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EQT Private Equity to sell BBS Automation, a global leader in factory automation solutions

eqt
  • EQT Private Equity, together with its co-shareholders, to sell BBS Automation to MDAX-listed Dürr Group
  • Under EQT’s ownership, BBS has transformed from a founder-led organization to a global leader in end-to-end factory automation solutions with full digital capabilities
  • Since EQT entered in 2018, the Company has more than doubled its revenues, significantly expanded its global site footprint, and complemented organic growth with four add-on acquisitions

EQT is pleased to announce that the EQT Mid Market Europe and EQT Mid Market Asia III funds (together “EQT Private Equity” or “EQT”), together with its co-shareholders, have agreed to sell BBS Automation (“BBS” or the “Company”) to MDAX-listed Dürr Group.

Headquartered in Munich, Germany, BBS Automation helps companies automate their production processes and reduce energy consumption, waste and downtime, allowing customers to meet rapidly growing cost and sustainability demands. It plays a pivotal role in the Industry 4.0 revolution by developing and manufacturing automated, smart factory solutions. The Company’s tailor-made assembly and testing applications are used by customers in a wide range of industries, including (e)Mobility, Life Sciences, and Consumer Electronics, amongst others.

EQT Private Equity partnered with Josef Wildgruber in May 2018 and acquired a majority stake in BBS with a joint vision to build a leading global platform for factory automation. During EQT’s ownership, BBS has more than doubled its sales to over EUR 300 million today (2023 estimate). At the same time, BBS has made substantial investments in its global footprint, doubling its network of sites from 7 to 14 and growing its number of employees from around 550 to around 1,200.

Organic growth was complemented by four strategic add-on acquisitions including ANT Solutions, a Polish provider of digital factory solutions, TEAM, an Italian specialist for winding technology, and ReaLead, a Chinese automation solutions provider. Last year, BBS significantly strengthened its MedTech and Life Sciences capabilities with the acquisition of Italy-based Kahle Automation.

As part of Dürr Group, BBS will continue its growth journey under the leadership of Josef Wildgruber. The combined Group will be one of the leading assembly and automation players globally with a highly complementary solution portfolio and substantial synergies with Dürr’s automation business, in particular Teamtechnik, which Dürr acquired in 2021.

Andreas Aschenbrenner, Partner within EQT Private Equity’s Advisory Team, said, “We could not have imagined a better home for BBS than Dürr Group and a more compelling industrial logic. By combining the Dürr automation business with BBS’ global automation platform, we are creating a global leader in the field. BBS is a showcase of EQT’s philosophy of investing at the nexus of digitization and sustainability, creating value for our investors, the company and its employees and society at large.”

Robert Latz, Managing Director within EQT Private Equity’s Advisory Team, adds, “We are very proud of what we have achieved together with the BBS team over the past years. EQT has a long-standing track record of partnering with founders to help them scale and professionalize their businesses. BBS is a showcase of how we can help companies reach their full potential. We have transformed BBS to a global leader in industrial automation by expanding its solutions portfolio, end markets, and geographic footprint.”

Josef Wildgruber, CEO and Founder of BBS Automation, said “This is a momentous day in the history of BBS. We are very excited to become part of the Dürr family and continue our growth journey together, leveraging our combined German heritage, reputation and expertise. We are very grateful for EQT’s strong support over the years, which enabled us to turn BBS into the global platform it is today with a market-leading footprint across all continents. I very much look forward to working with Jochen Weyrauch and his team in building the future of automation.”

The transaction is subject to regulatory approval. Closing of the transaction is expected in the fall of 2023.

 

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

About EQT
EQT is a purpose-driven global investment organization with EUR 119 billion in 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
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About BBS Automation
Headquartered in Munich, Germany, BBS Automation develops flexible and high-quality automation solutions for complex manufacturing and testing processes. With state-of-the-art production sites in Germany, Italy, Poland, Slovakia, India, China, Malaysia, Mexico and the US, BBS Automation supports a diverse network of blue-chip customers on a global scale. BBS has around 1,200 employees across 14 locations in Europe, Asia, and North America.

More info: www.bbsautomation.com

About Dürr Group
The Dürr Group is one of the world’s leading mechanical and plant engineering firms with extensive expertise in automation, digitalization and energy efficiency. Its products, systems and services enable highly efficient and sustainable manufacturing processes in different industries. The Dürr Group primarily supplies the automotive industry, producers of furniture and timber houses as well as the chemical, pharmaceutical, medical devices and electrical engineering sectors. The company has about 18,500 employees and 123 business locations in 32 countries.

More info: www.durr.com

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Ardian acquires majority stake in Tom Barrow Company, leading provider of HVAC solutions

Ardian

Ardian, a world-leading private investment house, today announced that its North America Fund team acquired a majority stake in Tom Barrow Company, a market-leading provider of commercial HVAC solutions in the US Southeast. The management team and founding family will continue to own a meaningful minority share of the business.

Led by Mike Shea, Chief Executive Officer, Tom Barrow is a leading supplier of design-assist engineering and manufacturers’ representation services to the commercial HVAC industry across healthcare, life sciences, education, government, industrial and other commercial end markets. It offers a comprehensive range of HVAC product lines, including custom air handling units, packaged equipment, precision cooling equipment, air distribution, fans, sheet metal products and a variety of other specialty applied equipment and commercial components.

Tom Barrow works with clients to deliver solutions ranging from heating, cooling, filtration, Indoor Air Quality, energy efficiency and ventilation. Through its design assist capabilities, Tom Barrow works with architects, mechanical engineers, building owners and contractors at the outset of the engineering and design process and offers support throughout the HVAC product lifecycle.

Founded in 1955 and headquartered in Atlanta, Georgia, the company has ten locations across Georgia, Florida, Tennessee and Alabama, with approximately 240 employees. It has experienced several years of strong growth, driven by both increasing share in existing markets and expanding into new geographies. Tom Barrow also services customers in some of the most technically demanding end markets including hospitals, clean room manufacturing facilities and education. Additionally, it specializes in developing energy-efficient HVAC systems, an increasing priority for commercial building owners. It also works with customers to retrofit less efficient HVAC systems in existing buildings with newer energy-efficient systems.

“We are excited to partner with Ardian to accelerate our growth, while continuing to provide our existing customers with industry-leading levels of service.” Mike Shea, Chief Executive Officer, Tom Barrow

“Tom Barrow is a market-leading HVAC systems supplier, ideally positioned to expand both within its existing geographic markets and into new regions. We are particularly excited to be working with such a strong management team. The company’s resilient end markets, blue-chip customer base, and broad capabilities give us great confidence in the company’s potential.” Kevin Kruse, Managing Director North America Fund, Ardian

“The commercial HVAC industry benefits from particularly strong secular tailwinds. Building owners and tenants are increasingly focused on both indoor air quality and energy efficient buildings. Healthcare facilities, Life sciences labs, EV and battery plants, solar panel plants, and data centers are also all HVAC-intensive, increasing the need for clean room levels of purity, specialized cooling, or both. We believe Tom Barrow is well positioned to capture significant share in this attractive market.” Todd Welsch, Managing Director North America Fund, Ardian

Ardian’s North America Fund team specializes in lower middle market private equity transactions, acquiring industrial and business services companies across a range of sectors.

Financial details were not disclosed. Truist Securities, Inc. served as exclusive financial adviser to Tom Barrow. Configure Partners served as financing advisor to Ardian.

ABOUT TOM BARROW

As the leading provider of HVAC solutions in the Southeast, Tom Barrow Company offers clients unmatched industry expertise and integrated services through benefit-driven collaboration with its design, engineering, and service professionals and the exceptional manufacturing companies it proudly represents.

tombarrow.com

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $150bn of assets on behalf of more than 1,400 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 is part-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our1,050+ 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

Press contact

ARDIAN

THE NEIBART GROUP : Emma Murphy

ardian@neibartgroup.com +1 347 968 6800

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Apollo Infrastructure Funds Announce Structured Equity Investment in Intermodal Tank Transport

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Apollo

NEW YORK, June 13, 2023 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that funds managed by Apollo affiliates (the “Apollo Funds”) have agreed to make a structured equity investment in Intermodal Tank Transport (“ITT” or the “Company”), a leading global provider of ISO tank transportation logistics and depot services for bulk-liquid chemical and food-grade products. ITT will continue to be led by President and Chief Executive Officer Jon Hulsey and the existing management team. Financial terms were not disclosed.

Founded in 1993, Intermodal Tank Transport is a recognized leader in ISO tank container transportation and logistics, serving hundreds of customers via its leading tank fleet and depot locations. ITT serves an essential role in the transportation value chain, arranging end-to-end logistics of bulk liquids for blue-chip customers across all major modes of transportation.

In addition to being the largest U.S.-based ISO tank operator, the Company provides ISO tank maintenance, cleaning and inspection services across its global depot network. In the current market environment, ISO tanks are becoming an increasingly favored mode of transport due to higher reliability, safety, flexibility and ease-of-use compared to other alternatives.

“We are thrilled to partner with Apollo to help accelerate our next phase of growth,” said Jon Hulsey, President and CEO of ITT. “We have a number of compelling opportunities to strengthen our global platform, and we believe Apollo’s deep understanding of our business, scale and extensive value-creation expertise will help us unlock the significant growth potential of our business. I look forward to continuing to lead the dedicated, hardworking team at ITT as we continue driving value and enhancing customer experience.”

“Jon and the team have done an exceptional job building ITT into an industry leader with high-quality assets and an unwavering commitment to customer service,” said David Cohen, Partner at Apollo. “As food, chemical and other industries increasingly turn to ISO tanks for reliable, safe transport, we believe ITT is well positioned to expand its leadership position as a specialty logistics provider serving supply chains and owners of infrastructure around the globe.”

“This investment in ITT demonstrates our ability to partner with leading global businesses and management teams to unlock value in complex operating environments,” said Dylan Foo, Head of Global Infrastructure at Apollo. “With our flexible capital, global resources and significant industry experience, we believe we are well positioned to support Jon and the ITT team as they continue to drive sustainable long-term success.”

Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to the Apollo Funds. ITT was advised by Raymond James & Associates, Inc. as financial advisor and McGinnis Lochridge LLP as legal advisor.

About Intermodal Tank Transport
Intermodal Tank Transport a leading global provider of ISO tank transportation logistics and depot services for bulk-liquid chemical and food-grade products. Founded in 1993, the company has demonstrated consistent growth for nearly three decades. Headquarters in the United States, ITT serves a global client base of blue-chip customers from 15 offices around the globe spanning North America, South America, Europe and Asia.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2023, Apollo had approximately $598 billion of assets under management. To learn more, please visit www.apollo.com.

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822 0491
Communications@apollo.com

 


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Radiologists from the CRP, Imacam and I-Series groups are joining forces to create Imaneo, a leading group of independent radiologists in Occitanie

Parquest

Radiologists from the CRP, Imacam and I-Series groups are joining forces to create Imaneo, a leading group of independent radiologists in Occitanie.

Press release

Montpellier, 13 June, 2023

Radiologists from the CRP, Imacam and I-Seris groups have decided to partner around a common project by creating Imaneo, a group of independent radiologists in Occitanie.

Based in Hérault and Gard, Imaneo brings together nearly seventy radiologists, all shareholders of the group. To support this project and enable ambitious long-term development, they have partnered with the French investment fund Parquest, which benefits from a long experience in supporting the development of companies in healthcare services. In addition to the existing teams and Parquest, they have also recruited a seasoned management team that will support radiologists in the operational implementation of their project.

Thus, Imaneo radiologists intend to pursue and accelerate the development of their practices with the following objectives:

  • Ensure the development of an offer of medical excellence built around diagnostic imaging and interventional radiology guaranteeing patients a coordinated and high-quality healthcare journey within the region’s healthcare network
  • Benefit from the strength of a group and the expertise of a dedicated management team to address professional challenges (investments, recruitment and retention)
  • Lead an active strategy of development and innovation for the benefit of patients and the whole ecosystem (partnerships with CPTS and the Hospital, teleradiology, AI, screening, etc.)
  • Strengthen the support provided to their employees particularly through training around innovation and good medical practices.Imaneo’s radiologists intend to expand the association to new radiologists or groups of radiologists interested in actively participating in the development of radiology services in their territories. These new members will join as associated radiologists, preserving the autonomy and independence of their practices over time.Imaneo has already welcomed eight new radiologists in early 2023 and plans to welcome five more by the end of the year.Jérôme Bénis, radiologist and President of Imaneo, stated: “This association is an answer to the evolving radiology profession and its new challenges, which require advanced equipment and significant investments. While the sanitary crisis has shed light on the importance of high-quality and local medicine, we are thrilled to partner with Parquest, which brings its economic and managerial expertise as well as the necessary funds and human resources to achieve our ambitions”.Arthur Brézac, Deputy Chief Executive Officer of Imaneo, added: “Radiology in France is at a turning point, facing both organizational and demographic challenges. The Imaneo project, as it was conceived, paves the way for the radiology of tomorrow: care for patients as close as possible to their places of residence while offering innovative and high-quality medical care, allowing radiologists to focus on the development of diagnostic and therapeutic radiology. The medical independence of the radiologists will be the leading force of this adventure”.Laurence Bouttier, Associate Director at Parquest, asserted: “We are convinced by the quality of Imaneo’s medical offering and by the radiologists’ project, that makes Imaneo a unifying force in this sector under consolidation. This project perfectly aligns with our expertise in supporting the structuring of a group and providing the means to accelerate its development independently in the long run. What a promising alliance for the success of this project led by talented doctors.”

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BGF backs family-run business Troy with £15.5 million investment

BGF

Troy,

the largest independent network for industrial and engineering supplies in the UK, has today announced a £15.5 million investment from BGF to support its ambitious growth strategy.

A family-run business, founded in 1986 and based in Exeter, Troy is Britain’s leading independent MRO (maintenance, repair and overhaul) product distributor. It serves the industrial, engineering and trade sectors nationwide via its distribution centres and buying group of 400-plus members.

Passionate about championing independent merchant businesses, Troy delivers value for its members via instant access to more than 420 suppliers of leading industry brands at the best possible purchasing terms, a best-in-class business support system, an invaluable network of people, and an investment platform to ensure local businesses are future-proofed.

With investments in 16 member businesses to date, Troy has delivered value via system enhancements and group synergies. Troy and its members service a range of sectors, including general manufacturing, rail, renewable energy, automotive, medical, aerospace and trade, with a broad product offering including power tools, cutting tools, fixings, fastenings and PPE.

Under the leadership of Paul Kilbride, who acquired Troy in 2010, the business has experienced rapid growth and is now the largest independent distribution network in the industrial and engineering sector in the UK, with a turnover of over £300 million.

BGF’s financial support will further accelerate the company’s growth strategy. In addition to the investments Troy has made within the membership base over the last five years, there is also a significant pipeline of opportunities identified post-investment.

In addition to the funding, Troy has appointed former Wickes CEO Simon King as Non-Executive Chair, following an introduction from BGF’s Talent Network – the largest pool of non-exec talent in the UK.

Paul Kilbride, Chief Executive at Troy, said: “To deliver our strategy of structured growth, we required a minority investment partner that recognised the capabilities of Troy. We are confident that, with BGF as key allies, we will maintain our growth trajectory and realise the company’s ambition.”

The new £15.5 million investment deal was led by James Skade and Hannah Waters, investors in BGF’s Bristol-based South West team.

This is a great opportunity for BGF to invest in a thriving national business network with an excellent reputation and a huge potential for growth. We are delighted to be working alongside Paul and Simon, and look forward to supporting the business to deliver on its ambitious growth plans.

James Skade, BGF investor

Simon King, Non-Executive Chair of Troy, said: “I’m excited to be joining the board of Troy, working alongside the wider team and BGF to capitalise on significant market opportunities and to position the business for further growth.”

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Apollo Infrastructure Funds Announce Structured Investment in Yondr Group

Apollo
Proceeds to Facilitate the Continued Buildout of Yondr’s Portfolio of Hyperscale Data Center Facilities in Europe and the Americas

NEW YORK and LONDON , June 12, 2023 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed infrastructure funds (the “Apollo Funds”) have agreed to provide a significant capital commitment to Yondr Group (“Yondr”) via a structured instrument as the first step in a broader partnership. Proceeds from the investment will be utilized to further Yondr’s growth ambitions in support of client demand for its differentiated service proposition as Apollo and Yondr partner to facilitate the continued buildout of Yondr’s portfolio of hyperscale data center facilities. In connection with the investment, Apollo Partners Trevor Mills and Andrew Kirby will join Yondr’s Board of Directors.

Yondr, wholly owned by Cathexis Group (“Cathexis”), is a recognized global leader in developing, owning, and operating build-to-suit hyperscale data centers, primarily in Europe and the Americas. The Company operates a single-tenant, build-to-suit data center strategy, benefitting from key strategic partnerships across the globe which support development and speed to market. Today, Yondr owns and operates a hyperscale data center in the Netherlands, with four additional sites in construction across Europe and the United States expected to come online between 2024 and 2025, all of which are fully contracted with large, investment-grade counterparties.

Yondr has advanced plans to continue scaling its portfolio of build-to-suit hyperscale data centers with the support of Apollo to meet the rapidly growing needs of its high-quality customer base, with a continued focus on speed to market, top-tier facility design and performance while leveraging the Company’s local expertise.

Paul Cossell, CEO at Yondr Group, said, “Apollo’s support of our global growth ambitions is truly exciting for us at Yondr. This allows us to create long-term sustainable value for clients, and to rapidly deploy cloud solutions, in line with the growing demands of our select, blue-chip client base.”

Apollo Partners Trevor Mills and Andrew Kirby said, “With increasing global demand for hyperscale data center capacity, we believe that nimble, proven build-to-suit players like Yondr are well positioned for sustainable growth. Yondr has rapidly developed a leading position in the global hyperscale sector since its inception in 2019, and we are pleased to support Paul, the management team and Cathexis as they scale to meet the growing demand of their customer base. We are looking forward to our role as Board members as part of a long-term, wide-ranging partnership to help support their continued success.”

Dylan Foo, Head of Global Infrastructure at Apollo, added, “We believe this transaction demonstrates our ability to navigate complexity amid continued economic uncertainty and structure an attractive, tailored investment which supports the needs of both Yondr and Apollo Funds. We look forward to supporting Yondr’s continued expansion while pursuing the high growth secular trend of global cloud adoption.”

Simpson Thacher & Barlett LP served as legal advisor to the Apollo Funds. White & Case LLP served as legal advisor to Yondr.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2023, Apollo had approximately $598 billion of assets under management. To learn more, please visit www.apollo.com.

About Yondr Group
Yondr Group is a global developer, owner operator and service provider of data centers. The company specialises in delivering and operating dedicated infrastructure that is engineered for scale. As an organisation, our mission ‘Global capacity responsible delivery’ ensures that we achieve our vision of a tomorrow without constraints. For more information, visit www.yondrgroup.com

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
212-822-0540
ir@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
212-822-0491
communications@apollo.com

Yondr Contact

Louise Donkor
Marketing Communications Manager
Yondr Group
info@yondrgroup.com

 


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Source: Apollo Global Management, Inc.

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NanoImaging Services Receives Growth Equity Investment from Ampersand Capital Partners

Ampersand

San Diego, California – June 12, 2023: NanoImaging Services (“NIS”), the leading provider of cryo-electron microscopy (“cryo-EM”) services to the pharmaceutical and biotechnology communities, announced today that it has received a growth equity investment from Ampersand Capital Partners.  Members of the NIS management team joined Ampersand in the financing.  The company will use this investment to support its worldwide growth initiatives, including expanding microscope capacity and adding complementary services to further serve the needs of existing and future customers.

NIS was founded in 2007 with the vision to make cryo-EM workflows accessible to all.  Subsequent advances in cryo-EM technology have enabled the technique to become an essential tool used in structure-based drug discovery as well as in later stage drug development applications, including antibody development, virus and vaccine studies, characterization of drug delivery vehicles, and biomanufacturing QA/QC.  NIS and its founders, Clint Potter and Bridget Carragher, have played pivotal roles in developing these applications for industry.  As the largest commercial provider of cryo-EM services today, NIS remains at the forefront of innovation and new application development for this powerful technique.

Peter Glick, Chairman of NIS, commented, “We are thrilled to have Ampersand joining NanoImaging Services as an investor and on the Board.  We have built the leading pharma services company for cryo-electron microscopy, and Ampersand’s support will fuel our continued growth in both structural biology for drug discovery and nanoparticle characterization to support drug product manufacturing.”

David Parker, General Partner at Ampersand Capital Partners who has joined NIS’s Board, added, “NanoImaging Services is an excellent fit with Ampersand’s strategy of partnering with specialized pharmaceutical services providers that have established leadership positions in attractive market segments based on differentiated science, strong technical expertise, and high service quality.  We look forward to supporting the NIS team to accelerate the company’s next phase of growth and further expansion of the cryo-EM market.”

Financial details of the transaction were not disclosed.

 

About NanoImaging Services, Inc.

NanoImaging Services, Inc. was launched in 2007 to provide imaging services to the pharmaceutical, biotechnology, and nanotechnology communities.  We have since built a client-focused organization with a reputation for expertise, reliability, and collaboration. NIS is committed to expanding our service capacity through microscope acquisition, workflow automation, recruitment and training of top talent, and development of new service offerings. Our state-of-the-art facilities include a range of electron microscopes, sample preparation equipment, and computational infrastructure to support structural biology and nanoparticle characterization workflows. NIS is the largest and most comprehensive provider of TEM and cryo-EM services to the industrial life science market. For more information, visit: www.nanoimagingservices.com.

About Ampersand Capital Partners

Founded in 1988, Ampersand is a middle market private equity firm with $3 billion of assets under management dedicated to growth-oriented investments in the healthcare sector. With offices in Boston, MA and Amsterdam, Netherlands, Ampersand leverages a unique blend of private equity and operating experience to build value and drive long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors. For additional information, visit ampersandcapital.com or follow us on LinkedIn.

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Bain Capital Private Equity to acquire Porus Labs

BainCapital

Bain Capital Private Equity to acquire Porus Labs

Funding to drive expanded presence in specialty chemicals sector

MUMBAI – June 8, 2023 – Bain Capital Private Equity (“Bain Capital”), a leading global private investment firm, today announced the acquisition of Porus Labs, a leading manufacturer of agricultural and speciality chemicals. Bain Capital’s resources and industry experience will enable Porus Labs to unlock significant growth through investments in talent, business development, capacity expansion, process engineering and developing or acquiring distinctive chemical capabilities. Financial terms of the private transaction were not disclosed.

Founded in 1994 in Hyderabad, Porus Labs brings significant specialized knowledge in segments such as speciality polymers, electronic chemicals and agrochemicals. The company’s continuous efforts to increase capabilities through investments in research & development, process improvement and business development capabilities have resulted in robust organic growth and positioned it as a trusted partner of global customers in the industry.

“We are very excited to build a platform in the specialty chemicals contract development and manufacturing space, leveraging Porus Labs’ expertise and strong market position. We have high conviction in the industry’s growth prospects and see immense potential for expanding the company’s market by building or acquiring differentiated chemical capabilities in key sectors,” said Rishi Mandawat, a Partner at Bain Capital Private Equity.

“Porus Labs has been a trusted partner to large global customers for nearly three decades. Our customer-centric approach and chemistry capabilities have helped us gain strategic importance amongst our customers. We enjoyed interacting with the Bain Capital team over the last few months and are pleased to entrust Bain Capital to take Porus Labs on to its next stage of growth. We are confident in our ability to unlock the full potential of our market-leading position through this transformative partnership with Bain Capital by leveraging their extensive industry expertise and global network.” said Srinivasan Namala, CEO at Porus Labs.

The transaction is subject to receipt of necessary approvals from all relevant authorities.

About Bain Capital Private Equity:

Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of more than 280 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital has 23 offices on four continents. Since its inception, the firm has made primary or add-on investments in more than 1,150 companies. In addition to private equity, Bain Capital invests across multiple asset classes, including credit, public equity, venture capital and real estate, managing approximately $165 billion in total assets and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.

For more information, please visit: www.baincapitalprivateequity.com

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Blackpoint Cyber Secures $190 Million Growth Investment from Bain Capital Tech Opportunities and Accel

BainCapital

Blackpoint Cyber Secures $190 Million Growth Investment from Bain Capital Tech Opportunities and Accel

Funding supports Blackpoint’s mission to be a one-stop-shop for MSPs to combat escalating cyber threats

ELLICOTT CITY, Md. and BOSTON – June 8, 2023 – Blackpoint Cyber (Blackpoint), a leading, technology-focused cybersecurity company providing its advanced security suite via managed service providers (MSPs), today announced it has received a $190 million growth investment led by Bain Capital Tech Opportunities, with participation from Accel. Bain Capital Tech Opportunities and Accel join existing investors including Adelphi Capital Partners, Telecom Ventures, Pelican Ventures and WP Global Partners. The investment will be used to fund further development of Blackpoint’s security technology and enable its MSP partners to combat a constantly changing threat landscape.

Founded in 2014 by CEO Jon Murchison, a former National Security Agency computer operations expert who spent more than a decade executing high-priority national security missions, Blackpoint leverages real-world cyber experience and deep knowledge of cyber defense tactics to help MSPs safeguard their customers from cyberthreats. Blackpoint’s Managed Detection and Response (MDR) technology rapidly detects and isolates threats at the earliest sign of a breach. Many security services place the burden of response and action on their customers, whereas Blackpoint’s 24/7 Security Operations Center (SOC) investigates suspicious activity and takes action to neutralize threats in real-time on behalf of its MSP partners. This eliminates alert fatigue and time spent on false positives.

“The MSP market is growing fast, and we are matching that growth by scaling and innovating new cybersecurity solutions,” said Jon Murchison, CEO and founder of Blackpoint Cyber. “Cyber-attacks are becoming more sophisticated and advanced, forcing MSPs to rapidly adapt to protect their customers and infrastructure. Bain Capital Tech Opportunities and Accel bring deep experience in cybersecurity, a sophisticated understanding of the threat landscape, and the resources needed to propel our next phase of growth, and we are thrilled to partner with them and continue providing our MSP partners with an elite and ever-innovative cybersecurity ecosystem.”

Blackpoint is committed to adding additional products to its platform and simplifying the security stack for its MSP partners as they play an ever-increasing role in cybersecurity. Blackpoint recently introduced its Managed Application Control solution to help MSPs ensure that only authorized applications are running on devices and reduce the risk of unauthorized activity or malware infiltration. Blackpoint also launched the Blackpoint University learning platform in 2023 to provide MSPs with access to sales and technical cybersecurity training and lessons from leaders in the military, intelligence, and business communities.

“Blackpoint sets itself apart as the security service of choice for MSPs with its next-gen MDR technology and integrations to detect and actively respond to threats,” said Dewey Awad, a Partner at Bain Capital Tech Opportunities. “We are thrilled to join Jon and the management team to help accelerate the growth of the business and drive new product development that delivers a unique value proposition to MSPs and their customers.”

Bain Capital has deep experience across the cybersecurity sector, having invested in and added value to a wide range of early-stage to mature software companies such as InAuth (acquired by American Express), Rapid 7, Check Point, Barracuda Networks, SolarWinds, Evident.io (acquired by Palo Alto Networks), Blue Coat (acquired by NortonLifeLock), ExtraHop, and BioCatch.

William Blair acted as exclusive financial advisor to Bain Capital Tech Opportunities.

About Blackpoint
Blackpoint Cyber offers the only world-class, nation state-grade cybersecurity ecosystem serving the MSP community. Using its own software and SOC, Blackpoint’s true 24/7 MDR service not only detects breaches earlier than any other solution on the market, but also provides an actual response rather than just an alert to keep your and your clients’ networks safe from widespread damage.

About Bain Capital Tech Opportunities
Bain Capital Tech Opportunities (www.baincapitaltechopportunities.com) aims to help growing technology companies reach their full potential. We focus on companies in large, growing end markets with innovative or disruptive technology where we believe we can support transformational growth. Our dedicated, tenured team has deep experience supporting growing technology businesses—bringing together differentiated backgrounds in private and public equity investing as well as technology operating roles. We invest behind fundamental long-term tailwinds as technology penetrates across industries, creating a large and growing number of investment opportunities. Bain Capital Tech Opportunities focuses on five priority sub-verticals: Application Software, Infrastructure & Security, Fintech & Payments, Healthcare IT, and Internet & Digital Media. We are a business unit of Bain Capital, one of the world’s leading private investment firms with approximately $160 billion in assets under management that creates lasting impact for our investors, teams, businesses, and the communities in which we live.

About Accel
Accel is a global venture capital firm that is the first partner to exceptional teams everywhere, from inception through all phases of private company growth. Atlassian, Bumble, CrowdStrike, DJI, Fiverr, Flipkart, Freshworks, Qualtrics, Segment, Slack, Spotify, Squarespace, Tenable, and UiPath are among the companies Accel has backed over the past 40 years. We help ambitious entrepreneurs build iconic global businesses. For more, visit www.accel.com or www.twitter.com/accel.

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HarbourVest Partners appoints Peter Mahoney as a Managing Director

Harvourvest

Boston, MA – HarbourVest Partners, the global private markets investment specialist, today announced the appointment of Peter Mahoney as a managing director and Head of Fund Accounting. In this role, Mahoney will be responsible for leading the firm’s fund and investment accounting operations, in addition to leading the Firm’s Valuation, and Audit Committees.

“We are excited to welcome Peter to HarbourVest,” said Pete Wilson, Managing Director at HarbourVest Partners. “His extensive experience managing fund accounting operations across multiple jurisdictions and vehicle types will help the firm navigate increasingly complex challenges as we expand our offerings and enter new markets.”

Mahoney joins HarbourVest from Vanguard, where he has held a number of accounting roles over the last 25 years. Most recently, he was a Principal and Global Head of Fund Accounting, leading a team of 200+ professionals, and prior to that he was the Head of International Fund Services. He has extensive fund accounting experience across multiple jurisdictions. As Global Head of Fund Accounting, he managed teams across five global entities, where he streamlined team responsibilities and developed and implemented new technology to modernize Vanguard’s operational and oversight capabilities. As Head of International Funds Services, he presided over Vanguard’s fund accounting and administrative functions for all non-US entities.  Mahoney received a BS in Finance from Bloomsburg University and his MBA from St Joseph’s University.

ABOUT HARBOURVEST

HarbourVest is an independent, global private markets firm with 40 years of experience and more than $106 billion of assets under management as of December 31, 2022. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. Our strengths extend across strategies, enabled by our team of more than 1,000 employees, including more than 215 investment professionals across Asia, Europe, and the Americas.  Across our private markets platform, our team has committed more than $55 billion to newly-formed funds, completed over $46 billion in secondary purchases, and invested over $33 billion in directly operating companies. We partner strategically and plan our offerings innovatively to provide our clients with access, insight, and global opportunities.

CONTACT

Andrew Hopkins
617-348-8372
AHopkins@Harbourvest.com

Disclaimer
HarbourVest Partners, LLC is a registered investment adviser under the Investment Advisers Act of 1940. The information on this site is intended solely for the benefit of firms and companies seeking private equity investment capital by providing general information on our services and philosophy. The material on this site is for informational purposes only and does not constitute an offer or solicitation to purchase any investment solutions or a recommendation to buy or sell a security nor is it to be construed as legal, tax or investment advice. Unless otherwise indicated, any information available through this site is as of the date indicated therein and may not be updated or otherwise revised to reflect information that subsequently becomes available. HarbourVest is under no obligation to update the information contained on this site. Additionally, the material on this site does not constitute a representation that the solutions described therein are suitable or appropriate for any person and HarbourVest does not accept any liability with respect to the information.

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