe the firm represents an ideal steward for the Medi-Weightloss brand going forward,” added Kurtis Freidag, President of Medi-Weightloss’ Franchisee National Advisory Council. “Audax can help propel us to the next level and has an established track record of facilitating growth in companies like ours. People need these services more than ever and it’s exciting to think about how many more people we will be able to help.”

“Medi-Weightloss represents a prototypical deal for our Origins strategy, which builds on Audax’ historic focus in the lower middle market,” added Keith Palumbo, Managing Director at Audax Private Equity. “In addition to strategic initiatives focused on enhancing Medi-Weightloss’ current patient outcomes and unit performance, we see a compelling opportunity to expand the Company’s geographic footprint through new franchise growth and acquisitions that will expand access to care for an underserved and growing patient population.”

Medi-Weightloss represents the second investment completed by Audax Private Equity’s lower middle market Origins strategy. Kroll Securities, LLC served as financial advisor to the sellers. Ropes & Gray LLP served as legal counsel to Audax and Quarles & Brady LLP served in the same capacity to the Company.

ABOUT AUDAX PRIVATE EQUITY

Audax Group is a leading alternative investment manager with offices in Boston, New York, San Francisco and London. Since its founding in 1999, the firm has raised over $32 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $9 billion in more than 150 platforms and over 1,100 add-on companies, and is currently investing in add-ons out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 360 employees and over 150 investment professionals, the firm is a leading capital partner for North American middle market companies. For more information, visit the Audax Private Equity website at www.audaxprivateequity.com or follow us on LinkedIn.

ABOUT MEDI-WEIGHTLOSS

Based in Tampa, Florida, Medi-Weightloss is a national franchisor and direct provider of physician-supervised weight loss and wellness clinics, and a provider of healthy food products and supplements. With approximately 100 franchised and company-owned locations across 27 states, Medi-Weightloss prides itself on its evidence-based approach to treatment through clinical research. To learn more, visit the company website at www.mediweightloss.com

Categories: News

Tags: