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Antares Capital Expands Coverage into Europe with Appointment of Sheila Brown

Antares

Strategic Addition Supports Firm’s Continued Growth Plans Across Liquid Credit and Direct Lending in Europe and the US

CHICAGO–(BUSINESS WIRE)–Antares Capital (“Antares”) announced today that Sheila Brown has joined the firm as Managing Director, Head of UK/Europe Investor Coverage within Antares’ Asset Management Group. Ms. Brown will be based in the UK, representing the firm’s first employee outside of North America, where she will cover UK and European investors interested in direct lending and liquid credit strategies.

Ms. Brown brings more than two decades of financial services experience to the role, having previously served as Managing Director, UK/European Business Development at Hayfin Capital Management (“Hayfin”), where she was involved in over €5bn of capital raising across direct lending, special opportunities, high yield and syndicated loans and healthcare strategies. Ms. Brown was Hayfin’s first dedicated UK-focused business developer, and also served as chair of the firm’s ESG Committee.

“We are pleased to welcome Sheila to our Investor Coverage team,” said Timothy Lyne, CEO of Antares Capital. “Sheila will undoubtedly be a strong asset to our firm as we look to further deepen our relationships and build our presence in the UK and European markets. We see tremendous opportunity in both direct lending and liquid credit, and Sheila’s extensive experience will be integral to our continued success.”

Prior to Hayfin, Ms. Brown held roles in account management and consultant relations at PIMCO Europe, and served as the firm’s Head of DC Distribution, EMEA. She started her career in investment banking at Lehman Brothers, and holds a bachelor’s in business economics from University of California at Los Angeles and an MBA with a specialization in finance from London Business School.

“Antares’ long and established track-record and extensive experience across market cycles gives the firm a strong advantage as it expands its coverage abroad,” said Ms. Brown. “I am drawn to Antares’ market leading direct lending platform, and the firm’s commitment to holding a portion of each loan funded on its own balance sheet to drive alignment of interests with investors. The firm’s focus on risk management, its large investment team, including monitoring and restructuring professionals, as well its collaborative team-oriented culture also are draws for me. I look forward to working alongside the Investor Coverage team and building on the firm’s success.”

About Antares Capital

With more than $60 billion of capital under management and administration as of December 31, 2022*, Antares is a private debt credit manager and a leading provider of financing and investment solutions for middle-market private equity-backed borrowers and investors. Since its founding in 1996, Antares has built one of the industry’s largest and longest-tenured portfolios of middle market companies and has been recognized by industry organizations as a leading provider of middle market private debt. Through its Asset Management & Funding team, Antares offers investors the opportunity to invest in collateralized loan obligations, funds and separately managed accounts. Antares is committed to championing middle market growth throughout market cycles. Doing so allows its people, partners and communities to achieve their full potential. The company maintains offices in Atlanta, Chicago, Los Angeles, New York and Toronto. Visit Antares at www.antares.com or follow the company on LinkedIn at http://www.linkedin.com/company/antares-capital-lp. Antares Capital is a subsidiary of Antares Holdings LP, (collectively, “Antares”).

Contacts

Carol Ann Wharton
+1 (203) 970-9907
allison.perkins@antares.com

Categories: People

Alcami Announces CEO Transition

Ampersand
  • Bill Humphries to succeed Patrick Walsh as CEO effective June 5th, 2023
  • Patrick Walsh to remain as Chairman of the Board

Wilmington, North Carolina – June 5, 2023 – Alcami Corporation (“Alcami”), a leading contract development and manufacturing organization (CDMO), today announced the retirement of Patrick Walsh and the subsequent appointment of Bill Humphries as the next CEO, effective June 5th, 2023. With this appointment, Humphries will also join the company’s Board of Directors.

Prior to Alcami, Humphries’ executive leadership roles included CEO at Isosceles Pharmaceuticals, President and Group Company Chairman of Ortho-Dermatologics, CEO of Merz North America, President of Stiefel, a GSK Company and Vice President of US Skincare at Allergan Pharmaceuticals. Bill is an experienced leader in the life sciences industry, serving as Chairman of the Board at Clearside Biomedical, Executive Chairman of Strata Skin Sciences, and a member of the Board of Directors at Aclaris Therapeutics, PhaseBio Pharmaceuticals, SKNV, and Bryn Pharmaceuticals. Humphries’ academic credentials include a B.A. from Bucknell University and MBA from Pepperdine University.

“On behalf of our 1,000 employees and the Board of Directors, we welcome Bill to Alcami as he leads the company through the next phase of growth and expansion,” commented Patrick Walsh.

“I am excited to join Alcami and work alongside a tremendous leadership team and dedicated employees that are well respected in the life sciences industry,” said Humphries. He further commented, “I feel fortunate that Pat is remaining in the Alcami family, and the opportunity to work with the Alcami team, Pat, our outstanding Board members and Partners provides me every confidence in the future growth of Alcami.”

Mr. Walsh plans to retire after an incredibly successful 42-year career in the pharmaceutical industry, including CEO roles in six organizations, serving as a Board of Director in 15 organizations, and a valued operating partner and advisor to healthcare private equity organizations around the globe.

“Pat’s track record of achievements is truly impressive. We are grateful for his exceptional leadership and stewardship throughout his tenure as CEO and thrilled to retain his experience as Chairman of the Board for Alcami. With this transition, we are delighted to welcome Bill Humphries as our new CEO. Bill brings extensive industry experience and expertise, and we are confident that he will provide fresh insights to drive continued growth for Alcami,” commented Mike Mortimer, Managing Partner at GHO Capital, and, Kip Kirkpatrick, Co-Founder and Co-Chief Executive Officer at The Vistria Group.

 

About Alcami Corporation

Alcami is a contract development and manufacturing organization headquartered in North Carolina with over 40 years of experience advancing products through every stage of the development lifecycle. Alcami serves pharmaceutical and biotech companies of all sizes for small molecules and biologics, providing customizable and innovative solutions for analytical development, clinical to commercial sterile and oral solid dose drug product manufacturing, packaging, microbiology, cGMP biostorage, environmental monitoring, and pharmaceutical support services. Alcami’s private equity ownership includes GHO Capital, The Vistria Group, and Ampersand Capital Partners. For more information, please visit alcaminow.com.

Categories: People

CIRCOR International Enters Definitive Agreement to be Acquired by KKR for $1.6 Billion

KKR

BURLINGTON, Mass. & NEW YORK–(BUSINESS WIRE)–CIRCOR International, Inc. (“CIRCOR” or the “Company”) (NYSE: CIR), one of the world’s leading providers of mission critical flow control products and services for the Industrial and Aerospace & Defense markets, today announced that it has entered into a definitive agreement to be acquired by investment funds managed by KKR, a leading global investment firm, in an all cash transaction valued at approximately $1.6 billion, including the assumption of debt.

Under the terms of the agreement, KKR will acquire all outstanding shares of CIRCOR common stock for $49 per share in cash, representing a 55% premium to the Company’s closing stock price on June 2, 2023.

“Our agreement with KKR marks the successful culmination of a strategic review process conducted by the Board, supported by external advisors and the management team,” said Helmuth Ludwig, CIRCOR’s Board Chair. “As part of our comprehensive strategic review, initiated in March 2022, we engaged in extensive dialogue with a number of parties that expressed interest in acquiring all or parts of the Company. We believe that this transaction and the immediate cash value it will provide to CIRCOR’s stockholders best achieves the Board’s goal of unlocking the significant incremental value within CIRCOR for its stockholders. This transaction is a testament to the dedication of CIRCOR’s talented team and we are grateful for their tireless efforts and commitment to making CIRCOR an industry leader.”

“This transaction will create significant value to our stockholders, reflecting the dedication of our team in executing on our strategic priorities, the strength of our family of brands and the deep relationships we have built with our customers,” said Tony Najjar, President and Chief Executive Officer of CIRCOR. “We believe that having the support and resources of an experienced investor like KKR will help us expand our presence in the flow control space and support our mission to deliver the highest-quality products and services to our customers, many of which play a critical role in protecting national security.”

“CIRCOR stands out as an innovative and trusted solution provider, manufacturing mission-critical flow control products for industrials, aerospace and defense customers. We believe the Company is in a strong position to grow and benefit from the attractive tailwinds in those markets. We look forward to working closely with Tony and his talented team to drive further growth and value through new product development, aftermarket expansion, strategic acquisitions and allowing all CIRCOR employees to have the opportunity to participate in the benefits of ownership of the Company,” said Josh Weisenbeck, a KKR Partner who leads KKR’s Industrials investment team.

KKR is making its investment in CIRCOR through its North America Fund XIII. The investment builds on KKR’s recent experience investing in flow control technologies and aerospace and defense industry suppliers globally, including Ingersoll Rand (formerly known as Gardner Denver), Flow Control Group, Hensoldt, and Novaria Group.

Following the close of the transaction, KKR will support CIRCOR in expanding its equity ownership program to allow all employees to have the opportunity to participate in the benefits of ownership of the Company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of total equity value to over 50,000 non-management employees across nearly 30 companies.

Transaction Approvals and Timing

The Board of Directors of CIRCOR (the “Board”) has unanimously approved the transaction and recommends that CIRCOR shareholders vote in favor of the transaction. The transaction is expected to close in the fourth quarter of 2023, subject to the receipt of approval from the Company’s shareholders and certain required regulatory approvals, as well as the satisfaction of other customary closing conditions.

The Board will have the right to terminate the merger agreement to enter into a superior proposal, subject to the terms and conditions of the merger agreement.

Once the transaction is complete, CIRCOR will be a privately held company wholly owned by KKR’s investment funds and will no longer have its common stock listed on any public market.

Advisors

Evercore, J.P. Morgan Securities LLC, and Ropes & Gray LLP are serving as advisors to CIRCOR. KKR is advised by Citi and Kirkland & Ellis LLP.

About CIRCOR International, Inc.

CIRCOR International, Inc. is one of the world’s leading providers of mission critical flow control products and services for the Industrial and Aerospace & Defense markets. The Company has a product portfolio of market-leading brands serving its customers’ most demanding applications. CIRCOR markets its solutions directly and through various sales partners to more than 14,000 customers in approximately 100 countries. The Company has a global presence with approximately 3,100 employees and is headquartered in Burlington, Massachusetts. For more information, visit the Company’s investor relations website at http://investors.circor.com.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Additional Information and Where to Find it

This press release relates to the proposed acquisition of CIRCOR by Cube BidCo, Inc. (“Parent”). This press release does not constitute a solicitation of any vote or approval. In connection with the proposed transaction, CIRCOR plans to file with the U.S. Securities and Exchange Commission (the “SEC”) and mail or otherwise provide to its stockholders a proxy statement regarding the proposed transaction. CIRCOR may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for the proxy statement or any other document that may be filed by CIRCOR with the SEC.

BEFORE MAKING ANY VOTING DECISION, CIRCOR’S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED BY CIRCOR WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE THEREIN BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED TRANSACTION BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION.

Any vote in respect of resolutions to be proposed at a CIRCOR stockholder meeting to approve the proposed transaction or related matters, or other responses in relation to the proposed transaction, should be made only on the basis of the information contained in CIRCOR’s proxy statement. Stockholders may obtain a free copy of the proxy statement and other documents CIRCOR files with the SEC (when available) through the website maintained by the SEC at www.sec.gov. CIRCOR makes available free of charge on its investor relations website at investors.circor.com copies of materials it files with, or furnishes to, the SEC.

The proposed transaction will be implemented solely pursuant to the Agreement and Plan of Merger, by and among CIRCOR, Cube Merger Sub, Inc. and Parent, dated as of June 5, 2023 (the “Merger Agreement”), which contains the full terms and conditions of the proposed transaction.

Participants in the Solicitation

CIRCOR and certain of its directors, executive officers and certain employees and other persons may be deemed to be participants in the solicitation of proxies from CIRCOR’s stockholders in connection with the proposed transaction. Security holders may obtain information regarding the names, affiliations and interests of CIRCOR’s directors and executive officers in CIRCOR’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on March 15, 2023. To the extent the holdings of CIRCOR’s securities by CIRCOR’s directors and executive officers have changed since the amounts set forth in CIRCOR’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Investors may obtain additional information regarding the interests of participants in the solicitation of proxies from CIRCOR’s stockholders in connection with the proposed transaction, which may, in some cases, be different than those of CIRCOR’s stockholders generally, by reading the proxy statement relating to the proposed transaction when it is filed with the SEC and other materials that may be filed with the SEC in connection with the proposed transaction when they become available. These documents (when available) may be obtained free of charge from the SEC’s website at www.sec.gov and the investor relations page of the CIRCOR’s website at investors.circor.com.

Cautionary Statement Regarding Forward Looking Statements

This press release includes forward-looking statements that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those implied by the forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including all statements regarding the intent, belief or current expectation of the Company and members of its senior management team and can typically be identified by words such as “believe,” “expect,” “estimate,” “predict,” “target,” “potential,” “likely,” “continue,” “ongoing,” “could,” “should,” “intend,” “may,” “might,” “plan,” “seek,” “anticipate,” “project” and similar expressions, as well as variations or negatives of these words. Forward-looking statements include, without limitation, statements regarding the proposed transaction, similar transactions, prospective performance, future plans, events, expectations, performance, objectives and opportunities and the outlook for the Company’s business; the commercial success and potential growth of the Company’s products; the Company’s ability to expand its presence in the flow control space; the timing of and receipt of required regulatory filings and approvals relating to the transaction; the expected timing of the completion of the transaction; the ability to complete the transaction considering the various closing conditions; and the accuracy of any assumptions underlying any of the foregoing. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those currently anticipated due to a number of risks and uncertainties. Risks and uncertainties that could cause the actual results to differ from expectations contemplated by forward-looking statements include: uncertainties as to the timing of the merger; uncertainties as to how many of the Company’s stockholders will vote their stock in favor of the transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, including circumstances requiring a party to pay the other party a termination fee pursuant to the Merger Agreement; the ability of the parties to consummate the proposed transaction on a timely basis or at all; the satisfaction of the conditions precedent to the consummation of the proposed transaction, including the ability to secure regulatory approvals and stockholder approval on the terms expected, at all or in a timely manner; the effects of the transaction (or the announcement or pendency thereof) on relationships with associates, customers, manufacturers, suppliers, employees (including the risks relating to the ability to retain or hire key personnel), other business partners or governmental entities; transaction costs; the risk that the merger will divert management’s attention from the Company’s ongoing business operations or otherwise disrupts the Company’s ongoing business operations; changes in the Company’s businesses during the period between now and the closing; certain restrictions during the pendency of the proposed transaction that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; risks associated with litigation relating to the proposed transaction; inability to achieve expected results in pricing and cost cut actions and the related impact on margins and cash flow; the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the remediation of the material weaknesses in the Company’s internal controls over financial reporting or other potential weaknesses of which the Company is not currently aware or which have not been detected; the uncertainty associated with the current worldwide economic conditions and the continuing impact on economic and financial conditions in the United States and around the world, including as a result of COVID-19, rising inflation, increasing interest rates, natural disasters, military conflicts, including the conflict between Russia and Ukraine, terrorist attacks and other similar matters, and other risks and uncertainties detailed from time to time in documents filed with the SEC by the Company, including current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K. All forward-looking statements are based on information currently available to the Company and the Company assumes no obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by applicable law. The information set forth herein speaks only as of the date hereof.

Contacts

For CIRCOR
Scott Solomon
Senior Vice President
Sharon Merrill Associates, Inc.
(857) 383-2409
CIR@investorrelations.com

For KKR
Julia Kosygina
(212) 750-8300
media@kkr.com

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BGF backs Harrogate-based firm IDR Law for growth

BGF

Harrogate-headquartered IDR Law has announced a £3.25 million growth capital investment from BGF.

IDR Law is the only UK law firm to specialise solely in the resolution of contentious wills, probate and trust disputes. Their unique position in the market is underpinned by the firm’s innovative IDR Network (IDRN). Launched in 2022, it now provides hundreds of members with an online referral and support space for contentious issues, along with extensive training, general resources and commentaries.

The deal with BGF will allow IDR Law to invest in industry-leading talent and proprietary legal tech, as well as expanding its office network to the Midlands, North East and London.

Martin Holdsworth, founder and CEO of IDR Law, said: “By its nature, our work is very emotive, so it’s crucial for us to deliver the best possible service to referrers and clients, which is reflected in our exceptional client and referrer NPS scores. We have identified opportunities for significant growth, but we will only take on cases where we genuinely believe we can help someone reach their goals. BGF understood what we are looking to achieve and that it’s essential we continue to do this in the right way.”

“Our business is built on strong foundations because of our focus on our people and culture. From day one, we were set up to work remotely, so we could offer our lawyers the opportunity to work flexibly with paid overtime and a healthy balance between work and home. Because of this, we’ve been able to attract the best talent, with a 20-strong team based across the UK, with 90% of our workforce made up of women. It’s also the most productive and engaged team I’ve experienced working with.”

The deal was led by Chris Boyes and Linda Nguyenova, investors in BGF’s Yorkshire team.

Martin has taken an entrepreneurial and innovative approach to a traditional industry, and has experienced excellent growth to date, while creating a great place to work. With fresh investment and BGF’s experience of adding value to businesses as they scale, IDR Law is perfectly placed to accelerate its expansion.

Chris Boyes, BGF investor

Following an introduction by BGF’s Talent Network team, Charles Layfield will join the Board of IDR Law as Non-Executive Chair. Following a successful career as a solicitor and law firm partner, Charles is now on the board of and chairs a number of businesses in the legal and connected sectors, bringing a strong track record of driving growth.

IDR Law’s new management board comprises existing partners Richard Thomas, Cara Hough and Eleanor Stenson, along with Head of Marketing Lindsay Gibson, and Richard Stewart as incoming new Head of Finance.

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Beyond Capital Partners’ investment Dr. Hoffmann Gebäudedienste GmbH expands further through the acquisition of Clamex Gebäudereinigung GmbH

Beyond Capital

June 2023
Munich

Beyond Capital Partners Fund II, a fund advised by the investment company Beyond Capital Partners GmbH (“BCP”), has acquired 100% of the shares in Braunschweig-based Clamex Gebäudereinigung GmbH (“Clamex”) through its portfolio investment Dr. Hoffmann Gebäudedienste GmbH (“Dr. Hoffmann”) and continues its expansion following the acquisition of 100% of the shares in Gebäudereinigung Daniel Baumann GmbH (“GDB”) in November 2022. The closing took place on June 5, 2023.

With this takeover, the entire Dr. Hoffmann Group is developing into an integrated facility cleaning specialist, which, with 2,400 employees in large parts of Germany and in around 100 cities, reliably and trustfully supports its customers from the public sector as well as (large) companies as a professional B2B service provider.

The complete range of services includes the classic areas of maintenance cleaning, facility services, special cleaning, service personnel provision, event and catering as well as janitorial services. Individual cleaning concepts and state-of-the-art cleaning equipment are just as standard as the implementation of and compliance with ESG-relevant criteria. As early as 2021, Dr. Hoffmann became climate-neutral.

With the acquisition of Clamex Gebäudereinigung GmbH, founded in 1973, the Dr. Hoffmann Group expands from southern Germany into large parts of the northern federal states, thus expanding its national reach as well as the relevance of being able to be active for its customers as a nationwide facility cleaning specialist.

Nathalie Zilinski, Managing Director of Clamex: “As a master craftsman and guild company, we specialise in the cleaning of facilities indoors and outdoors as well as in industrial and special cleaning. We attach great importance to sustainability in all areas of the company and we invest in the further development of our employees. In addition, we have special know-how in tender management and order processing. We see ourselves as an ideal complement to the Dr. Hoffmann Group.”

Marlène Sternbaum, Managing Director of the Dr. Hoffmann Group, is looking forward to the cooperation: “With 50 years of experience, profound know-how, 100% service orientation and sustainable facility services, Clamex is an asset to our Dr. Hoffmann Group.”

Steffen Kleinhenz-Sonnenschein, Managing Director of the Dr. Hoffmann Group, adds: “Clamex is the ideal partner for the Dr. Hoffmann Group due to its geographical orientation, diversified service portfolio, highest quality standards, balanced customer base and qualified employees. We are very pleased to have a strong supra-regional partner at our side in Clamex.”

Christoph D. Kauter, Founder and Managing Partner of Beyond Capital Partners: “The German cleaning market is growing steadily. With Clamex, we are seizing the potential to implement Germany-wide expansion, especially in metropolitan regions such as Frankfurt, Hamburg and Berlin. Part of this expansion strategy is also to bundle further profitable companies from the facility services segment under the umbrella of the Dr. Hoffmann Group.”

About Dr. Hoffmann Group: Dr. Hoffmann Group is a nationwide facility cleaning service provider and, with 2,400 employees in 100 cities in Germany, offers high-quality services for its B2B customers. https://www.drhoffmann.eu/

About Beyond Capital Partners: Beyond Capital Partners is an investment company advising its funds on the acquisition of majority shareholdings in profitable Mittelstand companies in the DACH region with a focus on asset-light business models in the areas of B2B services, IT services, software, healthcare & well-being, lifestyle and entertainment. This financing is made possible through financial backing of the European Union under the Equity Facility for Growth established under Regulation (EU) No 1287/2013 of the European and the Council establishing a Programme for the Competitiveness of Enterprises and small and medium enterprises (COSME) (2014-2020). https://beyondcapital-partners.com/en/home

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EQT Private Equity and ADIA agree recommended cash acquisition with Dechra Pharmaceuticals PLC

eqt

With this acquisition, EQT X (target fund size of EUR 20.0 billion and hard cap of EUR 21.5 billion) is expected to be 20-25 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, subject to customary regulatory approvals.

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT X will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

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

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Supercharging Sales Teams Why we’re investing in Kush and Ahmed of Vartana

Activant Capital

Activant is excited to announce that we have led Vartana’s $20M Series B, with participation from existing investors Mayfield Fund and Audacious Ventures. We’re proud to partner with co-founders Kush & Ahmed and the entire Vartana team on their mission to streamline the sales closing process.

This partnership has been three years in the making. We began researching B2B commerce and checkout years ago, publishing our perspectives in TechCrunch in 2021 and three research reports on the topic last year. We were subsequently introduced to Kush and Ahmed through those reports, and when we saw what they were building at Vartana, we realized it was special.

The Delicate Dance of Sales

Pretend for a moment you’re an enterprise sales rep. It’s the last week of the quarter, and you’re just $50k away from meeting your quota. Your last prospect is nearing the dotted line, but before you know it, the close date gets pushed out by two weeks. Why? Your potential customer needs to finance their purchase (it’s a $200K ACV, 3-year deal), but they’re stuck in a back-and-forth PDF battle between your financing team, a lender, and the sales deal desk – there’s barely an end in sight.

But wait. In a world where software is eating the world – where you can sign up and buy anything with just a few clicks – why are sales teams still so critical? If product is good enough, why doesn’t it just sell itself?

Take a look at Slack – one the darlings of the B2B “bottoms-up SaaS” movement of the 2010’s. The experience was consumer-grade, the signup was easy and self-serve, and the product spread virally through organizations. In 2015, Co-founder & CEO Stuart Butterfield said, “I believe we can have no commissions forever…we can have no outbound sales forever.”

Today, sales makes up nearly a quarter of Slack’s team – 900 people. Why? Because as technology companies move upmarket, their customers need to work with sales teams to build alignment across the organization, no matter how great the product is. Separate studies by Salesforce and Gartner found that approximately 75% of B2B buyers expect to interact with a salesperson during their buying journey.

Larger customers are more complex – with existing tech stacks, multiple geographies and languages, and complicated org structures. This, coupled with the woes associated with financing large purchases (think $100K+/year, 3-5 year deals) so that vendors receive payment up front and buyers can pay over time, makes a long list before the customer can sign on the dotted line. In the end, the best enterprise sales reps are skillful guides to their customers through the dreaded gauntlet of “stakeholder alignment.”

No More PDF Battles

The current climate is all about being resourceful and efficient, and sales teams are no exception. While we’ve seen some strides in sales automation, one of the biggest friction points for buyers and sellers remains the financing process.

Remember the PDF battle? This incumbent process of offering flexible payments is full of paperwork and intentionally opaque, making it slow and difficult to scale. It bogs down sales teams when speed and customer service matter most – during the deal-closing process. B2B sales teams need to build alignment within their own organization (namely finance and sales orgs), and within their customer’s (namely procurement and legal).

Vartana is an end-to-end sales closing platform that embeds financing and payment options at the point of purchase for enterprise technology. It enables:

  • Sales teams to increase efficiency and velocity. Vartana lives in the CRM, the home for sales teams. It underwrites every potential deal, and provides a closing, payments, and financing toolkit that helps qualify, win, and execute more deals. The result is more sales closed, faster, and more commissions.
  • Finance teams to drive higher revenue and cash today. Vartana eliminates manual workflows, allowing finance teams to support sales while also ensuring high-quality customers. It even fits into existing captive financing processes and can free up liquidity for many vendors who today, reluctantly offer financing off their balance sheets to win and retain important customers.
  • End customers to purchase business critical technology like cybersecurity, cloud, and IoT solutions today without massive cash outlays upfront, all while streamlining the entire sales process.

Vartana’s Approach

Vartana’s go-to-market targets adoption at the sales level – those who are actually selling in the trenches. When we talked to reps who had closed deals using Vartana, they said that the thought of having it removed from their toolbox would put them at a severe disadvantage.

And Vartana is already live with blue-chip enterprise vendors including Samsara, Verkada, and Domo, which provides exposure to high-quality, lower-risk end-customers who are purchasing mission-critical software.

In addition to building out more products to simplify the life of sales teams, Vartana will be able to extend their reach into other digital form factors like B2B marketplace checkout.

Co-founders Kush and Ahmed embarked on their journey in 2020. Prior, they worked at Motive (formerly KeepTrucking), a fleet management platform, where they encountered inefficient contract management and inflexible payment systems. Their years of hands-on experience gave them an understanding of how deals could be prolonged due to inadequate payment flexibility. This eventually led them to leave Motive with a vision to build Vartana.

When we met Kush and Ahmed, we were deeply impressed with the clarity of their vision. They see Vartana as business that can streamline sales closing today while building over time into a full-fledged platform, and back it up with a relentless focus on execution.

Want to hear more?

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Baird Capital Invests in JMAN Group

Baird Capital
CHICAGO/LONDON (1 June 2023) – Today, JMAN Group (“JMAN”), an international commercially focused data consultancy, announced a minority investment from Baird Capital’s Global Private Equity Fund. The investment supports the continued expansion of JMAN’s range of data-led solutions for clients, as well as international growth, with a specific focus on North America. Financial details of the transaction were not disclosed.Founded in 2013, JMAN delivers a range of solutions combining consulting, data science and data engineering capabilities that address the growing need for investment and value creation initiatives to be driven by data, at pace. JMAN combines the commercial mindset of a management consultancy with the agility and skillset of a technology company to value creation solutions across sectors and geographies, with a primary focus on the Private Equity industry. JMAN currently has two operational footprints, one in London, United Kingdom and the other in Chennai, India, serving clients in UK, mainland Europe and North America.“Given Baird Capital’s experience in supporting their portfolio companies with expansion into new markets, we believe this is a natural partnership given our intention to grow further internationally,” said Anush Newman, Co-Founder & CEO at JMAN Group. “We’ve experienced phenomenal growth since 2019 and proved ourselves as a leader in the provision of data-driven services and solutions that deliver value, in a fast, flexible and commercially focused manner. We can’t wait to work with Baird to push our boundaries and continue to build a globally recognised world-class team.”

“JMAN’s culture, global footprint and US expansion plans are a great complement to Baird Capital,” said Michael Holgate, Partner with Baird Capital’s Global Private Equity team. “Anush and Michael [LeoValan] have built a fantastic business and we are delighted to be partnering with them. Long-term demand drivers for Data Strategy, Analytics and Engineering are strong and we are excited to support JMAN’s ambition to become a leading global player in this market.”

Baird Capital was advised by Eversheds Sutherland (Legal), Canaccord Genuity (Corporate Finance), Armstrong (Commercial Diligence), Ernst & Young LLP (Financial & Tax), Seedcloud (Technical), BDO (Tax), New Street Consulting (Management), WTW (Insurance) and Humatica (Organisation); JMAN was advised by Alantra (Corporate Advisory), Grant Thornton (Tax) and Gowlings (Legal).

About JMAN Group

Founded in 2013, JMAN Group (“JMAN”) is an international commercially focused data consultancy. JMAN delivers a range of solutions-with a primary focus on the Private Equity industry- combining consulting, data science and data engineering capabilities that address the growing need for investment and value creation initiatives to be driven by data, at pace. JMAN currently has two operational footprints, one in London, United Kingdom and the other in Chennai, India, serving clients in UK, mainland Europe and North America. Learn more at https://jmangroup.com/.

About Baird Capital

Baird Capital manages two investment platforms: Global Private Equity and U.S. Venture Capital and makes investments in B2B technology & services-focused companies around the world. Having invested in 339 companies over its history, Baird Capital partners with entrepreneurs and, leveraging its executive networks, strives to build exceptional companies. Baird Capital provides operational support to its portfolio companies through teams on the ground in the United States, Europe and Asia, a proactive portfolio operations team and a deep network of relationships, which together strive to deliver enhanced shareholder value. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit BairdCapital.com.

Baird Capital Partners Europe Limited is authorised and regulated by the Financial Conduct Authority.

For More Information

Rachel Berkowitz
Baird Capital Public Relations
(414) 298-5101 | rberkowitz@rwbaird.com

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ERS electronic and Gimv team up to accelerate further growth and strengthening of its leadership position in the field of thermal management solutions for semiconductor manufacturing

GIMV

Topic: Investment

ERS electronic GmbH, one of the world’s leading providers of thermal management solutions for semiconductor manufacturing and European listed private equity investor Gimv join forces to realise ERS’ further growth ambitions. Klemens Reitinger and Laurent Giai-Miniet, managing directors of ERS, retain a stake in the company and continue in their current positions. Financial details are not disclosed.

Based in Germering near Munich, ERS electronic GmbH has over 50 years of experience in providing innovative thermal management solutions allowing the semiconductor industry to undertake reliable thermal tests during microchip production. The company has built up a particularly strong reputation with rapid and precise chuck systems that allow air-cooling-based analytical, parameter-related and manufacturing probing for test temperatures ranging from -65°C to +550°C. Since 2008, ERS electronic is also active in the field of advanced packaging with fully automatic and manual debonding and warpage adjust systems, used today by most semiconductor manufacturers and OSATs (Outsourced Semiconductor Assembly and Test Companies) around the world. The company has received broad recognition in the industry for its ability to tackle complex warpage issues that arise in the fan-out wafer-level packaging manufacturing process.

Gimv has extensive experience in accompanying European companies in realizing ambitious growth plans with the aim of creating sustainable value for the economy and society. Gimv Smart Industries is fully focused on leading growth companies that are at the intersection between digital and industrial and bring both areas of expertise together to offer total solutions. ERS electronic is a great example thereof. Gimv and ERS now join forces to further strengthen ERS’ outstanding market position and capture the sustained increased demand.

Laurent Giai-Miniet, CEO of ERS electronic, states: “The importance of thermal management in the semiconductor manufacturing process continues to grow, leaving us uniquely positioned to capitalize on the rapidly evolving industry to continue to deliver  value to our customers. Our choice to partner with Gimv was based on our mutual commitment to excellence and passion for innovation and technology. We are excited to embark with them on a new chapter in ERS’s story to realize our shared vision.”

Klemens Reitinger, CTO of ERS electronic, adds: “We are certain that Gimv will help take ERS to the next level with their proven capabilities in supporting companies like ours in scaling operations and accelerating innovation. This partnership provides us with the resources and flexibility to continue pushing the boundaries in product research and development, ensuring that we remain at the forefront of our industry.”

Ronald Bartel, Partner Gimv Smart Industries & Head of Gimv Germany notes: “ERS’s innovation capabilities and customer-first principles make it an excellent addition to our Smart Industries platform, reflecting our commitment to supporting and developing ambitious companies that drive innovation in their niche. Our investment in ERS is a testament to the company’s potential, and we are excited to work together with the team to execute its growth strategy.”

 

Read the full document

Gimv

Karel Oomsstraat 37, 2018 Antwerpen, Belgium

www.gimv.com

Categories: News

Truesec acquires Venzo Cyber Security A/S, a leading Danish cyber specialist organization

IK Partners

Press release – June 1, 2023

Today, Truesec announces the acquisition of the Danish company Venzo Cyber Security A/S. The purpose of the acquisition is to further strengthen Truesec´s position as preferred cyber partner in Northern Europe, preventing cyberattacks and minimizing impact.

Truesec´s acquisition of Venzo Cyber Security A/S, a former Venzo Group company, marks an important step for Truesec on its mission to create a safe digital future, as well as to further strengthen its cybersecurity capabilities.

“The acquisition of Venzo Cyber Security A/S significantly enhances our cyber defense capabilities, enabling us to better protect society from cyberattacks. We are excited to welcome the team to Truesec, as their expertise combined with our cyberspecialists in Denmark will make a significant difference in creating a safer society for all organizations in Denmark and Northern Europe”, says Anna Averud – CEO of Truesec Group.

“We are pleased to have found a new owner for our group company, Venzo Cyber Security A/S, and we are very happy on the team’s behalf. In Truesec, they will become part of a dedicated security firm with a global reach, while VENZO continue to pursue our strategy of delivering large multi-disciplinary digital transformation programs in Denmark and the Nordics” says Søren Luplau-Pagh, CEO of VENZO Group.

“This is a significant step forward and will further strengthen Truesec’s offering in Denmark and the Nordics. At Truesec our ambition is to secure Europe´s society against cyberattacks. With our strong team, we’re better equipped to proactively prevent cyberattacks and minimize their impact” says Morten von Seelen, CEO Truesec Denmark.

The acquisition is expected to be completed 1st of June 2023.

Contact us for further information or any inquiries you may have.

Jennie Mattar
CMO, Truesec
Email: Jennie.mattar@truesec.com
Phone: +46-72 858 88 78

Anna Averud
CEO, Truesec
Email: Anna.averud@truesec.com
Phone: +46-70 918 30 48

Søren Luplau-Pagh
Group CEO, VENZO A/S
Email: slp@venzo.com
Phone: +45 20 28 56 7

About Truesec

Truesec is a global cybersecurity company with a clear purpose: Creating a safer society by preventing cyber attacks. Since its founding in 2005, Truesec has gained a strong reputation and earned the trust of organizations worldwide. Today, Truesec consists of over 300 dedicated cyber specialists in Sweden, US, Denmark, Finland and Germany – covering the full spectrum of cybersecurity. www.truesec.com

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About Venzo Cyber Security A/S

Venzo Cyber security A/S was founded 2020 as part of Venzo Group, a leader in digital change. Venzo Cyber Security A/S is focused on protecting enterprise and public clients against cyber threats. Today, Venzo Cyber Security A/S has obtained a strong position in the Danish market delivering high quality security advisory, solutions, and managed services.

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