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Advent International Appoints Biopharma Executive James Mullen as Operating Partner

Advent International

Executive Chairman of Editas and former CEO of Patheon and Biogen to Bolster Advent’s Pharma Services Investment Platform Across Contract Manufacturing, Commercialization and Research

BOSTON, March 28, 2023 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced the appointment of seasoned biopharma executive James (“Jim”) Mullen as an Operating Partner. Mullen will play a key role in further building out Advent’s pharmaceutical and pharma services platform, working with the firm’s healthcare investment team and the management teams of its portfolio companies.

“Jim has been a renowned leader in the biopharma sector for over four decades,” said John Maldonado, Managing Partner at Advent. “His knowledge and expertise will enhance our ability to identify and partner with industry-leading pharmaceutical and pharma services companies across contract manufacturing, commercialization, and research that can create value for patients through cutting-edge technology. We look forward to collaborating with Jim to expand Advent’s portfolio in this compelling area of investment.”

Mullen is an industry veteran who brings more than 40 years of biopharma industry experience, including pharmaceutical and biotech manufacturing expertise. Mullen currently serves as the Executive Chairman of Editas Medicine, a leading genome editing company, where he previously served as the company’s President and CEO. While at Editas, Mullen has contributed to numerous innovative patient-focused technologies, and the U.S. Patent and Trademark Office (USPTO) provided protections to intellectual property concerning CRISPR/Cas9 and CRISPR/Cas12a which covers fundamental aspects of Editas Medicine’s gene editing.

Mullen served as the CEO and director of Patheon, a pharmaceutical and manufacturing organization serving the pharmaceutical and biotechnology sectors. Under Mullen’s leadership, Patheon grew dramatically by serving some of the largest biopharma customers and was acquired by Thermo Fischer for $7.2B in 2017. He was also previously the CEO of Biogen Inc., one of the world’s largest biotechnology companies specializing in the discovery and treatment of neurological diseases. Mullen earned an MBA from Villanova University and a Bachelor of Science in chemical engineering from Rensselaer Polytechnic Institute.

“Throughout my career, I’ve been dedicated to supporting the development of transformative therapies that improve the lives of patients,” said Mullen. “With the advancement of technologies in the pharmaceutical sector, there are numerous companies poised to make an impact with the right financial and operating support. Advent’s depth of investment and operating expertise across pharma services positions the firm to drive value with their companies and I’m excited to partner with the firm to pursue these meaningful opportunities.”

“Jim’s work at Editas and Thermo Fisher have put him at the forefront of the cell and gene therapy revolution,” said Carmine Petrone, Managing Director at Advent. “We are excited to partner with Jim as we continue to look for transformative companies that are enabling the development, manufacture and commercialization of these advanced therapies.”

ABOUT ADVENT INTERNATIONAL

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 405 private equity investments across 42 countries, and as of September 30, 2022, had $89 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 290 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

 

Media contacts

Zachary Tramonti / Anna Epstein
FGS Global
Tel: +1 212 687 8080
Adventinternational-US@fgsglobal.com

Categories: People

Vyaire Medical to Sell Consumables Business to SunMed

Apax

Vyaire Medical today announced an agreement for the sale of the Vyaire consumables business to SunMed, a leading North American manufacturer and distributor of consumable medical devices for anesthesia and respiratory care. The Vyaire consumables portfolio encompasses leading airway management and operative care technology, including well-known brands such as AirLife™ oxygen therapy, Vital Signs™ anesthesia circuits and SuperNO2VA™ nasal PAP ventilation. These established products offer a differentiated portfolio of products for patients.

0094 Vyaire Medical

“This divestiture allows Vyaire to focus on its industry-leading respiratory diagnostics and ventilation businesses and accelerate our strategic growth plans,” said Gaurav Agarwal, chief executive officer, Vyaire. “Uniting the industry-leading Vyaire consumables portfolio with SunMed’s compatible suite of products is a win-win for both companies, as well as customers and patients, and will enhance the potential for long-term growth of the combined consumables portfolio.”
“We are extremely pleased with this transaction, which will empower Vyaire to focus squarely on its specialty in respiratory diagnostics and ventilation moving forward, cementing its position as a market leader in this space,” said Steven Dyson, Partner at Apax. “We look forward to working with the Vyaire team on this exciting new chapter for the business.”

Upon completion of the transaction, the combined businesses will create a premier dedicated manufacturer of respiratory and anesthesia consumables. Together, these complementary product lines will enhance the overall product offering for SunMed’s customers and patients globally.

Terms of the agreement were not disclosed. Vyaire will continue to fully manage its consumables business and products until the transaction is finalized, with full support to customers, and will work to ensure continuity for partners and suppliers. The agreement is subject to antitrust regulatory clearance in the US. Pending such regulatory clearance and fulfillment of other conditions, Vyaire currently anticipates closing the transaction in the coming months.

Vyaire remains committed to its mission to empower the global respiratory community to enrich patients’ quality of breathing throughout their lives.

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AnaCap and Founders sell minority stake in MRH Trowe to TA Associates at 4.3x money multiple

Anacap
  • Annual growth of >50% since initial investment in 2020 through a combination of 21 bolt-on acquisitions and strong organic performance
  • New partnership with TA Associates will see the acceleration of MRHT’s impressive growth story, further establishing its position as one of the leading commercial lines insurance broker in the DACH region
  • Sale of stake comes 2.5 years after initial investment at a 4.3x money multiple

AnaCap Financial Partners (“AnaCap”), a market-leading partner for founders and entrepreneurial management teams, across software, technology and services companies operating within the European financial ecosystem, today announces the sale of a minority stake in portfolio company MRH Trowe (“MRHT” or “the Group”), one of the largest owner-managed commercial lines insurance brokers in Germany.

AnaCap and MRHT’s founding managers have signed an agreement to sell a minority stake in the Group to TA Associates. The founding managers will remain the largest shareholder group post transaction and will be backed by both AnaCap and TA Associates moving forward. Closing of the transaction is subject to EU antitrust approval.

This transaction, which marks the fourth exit from AnaCap’s third fund, generates a 4.3x money multiple and follows shortly after the 4x exit of Oona Health to Topdanmark earlier this month.

MRHT is one of the ten largest German industrial insurance brokers, with more than 1,100 employees and €650 million of premium volume, offering comprehensive expertise in practically all insurance lines for industrial and commercial clients, financial institutions as well as high-net-worth individuals. The owner-managed company has a holistic advisory offering, specialised teams of experts and a high degree of digitalisation at the interfaces of clients, brokers and insurers.

The sale comes 2.5 years after AnaCap’s initial investment, during which time MRHT have completed 21 bolt-on acquisitions, complementing existing product propositions, client coverage and geographical footprint. During this time, MRHT has also demonstrated a strong double-digit organic growth rate.

The new growth partnership with TA Associates will further accelerate MRHT’s growth trajectory and cement its position as a leading insurance broker in the DACH region. The Group is now on track to deliver more than €150 million of revenue in 2023.

 

This transaction follows the recent completion of a debt refinancing for MRHT, led by Macquarie Capital Private Credit and existing lending partner Bain Capital Credit. This extended partnership will further optimise MRHT’s capital structure and provide the funding necessary to deliver on the next chapter of the company’s growth.

Ralph Rockel, Co-Founder and Chief Executive Officer at MRH Trowe, commented:

“Our partnership with AnaCap has already been one of significant support in the development of our business and brand. With the additional expertise of our new growth partner TA Associates and improved capital structure, we will be able to reach a new level of potential, both across DACH and internationally. This is an exciting time for both MRHT customers and employees.”

Tassilo Arnhold, Co-Managing Partner at AnaCap, added:

“To date, it has been an absolute privilege to work in partnership with the founders of MRHT and we are thrilled to continue this exciting journey together going forward. The investment in MRH Trowe is one of our most successful investments and we are now delighted to welcome an experienced investor like TA Associates to this successful partnership. Our core focus remains to back strong entrepreneurs in the financial services sector and the MRH Trowe founder management team with its vision to pursue an integrated buy-and-build model, holistic client servicing approach and strong value-based leadership culture continues to excite us tremendously.”

Arnhold continued:

“This transaction not only gives AnaCap and its investor base a very impressive return of a 4.3x money multiple but it also allows for significant further growth of the business. We see the DACH brokerage landscape continuing to undergo rapid consolidation and look forward to supporting MRHT together with TA Associates in the next phase of growth for the business.”

Chris Parkin, Managing Director and Co-Head of Financial Services at TA Associates, concluded:

“We believe MRH Trowe is uniquely positioned to consolidate its large and highly fragmented market. We have followed the company for many years and are truly impressed by the work that the Founders and broader team have accomplished. The combination of its holistic client approach, organic growth and best-in-class integration enables MRH Trowe to deliver superior client service while also enjoying sustained growth. We are excited to join AnaCap on this journey in support of the management team.”

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Alantra reorganizes its Investment Banking division to accelerate global growth ambitions

Alantra
  • The Firm announces the appointment of Miguel Hernandez as CEO of Investment Banking, based in London, and of Andy Currie and Franck Portais as Co-Chairmen
  • In Germany, Jan Caspar Hoffmann has joined the Firm as CEO and Managing Partner of Alantra Germany to develop Alantra’s Frankfurt office into one of the Firm’s key international hubs, next to London, Paris, and Madrid
  • The Firm has also promoted Philipp Krohn to CEO of Alantra in the US, based in New York and Boston, and Javier García-Palencia to CEO of Alantra Investment Banking in Spain
  • These appointments are part of a series of organizational changes aimed at fostering stronger integration and offering further value-accretive specialized services within Alantra’s Investment Banking division

London – Alantra, the independent global mid-market financial services firm, is pleased to announce the appointment of Miguel Hernandez as CEO and Andy Currie and Franck Portais as Co-Chairmen of the investment banking division, among other leadership appointments across the business. These changes aim to foster stronger collaboration and offer additional and value-accretive specialized services globally with cross-functional teams, focused, among others, on Advanced Analytics & AI and the Energy Transition. This is a natural extension of Alantra’s traditional offering and symbolic of the next phase of the Firm’s evolution.

Miguel Hernández, who has been with Alantra for over 20 years, has been appointed CEO of the Firm’s Investment Banking business and will be based in London. He has an extensive track record in cross-border and Spanish M&A deals, both on the sell- and buy-side, especially in real estate, and also in the industrial and consumer sectors. In addition to his managerial responsibilities, Miguel will coordinate the coverage of large multifunds and support business generation in Spain during a transition period.

Andy Currie and Franck Portais have been appointed Co-Chairmen based in London and Paris, respectively. They have led the development of Alantra’s London and Paris offices into two of Alantra’s principal hubs. Andy led the integration of Catalyst Corporate Finance with Alantra in 2017 and focuses on the professional services and industrials sectors, as well as advising private equity, bank consortia, and other complex shareholder structures. Franck leads the Paris office and has over 20 years of experience in corporate finance, having advised entrepreneurs, families, corporate and private equity funds in France and Europe.

In Germany, Jan Caspar Hoffmann has joined Alantra as the new CEO and Managing Partner of Alantra Germany. He has 25 years of investment banking experience, having worked in leading positions across bulge bracket banks and global independent firms in Frankfurt and London (Merrill Lynch, Société Générale, Moelis & Company). Jan Caspar has also been active as an investor and advisor to predominantly technology firms regarding disposal processes and strategic partnerships.

Philipp Krohn has been promoted to CEO of Alantra USA, having been with the Firm since 2010. His last role was Partner and Head of Corporate Development. Philipp will be based in Boston and New York and lead the expansion of Alantra’s US operations from there. Javier García-Palencia has been promoted to CEO of Alantra Investment Banking Spain. He has been with Alantra since 2015 and used to be Head of Debt. Javier has over 18 years of Corporate & Investment Banking experience in New York, London, Lisbon, and Madrid. Miguel Hernández, Andy Currie, and Franck Portais said: “With the series of appointments, we have laid the ground for a new chapter of growth focused on meeting the demands of sector specialization, the digital age, and the energy transition. In the coming weeks, we will be announcing the addition of further highly reputable professionals who will bring expertise in key sectors to our Firm. We want to grow across sectors and products and continue to position ourselves in transversal themes affecting mid-sized businesses across industries. We now have a strong team across our key international hubs to deliver on these growth opportunities.”

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KKR and Gaw Capital Acquire Hyatt Regency Tokyo

KKR

Press Release

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KKR and Gaw Capital Acquire Hyatt Regency Tokyo

March 27, 2023

Transaction marks KKR’s first hotel investment in Japan

Builds on KKR’s strong momentum in Japan’s real estate sector

TOKYO–(BUSINESS WIRE)– KKR, a leading global investment firm, and Gaw Capital Partners (“Gaw Capital”), a leading real estate private equity firm, today announced the signing of definitive agreements under which funds managed by KKR and Gaw Capital will acquire Hyatt Regency Tokyo (or “the Hotel”), an iconic luxury hotel located at the heart of Tokyo, from Odakyu Electric Railway Company.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230323005830/en/

Built in 1980, the Hyatt Regency Tokyo is a 746-room luxury hotel located in Shinjuku, one of Tokyo’s busiest business and retail districts, and adjacent to the Tokyo Metropolitan Government headquarters. The hotel sits in a prime location, among large-scale Class A office buildings and in close proximity to public transportation networks including Tochōmae and Shinjuku Stations.

Kensuke Kudo, Director, Real Estate, at KKR, said, “This investment is a rare opportunity to acquire an iconic hotel in one of the most energetic districts in the world. As Japan emerges strongly from the pandemic as a leading travel destination, and domestic and international business travel bounce back, we see great potential to refurbish and to enhance the Hotel’s offerings to both corporate and leisure guests while retaining its unique heritage. We are pleased to welcome Gaw Capital, with their hospitality expertise, as strategic partners here, which will enable us to tap into our collective strengths for the Hotel’s transformation.”

Isabella Lo, Managing Director, Principal – Investments and Head of Japan at Gaw Capital Partners, added, “We are delighted to collaborate with KKR in a rare opportunity to acquire the iconic full-service Hyatt Regency Tokyo in prime Shinjuku. With a full renovation of the hotel rooms and the public areas, the Hotel will enjoy the upside from the jump in the number of inbound travelers from overseas and its advantageous location in a global commercial hub.”

KKR is making its investment from Asia Real Estate Partners. This transaction marks KKR’s latest investment in Japan and the real estate sector in Asia Pacific. This builds on KKR’s continued activity and momentum in Japan’s real estate sector across different real estate investment strategies, including KJR Management (formerly Mitsubishi Corp.-UBS Realty Inc.), a leading Japanese real estate manager that oversees two Japanese REITS, a portfolio of multifamily properties in Tokyo, and office assets across Japan. Globally, KKR’s real estate team manages approximately US$65 billion in assets as of December 31, 2022.

Gaw Capital Partners entered the Japan market in 2014 through its first investment in Hyatt Regency Osaka and successfully exited as the second largest hotel deal in Osaka in 2016. Gaw Capital is currently managing properties of various asset class in Japan, including a logistics portfolio with seven fully-let assets across Greater Tokyo, Japan, a portfolio of multi-family residential assets in city center locations primarily in Tokyo and other major cities in Japan, a property in Fuchu Intelligent Park for redevelopment into a Tier III Data Center. In early 2022, Gaw Capital has also completed the US$3 billion privatization of Office J-REIT. As of Q3 2022, Gaw Capital commanded assets of US$33.6 billion under management globally.

The transaction is expected to be completed by Q2 2023, subject to regulatory approvals and closing conditions. Further details of the investment have not been disclosed.

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 Gaw Capital Partners

Gaw Capital Partners is a uniquely positioned private equity fund management company focusing on real estate markets in Asia Pacific and other high barrier-to-entry markets globally. Specializing in adding strategic value to under-utilized real estate through redesign and repositioning, Gaw Capital runs an integrated business model with its own in-house asset management operating platforms in commercial, hospitality, property development, logistics, IDC and education. The firm’s investments span the entire spectrum of real estate sectors, including residential development, offices, retail malls, serviced apartments, hotels, logistics warehouses and IDC projects.

Gaw Capital has raised seven commingled funds targeting the Greater China and APAC regions since 2005. The firm also manages value-add/opportunistic funds in the US, a Pan-Asia Hospitality Fund, a European Hospitality Fund and a Growth Equity Fund, and it also provides services for credit investments and separate account direct investments globally. Since 2005, Gaw Capital has commanded assets of US$33.6 billion under management as of Q3 2022.

Media

For KKR:
KKR Asia Pacific
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

FGS Global (for KKR Japan)
Samuel Brustad
+81 70 3853 3284
Samuel.Brustad@fgsglobal.com

For Gaw Capital:
Gaw Capital
Camille Lam
+852 2583 7717/ +852 9884 9198
camillelam@gawcapital.com

Citigate Dewe Rogerson (for Gaw Capital Japan)
Yas Fukuda
+81(0)3 4360 9241
gawcapital_japanpr@citigatedewerogerson.com

Source: KKR

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EQT Growth invests EUR 100 million in IntegrityNext, a sustainability software platform dedicated to making supply chains more transparent and compliant

eqt
  • Munich-based IntegrityNext empowers businesses to meet regulatory ESG requirements, manage ESG risks and improve supply chain sustainability.
  • The Company operates in a rapidly growing market that will likely benefit from the introduction of several major regulatory frameworks around climate protection and human rights, as ESG compliance and risk assessment becomes a “license to operate” issue
  • Its cloud-based software platform is used by more than 200 customers, including Siemens Gamesa, Infineon, SwissRe, Kion and Hilti. To date, the company monitors almost 1 million suppliers in more than 190 countries
  • EQT Growth will support the Company as its first institutional investor, leveraging its experience of investing throughout the tech value-chain, global network of sustainability and technology advisors, and in-house teams of digitization and sustainability experts

The EQT Growth fund (“EQT Growth”) has today announced a EUR 100 million investment in IntegrityNext (“the Company”), a sustainability software platform dedicated to enabling supply chain transparency and regulatory compliance. Co-founders Martin Berr-Sorokin (CEO), Simon Jaehnig (CRO) and Nick Heine (COO), who have grown the business whilst bootstrapped to date, will continue to lead the Company.

Founded in 2016 and headquartered in Munich, Germany, IntegrityNext has grown to serve more than 200 customers and monitoring almost one million suppliers, making it one of the leading environmental, social and governance (“ESG”) Certification software solutions in Europe. Its cloud-based platform enables enterprises – such as Siemens Gamesa, Infineon, SwissRe, Kion and Hilti – to assess risk and monitor a large portion of their supply chain for ESG metrics and compliance, allowing them to meet stakeholder demands and regulatory requirements. IntegrityNext has also partnered and integrated with leading enterprise software tools, including Celonis, Coupa and SAP, allowing it to offer supply chain assessments across numerous major industries.

The penetrated market in Europe for sustainability supply chain software solutions is expected to see strong growth over the next years. According to market estimates, the penetrated market is growing by more than 50 percent annually1 with an expected market volume of around EUR two billion in the medium term1,2. This development is driven by the introduction of several major regulatory frameworks across Europe. Most notably, these include the German Supply Chain Due Diligence Act (“LkSG”), the EU’s Green Deal and Corporate Sustainability Reporting Directive (“CSRD”). At the same, increasing stakeholder pressure is also expected to drive market expansion, as ESG compliance and risk assessment becomes a “license to operate” issue for companies worldwide.

EQT Growth will partner with IntegrityNext on the next phase of its growth journey as it looks to further cement its leading position within Germany, while expanding its core product to serve upcoming European regulations. EQT Growth will bring its experience of investing throughout the tech value-chain, supported by EQT’s dedicated in-house teams of digital and sustainability experts and network of 600 advisors. Together, EQT Growth and IntegrityNext will further invest in the tech platform to support the acceleration of the product offering, and position it for long-term success.

Martin Berr-Sorokin, CEO and co-founder of IntegrityNext, said: “The critical importance of ESG is not a new concept to modern businesses. However, as a raft of regulatory frameworks – like Germany’s LkSG or the EU’s CSRD – begin to take effect, supply chain transparency and sustainability is evolving from a nice-to-have to a must-have. As more clients entrust us and we embark on our next stage of growth, we’re excited to be partnering with an experienced and hands-on investor with European roots and global scale like EQT Growth.”

Dominik Stein, Partner in the EQT Growth Investment advisory team who will join IntegrityNext’s Advisory Board, said: “IntegrityNext’s technology provides a streamlined and automated way for customers to easily monitor and certify their supply chain for ESG risks. Their cutting-edge product and large footprint in their home market of Germany positions them well to expand across Europe, as they have already built a significant proprietary supplier database. We look forward to working with Martin and the entire IntegrityNext team as they accelerate on their journey to making supply chains more transparent.”

 

Notes to Editors
1Source: EQT Growth, Internal Market Sizing
2Source: PWC Market-Report

Contact
Finn McLaughlan, +44 77 1534 1608, finn.mclaughlan@eqtpartners.com
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334
About EQT Growth

EQT Growth supports leading growth-stage technology companies as they take the next step to scale. The strategy seeks to invest around EUR 50 million to EUR 200 million, backing strong management teams of companies supported by secular macro trends primarily within four tech sub-sectors: enterprise, con/prosumer, health, and climate. Based in five countries across Europe, the EQT Growth team has extensive investing and operating experience that allows it to support its portfolio companies however called upon.

EQT Growth is an investment strategy of EQT, a purpose-driven global investment organization with EUR 113 billion in assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

 

About IntegrityNext – Boost Supply Chain Sustainability

IntegrityNext is a leading solution for supply chain sustainability management that empowers companies to improve supply chain sustainability and meet regulatory ESG requirements. The cloud-based platform enables companies to quickly and cost-effectively check their supplier base against sustainability-related regulations (e.g. the German Supply Chain Act), standards (e.g. international human and labour rights), and voluntary commitments (e.g. supply chain decarbonization/Net Zero). IntegrityNext helps its clients identify and manage ESG risks along the value chain, reducing reputational and financial risks and improving sustainability performance.

More info: www.integritynext.com

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1X Raises $23.5M in Series A2 Funding led by OpenAI

Alliance Venture

Humanoid robotics company 1X Technologies announces Series A2 fundraise led by OpenAI to pursue producing androids at commercial scale.

NORWAY, March 23rd, 2023. 1X, previously named Halodi Robotics, a manufacturer and inventor of androids, announced today the successful close of its Series A2 funding round, raising $23.5 million. This round was led by the OpenAI Startup Fund, with participation from Tiger Global and a consortium of Norway-based investors, including Sandwater, Alliance Ventures, and Skagerak Capital.

“1X is at the forefront of augmenting labor through the use of safe, advanced technologies in robotics,” said Brad Lightcap, OpenAI’s COO and manager of the OpenAI Startup Fund. “The OpenAI Startup Fund believes in the approach and impact that 1X can have on the future of work.”

Tiger Global partner Griffin Schroeder also expressed enthusiasm for 1X’s mission: “We believe 1X’s androids are revolutionizing the field of robotics and are excited to be investing alongside OpenAI to support their continued growth.”

1X Technologies partnering with OpenAI to increase the efforts of building its upcoming bipedal android model NEO

The company intends to use the funds to increase the efforts of building its upcoming bipedal android model NEO, as well as scale manufacturing of its first commercially available android EVE in Norway and North America.

“1X is thrilled to have OpenAI lead this round because we’re aligned in our missions: thoughtfully integrating emerging technology into people’s daily lives. With the support of our investors, we will continue to make significant strides in the field of robotics and augment the global labor market,” says Bernt Øyvind Børnich, CEO and founder of 1X Technologies.

Børnich highlights the necessity of having androids deployed in the real world.

“Deploying our wheeled android EVE at an unprecedented commercial scale gives us a unique understanding of the challenges and opportunities the robotics community has yet to address. If androids are going to work in our world, they need to experience our world.”

Torkel Engeness, Partner, Sandwater

Torkel Engeness, partner at Sandwater, sees tremendous value in 1X’s vision and next-generation model.

“We are excited to support 1X as they launch their bipedal android NEO, while scaling their first-generation android EVE in Norway and North America. 1X is providing value now, and the potential for their androids looks limitless.”

Arne Tonning, Partner, Alliance Venture
“Demographic changes will cause a labor shortage, and androids could help fill the gap. Goldman Sachs predicts a 150 BUSD market potential in 2035. Solving the right use cases is key to success, and we believe 1X Technologies is constructing a winning alliance.”

Espen Kjellsen, Partner, Skagerak Capital

“1X now deploys Androids in North America before entering the global market while maintaining a “safety first” mindset, making product design and development even more challenging. It is exciting for Skagerak to support 1X with their disruptive technology now that they enter this ambitious commercialization phase.”

About 1X

1X is an engineering and robotics company producing androids capable of human-like movements and behaviors. The company was founded in 2014 and is headquartered in Norway, with over 60 employees globally. 1X’s mission is to create robots with practical, real-world applications to augment labor globally.

For more information about 1X, visit www.1x.tech.

PR Contact
Hege Nikolaisen
hege@1x.tech

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Appriss Retail appoints Michael Osborne as Chief Executive Officer

Clearlake

Osborne brings a data and analytics-driven approach to drive continued growth worldwide

 

IRVINE, CA – March 23, 2023 – Appriss Retail, a leading provider of data and analytics solutions designed to reduce retail losses, decrease returns, and provide a more seamless consumer experience, today announced the appointment of Michael Osborne as Chief Executive Officer (CEO). Interim CEO and Board Member Krish Sastry will continue to serve on the Board of Directors and support Osborne in shaping the strategic direction and future of the business. Appriss Retail is a portfolio company of Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) and Insight Partners.

Today, omnichannel retailers are grappling with the unique and significant challenges of understanding consumer behavior across channels and finding ways to effectively engage their shoppers. At the same time, the cost and complexity of identifying and mitigating nearly $100 billion in losses from shrinkage, including return fraud, is top-of-mind for senior retail executives. Osborne is uniquely prepared to help omnichannel retailers around the world combat this issue.

 

“We are excited to partner with Michael and continue to support the talented Appriss Retail team,” said James Pade, Partner and Managing Director at Clearlake. “Michael is a proven leader, and the combination of his experience shaping cross-channel consumer experiences for major retailers and his passion for leveraging analytics will empower Appriss Retail to further help omnichannel retailers create seamless online and offline experiences for their shoppers.”

 

“Omnichannel retailers are tasked with striking a constant balance between attracting and retaining profitable customers, while using data and analytics to identify and reduce fraud and abuse,” said Krish Sastry, Managing Director at Insight Partners. “Michael’s track record of applying sophisticated analytics to shape consumer experiences for omnichannel retailers of all sizes will be invaluable as Appriss Retail strengthens its commitment to loss prevention, while finding innovative ways to maximize profit for customers.”

 

Osborne has spent over two decades in the technology, data, and analytics industries, with proven success in developing and executing high-impact growth strategies. Most recently, Osborne served as President of Wunderkind, a leading performance marketing technology company. He joined Wunderkind after its acquisition of SmarterHQ, an analytics company that creates powerful cross-channel consumer experiences, where he served as CEO. Prior to leading SmarterHQ, Osborne served as Chief Revenue Officer at Bazaarvoice, where he played an integral role in the company’s rapid growth to a $150+ million recurring revenue business at IPO.

“Appriss Retail’s success to date has been outstanding,” said Osborne. “I am thrilled to lead the amazing team that has delivered high-ROI solutions for nearly 20 years. I look forward to partnering with our customers to find new ways to help them understand their consumers better and sustain profitable ways of doing business.”

To learn more about Appriss Retail’s successes and ongoing growth, visit www.apprissretail.com.

About Appriss Retail

Appriss Retail provides AI-driven analytics and real-time, integrated recommendations focused on identifying and mitigating theft, fraud and abuse, while shaping positive experiences for profitable consumers. Used by more than 60 of the Top 100 omnichannel retailers, the company’s SaaS solutions improve retail profitability by reducing fraud and abuse, minimizing ecommerce claims and appeasements, and preventing losses caused by employee theft and turnover. For more information about Appriss Retail, visit www.apprissretail.com.

 

About Clearlake

Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with experienced management teams by providing patient, long term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are technology, industrials, and consumer. Clearlake currently has over $70 billion of assets under management, and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK and Dublin, Ireland. More information is available at www.clearlake.com and on Twitter @Clearlake.

 

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 December 31, 2022, the firm has over $75B in regulatory assets under management. Insight Partners has invested in more than 750 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with right-sized, right-time practical, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.

 

Media Contacts
For Appriss Retail:

Jenna Jordan

Ketner Group Communications

jenna@ketnergroup.com

 

For Clearlake:

Jennifer Hurson

Lambert

jhurson@lambert.com

Categories: People

Two is bringing a consumer-like experience to B2B payments

Alliance Venture

When individuals make purchases online, they place items in the digital shopping cart and use a credit or debit card to complete the transaction instantly. Businesses operate differently, typically looking to pay later at some agreed upon time frame between one week and 90 days. Most of these types of net transactions continue to be handled manually via paper invoices.

Two, an Oslo, Norway startup, wants to change that by bringing the world of net payments online and helping speed up transactions by making them digital. Today, the company announced an €18 million investment (approximately $19 million).

Two co-founder Andreas Mjelde says his company is taking a process that is largely paper-driven and offline and essentially transforming it into a purchase process that’s faster than a consumer using a card to make a purchase online.

“Effectively if you input our solution, you can now offer your business buyers or customers the ability to check out and complete a purchase in about 30 seconds. And in that 30 seconds, you onboard them as an official customer yourself through Two. We underwrite and take care of both the credit and fraud risk, verify that the user is actually who they say they are and allow the buyer to complete the transaction [instantly],” Mjelde told TechCrunch.

Small business owners can buy a no-code solution, while larger ones can use an API-driven approach that links to their other systems. “Small businesses can get started with no code. There’s an out-of-the-box solution to start creating their orders and accepting payments through our system. Medium and large-sized businesses typically will integrate with our API. Our API is built to serve the merchant or seller’s normal order flow,” he said.

Mjelde recognized the need for such a product when he previously ran an e-commerce business, and ran into issues getting paid by businesses, which typically had larger transactions than individuals, but the net terms process was hard to navigate and required a ton of paperwork. That friction and complexity often resulted in lost sales.

He started Two in 2020 to build a solution to make it easier for online businesses to deal with these types of payments. He launched the product in the second quarter of 2021, and reports growing 243% quarterly since. Today, the company has 70 employees. Mjelde says that being a remote company with employees across the world has helped him to build diversity into his employee base.

Today’s €18 million round was led by Shine Capital and Antler, with participation from Sequoia Capital, Day One Ventures, Alumni Ventures, LocalGlobe, The Visionaries Club, Alliance VC and other unnamed investors. The latest investment brings the total raised by the company to €28 million (approximately $30 million).

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KKR Names Paula Campbell Roberts Chief Investment Strategist for Private Wealth

KKR

New role deepens KKR’s commitment to collaborating with private wealth firms and financial advisors and expanding individual investors’ access to its alternative investment strategies

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the appointment of Paula Campbell Roberts as Chief Investment Strategist for Private Wealth. In this newly created role, Ms. Roberts will work closely with KKR’s Global Macro, Balance Sheet and Risk team to deliver actionable investment insights to KKR’s private wealth partners, which include wirehouses, private banks, independent/regional broker-dealers, registered investment advisors (RIAs) and fintech platforms.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230322005102/en/

Paula Campbell Roberts. (Photo: Business Wire)Paula Campbell Roberts. (Photo: Business Wire)

“Investors are rethinking the traditional 60/40 portfolio construction model and are increasingly looking towards alternative investments as a source of uncorrelated returns. Given our nearly five decades of experience investing in alternatives, we believe we are well positioned to help individuals meet their retirement needs,” said Todd Builione, Global Head of Private Wealth at KKR. “Paula’s appointment underscores our commitment to building a market-leading wealth business that brings the best of KKR’s insights and alternative investment strategies to this important and growing segment.”

“Having worked closely with Paula for the past seven years, I am confident that her breadth of experience across macroeconomics, deal related work, and asset allocation will make her a trusted resource to financial advisors and our private wealth investors,” said Henry McVey, CIO of KKR’s Balance Sheet and Head of Global Macro and Asset Allocation (GMAA).

KKR manages nearly $70 billion in private wealth assets (as of December 31, 2022) through relationships with private wealth firms and a large network of Financial Advisors and RIAs. Currently, individual investors can access KKR’s real estate and credit investments through its continuously offered registered funds, KKR Real Estate Select Trust (KREST) and KKR Credit Opportunities Portfolio (KCOP). Beyond real estate and credit, KKR has previously stated that the firm intends to have ways for individuals to access its investments in private equity and infrastructure in 2023. KKR expects private wealth assets to account for 30-50% of its annual fundraising over the next several years.

“I am thrilled to work with Todd, Henry and the private wealth team to deepen our relationships with private wealth firms and Financial Advisors by providing differentiated and trusted insights that help them navigate and thoughtfully incorporate alternative investments into their portfolios,” said Ms. Roberts.

Ms. Roberts was most recently Managing Director and Global Head of Consumer and Real Estate Macro and Thematic Investing (CREM). In this role, Ms. Roberts helped drive thematic investing efforts across KKR’s global real estate, consumer private equity and credit businesses. Prior to joining KKR in 2017, she was an executive director at Morgan Stanley, where she managed coverage of the U.S. consumer sector. Ms. Roberts is a member of the Federal Reserve Bank of New York’s Economic Advisory Panel. She also serves on the board of the American Friends of Jamaica and is a Lincoln Center Leadership Fellow.

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.

Media:
Julia Kosygina
212-750-8300
media@kkr.com

Source: KKR

Categories: People