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Linden Closes Oversubscribed Fund V, Raises $3 Billion of LP Commitments

Linden

Chicago, Illinois (December 23, 2021) – Linden Capital Partners (“Linden”), a leading healthcare private equity firm, today announced the closing for its fifth buyout fund, Linden Capital Partners V (“Fund V”). Similar to prior Linden buyout raises, this fundraise was oversubscribed above its hard cap of $3.0 billion of limited partner commitments.

“We are grateful for our investors’ support as we seek to create exceptional companies and deliver attractive returns,” said Tony Davis, Linden’s President and Managing Partner. “As one of the largest and longest-standing dedicated healthcare private equity firms, we believe we’re well-positioned to continue to execute our investment strategy over the course of Fund V.”

Since Linden Capital Partners’ founding in 2004, the firm has focused on middle-market healthcare investments across services, products, and distribution. Linden seeks to create long-term sustainable growth by implementing proprietary value creation programs, emphasizing human capital, and leveraging integrated financial and operating experience. Over the last several years, Linden has strategically built out its team, which has grown to 42 professionals, including a buyout investment team of 20 professionals. In addition to its buyout funds, Linden also manages a non-control, structured capital fund, which closed in June 2021.

“We’re extremely pleased with this outcome, especially in such a crowded fundraising environment,” added Katie Kornel, Linden’s Investor Relations Partner. “With this raise, we continued to diversify our investor base, which now includes investors from over 20 countries. We’re honored to manage capital on behalf of some of the world’s largest and most sophisticated institutions.”

Kirkland & Ellis LLP served as legal advisors, and PJT Park Hill served as placement advisor.

About Linden Capital Partners

Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country’s largest dedicated healthcare private equity firms. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating expertise, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested in over 40 healthcare companies encompassing over 200 total transactions. The firm has raised over $6 billion in limited partner commitments since inception. For more information, please visit www.lindenllc.com.

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Apollo Funds Announce First Close of $816 Million Investment Supporting NextEra Energy Partners’ Acquisition of 50% Interest in 2.5 GW Renewable Energy Portfolio

Transaction Leverages Apollo’s Infrastructure Expertise, Flexible Capital and Institutional Relationships to Help Fuel the Clean Energy Transition

NEW YORK, Dec. 29, 2021 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that funds managed by its affiliates (the “Apollo Funds”) have made a first close on a $816 million in a convertible equity portfolio financing agreement with NextEra Energy Partners, LP (NYSE: NEP) in a 2.5 GW contracted renewable energy generation portfolio (the “Portfolio”). Participation in the investment by leading pensions and insurers underscores the attractiveness of the assets and a shared interest among Apollo and some of the world’s leading institutions to support the clean energy transition.

“In our view, this transaction has many hallmarks of how Apollo is helping to facilitate the clean energy transition, combining our infrastructure expertise, strong institutional relationships and a flexible, scaled capital base to commit in size and with speed to transactions of this nature,” said Geoff Strong, Apollo Partner and Co-Head of Infrastructure and Natural Resources.

Craig Farr, Apollo Partner and Head of Capital Solutions, said, “This transaction showcases our ability to bring bespoke, scaled investment opportunities to our institutional partners, while serving as a solutions partner to NextEra, helping them to redeploy capital into new, earlier stage renewable energy opportunities.”

The Portfolio consists of 13 utility-scale wind and solar assets, three of which include battery storage, that are geographically diversified across nine US states. The assets have in place long-term power purchase agreements with diversified, investment-grade counterparties. NextEra, one of the largest global renewable energy producers, will provide asset management and O&M services to the portfolio, aligning Apollo with a world-class operating partner.

Apollo, through its managed funds and accounts, has been one of the most active alternative investors in energy transition equity, debt and hybrid investments, ranging from renewable energy assets and infrastructure, including offshore and onshore wind, solar and storage, to carbon reduction technologies, to helping finance the transformation of traditional energy companies toward a cleaner future.

In the transaction, Allen & Overy LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to the Apollo Funds.

About Apollo
Apollo is a high-growth, global alternative asset manager. 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 business strategies: yield, hybrid and opportunistic. Through our investment activity across our fully integrated platform, we serve the retirement income and financial return needs of our clients, and we offer innovative capital solutions to businesses. Our patient, creative, 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 September 30, 2021, Apollo had approximately $481 billion assets under management. To learn more, visit www.apollo.com.

Apollo Contact Information

For Investors:
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com

For Media:
Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
Communications@apollo.com


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Source: Apollo Global Management, Inc.

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Nordic Capital exits investment in Vizrt Group to a new Nordic Capital-led consortium to further support successful growth journey

Nordic Capital
DECEMBER 28 2021
Nordic Capital exits investment in Vizrt Group to a new Nordic Capital-led consortium to further support successful growth journey Image

 

A Nordic Capital investment vehicle is exiting its investment in Vizrt Group to a new Nordic Capital-led consortium, comprising a secondary acquisition vehicle and other Nordic Capital investment vehicles. This transaction will allow Nordic Capital, alongside the Vizrt management team, to continue to support the business and its strategy over its next ownership cycle, providing capital to further fuel the strong growth momentum.

The secondary acquisition vehicle, which forms part of the new Nordic Capital-led acquiring consortium, was established with investment vehicles managed or advised by Goldman Sachs Asset Management’s Vintage Funds, Pantheon and Coller Capital as co-leads.

Vizrt is a global leader in production software for live video production, serving the world’s best storytellers from tier one sports and news producers through to corporate, education and Pro-AV markets. Building on Vizrt’s leading technology platform, strong customer relationships and reputation for operational excellence, Nordic Capital has entered into a strategic transaction to enable it to further invest through a new consortium led by it in the ongoing development of the business. The aim is to further support Vizrt’s continued transition to a SaaS business model, accelerate new offerings, expanding its operational capabilities and pursuing add-on investments to complement the offering and further accelerate the group’s growth.

Following Nordic Capital’s initial investment in 2015, Vizrt has continued its innovation leadership in graphics and live production software, successfully expanded into new markets and regions and is today a global leading software provider for software defined visual storytelling solutions. During Nordic Capital’s ownership, expansion initiatives and product investments has doubled Vizrt’s revenues and accelerated organic growth leading to tripled profits. Furthermore, a top tier, globally recognised management team has been added, high calibre talent has been attracted throughout the business, and the IP video technology focus has been further enhanced with the acquisitions of NewTek and NDI.

“Vizrt is an exciting company that has consistently performed during Nordic Capital’s ownership. This transaction is an opportunity for Nordic Capital to continue to support Vizrt’s high-caliber management team and to further develop the company which has an exciting future ahead with strong growth potential. Vizrt will continue to benefit from Nordic Capital’s strong capabilities as software investor with an outstanding network and know-how in operational excellence. We are excited for Nordic Capital to have the opportunity to continue the journey together with Vizrt’s team who share the same vision of building a leading video software company which will drive the industry shift to IP and cloud adoption”, said Fredrik Näslund, Partner and Head of Technology & Payments at Nordic Capital Advisors.

“This continued investment validates the growth strategy we have embarked upon with Nordic Capital and is a strong endorsement of the capabilities of our team and the value we deliver for our customers every day. It will help us to better meet the evolving needs of our customers in the future by allowing us to realise our development plans, further deepening our innovative service offering”, said Michael Hallén, CEO of Vizrt.

Technology & Payments is one of Nordic Capital’s focus sector where it is has a long and extensive history and experience of investing and supporting sustainable growth in technology software companies. To date, Nordic Capital has deployed more than EUR 5.4 billion of equity across 23 technology companies since 2001 and has significant experience in software as well as payments.

Financial terms of the transaction were not disclosed, with completion of the transaction remaining subject to certain conditions such as satisfactory clearance from relevant anti-trust authorities.

Nordic Capital was advised in the process by, among others, Evercore as financial advisor, Kirkland & Ellis as lead legal counsel and Gernandt & Danielsson as Swedish legal counsel.

Press contacts:

Nordic Capital
Katarina Janerud, Communications Manager,
Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

Vizrt

Steve Wind-Mozley, Chief Marketing Officer
e-mail: swm@vizrt.com


About Vizrt
Vizrt is a global leader in production software for live video production, with large and diversified product segments serving News & Entertainment, Sports & eSports, Enterprise & Org. and Digital Industries.  The group contains three of the strongest names in the media and entertainment technology industry; NewTek, NDI® and Vizrt, all three being creative businesses, built on innovation and grown by the group’s people, with the goal of becoming the most recommended solution provider in the markets they serve. Vizrt combines strategic pillars of Content-Centricity, Software-Defined, IP First, and Innovation to increase its customers’ success in delivering engaging and immersive content to their audiences. Vizrt Group is a global and diverse organisation with over 600 employees from 58 different nationalities, with offices in 16 countries worldwide. For more information, please see www.vizrt.com

 

About Nordic Capital
Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 19 billion in over 120 investments. The most recent entities are Nordic Capital X with EUR 6.1 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway and South Korea. For further information about Nordic Capital, please visit www.nordiccapital.com

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”

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Gaming1 partners with CVC

Gaming1, the entertainment branch of Ardent Group, has signed a transformational deal for their next phase of growth.  The active shareholders in the Liège-based company, the leader in the Belgian gaming market, have partnered with CVC Capital Partners Fund VIII. CVC will bring their expertise to support the group’s growth in becoming a global reference in the regulated online gaming markets thanks to the continued development of their own technology and through their unique omnichannel approach.

A strong company growing quickly
The history of the group’s entertainment activities started in 1992 in Liège, parallel to the development of their land-based network, the company progressively developed a digital offering through their own technology platform. Today, as well as being a Belgian leader, Gaming1 is present in 9 countries around the world, including Portugal, France and the United States with their joint venture Gamewise founded with the American giant Delaware North.

Only active in regulated markets, Gaming1 is exclusively positioned in legal, responsible and ethical gaming. Gaming1 strives to offer the best player experience, in a responsible way focused on regulated markets. The group has around 1,300 employees, including more than 400 in their digital hub in Liège.

To accelerate their growth and become a worldwide reference on the regulated online gaming market, the company wants to partner with a new shareholder capable of bringing global, sector and digital expertise. Emmanuel Mewissen, Sylvain Boniver and Nicolas Léonard, historical shareholders of Gaming1, will continue to be the reference shareholders in Gaming1 and look forward to post-completion partnering with CVC, once the regulatory approvals are in place. Throughout the process, Gaming1 was assisted by the financial advice of BNP Paribas Corporate Finance.

An experienced, first-class investor, fully aligned with Gaming1’s growth strategy
CVC is a leading global investment firm with US$125 billion of assets under management. CVC has experience in the sector through CVC funds’ investments in Tipico, the German sports betting company, the Italian operator Sisal, and the English business Sky Bet. They also have significant knowledge of the digital space through CVC funds’ investments such as ironSource, a leader in mobile advertising and mobile gaming technology markets, and Aleph, a leading global enabler of digital advertising.

CVC has an international network of 25 offices, including 13 in Europe, and an established team in the Belgian market. This choice also allows Gaming1 to stay loyal to their roots and continue to contribute to the development of the country’s economic fabric, a core element of Gaming1’s mission.

Emmanuel Mewissen, CEO and Founder of Ardent Group, explained this choice: “In a rapidly changing world, the key to success is adapting. By partnering with CVC, we will benefit from their global, sector and technology expertise, which will support our company to continue on our successful growth path and further build our digital capabilities. We will stay loyal to our values and Belgian roots, as shown by our recent move to our digital hub in the heart of Liège. This desire to anchor ourselves in and to contribute to our country’s growth is an integral part of our identity and will continue to guide us daily.”

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Aurora Capital Partners Acquires Spray-Tek, LLC

Aurora Capital

LOS ANGELES, Dec. 20, 2021 /PRNewswire/ — Aurora Capital Partners (“Aurora”), a leading middle-market private equity firm, today announced that it has acquired Spray-Tek, LLC (“Spray-Tek” or “The Company”), North America’s leading provider of specialized spray drying and ingredient processing solutions. Terms of the transaction were not disclosed.

Founded in 1980, Spray-Tek is the largest independent provider of specialty spray drying and ingredient processing solutions, principally serving the food and beverage, personal and home care, and pharmaceutical and nutraceutical end markets. The Company is trusted by its global, blue-chip customers to produce a variety of distinctive and complex flavors, fragrances, and ingredients for many of the world’s most recognizable brands. Spray-Tek operates facilities in New Jersey and Pennsylvania and is on track to open a new state-of-the-art facility in Beloit, Wisconsin in early 2022. The Company leverages its proprietary dryer technology, deep process knowhow, and culture of operational excellence to offer the market’s broadest range of technical capabilities and spray-drying capacity.

“David and his team have built a tremendous platform, and we are thrilled to partner with them as the Company continues to accelerate its growth,” said Randy Moser, Partner at Aurora.  “The Company’s relentless focus on quality, process innovation, and customer service has allowed it to become the market leader in an attractive, high-growth industry where there are significant opportunities for both organic and inorganic investment.”

“Spray-Tek is an excellent fit for Aurora’s investment mandate,” said Mark Rosenbaum, Partner at Aurora.  “We are excited to resource the many growth initiatives that David and his team have identified, which will allow Spray-Tek to solve even more of its customers’ pain points.  We thank David and his team for selecting us as his partners and look forward to capitalizing on the momentum they have built over the last several years.”

“Aurora shares our customer-first approach, with an unwavering commitment to delivering world-class quality and service,” said David A. Brand, President and CEO of Spray-Tek. “Their exceptional track record of working with management teams to accelerate growth makes Aurora the ideal partner for Spray-Tek.  With Aurora’s strategic and financial support, we will be able to increase our drying capacity and expand our portfolio of service offerings to best meet our customers’ needs as they continue to innovate and grow their own product portfolios.”

This transaction marks the sixth investment from Aurora Equity Partners VI, which was activated in September 2020. It follows several recent Aurora investments within the broader Industrial Technologies sector, including Cold Chain Technologies, Inhance Technologies, and Pace Analytical Services.

KeyBanc Capital Markets acted as exclusive financial advisor and McDermott Will & Emery LLP served as legal advisor to Spray-Tek on the transaction. Piper Sandler & Co. served as financial advisor and Gibson, Dunn & Crutcher LLP served as legal advisor to Aurora. Neuberger Berman Private Debt client funds provided debt financing for the transaction.

About Aurora Capital Partners
Aurora Capital Partners is a leading private equity firm focused principally on control investments in middle-market companies with leading market positions, stable industry dynamics, attractive business model characteristics and actionable opportunities for growth in partnership with management. Aurora provides unique resources to its portfolio companies through its Strategy & Operations Program and its team of experienced operating advisors. Aurora’s investors include leading public and corporate pension funds, endowments and foundations active in private equity investing. For more information about Aurora Capital Partners, visit: www.auroracap.com.

About Spray-Tek, LLC
Spray-Tek, LLC is the leading independent provider of specialty spray drying and ingredient processing solutions to the food and beverage, nutritional, pharmaceutical, nutraceutical, beauty & personal care, household products and soft chemical industries. The company was founded in Middlesex, NJ in 1980 and opened its Bethlehem, PA facility in 2002. Spray-Tek offers a wide breadth of spray drying and related ingredient processing capabilities, serving as an integral supplier and partner to its blue-chip customers.  Learn more about Spray-Tek and its capabilities here: www.Spray-Tek.com.

Aurora Media Contacts

Taylor Ingraham / Fred Schweinfurth
ASC Advisors
203-992-1230
tingraham@ascadvisors.com / fschweinfurth@ascadvisors.com

SOURCE Aurora Capital Partners

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Arcus announces an investment into Momentum Energy Group A/S, AEIF2’s eighth investment

Arcus

22 December 2021

London, United Kingdom (22 December 2021) – Arcus Infrastructure Partners (“Arcus”) is pleased to announce that Arcus European Infrastructure Fund 2 SCSp (“AEIF2” or the “Fund”) has completed an investment into Momentum Energy Group A/S (“Momentum” or the “Company”), an early mover in managing and optimising well located, late life, on-shore wind turbines. The Fund has acquired its stake in Momentum from the founder of the Company in a bilateral transaction and will own the majority of the business alongside the founder and key management.  

Today Momentum is a market leading, full scope provider covering all aspects of asset management of solar and wind projects during the entire value chain, and each phase of the asset’s technical and economic lifetime: Planning, Construction, Operational, Asset Life Extension, Repowering, Decommissioning and Sales & Sourcing of Projects. The Group operates ground and roof-based PV plants as well as offshore and onshore wind parks. These wide-ranging capabilities are backed up by the strong management team with almost 20 years’ experience, making Momentum among the pioneers within asset management of solar plants and wind turbines. 

Momentum owns a portfolio of 169 on-shore wind turbines with an installed capacity of c. 130MW. The portfolio has a capacity-weighted average age of 20 years and is being acquired in part due to its repowering and lifetime extension potential for up to c. 300MW. Furthermore, Momentum has a greenfield renewal energy development pipeline of c. 600MW across Denmark and Germany (predominantly on-shore wind and some solar), and the potential to repower an offshore/nearshore wind site in Sweden for up to 70MW. Momentum also manages a portfolio of c. 200 external asset management contracts under short-term rolling arrangements. 

Commenting on the acquisition, Ian Harding, Managing Partner and Head of Origination at Arcus said: “We are extremely pleased to announce our investment in Momentum. This marks our eighth investment for AEIF2 and the third investment in the energy sector. The investment in Momentum represents a strong fit with the Fund’s investment strategy of targeting mid-market, value-add infrastructure businesses in Europe with a strong ESG profile. Acquiring a renewable energy business adds another dimension to the fund portfolio and demonstrates Arcus’ ability to use our strong sector knowledge to identify and invest in high quality infrastructure businesses”. 

Stefano Brugnolo, Arcus Partner and Head of Energy Origination who led the transaction said: “The Origination Team has for more than two years been actively exploring potential investments in the European wind segment, an area that offers large opportunities to maximise the value of existing renewables capacity.  In early 2021, the Arcus Energy Origination team identified Momentum as an experienced operator with a unique mix of skills that makes it an ideal entry point for a value-add investment strategy. We secured a period of exclusivity and worked effectively to diligence the business and execute on a bilateral basis. We are delighted to be working with Kim and the senior management of Momentum on the future growth of the business to consolidate the fragmented market and undertake repowering, upgrade, lifetime extension and scale opportunities”. 

Kim Madsen, CEO of Momentum, commented: “We are delighted to get Arcus onboard as our new majority shareholder. Momentum has grown rapidly over the last few years, growing from 23 employees to +65 employees in just the last 18 months. To be able to continue this strong growth also in the years ahead, keeping Momentum as a key player in a more fragmented and mature renewable energy market, it was necessary to bring more international and financial resources onboard, if we are to release Momentums full potential. I am proud of my Team and on my own behalf, that Arcus decided to go all the way by investing a majority stake in Momentum, but also to team up with my colleagues and me, trusting that we are the right platform to grow from, to participate in forming a greener future for all of us”. 

22 December 2021  

 

Arcus Media Contacts: 

Debbie Johnston  E: debbie@sprengthomson.com 

T: +44 7532 183811 

 Callum Spreng E: callum@sprengthomson.com    

T: +44 7803 970103 

    

About Momentum 

Established in 2005 by the CEO and founder Kim Madsen, Momentum rapidly developed to become a successful wind asset management services business. The unique business model and valuable niche expertise in the aging wind segment allowed for the development of a unique range of optimisation solutions. Today Momentum comprises three key verticals that complement each other, and is an integrated wind business with unique expertise and broad experience across development, investment, asset management and technical services.  

About Arcus 

Arcus Infrastructure Partners is an independent fund manager focused solely on long-term investments in European infrastructure. Arcus invests on behalf of institutional investors through discretionary funds and special co-investment vehicles and, through its subsidiaries, currently manages investments with an aggregate enterprise value in excess of EUR 19bn (as of 30 September 2021).  Arcus targets mid-market, value-add infrastructure investments, with a particular focus on businesses in the digital, transport and energy sectors. 

www.arcusip.com

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Bob More Joins Indico Data as Chief Revenue Officer

.406 Venture

BOSTON, Dec. 8, 2021  — Indico Data, the unstructured data company, today announced the appointment of Bob More to chief revenue officer (CRO). As CRO, More is responsible for leading go-to-market field operations, including sales, ecosystem and alliances, customer success, solutions consulting, solutions engineering and revenue operations, further accelerating Indico’s rapid adoption among the Fortune 500. An experienced revenue executive, Mr. More’s track record of building and scaling go-to-market teams and driving topline growth spans more than 20 years, with a particularly strong focus in data and analytics.

“Indico Data has grown rapidly during the past 18 months, processing more than 10 billion unstructured assets through our platform annually,” said Tom Wilde, CEO of Indico Data. “Bob joins us at a pivotal moment in our development, and his deep experience in scaling teams and driving revenue will be an exceptional addition to our already strong leadership team.”

More was previously global head of field operations for Stardog, a knowledge graph platform that enables enterprises to unify all their data, where he was responsible for building and leading all revenue activities, including sales, alliances and customer success. Prior to that, he was senior vice president of global field operations at Reltio, helping scale the company over 25 fold during his tenure. He also spent time as a senior revenue executive at SAP, responsible for driving sales of the entire SAP and Business Objects portfolio, as well as at Informatica, where he built and managed Informatica’s strategic account sales team focused on enterprise data integration solutions.

More is an active member of several mentoring programs, including The Honor Foundation, Nashville Entrepreneur Center and GrowthX Academy, all of which seek to provide individuals with professional development and support in their career journey.

“As large enterprises pursue digital transformation initiatives, they’re limited because 85% of all enterprise data is unstructured, out of reach of traditional RPA, CRM, ERP and BI solutions,” said Bob More, CRO at Indico Data. “The Indico Platform takes a unique approach to AI and ML to solve this problem, allowing these organizations to extract previously unattainable value from their large and expensive systems of record, dramatically increasing overall business insight and operational efficiency.

I’m thrilled to join this highly innovative company and work with Tom and the rest of the Indico Data team as we lead the market in solving the critical problem around unstructured data.”

The Indico Unstructured Data Platform

Built around a breakthrough human AI and machine teaching approach, the Indico Unstructured Data Platform is the first and only solution to address unstructured data that doesn’t rely on brittle and expensive rules or template-based approaches. While according to Gartner, only 20 percent of AI-enabled projects reach deployment, Indico’s customers consistently experience a greater than 90% success rate. This results in up to an 85% reduction in process time, a 400% increase in process capacity, and an 80% reduction in resources required.

For more information on the Indico Unstructured Data Platform, or to schedule a demo, please visit www.indicodata.ai.

About Indico Data

Indico Data is the unstructured data company. With its innovative AI- and ML-powered software platform, enterprises of all sizes can automate, analyze, and apply unstructured data –– documents, emails, images, videos and more –– to a wide range of enterprise workflows. The Indico Unstructured Data Platform enables companies to gain rich insight and maximize the value of their existing software investments, including RPA, CRM, ERP, and BI, by enabling these systems to work with unstructured data. Indico serves leading insurance, financial services, banking, real estate and other data-intensive enterprises, including MetLife, PNC Bank, Chatham Financial, Cushman & Wakefield and Waste Management. The company is headquartered in Boston, MA. Visit www.indicodata.ai to learn more.

Media contact:
Claudine Caruso
Guyer Group for Indico Data
indico@guyergroup.com

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Formstack Announces $425 Million Growth Investment from PSG and Silversmith Capital Partners

New investment will further accelerate Formstack’s mission to help organizations automate manual processes, deliver solutions quicker, and go from idea to workflow in minutes – all with clicks, not code

Formstack, a workplace productivity platform that empowers anyone to digitize what matters, automate workflows, and fix processes—all without code—today announced it has secured a $425 million growth investment led by Silversmith Capital Partners and returning investor PSG. The investment comes on the heels of Formstack seeing rapid global adoption of its no-code workplace productivity platform by thousands of customers.

Launched in 2006, Formstack empowers anyone to quickly and easily build custom forms, create documents, and collect eSignatures—all without code. More than 238,000 users across more than 25,000 organizations worldwide—including Cleveland Clinic, NHL, Netflix, Twitter, and Butler University—have turned to Formstack to digitize and automate everything from simple tasks to complex enterprise processes. Whether it’s improving the patient intake or loan origination process or automating sales and marketing workflows, customers report saving an average of 17 work hours per week using Formstack—ultimately creating massive efficiencies and impacting the customer experience.

“We’ve spent the past 15 years helping organizations accelerate work and unlock more of their workforces with no-code productivity solutions, but never has the need for our platform been more apparent,” said Chris Byers, CEO of Formstack. “Customers across nearly all industries are using Formstack to build for their immediate needs—digitizing and automating business processes—and also scaling with Formstack to help meet their larger, multi-year digital transformation needs. The momentum we’re seeing continues to validate our belief that the key to digital transformation success is all about empowering non-technical employees with no-code workflow automation solutions.”

The latest funding was led by PSG, a leading growth equity firm partnering with middle-market software and technology-enabled services companies, and new investor Silversmith Capital Partners, a Boston-based growth equity firm. Silversmith has a successful track record investing in workflow automation platforms, having served as an early investor in website builder Webflow in 2018 and as the first institutional investor in PDFTron, the market-leading provider of high-performance document processing technology.

Since PSG’s initial investment in 2018, Formstack has more than tripled its revenue, completed four acquisitions, made significant R&D investments, and profitably scaled to more than 250 global employees. Building on its more than 250 integrations with applications such as Microsoft, Google, HubSpot, Dropbox, Stripe, PayPal, and Zapier, Formstack also significantly expanded its Salesforce offerings to become a complete online forms, document generation, and digital signature suite, native to Salesforce. This latest investment will continue to accelerate Formstack’s growth in key business areas, including go-to-market, product development, and expansion of its remote-first team.

“The number of businesses looking to streamline and digitize business processes today is accelerating, yet a key pain point for companies is not having the technical resources to implement and maintain a solution,” said Jim Quagliaroli, Managing Partner at Silversmith. “Formstack’s no-code workflow automation solution was built to address this problem by enabling non-technical employees who understand a business use case, but don’t have the technical skills to implement a solution, to become ‘citizen-developers.’ We are thrilled to partner with Chris, his team, and our friends at PSG as the company continues to rapidly scale.”

“We believe Formstack is at the forefront of innovation in the workplace productivity space. Their talented team continues to deliver solutions to help organizations across industries operate more effectively and efficiently,” said Tom Reardon, Managing Director at PSG. “It’s been a pleasure to witness the significant growth they’ve achieved in the past several years, and we’re excited to continue to serve as a partner and work alongside Silversmith to support their expansion.”

As part of the transaction, Jim Quagliaroli and Andrew Heim, Senior Associate at PSG, will join Tom Reardon on Formstack’s Board of Directors. Kirkland & Ellis served as legal counsel to Silversmith Capital Partners; Weil, Gotshal & Manges LLP as legal counsel for PSG and Formstack; and Aeris Partners LLC as the exclusive financial advisor to PSG and Formstack.

To read more about the news and what it means for Formstack and its community, read this blog post from Formstack CEO Chris Byers. To learn more about Formstack’s open positions or to apply, visit www.formstack.com/careers.

About Formstack

Formstack is a secure workplace productivity platform built to produce ingenious solutions to the everyday work that slows organizations down. From eliminating paper forms to breaking digital silos, Formstack empowers anyone to quickly and easily build custom forms, create documents, and collect eSignatures—all without code. Launched in 2006, Formstack is trusted by over 25,000 organizations worldwide—including Cleveland Clinic, NHL, Netflix, Twitter, and Butler University—to digitize what matters, automate workflows, and fix processes. To learn more, visit www.formstack.com.

About Silversmith Capital Partners

Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $2.0 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, Centauri Health Solutions, DistroKid, Impact, Iodine Software, LifeStance Health, Panalgo, Unily, Upperline Health, Validity, and Webflow. The partners have served on the boards of numerous successful growth companies, including ABILITY Network, Archer Technologies, Dealer.com, Liazon, Liberty Dialysis, MedHOK, Passport Health, SurveyMonkey, and Wrike. For more information about Silversmith, please visit www.silversmith.com.

About PSG

PSG is a growth equity firm that partners with middle-market software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities, and build strong teams. Having backed more than 85 companies and facilitated over 325 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, and London. To learn more about PSG, visit www.psgequity.com.

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Polyventive Acquires Tri-Tex, Further Expanding its Specialty Chemicals Portfolio

Arsenal Capital Partners

December 13, 2021

Calhoun, GA- Polyventive LLC (“Polyventive”) has acquired the Surfactants and Dyes & Pigments businesses of Tri-TexCo Inc and Trichromatic-West, Inc (jointly, “Tri-Tex”) from SK Capital Partners.

Tri-Tex is a specialty manufacturer of surfactants, dyes, pigments, and water-based polymers used in Textile, Personal Care, Cleaning and Industrial applications. Tri-Tex backs their products with comprehensive technical, applications, supply chain and logistics expertise. Tri-Tex has manufacturing facilities in Quebec, Canada and Los Angeles, California.

“The addition of the Tri-Tex team, product portfolio, applications expertise, and manufacturing facilities advance Polyventive’s strategy to become the premier North American developer and supplier of cost effective, environmentally forward solutions in all of our targeted growth areas.” said Zay Risinger, President of Polyventive.

Concurrent with this transaction, Tri-Tex sold its adhesives business to Meridian Adhesives Group.

About Polyventive LLC
Polyventive is a leading North American manufacturer of specialty chemical solutions for the HI&I, Water Treatment, Personal Care, Construction, Soft Floor Covering, and Textile industries. Polyventive’s manufacturing, technical capabilities, applications expertise, and focus on solving customer problems has made it the first choice for industry leading solutions. With manufacturing and logistics facilities located in Northwest Georgia, USA, the company has best in industry service levels that underpin our commitment to meeting our customer’s needs.

Contact: info@polyventive.com

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Bridgepoint to realise investment in Miller Homes

Bridgepoint

NEW YORK and EDINBURGH, Scotland, Dec. 24, 2021 — Apollo (NYSE: APO) and Miller Homes Group Limited (“Miller Homes” or the “Company”), one of the U.K.’s leading homebuilders, today announced that funds managed by Apollo affiliates (the “Apollo Funds”) have, together with existing management, entered into a definitive agreement to acquire the Company from Bridgepoint Group plc (“Bridgepoint”). Financial terms were not disclosed.

Established in 1934, Miller Homes is a premier homebuilder in the U.K. with a focus on building high-quality family homes in regional markets in England and Scotland. On track for a record 2021, the Company builds approximately 4,000 homes a year across nine regions with ambitions to grow to 6,000 units annually in the medium-term.

Alex Humphreys, Partner at Apollo, said: “We are delighted that the Apollo Funds are acquiring Miller Homes. The Company’s reputation for exceptional customer service and high-quality homes has differentiated it as a respected leading homebuilder. Miller Homes has a strong presence in suburban locations that continue to see strong consumer demand, and we look forward to working alongside the talented management team to execute on their growth strategy.”

Christopher Hojlo, Partner at Apollo, said: “We continue to see opportunities to invest in the residential housing market as consumer demand for new homes accelerates. Today’s announcement further builds on Apollo’s continued commitment to the housing sector, most recently including current and pending investments by Apollo and its affiliates in U.S. homebuilder, The New Home Company, and leading U.K. specialist mortgage lender, Foundation Home Loans. We look forward to leveraging our industry knowledge and relationships to scale the business and to provide more customers with high-quality family homes.”

Chris Endsor, Chief Executive Officer of Miller Homes, said: “This is an exciting development for Miller Homes in continuing our recent strong momentum. Apollo has deep housing expertise, with a global platform, extensive resources and capital to create value for all stakeholders.

“I would like to thank the team at Bridgepoint for all the support they have provided during their ownership of the business. The past four years have witnessed a period of expansion and strong operational performance for Miller Homes, as well as having to adapt the business in exceptional circumstances. We have emerged stronger for it and are very well-placed to achieve our medium-term target of 6,000 units while maintaining the product quality and service for which we are known.”

Jamie Wyatt, partner and co-head of U.K. investment at Bridgepoint, said: “We are delighted to have supported Miller Homes and its management to grow the business over the last four years. Under our period of ownership, the number of houses sold per annum rose by a third, revenues exceeded £1 billion for the first time and profits increased by almost 50%. The business also expanded into new U.K. regions and completed two strategic acquisitions. We wish the whole team and their new investors every success in the exciting next phase of the Miller Homes journey.”

The Apollo Funds have committed financing to complete the acquisition and expect to redeem the existing financing prior to close. The transaction is subject to customary closing conditions and is expected to be completed in the first quarter of 2022.

Rothschild and Co. (Lead) and Moelis & Company LLC are serving as financial advisors to Bridgepoint, and Travers Smith is serving as legal counsel. Barclays (Lead) and HSBC are serving as financial advisors to Apollo, and Sidley Austin LLP is serving as legal counsel. Miller Homes received legal advice from DLA Piper.

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