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Ardian acquires 13,200 sqm office building in Méndez Álvaro, Madrid, Spain

Ardian

The building is located in one of Madrid’s highest growth potential area in the office sector. It has approx. 13,200 m² distributed across 15 floors, in addition to 225 parking spaces.

The deal represents Ardian Real Estate’s second acquisition in Spain, and fits perfectly with the Group’s strategic focus: the purchase of well-located buildings with strong potential for repositioning through active management.

Ardian, one of the world’s leading private equity firms, has closed its second real estate investment in Spain, with the purchase of an office building in Madrid’s Méndez Álvaro area from BNP Paribas Group. Méndez Álvaro is a consolidated residential, commercial and office area within the M-30, with excellent connections to the airport, Atocha and Méndez Álvaro stations. It is also home to the headquarters of several multinationals in Spain, including Amazon, Repsol, Mahou and JustEat. The parties have agreed not to disclose the financial details of the transaction.

The building, built in 1993, has a surface area of approximately 13,200 m², distributed over 15 floors, and 225 parking spaces.
Ardian’s local team will work on a comprehensive asset refurbishment programme with the aim of repositioning it into a building that meets the highest international standards of comfort, wellbeing, sustainability and efficiency, meeting the needs and demands of current and future tenants.

The acquisition of this building is in line with Ardian Real Estate’s strategy, based on value creation through active asset management, with the aim of improving facilities, asset performance and, ultimately, developing their full potential.
The transaction, Ardian Real Estate’s second in Spain, follows the one announced last July, when the firm acquired a 10,000 m² building located near AZCA, Madrid’s historic financial centre.

“The acquisition of this building reinforces our commitment to Spain. It represents a unique opportunity to acquire a highly visible asset within the M-30, in a location with strong fundamental and potential, and with the opportunity to actively reposition the property into a building of the future. Edmund Eggins, Head of Spain for Ardian Real Estate

“The Ardian Real Estate team in Spain has been working these last months analyzing many opportunities, and today we can say that we have closed a great deal together with BNP Paribas. For us, Spain, and in particular Madrid and Barcelona, continues to be a very interesting market, and we expect to continue to grow our portfolio in the coming months.” Rodolfo Petrosino, Head of Southern Europe for Ardian Real Estate

BNP Paribas Real Estate is the entity responsible for the BNP Paribas Group’s real estate assets in Spain. The group planned this transaction following the relocation of three of its business lines to a 13,700 m² building in Madrid Rio. Borja Ortega, CEO of BNP Paribas Real Estate, said: “This transaction demonstrates the interest that the Madrid office market continues to generate for major national and international players. The structuring of the transaction through an orderly process has allowed us to successfully complete the process on schedule”.

Ardian Real Estate currently has a team of 34 professionals and a portfolio of over 2 billion and more than 300,000 sqm in Paris, Milan, Rome, Frankfurt, Munich, Berlin and now Madrid. With its first fund, the team completed the largest real estate fundraising in history, with more than €700 million raised. This confirmed continued investor support for Ardian and a direct reflection of the attractiveness of the asset class.

PARTIES TO THE TRANSACTION

  • Ardian

    • Advisors : EY Abogados and Savills Aguirre Newman

  • BNP Paribas

    • Advisors: BNP Paribas Real Estate, Pérez Llorca and Gleeds

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$120 billion managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base. Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world. Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 780 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,200 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

www.ardian.com

Media Contacts

ARDIAN – Headland

ardian@headlandconsultancy.com Tel.: +44 7818 594991

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AE Industrial’s Cross-Fire & Security Acquires NISCO, a Provider of Fire Alarm and Life Safety Solutions Across the Northeastern United States

Ae Industrial Partners

AE Industrial’s Cross-Fire & Security Acquires NISCO, a Provider of Fire Alarm and Life Safety Solutions Across the Northeastern United States

AE Industrial Completes Second Add-on to its Fire and Life Safety Services Platform

Brooklyn, NY, December 2, 2021 – Cross-Fire & Security Co., Inc., (“Cross-Fire”), a full-service life safety company specializing in the design, engineering, installation, maintenance, monitoring and servicing of state-of-the-art fire and life safety systems, announced today it has acquired NISCO, Inc. which is comprised of Northeast Integrated Systems and Northeast Fire Systems, Inc (collectively “NISCO” or “the Company”), a provider of fire alarm and life safety solutions across the Northeastern United States. Terms of the transaction were not disclosed.

NISCO marks the second add-on acquisition completed by Cross-Fire, a fire and life safety services platform established by AE Industrial Partners. Cross-Fire announced the addition of Alarm & Suppression, Inc. (“A&S”) on November 30, 2021, and is actively seeking additional acquisitions to expand its capabilities and geographic footprint.

Founded in 1982 by James Yantosca, Sr. and Sheryl Yantosca, NISCO has grown to become a leader in critical fire alarm and life safety solutions for commercial customers in Massachusetts and New Hampshire, serving the education, commercial, office, healthcare and pharmaceutical end markets. Through Northeast Integrated Systems, the Company provides project management and on-site support services to engineers, contractors, and end-user project managers. Among the services provided by Northeast Fire Systems are fire alarm detection system installation, testing, maintenance and upgrades; sprinkler system testing and maintenance; life safety testing, integration and consulting; and central station monitoring services. With offices in Malden and Worcester, MA, NISCO is a Premier authorized engineered systems distributor of Honeywell’s Notifier products and was previously named a Notifier U.S. Distributor of the Year. NISCO will continue to be led by its President James Yantosca, Jr.

“We are fortunate to have identified another strong player in fire and life safety services that creates significant scale for Cross-Fire in the Northeast,” said Peter Schumacher, Partner at AEI. “NISCO has an outstanding reputation for customer service, which is supported by one of the most knowledgeable technical teams in the industry. We’re confident that the addition of NISCO to Cross-Fire will benefit both customers and employees alike.”

Cross-Fire has partnered with key industry executives on this platform investment, including Kelly Romano, Chair of the Board, and Ed Cettina, Board Member. Ms. Romano, an AEI Operating Partner, has deep sector experience in fire & security and commercial building industries, including over 30 years in executive roles at United Technologies Corporation (UTC). Mr. Cettina most recently was the Global COO of the Construction Management business of AECOM, and previously worked for 24 years in senior roles at Tishman Construction.

“We have known the Yantosca family for more than 20 years and we’re excited to finally work together to deliver the best solutions in the industry,” said Brendan Doorly and Kevin Maguire, co-founders of Cross-Fire. “Coming on the heels of our acquisition of A&S last month, we are making strong progress in our mission to become a preeminent fire and life safety company offering a full suite of services.”

“We look forward to partnering with Brendan and Kevin, two industry leaders whom our team has respected and known for many years,” said James Yantosca, Jr. “With the backing of Cross-Fire and AE Industrial, NISCO will be better positioned to take advantage of the significant new opportunities in the industry.”

“From my decades at Honeywell, I know first-hand that achieving Notifier Distributor of the Year is an impressive accomplishment, and I’m thrilled to be working alongside a top-tier team with a stellar reputation,” said Robert V. Rex, Senior Vice President of Growth & Strategy, at Cross-Fire.

About NISCO
Founded in 1982 and based in Malden and Worcester, MA, NISCO is a leader in critical fire alarm and life safety solutions for commercial customers in Massachusetts and New Hampshire, serving the education, commercial office, healthcare and pharmaceutical end markets. For more information, visit www.northeastintegratedsystems.com and www.northeastfiresystems.com.

About Cross-Fire & Security Co.
Founded in 1993 and headquartered in Brooklyn, NY, Cross-Fire & Security Co. is a full-service life safety company specializing in the design, engineering, installation, maintenance, monitoring and servicing of state-of-the-art fire and life safety systems. Its dedicated team of highly skilled and certified project managers and technicians manage all aspects of a project, from the design phase through final inspection, using state-of-the-art solutions and technology. For more information and to see a sample list of Cross-Fire’s projects, please visit www.cfsnyc.com.

About AE Industrial Partners
AE Industrial Partners is a private equity firm specializing in Aerospace, Defense & Government Services, Space, Power & Utility Services, and Specialty Industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from our deep industry knowledge, operating experience, and relationships throughout our target markets. AE Industrial Partners is a signatory to the United Nations Principles for Responsible Investment and the ILPA Diversity in Action initiative. Learn more at Learn more at www.aeroequity.com.

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Contact

Lambert & Co.
Jennifer Hurson
(845) 507-0571
jhurson@lambert.com

Or

Caroline Luz
203-656-2829
cluz@lambert.com

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Reveall raises €1.5 million from Fortino Capital and Dutch Founders Fund to expand its team and implement their ambitious roadmap.

Fortino Capital

14th December 2021 – Reveall, the Amsterdam-based platform that helps teams make customer research and feedback data actionable, raises a €1.5 million pre-seed round. Fortino Capital led the round with additional investment from Dutch Founders Fund.

Reveall was launched in July 2021 by Ferdinand Goetzen and Marcel Hagedoorn to help companies bridge the gap between customer data and decision making. The platform serves as a single source of truth about the customer for companies like WeTransfer, Signify and PostNL.

Reveall will use the investment to expand its team and implement an ambitious product roadmap that intends to help product and UX teams make the most of their customer insights.

The Reveall founding team will also be completed with the addition of Dwayne Pascal, who has over 15 years of experience leading tech teams and strategy at companies like Vodafone, Amazon and Skyscanner, and will be joining the company as CTO.

About Reveall

Reveall is a software platform that helps teams make their customer research and feedback data actionable.Founded in Amsterdam in 2021, Reveall serves a number of industry-leading businesses, including WeTransfer, Signify and PostNL. To make your customer data actionable, create an account at Reveall.co.

 

About Fortino Capital

Fortino Capital Partners is a European investment firm specializing in B2B software and based in Antwerp and Amsterdam. Through a growth capital fund and two early stage venture capital funds, Fortino Capital partners with exceptional entrepreneurs in North Western Europe. The investment portfolio includes MobileXpense, Efficy CRM, Teamleader, Salonkee, SimplyDelivery, iObeya, Zaion, Oqton, among others (www.fortinocapital.com).

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AURELIUS Equity Opportunities sells UK fine chemical manufacturer Wychem to Ascensus Specialties

Aurelius Capital
  • Successful exit after becoming part of AURELIUS’ portfolio and repositioning of the company since 2016
  • Being part of AURELIUS’ chemical activities in the UK, Wychem today is a well-established company with a highly qualified team and a specialized product portfolio
  • Wychem will play a vital role In Ascensus’ European expansion
  • Further transactions expected in the coming weeks

Grünwald/London, December 13, 2021 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8) today announces the sale of Wychem Limited (“Wychem”) to Ascensus Specialties LLC (“Ascensus”), a U.S. based provider of specialty chemicals. The transaction resulted in a money-over-money multiple of 10.6x for AURELIUS.

Founded more than 50 years ago and becoming part of the AURELIUS portfolio in 2016, Wychem has been part of the AURELIUS’ chemical activities in the UK and became a leading independent manufacturer of fine chemicals for pharmaceuticals and specialty applications in the local market.

The company offers a comprehensive range of more than 1,000 aromatics which are highly valued by more than 50 global customers across different industries. A team of more than 25 experts and a “kilo lab to plant full scale” capability allow for short innovation cycles. Backed by a comprehensive repositioning including investments in site expansion and capacity improvements carried out by AURELIUS, Wychem is now in excellent shape generating a high margin and strong cash flow.

On the back of this strong position in the European market, Wychem will play a vital role in Ascensus’ Expansion. With foundations strongly rooted in chemistry and process, Wychem has been able to differentiate itself within the European market as a leader in process optimization without the cost burden of FDA regulation.

“Since being part of AURELIUS’ portfolio, we have supported Wychem in its positioning and expansion in its markets and saw a consistently positive development of the company. Latest growth initiatives put the company at the forefront of a new phase of growth in the industry,” said Matthias Täubl, CEO of AURELIUS Equity Opportunities SE & Co. KGaA. “I am pleased to see Wychem become an integral part of Ascensus’ strategic expansion into the European market. On the back of a very successful year for AURELIUS and with a solidly filled transaction pipeline, we are confident to execute further deals in the near future.”

“Wychem is a nimble, highly customer-centric organization with deep relationships across its global customer base of CDMO, pharmaceutical, and other specialty customers. The company’s consistent growth and reliable supply to customers throughout the COVID-19 pandemic reflects its excellent reputation for service and quality. Wychem is an exciting addition to Ascensus and aligns with our commitment to servicing the pharmaceutical space”, said Mike Huff, Chief Executive Officer of Ascensus.

AURELIUS was advised on the transaction by Opus Corporate Finance LLP (Financial) and DWF LLP (Legal).

A telephone conference with the AURELIUS Management Team will be held at 2pm CET on Monday, December 13, 2021 in English for interested investors and journalists. Please send an email to investor@aureliusinvest.de to register.

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Pixelz’ management team partners with Adelis in growth buyout

Adelis Equity

In partnership with management, Adelis Equity Partners (“Adelis”) is aquiring Pixelz ApS (“Pixelz”) to further support the company’s evolution and growth journey. Current management-owners will continue in their roles and retain significant ownership going forward.

Pixelz is a leader in the image editing and retouching for the fashion industry and with its AI-powered visuals platform, Pixelz assists global brand owners, online retailers, and photo studios to optimize their online visuals, enabling a better online shopping experience which leads to increased online conversion success.

Pixelz was founded in 2011 and has pioneered a hybrid business model by combining automation and a strong operational culture in its delivery centers, together allowing Pixelz to create a unique and highly attractive position in the market for fashion image editing and retouching.

“Pixelz was seeking a partner to help accelerate its international growth and to support the continued development of its business model,” says Thomas Ladefoged, CEO of Pixelz.

”Pixelz has developed a leading platform and service offering within its niche, and we were impressed by the company’s management team and what they have been able to accomplish. We see exciting potential for both the continued roll-out of their current product offering as well as expansion of Pixelz’ business to include other visuals beyond images in the future,” says Joel Russ at Adelis.

Adelis will become majority owner in Pixelz, while management will continue to own a significant share of the company. Together, the parties expect to continue investing in an ambitious growth plan.

For further information:

Joel Russ, Adelis Equity Partners, +46 73 543 30 68, joel.russ@adelisequity.com

Martin Welna, Adelis Equity Partners, +45 21 99 67 57, martin.welna@adelisequity.com

Thomas Ladefoged, CEO, Pixelz, +45 20 26 50 22, tl@pixelz.com

About Pixelz ApS

Pixelz is a leading provider of postproduction image editing and retouching services, their customers are predominantly global brand owners, online retailers, and photo studios and mainly within the fashion industry. Headquartered in Copenhagen, Denmark, Pixelz operates internationally with offices in the US, Germany, Spain, Netherlands, and production in Vietnam as well as an outsourcing center in Bangladesh. For more information, please visit pixelz.com.

About Adelis Equity Partners

Adelis is a growth partner for well-positioned, Nordic companies. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 29 platform investments and more than 120 add-on acquisitions. Adelis today manages approximately €2 billion in capital. For more information, please visit www.adelisequity.com.

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Aurora Capital-Backed Inhance Technologies Acquires Advance Research Chemicals

Aurora Capital

Houston, TX – December 14, 2021 – Inhance Technologies, LLC (“Inhance Technologies” or “Company”), a leading international provider of sustainable polymer material science solutions and portfolio company of Aurora Capital Partners (“Aurora”), today announced it has completed the acquisition of Advance Research Chemicals, Inc. (“ARC”), a world-class producer of specialty chemicals and materials used in a wide range of high-value applications. Terms of the transaction were not disclosed.

With production facilities in the United States and Mexico, ARC supports many of the world’s largest and most innovative companies with its customized solutions, including a large and growing library of high-purity products underpinned by proprietary processes developed over more than 30 years.  ARC’s unique ability to offer R&D, pilot, and commercial scale production allows the company to provide turnkey, tailored solutions for each of its customers. Serving mission-critical needs across a wide array of industries, including medical batteries, semiconductors, 3D printing, and pharmaceuticals, ARC has established itself as a reliable and innovative resource in the field of specialty chemicals and materials.

“ARC is a pioneer in their markets, and their highly complementary suite of solutions will add to our existing offerings as well as expand our geographic and industry reach,” said Andrew Thompson, President and Chief Executive Officer of Inhance Technologies. “Together, we will be a global leader in sustainable specialty chemicals and materials technologies with unmatched R&D capabilities, technical knowhow, and geographic breadth. I look forward to working with the ARC team to continue innovating and using our combined technologies as a means to achieve a greener, more sustainable future.”

“This transaction combines two true industry leaders, uniquely positioning the combined company to capitalize on its existing technologies and deliver a broader suite of innovative solutions to its customers around the globe,” said Dr. Dayal Meshri, Founder and former Executive Chairman of ARC. “Inhance Technologies has established a well-deserved reputation as a trusted provider of sustainable material science solutions and is the right partner for ARC to accelerate adoption of its technologies to better serve its many market-leading customers.”

“When we partnered with Inhance Technologies, we saw a unique opportunity to expand the application set for their proprietary technologies and develop new solutions for a broader range of industries.  This transaction is a transformational step in realizing that opportunity,” said Randy Moser, Partner at Aurora.  “Leveraging the world-class capabilities of each company will spur even more technological advancements, durably accelerating Inhance Technologies’ growth.”

This is the second add-on acquisition that Inhance Technologies has made since the Company partnered with Aurora in 2018. During that time, Inhance Technologies has made significant investments to support its growth, including the opening of a new headquarters and Global Science and Technology Center in Houston, significantly expanding its facility in St. Louis, and developing multiple new, innovative technologies.

Robert W. Baird & Co. served as financial advisor and Gibson Dunn & Crutcher LLP served as legal advisor to Inhance Technologies.

About Inhance Technologies
Inhance Technologies is a global leading provider of polymer material science solutions. For more than 40 years, Inhance Technologies has been developing innovative technologies and solutions that enable new levels of product performance, while reducing environmental impact. With operations in the Americas, Australia and Europe, Inhance Technologies is transforming specialty plastics and chemicals on a global scale and in a wide range of industries, from consumer products to healthcare, industrial applications to agriculture. More information can be found at www.inhancetechnologies.com.

About Advance Research Chemicals
ARC is a world-class specialty chemicals and materials supplier, offering high-purity, tailored solutions, utilizing production facilities in the United States and Mexico. Many of the world’s largest companies partner with ARC to develop performance-critical chemicals and materials that enable some of the world’s most innovative products. ARC also provides private label manufacturing for the institutional and consumer hygiene markets. ARC serves a wide array of industries, including medical batteries, semiconductors, 3D printing, pharmaceuticals, automotive, textiles, and consumer packaged goods.

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

Media Contacts

Inhance Technologies
Momotaz Rahman
Marketing Director
mrahman@inhancetechnologies.com

Aurora
Taylor Ingraham / Fred Schweinfurth
ASC Advisors
tingraham@ascadvisors.com / fschweinfurth@ascadvisors.com

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AURELIUS acquires Minova in a global carve-out transaction from Orica Ltd.

Aurelius Capital
  • AURELIUS agrees to acquire Minova, a leading global manufacturer and provider of mining and infrastructure essentials, for an Enterprise Value of AUD 180m (approx. EUR 114m)
  • Significant growth potential to be realised from underlying market growth, as well as through investments into global footprint and add-on acquisitions
  • AURELIUS to support Minova in its ongoing transition from soft rock to hard rock mining and infrastructure markets
  • 4th transaction of the recently launched AURELIUS European Opportunities Fund IV together with AURELIUS Equity Opportunities SE & Co. KGaA

Luxemburg/London, December 12, 2021 – AURELIUS announces the acquisition of Minova in a global carve-out transaction from Orica Ltd, Melbourne, Australia (“Orica” ISIN: AU000000ORI1). The transaction with an enterprise value of AUD 180 million (approx. EUR 114 million) will be completed by AURELIUS’ newly launched co-investment structure with AURELIUS European Opportunities Fund IV controlling a 70% stake and AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8) controlling 30%. The transaction is expected to close in Q1 2022, subject to approval by the relevant competition and regulatory authorities.

Headquartered in London, Minova is a global manufacturer and provider of earth-control products to mining and infrastructure customers supplying steel (bolts, mesh etc.) as well as chemical products (resins) and among the Top-3 in all relevant markets. With 13 production sites and 18 sales offices across North America, Europe & the CIS, South Africa, India and Australia and more than 1,000 employees, Minova generated revenues of ca. EUR 300 million in the last financial year.

Minova’s markets have been changing over the past years, with the drive for electrification substantially raising demand for precious metals (hard-rock mining), forecasted to quadruple by 2040, while thermal coal (“soft rock”) is in structural decline. With its globally leading resin know-how, Minova is ideally placed to benefit from the related requirement for deeper and more complex hard rock mines. AURELIUS will actively support Minova’s ongoing transition from soft rock to hard rock in the coming years.

“I am pleased to welcome Minova as the fourth fund investment in our portfolio, a really exciting opportunity for AURELIUS to expand a global market leader in an attractive niche. The transaction proves again that our experience in corporate spin-offs is highly appreciated by corporate sellers all over the world,” said Dr. Dirk Markus, Founding Partner of AURELIUS.

“With an excellent and highly motivated management in place and the operational and capital backing of AURELIUS we have the perfect team to drive the transition towards hard rock markets and unlock the potential of the business on a global level,” said Florian Muth, Partner of AURELIUS.

AURELIUS was advised on the transaction by Deutsche Bank (M&A), Wood Mackenzie (CDD), PwC (Accounting), Baker McKenzie (Legal), Howden (Insurance) and KPMG (Tax).

A telephone conference with the AURELIUS Management Team will be held at 2pm on Monday, December 13, 2021 in English for interested investors and journalists. Please send an email to investor@aureliusinvest.de to register.

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Adelis establishes Circura, the leading building rehabilitation services group, in partnership with entrepreneurs

Adelis Equity

Adelis and four entrepreneur-led companies join forces to create Circura, the leading provider of building rehabilitation services in Sweden. Circura will have revenues of SEK 2 billion and focus on the growing segment for rehab, renovation and related services. With Adelis as growth partner, Circura aims to consolidate the market and double revenue by 2025.

The Swedish market for building rehabilitation, renovation and related services amounts to SEK 200 billion per year. The market is expected to grow strongly driven by increasing needs in the public sector, a significant pent-up demand in the residential building stock as well as changing habits following the pandemic. At the same time, the industry is adapting to more ambitious sustainability targets, which include innovative production processes, energy-efficient solutions and circular models for re-usage of material and products.

Circura becomes the market-leading provider of building rehabilitation services in Sweden, with SEK 2 billion in revenue and 400 employees. Reomti, Våtrumsteknik, Heving&Hägglund and Dipart are all entrepreneur-led companies with leading positions within their respective niches. The companies will continue to operate as independent businesses with their current brands and same management, whilst having the benefits, resources and financial strength of a larger group.

Torbjörn Torell will assume the role of working chairman at Circura, bringing over 40 years of experience from the sector, including CEO roles at One Nordic, Svevia and Bravida. The board will also be joined by Ulrika Francke, chairwoman of Vasakronan, former CEO of Tyréns and previously in leading positions at the Stockholm City Council.

“Circura will be a unique player in the market, combining highly successful rehab specialists which, when combined into a larger group, will be able to provide even more competitive and complete services to their customers. The companies will retain their strong customer relationships and entrepreneurial cultures, whilst benefiting from being part of a larger group – the best of both worlds. Together, we will become the industry leader in customer focus, quality and sustainability”, says Torbjörn Torell, chairman at Circura.

With Adelis as growth partner and thanks to its industry experience, Circura sets out to consolidate the industry through acquisitive growth, and double revenue by 2025.

“Adelis has followed the rehabilitation services market over many years, and in particular the pent-up renovation demand that is growing ever more urgent. Simultaneously, we see stricter requirements in terms of quality and sustainability which create attractive opportunities for a larger professional group with greater resources. We are therefore very pleased to establish Circura together with leading entrepreneurs, and we look forward to working with all employees on this exciting growth journey”, says Erik Hallert, at Adelis Equity Partners.

For further information:

Torbjörn Torell, Chairman Circura

Phone: 070-577 40 40

E-mail: torbjorn.torell@circura.se

Erik Hallert, Adelis Equity Partners

Phone: 070-936 80 41

E-mail: erik.hallert@adelisequity.com

About Circura

Circura is the market-leading provider of building rehabilitation services in Sweden. We operate a decentralized and customer-oriented business model, whilst having benefits and strength of a larger group, to rehabilitate and renew buildings with modern and sustainable methods. Circura consists of a group of leading rehab companies, specialised in their respective local markets. Circura has turnover of SEK 2 billion and 400 employees. For more information, please visit www.circura.se.

About Adelis Equity Partners

Adelis is a growth partner for well-positioned, Nordic companies. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 28 platform investments and more than 120 add-on acquisitions. Adelis today manages approximately €2 billion in capital. For more information please visit www.adelisequity.com.

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TA Associates Announces Strategic Growth Investment in Adcubum and tech11 to Create Leading Health and P&C Insurance Software Provider in Europe

TA associates

BOSTON – TA Associates, a leading global growth private equity firm, today announced a strategic growth investment in Adcubum AG, a leading Swiss health and property & casualty (P&C) insurance software provider, and tech11 GmbH, a fast-growing insurance software provider serving the P&C market in Germany and across Europe.

The investment will create a leading software provider in the health and P&C markets in Europe, leveraging the momentum of both Adcubum and tech11. Financial terms of the transactions were not disclosed.

Through its modern core insurance software platform Syrius, Adcubum offers a broad array of modules to support insurance processes, including policy administration, quotation, pricing, claims management and settlements, collections and disbursements, as well as partner and commission management. Adcubum is a market leader for health insurers in Switzerland, with emerging expertise and growth in P&C, primarily in Germany. Founded in St. Gallen, Switzerland in 1997, the company has offices in Switzerland and Germany, and a development center in Croatia.

tech11 offers a holistic digital P&C core insurance platform designed to help insurance companies and managing general agents (MGAs) meet the complexities of digitalization in the insurance industry. The tech11 Insurance Platform, available via a cloud-based SaaS subscription or deployed on-premises, can be utilized for the replacement of legacy systems and as Digital Speedboat for any insurance greenfield approach in fast growing ecosystems, supporting the entire end-to-end policy and claims management lifecycle across Europe. Founded in 2018, tech11 is headquartered in Würzburg, Germany.

“Adcubum is widely considered the leader of its kind in the Swiss health insurance market and continues to demonstrate growth in P&C, a segment tech11 has built great momentum serving in Europe with its innovative platform,” said Stefan Dandl, a Principal at TA. “Given their complementary expertise and resources, Adcubum and tech11 offer a compelling opportunity for innovation and growth. We look forward to working with the management teams to create an industry-leading player in the health and P&C segments across Europe.”

“We have known the team at TA for many years and it is a pleasure to welcome the firm as an investor,” said Emanuele Diquattro, CEO, Adcubum. “With the ongoing push for insurers to further digitize their infrastructure, we see significant potential for continued innovation and new business opportunities in our work. We look forward to partnering with TA and tech11 as we pursue additional organic and acquisitive growth, including possible expansion into new business lines and geographies.”

“Considering their decades of experience investing in growing software businesses, including many SaaS-based companies, we are confident TA is an ideal financial and strategic partner,” said Pierre Dubosq, Co-founder & Managing Director, tech11. “Since our founding, we have focused on helping customers modernize their core insurance systems and realize greater efficiencies by fully automating the P&C insurance business. With TA’s support and in combination with Adcubum, we will look to bring our scalable insurance platform to additional health and P&C carriers in Germany and across Europe.”

Alvarez and Marsal is serving as financial and tax advisor, and Bär & Karrer and Latham & Watkins are providing legal counsel to TA.

About Adcubum AG
Adcubum is a leading software manufacturer for the international insurance industry. Founded in St. Gallen, Switzerland in 1997, Adcubum has offices in Germany and Switzerland and around 400 employees across eight locations, including an R&D center in Croatia. Its core product, Adcubum Syrius, is a flexible, modular and cloud-capable system for health and property & casualty insurers. Together with its customers, Adcubum develops solutions for the insurance market of the future and creates an ideal environment for agile work processes. More information about Adcubum can be found at www.adcubum.com.

About tech11 GmbH
tech11 is a provider of digital core insurance platform for the property & casualty insurance industry in Europe. Founded in 2018 by Pierre Dubosq and Matthias Reining in Würzburg, Germany, the company has grown to more than 50 employees and is headquartered in Würzburg, Germany. More information about tech11 can be found at https://tech11.com.

About TA Associates
TA is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – the firm invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 550 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $47.5 billion in capital since its founding in 1968. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

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Onex Partners to Acquire Tes Global from Providence Equity Partners

Onex

Toronto, ON, and London, England, December 7, 2021 – Onex Corporation (“Onex”) (TSX: ONEX) today announced that Onex Partners V, Onex’ $7.2 billion fund, has agreed to acquire Tes Global (“Tes” or the “Company”), a leading education technology services provider, from Providence Equity Partners L.L.C. (“Providence”), a premier private equity firm that specializes in growth-oriented investments in media, communications, education and technology. Tes’ management team will also invest alongside Onex. Financial terms were not disclosed.
Based in London, England, Tes is an international provider of comprehensive software solutions for the education sector. Its core vision is to power schools and enable great teaching worldwide by creating intelligent online products and services to make the greatest difference in education. Tes’ offering falls into three pillars – Staff Management, Safeguarding & Compliance, and Pupil & Learning Management – hosting over 13 million teachers on its online platform and serving over 17,000 schools in 117 countries. Tes also provides teachers with continuous professional development training in addition to software tools to deliver excellence in the classroom. The Company’s products and services have proven critical throughout the COVID-19 pandemic as teaching and assessment have largely taken place remotely.
“Tes has a well-established brand and deep-rooted relationships with teachers, creating an unparalleled and highly differentiated place in the market. We were attracted to its focus of helping both teachers and school administrators deliver better educational outcomes for students in the UK and around the world,” said Nigel Wright, a Senior Managing Director at Onex. “The Company is well-positioned to grow and to expand its offering of EdTech point-solutions. Onex’ experience in both the Business Services industry and supporting companies in their acquisition plans makes us the ideal partner for Tes. We’re thrilled to be joining Rod and the entire Tes team as we look to accelerate the Company’s next phase of growth.”

“Onex has a wealth of experience and an impressive track record of helping the companies it partners with to grow and thrive. We’re delighted to have found another team whose values are aligned with our vision for the Company and are committed to our future,” stated Rod Williams, Chief Executive Officer of Tes. “On behalf of everyone at Tes, we’d like to thank Providence for their guidance and support as we transformed our business under their stewardship.”

Andrew Tisdale, Senior Managing Director at Providence, said: “We are honored to have partnered with Tes and help the Company accelerate its mission of providing world-class tools to drive high quality education. Since partnering with Tes in 2019, we have supported several strategic acquisitions, including Edval, EduCare and SchoolCloud. Together with the launch of new products and services, these efforts have seen Tes firmly transition into a technology-first partner for teachers and schools, which has been invaluable during a period of sustained remote learning owing to the global pandemic. We are confident Rod and his team have a strong partner in Onex to build on its existing momentum and continue to grow the business.”
The transaction is anticipated to close in the first quarter of 2022. With this transaction, Onex Partners V will be approximately 78% invested.
Onex was advised by Rothschild & Co. as financial advisors and Latham & Watkins LLP as legal counsel. Tes was advised by Arma Partners and Morgan Stanley & Co. International plc (“Morgan Stanley”) as financial advisors and by Weil, Gotshal & Manges as legal counsel.

About Onex
Founded in 1984, Onex manages and invests capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex’ platforms include: Onex Partners, private equity funds focused on mid- to large-cap opportunities in North America and Western Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through tradeable, private and opportunistic credit strategies as well as actively managed public equity and public credit funds; and Gluskin Sheff’s wealth management services. In total, as of September 30, 2021, Onex has approximately $47 billion of assets under management, of which approximately $7.9 billion is its own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.
Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

About Tes Global
Tes Global is an international provider of software services to make life easier for schools and teachers. All products and services are built with teachers and schools needs at the core, ensuring they are innovative, trusted education solutions. Tes Global products play a critical role helping teachers and school leaders deal with the challenges of teaching, including safeguarding and compliance, smart pupil management, and staff management. This dedication and focus supports educators across the globe in providing high quality education to millions of children using smart, flexible, and cost-effective solutions. A global Company, Tes Global employs over 500 people operating across 10 offices, including in London, Sheffield, Hong Kong, Melbourne, Sydney, and Dubai. For more information, please visit www.tes.com.

About Providence Equity Partners
Providence Equity Partners is a premier global private equity firm with approximately $45 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in over 170 companies and is a leading equity investment firm focused on growth-oriented investments in media, communications, education and technology. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.

Disclaimers
This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.
Morgan Stanley, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting exclusively as financial adviser to Tes and no one else in connection with the transaction. In connection with such matters, Morgan Stanley, its affiliates and their respective directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to anyone other than Tes for providing the protections afforded to clients of Morgan Stanley nor for providing advice in connection with the Transaction, the contents of this announcement or any matter referred to herein.

For Further Information:
Onex
Jill Homenuk

Managing Director – Shareholder Relations and Communications
JHomenuk@onex.com
+1 416.362.7711
Tes Global
Tom Endean

Chief Marketing Officer
Tom.Endean@tes.com
+44 (0) 203 194 3000

Providence Equity Partners
Charlie Chichester / Rory King
Sard Verbinnen & Co.
Prov-SVC@sardverb.com

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