Archives

Cinven and Novo Holdings to sell Envirotainer

Cinven

International private equity firm, Cinven, and co-investor, Novo Holdings, have agreed to the sale of Envirotainer (‘the Company’), a leading global provider of mission-critical, temperature-controlled air cargo services for the pharmaceutical industry, to EQT and Mubadala, for an Enterprise Value of approximately €2.8 billion. As part of the transaction, Envirotainer’s current shareholders will have the opportunity to reinvest in the business as minority shareholders.

Founded in 1985 and headquartered in Stockholm, Sweden, Envirotainer designs, manufactures and leases active temperature-controlled containers, used primarily for air freighting biopharma products. With a fleet of c. 6,700 containers globally, the Company has more than 600 customers worldwide, including many blue-chip global pharma and biotech companies. Envirotainer has approximately 375 employees and an extensive global network of more than 60 service stations.

The Company developed and marketed the first container with an active temperature control system in 1995, enabling it to meet the complex needs of transporting biopharmaceuticals at stable temperatures. Today, Envirotainer supports the transportation of approximately 2 million doses of medicines per day for all major pharmaceutical manufacturers, ensuring medicine is safely delivered to destinations around the globe.

Cinven’s Nordic team identified Envirotainer as an attractive investment opportunity in 2012 and tracked the business closely for six years, working with Cinven’s Business Services, Healthcare and Industrials Sector teams to develop a compelling investment thesis for the Company. The Sixth Cinven Fund together with co-investor Novo Holdings, ultimately acquired Envirotainer in September 2018.

Since acquisition, Cinven and Novo Holdings have worked in close partnership with the Company to drive its strong performance, including through:

  • Significant investment in R&D and innovation to support new product launches, including the next generation Releye platform, which has further enhanced Envirotainer’s market-leading sustainability credentials, and CryoSure, a shipment solution for the cryogenic (-70°C) segment;
  • International expansion, with Envirotainer continuing to expand its geographical reach and entering new markets; notably, Envirotainer has significantly grown its business in China, India and South Korea, key emerging pharmaceuticals markets, through investment into three new service stations, the local sales force and expansion of existing infrastructure;
  • Enhancing Envirotainer’s digital capabilities, introducing live shipment monitoring for customers as well as leveraging data analytics to facilitate predictive maintenance of the large container fleet; and
  • Investments in the organisation, including strengthening the senior management team and Envirotainer’s operational capabilities, as well as supporting the relocation to a new HQ. This has ensured continuous best-in-class delivery of Envirotainer’s mission-critical services, minimising product waste for customers and successfully navigating through the disruption to global supply chains arising from the COVID-19 pandemic.

Commenting on the investment, Pontus Pettersson, Partner at Cinven, said:

“Envirotainer is a great business in a highly attractive market. We are very proud of the success that the Company has achieved during Cinven’s ownership period – it is a great example of Cinven’s strategy to back leading Swedish and European businesses to expand internationally and to invest in new products, digitalisation, and operational excellence to drive growth.

“Envirotainer is in a strong position to continue to take advantage of the market opportunity and we are confident the company will continue to do very well in the future.”

Peter Gisel-Ekdahl, CEO of Envirotainer, added:

“The support of Cinven and Novo Holdings has enabled us to continue to develop best-in-class solutions to support our clients and the healthcare industry, including the recently launched Releye platform and our new CryoSure solution which has enabled us to enter into a new and attractive part of the temperature-controlled transportation market. As a result, Envirotainer has continued to maintain a market-leading position and to serve all top pharmaceutical companies. We are very excited for the company’s next chapter.”

Christian Salling, Senior Partner at Novo Holdings, also commented:

“Envirotainer has been on an impressive journey in recent years and management has done an outstanding job of creating a leading provider of mission-critical services to the pharmaceutical industry. We are very proud to be part of that journey and Envirotainer is a good example of our engaged ownership model, that we exercise together with leading investment partners.”

Completion of the transaction is expected in the second half of 2022 and is subject to customary antitrust approvals.

Categories: News

Tags:

3i invests in xSuite to accelerate international growth

3I

3i Group plc (“3i”) today announces that it has agreed to invest in xSuite, a leading accounts payable process automation specialist focused on the SAP ecosystem. 3i will invest alongside the previous owners, funds advised by Pinova Capital GmbH (“PINOVA”) and the management team, who are reinvesting in the business as minority shareholders.

Headquartered in Ahrensburg / Hamburg, Germany, xSuite specialises in software applications for Accounts Payable Invoice Automation (“APIA”), which enable customers to digitalise, streamline and automate invoice processing, helping them to reduce costs, drive efficiencies, and improve quality.  More than 230 employees at corporate offices in Germany, Denmark, the Netherlands, Singapore, Slovakia, Spain and the US develop additional workflows and integration capabilities specific to the SAP ecosystem, where the company serves many of the most complex, global organisations and has strong technical expertise.

xSuite has a growing customer base of more than 1,200 clients in over 60 countries with best-in-class retention. Customer satisfaction is high given the company’s industry-leading technological capabilities, strong service levels, and the value delivered with its automation capabilities. xSuite historically specialised in the DACH region, but has a growing presence in the US where it has won several blue-chip clients such as Dole, Lionsgate and Crocs and is scaling rapidly.

The APIA market is growing. Forecasts expect a CAGR of over 10%, driven by the digitisation of workflows and a focus on reducing labour costs. Growth is also driven by increasing invoice volumes, adoption of automation solutions, expansion in the use of these solutions and the transition to specialist applications such as those of xSuite.

3i specialises in helping mid-market businesses internationalise and tap into new markets: With its global network of experts, 3i will support xSuite to build on its emerging presence in the US market and scale its North American operations. Together with 3i, xSuite will also focus on accelerating the transition to more subscription software revenues. 3i will also be able to help the xSuite team accelerate growth by leveraging commercial best-practices that it has implemented across other recent portfolio companies.

Ulf von Haacke, Head of Germany, Private Equity, 3i said: “We believe there is significant potential to further internationalise and develop xSuite in partnership with its experienced management team and its motivated and highly skilled employees. Following the recent successful exit of Magnitude and the co-investment in insightsoftware, our investment in xSuite illustrates 3i’s strong focus on enterprise software as a key pillar of our Business and Technology Services investment strategy. We are the ideal partner for mid-sized software companies that want to reach the next level such as xSuite.”

Joern Pelzer, Partner, PINOVA said: “Over the last years we have developed xSuite into a leading provider of software applications for APIA. The investment of 3i will allow xSuite to execute the envisaged North American growth plan even faster and create a leading player also in the North American market. We are happy to accompany xSuite’s further development together with 3i and the management team.”

Matthias Lemenkühler, CEO, xSuite said: “3i is a natural fit for us given their extensive experience of international growth strategies and their deep sector expertise. We are excited to be working with them to bring xSuite’s offering to a wider audience.”

 

-Ends-

Categories: News

Tags:

EDB, Leading Global Provider of Enterprise-Class Software and Services for Postgres, Announces Majority Growth Investment from Bain Capital Private Equity

BainCapital

BEDFORD and BOSTON, MA – June 7, 2022 – EnterpriseDB (“EDB” or the “Company”), the leader in accelerating Postgres® in the enterprise, today announced a majority growth investment from Bain Capital Private Equity (“Bain Capital”).  EDB will continue to operate under the leadership of Ed Boyajian, President and CEO of EDB, an open source pioneer who has led the company since 2008. Great Hill Partners, which acquired EDB in 2019, will remain a significant shareholder.  Financial terms of the private transaction were not disclosed.

EDB, Leading Global Provider of Enterprise-Class Software and Services for Postgres, Announces Majority Growth Investment from Bain Capital Private Equity

Postgres is the fastest growing database management system in what Gartner views as an approximately $80 billion market. Postgres is also the world’s most advanced open source database and the top choice for enterprises looking to accelerate innovation, modernize their database infrastructure, and reduce spending.  According to StackOverflow surveys of over 80,000 developers, combined Postgres is the most loved, most used, and most wanted database in the world. The capabilities of the Postgres database are significantly enhanced with EDB’s value added software and services, which provide customers the highest levels of performance, scalability, manageability, security, and compatibility.  With more than 750 employees worldwide, the company currently serves more than 1,500 customers in 86 countries.

In 2021, EDB extended its Cloud offerings with EDB BigAnimal™, the first fully-managed Postgres database-as-a-service (DBaaS) that includes built-in Oracle compatibility, and the ability to deploy flexibly across any cloud including AWS and Azure. EDB BigAnimal enables mission-critical enterprise database applications to run securely in the cloud, with high availability, automatic backups, 24/7 operations and support.

“This significant investment from Bain Capital comes at a time when the database industry is undergoing a galactic shift,” said Boyajian. “Nothing is more strategic to businesses and governments than data, and the traditional database market is being disrupted. Postgres is the most transformative open-source technology since Linux, and is challenging legacy database vendors for market leadership, and EDB is driving this shift.”

“Postgres is increasingly the database of choice for enterprises.  We are excited to work closely with EDB’s talented leadership team, in partnership with Great Hill, to accelerate the company’s growth,” said Max de Groen, a Managing Director at Bain Capital Private Equity. “EDB is delivering on the promise of true multi-cloud flexibility to Postgres, alongside its long-standing advantages in Oracle database compatibility, high availability, and enterprise-grade tooling,” said Colin Motley, a Principal at Bain Capital Private Equity.

“As a significant investor in EDB, we recognized early on the tremendous shift that is taking place in the database industry,” said Drew Loucks, Managing Director at Great Hill Partners. “Since we first partnered with EDB, the company has unlocked significant value for its customers and now leads a market that continues to experience tremendous growth. EDB is well-equipped to accelerate growth, and we look forward to helping the company achieve its full potential alongside Bain Capital.”

The investment is expected to be completed in the third quarter of 2022 and is subject to regulatory approvals and customary closing conditions.

J.P. Morgan is serving as financial advisor, and Sidley Austin LLP as legal advisor to EDB and Great Hill Partners. Goldman Sachs & Co. LLC is serving as exclusive financial advisor and Ropes & Gray LLP as legal advisor to Bain Capital Private Equity.

About EDB 
EDB provides enterprise-class software and services that enable organizations to harness the full power of Postgres, the world’s leading open source database. With offices worldwide, EDB serves more than 1,500 customers, including leading financial services, government, media and communications and information technology organizations. As one of the leading contributors to the vibrant and fast-growing Postgres community, EDB is committed to driving technology innovation. With deep database expertise, EDB ensures high availability, reliability, security, 24×7 global support and advanced professional services, both on premises and in the cloud. This empowers enterprises to control risk, manage costs and scale efficiently. For more information, visit www.enterprisedb.com.

About Bain Capital Private Equity
Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of more than 250 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital has 23 offices on four continents. The firm has made primary or add-on investments in more than 1,000 companies since its inception. In addition to private equity, Bain Capital invests across asset classes including credit, public equity, venture capital and real estate, managing approximately $160 billion in total and leveraging the firm’s shared platform
to capture opportunities in strategic areas of focus.  For more information, visit www.baincapitalprivateequity.com.

About Great Hill Partners
Great Hill Partners is a Boston-based private equity firm targeting investments of $25 million to $500 million in high-growth companies across the software, digital commerce, financial technology, healthcare, and digital infrastructure sectors. Over the past two decades, Great Hill has raised over $12 billion of commitments and invested in more than 90 companies, establishing an extensive track record of building long-term partnerships with entrepreneurs and providing flexible resources to help middle-market companies scale. Great Hill has recently been recognized for its industry leadership, being ranked #5 in the 2021 HEC – DowJones Private Equity Performance Ranking, which evaluated fund performance of 517 leading private equity firms between 2008 – 2017. For more information, including a list of all Great Hill investments, visit www.greathillpartners.com.

EnterpriseDB and EDB are registered trademarks and BigAnimal is a trademark of EnterpriseDB Corporation; Oracle is a registered trademark of Oracle Corporation.  Postgres is a registered trademark of the PostgreSQL Community Association of Canada, and used with their permission.  All other trademarks are owned b their respective owners.

Media Contacts

Categories: News

Tags:

Cuisine Solutions, Global Leader and Pioneer in Sous Vide Premium Foods, Announces $250 Million Growth Investment from Bain Capital

BainCapital

Cuisine Solutions, Global Leader and Pioneer in Sous Vide Premium Foods, Announces $250 Million Growth Investment from Bain Capital

Sterling, VA and Boston, MA, June 6, 2022 – Cuisine Solutions Inc., the global leader and pioneer in sous vide premium foods, today announced a $250 million investment from Bain Capital to accelerate its growth and global expansion. The minority investment will further establish Cuisine Solutions’ authority in the sous vide category, provide additional resources to support accelerated product innovation, and expand its business domestically and internationally as well as the company’s global manufacturing footprint beyond the United States, France, and Thailand.

Cuisine Solutions will continue to operate under the leadership of the existing management team, led by Chief Executive Officer, Felipe Hasselmann, and Chairman, Stanislas Vilgrain, who remain significant owners in the business, in addition to the Vilgrain family retaining a controlling interest.

Headquartered in Sterling, Virginia, Cuisine Solutions is the largest sous vide company in the world and a leading culinary innovation partner, with locations in North America, Europe, the Middle East, and Asia. Recognized by the world’s top chefs and kitchens, the company is the production and thought leader on the innovative slow-cooking technique that it pioneered, perfected, and popularized. Cuisine Solutions provides prepared sous vide food products to food service, on-board, military, and retail customers worldwide including Amtrak, Costco, Dunkin’, Hilton Hotels & Resorts, Panera, and Starbucks among many other industry leaders.

“Our future, while bright before this strategic partnership, is now even more exciting as we see substantial runway to drive growth and expansion through continued innovation across multiple product categories,” said Hasselmann. “We are proud to be the leader in the art and science of sous vide, which is the answer to so many of the challenges our clients face inside and outside of the kitchen. This investment will enable us to rapidly scale our worldwide manufacturing infrastructure, business partnerships, and fortify our supply chain, thereby creating additional scale to meet the growing needs of the global partners who rely on our products every day across tens of thousands of locations.”

“My vision when founding Cuisine Solutions was to be the best innovator and food producer in our space, develop best-in-class partnerships, and have our reputation speak for itself through our quality, scale, and innovation,” said Vilgrain. “To have a world-class investment firm of Bain Capital’s caliber support our vision speaks to the success of our original mission and to the exciting future of our industry. I am extremely proud of our accomplishments from our humble start in 1990 to today and am looking forward to building together with Bain Capital a leading, innovative food company of the future.”

“Stanislas, Felipe, and the management team have done an outstanding job building Cuisine Solutions into a clear leader in the fast-growing sous vide market that is recognized by many of the world’s top chefs. The company’s unique range of culinary innovations offer higher quality and consistency, better food safety, and lower costs, which is a win-win for their customers in the current macroeconomic environment,” said Cristian Jitianu, a Managing Director at Bain Capital. “We are excited to partner with Cuisine Solutions and support the management team’s growth plans while further enhancing the value proposition as the preferred culinary innovation partner to blue-chip restaurant, retail, travel, and hospitality brands,” added Jeffrey Chung, a Director at Bain Capital.

Bain Capital has a long history of partnering with companies in the consumer, retail, and restaurant industries to accelerate growth. The firm’s restaurant, food service, and grocery-related investments have included Advantage Solutions (NASDAQ: ADV), Bloomin’ Brands (NASDAQ: BLMN), Brakes Group Food Distribution, Burger King (NYSE: QSR), Dessert Holdings, Dunkin’ Brands Inc., Domino’s Pizza (NYSE: DPZ), Gail’s Bakery, Retail Zoo, Skylark Restaurants, and Valeo Foods.

About Cuisine Solutions
Led by an international team of award-winning chefs, Cuisine Solutions is the world’s leading manufacturer of sous vide products — the innovative, precise slow-cooking technique the Company pioneered, perfected, and popularized decades ago. Renowned for its innovation, the Company has launched sous vide products across a wide spectrum of categories – including proteins, sauces, grain and plant-based products, and its hugely popular egg bites.  Their pasteurized sous vide items offer 18 months shelf life frozen, six days when defrosted, and can be oven finished in mere minutes. This allows food service and home cooks to save time, simplify the complexity of any supply chain challenges, and is a perfect solution to significantly reduce waste and labor costs. Headquartered in Sterling, Virginia, Cuisine Solutions services more than 22,000 restaurants and 6,000 retailers, as well as major airlines and hotels. For more information, visit www.cuisinesolutions.com.

About Sous Vide
Sous vide – French for “under-vacuum” – is an innovative cooking technique in which food is vacuum sealed and heated in water until cooked to perfection.  In 1971, Dr. Bruno Goussault (who would later become Chief Scientist at Cuisine Solutions) developed sous vide as a way of improving the texture and flavor, while maintaining the natural integrity of cooked foods. Dr. Goussault discovered that the sous vide approach – whereby food is slowly cooked at slightly-lower-than-usual temperature in specially designed, vacuum sealed pouches – resulted in notable flavor enhancement and a reduction in food shrinkage compared to conventional cooking methods. Cuisine Solutions’ heritage in sous vide – and its continuous innovation in the science – has allowed the Company to consistently deliver restaurant-quality products that are trusted and favored by top chefs and discerning foodies around the world.

About Bain Capital
Bain Capital, LP is one of the world’s leading private multi-asset alternative investment firms that creates lasting impact for our investors, teams, businesses, and the communities in which we live. Since our founding in 1984, we’ve applied our insight and experience to organically expand into numerous asset classes including private equity, credit, public equity, venture capital, real estate and other strategic areas of focus. The firm has offices on four continents, more than 1,300 employees and approximately $160 billion in assets under management. To learn more, visit www.baincapital.com.
The transaction is expected to close during the second quarter of 2022 and is subject to customary closing conditions.

Moelis & Company LLC acted as exclusive financial advisor and sole placement agent and McDermott Will & Emery acted as legal advisor to Cuisine Solutions in connection with the transaction. BofA Securities served as financial advisor and Kirkland and Ellis served as legal advisor to Bain Capital.

Categories: News

Tags:

LeanTaaS Announces Growth Investment by Bain Capital Private Equity to Fuel Leading AI-Driven Platform for Hospitals to Achieve Operational Excellence

BainCapital

Santa Clara, CA, June 6, 2022 – LeanTaaS Holdings, Inc. (the “Company”), a leading provider of cloud software solutions for optimizing hospital operations and capacity management, today announced that Bain Capital Private Equity (“Bain Capital”) has acquired a majority stake in the Company from existing investors Insight Partners and the Growth Equity business within Goldman Sachs Asset Management (“Goldman Sachs”). The transaction includes a significant growth capital commitment from Bain Capital that will enable LeanTaaS to continue to accelerate its rapid growth trajectory and innovative market-leading suite of cloud software solutions. Insight Partners and Goldman Sachs will each retain a material stake in the Company, which will continue to be led by its current management team, including Founder and CEO Mohan Giridharadas. Financial terms of the private transaction were not disclosed.

LeanTaaS Announces Growth Investment by Bain Capital Private Equity to Fuel Leading AI-Driven Platform for Hospitals to Achieve Operational Excellence

LeanTaaS’ cloud-based iQueue solutions help hospitals transform their approach to care delivery and improve capital and scarce resource decision-making by optimizing the utilization of critical assets including operating rooms, infusion chairs, and hospital beds. Leveraging a combination of cutting-edge AI, data science, and lean optimization principles, LeanTaaS has designed a powerful set of predictive analytics solutions that seamlessly integrate into workflows and enable health systems to unlock capacity, reduce patient delays, and grow revenue, while improving patient and provider care experiences. As a result, the Company delivers a compelling value proposition to the entire care ecosystem. Its long-term vision is to manage the operational application of patient flow and capacity optimization across the continuum of care on one single platform, effectively becoming the “air traffic control center” for a health system.

The Company has achieved rapid growth and counts more than 500 leading hospitals and 130 health systems across the U.S. as customers, including 12 of the top 20 health systems in the country according to the US News & World Report Honor Roll. iQueue for Operating Rooms is used by more than 2,500 ORs across 47 health systems to improve surgical capacity utilization, attract new surgical volume, and improve the patient experience. iQueue for Infusion Centers is used by nearly 500 infusion centers, with over 10,000 chairs across 105 health systems with a customer base that includes over 80 percent of the National Comprehensive Cancer Network and nearly 60 percent of National Cancer Institute-Designated Cancer Centers. iQueue for Inpatient Beds, launched in 2021, is scaling at a fast pace with several marquee customers using the product across multiple locations. Organizations currently using LeanTaaS’ iQueue platform include many of the most prestigious health systems in the country including Stanford Health Care, New York-Presbyterian, Memorial Sloan Kettering Cancer Center, Penn Medicine, UCHealth, MD Anderson Cancer Center, Yale New Haven Health, CommonSpirit, and US Oncology, among others.

“We have developed a unique and disruptive approach to improving patient access and unlocking scarce capacity within hospitals and health systems. We are proud of the progress we have made in transforming mission-critical healthcare operations and are excited by the opportunity to continue to
expand our suite of innovative solutions for our customers,” said Giridharadas. “We want to thank
Insight Partners and Goldman Sachs for their help supporting the business during their ownership and

positioning us for success in the next stage of our growth. We are delighted to partner with Bain Capital going forward as they share our vision for building a broader healthcare optimization platform and have an excellent track-record of building and scaling leading healthcare technology companies. This
significant growth investment will provide us with valuable resources to accelerate our impact.”

“Mohan and his team have built an exceptional business that is at the forefront of AI in healthcare, creating exceptional value for customers and poised for continued rapid expansion. We are thrilled to support LeanTaaS’ vision for transforming care delivery through automation and improving the quality of US healthcare,” said Devin O’Reilly, a Managing Director at Bain Capital Private Equity. “We believe LeanTaaS is well-positioned for continued long-term growth and see significant opportunity to scale the business through continued market penetration, strategic acquisitions, product innovation, and adjacent market expansion,” added Paul Moskowitz, a Principal at Bain Capital Private Equity.

Bain Capital has a long history of partnering with companies to accelerate growth in the healthcare and technology sectors. The firm’s experience in healthcare and HCIT investments include athenahealth, Grupo Notre Dame Intermedica, HCA Healthcare, HST Pathways, InnovaCare Health, IQVIA, PartsSource, Surgery Partners, Waystar, and Zelis.

“As LeanTaaS’ first financial investor in 2017, we couldn’t be more thrilled for Mohan and the entire LeanTaaS team as the company embarks on this exciting next chapter with Bain Capital,” said Peter Segall, Managing Director at Insight Partners. “From the start, we knew that LeanTaaS had the
leadership team and vision to transform hospital operations – and with their innovative cloud solutions,
they’ve done just that. Insight remains committed to supporting the company throughout its tremendous growth journey.”

The investment is expected to be completed in the third quarter of 2022 and is subject to regulatory approvals and customary closing conditions.

William Blair is acting as the financial advisor and Willkie Farr & Gallagher LLP is serving as legal counsel to LeanTaaS. Evercore is serving as financial advisor and Kirkland & Ellis LLP as legal counsel to Bain Capital Private Equity.

About LeanTaaS
LeanTaaS provides software solutions that combine lean principles, predictive and prescriptive analytics, and machine learning to transform hospital and infusion center operations. The company’s software is used by over 500 hospitals and 130 health systems across the nation, which rely on the iQueue cloud- based solutions to increase patient access, decrease wait times, reduce healthcare delivery costs, and improve revenue. LeanTaaS is based in Santa Clara, California, and Charlotte, North Carolina. For more information about LeanTaaS, please visit https://leantaas.com/, and connect on Twitter, Facebook and LinkedIn.

About Bain Capital Private Equity
Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of more than 250 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare and technology. The firm has made primary or add-on investments in more than 1,000 companies since its inception. Among these investments has been partnering with dynamic healthcare companies dedicated to quality, access, innovation and improved patient outcomes (to learn more please visit https://www.baincapital.com/healthcare/), and with scale and disruptive technology
businesses where the firm’s in depth knowledge of fundamental trends, insight into evolving customer dynamics, and vertical market expertise helps accelerate growth. In addition to private equity, Bain Capital invests across asset classes including credit, public equity, venture capital and real estate, managing approximately $160 billion in total and leveraging the firm’s shared platform
to capture opportunities in strategic areas of focus. For more information, visit www.baincapitalprivateequity.com.

About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of February 24, 2022, the closing of the firm’s recent fundraise, Fund XII, brings Insight Partners’ regulatory assets under management to over $90B. Insight Partners has invested in more than 600 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to IPO.

About Goldman Sachs Asset Management Growth Equity
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2022. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure.
Since 2003 the Growth Equity business within Goldman Sachs Asset Management comprising more than 75 individuals has invested over $13 billion in companies led by visionary founders and CEOs. We focus exclusively on investments in growth stage and technology-driven companies spanning multiple industries, including enterprise technology, financial technology, consumer and healthcare. Follow us on LinkedIn.

Categories: News

Tags:

KKR Invests in apexanalytix

No Comments
KKR

NEW YORK & GREENSBORO, N.C.–(BUSINESS WIRE)– KKR, a leading global investment firm, and apexanalytix® (“apex” or the “Company”), a leading provider of supply chain risk management software and services, today announced that KKR has signed a definitive agreement to acquire a majority interest in the Company. apex’s largest shareholder, Carousel Capital (“Carousel”), a private investment firm that invests in companies located in the Southeastern United States, will remain a significant minority owner in the Company alongside KKR.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220606005757/en/

apex is a pioneer in the supply chain software, data, and analytics markets with data-powered software and services for supplier management, fraud prevention, and overpayment recovery. The Company serves over 250 Fortune 500 and Forbes Global 2000 companies, protecting more than $8 trillion of annual spend across many of the world’s most complex supply chains. apex’s solutions help prevent and recover more than $8 billion for the Company’s customers every year. apex’s leading suite of products includes its revolutionary overpayment and fraud prevention software, firststrike, as well as its supplier management platform, apexportal, and smartvm, which provides a compliant master data management solution in global procure-to-pay processes.

“We are pleased to welcome KKR as our largest shareholder and a tremendous new strategic partner to help us accelerate our mission of being the ultimate supplier information, risk and opportunity management solution for the world’s largest companies,” said Steve Yurko, CEO of apex. “KKR’s deep experience across industries, geographies and all facets of the global supply chain will position us to address our customers’ needs with even greater agility. We are grateful to the Carousel Capital team for playing a key role in our growth over the past eight years and we look forward to continuing this great relationship.”

Driven by innovation and an ability to solve the most complex supply chain challenges for the world’s largest companies, apex has achieved consistent double-digit organic growth over the last five years and accelerated its growth through the recent market disruptions of the last two years. KKR’s investment and global resources will help accelerate apex’s global expansion and support further investment in product development and recruitment of top talent. With KKR’s support, the Company also plans to continue and expand its longstanding and innovative program of broad-based employee ownership, making apex associates participants in the equity growth of the business alongside KKR and Carousel.

“apex sits at the intersection of multiple themes where we have had strong conviction over the past decade, including digitization and data-enabled platforms, the increasing fragmentation of global supply chains, and the rise of sophisticated technology solutions and tech-enabled services that can create operational efficiencies and generate tangible savings,” said Webster Chua, Partner at KKR. “We are excited to invest behind this exceptional team and to use our resources to help them continue to deliver best-in-class supply chain management solutions to customers around the world.”

“Over the past eight years, we have enjoyed working with apex and its management team to build the leading technology and services solution to address the complex supply chain management needs of enterprise customers,” said Charles Grigg, Managing Partner of Carousel Capital. “We are excited that KKR is investing as apex’s new strategic partner which will allow the company to continue to accelerate the measurable value delivered to its customers. And we are thrilled that we will continue as an equity partner and be able to contribute to the future growth initiatives of this incredible business.”

KKR is making the investment through its North America Fund XIII. Carousel initially invested in apex in 2014 out of its fourth fund and in 2020 sponsored a recapitalization of the business through a single asset continuation fund and its fifth fund.

The transaction is expected to close in the second half of 2022, subject to regulatory approvals and other customary closing conditions. Financial terms of the transaction were not disclosed.

UBS Investment Bank and Kirkland & Ellis served as advisors to KKR. William Blair and KL Gates served as advisors to apex and Carousel.

About apexanalytix

apexanalytix revolutionized recovery audit with advanced analytics and the introduction of firststrike overpayment and fraud prevention software. Today, apex also leads the world in supplier management innovation with apexportal® and smartvm®, now the most widely used supplier onboarding and compliant master data management solution in global procure-to-pay processes. With over 250 clients in the Fortune 500 and Global 2000, apex provides companies and their suppliers with the ultimate supplier management experience.

About KKR

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

About Carousel Capital

Based in Charlotte, North Carolina, Carousel Capital is a private investment firm that invests in companies located in the Southeastern United States. Carousel’s investor base includes institutional investors and an elite group of more than 100 current and former CEOs with deep connections in the region. Since its inception in 1996, Carousel has invested in 48 companies primarily in three targeted growth sectors: business services; consumer services; and healthcare services.

Media
apex
Danny Thompson
(901) 786-2934
dthompson@apexanalytix.com

KKR
Julia Kosygina or Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

Carousel Capital
Ellen Maxey
704-372-2040
emaxey@carouselcapital.com

Source: KKR

Categories: News

Tags:

AnaCap-backed GTT acquires Meana Group’s electronic administrations business

No Comments
Anacap
  • Acquisition enables GTT to now offer all the tools and technological services demanded by the Public Sector
  • AnaCap’s significant investment, expertise in the sector and operational support has helped to support both organic and inorganic growth of GTT

AnaCap Financial Partners (“AnaCap”), a leading specialist mid-market private equity investor in technology enabled financial services, today announces that its portfolio company Gestión Tributaria Territorial, SA (“GTT”), a market leader for the provision of software services for tax administration has acquired the electronic administrations division of the Meana Group. Financial terms of the transaction were not disclosed.

GTT is the market leader in the design and development of software for tax administration in both local and regional public administrations across Spain. The company has presence in more than 4,500 municipalities and provinces throughout Spain and in Latin America. GTT provides clients with leading technology, organisation and management support solutions that are all tailored to their specific requirements.

The business line acquired has an advanced and innovative technology platform that enables electronic administration processes and services for a large number of municipalities and is among the leading companies offering this technology in the public sector.

Further to AnaCap’s acquisition of GTT in July 2020, (see more via: https://www.anacapfp.com/news/anacap-and-ged-agree-transaction-for-the-sale-and-acquisition-of-gtt,) strong activity was recorded in 2021 under the stewardship of AnaCap. This included 60 new and renewed contracts being finalised following AnaCap’s input of technology sector expertise and operational support.

GTT’s activity included further international expansion with an increased presence in the Dominican Republic, where it is now the main provider of tax services. GTT also signed its first international contract for a central government tax software service offering in Honduras.

This additional business line for GTT with the resulting transfer of the current customer base of Meana Group for the electronic administration activities referenced, consolidates a strong position, particularly within the market for middle and large-scale entities in its key geographies.

Nassim Cherchali, Private Equity Partner at AnaCap, commented:
“This acquisition has strengthened GTT’s business line capability and represents another important step in its ability to offer an extensive range of software services incorporating automation for tax administration across a vast number of markets.

GTT’s already highly impressive product offering and robust software platform was a significant catalyst for the pursuit of this investment initially for AnaCap and this development with the Meana Group gives GTT further electronic and technological competitive advantage for its Spanish, Latin American and global markets.”

Carlos Rico Alonso, Chief Executive Officer at GTT, concluded:
“I firmly believe this acquisition into a new and complementary business consolidates our position as market leaders in tax administration and solidifies our objective of digital transformation.

This new business line is going to have a major impact on the market, increasing our capability to generate value for all customers, employees and shareholders.”

 

Categories: News

73.53% of Accell Group Shares in Total Tendered under the Offer or Committed

KKR

This is a joint press release by Accell Group N.V. (“Accell Group“) and Sprint BidCo B.V. (the “Offeror“). The Offeror is an affiliate of the affiliated investment funds advised by Kohlberg Kravis Roberts & Co. LP or one of its affiliates (“KKR“). Teslin Alpine Acquisition B.V., a wholly-owned subsidiary of Teslin Participaties Coöperatief U.A. (“Teslin“) is together with the Offeror and KKR referred to as the “Consortium“. This joint press release is issued pursuant to the provisions of Section 4, Paragraphs 1 and 3 of the Netherlands Decree in Public Takeover Bids (Besluit openbare biedingen Wft) (the “Decree“) in connection with the recommended public offer by the Offeror for all the issued and outstanding ordinary shares in the capital of Accell Group. This press release does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities. The Offer has been made by means of the offer memorandum dated 6 April 2022 (the “Offer Memorandum“). This press release is not for release, publication or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction in which such release, publication or distribution would be unlawful. Capitalised terms not defined in this press release have the same meaning as given thereto in the Offer Memorandum.

 

Heerenveen, the Netherlands, 3 June 2022 – During the Acceptance Period, that expired at 17:40 hours (CEST) on 3 June 2022, 19,745,964 Shares were tendered under the Offer or committed to the Offeror in writing, representing approximately 73.53% of all Shares on a Fully Diluted basis and an aggregate value of approximately EUR 1,145 million at an Offer Price of EUR 58.00 (cum dividend) in cash per Share.

A condition for the Offeror to declare the Offer unconditional is reaching the Acceptance Threshold of at least 80% of the Shares on a Fully Diluted basis. Since this Acceptance Threshold was not met, the Offeror will consider its options and inform the market in due course in accordance with Section 16, Paragraph 1 of the Decree and Section 3.7 of the Offer Memorandum, no later than on 9 June 2022.

 

For More Information:

Media enquiries Accell Group

CFF Communications

Frank Jansen / Anja Höchle: + 31 6 21 54 23 69 / +31 6 31 97 33 75

frank.jansen@cffcommunications.nl / anja.hoechle@cffcommunications.nl

 

Media enquiries Consortium

Hendrik Jan Eijpe, HJE Consult

+31 622 031 978 / hje@hjeconsult.nl

                                                         

About Accell Group

We believe cycling moves the world forward. We design simple and smart solutions in order to create a fantastic cycling experience for everyone who uses our bikes. Accell Group makes bicycles, bicycle parts and accessories. We are the European market leader in e‐bikes and second largest in bicycle parts and accessories, with numerous leading European bicycle brands under one roof. These brands were built by pioneers for whom the best was not good enough. We still embody the entrepreneurial spirit of those family businesses to this day. We keep pushing ourselves to create high‐quality, high performance, cutting‐edge products driven by the continuous exchange of know‐how and craftsmanship. Well‐known bicycle brands in our portfolio include Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Raleigh, Sparta, Babboe and Carqon. XLC is our brand for bicycle parts and accessories. Accell Group employs approximately 3,500 people across 15 countries. For more information about Accell Group, please visit www.accell-group.com.

 

About KKR

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

 

About Teslin

Teslin is an investment fund managed by Teslin Capital Management. Teslin invests in promising small and midcaps. Based on fundamental analysis Teslin selects value creating companies active in attractive markets with a strong market position and a proper corporate governance structure. Teslin focuses on responsible value creation in the long term and acts as an active and involved shareholder. Teslin has been a long-term significant, active and committed shareholder of Accell Group since 1998 and is delighted to support Accell Group in accelerating and realizing its potential in the coming years. For more information, please visit: www.teslin.nl.

 

Disclaimer, General Restrictions and Forward-Looking Statements

This is a public announcement by Accell Group pursuant to Section 17, paragraph 1 of the European Market Abuse Regulation (596/2014/EU).

The information in this press release is not intended to be complete. This press release is for information purposes only and does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities.

The distribution of this press release may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, the Consortium, the Offeror and Accell Group disclaim any responsibility or liability for the violation of any such restrictions by any person. Any failure to comply with these restrictions may constitute a violation of the securities laws of that jurisdiction. Neither Accell Group, nor the Offeror, nor the Consortium, nor any of their respective advisors assumes any responsibility for any violation of any of these restrictions. Any Accell Group shareholder who is in any doubt as to his or her position should consult an appropriate professional advisor without delay.

Certain statements in this press release may be considered forward-looking statements such as statements relating to the impact of this Offer on the Offeror and Accell Group and language that indicates trends, such as “anticipated” and “expected”. These forward-looking statements speak only as of the date of this press release. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future, and Accell Group, the Consortium and the Offeror cannot guarantee the accuracy and completeness of forward- looking statements. A number of important factors, not all of which are known to Accell Group, the Consortium or the Offeror or are within their control, could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, receipt of competition clearances without unexpected delays or conditions, the response to the Offer in the market place, the ability to achieve the anticipated benefits from the Offer and economic conditions in the global markets in which Accell Group operates. Accell Group, the Consortium and the Offeror expressly disclaim any obligation or undertaking to publicly update or revise any forward looking statements, whether as a result of new information, a change in expectations or for any other reason. Neither Accell Group, nor the Offeror, nor the Consortium, nor any of their advisors, accepts any responsibility for any financial information contained in this press release relating to the business, results of operations or financial condition of the other or their respective groups.

Categories: News

Tags:

Latour acquires Barcol-Air

Latour logo
2022-06-03 09:00

Investment AB Latour has, through its wholly-owned subsidiary Swegon Group AB, acquired Barcol-Air, a leading supplier of radiant ceiling systems. The company was founded in 1979 and has 90 employees, with the head office in Schwerzenbach, Switzerland and production located in St. Leon-Rot, Germany. Net sales in 2021 amounted to EUR 37,2 million.

The acquisition of Barcol-Air means that Swegon continue to build on its already strong position within radiant ceilings, with the existing Zent-Frenger business. The acquisition makes it possible to go from being a strong player in Germany to taking the leading position in Europe in the growing market segment.

“We are delighted to welcome Barcol-Air into the Swegon Group. With its solid brand recognition in Switzerland, France, Germany and neighbouring markets, as well as an advanced production centre, modern indoor climate laboratory and a great team, Barcol-Air is a perfect addition to the group”, says Andreas Örje Wellstam, CEO at Swegon Group.

“Barcol-Air and Swegon share the same commitment to achieving comfortable, productive and healthy indoor environments, and with the backing of the Swegon Group we are in an excellent position to keep developing and growing”, says Felix Schneebeli, CEO of Barcol-Air.

As an effect of the acquisition the net debt of the Latour Group increases with almost SEK 0.2 billion.

Göteborg, 3 June, 2022

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Andreas Örje Wellstam, CEO Swegon +46 31 89 58 00
Rebecca Palm Ballesta, Corporate Development Swegon +46 31 89 58 00

Swegon Group is a market leading supplier in the field of indoor environment, offering solutions for ventilation, heating, cooling and climate optimization, as well as connected services and expert technical support. Swegon has subsidiaries in and distributors all over the world and 17 production plants in Europe, North America and India. The company employs more than 2 700 people and a turnover of about SEK 6 billion.

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of ten substantial holdings with a market value of about SEK 71 billion. The wholly-owned industrial operations has an annual turnover of SEK 19 billion.

Categories: News

Cinven enters into exclusive negotiations to acquire a majority stake in Euro Techno Com Group

Cinven

Partnership with founder and CEO to back an industry leader in its global expansion

International private equity firm, Cinven, today announces that it has entered into exclusive negotiations to acquire a majority stake in the Euro Techno Com Group (‘ETC Group’, ‘ETC’ or ‘the Group’), a one-stop shop specialised distributor for the telecom and technology infrastructure industry, from Carlyle. The Founder and CEO, Cédric Varasteh, would retain a significant stake. Financial details of the transaction are not disclosed.

Founded in 1993 by Cédric Varasteh, ETC Group is a global leader and partner in the design, procurement and distribution of materials, tooling and equipment used by telecom operators and their subcontractors to install, build and maintain wireline and wireless infrastructure and other digital infrastructure.

Headquartered in France, the Group’s c. 1,100 employees service the needs of ETC’s c. 14,000 customers primarily across Europe and the US.

Cinven’s Technology, Media and Telecom (‘TMT’) and Business Services Sector teams, working closely with Cinven’s French and North America Regional teams, identified ETC Group as an attractive investment given:

  • Structural market tailwinds, including the continued need for telecom infrastructure investment and network maintenance spend, driven by growing data consumption trends, cloud and edge computing and increased connectivity;
  • ETC’s leading position serving telecoms networking companies in a highly attractive and resilient market segment, underpinned by its strong reputation and customer advocacy given its differentiated proposition and value-added service offering;
  • ETC’s strong historical financial performance, which has been driven by a combination of organic growth in existing markets, international expansion, and add-on acquisitions. Today the Group generates more than €1 billion of revenues;
  • The highly fragmented markets in which ETC operates, which provide opportunities for the Group to continue to pursue M&A across a range of product segments and regions, including in Europe and the US, alongside further enhancing its organic growth trajectory; and
  • The strong entrepreneurial management team, led by ETC’s founder and CEO, Cédric Varasteh.

This transaction would build on Cinven’s strong and proven track record in the telecoms sector, including through its funds’ investments in Numéricable in France, Ziggo in the Netherlands, MásMóvil in Spain, Ufinet in Spain and Latin America, and Nitel in the US.  It would also build on Cinven’s strong Business Services and distribution expertise, including through its funds’ investments in Barentz and Alhsell. In addition to the significant stake that would be retained in the Group by ETC’s founder and CEO, the previous majority shareholder, Carlyle, would also re-invest in a minority stake, alongside Cinven.

Cédric Varasteh, Founder and CEO of ETC Group, commented:

“Our business has a leading position in an industry where the intersection of technological change and network resilience is driving significant opportunity. We have the ambition to create a global leader in our industry and through Cinven’s investment, we have a partner with significant experience in the telecom and distribution sectors and look forward to taking our business forward at pace.”

Thomas Railhac, Partner at Cinven, added:

“Telecoms infrastructure and maintenance investment continues to show strong growth characteristics based on the need for operators to invest in the latest technologies and network resilience in order to meet the needs of their customers. ETC Group is well positioned to create value from these trends through its one-stop shop specialist approach, its international footprint and its strong reputation. We are delighted to partner with Cédric Varasteh and his team and we look forward to supporting them on their growth ambition.”

David Giroflier, Senior Principal at Cinven, added:

“Cinven’s significant experience in telecoms and distribution combined with an interest in seeking highly resilient investment opportunities led us to ETC Group. We are delighted to be investing alongside an ambitious and driven management team that has real focus and can leverage Cinven’s capital and experience to drive value though organic growth and acquisitions. Once again, Cinven is delighted to be partnering with a founder, having also recently invested in MásMóvil, Drake Software, think-cell, True Potential and Nitel.”

Cinven is a responsible, ESG-focused investor, and committed to maintaining the environmental, regulatory and employee stakeholder responsibilities of ETC Group.

The transaction is subject to works council consultation and customary regulatory approvals.

Categories: News

Tags: