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Virgin Pulse and HealthComp Announce Intent to Merge to Create Comprehensive Employer Health Platform

New Mountain Capital

Joining forces to improve health outcomes, lower costs, and empower members through a next generation health technology and data platform

New Mountain Capital, Marlin Equity Partners, Blackstone and Morgan Health to back combined entity, the industry’s first Health Platform-as-a-Service

Providence, RI, and Fresno, CA, September 27, 2023 – Virgin Pulse, a leading global digital-first health, wellbeing, and navigation company, today announced its intent to merge with HealthComp, a next generation benefits and analytics platform. The merger will create a technology and data powered health platform-as-a-service organization poised to tackle some of the industry’s biggest challenges. The combined entity will aim to improve health outcomes and lower costs for members and employers by empowering better information and decision making. By using an advanced technology and data platform that leverages AI, the combined organization will deploy innovative and flexible health plan designs that drive improved member health outcomes, engagement, and awareness across the most important aspects of a person’s healthcare journey.

As the healthcare industry evolves, the desire for an integrated experience in the employer- sponsored benefits ecosystem has grown exponentially. This combination will create a set of assets that will integrate plan design, plan management, payment integrity, health navigation, preventative care, and digital therapeutics through the Homebase for Health user-centric platform. Together, the combined entity expects these assets will create a better experience and lower costs for members and employers, while providing expanded opportunities for insurers and brokers to continue to partner with the combined entity.

“This combination with HealthComp creates a new category in the health space that will change the way employers address the two-fold challenge of reducing costs and improving member outcomes. Our two companies have a shared mission to improve individual outcomes by engaging users early and often, and making health and wellbeing more accessible, affordable, and personal for all,” said Chris Michalak, Virgin Pulse CEO. “Together, we are addressing a problem that has plagued the industry for years – a misaligned, complex benefit structure that results in unmet needs and escalating costs. We are eliminating waste, friction, and preventable risks by putting members and their needs at the center of the ecosystem.”

“Self-insured employers pay for almost half of the nation’s healthcare expenditures and now require more innovative and affordable solutions,” said Chad Harris, HealthComp CEO. “With concierge-level service, rich analytics, and expert medical cost management, HealthComp ensures that employers can make informed benefits decisions that align with the needs of their employees and businesses. Powered by Virgin Pulse’s daily wellbeing engagement and data- driven personalization, this transaction creates an end-to-end platform that will radically lower costs and improve member outcomes.”

“The combination of Virgin Pulse and HealthComp creates the first national Value-Based Care platform company focused on Employee Health & Outcomes. We are excited to work with Morgan Health, Blackstone, and Marlin, to bring innovation at scale to this market,” said Matt Holt, President, Private Equity and Managing Director at New Mountain Capital.

“We have been working to build an innovation platform company in the employer space for more than five years. This transaction represents a significant milestone by forming a leading platform-as-a-service company focused on delivering better outcomes and greater affordability,” added Kyle Peterson, Managing Director at New Mountain Capital.

“The employer-employee health landscape is ripe for change and the mission of the combined HealthComp and Virgin Pulse is aligned with Morgan Health’s mission to improve the quality, equity and affordability of employer-sponsored health care,” said Dan Mendelson, CEO of Morgan Health.

Upon closing of the transaction, Chris Michalak will serve as CEO of the combined entity, where he will continue building upon the Homebase for Health vision and expanding the value proposition for clients and the market at large. The combined entity will serve more than 20 million members and address costs for more than 1,000 self-insured employers. HealthComp’s powerful analytics will also benefit Virgin Pulse’s health plan and health system clients by providing closed-loop data on health outcomes and the true ROI of investing in member experience and wellbeing programs.

The merger is expected to close in Q4 2023, subject to regulatory approvals and satisfaction of all closing conditions under the definitive agreement. Financial details of the transaction have not been disclosed. HealthComp is backed by New Mountain Capital and Virgin Pulse is backed by Marlin Equity Partners. New Mountain Capital will be the majority owner of the combined entity. Blackstone Credit has committed to support the deal with strategic financing.

J.P. Morgan Securities LLC acted as financial advisor to HealthComp. HealthComp’s legal counsel was Ropes & Gray LLP. Evercore acted as financial advisor to Virgin Pulse, with Kirkland & Ellis LLP and McDermott Will & Emery LLP serving as legal advisors.

About Virgin Pulse

Virgin Pulse is a leading digital-first health, wellbeing, and navigation company that empowers organizations across the globe to activate populations, improve health outcomes, and reduce spend in an era of accelerating cost and complexity. Virgin Pulse’s Homebase for Health® connects data, people, and technology to deliver high tech, human touch experiences that engage and reward individual journeys. Virgin Pulse impacts over 100 million people across 190 countries by helping Fortune 500, national health plans, and many other organizations change lives – and businesses – for good. For more tips and insights, connect with us on Twitter or LinkedIn.

About HealthComp

HealthComp, a New Mountain Capital company, has a customized and responsive approach to health benefits administration. We advocate for our members to get the best possible care suited for their unique needs. Our next generation benefits and analytics platform brings together concierge-level service, best-in-class operations, powerful analytics, and expert medical cost management. HealthComp integrates seamlessly with any benefits ecosystem to drive a personalized experience that delivers higher clinical outcomes at lower costs.

HealthComp has offices in California, Illinois, Kentucky, West Virginia, Louisiana, and Pennsylvania. For more information, visit https://healthcomp.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 https://www.newmountaincapital.com.

About Marlin Equity Partners

Marlin Equity Partners is a global investment firm with approximately $9 billion of capital commitments. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs. Marlin invests in businesses across multiple industries where its capital base, industry relationships and extensive network of operational resources significantly strengthen a company’s outlook and enhance value. Since its inception, Marlin, through its group of funds and related companies, has successfully completed over 200 acquisitions. The firm is headquartered in Los Angeles, California with an additional office in London. For more information, please visit www.marlinequity.com.

About Morgan Health

Morgan Health is a JPMorgan Chase business unit focused on improving employer-sponsored health care. Through its investments and the advancement of accountable care, Morgan Health is working to improve the quality, equity and affordability of employer-sponsored health care for JPMorgan Chase employees, their families and the U.S. health system. The business is led by Dan Mendelson, CEO of Morgan Health, reporting to Peter Scher, Vice Chairman of JPMorgan Chase & Co. and a member of the firm’s Operating Committee. Morgan Health is headquartered in Washington, D.C. Visit www.morganhealth.com.

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, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $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, Twitter, and Instagram.

 

 

Media Contacts

Virgin Pulse

Julie Sculley

julie.sculley@virginpulse.com

HealthComp

HealthComp Marketing Team

healthcompmarketing@healthcomp.com

New Mountain Capital

Dana Gorman / Matthew Butler

H/Advisors Abernathy

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

Marlin Equity Partners

Peter Spasov

pspasov@marlinequity.com

Gasthalter & Co.

marlinequity@gasthalter.com

Morgan Health

Anne Pace

anne.pace@chase.com

Blackstone

Matthew Anderson / Kate Holderness

matthew.anderson@blackstone.com / kate.holderness@blackstone.com

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Quilvest Capital Partners Real Estate and Dromeus Capital Group to invest over €100 million in sustainable Greek logistics program expansion

Quilvest

27 September 2023 – Quilvest Capital Partners (“Quilvest”), a leading global private
investment firm and Dromeus Capital Group (“Dromeus”), an alternative investment manager
focused on Greek commercial real estate, are pleased to announce the launch of a joint
venture (the “Joint Venture”) to invest over €100 million in the acquisition and development of
industrial and logistics properties across Greece, with a strong emphasis on sustainable
assets.

The Joint Venture is focused on developing modern logistics assets that adhere to the highest
ESG standards, which include using sustainable construction materials and installing
photovoltaic panels to generate discounted renewable energy, as well as EV charging points
to power electric vehicles.

Building upon the success of a pilot investment completed in 2022, the Joint Venture is
currently in the process of advancing its inaugural project – a 42,000 sqm LEED Gold-certified
warehouse situated in Elefsina, West Attica. As the main logistics hub of Athens, West Attica
offers convenient access to the Attica ring road, the main motorways, the Port of Piraeus, and
the broader Athens metropolitan area. Furthermore, plans to expand the site by an additional
30,000 sqm are on the horizon, planned in the next two years.

The Athens logistics market has been showing strong growth fundamentals, fuelled by
Greece’s economic recovery, the rise of e-commerce in the country, and the increasing
importance of the Port of Piraeus as a gateway to Europe for global trade. The lack of modern
stock able to fulfil tenants’ demands has led to very low vacancies for prime warehouses and
significant rental level appreciation, a trend set to continue.

As the majority shareholder and financial partner, Quilvest has a distinguished track record of
partnering with local investors and managers globally to capitalise on investment opportunities
in sectors with strong fundamentals and growth potential. In the logistics/industrial sector,
Quilvest has acquired c. 700k sqm of real estate since 2015 and has demonstrated a
successful experience in aggregating and exiting portfolios in Europe and the US.
Michael Kandarakis, Partner and Co-Head of Real Estate at Quilvest, commented: “We are
delighted to introduce Herod, Greece’s first sustainability-focused logistics platform of
significant scale. It is a natural extension of a 10-year record of investing in the industrial and
logistics sector in Europe and the US. Our goal is to support Greece’s growing economic and
trading activity by developing storage space that adheres to the highest efficiency and ESG
standards. We are thrilled by our collaboration with the talented team at Dromeus.”

Achilles Risvas, CEO and Founder of Dromeus Capital Group, said: “We are very excited to
formally launch our logistics platform, Herod. The surging demand for modern, Grade-A
logistics warehouses coupled with the lack of existing supply underpins our investment thesis.
With Quilvest’s extensive expertise and resources, we have a powerful ally in our mission to
redefine the Greek logistics landscape.”
ENDS

About Quilvest Capital Partners:
Quilvest Capital Partners is a leading global investment firm focused exclusively on the midmarket. It operates four investment strategies: Real Estate, Funds & Co-Investments, Direct
Private Equity and Private Debt.
As one of the earliest pioneers in the alternative investment industry, Quilvest takes pride in
its rich and extensive history, with decades of experience deploying capital across multiple
business cycles and environments. The firm is trusted to manage over $7bn AUM for a
prestigious base of global investors, including leading pension plans, sovereign wealth funds,
insurance companies, and family offices. Quilvest’s heritage dates back more than a century
to 1917, when it began managing the wealth of the company’s founding shareholder, the
Bemberg family, which it continues to do to this day.
With six offices worldwide, the team is focused on identifying the global trends and themes
underpinning each investment strategy. In real estate, where the firm invests across Europe
and the US, the focus is on inefficient “niches within niches” in the lower mid-market value add
space, where risk is mispriced and competition scarcer. Since its inception in 2012, the team
has acquired $1.2bn of real estate across 30 transactions.
Quilvest overlays this thematic approach with an extensive global network of highly valued
relationships, enabling the team to identify and invest in the best opportunities for investors
and partners.

Quilvest Capital Partners is committed to the highest standards of excellence offering best-inclass infrastructure and the professionalism of a global investment firm, while retaining the
deeply personal, entrepreneurial, nimble approach rooted in its origins.
For more information, visit www.quilvestcapitalpartners.com

About Dromeus:
Dromeus Capital Group is an alternative investment management firm with a thematic, valueoriented investment philosophy. Established in 2008, the firm concentrates on a select
number of high-conviction thematic ideas with asymmetrical risk-reward characteristics.
These themes encompass a broad spectrum, including distressed investments, real estate,
digital infrastructure, and geographic-specific or sector-specific strategies.
In 2017, Dromeus ventured into the real estate investment sector, guided by its belief that
Greece’s improving macroeconomic conditions and several sector-specific dynamics provided
an opportune environment for targeted commercial real estate investments. Employing a
thematic investment strategy, Dromeus strategically allocated resources to Greek real estate
assets, spanning various risk levels, with a particular focus on opportunities within the office
and logistics sectors. Presently, Dromeus operates a robust local investment platform,
employing a team of 21 dedicated real estate professionals based in Athens. The company
owns and manages a diverse portfolio comprising 27 commercial real estate assets, with a
Gross Asset Value surpassing €0.5 billion.

For more information, please visit www.dromeuscapital.com.
Media contacts:
Greenbrook
Tashi Lassalle / Sofia Newitt
+44 (0) 20 7952 2000
QuilvestCapital@greenbrookadvisory.com

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Azurity Pharmaceuticals acquires KKR-backed Slayback Pharma

KKR

WOBURN, MA – Azurity Pharmaceuticals, Inc. (“Azurity”) is pleased to announce the closing of its acquisition of Slayback Pharma LLC (“Slayback”) today from existing investors including KKR, a leading global investment firm, and Everstone Capital. Slayback is now a wholly-owned subsidiary of Azurity.

The acquisition brings together companies with complementary strengths, enhancing Azurity’s ability to realize its purpose of Serving Overlooked Patients. The combined development portfolios are expected to yield a significant number of new medicine launches over the coming years.

Azurity leverages its integrated capabilities and vast partner network to continually expand its broad commercial product portfolio and robust pipeline. The company’s patient-centric approach is evident in its diverse array of products catering to various medical needs, including cardiovascular, central nervous system, endocrinological, gastrointestinal, anti-infectives and oncology. Many of Azurity’s medicines are dose-form innovations for patients with needs that are not met by other commercially available therapies.

“I am delighted to announce this combination and the increased potential it brings to do more for overlooked patients,” said Richard Blackburn, CEO of Azurity. “The complementary expertise of the two companies in developing innovative dose forms will result in a strong pipeline of new medicines to meet the needs of patients. We will bring the commercial expertise of Azurity to Slayback’s pipeline and look forward to introducing an even wider range of dose-forms and formulations to meet a broader set of patient needs.”

“The combination of Slayback and Azurity is a union of highly complementary capabilities: Azurity’s innovative commercial acumen and Slayback’s exceptional R&D platform. I am proud of Slayback’s team, our track record of developing complex products with unmatched speed at scale, and the rich history we have built together. I am delighted to join forces with Azurity to help forge a combined entity that is truly one of a kind” added Ajay Singh, Founder and CEO of Slayback.

“We are pleased to add Slayback’s complementary product pipeline and robust R&D capabilities to Azurity. The acquisition of Slayback accelerates Azurity’s strategic growth plan and enhances our ability to launch multiple innovative new drug products into the market every year to serve overlooked patients,” said Jeff Edwards, Partner at QHP Capital, the majority owner of Azurity.

“We have enjoyed working closely with Ajay and Slayback’s impressive management team to scale and support the platform as a leading provider of complex pharmaceuticals,” said Ali Satvat, Partner and Global Head of Health Care Strategic Growth at KKR. “Together we have established an extensive pipeline that Azurity will further build upon, helping to increase accessibility to health care for patients.”

Greenhill & Co. served as financial advisor and White & Case served as legal advisor to Azurity.  Leerink Partners served as lead financial advisor and Raymond James as co-advisor to Slayback while Kirkland & Ellis served as legal advisor to Slayback.

About Azurity Pharmaceuticals:

Azurity is a privately-held pharmaceutical company specializing in providing innovative, high-quality medicines that serve overlooked patients. Azurity supplies a large number of products to treat a wide range of medical conditions. These include cardiovascular, central nervous system, endocrine, gastro-intestinal, anti-infective and oncology medicines. Many of Azurity’s medicines are dose-form innovations for patients with needs that are not met by other available products. Azurity’s medicines have benefited millions of people. For more information, please visit www.azurity.com.

About QHP Capital:

QHP Capital is an investor in technology and services companies in the life sciences and healthcare sectors. QHP traces its heritage back to Quintiles (now IQVIA) and NovaQuest Capital Management. QHP has built an investment platform to provide strategic capital and industry expertise in partnership with strong management teams. The investment team consists of seasoned investment and operational professionals with significant investment experience and deep life science and healthcare expertise. QHP benefits from an extensive network of industry experts and relationships that assist in identifying, analyzing, and growing QHP’s portfolio companies. QHP also manages the NovaQuest Private Equity funds. For more information, please visit www.qhpcapital.com.

Contacts:

For Azurity Pharmaceuticals
Ronald L. Scarboro
rscarboro@azurity.com


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HLD strengthens its presence in Italy with the appointment of Marco Bernardi

HLD
Groupe HLD, a European investment group, is strengthening its commitment in Italy with the appointment of Marco Bernardi as Partner, in charge of HLD’s activities in Italy, effective from September 1st , 2023. With 15 years’ experience in the Italian private equity sector, Marco Bernardi will support HLD’s development in Italy by providing his market knowledge and know-how. HLD has been operating in Italy since 2017, through 3 investments: M-Cube, a leading European company in digital in-store marketing solutions, S3K, a leading Italian company in integrated cybersecurity solutions, and C.B.G. Acciai, a major producer of premium steel band saw blades
SEPTEMBER 26, 2023
TEAM AND ORGANIZATION
HLD

 

Categories: People

Ardian and aDryada announce the launch of Averrhoa Nature-Based Solutions, a strategy dedicated to large-scale nature-based projects

Ardian

The strategy aims to finance projects to restore forests, wetlands and mangroves in order to sequester large quantities of carbon from the atmosphere through natural carbon sinks.
• The projects are expected to sequester around 150 million tonnes of carbon.
• The sequestered carbon will be used to generate high-quality carbon credits verified by third-party experts.
• The strategy addresses three challenges: carbon sequestration through nature-based solutions, biodiversity enhancement, and social-economic benefits for local populations.

Ardian, a world-leading private investment house, and aDryada, a French operator for forest restoration and biodiversity, announce the launch of Averrhoa Nature-Based Solutions. This strategy, entirely dedicated to large-scale nature-based projects, aims to generate a significant impact in favor of the climate, biodiversity and in respect to local communities. It will deploy around 1.5 billion euros worth of projects and capital worldwide, mainly in emerging markets and developing economies, as well as local populations.

Ardian and aDryada join forces to build and develop a portfolio of projects by combining their expertise. Together, aDryada and Ardian already benefit from significant experience in investing in energy transition and reforestation projects. They will be able to identify quality projects and support their long-term development with states and local communities.

Since the ratification of the Paris Agreements, governments and companies have adopted ambitious long-term carbon emission reduction targets. Record investments are being made to mitigate future emissions through electrification, low-carbon energy production and efficiency improvements. However, the scale of the challenge demands that carbon sequestration also plays a role both in addressing existing emissions into the atmosphere and in offsetting hard-to-remove future emissions. According to the Intergovernmental Panel on Climate Change (IPCC), in scenarios that limit warming to 1.5°C, sequestered emissions must be rapidly scaled up in the short term, enabling the elimination of 0.5 to 1.2 Gt of CO2 per year by 2025, and then 6 to 10 Gt of CO2 per year worldwide.

The voluntary carbon credit market is set to grow strongly over the next few decades, because of the global consensus on the need to rapidly increase the planet’s sequestration capacity and the growing ambitions of economic players in this area. The market for carbon credits is set to grow by a factor of c. 35 between now and 2050. Global demand for voluntary carbon credits has already almost quadrupled over the past five years, rising from 43 mt CO2e in 2017 to 155 mt CO2e in 2022. From this perspective, nature-based solutions, and especially those linked to carbon sequestration in ecosystems and forests, are an essential response to corporate climate and biodiversity objectives, while bringing sustainable economic and social benefits to local communities.

The Averrhoa Nature-Based Solutions’ strategy meets the criteria of an impact fund with the aim of reducing global GHG emissions, in accordance with article 9 of the European SFDR regulation.  The Averrhoa Nature-Based Solutions fund will be managed by Ardian France, with aDryada acting as advisor.

“Ardian aims to be a world leading investor in nature restoration projects. In line with the Paris Agreement’s objective to limit temperature rises to 1.5°C by 2050, our projects will make an important contribution to capturing around 5Gt per year of unavoidable carbon emissions by that date. With this strategic partnership with aDryada, Ardian brings a rigorous solution that respects local communities to the carbon neutrality and biodiversity preservation objectives of its customers, portfolio companies and industrial partners.” Mathias Burghardt, Member of the Executive Committee and Head of Infrastructure, Ardian

“Ardian continues its pioneering commitment to the energy transition with Averrhoa Nature-Based Solutions, which benefits from the experience of Ardian’s infrastructure team in investing in climate action and the energy transition, and that of aDryada in developing projects related to biodiversity and the energy transition. Averrhoa Nature-Based Solutions aims to invest in long-term forest, mangrove and wetland restoration projects, enabling the sequestration of around 150 million tonnes of carbon and substantial net gains in terms of biodiversity and socio-economic benefits for local populations.” Laurent Fayollas, Deputy Head Infrastructure, Ardian

“Averrhoa Nature-Based Solutions aims to create long-term environmental and social value. aDryada’s track record will enable us to build a portfolio of solid, high-quality projects. We are proud to partner with Ardian in the launch of this strategy which, through its ambition – of the order of 1.5 billion euros invested in quality sequestration projects, particularly in emerging countries – will help accelerate action to combat climate change and restore biodiversity.”  Fabio Ferrari, CEO, aDryada

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $150bn of assets on behalf of more than 1,470 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 16 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT ADRYADA

Created in 2021 to restore forest and biodiversity, aDryada develops, operates and finances large-scale (> 50 000 ha) nature-based projects (reforestation, land restoration, mangroves, wetlands…) all over the world with a major ambition: having a tangible impact on biodiversity, climate and people’s living conditions, because the three go together.
To reach this goal the company has developed an innovative and efficient business model based on high-end sequestration carbon credits. It unlocks large-scale investments and generates long-term financial flows for stakeholders and partners aDryada works with (governments, leading global financial institutions, corporations, public and non-profit organizations, local private actors, communities).
aDryada’s team is made up of experienced specialists in global forests, new agricultural methods, social practices, finance and public affairs.

adryada.com

MEDIA CONTACTS

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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CVC Credit supports add-on acquisitions by Trilon Group

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CVC Capital Partners

CVC Credit is pleased to announce that it recently provided financing solutions to support the add-on acquisitions of three businesses by Trilon Group, backed by Alpine Investors.

Headquartered in Denver, US, Trilon is a leader in engineering and consulting (“E&C”) services, with a focus on US public infrastructure projects. The company is building a nationwide infrastructure consulting solutions business across the following key markets: Transportation, Water, Utilities, and Municipal Infrastructure across the entire US.

Molly Moore Managing Director at CVC Credit, commented: “These acquisitions reflect Trilon’s focus on acquiring local E&C design firms in specific regions with fast-growing populations and strong infrastructure needs, while serving a large, diverse set of public customers in the U.S. across individual end markets. We are excited to support the acceleration of Trilon’s growth through strategic acquisitions, that will allow them to serve their customer’s full needs better.”

Quotes

We are excited to support the acceleration of Trilon’s growth.

Molly MooreManaging Director at CVC Credit

Caroline Benton, Partner at CVC Credit added: “We are proud to assist Alpine Investors and the talented team at Trilon with creative financing solutions that will help drive their expansion in key regional US markets. The depth of experience available across the wide CVC Network enhances our ability to support the businesses we back in achieving their growth ambitions.”

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Intech and Lenkbar announce merger

Montagu

In a landmark move set to transform the orthopedic industry, Intech, a global leader in Medical Device manufacturing, is thrilled to announce that is has acquired Lenkbar LLC, Florida-based innovative Cutting Tool expert.

This strategic partnership establishes a worldwide entity that combines broad capabilities in precision machining with unmatched expertise in grinding of cutting tools, setting new standards in quality, innovation, and customer service.

 

“I am very excited about this union of forces and the endless possibilities it holds for our customers. Together, we are poised to advance minimally invasive surgery, cutting tools, and sports medicine, as we continue to push boundaries and articulate the future of Healthcare.“ Laurent Pruvost, President & CEO, Intech.

I am very excited about this union of forces and the endless possibilities it holds for our customers.

Laurent Pruvost, CEO, Intech

As a leading Medical Device manufacturing powerhouse, Intech has grown globally to become one of the most recognised Contract Design and Manufacturing Organization (“CDMO”) in Orthopedics.

Offering a true one-stop-shop platform, the company has been instrumental in supporting its customers around the globe with custom design and manufacturing of instruments, implants, cases and trays, as well as 3D-printed solutions. Intech’s dedication to delivering top-notch quality devices has earned the Group, backed by Montagu, an esteemed reputation in the industry.

The addition of Lenkbar and its articulated FlexMetric® technology to the Intech family pushes the Group’s offering to new heights. With an additional 30,000 sq.ft. facility in Naples, FL., Lenkbar adds vertically integrated capabilities that span from gun-drilling to grinding, taking drills, taps and handheld devices all the way to cleaning, passivation, and sterile packaging.

Lenkbar’s state-of-the-art infrastructure and cutting-edge technology has earned them a stellar reputation within the Trauma, Extremities and Sports Medicine space.

“Lenkbar is delighted to join the Intech group. Working with Laurent and his team will not only bolster our footprint and portfolio of solutions, but will also rapidly enable us to replicate critical processes at sister facilities.“ Erik Papenfuss, President & CEO, Lenkbar.

Lenkbar is delighted to join the Intech group.

Erik Papenfuss, President & CEO, Lenkbar

The merger of Intech and Lenkbar signifies a new era of growth and innovation in Orthopedics and beyond.

By combining strengths and expertise, the new group will deliver an unparalleled suite of products and services that are redefining the standard of care for patients around the world, from design and manufacturing to cleaning, passivation & sterile packaging.

Intech and Lenkbar will be exhibiting jointly at EuroSpine & NASS next month. The team looks forward to revealing a shared vision for the future and exploring new opportunities for tomorrow.

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Apax raises $750 million in commitments for first generation credit funds

Apax
  • Credit funds build on Apax’s 50-year track record to invest in attractive credit opportunities
  • Sector-led investment strategy with flexible mandate to invest across the capital structure
  • Credit strategy fully integrated into global Apax platform, leveraging Apax’s deep sector knowledge built over decades
  • c.40% already invested and committed across the credit funds

 

Apax Partners LLP (“Apax”) today announces that it has successfully raised c.$750m for the first generation of dedicated Apax Credit Funds.

The strength of the fundraise demonstrates the solid growth and success of Apax’s credit platform. Apax advised funds have invested in credit for over a decade, including advising London listed Apax Global Alpha on its credit investment portfolio. In total, Apax has advised on approximately 90 credit investments since 2013, and total credit capital advised by Apax stands at approximately $1.5bn.

Apax’s credit strategy is fully integrated into the wider Apax platform. The dedicated credit team works hand-in-hand with Apax’s private equity teams to meet the increasing demand for flexible, long-term private credit solutions. With their focus on the four core Apax sectors – Tech, Services, Healthcare and Internet/Consumer – the Apax Credit Funds leverage Apax’s deep sector knowledge built over decades. The Credit strategy is highly synergistic with Apax’s private equity strategies, targeting the types of businesses that are well known to Apax through its private equity sector insights. Apax Credit Funds have a flexible mandate, with the ability to invest across the capital structure. They are geared towards providing the right capital solutions in partnership with companies and management teams.

Mitch Truwit, Co-CEO, Apax, commented: “The Apax Credit strategy is a growing platform with a truly differentiated approach to credit investing, and we are thankful for the support of our limited partners as well as their confidence in our team. We see Credit as an important extra arrow in our quiver. This strategy allows us to diversify the way in which we can support companies identified through our private equity sub-sector diligence, while also providing our investors with another way to access compelling returns.”

This fundraising announcement follows an active year for the Apax Credit Funds. Over the last twelve months, the funds have deployed capital in 19 investments.

 

ENDS

 

About Apax Credit and Apax

Established 10 years ago, Apax Credit is fully integrated into the wider Apax Platform, fully leveraging Apax’ 50 years of experience. Like the Apax Private Equity Funds, the Apax Credit Fund focuses on investments in four core sectors: Tech, Services, Healthcare and Internet/Consumer, and within each they identify attractive sub-sectors where they can offer differentiated propositions to companies, their management teams, and wider stakeholders. The Apax Credit strategy benefits from a flexible mandate, allowing the team to focus on the credit solutions that offer the best fit in each case. For further information, please visit: https://www.apax.com/create/strategies/apax-credit/

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $65 billion. The Apax Funds invest in companies across four global sectors of Tech, Services, Healthcare, and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com.

GLOBAL MEDIA CONTACT

Katarina Sallerfors

t: +44 20 7872 6300

Luke Charalambous

t: +44 20 7872 6300

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EQT Private Equity to sell LimaCorporate, one of the global leaders in joint replacement solutions

eqt

EQT Private Equity, together with its co-shareholders, to sell LimaCorporate to NYSE-listed Enovis Corporation

Under EQT Private Equity’s ownership, LimaCorporate has grown to be one of the leading European orthopaedic companies. EQT and LimaCorporate worked together to further empower surgeons with innovative orthopaedic implants that improve patient outcomes

Today, LimaCorporate’s products are sold in 49 countries across the globe with more than 130,000 implants delivered every year, with a strong focus on product innovation helping surgeons restore the “eMotion of Motion” in patients

EQT is pleased to announce that the EQT VII fund (“EQT Private Equity” or “EQT”), together with its co-shareholders, have agreed to sell LimaCorporate (the “Company”) to Enovis Corporation. With this transaction, LimaCorporate becomes part of the NYSE-listed Enovis Corporation in a strategic combination that creates a global leader in the orthopaedic industry.

Founded in 1945 by the Lualdi family and headquartered in San Daniele del Friuli, Italy, LimaCorporate is a global orthopaedic implant manufacturer with a heritage of innovation, reflected in its industry leading know-how in additive manufacturing, such as its proprietary Trabecular Titanium (“TT”) technology. The Company focuses on shoulder, knee and hip prostheses with a portfolio that includes one of the first modular shoulder systems in the world, the SMR, the Delta hip cup family, and the Physica system knee.

EQT has supported LimaCorporate in the expansion of its product portfolio primarily through in-house innovation and the advancement of its 3D printing capabilities. It has invested to solidify its core offering and increase manufacturing capacity in the face of rapidly growing demand, while further developing talent to execute on the Company’s market expansion, with accelerated global growth. In 2022, the Company reached revenues of EUR 249 million and it will continue to bring critical innovation to surgeons and patients as part of Enovis Corporation.

Matteo Thun, Partner within EQT Private Equity’s Advisory Team, said, “LimaCorporate is a true example of sophisticated engineering and technology designed to empower surgeons and to improve patients’ life. EQT is proud to have been part of the Company’s journey and I want to thank the management team and all the employees of LimaCorporate, who work enthusiastically every day to bring life-changing products to patients around the world. It is exciting to see a global player like Enovis Corporation joining forces with LimaCorporate in such a strategic combination”.

Massimo Calafiore, CEO of LimaCorporate, said, “I am really proud of what the people of LimaCorporate have achieved over the years and I thank EQT for their partnership. The combination with Enovis Corporation is a key milestone in our journey and I am looking forward to seeing the combined Group continue to develop innovative products for surgeons and patients globally”.

The transaction is subject to customary conditions and approvals and is expected to close in early 2024.

EQT has been advised by Goldman Sachs as lead financial advisor, Morgan Stanley, Mediobanca, Latham & Watkins and PwC.

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

About EQT
EQT is a purpose-driven global investment organization with EUR 224 billion in total assets under management (EUR 126 billion in fee-paying assets under management) within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
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About LimaCorporate
LimaCorporate is a global orthopedic company, focused on digital innovation and patient-tailored hardware, which advances patient-centred care.  Its pioneering technological solutions are developed to empower surgeons, and to improve patient outcomes from joint replacement surgery.  Its primary focus is on providing reconstructive and custom-made orthopedic solutions to surgeons, enabling them to improve the quality of life of patients by restoring the joy of movement.

Headquartered in Italy, the company operates directly in over 20 countries around the world. LimaCorporate offers products ranging from large joint revision and primary implants, to complete extremities solutions, including fixation.

For additional information on the Company, please visit www.limacorporate.com

About Enovis Corporation
Enovis Corporation (NYSE: ENOV) is an innovation-driven medical technology growth company dedicated to developing clinically differentiated solutions that generate measurably better patient outcomes and transform workflows. Powered by a culture of continuous improvement, global talent and innovation, the Company’s extensive range of products, services and integrated technologies fuels active lifestyles in orthopedics and beyond. The Company’s shares of common stock are listed in the United States on the New York Stock Exchange under the symbol ENOV.

For more information about Enovis, please visit www.enovis.com

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Anavo Therapeutics Strengthens Management Team

M Ventures

The company appoints industry veteran Shaun McNulty as Chief Scientific Officer and welcomes R&D expert Anna Quattropani as Senior Vice President of Chemistry & Non-Clinical Development

Anavo Therapeutics, a global leader in unlocking the full therapeutic potential of phosphatase biology, announced the appointment of Shaun McNulty, DPhil, as Chief Scientific Officer (CSO) and the appointment of Anna Quattropani, PhD, as Senior Vice President of Chemistry and Non-Clinical Development. Dr. McNulty will oversee the implementation of Anavo’s strategy from discovery into clinical development and, together with Dr. Quattropani and Anavo’s management team, the continued design of Anavo’s first- and best-in-class phosphatase-targeting allosteric modulators.

“We are fortunate to welcome Anna and Shaun to the Anavo team at this stage of our company’s growth,” said Birgit Zech, PhD, Chief Executive Officer of Anavo Therapeutics. “Anna and Shaun’s industry knowledge and R&D experience will support Anavo’s progress in creating a proprietary portfolio of therapeutic programs and establishing a robust platform for phosphatase targeting across multiple indications.”

Shaun McNulty, DPhil, has more than 30 years of experience in the biopharma industry, with a focus on designing and developing therapeutics in oncology. He has served as Chief Scientific Officer at companies utilizing novel approaches in biology and chemistry, including Biosceptre, Inflection Biosciences and Awakn Life Sciences. He has led scientific R&D teams for companies such as Charles River, GSK, Pfizer and Syntaxin. Through his many roles, Dr. McNulty has supported the clinical development of Neurontin and Lyrica, obtained regulatory clearance for 5 drug candidates to enter the clinic, and identified and refined over 50 candidates for pre-clinical development. Dr. McNulty holds a DPhil in Biochemistry and Cell Biology and a BSc in Biochemistry from the University of York in the UK and performed post-doctoral research at the University of Cambridge on kinase-mediated neuronal cell signaling.

“Anna and Shaun’s industry knowledge and R&D experience will support Anavo’s progress in creating a proprietary portfolio of therapeutic programs and establishing a robust platform for phosphatase targeting across multiple indications.”

Birgit Zech, PhD, Chief Executive Officer of Anavo Therapeutics.

“Anavo’s IGNITE platform uniquely enables the rapid identification and development of therapeutics targeting phosphatases, initially thought to be undruggable targets,” said Dr. McNulty. “I am excited to join the Anavo team as we continue to accelerate our proprietary portfolio of programs targeting disease-relevant phosphatases toward clinical development and to build out our next-generation approach for phosphatase targeting.”

Anna Quattropani, PhD, joins Anavo with over 20 years of experience in medicinal chemistry and drug discovery. She has a successful track record designing multiple clinical candidates and driving them from discovery through clinical development. Dr. Quattropani has been working in diverse therapeutic areas, including neurodegenerative, inflammatory, autoimmune, and cardiovascular diseases, as well as women’s health. She has held senior leadership roles at Asceneuron and Draupnir and R&D roles at Serono and Merck KGaA. Dr. Quattropani is the inventor of several clinical molecules such as the O-GlcNAcase inhibitors ASN90 and ASN51 for neurodegenerative diseases and the oxytocin receptor antagonist Nolasiban. She obtained her PhD and MS in organic synthesis and organometallic chemistry at University of Geneva, Switzerland followed by postdoctoral training at the University of California, Irvine. Dr. Quattropani is the inventor of 49 patents and the author of 21 peer-reviewed publications.

“I am very proud to join Anavo’s outstanding team and help accelerate the discovery and development of phosphatase-targeting allosteric modulators to provide potential alternative therapeutic solutions for patients,” said Dr. Quattropani.

Anavo’s former CSO Gerhard Müller, PhD, joins the Scientific Advisory Board to continue contributing to the board’s drug discovery and development.

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