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Data-powered clinical development and commercialisation

Gp Bullhound

30 October 2020

Definitive Healthcare, the leading provider of data, intelligence and analytics on the healthcare market, today announced its acquisition of Monocl, the leading subscription-based provider of medical and scientific expert data and insights.

Monocl delivers deep professional profiles on millions of experts worldwide, to help companies identify and engage industry opinion leaders. Through the transaction, Definitive fortifies its product offerings for life sciences companies and expands its international presence from North America to Europe and Asia.

“Monocl has always been laser focused on delivering critical expert insights through software to provide our clients with a unique competitive and collaborative edge,” said Björn Carlsson, CEO and co-founder of Monocl. “We are thrilled to unite the power of our groundbreaking expert platform with Definitive’s comprehensive and complementary healthcare provider platform and medical claims analytics. This is truly an example of the whole being much greater than the sum of its parts.”

“The acquisition of Monocl brings together two powerful intelligence platforms to provide best-in-class data, analytics and insight that will help biotech and pharmaceutical companies accelerate clinical research and commercialisation of new drugs and therapies,” said Jason Krantz, founder and CEO of Definitive Healthcare. “Monocl shares the Definitive philosophy of providing the highest quality data through an online interface that gives clients the ability to access and analyse real-time information and intelligence.”

Joakim Dal, Partner at GP Bullhound, added: “Björn and his team have put a very powerful application in the hands of Monocl’s customers. The superior user interface and the vast data library makes this a standard for enterprise applications. During our investment period, Monocl has developed at a rapid pace. We look forward to what the combination of these two leading companies can do to support the critical work in the life sciences sector.”

GP Bullhound invested in Monocl in 2019 through GP Bullhound Fund IV, which focuses on growth stage businesses in the software, digital media, marketplaces and fintech sectors. Other investments include Revolut, Slack, Klarna, Unity, RavenPack and Believe.

Enquiries

For enquiries, please contact:

Joakim Dal, Partner

joakim.dal@gpbullhound.com

About GP Bullhound

GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999, the firm today has offices in London, San Francisco, Stockholm, Berlin, Manchester, Paris, Hong Kong, Madrid and New York. For more information, please visit www.gpbullhound.com.

 

 

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Patricia Industries’ acquisition of Advanced Instruments completed

Investor

2020-10-30 19:19 GMT+01

On September 28, 2020, Patricia Industries, a part of Investor AB, announced the acquisition of US company Advanced Instruments, the leading global provider of osmolality testing instrumentation and consumables for the clinical, biopharmaceutical, and food & beverage markets.

Following approval by the competition authorities, the acquisition has now been completed.

The enterprise value amounts to USD 780m. For the 12-month period ending June 30, 2020, sales amounted to USD 72m and the adjusted EBITDA margin was approximately 45 percent. Over the past 15 years, organic sales growth has averaged approximately 10 percent, with strong profitability and cash conversion.

Patricia Industries has injected USD 619m in equity financing for 98 percent ownership of the company. The remainder of the enterprise value has been financed by external debt and equity participation by Advanced Instrument’s management and Board of Directors.

Advanced Instruments’ Board of Directors will be chaired by David Perez, former CEO of Terumo BCT and current board member of Mölnlycke, Laborie and Sarnova.

About Patricia Industries
Patricia Industries is a long-term owner that invests in companies and works to develop each company to its full potential. Patricia Industries is a part of the industrial holding company Investor AB, whose main owners are the Wallenberg foundations.

For further information:

Viveka Hirdman-Ryrberg, Head of Corporate Communication and Sustainability,
Phone +46 70 550 3500
viveka.hirdman-ryrberg@investorab.com

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

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

Investor, founded by the Wallenberg family in 1916, is an engaged owner of high quality global companies. We have a long-term investment perspective. Through board participation, as well as industrial experience, our network and financial strength, we work continuously to support our companies to remain or become best-in-class. Our holdings include, among others, ABB, Atlas Copco, Ericsson, Mölnlycke and SEB.

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AddEnergie secures $53M financing to accelerate the expansion of its North American EV charging network

Cdpq

AddEnergie Technologies Inc. (AddEnergie) is pleased to announce the first closing of its Series C financing round. The total commitments from this $53 million financing plan will enable the company to pursue its ambitious growth strategy and accelerate the expansion of FLO®, its North American electric vehicle (EV) charging network.

“Today’s announcement is a major milestone for AddEnergie and an important endorsement of our business strategy by new and existing investors” said Louis Tremblay, President and CEO of AddEnergie. “With this financing and following our successful launch in the United States we are now in a position to accelerate our growth across North America as the transition to EVs is gaining momentum and becomes increasingly recognized as playing a pivotal role in the global efforts to combat climate change.”

The new investor syndicate is led by Mackinnon, Bennett & Company Inc. (MKB), and includes Business Development Bank of Canada, Fonds de solidarité FTQ and Export Development Canada (EDC). In addition, the company is pleased to once again count on the long-time support of its existing investors Caisse de dépôt et placement du Québec (CDPQ) and Investissement Québec. The Company also recently entered into a new credit facility from National Bank of Canada’s Technology and Innovation Banking group.

“MKB is thrilled to have led this new investment round in AddEnergie and to support its exceptional management team. AddEnergie’s mission and strategy is at the nexus of the decarbonization, electrification and digitization of transportation. The company has a proven track record in key markets, a competitive value proposition and is well positioned for the next phase of its expansion. As a growth equity investor in next generation energy and transportation, we expect this investment to bring long term value to our portfolio and help accelerate the energy transition” said Antonio Occhionero, Partner, MKB.

“CDPQ has played a part in AddEnergie’s development since 2016, driven by the desire to support the company’s growth and expansion. We were there as they penetrated the Canadian and U.S. markets, and we are proud to reaffirm our commitment to AddEnergie as it pursues its expansion plan,” said Kim Thomassin, Executive Vice-President and Head of Investments in Québec and Stewardship Investing at CDPQ. “This investment aligns with our strategic priorities – not only does it support a Québec company’s international expansion, it allows us to increase our holdings in low-carbon assets, which is a benefit to everyone.”

“Québec is today considered a leader in the electrification of transportation, thanks to its numerous innovative companies like AddEnergie. We can be very proud of our cutting edge organizations that export our knowhow and activity contribute to the worldwide electric shift. The investment we are announcing today will accelerate AddEnergie’s growth and stimulate its international development” said Pierre Fitzgibbon, Minister of Economy and Innovation.

A plan to grow the company’s footprint and leadership in EV charging

Despite the current pandemic, AddEnergie was able continue its progression in 2020, deploying over 11,000 charging stations in the past 12 months and expanding the FLO network to cities like Los Angeles, Cincinnati and Toronto. The company is now in a position to bring its comprehensive approach to EV charging – which includes residential, workplace, fleets, commercial, public, fast charging and more – to a growing number of markets in North America. AddEnergie will also continue its sustained investments in R&D and market development in order to maintain its leadership as a dependable, market-leading network operator, while making sure it meets the evolving needs of EV drivers in the years to come.

About AddEnergie

AddEnergie is a leading North American charging network operator for electric vehicles and a major provider of smart charging software and equipment. Every month, AddEnergie charging stations and its FLO network enable approximately half a million charging events and the transfer of 5.5 GWh in electricity, thanks to 30,000 high-quality stations deployed on public networks, commercial and residential installations. AddEnergie’s headquarters and network operations centre are based in Quebec City, and its assembly plant is located in Shawinigan (Quebec). The company also has regional offices in Montreal (Quebec), Mississauga (Ontario), Vancouver (British Columbia) and Rochester (New York). For more information, visit addenergie.com/en.

About MKB

MKB is a Montreal-based private investment firm that specializes in providing growth equity to the next generation energy and transportation sectors. MKB takes significant minority positions in its portfolio companies and proactively assists management teams in reaching their full potential. To learn more about MKB, visit www.mkbandco.com.

About Caisse de dépôt et placement du Québec

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2020, it held CA$333.0 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

About Investissement Québec

Investissement Québec’s mission is to play an active role in Québec’s economic development by spurring business innovation, entrepreneurship and business acquisitions, as well as growth in investment and exports. Operating in all the province’s administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec – CRIQ. In addition, through Investissement Québec International, the Corporation also prospects for talent and foreign investment and assists businesses with export activities.

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RapidSOS to Deliver MedicAlert User Information to 999 Systems During Emergencies

C5 Capital

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Relievant Medsystems Announces $70M Financing to Accelerate U.S. Commercialization of Intracept Procedure

OCTOBER 29, 2020 – MINNEAPOLIS, MN. Relievant Medsystems, a privately-held medical device company transforming the treatment of Chronic Low Back Pain (CLBP), announced today the completion of a $70 million equity financing. The round was led by new investor Vensana Capital alongside Lightstone Ventures with participation from existing investors Endeavour Vision, New Enterprise Associates, Morgenthaler Ventures and Canaan Partners.

“This oversubscribed financing round is a great vote of confidence in our team, product and mission to change the treatment paradigm for CLBP,” said Art Taylor, President and CEO of Relievant Medsystems. “2020 will be a record year for Relievant and the commercialization of the Intracept Procedure. With the recent publication of our 5-year data showing sustained improvements in pain and function, we expect even greater adoption in 2021 as more and more physicians make Intracept a core part of their CLBP patient care pathway. We are delighted to have such strong financial support to fuel this rapid commercial growth and to make this much-needed treatment available to more patients and physicians.”

Chronic low back pain is a widespread and often severely debilitating condition estimated to affect nearly 30 million people in the U.S., with over 70 percent failing to find adequate relief with conservative care and are not candidates for surgery. Until recently, the intervertebral discs have been thought to be the primary source of pain, referred to as discogenic pain, in most patients with CLBP. Relievant’s Intracept Procedure is a minimally invasive treatment based upon ground-breaking anatomic research that demonstrated many of these patients actually suffer from vertebrogenic pain – pain originating from the vertebral endplates that is transmitted through the basivertebral nerve. The Intracept Procedure is supported by two Level I randomized controlled clinical trials and long-term data demonstrating improvements in pain and function lasting more than 5-years post-procedure. It is estimated that over five million CLBP patients in the U.S. have vertebrogenic pain and are candidates for the Intracept Procedure.

As part of the financing, Justin Klein, MD, JD, Co-Founder and Managing Partner at Vensana Capital, will join Relievant’s board of directors.

“The team at Relievant has created a category-defining medical procedure that truly has the potential to transform the treatment of CLBP,” said Justin Klein. “The Intracept procedure is a safe, patient-friendly treatment that has resonated with physician leaders in the field and has been proven to significantly reduce pain and disability, now beyond five years in well-conducted clinical trials. With the millions of patients in the U.S. suffering from chronic axial low back pain indicated for Relievant’s Intracept Procedure, we believe Intracept is an outstanding example of medical technology innovation and is one that can also positively impact our country’s ongoing opioid epidemic.”

About Relievant Medsystems

Relievant Medsystems is a privately-held medical device company that is transforming the treatment of Chronic Low Back Pain (CLBP) with the Intracept Procedure – a novel, clinically-proven and commercially-available treatment designed to improve the quality of life for the millions of patients suffering from CLBP from degenerative disk disease with Modic changes, a biomarker indicating that their pain is vertebrogenic in origin. Learn more at www.relievant.com.

Contact

Chris Geyen
Relievant Medsystems
(650) 368-1000
investors@relievant.com

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Verdane partners with cloud-based planning platform Stratsys to digitalise public and private sector strategic management

Verdane Capital

Verdane, the Northern European specialist growth investor, has announced its minority investment in Stratsys, the cloud-based platform offering tools to simplify planning, execution and evaluation of strategic plans and governance models. Verdane will support Stratsys’ expansion in the Nordics and help grow its client base in both the public and private sector. Verdane will draw on its experience from over 40 investments in software companies to support the development of Stratsys go-to-market model as it helps their customers to digitalise governance and strategic management.

“We offer the best cloud-based solution in the market for strategic planning and management. Too many public sector and private organisations still use inefficient systems like Word or Excel to plan, execute and evaluate projects and strategies. Together with Verdane, we are going to bring the Stratsys platform to new markets across the Nordics and increase our traction in the private sector. Sweden has one of the most digitally advanced public sectors in the world, and both public and private sector organisations everywhere could save a lot of time and money by centralising and simplifying strategic planning, management and governance”, says Henrik Lepasoon, CEO at Stratsys.

Founded in 2000 by Henrik Lepasoon and Magnus Pernvik, Stratsys is a Sweden-based SaaS company offering a configurable governance and strategic management platform. Its software platform digitalises workflow processes and creates an overview of the links between the overall strategic plan and actions needed. As a result, the administrative burden on the organisation is eased as internal stakeholders can better coordinate their work and there is increased transparency on strategic plans and follow-ups. The company has a turnover of SEK 160m, with 25% recurring revenue growth.

 

“We are proud to partner with Henrik, Magnus and the Stratsys team on their growth journey. The team has built an impressive user-centric product with a uniquely high degree of intersystem compatibility that helps complex organisations efficiently comply with laws and regulatory requirements, letting them better deliver on their goals. As the most active financial investor in growth-stage software companies in the Nordics, Verdane is eminently suited to help Stratsys bring better governance and strategic management to more markets,” says Pål Malmros, Partner and Head of Software at Verdane.

Stratsys has over 300 public and private sector customers including Aleris, SAAB, Peab, Stena, Bonnier, City of Stockholm and Region Västra Götaland representing 200,000 daily users in Sweden and Norway, with a market-leading position in the public and healthcare sectors. The company has 150 employees across offices in Gothenburg, Malmö and Stockholm. Stratsys has certified a Great Place to Work for the past four years.

About Stratsys

Stratsys offers work-life simplicity for organizations that need an efficient digital solution for strategic planning and management. We make it easier for people, companies and organizations to get more out of their plans, projects and strategies. Since launching in 2000, Stratsys has gone from one to over twenty different products. We offer an entire platform of products and services for both the public and private sectors across a range of industries. Our 150 employees, based in Gothenburg, Malmö and Stockholm, support over 300 organisations representing 200,000 daily users in Sweden and Norway. www.stratsys.com

 

About Verdane

Verdane is a specialist growth equity investment firm that partners with ambitious Northern European tech-enabled businesses to help them reach the next stage of international growth. Verdane pioneered portfolio acquisitions in Northern Europe in 2003, and announced a complementary fund strategy entirely dedicated to direct investments in 2018. Verdane’s eight funds hold €2bn in total commitments and have made over 120 thematic investments into category leaders in digital consumer, energy & resource efficiency and software businesses. Verdane’s team of 61, based in Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to be the best growth partner in Northern Europe. www.verdane.com

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Ardian and Skyline Renewables announce 250 MW Galloway Solar Project with consortium of financing

Ardian

  • 29 October 2020 Infrastructure New-York & Portland, USA

Texas project is Skyline’s first solar asset, bringing portfolio to more than a gigawatt of wind & solar.

New York and Portland, Oct. 29, 2020 – Skyline Renewables, a leading North American renewables company, backed by Ardian, a world-leading private investment house, announced today that they will finance and manage the construction of a 250 megawatt (MW) solar project in Central West Texas. The Galloway I Solar Project, acquired from 8minute Solar Energy, is scheduled for operation by end of 2021.

“We’re very pleased to be adding such a robust solar project in the dynamic Texas energy market,” said Martin Mugica, Skylines Renewables President & CEO. “This latest project marks another important step forward to becoming a leading North American clean independent energy platform. It helps balance our portfolio’s renewable energy mix, giving us peak power flexibility and diversity within ERCOT and allows us to better assist the market when they need it the most.”

“The Galloway project is an excellent addition to the Skyline portfolio, and the latest example of the Skyline management team’s commitment to building a best-in-class renewable independent power company,” said Mark Voccola, Senior Managing Director and Co-Head of Ardian Infrastructure US. “We’re happy to partner with Skyline on this transaction, which is emblematic of Ardian’s ongoing commitment to investing in clean energy assets and creating a more sustainable energy market.”

With this latest acquisition, Ardian-backed Skyline Renewables will grow its renewable energy portfolio to more than 1050 MW of controlled capacity since the company was formed two years ago. Skyline Renewables announced its first acquisition of Whirlwind Energy, a 60 MW project in NW Texas, in 2018, then acquired Hackberry Wind Farm, a 166 MW farm also in NW Texas.  Later that year, Skyline announced the acquisition of Horse Creek and Electra Wind Farms, both 230 MW projects all in the ERCOT market. Last year, Skyline acquired a 117 MW portfolio of wind projects located in Iowa, Kansas, Pennsylvania and Wyoming.

The latest solar project in Texas is part of Ardian’s ongoing commitment to support the energy transition, as outlined in its most recent Augmented Infrastructure report. With $15bn total AUM in infrastructure and 50 employees across eight offices throughout the Americas and Europe, the Ardian Infrastructure team is a world leading Infrastructure Fund Manager focused on the energy and transportation sectors.

“The successful project financing is further proof that the markets see our strategic position and our partnership with Ardian as a strong foundation for further growth,” continued Mr. Mugica. “We’ll continue to take this same approach in all parts of the country actively managing our assets to optimize returns and staying nimble yet smart and innovative with our growth opportunities.”

Morgan Stanley Renewables Inc. is the sole tax equity investor and Morgan Stanley Capital Group Inc. along with an unnamed major energy marketer are off-takers for the project. A consortium of banks led by CIT and joined by Rabobank, Commerzbank, DNB Capital and Siemens Financial are providing construction financing. No additional financing details were disclosed.

 

ABOUT SKYLINE RENEWABLES

Skyline Renewables was created in 2018 to establish a leading North American renewables platform. With a current wind portfolio of 803 MW and 250MW of solar, Skyline aims to build a total installed capacity of 3 GW in the next few years. Skyline is led by a group of renewables veterans including its CEO, Martin Mugica, a leading executive within the US clean energy sector with expertise in wind, solar, natural gas fired generation and power trading activities. Skyline Renewables’ leadership team features a number of experienced individuals who have been an integral part of the renewable industry development in the US during the last 20 years.

Visit the website

 

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$100bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base. Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world. Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 700 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

Press contacts

ARDIAN US – The Neibart Group

CHARLIE MATHON

cmathon@neibartgroup.com + 508 614 0667

SKYLINE RENEWABLES

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Portfolio company Codesandbox secures $12.7M series A funding

Arches Capital

Portfolio company CodeSandbox raised $12.7 million Series A funding, led by EQT Ventures, with participation from existing investors, Kleiner Perkins, Arches Capital, and new angel investors. With more than 2.5 million developers on their platform and over 10 million projects created, this Dutch delight is kicking ass! CodeSandbox will be using this funding to keep making it easier for creators to build and share their ideas with code.

Building a community around rapid web development

CodeSandbox launched 3 years ago, providing free, instant, collaborative sandboxes for rapid web development. In an increasingly complicated and fragmented ecosystem, CodeSandbox set out to make getting started with a new web application possible in just one click. When you want to experiment or learn something new, CodeSandbox removes the hassle of setting up a development environment, installing tooling, and provisioning—so you can focus on coding instead.

With its free, instant and collaborative sandboxes, CodeSandbox makes it possible to create static sites, components and full-stack web apps within seconds. This breakthrough has spurred a large community of web developers to form around the platform. Now, more than 2.5 million people each month make use of the more than 10 million projects that have been created on the platform. CodeSandbox has become the go-to place to prototype ideas with its fast, deep integrations with JavaScript frameworks like React, Vue and Angular.

We are creating the best tool for product teams to collaborate and build web apps quickly. Rather than trying to take a local development environment and simply put it in the Cloud, we’re building a web-first offering that is faster, more collaborative, and easier to use.

Ives van Hoorne, CEO CodeSandbox

With the launch of Pro Workspaces, whole product teams will be able to work on sandboxes together for the first time. A designer can provide quick UI feedback, a product manager can see how their specification is being implemented and marketing will be able to update associated copy. CodeSandbox Pro Workspaces i s currently available by invitation only and teams can join the waitlist here as more people will be added throughout Q4 2020.

About CodeSandbox
CodeSandbox provides free, instant, collaborative sandboxes for rapid web development. Founded in 2017, they have raised more than $15M from top-tier VCs and prominent industryfigures, including EQT Ventures, Kleiner Perkins, Arches Capital, Christian Bach & Mathias Biilmann (Netlify), and Dylan Field (Figma). CodeSandbox is used by developers around the globe, including within organizations like Shopify, Atlassian, and Stripe.

For more information visit www.codesandbox.io

About Arches Capital
Arches Capital, a fast-growing group of business angels, invests in startup and scale-up companies with a large growth potential. Through its investments, Arches Capital bridges the gap between formal investors (VCs) and informal investors (business angels), by joining the best of both worlds:

“ We source, select and invest like a VC;
We engage, care and inspire as the angel we are. ”

By bundling smart capital (combining funding with real business knowledge and experience) with true engagement (actively working together to achieve growth), we are able to ignite early stage companies achieve above-average growth. Arches Capital distinguishes itself from other angel networks by its active support to angels building a broad and professional investment portfolio, co-investment from Arches Capital in each deal and the unique distribution of proceeds amongst its members.

For more information, visit www.arches.capital

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CapMan Plc 1–9 2020 Interim Report

CapMan Plc Stock Exchange Release / 1-9 2020 Interim Report
29 October 2020 at 8:30 a.m. EET

CapMan Plc 1–9 2020 Interim Report

Results and significant events in January–September 2020:

  • Group turnover was MEUR 29.6 1 Jan–30 Sep 2020 (MEUR 32.4
  • 1 Jan–30 Sep 2019), a decrease of 9 per cent from the comparison period.
  • Management Company business turnover was MEUR 20.7 (MEUR 19.8), growth was 5 per cent from the comparison period, and operating profit MEUR 5.5 (MEUR 3.6). Management fees were MEUR 19.2 (MEUR 17.4), growth was 10 per cent.
  • Service business turnover was MEUR 8.8 (MEUR 12.5), decrease was 30 per cent from the comparison period, and operating profit MEUR 4.1 (MEUR 8.2).
  • Investment business operating profit was MEUR -3.1 (MEUR 8.1) due to fair value changes of own investments.
  • Operating profit was MEUR 2.6 (MEUR 16.0).
  • Diluted earnings per share were -1.1 cents (6.8 cents).
  • CapMan Nordic Real Estate III fund held a first closing at MEUR 313. The fund’s target size is MEUR 500 and fundraising for the fund continues.
  • CapMan Growth II fund exceeded its target size and has raised MEUR 88 to date.

This stock exchange release is a summary of CapMan Plc’s 1–9 2020 Interim Report. The complete report is available in pdf-format as an attachment to this release and on the company’s website at https://www.capman.com/shareholders/financial-reports/.

Joakim Frimodig, CEO:

”We continued to advance our business in the third quarter of 2020. This year, we have completed several new growth and development initiatives that support our chosen strategic direction and help build a foundation for growing results in the coming years. Our fee-based profitability was on a good level and the impact of recurring fees to our earnings mix is growing. The fair values of our fund investments have continued to develop positively in the third quarter following the decrease brought on by the Covid-19 pandemic in the beginning of the spring.

Our Management Company business grew by 5 per cent following new products and funds under management. The operating profit of the Management Company business was MEUR 5.5, growing by more than 50 per cent from the comparison period due to both growth in fees and improved cost efficiency. During the third quarter, we raised almost MEUR 500 in new capital under management, which increased by approx. 15 per cent from the end of the second quarter. We raised MEUR 313 for the first closing of the CapMan Nordic Real Estate fund and expanded the BVK mandate by MEUR 70. In addition, we increased the size of the CapMan Growth II fund and commitments to the fund have exceeded the target size of MEUR 85. These and other fundraising projects continue, and new capital raised will impact turnover and results in full starting from next year.

Our Service business turnover fell by 30 per cent in the review period compared to last year due to lower transaction-based services in all services areas during the second and third quarter of the year. The market situation following the Covid-19 pandemic provided a backdrop to the lower transaction activity. In comparison, recurring service fees grew well by over 10 per cent in total from the corresponding period last year. We have continued to develop our services and created new business. Our procurement service CaPS has expanded to the Baltcis and investor reporting and analytics company JAY Solutions demonstrated continued strong growth of its customer base. We are also launching a new strategy and wealth advisory operations for the CapMan Wealth Services business. These new initiatives will help build a stronger Service business starting from next year when we also expect growth in transaction-based services. The Service business operating profit was MEUR 4.1 in January–September 2020.

Fair value changes of our own investments form a significant portion of CapMan’s results and account for variability in our earnings model to a large extent. Our reported fair values increased by MEUR 2.6 in the third quarter of the year as valuations continued to correct upward for the second quarter in a row following the steep decline in the early spring. The decrease in fair value of our own investments was as such MEUR 2.6 for the first nine months of the year.

Despite the disturbance brought on by the Covid-19 pandemic, we have successfully maintained our course in developing and growing our business. Results have developed in the right direction in the latest two quarters, fee-based profitability is at a good level and our recurring income grows steadily. Measures taken now build earnings growth for the coming years, including carried interest and return from own investments. Our objective is to pay an annually increasing dividend to our shareholders.”

Financial objectives

CapMan’s objective is to pay an annually increasing dividend to its shareholders.

The combined growth objective for the Management Company and Service businesses is more than 10 per cent p.a. on average. The objective for return on equity is more than 20 per cent p.a. on average. CapMan’s equity ratio target is more than 60 per cent.

CapMan maintains its outlook estimate for 2020

CapMan expects to achieve these financial objectives gradually and key figures are expected to show fluctuation on an annual basis considering the nature of the business. CapMan expects management fees and fees from services to continue growing in aggregate in 2020. Our objective is to improve the aggregate profitability of Management Company and Service businesses before carried interest income and any possible items affecting comparability.

Carried interest income from funds managed by CapMan and the return on CapMan’s investments have a substantial impact on CapMan’s overall result. In addition to portfolio company and asset-specific development and exits from portfolio companies and assets, various factors outside of the portfolio’s and CapMan’s control influence fair value development of CapMan’s overall investments as well as the magnitude and timing of carried interest.

CapMan’s objective is to improve results in the longer term, taking into consideration annual fluctuations related to the nature of the business. For these and other above-mentioned reasons, CapMan does not provide numeric estimates for 2020.

Items affecting comparability are described in the Tables section of this report.

Key figures

MEUR 1-9/20 1-9/19
Operating loss (profit) 2.6 16.0
Items affecting comparability
Acquisition related costs 1.1
Donations 0.3
Items affecting comparability, total 1.4
Adjusted operating loss (profit) 2.6 17.4
Result for the period -0.9 12.3
Items affecting comparability
Acquisition related costs 1.0
Donations 0.3
Items affecting comparability, total 1.3
Adjusted result for the period -0.9 13.6
Earnings per share, cents -1.1 6.9
Items affecting comparability, cents 0.8
Adjusted earnings per share, cents -1.1 7.7
Earnings per share, diluted, cents -1.1 6.8
Items affecting comparability, cents 0.8
Adjusted earnings per share, diluted, cents -1.1 7.6
% 30.9.20 30.9.19
Return on equity, % -1.1 13.3
Return on equity, comparable, % -1.1 14.8
Equity ratio, % 52.0 59.9

Result webcast today at 10.00 a.m. EET

CapMan’s management will present the result for the review period in a webcast to be held at 10.00 a.m. EET. Please access the webcast at https://capman.videosync.fi/2020-q3-results. The conference will be held in English. A replay of the webcast will be available on the company’s website after the event. Due to the ongoing Covid-19 pandemic, CapMan will not arrange an in-person conference.

Helsinki, 29 October 2020

CAPMAN PLC
Board of Directors

Further information:
Niko Haavisto, CFO, CapMan Plc, tel. +358 50 465 4125

Distribution:
Nasdaq Helsinki Ltd
Principal media
www.capman.com

Appendix: CapMan Plc 1–9 2020 Interim Report

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. With over €3.5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, fundraising advisory, and analysis, reporting and wealth management services. Altogether, CapMan employs around 150 people in Helsinki, Stockholm, Copenhagen, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com.

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CapMan Infra assets under management increase to MEUR 400

CapMan Infra press release
29 October 2020 at 8:45 a.m. EET

CapMan Infra assets under management increase to MEUR 400

CapMan Infra has broadened and internationalised its investor base through a syndicated transaction in one of its portfolio companies and additional commitments closed in CapMan Nordic Infrastructure I (the “Fund”). Total assets under management for CapMan Infra have increased to approx. MEUR 400 and the investor base has become distinctly global with nearly half of the capital coming outside of the Nordic countries from Europe, North America and Asia.

CapMan Infra successfully attracted approx. MEUR 50 of new co-investment capital from three international institutional investors for this syndication of its investment in Norled, an operator of ferries and express boats in Norway. The investment, the Fund’s first seed asset, closed in July 2019, when CapMan acquired a 50 per cent stake in Norled in a consortium with CBRE Caledon. CapMan Infra continues to manage the asset on behalf of the co-investors and the Fund.

“We are delighted to welcome international blue-chip institutional investors as co-investors in Norled, where we are driving the green shift of the Norwegian ferry sector. Sustainability is a key theme throughout our investment process from due diligence and investment selection to active value creation, and we seek to set objectives and measure our achievements. As an example, Norled plans to decrease its CO2 emissions by 75 per cent by 2029 through the introduction of reduced emission vessels,” says Ville Poukka, Managing Partner of CapMan Infra.

The Fund reached a final close at approx. MEUR 190, securing commitments from a diverse group of LPs including SWEN Capital Partners, Ilmarinen Mutual Pension Insurance Company, The Church Pension Fund and Tradeka Invest Ltd amongst others. The Fund invests in mid-sized core and core+ infrastructure assets in the energy, transportation and telecom sectors across the Nordics.

To date, some 70 per cent of the Fund capital raised has been committed to four investments. In addition to Norled, the Fund has invested in Nydalen Energi, a provider of environmentally friendly district heating and cooling in Oslo, Loviisan Lämpö, a provider of environmentally friendly district heating in Southern Finland, and Valokuitunen, a fibre-to-the-home platform in Finland. The CapMan Infra team also manages two investment mandates – an onshore windfarm in Sweden and an investment stake in an electricity distribution company in Finland – on behalf of institutional investors.

“Since the establishment of CapMan Infra three years ago we have built a strong local Nordic team, raised two investment mandates, closed our first Nordic mid-cap infrastructure fund and invested in six attractive transactions that have performed in line with original expectations despite the challenging current environment. We are pleased that our investment strategy generated significant interest both locally and internationally resulting in a supportive and global investor base, and that we have demonstrated flexibility in finding suitable investment solutions to serve the needs of different types of investors and investment horizons. We thank our investors for their trust,” continues Poukka.

“We are very pleased with what we have achieved so far in the Nordic mid-cap infrastructure space and believe we have built strong foundation for future growth,” says Joakim Frimodig, CEO of CapMan Plc.

CapMan Infra was established in 2017 and has a team of nine professionals based in Helsinki and Stockholm.

For additional information, please contact:
Ville Poukka, Managing Partner, CapMan Infra, p. +358 50 572 9120

About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. With over €3.5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, fundraising advisory, and analysis, reporting and wealth management services. Altogether, CapMan employs around 150 people in Helsinki, Stockholm, Copenhagen, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. For additional information about CapMan Infra, visit www.capman.com/infra

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