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CVC Fund VIII to invest in FutureLife

CVC Capital Partners

CVC Capital Partners (“CVC”), through CVC Capital Partners VIII, has agreed to acquire a co-controlling holding in FutureLife, a leading pan-European IVF provider, alongside the company’s current investor Hartenberg Holding (“Hartenberg”).

Headquartered in Prague, Czech Republic, FutureLife is a leading Pan-European provider of IVF and related genetics services, with presence across eight European markets including Czech Republic, Ireland, Netherlands, Finland, Romania and Estonia. FutureLife has 42 well-invested clinics and performs in excess of 39,000 IVF cycles annually, IVF add-on and laboratory services, as well as a series of biological and surgical treatments.

FutureLife is well-positioned in a growing and resilient IVF market that is benefitting from secular growth trends, which are underpinned by strong social and demographic tailwinds. Increased personalisation of the treatments, digitalisation and automation across the IVF industry is expected to increase efficiency and customer experience. FutureLife also provides a strong platform from which CVC will support further consolidation of a traditionally fragmented market.

Matěj Stejskal, CEO of FutureLife said: “Partnership with CVC will be the beginning of a new sustainable growth phase for us. FutureLife’s development has been an amazing success story, having built our network very quickly across eight European countries. Our unique partnership model with strong autonomy of the clinics is appealing to many doctors, scientists and partners. Our strategic thinking is focused globally now. Our sector is at an exciting stage of its development and we are lucky to have a great company, partners and colleagues who are willing to grow with us and share knowledge. The next stage for us, is to achieve harmonisation between our clinics and strong organic growth with margin improvement. I strongly believe that CVC with its track record in our core geographies and the broader healthcare sector experience is the right partner for this exciting new chapter of our company.”

Jozef Janov, Managing Partner at Hartenberg added: “FutureLife is an exciting story that traces its roots back to an idea in 2013 to build a European IVF leader. We knew from the beginning that to achieve this we would need to meticulously select our targets and build a strong base platform. FutureLife has since completed 22 acquisitions in eight countries including the recent acquisition of Nij Group in the Netherlands. The Group’s focus is to provide the highest quality and broadest range of fertility treatment to aspiring parents, whilst complementing this with synergistic genetics, biological treatments and surgeries.

“Management has an ambitious but actionable growth plan that sees FutureLife growing organically and through M&A. Therefore, at this stage in the development of the company and market, we believe it is the right time to take a new partner on board for FutureLife that can work alongside us. We consider CVC to be the right partner with whom we can accelerate towards our goal of becoming the largest and highest quality women’s health platform globally.”

István Szőke, Managing Partner overseeing CVC’s private equity activities in the EEME regions, added: “CVC has extensive experience of partnering with ambitious Czech headquartered businesses to support their international expansion, through previous successful investments such as Avast and StarBev. We believe that FutureLife can be a global leader in the fertility sector and we look forward to working with Matěj and his team, as well as our new partners at Hartenberg to accelerate the growth of this exciting business opportunity.”

Cathrin Petty, Managing Partner and head of Healthcare commented: “We see significant potential in this sector, having monitored it closely for a number of years. In FutureLife we are delighted to be backing a world class diagnostic and clinical research business, and are very excited to support the company in its next phase of development and growth.”

Categories: News

Culligan International and Waterlogic Group Holdings announce combination to create a leader in sustainable drinking water solutions and services

Castik Capital
  • Combination will accelerate delivery of sustainable consumer and commercial water solutions and services, providing clean, safe and soft water to more than 100 million consumers globally
  • Complementary geographic and business profiles will help drive growth by bringing these solutions to both existing and new markets and additional distribution channels
  • The combined company will save more than 40 billion plastic bottles annually through sustainable water filtration, purification and treatment solutions

Culligan International (“Culligan”), the innovative brand in consumer-focused sustainable water solutions and services, and Waterlogic Group Holdings (“Waterlogic”), a global designer, manufacturer, distributor and service provider of purified drinking water dispensers, today announced that they have signed a definitive agreement to combine and create a leader in clean and sustainable drinking water solutions and services.

Culligan is a leading global consumer water solutions and services provider whose mission is to deliver clean, safe and soft water to improve consumers’ health and wellness and reduce single-use plastics. Waterlogic has pioneered the application of advanced technology in the design of its water dispensers for offices, healthcare, education, hospitality, and public settings to deliver sustainable and safe water.

Together, the combined company will shape the future of clean and sustainable drinking water globally, providing water solutions and services for customers at home, at work, at leisure and on-the-go. The transaction brings additional scale and expertise to drive innovation in the development of new water filtration, purification and treatment solutions, expanding those to both existing and new markets, and additional distribution channels. In addition, by addressing the fundamental need for the provision of clean, safe, soft, and sustainably sourced water and the reduction of single-use plastics, the combined company and its customers will help deliver against the United Nations Sustainable Development Goals (“SDGs”) and meet their respective leading Environmental, Social and Governance (“ESG”) commitments.

Scott Clawson, Chief Executive Officer of Culligan International, said: “For more than eight decades, Culligan has served as a leading provider of water treatment solutions and services for consumers. Our focus has been on driving innovation, delivering the best consumer experience and providing solutions that are both good for people and the planet, while also moving the market forward. Today’s announcement represents an important step in our evolution toward those goals as we add Waterlogic’s talent, distribution partners and innovative technology to our complementary offerings around the globe. Together with the Waterlogic team, we believe we can drive the future of clean and sustainable drinking water solutions globally and serve a broader group of customers in the $250 billion global consumer water market.”

Jeremy Ben-David, Founder and Group Chief Executive Officer of Waterlogic, said: “The cultural, strategic and industrial logic of this transaction is clear and compelling. Both Waterlogic and Culligan are purpose-led businesses with ESG engrained in our operations. Innovation has been a key driving factor in the historical success of both companies and together, our far-reaching global footprint across multiple markets will empower us to have an even greater positive impact on people and the environment by bringing clean, safe, and soft water to more customers around the world. I look forward to working with Scott and the Culligan team and am excited about the future we will be able to offer to our customers, employees, partners and the communities we serve.”

Leadership and Governance

The combined company will be led by Mr. Clawson, Chief Executive Officer of Culligan. The Waterlogic leadership team will play a critical role in the combined company, with Mr. Ben-David serving as Chief Executive Officer EMEA and a member of the Executive Leadership Team, and continuing his role as Chief Executive Officer Waterlogic once the transaction is complete.

Funds managed by BDT Capital Partners, LLC (“BDT”), a merchant bank that provides closely held businesses with long-term, differentiated capital, acquired a majority interest in Culligan in July 2021. BDT and its co-investors will be the majority shareholder of the combined company. Waterlogic was acquired in January 2015 by funds managed by Castik Capital, the European private equity investor, alongside Waterlogic management. Castik Capital focuses on identifying and developing investment opportunities across Europe where long-term value can be generated through active partnerships with management teams. Castik Capital, Waterlogic’s management team and other existing Waterlogic shareholders will maintain a meaningful minority ownership position in Culligan going forward. Terms of the transaction were not disclosed.

Approvals and Closing

The transaction is expected to close in the second half of 2022, subject to the receipt of regulatory approvals and the satisfaction of other customary closing conditions. Until the transaction closes, both companies will provide regular updates and continue to operate business as usual as two independent companies.

ABOUT CULLIGAN INTERNATIONAL

Founded in 1936 and headquartered in Rosemont, Illinois, Culligan International is a world leader in delivering premium water services and solutions that improve the health and wellness of consumers. Committed to sustainable solutions, the company offers some of the most technologically advanced water filtration and treatment services and solutions available, including water softeners, drinking water systems, and whole-house systems for homeowners and bottleless coolers for businesses. Culligan’s network of dealers and direct operations is the largest in its industry, with more than 7,500 employees and 1,000 dealers in 90 countries. Culligan’s 35+ brands serve more than 50 million consumers every year and share a mission of bringing better water to consumers anywhere they need it – in the home, at work or on the go. For more information visit: www.corporate.culligan.com.

ABOUT WATERLOGIC

Waterlogic is an innovative designer, manufacturer, distributor and service provider of drinking water dispensers and accessories designed for environments such as offices, factories, hospitals, restaurants, hotels, schools and public spaces. From freestanding, countertop and integrated dispensers to high-volume hospitality solutions, water filling stations, fountains and boilers, every solution focuses on delivering the best quality water in the safest and most sustainable way. Waterlogic has its own subsidiaries in 23 countries. In addition, Waterlogic’s extensive independent global distribution network spans over 50 countries around the world in North and South America, Europe, Asia, Australia and South Africa. For more information visit: www.waterlogic.com.

Media contacts

Andrew Spinelli/Alice Gibb
Brunswick Group
+1 312 468 7431 / +44 20 7823527134
CulliganWaterlogic@brunswickgroup.com

Categories: News

Thompson Street Capital Partners Announces First Continuation Fund in Partnership with AlpInvest

Carlyle
  1. LOUIS (December 22, 2021) – Thompson Street Capital Partners (“TSCP”), a private equity firm based in St. Louis, today announced the closing of its first Continuation Fund capitalized by AlpInvest and a leading group of limited partners.

The Continuation Fund was established to acquire Revenue Management Solutions (“RMS”) and BCM One Holdings, Inc (“BCM One”). The transaction closed with a combined enterprise value of approximately $1.2 billion and the Continuation Fund includes substantial additional capital to drive organic growth initiatives and strategic acquisitions at both companies.

The transaction was led by AlpInvest, a subsidiary of Carlyle Global Investment Solutions, and supported by a diverse group of high-quality investors, including both TSCP Fund IV and Fund V limited and general partners. The transaction includes significant equity contributions from the founders and management of both companies.

RMS, a TSCP Fund IV investment, provides more than 1,000 leading healthcare providers, revenue cycle management and other healthcare entities with automation solutions for more than $220 billion of cash payment reconciliations as well as correspondence management and other workflows. BCM One, a TSCP Fund V investment, delivers managed services to support unified communications, network management and optimization, and other technical services to more than 20,000 customers and channel partners.

“Establishing our first continuation fund represents a significant event for Thompson Street Capital Partners,” said Bob Dunn, Managing Partner of TSCP. “BCM One and RMS are two of the best-performing portfolio companies in TSCP’s twenty-year history and we are excited to continue our partnership with both businesses through this vehicle.”

Scott Thomas, CEO of RMS stated, “Our partnership with TSCP ensures we continue to deliver our customers the forward-thinking products and services they need to be successful. The additional support from both existing and new investors allows us to retain our leadership position in a fast-paced, quickly changing environment through ongoing technological innovation and the ability to take advantage of opportunities for both organic and strategic growth.”

Geoff Bloss, BCM One’s CEO said, “The resources TSCP provides has allowed us to better assist our customers in managing complex, scalable technologies to meet their network needs while remaining focused on our own prospects for growth. We’re excited about their additional support and our ability to position ourselves for continued success moving forward as a leading managed service provider around its Next Gen Communication offerings.”

Brian Kornmann, Managing Director at TSCP, added “We are grateful to AlpInvest and all the investors who supported this effort.  We have been fortunate to partner with RMS and BCM One and look forward to working closely with the executive teams and founders of the businesses to continue to aggressively pursue, and execute on, growth strategies to continue the strong performance of both businesses.”

Garrett Hall, Managing Director at AlpInvest said, “We are excited to expand our partnership with Thompson Street Capital Partners and support two exceptional companies in their continued value creation on behalf of new and existing investors.”

Evercore served as financial advisor to TSCP in the transaction with Kirkland & Ellis serving as TSCP’s legal counsel. BCM One was supported in the transaction by both William Blair and QAdvisors while RMS was supported by RW Baird.  Sidley Austin served as legal counsel to both Companies. Ropes & Gray LLP acted as legal counsel for AlpInvest.

About Thompson Street Capital Partners

Thompson Street Capital Partners (tscp.com) is a St. Louis-based private equity firm focused on investing in founder-led middle market businesses in the Life Sciences & Healthcare, Software & Technology, and Business and Consumer Services and Products sectors. TSCP partners with management teams to increase value by accelerating growth, both organically and via acquisitions.

About BCM One Holdings, Inc.  

Founded in 1992, BCM One (www.bcmone.com) is a leading managed solutions provider offering businesses a one-stop shop for integrated technology needs. Now serving more than 19,000 customers worldwide, BCM One offers a variety of solutions supporting businesses’ critical network infrastructure – unified communications, SIP Trunking and UCaaS services, SDWAN, cloud, security and connectivity solutions.

About RMS

Founded in 2006, and based in Oklahoma City, Oklahoma, RMS (www.rmsweb.com) is the leading technology-based healthcare remittance automation platform tool available in the market. Currently used by more than 1,000 acute care, revenue cycle management, dental and pharmacy clients, RMS allows healthcare providers, outsourcers and facilities to optimize the remittance matching, reconciliation, and management processes. The Company, which processes over 16 million transactions each month, offers its technology-driven solutions both directly to customers and through established channel relationships with leading financial institutions throughout the United States.

Contact:

Jeremy Milner
BackBay Communications
(401) 862-9422
jeremy.milner@backbaycommunications.com

Brittany Berliner
(212) 813-4839
brittany.berliner@carlyle.com

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KKR, Ontario Teachers’ and PSP Investments complete acquisition of Spark Infrastructure

KKR

SYDNEY–(BUSINESS WIRE)– KKR, Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”) and Public Sector Pension Investment Board (“PSP Investments” and together, “the Consortium”) today announced the completion of the acquisition of all issued securities of Spark Infrastructure (ASX: SKI) in an all-cash transaction for approximately A$5.2 billion. All regulatory approvals have been obtained.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211221005823/en/

Spark Infrastructure invests in essential energy infrastructure businesses within Australia, which serve over 5 million homes and businesses, and are deeply involved in supporting the transition of Australia’s electricity grid to one that is increasingly reliant on renewable energy. Spark Infrastructure’s portfolio comprises:

– 49% of SA Power Networks, the sole operator of South Australia’s electricity distribution network, supplying approximately 896,000 residential and commercial customers across the state;
– 49% in Citipower and Powercor (together known as “Victoria Power Networks”), the operator of distribution networks that supply electricity to over 1.1 million customers in Melbourne and central and western Victoria;
– 15.01% of TransGrid, the largest high-voltage electricity transmission network by volume in the National Electricity Market, connecting generators, distributors and major users in New South Wales and the Australian Capital Territory; and
– 100% of the 120MWDC /100MWAC Bomen Solar Farm located north of Wagga Wagga in New South Wales.

Andrew Jennings, a Director on KKR’s Infrastructure team in Australia, said, “We are excited to invest in Spark Infrastructure, which is a world-class business that plays a critical role in Australian communities. Alongside Ontario Teachers’ and PSP Investments, we look forward to working with the management teams of Spark Infrastructure and its portfolio companies, to support the business’ objectives to improve grid stability and build secure, high-quality and cost-effective electricity infrastructure for customers across the country.”

“Spark Infrastructure aligns perfectly with our strategy to invest in high-quality regulated infrastructure assets globally that will both benefit from and support the transition to a low-carbon economy,” said Bruce Crane, Managing Director and Head of Asia Pacific Infrastructure & Natural Resources at Ontario Teachers’. “We look forward to working with our partners and management to continue to optimize network performance and reliability while also supporting future growth of the portfolio.”

“We are excited to add Spark Infrastructure to our Infrastructure portfolio and to continue nurturing our established relationships with KKR and Ontario Teachers’,” said Sandiren Curthan, Senior Director, Infrastructure Investments, PSP Investments. “As Australia transitions away from coal, Spark Infrastructure’s electricity transmission and distribution networks are well-positioned to enable the clean energy transition toward a low-carbon economy.”

KKR is making the investment through its core infrastructure strategy which focuses on investing in high-quality regulated assets in developed OECD markets.

About KKR
KKR is a leading global investment firm that offers alternative asset management and 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 The 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.

About Ontario Teachers’ Pension Plan Board
Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is the administrator of Canada’s largest single-profession pension plan, with C$227.7 billion in net assets (all figures at June 30, 2021 unless noted). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.6% since the plan’s founding in 1990. Ontario Teachers’ is an independent organization headquartered in Toronto. Its Asia-Pacific region offices are located in Hong Kong and Singapore, and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded as at January 1, 2021, invests and administers the pensions of the province of Ontario’s 331,000 active and retired teachers. For more information, visit otpp.com.

About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investment managers with C$204.5 billion of net assets under management as of March 31, 2021. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on Twitter and LinkedIn.

Citadel-MAGNUS
James Strong
+61 448 881 174
JStrong@citadelmagnus.com

Source: KKR

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Totalmobile ranked as one of Deloitte’s Technology Fast 50 Ireland

Bowmark

We are delighted to announce that Bowmark-backed Totalmobile has been named as one of Deloitte’s Technology Fast 50 Ireland, ranking Ireland’s’ fastest-growing technology companies based on revenue growth.

 

Tom Keen, Investment Director at Bowmark, said: “Totalmobile has grown at an impressive rate in 2021. Alongside strong organic growth, the team welcomed two acquisitions – Cognito iQ and GeoPal – which added new product capabilities and expanded Totalmobile’s presence into new verticals. Congratulations to Jim Darragh and the whole Totalmobile team!”

 

Categories: News

Gilde Healthcare portfolio Volta Medical treats first U.S. patients with persistent cardiac arrythmias

GIlde Healthcare
December 21, 2021
Marseille, France, Providence (Rhode Island), USA & Utrecht, the Netherlands

Volta Medical, a pioneering health tech company developing artificial intelligence (AI)-based software solutions to treat cardiac arrythmias, today announced the introduction of its leading-edge product, VX1, at three leading U.S. hospitals. New York Presbyterian Queens, Northwell Health’s Lenox Hill Hospital in New York City, and Ascension St. Vincent’s Riverside, Jacksonville, FL, are the first U.S. hospitals to implement VX1, which is designed to improve outcomes for patients undergoing atrial fibrillation (AF) ablation procedures.

 

All three hospitals also are recruiting AF ablation patients to participate in an international, randomized controlled clinical trial to evaluate the outcomes of VX1-guided ablation versus standard ablation called TAILORED-AF trial. The international, multi-center trial will involve 25 sites and 342 patients and is expected to report results in 2024. VX1 is cleared as a medical device by the U.S. Food and Drug Administration and CE-certified by the European Union.

VX1 is the first commercially available AI software to help clinicians combat high failure rates in the use of ablation for treating persistent, drug-resistant AF. AF, characterized by an irregular and chaotic heartbeat (cardiac arrythmia), can lead to more serious health issues such as heart failure and stroke. During AF ablation, a specialized cardiologist known as an electrophysiologist inserts catheters through the blood vessels into the heart to burn or freeze tissue that is causing abnormal electrical signals in the upper chamber, or atrium. The procedure creates scarring that restores a normal heartbeat.

The VX1 system analyzes electrical signals measured during the procedure and identifies abnormalities in real-time. VX1 is versatile and can be installed in most operating rooms and is compatible with the main multipolar catheters and mapping systems.

About atrial fibrillation (AFib or AF)
An estimated 6.1 million people in the United States have AF with projections to reach nearly 12.1 million in 2030. Worldwide, it affects more than 33 million people. Symptoms include palpitations, lightheadedness and shortness of breath. In some patients, AF can lead to heart failure. AF is not only an extremely costly public health issue but also a major risk factor for stroke, posing a 4-to-5 times greater risk than for the general population. AF is commonly treated with medication that regulates or slows the heart rate. For patients who cannot tolerate or are resistant to anti-arrhythmic drug therapy, ablation is the current standard of care. Ablation uses heat or cold energy to create tiny scars in the heart to block abnormal electrical signals and restore a normal heartbeat. However, the efficacy of this approach depends largely on the experience and intuition of the electrophysiologist. With 50% of persistent AF patients requiring repeat treatments, the need for more precise therapies is significant.

About the TAILORED-AF trial
TAILORED-AF is an international, multicenter trial designed to determine if a tailored VX1 AI software-guided ablation strategy targeting areas of spatiotemporal dispersion in combination with pulmonary vein isolation (PVI) is superior to a conventional anatomical ablation strategy targeting PVI alone for the treatment of persistent AF. The primary endpoint of the study is the absence of documented AF episodes > 30 seconds, with or without anti-arrhythmic drugs (AADs), 12 months after a single index ablation procedure. Secondary endpoints include absence of AF and/or atrial tachycardia (AT) episodes after a 12-month period, following one or more procedures, as well as safety. Volta Medical expects results from the TAILORED-AF trial in 2024.

About Volta Medical
Volta Medical is a health tech company developing AI software solutions to assist cardiac electrophysiologists in the operating room. Volta’s overarching goal is to significantly improve cardiac arrythmia management by developing state-of-the-art, data-driven medical devices based on large databases of procedural data with the highest standards of data protection. Founded by three physicians and a data scientist in 2016 in Marseille, France, Volta’s first product, VX1, assists cardiologists in the real-time identification of specific abnormal electrograms, known as dispersed electrograms. For more information, visit the company’s website at www.volta-medical.com.

About Gilde Healthcare
Gilde Healthcare is a specialized healthcare investor with two fund strategies: Venture&Growth and Private Equity. The firm operates out of offices in Utrecht (The Netherlands), Frankfurt (Germany) and Cambridge (United States). Gilde Healthcare Venture&Growth invests in fast growing, innovative companies active in (bio)pharmaceuticals, healthtech and medtech that are based in Europe and North America. For more information, please visit: www.gildehealthcare.com.

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Unily to supercharge digital employee experience with significant growth investment from CVC Growth Funds

CVC Capital Partners

Unily (the “Company”), a world-leading employee experience platform provider, today announces it has attracted a significant growth investment from CVC Growth Funds (“CVC Growth”), the high-growth, technology-focused strategy of one of the leading global private equity firms, CVC Capital Partners (“CVC”), with significant participation from management and existing investors Silversmith Capital Partners (“Silversmith”) and Farview Equity Partners (“Farview”).

Post-investment, CVC Growth will hold a majority stake in the Company and will work with the existing investors to support the incumbent management team on their growth strategy. The partnership with CVC Growth will further strengthen Unily’s position as a world-leading employee experience platform, accelerate product development, expand its footprint with existing customers, and scale its go-to-market organisation to continue acquiring new customers. CVC Growth’s investment comes two years after the initial investment from Silversmith and Farview.

Founded in 2005, Unily is the creator of an award-winning employee experience platform used by enterprises to improve communication, collaboration, and productivity amongst their employees. Unily’s sophisticated cloud-native SaaS platform offers customers scalability, a rich feature set and deep integrations with other mission-critical enterprise systems. The Company employs 250 people globally across North America, Europe, and Asia. In 2021, Unily became the first platform to receive four Nielsen Norman Group Best Intranet awards in a single year.

Unily continues to experience rapid growth across its global customer base driven by enterprises seeking out best-in-class software to replace old legacy custom-built platforms. Today, more than 300 enterprises and roughly 3.5 million of their employees rely on Unily’s employee experience platform. The Company’s portfolio of Fortune 500 clients spans a large range of industries and includes high-profile brands.

Unily recently announced the launch of a ground-breaking new engagement automation module at its annual employee experience conference Unite 21 in front of a global audience which included 75% of the Fortune 100. Engagement automation brings marketing automation features to enterprise internal communications, utilising the latest advancements in AI technology to support the delivery of hyper-personalised workplace experiences.

Will Saville, Co-Founder and CEO of Unily, said: “CVC is one of the largest and most well recognised private equity firms in the world. Seeing their passion for our category and desire to back a leader in the employee experience space made the decision to partner with them extremely easy. My team and I are incredibly excited for the next stage of our journey together.”

Sebastian Künne, Managing Director at CVC Growth, commented: “Engaging employees in their increasingly hybrid and digital workplaces has never been more important than it is today. We see this as a trend that is only going in one direction, with more and more businesses and leaders looking to improve employee communication, collaboration and productivity in a rapidly changing digital world. We have followed Unily for several years as part of our long-standing efforts in human capital management software and look forward to working closely with Will and his team, as well as Silversmith and Farview, to unlock the business’ full potential.”

Going forward, Unily will continue to be a privately-held, independent company, led by its existing leadership team and with ongoing dedication to delivering superior services to its customers. The transaction is expected to close in Q1 2022.

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Away Resorts to further expand its footprint by acquiring Coppergreen Leisure Resorts

CVC Capital Partners

Leading UK holiday park operator Away Resorts today announced that it has reached an agreement to acquire Coppergreen Leisure Resorts (“Coppergreen”). This follows the acquisition of Aria Resorts announced in August 2021, and expands Away Resorts’ footprint to 27 locations across the UK.

Coppergreen has 370 lodges across four parks in Yorkshire, Scotland, Lincolnshire and Nottinghamshire. Growth capital investor BGF exits as part of the deal, having backed Coppergreen in 2016. The acquisition will greatly complement Away Resorts’ existing portfolio, increasing its presence in the North of England and in Scotland, and growing the number of visitors the group welcomes every year to over 750,000.

Coppergreen is renowned for its quality accommodation and bespoke customer service, offering countryside retreats in attractive settings. It has been a front runner of sustainable and eco-friendly facilities having made significant investments in its estate to develop its parks to the highest specification and quality.

This acquisition follows a milestone year for Away Resorts, with the company welcoming guests in record numbers and receiving investment from CVC Capital Partners Fund VIII. Away Resorts continues to have a healthy pipeline of opportunities to further grow the estate, while continuing to invest in developing its offering.

Carl Castledine, CEO of Away Resorts, commented: “We are delighted to be welcoming Coppergreen to the Away Resorts family to support our ambition of forming the leading UK holiday park provider. Coppergreen’s prime locations and leadership in sustainability will further enhance our offer as we look to provide perfect holiday destinations for UK holiday makers.”

David Copley, CEO at Coppergreen Leisure Resorts, commented: “Away Resorts has a reputation for driving innovation across the industry and is the ideal owner for the business. We look forward to seeing what the team goes on to achieve in its next successful chapter.”

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Cinven to invest in Ufinet International

Cinven

Transaction underscores Cinven’s commitment to Ufinet, Ufinet’s continued growth prospects and the strength of Cinven’s strategic partnership with its co-shareholder Enel

International private equity firm Cinven today announces that the Seventh Cinven Fund has agreed to make a majority investment in Ufinet International (‘Ufinet’ or ‘the Group’), a leading fibre network operator headquartered in Spain and operating in Latin America, for an enterprise value of approximately €2.5 billion.

The transaction underscores Cinven’s commitment to Ufinet and builds on its successful track record of investing in the business through prior Cinven Funds. Enel, that has been a minority co-shareholder in Ufinet since 2018, will re-invest a minority stake in the Group.

Ufinet leases optical fibre infrastructure (‘dark fibre’ services) and provides transmission services (‘lit fibre’) which together comprise c. 90% of revenues. The business also provides other telecom infrastructure like Fibre to the Home (‘FTTH’) or small cells and associated value-added services.

Ufinet operates across 17 countries and more than 2,000 cities in Latin America including in Colombia, Panama, Guatemala and Costa Rica, providing fibre infrastructure and transmission services to telecom operators. Ufinet was established as an independent business in June 2014, following its demerger from Gas Natural Fenosa, the Spanish utility provider, and today employs c.1,400 people across Spain and Latin America.

During Cinven’s ownership, Ufinet has demonstrated significant growth including:

  • Strong revenue and EBITDA growth increasing by c.500% and c.700% respectively;
  • Successful buy and build with the completion and integration of 9 value-accretive acquisitions including Nedetel in Ecuador, NB Telecom and Netell in Brazil, among others;
  • Consistent investment in network improvement and expansion, growing its fibre network by three times and maintaining network performance levels well above industry requirements; and
  • Job creation with the number of Ufinet employees growing by more than 1,400% from less than 100 employees to c. 1,400.

Cinven’s Iberia and TMT teams believe Ufinet is a compelling investment opportunity given its:

  • Strong structural growth drivers, given the significant increase in businesses transitioning to using high speed connectivity, driving further demand for fibre;
  • Operations in nascent markets with strong growth trajectories, underpinned by increased usage and penetration of fixed / mobile broadband and data centres;
  • Significant international expansion and buy and build opportunities, building on its strong track record of successful geographic and acquisitive growth;
  • Strong financial performance, with profits growing at nearly 30% per annum since 2018, including robust performance throughout COVID-19, demonstrating the resilience of the business model;
  • Significant ‘first mover’ advantage, given its well-invested and extensive fibre network; and
  • Industry-leading management team led by CEO, Iñigo Garcia del Cerro Prieto, who has successfully executed the growth strategy of the business since its independence from Gas Natural Fenosa.

Commenting on the transaction, Jorge Quemada, Partner at Cinven, said:

“Ufinet has significant long term strategic ambitions to expand and further internationalise its business, given the strong market dynamics driving the increased use of fibre. Cinven has successfully invested in Ufinet before – as well as in telecom providers in other markets, including Ziggo, Numéricable and MasMovil in the Netherlands, France and Spain, respectively. The Cinven team understands the telecom industry extremely well and, combined with the regional expertise of the Cinven Iberia team, continues to see compelling growth opportunities for Ufinet through a combination of market expansion, organic growth and further buy and build.

Cinven is delighted to continue its strategic partnership with Enel in support of Ufinet’s next phase of growth. In addition, the Cinven team is excited to back the first-class management team, led by Iñigo Garcia del Cerro Prieto, who has already executed a highly successful growth strategy for Ufinet over the past seven years.”

Iñigo Garcia del Cerro Prieto, CEO of Ufinet, added:

“We have had the privilege of working alongside Cinven and Enel since 2014 and 2018 respectively. With the renewal of their partnership, Ufinet strengthens its commitment to grow and expand the business, capitalising on the experience and scale of its shareholders to consolidate and increase its presence in the markets where it operates.

The transaction reinforces Ufinet’s long-term vision, enabling the Company to expand its footprint and become the largest neutral operator of telecommunications infrastructure in Latin America.”

Cinven’s previous successful investments in telecoms have included Ziggo, the leading cable operator in the Netherlands; Numéricable, the French cable operator, both successfully realised following significant buy and build strategies; and MasMovil, one of the largest telecoms operators in Spain which successfully acquired Euskaltel in 2021.

The transaction will be subject to certain regulatory approvals.

Advisers to Cinven on the transaction included Natixis (M&A), Deloitte (tax), Altman Solon (commercial due diligence), KPMG (financial due diligence) and Freshfields (legal).

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Ardian sells SCHWIND eye-tech-solutions, a leading provider of eye laser systems, to Adagia Partners

Ardian

Frankfurt am Main/Kleinostheim, December 21, 2021 – Ardian, a world-leading private investment house, has reached an agreement to sell its majority stake in SCHWIND eye-tech-solutions GmbH (“SCHWIND”) – one of the world’s leading specialists in laser systems for the treatment of vision defects and corneal diseases – to the private equity company Adagia Partners.

Through its partnership with Ardian, SCHWIND’s management team, led by CEO Rolf Schwind, was strengthened with the appointment of COO Domenic von Planta and CFO Dirk Rosenlöcher and will continue to manage the business in the future. The parties have agreed not to disclose details of the transaction.

Founded in 1958, the company develops, produces and distributes an extensive and highly sophisticated range of products. These include diagnostic tools and state-of-the-art laser systems for the treatment of vision defects and corneal diseases, as well as corresponding software solutions and services.

Worldwide, more than 1,300 SCHWIND laser systems are currently installed in ophthalmology practices, eye clinics, laser centers and university hospitals in over 100 countries. SCHWIND laser systems are used in LASIK, LASEK, PRK, TransPRK and Femto-LASIK eye surgery as well as in minimally invasive lenticle extraction. The combination of innovative technology and intelligent device design ensures maximum precision and safety in refractive corneal surgery. SCHWIND offers clients a one-step solution for the entire course of treatment, through an approach that encompasses the digital networking of diagnostic tools and eye laser system, as well as other supplementary services.

“SCHWIND is recognized as the most technologically advanced company in the sector. With Ardian as our partner, we have been able to successfully expand our unique specialization in the market. Investment in research and development to create the world’s most innovative and precise laser systems for refractive corneal has helped substantially strengthen our product portfolio and tap into new application areas. Our products in the growing market for ophthalmology stand for the highest quality and absolute reliability. We would like to thank the Ardian team as well as the new partner Adagia Partners for their excellent cooperation over the past five years.” Rolf Schwind, CEO of SCHWIND eye-tech-solutions GmbH

“SCHWIND enjoys a worldwide reputation for cutting-edge technology in eye surgery. We are proud to have made a contribution to the successful development of the company in recent years and to have played a part in laying the foundation for a successful future with the addition of the ATOS Femtosecond laser to the product portfolio. We would like to thank the management team led by CEO Rolf Schwind and COO Domenic von Planta for the cooperation. Together with the extended leadership team and the employees of SCHWIND, management have steadily and systematically developed the company with innovative technology solutions and strengthened their global leadership position in refractive corneal surgery. We wish the company and its employees all the best for the future.” Dirk Wittneben, Managing Director & Head of Expansion Germany at Ardian

With Ardian as a partner, the company has invested significantly in research and development since 2016, and Ardian has supported the company with experienced sector experts. As a result, the product range, which previously consisted of various excimer lasers and diagnostic devices, could be expanded with a specially developed intelligent femtosecond laser system (ATOS). Femtosecond lasers enable state-of-the-art surgical methods on the eye to improve vision, such as minimally invasive lenticle extraction or flap creation as part of FemtoLASIK. For each operation with a femtosecond laser, high-quality consumables developed by SCHWIND (patient interfaces) are used, which physically connect the laser device to the patient’s eye. As a result, SCHWIND was able to expand its core business of developing and marketing eye laser and diagnostic systems with additional recurring revenues through patient interfaces for ATOS femtosecond laser treatments. In addition to the successful core business with excimer laser systems and diagnostic devices, the entry into the market segment of femtosecond lasers represents a key step in continuing the strong organic growth and the successful corporate development of SCHWIND.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$120bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 800 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,200 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

www.ardian.com

ABOUT SCHWIND

SCHWIND eye-tech-solutions is one of the technological leaders in the global market for refractive and therapeutic corneal surgery. The family business develops, produces and markets a comprehensive, highly developed product portfolio for the treatment of vision defects and corneal diseases. With the SCHWIND AMARIS Excimer Laser product family and the SCHWIND ATOS femtosecond laser, the company covers the most important all-laser procedures of modern refractive surgery from a single source: the touch free TransPRK/SmartSurfACE surface treatment, intrastromal FemtoLASIK and minimally invasive SCHWIND SmartSight lenticle extraction of the new generation. Eye surgeons in more than 100 countries treat their patients with SCHWIND technologies.

www.eye-tech-solutions.com

ABOUT ADAGIA PARTNERS

Adagia Partners is a pan-European mid-market private equity firm with offices in Frankfurt and Paris. The firm was created and is owned by its Partners. The team is made of 15 professionals with international and operational background. The firm is delivering performance for all stakeholders by fostering entrepreneurship and humanism.
Adagia Capital Europe, the €750m investment vehicle currently in fund raising, will be deployed in Midcap companies in France, Germany, Benelux, Switzerland and Austria. The fund has an industry specialist approach and focusses on Healthcare, Business Services and Tech Industries.
The fund backs entrepreneurs in the implementation of their growth strategies, build-up and Tech-Digital approach.

List of participants

  • Ardian Team: Dirk Wittneben, Yannic Metzger, Marlon Sandvoss
    • M&A Advisory: Macquarie Capital (Florian Geiger, Dr. Fabian Trübenbach)
    • Commercial: L.E.K. Consulting (Tobias Koesters)
    • Legal: White & Case (Dr. Stefan Koch, Tomislav Vrabec)
    • Financial: PwC (Peter Gröninger)
    • Tax: Taxess (Gerald Thomas, Richard Schäfer)

MEDIA CONTACTS

ARDIAN

CHARLES BARKER

ardian@charlesbarker.de

Peter Steiner

+49 69 79409027

Tobias Eberle

+49 69 79409024

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