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Aibel awarded another billion-kroner contract – renewables and electrification now account for 60% of order backlog

Ratos

Ratos company Aibel has been awarded another major contract with Equinor valued at more than NOK 4 billion. The contract pertains to engineering, procurement, construction and installation (ECPI) for the partial electrification of the Oseberg Field Centre and Oseberg South. The contract also includes an upgrade of the gas processing capacity at the Oseberg Field Centre. As part of this project, Aibel will continue to play a central role in decarbonising Norwegian oil and gas production.

The contract was awarded following Aibel’s completion of the front-end engineering and design (FEED) of the project, which aims to maximise gas exports from Oseberg and at the same time establish a solution for electrification of the gas compressors. This will reduce CO2 emissions from offshore production by more than 320,000 tonnes per year from 2025.

“The contract was secured only a few days after Aibel was awarded four major Equinor contracts with a total value of around NOK 5 billion. This means that Aibel has signed contracts for almost NOK 10 billion this week. Naturally, as an owner, we are pleased with this development, particularly since Aibel is going from strength to strength in its transformation towards renewables in its order backlog, enabling long-term sustainable value creation,” says Christian Johansson Gebauer, President Business Area Construction & Services, Ratos.

The Oseberg contract means that, for the first time, the share of renewables in Aibel’s order backlog is greater than the oil and gas share. Renewables now account for 60% of the order backlog of approximately NOK 14 billion. This is a milestone in Aibel’s ongoing transformation.

The extensive project execution work will be carried out at Aibel’s offices in Bergen and Stavanger, with support from the offices in Haugesund and Oslo. The project will start up immediately and is scheduled to be ready for production in the summer of 2025 and fully completed in the summer of 2026.

“This week, Aibel has consolidated its position as the leading supplier of solutions for electrification of offshore and onshore production and processing plants. We are proud to play a central role in the work to decarbonise Norwegian oil and gas production. The Norwegian oil and gas industry has an ambition to realise a 40% reduction in CO2 emissions from the shelf by 2030. With this contract, Aibel will be able to make a significant contribution to achieving this goal,” says Mads Andersen, President and CEO of Aibel.

The contracts are conditional upon the customary approval by the authorities.

For further information:
Christian Johansson Gebauer
President Business Area Construction & Services, Ratos
+46 8 700 17 00

Mads Andersen
President and CEO, Aibel AS
+47 982 96 501

About Ratos:
Ratos is a business group consisting of 12 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2020, the companies have approximately SEK 34 billion in sales. Our business concept is to develop companies headquartered in the Nordics that are or can become market leaders. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.

Categories: News

Universal Robina Corporation announces acquisition of Munchy’s

CVC Capital Partners

Universal Robina Corporation (URC), one of the largest branded food and beverage companies in the Philippines with a strong presence in the ASEAN region, reached an agreement with private equity firm CVC Capital Partners (CVC) to acquire a 100% stake in Munchy Food Industries Sdn. Bhd. (Munchy’s) and its wholly owned subsidiary Munchworld Marketing Sdn. Bhd. from CVC Asia IV for 1.925 billion Malaysian Ringgit on a “cash-free, debt free” basis.

Established in 1991, Munchy’s is Malaysia’s No.1 biscuit brand that has now flourished into a recognized and successful brand across the region. Munchy’s offers a wide variety of offerings across all key biscuit segments with well-loved brands include Munchy’s Cream Crackers, LEXUS Cream Sandwich, Oat Krunch, Muzic Wafer, and Choc-O cookies, are available in most retail outlets in Malaysia and more than 50 countries globally.

Irwin C. Lee, President and CEO of URC, said: “URC is delighted to announce the acquisition of Munchy’s which will add immediate value to our international product portfolio, and scale up our Malaysian market position to leadership in the Biscuits category. Munchy’s, with its strong brands, talented organization, and operational excellence, is a great strategic fit with URC. Together, we will be able to further expand the footprint of URC and Munchy’s brands and unlock growth synergies in Malaysia as well as across the ASEAN region.

Alvin Lim, Senior Managing Director of CVC, said: “This has been a highly successful partnership between CVC and the excellent leadership team at Munchy’s that has seen the company expand into new geographies and the launch of numerous innovative and delicious products. Universal Robina Corporation is the perfect new home for Munchy’s and we wish them the very best for the future.”

Rodney Wong, Munchy’s CEO, said: “We are excited to become part of URC. This move will allow Munchy’s to have access to research and development expertise in multiple categories, enhance market knowledge, route to market, and manufacturing capabilities in countries outside of Malaysia. This will translate to development of innovative forward-thinking offerings to our consumers and strengthen our presence in the ASEAN market. Both companies share a common purpose, values and ambition where we both put people first in everything we do, looking to delight everyone with good food choices and inspire happiness together. We would like to thank CVC for their expertise and support over the last three years and look forward for the next phase of profitable growth for Munchy’s.”

The transaction has been approved by the board of directors of both companies and is expected to close by December 2021 subject to fulfilment of customary closing conditions.

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Universal Robina Corporation announces acquisition of Munchy’s

CVC Capital Partners

Universal Robina Corporation (URC), one of the largest branded food and beverage companies in the Philippines with a strong presence in the ASEAN region, reached an agreement with private equity firm CVC Capital Partners (CVC) to acquire a 100% stake in Munchy Food Industries Sdn. Bhd. (Munchy’s) and its wholly owned subsidiary Munchworld Marketing Sdn. Bhd. from CVC Asia IV for 1.925 billion Malaysian Ringgit on a “cash-free, debt free” basis.

Established in 1991, Munchy’s is Malaysia’s No.1 biscuit brand that has now flourished into a recognized and successful brand across the region. Munchy’s offers a wide variety of offerings across all key biscuit segments with well-loved brands include Munchy’s Cream Crackers, LEXUS Cream Sandwich, Oat Krunch, Muzic Wafer, and Choc-O cookies, are available in most retail outlets in Malaysia and more than 50 countries globally.

Irwin C. Lee, President and CEO of URC, said: “URC is delighted to announce the acquisition of Munchy’s which will add immediate value to our international product portfolio, and scale up our Malaysian market position to leadership in the Biscuits category. Munchy’s, with its strong brands, talented organization, and operational excellence, is a great strategic fit with URC. Together, we will be able to further expand the footprint of URC and Munchy’s brands and unlock growth synergies in Malaysia as well as across the ASEAN region.

Alvin Lim, Senior Managing Director of CVC, said: “This has been a highly successful partnership between CVC and the excellent leadership team at Munchy’s that has seen the company expand into new geographies and the launch of numerous innovative and delicious products. Universal Robina Corporation is the perfect new home for Munchy’s and we wish them the very best for the future.”

Rodney Wong, Munchy’s CEO, said: “We are excited to become part of URC. This move will allow Munchy’s to have access to research and development expertise in multiple categories, enhance market knowledge, route to market, and manufacturing capabilities in countries outside of Malaysia. This will translate to development of innovative forward-thinking offerings to our consumers and strengthen our presence in the ASEAN market. Both companies share a common purpose, values and ambition where we both put people first in everything we do, looking to delight everyone with good food choices and inspire happiness together. We would like to thank CVC for their expertise and support over the last three years and look forward for the next phase of profitable growth for Munchy’s.”

The transaction has been approved by the board of directors of both companies and is expected to close by December 2021 subject to fulfilment of customary closing conditions.

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UOB and HSBC act as green loan coordinators on club loan facilities of HK$1.85 billion for Gaw Capital-led consortium

Gaw Capital

26 November 2021, Hong Kong – UOB and HSBC acted as green loan coordinators on club loan facilities of HK$1.85 billion to a Gaw Capital Partners-led consortium (“the Consortium”). These facilities comprise a US$110 million (HK$853 million) offshore loan and a RMB837 million (HK$992 million) onshore loan. Maybank, BNP Paribas and KGI also participated in the club deal.

The loan proceeds will be used to refinance the existing loans for the Consortium’s acquisition of four premium office buildings[1] at Shanghai MixC, a set of quadruplet eight-storey buildings in Minhang District, Shanghai, China. The buildings have received the LEED v4 Building Operations and Maintenance: Existing Buildings Gold certification[2] from the US Green Building Council for their environmentally-friendly features. The features include LED lights for the office lobby, control measures at elevators to conserve energy, environmentally-friendly architectural paints sourced in local market to reduce transport emissions, as well as garbage classification for better waste management.

The loan facilities support the Consortium’s continued efforts in implementing its sustainability strategy to improve environmental performance and to contribute to the United Nations’ Sustainability Development Goals.

Ms Christina Gaw, Managing Principal & Global Head of Capital Markets of Gaw Capital Partners, said, “At Gaw Capital, ESG considerations are essential to our investment selection criteria and asset management. We look for opportunities to enhance value in assets that we acquire through ESG measures and aim to reduce the assets’ carbon footprint. Investors consider green and energy-efficient buildings a necessity in the long run and we strongly believe that environmentally sound real estate will lead to better performance and well-being of a property’s users.”

Mrs Christine Ip, CEO – Greater China, UOB, said, “Green and energy-efficient features will increasingly be the norm for premium office buildings as we transition into a low carbon economy. We are pleased to walk alongside Gaw Capital Partners, our longtime partner, in its sustainability journey. This is part of UOB’s commitment to forging a sustainable future with our clients by supporting their sustainable business models as they advance responsibly.”

Mr Frank Fang, Head of Commercial Banking, Hong Kong, HSBC, said, “As a leading bank in the sustainable finance market, HSBC strives to support the business community in fulfilling their ESG agenda and contributing to a net-zero economy. With sustainability being key to the development of real estate sector, it is our pleasure to work with Gaw Capital Partners to help shape the future of green buildings together.”

– Ends –

 

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 six commingled funds targeting the Greater China and APAC regions since 2005. The firm also manages value-add/opportunistic funds in Vietnam and the US, a Pan-Asia hospitality fund, a European hospitality fund, a Growth Equity Fund and also provides services for separate account direct investments globally.

Since 2005, Gaw Capital has commanded assets of USD$32.5 billion under management as of Q2 2021.

 

About United Overseas Bank

United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings. In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, as well as branches and representative offices across the region.

Over more than eight decades, generations of UOB employees have carried through the entrepreneurial spirit, the focus on long-term value creation and an unwavering commitment to do what is right for our customers and our colleagues.

We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and grow their businesses, UOB is steadfast in our support of social development, particularly in the areas of art, children and education.

 

About The Hongkong and Shanghai Banking Corporation Limited

The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,969bn at 30 September 2021, HSBC is one of the world’s largest banking and financial services organisations.

 

 

[1] Four premium office buildings namely Tower A, B, C and D at Shanghai MixC.

[2] https://www.usgbc.org/guide/om

Categories: News

Showa Aluminum, a Portfolio Company Owned by Apollo Funds, to Acquire Mitsubishi Materials’ Aluminum Business

Deal represents a transformational opportunity for the portfolio company to become an Integrated Value-Added Aluminum Engineering & Packaging Group

TOKYO and HONG KONG, and NEW YORK, Nov. 25, 2021 (GLOBE NEWSWIRE) — Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced that Showa Aluminum Can Corporation (“Showa Aluminum”), a portfolio company owned by funds managed by Apollo’s affiliates (the “Apollo Funds”), has entered into a series of definitive agreements to acquire the Aluminum Rolled & Extruded Products Business of Mitsubishi Aluminum Co., Ltd. (“Mitsubishi Aluminum”), a wholly owned subsidiary of Mitsubishi Materials Corporation (“Mitsubishi Materials”), a Japanese leading producer of diversified advanced materials, and all of the shares of Universal Can Corporation, which is engaged in the manufacturing of aluminum beverage cans, from its current shareholders Mitsubishi Materials and Hokkan Holdings Limited, a Japanese leading packaging group.

The transaction presents a transformational opportunity for Showa Aluminum to become an integrated, value-added aluminum engineering and packaging group. Apollo will leverage its global expertise in both the aluminum and packaging industries to help the businesses further enhance their value proposition and growth, including in the sustainable aluminum packaging sector.

For Apollo, the transaction demonstrates its investment thesis to grow Showa Aluminum’s business in the region, including inorganic growth through add-on transactions. It is also representative of Apollo’s increasing private equity activity in Japan and is the third major corporate carveout transaction for Apollo Funds completed or announced this year.

Tetsuji Okamoto, Partner and Head of Japan Private Equity at Apollo, said: “This transaction will bring together two highly complementary businesses, each with a proud heritage of providing high-quality aluminum products to a variety of end-markets and customers. We are also pleased to have worked with Mitsubishi Materials to structure a carve-out that meets their business portfolio transformation needs.”

Subject to satisfaction of customary closing conditions and regulatory approvals, the transaction is expected to be completed by March 31, 2022.

BofA Securities Japan Co., Ltd. acted as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP alongside Anderson Mori & Tomotsune acted as legal advisors to Showa Aluminum and the Apollo Funds.

About Showa Aluminum

Showa Aluminum is a leading aluminum beverage packaging provider. Established in 1969, as a pioneer in aluminum packaging in Japan, the company has since been serving global beverage companies for over 50 years. As of today, Showa Aluminum, together with its group companies, Hanacans Joint Stock Company and Sakai Aluminum Corporation, operates 8 manufacturing facilities across Japan, Vietnam and China and has a workforce of over 1,200 across the region.

ABOUT APOLLO

Apollo is a high-growth, global alternative asset manager. We seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid and equity. Through our investment activity across our fully integrated platform, we serve the retirement income and financial return needs of our clients, and we offer innovative capital solutions to businesses. Our patient, creative, knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2021, Apollo had approximately $481 billion of assets under management. To learn more, please visit www.apollo.com.

Contacts

For Apollo:

For investors:

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

For media:

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
communications@apollo.com

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Balderton raises new $600M early-stage fund to back Europe’s next wave of breakout tech

Balderton

We are delighted to announce our second fund of 2021 – a $600m fund focused on early-stage companies.

With close to 300 investments made since the firm was founded 21 years ago, Balderton has extensive experience backing exceptional founders from seed to growth stage, Europe-wide. Since the start of the year, Balderton has invested in 20 new startups in sectors ranging from reproductive health and instant commerce to data labelling and gaming.

Read Suranga Chandratillake’s take on the story behind this latest fund, and our life as a multi-stage firm.

The firm has also seen 13 portfolio companies achieve unicorn status this year, underlining the fund’s long track record of picking category leaders early. Companies where Balderton invested at Seed or Series A, include Aircall, Beauty Pie, ComplyAdvantage, Contentful, Depop, Dream Games, GoCardless, Infarm, Labster, Revolut, Vestiaire Collective and Zego

Balderton Capital is a very different firm than it was 12 months ago. We have not only launched two new funds, but have grown and strengthened our team. We have entered a new era in which we will be able to operate at a different pace and with a broader view of when we can support founders. Our transition from Europe’s leading Series A investor to a multi-stage fund gives us more firepower and flexibility and helps us to uncover more hidden gems among Europe’s startups.

Bernard Liautaud, Managing Partner at Balderton Capital

Balderton’s portfolio companies have collectively raised more than $6bn in follow-on funding this year, almost double the $3.1bn raised in the entirety of 2020. Four portfolio companies – Darktrace, Flywire, SOPHiA Genetics and Truecaller – have also gone public in landmark European IPOs and the firm has seen 10 exits, including Peakon’s sale to Workday, Nutmeg’s sale to JPMorgan Chase and Depop’s sale to Etsy.

The launch of Fund VIII marks 21 years of Seed and Series A investing at Balderton. In that time we have had the huge privilege to work with many irrepressible founders with outsized ambitions and we hope to do so once again. While our job may not have changed, Europe has – we are excited for the thriving ecosystem we find around us with more talent, more capital and more ambition than at any time in our history.

General Partner Suranga Chandratillake

We pull out all the stops to help our founders be successful operationally, and by investing at both early stage and further down the line, we are also able to offer the long-term partnership and capital they need to help them achieve their ambitions. We are delighted to be able to support a new generation of entrepreneurs through this fund.

Rana Yared, General Partner

With Europe on track to raise a record $70bn of venture capital investment by the end of the year, more than twice the total for 2020, Balderton Capital has doubled down on its commitment to building the next generation of global tech companies from the region.

The firm is one of only a handful of genuinely pan-European investors with partners in key hubs across the region. The firm has raised four funds totalling close to $2bn since 2018 and has active investments in more than 100 companies, employing more than 26,000 people in 50 countries around the world.

The new fund will be sector agnostic and managed by Balderton’s investment team of 25 working across Europe. The equal partnership will work together to share experience and insights to the benefit of the entire portfolio.

The Balderton investment and portfolio services team has now grown to over 30 people.

Balderton’s portfolio companies benefit from its Build with Balderton platform of talent, marketing, finance and legal services. The Platform is wholly focused on giving founding teams the help they need to scale, including access to operational and functional services and an active community of peers.

Balderton’s Platform continues to expand, and the firm has added 13 people to its team in the last year, including Dave Kellogg, Balderton’s first executive-in-residence. Founding teams also gain access to the global industry leaders of the Balderton Executive Council; the CEO Collective offsite; and events and workshops hosted at the firm’s Kings Cross headquarters and across Europe.

Balderton has also reaffirmed its commitment to building a sustainable and fair venture firm by publishing its Sustainable Future Goals – 60 objectives designed to reduce its impact on the environment, increase its social diversity and improve its governance.

Recognising the role that investors play in creating a more sustainable and equal economy, Balderton is sharing its SFGs with portfolio companies and working with them to take action to improve performance against the goals.

Balderton was also proud to be awarded Level 2 Certification of the Diversity VC Standard in 2021, meaning the firm is considered to be leading the way on Diversity and Inclusion policy.

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Seaya Ventures and Cathay Innovation Announce $125M Fund to Invest in Latin America

Seayaventures

Seaya Ventures and Cathay Innovation today announced the first close of a $125M multi-sector fund for startups across Latin America redefining industry and society. Based out of Mexico City, the Seaya Cathay Latam Fund aims to be the direct link for local, purpose-driven entrepreneurs to the worldwide resources needed to build and scale resilient businesses leading markets on the regional or global stage.

The new fund invests in transformative technology companies focusing on Series A and B with reserves for follow-on rounds. It also embeds sustainability into the investment cycle to give startups the tools to grow responsibly while maximizing impact. This includes consumer and enterprise startups in fintech and proptech to mobility, healthtech, food, agriculture, cybersecurity and more. In September, the team made its first investment in Chilean fintech Xepelin’s $230M round. Other previous investments in the region include Mexico’s Kueski and Lana, Brazil’s Facily and alt.bank, Colombia’s RobinFood and Chile’s Fracttal.

“We’re looking for exceptional founders building innovative technologies and business models that will have a lasting, positive impact on Latin America,” said Beatriz Gonzalez, Founder and Managing Partner, Seaya Ventures. “With Cathay’s global reach and Seaya’s local edge, we can bring real value by helping startups capitalize on emerging trends across the world with localized, hands-on support. Our experience helping companies expand to and from Latam, creating global winners, is what sets us apart,” said Pablo Pedrejón, Principal, Seaya Ventures. 

The news follows April’s formal partnership announcement, which brought together both firm’s expansive investment platforms, combining Seeya’s local edge, and Cathay’s corporate ecosystem of investors and strategic partners covering Europe, North America, Asia, Africa and Latin America. By fusing local expertise with a global platform under a single fund, Latam startups can gain unique value beyond capital with access to deep, multi-sector insights along with potential corporate partners or customers to fuel business development and activate growth.

“Latam is approaching the tipping point with a burgeoning tech sector and rising middle-class fueling rapid growth,” said Jacky Abitbol, Managing Partner, Cathay Innovation. “Similar to what we saw in China and Southeast Asia, there’s a large equity gap, a growing talent pool and VC allocations. Startups can now adapt innovation to local market needs, building inclusive, digital-first industries from the ground up. With our Latam fund, and a joint platform of $4.6B AUM, we can invest and follow along every step of this entrepreneurial journey — something unique in the market today.”

The teams have proven track records investing in 17 unicorns and several breakout startups including Spain’s Glovo, Cabify and Wallbox (NYSE:WBX) as well as Chime Bank in the US, Paris-based Ledger and China’s Pinduoduo (NASDAQ:PDD). Leading local investments for the Latam fund is Federico Gómez Romero, who brings over 12 years of experience and most recently led Latam activities for seed fintech fund Accion Venture Lab. Previously, he was an investment banker at Lazard before launching several startups and becoming CEO at Credility, an SME lending platform in Argentina.

To learn more, please visit www.sclatam.com

About Seaya Ventures

Seaya Ventures is a leading European & Latin-American Venture Capital firm based in Spain, investing in value-driven founders who are building global technology companies with a sustainable approach. Since raising its first fund in 2013, Seaya manages $350M across three early-stage funds. Seaya Ventures accelerates startup growth by working with the founders to enhance their strategic vision, putting at their disposal its global platform, its strong network of founders, investors and corporates, as well as Seaya’s experience in scaling leading companies such as Glovo, Cabify, Wallbox (NYSE:WBX), Spotahome, Clarity AI, Clicars and Savana.

 

About Cathay Innovation

Cathay Innovation is a global venture capital partnership, created in affiliation with Cathay Capital, investing in startups at the center of the digital revolution across North America, Latin America, Europe, Asia and Africa. Its global platform unifies technology investment across continents, investors, entrepreneurs and leading corporations to accelerate startup growth with access to new markets, invaluable industry knowledge and introductions to potential partners from the start. As a multistage fund with over $1.5 billion assets under management and offices across San Francisco, New York, Paris, Shanghai, Beijing and Singapore, Cathay Innovation partners with visionary entrepreneurs and startups positively impacting the world through technology.

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EQT Infrastructure successfully completes the voluntary tender offer for Solarpack

eqt
  • EQT Infrastructure, through Veleta BidCo, completes the voluntary tender offer for Solarpack, a geographically diversified renewable energy developer and owner of solar photovoltaic plants
  • The total acceptance of the tender offer for Solarpack reaches 96.04 percent, which will allow Veleta BidCo to exercise the squeeze-out right for the Company’s remaining shares
  • The delisting of Solarpack is expected to take place in the end of December 2021

EQT is pleased to announce that the EQT Infrastructure V fund (“EQT Infrastructure”), through the investment vehicle Veleta BidCo S.à r.l. (“Veleta BidCo”) has successfully completed its voluntary tender offer (“the Offer”) for Solarpack Corporación Tecnológica, S.A. (“Solarpack” or the “Company”), a vertically integrated developer and IPP focused on utility scale solar PV projects with a strong international pipeline, listed on the Spanish Stock Exchange.

On 16 June 2021, Veleta BidCo announced the Offer for 100 percent of Solarpack’s shares at EUR 26.50 per share in cash. Prior to the announcement, Beraunberri, S.L., Landa LLC and Burgest 2007, S.L. (the “Vendor Shareholders”), which jointly held approximately 51 percent stake in the Company, signed irrevocable agreements with Veleta BidCo and Veleta TopCo under which they undertook to sell their full stakes in the context of the Offer. The Vendor Shareholders have committed to reinvest in Veleta BidCo alongside EQT Infrastructure and will hold around 8 percent of the share capital after settlement of the squeeze-out.

The National Securities Market Commission (the “CNMV”) authorized the Offer on 27 October 2021 and the acceptance period ended on 19 November 2021. The settlement of the shares tendered in the Offer during the acceptance period is expected to occur on 30 November 2021.

The total acceptance of the Offer has today reached 96.04 percent and, hence, pursuant to the provisions of Article 136 of the Securities Market Act, Article 47 of Royal Decree 1066/2007 and section 3.2 of the Offer Prospectus, the requirements to exercise the squeeze-out right have been met. Veleta BidCo will publicly and generally disseminate the characteristics of the squeeze-out via the same media used for the dissemination of the Offer. The execution of the squeeze-out will allow Veleta Bidco to acquire 100 percent of Solarpack shares and trigger the right to the delist the Company. The delisting will take effect as of the settlement of the squeeze-out transaction, which is expected at the end of December 2021.

Asís Echániz, Head of EQT Spain and Partner within EQT Infrastructure’s Investment Advisory Team, said, “There is tremendous potential for solar energy as the global need for sustainable and environmentally friendly energy solutions will accelerate over the coming years. Solarpack, a strong platform with high growth potential, marks an important milestone for us as it is EQT Infrastructure’s first investment in the European solar PV energy sector. Looking ahead, we see great opportunities for organic and acquisitive growth in both existing and new geographies, and EQT Infrastructure looks forward to scaling-up Solarpack with the ambition to deliver a positive – and green – impact to the societies the company operates in.”

Contact
Spanish media inquiries: malonso@grupoalbion.net, +34 659 007 048
International media inquiries: EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with more than EUR 70 billion in assets under management across 27 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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

About Solarpack
Solarpack is a geographically diversified solar PV developer and independent power producer. Since its inception in 2005, Solarpack has developed/built approximately 1.3 GWs across eight countries, mainly in Spain, Chile and India, out of which 450 MWs are owned and operated by the Company. Headquartered in Getxo, Spain, Solarpack employs more than 260 people and has been listed on the Spanish Stock Exchange since 2018.

More info: www.solarpack.es

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KKR Invests in Taylor’s Education Group

KKR

Investment enables Taylor’s Schools to accelerate its growth and expansion plan

KUALA LUMPUR, Malaysia–(BUSINESS WIRE)– Global investment firm KKR and premium Southeast Asian private educator, Taylor’s Education Group (“TEG”), today announced the signing of agreements under which KKR will acquire a minority stake in Taylor’s Schools. Taylor’s Schools owns and operates six award-winning international schools – Garden International School, Nexus International School Singapore, Nexus International School Malaysia, Australian International School Malaysia, Taylor’s International School Kuala Lumpur, and Taylor’s International School Puchong. KKR’s investment positions Taylor’s Schools to accelerate growth and regional expansion.

Focused on the K-12 education system, Taylor’s Schools seeks to empower its learners to become productive leaders in the global community through innovative and creative teaching and learning methods, preparing them for future opportunities. Taylor’s Schools is a member of TEG, a leading private education institution in Malaysia, Singapore and Vietnam. Other education-focused verticals under the TEG umbrella include Taylor’s University, Taylor’s College, The British University Vietnam and Taylor’s Hostel Management, among others. These education institutions continue to be wholly owned by TEG.

Commenting on the investment, Dato’ Loy Teik Ngan, Executive Chairman of Taylor’s Schools, said, “Over the years, Taylor’s Schools has grown in significance as a provider of top-class international school education in Malaysia and Singapore. With the intention to expand our portfolio of international schools in the ASEAN region, we are honoured that KKR has decided to collaborate with us in the next phase of our growth. We view their choice as a firm endorsement of the strategy of our K-12 schools platform. We believe that their commitment to building and sustaining long-term strategic partnerships suits us. They will complement our strength in education operations with their regional network, expertise in mergers & acquisitions as well as their access to capital.”

“TEG will remain as the controlling shareholder of Taylor’s Schools and we are pleased that the current management team will continue managing our schools. We will ensure that the world class K-12 international education that we are known for and our community of parents and students have come to expect is sustained,” he added.

SJ Lim, Managing Director at KKR, added, “We are excited by this opportunity to share our knowledge and provide a capital solution for Taylor’s Schools in its ambition to further expand into the region and provide quality educational experiences to more students. Under the leadership of Taylor’s Schools’ management team, all four brands have consistently achieved strong academic outcomes and we are confident that it is primed for more success. KKR also looks to leverage our operational experience, global network, and education expertise to further enhance Taylor’s Schools’ offerings.”

Among its other areas of focus in Southeast Asia, KKR looks to support leading family businesses who contribute meaningfully to the region’s economic prosperity, in their efforts to build sustainable businesses into the next generation. KKR’s diversified and multi-asset investment platform provides KKR with the flexibility to support ambitious companies with a suite of comprehensive, bespoke financing solutions, further enhanced by its global experience and operational capabilities. In the education space, KKR has built up a strong track record in Asia and globally, including through investments in Lighthouse Learning (formerly EuroKids International), a leading Indian education services provider, Cognita Schools, a UK-based global private schools group, EQuest Education, a leading educational services provider in Vietnam, and Education Perfect, a leading education technology firm in Australia and New Zealand. KKR invests in Taylor’s Schools from its managed funds.

Rothschild & Co. is the sole financial advisor to Taylor’s Schools and its shareholders on the transaction.

About Taylor’s Education Group

Taylor’s Education Group is one of the largest private education groups in Malaysia with 20,000 students. It has established itself as a provider of highly regarded quality education and in the last decade has grown its operations to Singapore and Vietnam. With an unsurpassed track record built up over seven decades, Taylor’s has earned the reputation as the leading private educational provider in Malaysia, and offers a breadth of education institutions from pre-school to postgraduate courses. Among its tertiary institutions, Taylor’s University is currently ranked the #1 private university in Malaysia & South East Asia by QS World University Rankings 2022 and, together with Taylor’s College, has consistently been the winner of the People’s Choice awards over the last decade, as well as received recognition from multiple professional bodies around the world.

About KKR

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

For KKR:
Anita Davis
+852 3602 7335
Anita.Davis@kkr.com

Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

For Taylor’s Education Group:
Mark Tan
Chief Operating Officer, Taylor’s Schools
Mark.Tan@taylors.edu.my

Melissa Kong
VP Marketing, Taylor’s Schools
Melissa.Kong@taylors.edu.my

Source: KKR

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Online auction house is acquired by private equity funds managed by Castik Capital – TBAuctions on path to becoming Europe’s largest online auction platform

Castik Capital

 

TBAuctions, created in 2018 via the merger of Troostwijk Auctions (B2B auctions) and BVA Auctions (B2C auctions), will be acquired by funds managed by Castik Capital, a manager of private equity funds focused on partnering with strong management teams to create market leaders through organic growth and buy & build. The acquisition will enable TBAuctions to accelerate its growth across the European online auction market through continued organic expansion supplemented by strategic acquisitions. Since the merger in 2018, TBAuctions has made significant investments in developing a state-of-the-art, scalable IT platform called ATLAS, which enables the business to scale and integrate future acquisitions across Europe seamlessly.

The proposed acquisition is still subject to approval by the Works Council and The Netherlands Authority for Consumers and Markets (ACM), the closing is expected at the end of this year.

Leading online auction platform

ATLAS is a clear differentiator for TBAuctions to drive the growth of the online auction space. “We see that other auction houses could only facilitate their growth and transition from physical auctions to online auctions by making substantial investments in their IT“, says Herberth Samsom, CEO of TBAuctions. “Together with the support of Castik Capital we can become one of the leading European online auction platforms. I foresee continued growth of the online auction market in Europe, in which TBAuctions will play a prominent role.”

Powerful backbone with many storefronts

The growth ambition of TBAuctions, which is already present in eight European countries, has already led to an increasing pace of add-on acquisitions. The most recent is the acquisition of the Belgian company Vavato, one of the largest online auction players in the Belgian B2B and B2C market. Just like Troostwijk Auctions and BVA Auctions, Vavato will continue to operate with its own brand and online storefront within the TBAuctions group. This perfectly fits the strategy of TBAuctions of using its own scalable IT platform to auction everything from small consumer goods to complete industrial inventories and real property. Acquired companies are quickly and efficiently integrated onto the TBAuctions IT backbone, and can thus immediately benefit from the scale and efficiency as well as marketing and back-office support of TBAuctions. For sellers this means unparalleled service and a larger addressable market, and for buyers an even greater diversity of offered items.

Circular economy

According to Michael Phillips, Investment Partner at Castik Capital, TBAuctions plays an important role in the global move towards a circular economy. “Sustainable consumption – which TBAuctions is actively driving through finding new homes for second hand and second chance goods – is at the heart of the global ESG agenda. Castik is proud to support TBAuctions’ mission and believes that the company is uniquely positioned to establish itself as one of Europe’s leading online auction platforms. Especially now, as we are facing a scarcity of equipment availability due to supply chain disruptions, TBAuctions is the online platform that brings together supply and demand in Europe and beyond. We are proud that we can make an important contribution to this with our most recent partnership investment in TBAuctions.”

Accelerating growth

“After the merger in 2018, we focused strongly on organic growth of sellers and bidders and the efficiency of our processes. The most important aspect of this was the development of our proprietary IT Platform ATLAS,” says Samsom. “If you look at the digitization of e-commerce in general, it is striking that the world of ‘second hand’ is lagging behind in terms of digitization. This offers us unique opportunities in the marketplace. We are now ready to accelerate our growth together with our new partner Castik Capital. Castik is known for investing strongly in both organic and inorganic growth which perfectly resonates with our ambitions and goals.“

In an extensive market due diligence carried out by Castik Capital, it was found that the European online auction market is highly fragmented and comprises largely of ‘local champions’ with strong regional focus and limited international scale. The exciting vision emerged that “we are at the beginning of a potential pan-European market consolidation, which is underpinned by technological development.” Michael Phillips of Castik Capital said. “TBAuctions is uniquely positioned via its state-of-the-art ATLAS platform in actively driving accelerated organic and inorganic growth.”

Europe first

TBAuctions’ management team and employees will remain significant shareholders in the group. The management has unanimously indicated that it wants to drive market-leading growth in the coming years. Samsom: “For now we will first concentrate all our efforts on the fragmented European auction market. After that, we will see where our journey takes us.”

Advisors

TBAuctions was advised by Rothschild & Co

Castik was advised by BCG, Skadden, Arps, Slate, Meagher & Flom, Emendo, PwC, Houthoff, Netlight, Houlihan Lokey, and Etribes.

About TBAuctions

TBAuctions is a leading online auction platform and marketplace for second hand and second chance goods, operating through the brands Troostwijk Auctions (B2B) and BVA Auctions (B2C) and since November 2021 also the Belgian brand Vavato. TBAuctions auctions movable and immovable goods on behalf of third parties through ATLAS, its proprietary IT platform for intelligent auctioning (IA). With over 13,000 auctions/2.75 million lots per year and over 10 million website visitors per month, TBAuctions is one of the largest online auctioneers in Europe. For more information about TBAuctions, see: www.tbauctions.com.

About Castik Capital

Castik Capital manages private equity investments. Castik Capital is a European Private Equity firm that acquires majority stakes in private and public companies, where long-term value can be generated through active partnerships with management teams­. Founded in 2014, Castik Capital is based in Luxembourg and focuses on identifying and developing investment opportunities across Europe. Castik Capital’s advisor is Castik Capital Partners GmbH, based in Munich, Germany. Investments are made by the Luxembourg-based fund, EPIC II, the second fund managed by Castik, which had its final fund close of €1.25bn in October 2020. For more information on Castik, please visit www.castik.com.

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