Archives

The Stephens Group Portfolio Investment Westrock Coffee Company, a Leading Integrated Coffee, Tea, Flavors, Extracts, and Ingredients Solutions Provider, to Become a Public Company Through Business Combination with Riverview Acquisition Corp.

Stephens Group

Purpose-driven company that serves the world’s most iconic brands and delivers measurable global impact through sustainable sourcing, digitally traceable supply chain management, has strong financial profile and revenue growth

  • Westrock Coffee offers a highly scalable platform and is delivering strong financial results with estimated 2022 revenue of approximately $960 million and projected adjusted EBITDA of approximately $75 million
  • The transaction values Westrock Coffee at an enterprise value of approximately $1.086 billion at $10 per share and, assuming no redemptions by Riverview shareholders, will deliver approximately $500 million in gross cash proceeds to the combined company
  • The transaction includes $250 million in common stock PIPE commitments at $10 per share, including $60 million from R. Brad Martin, NFC Investments, LLC, and the other Riverview Acquisition Corp. founders, $25 million from Westrock Coffee founders, and $78 million each from HF Capital, the Haslam family investment office, and funds managed by Southeastern Asset Management.
  • Westrock Coffee’s existing shareholders are rolling 100% of their shares into the combined company
  • Westrock Coffee has also secured a financing commitment from Wells Fargo for a $300 million Senior Secured Pro Rata Credit Facility including a $150 million term loan and a $150 million revolving loan commitment. The term loan will be fully funded at closing and the revolver is expected to be largely undrawn
  • Following the close of the transaction and the refinancing of Westrock Coffee’s debt, the Company will have a strong balance sheet with an expected net cash position of approximately $120 million, assuming no redemptions by Riverview shareholders
  • Founded on a mission to positively impact the coffee, tea, and extracts market from crop to cup, Westrock Coffee is leading the industry through sustainable sourcing, digitally traceable supply chain management, and the improvement of the lives of 1.5 million smallholder farmers around the world
  • A webcast of a conference call with Westrock Coffee and Riverview Acquisition Corp. leadership, as well as an associated investor presentation, is accessible at www.westrockcoffee.com/pages/investors

LITTLE ROCK, Arkansas – April 6, 2022 –  Private investment firm The Stephens Group, LLC (“The Stephens Group”) announced today that on April 3, 2022, its portfolio investment Westrock Coffee Holdings, LLC announced its plans to go public via a business combination with Riverview Acquisition Corp. (NASDAQ: RVAC) (“RVAC” or “Riverview”), which values the Company at approximately $1.086 billion. The proposed business combination will allow Westrock Coffee to accelerate the build-out of the United States’ largest roasting to ready-to-drink facility, as well as the Company’s further expansion into Europe, Asia Pacific, and the Middle East in support of its blue-chip customers. Upon the closing of the transaction, the combined company will be named Westrock Coffee Company and is expected to be listed on the Nasdaq under the ticker symbol “WEST.”

Westrock Coffee is led by Chief Executive Officer and Co-Founder Scott Ford, previously President and CEO of Alltel Wireless. Riverview is led by its Chairman and CEO, R. Brad Martin, Retired Chairman and CEO of Saks Incorporated and current Board member of FedEx Corporation and Pilot Company.

Company Overview

Westrock Coffee supplies the world’s most iconic brands with the world’s most innovative coffee, tea, flavors, extracts, and ingredients products. As the “brand behind the brands,” Westrock Coffee’s long-tenured customers include blue-chip market leaders across the retail, restaurant and food service, convenience store and travel center, non-commercial account, CPG, and hospitality industries. Westrock Coffee currently provides over 20 million cups of coffee to the world daily. The Company is also the largest custom/private label coffee and tea provider to restaurants in the United States by volume, and the second largest coffee extract provider in ready-to-drink coffee.

Westrock Coffee is leading the industry in sustainable sourcing and digitally traceable supply chain technologies that provide transparency from the farmer through the finished product. The Company was founded 13 years ago with the belief that growth is an inevitable byproduct of investments in infrastructure, farmer development, supply chain traceability and transparency, product innovation, and technological advancement. Mr. Ford founded the company with a goal to create economic opportunity for farmers, their families, and the communities where they live.

Today, Westrock Coffee sources from more than 1.5 million smallholder farmers in 35 countries worldwide. Its hands-on approach to working with its farmer partners has led to improved social, economic, and environmental standards for people around the world while expanding its offerings to its customers. Westrock Coffee’s proprietary digital tracing technology stack gives its customers visibility into every step of the supply chain. As a result, the Company has grown exponentially since its founding, with total net revenues expected to exceed $960 million in 2022.

This transaction will support Westrock Coffee’s mission to build and efficiently operate the preeminent integrated coffee, tea, flavors, extracts, and ingredients supply chain in the world. Proceeds from the transaction will be used to fuel the Company’s organic growth plans, including further expansion of its product and solution offerings and customer base, and the build-out of manufacturing facilities in the U.S., including the largest, roasting to ready-to-drink facility in the nation. Funds will also be used in the pursuit of strategic acquisitions, and the acceleration of growth in existing and international markets including Europe, Asia Pacific, and the Middle East.

Scott Ford, CEO and Co-Founder of Westrock Coffee, stated: “The announcement today to go public via this transaction with Riverview represents a truly important milestone in Westrock Coffee’s journey. We started Westrock Coffee when we saw the need for coffee farmers in Rwanda to earn a living wage and realized that a new business model for the industry could enable this outcome while being self-sustaining and un-reliant on the vagaries of charity or consumer price premiums. Our mission to positively impact the coffee, tea, flavors, extracts, and ingredients market from crop to cup has proven to be both enormously successful and gratifying. Our scaled platform and comprehensive portfolio of beverage solutions has allowed us to deliver high-quality coffee, tea, and extracts products to the largest and most recognizable names in the world, while making a noticeable impact in the lives of our farmer partners, by empowering them economically to improve their lives and the lives of those in their communities.”

Ford continued, “As we were considering entering the public market, we had the opportunity to meet Brad Martin, an accomplished executive whose big heart and experience with scaled operating platforms made him the ideal partner to help fulfill our global mission. This transaction, in partnership with Brad and the incredible team at Riverview Acquisition Corp., will catapult our efforts globally and open a pathway for public investors to participate in our important work.”

R. Brad Martin, CEO of Riverview, commented: “When we launched Riverview Acquisition Corp., I stated that our objective was to find a merger partner in an attractive business with tangible growth prospects in which we could invest, a solid market position with competitive strengths, and an experienced, public company-ready management team that has demonstrated a commitment to maximizing value while operating with the highest level of integrity. I’m pleased that we are able to announce today that we have achieved that objective in our proposed merger with Westrock Coffee.”

Martin continued, “I’ve long admired the Ford family, and because of my respect for them, I approached them about the possibility of partnering with Riverview. The intense customer, commercial, and mission focus of the Westrock team has built a terrific business over the last 13 years, and now the Company is poised for a very promising future. The Westrock management team will be the largest equity owners in our Company, and my fellow shareholders in Riverview Acquisition Corp. and my partners in the PIPE investment are delighted to become part of the Westrock family.”

Westrock Coffee Investment Highlights

  • Purpose-driven mission delivers measurable and sustained impact. Westrock Coffee was founded on the belief that growth is an inevitable byproduct of investments in infrastructure, farmer development, supply chain, product innovation, and technological advancement when combined with exceptional personal service. This growth provides smallholder farmers and their families in developing countries the ability to advance their quality of life and economic well-being.
  • Proprietary, digitally traceable supply chain technology. Creation and management of a sustainable and digitally traceable supply chain from the original farmer transaction through the finished consumer packaged good is a cornerstone of Westrock Coffee’s differentiation.
  • Large and growing total addressable market of $318 billion. The global coffee and tea market provides significant opportunity,including a TAM of $37 billion in Westrock Coffee’s traditional core business.
  • Unparalleled customer value proposition.Leading brands choose Westrock Coffee because it is singularly positioned to meet their needs, while simultaneously driving a new standard for sustainably sourced products. Westrock Coffee provides a comprehensive product and service offering to its customers, including a full range of beverage concentrate and flavoring systems. In addition to great tasting, high quality beverage solutions, customers rely on Westrock Coffee for best-in-class product innovation, consumer insights, and customer service.
  • Tenured, flagship customers with global operations. Westrock Coffee serves the largest and most iconic brands across multiple industries – the average tenure for Westrock Coffee’s top 20 customers, including businesses the Company has acquired since founding, is almost 20 years.
  • Strong financial profile and growth trajectory. Westrock Coffee is a highly scalable platform that is gaining market share and delivering strong financial results – 2022 net revenue is estimated to grow to approximately $960 million, driving projected Adjusted EBITDA growth of approximately 60% to $75 million.

Transaction Overview

The transaction values the combined company at a pro forma enterprise value of approximately $1.086 billion at $10 per share, representing 1.1 times projected 2022 revenues and approximately 14.5 times projected 2022 Adjusted EBITDA.

As part of the transaction, Westrock Coffee will convert into a corporation and all of Westrock Coffee’s existing shareholders will roll 100% of their shares into the new Company and, assuming no redemptions from Riverview shareholders, will hold approximately 53% of the shares of the combined company on closing.

Assuming no redemptions from Riverview shareholders, the transaction will deliver approximately $500 million in gross cash proceeds to the combined company including $250 million in common stock PIPE commitments at $10 per share, funded by $60 million from R. Brad Martin, NFC Investments, LLC, and the other Riverview Acquisition Corp. founders, $25 million from Westrock Coffee founders, and $78 million each from HF Capital, the Haslam family investment office, and funds managed by Southeastern Asset Management.

In connection with the transactions, Westrock Coffee has secured a financing commitment from Wells Fargo for a $300 million Senior Secured Pro Rata Credit Facility to be entered into at closing, which will be used to re-finance the Company’s existing debt and fund its expansion plans.

The Boards of Directors of Westrock Coffee and Riverview have each unanimously approved this transaction. The transaction is subject to customary closing conditions, including approval of the shareholders of RVAC. The transaction is expected to close by the end of the third quarter of 2022.

Additional information about the proposed transaction, including a copy of the transaction agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by RVAC with the Securities and Exchange Commission (“SEC”) and will be available on the Riverview website at www.riverviewacquisition.com, the Westrock Coffee website at www.westrockcoffee.com/pages/investors and at the SEC’s website at http://www.sec.gov/.

Advisors

Stifel is serving as Lead Financial Advisor and Wells Fargo Securities, LLC is serving as Financial Advisor to Westrock Coffee. Stifel and Wells Fargo Securities, LLC are both serving as Capital Market Advisors to Westrock Coffee. Wachtell, Lipton, Rosen & Katz is acting as legal counsel to Westrock Coffee.

Stephens Inc. is serving as Financial and Capital Markets Advisor, and Cantor Fitzgerald & Co. is serving as Capital Markets Advisor to Riverview. King & Spalding LLP is acting as legal counsel to Riverview.

Investor Conference Call Information

Westrock Coffee and Riverview leadership hosted a joint investor conference call to discuss the proposed transaction on April 4th, 2022. The conference call, as well as an associated investor presentation, can be accessed here, or on the Westrock Coffee investor relations website at www.westrockcoffee.com/pages/investors. Interested parties may also listen to the prepared remarks via telephone by dialing 1-844-512-2921, or for international callers, 1-412-317-6671 and entering pin number: 13728507. The telephone replay of the call will be available until Monday, April 11, 2022 at 11:59 PM ET, and a replay of the webcast will be archived on the investor relations website.

About The Stephens Group, LLC

The Stephens Group, LLC (https://www.stephensgroup.com) is a private investment firm that partners with talented management teams to help build valuable businesses. Backed by the resources of the Witt Stephens and Elizabeth Campbell families, the firm combines the operational expertise of a private equity firm with the flexibility provided by long-term capital. With nearly $2 billion of private equity assets under management, the firm has a long history of providing informed, sophisticated expertise and working with owners and managers to help them successfully achieve their strategic visions and build long-term value. Since 2006, The Stephens Group has invested in 49 companies, targeting investments in industries across the U.S., including industrial and commercial products and services, specialty distribution, B2B food, technology infrastructure and tech-enabled services.

ABOUT WESTROCK COFFEE HOLDINGS, LLC

Westrock Coffee Holdings, LLC is a leading integrated coffee, tea, flavors, extracts, and ingredients solutions provider in the U.S., providing coffee sourcing, supply chain management, product development, roasting, packaging, and distribution services to retail, food service and restaurant, convenience store and travel center, non-commercial account, CPG, and hospitality industries around the world. With offices in 10 countries, the company sources coffee and tea from 35 origin countries.

ABOUT RIVERVIEW ACQUISITION CORPORATION

Riverview Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Management is led by Chief Executive Officer R. Brad Martin, President Charles K. Slatery, and Chief Financial Officer Will Thompson.

ABOUT THE STEPHENS GROUP, LLC

Headquartered in Little Rock, AR, The Stephens Group, LLC is a private investment firm that partners with talented management teams to help build valuable businesses. Backed by the resources of the Witt Stephens and Elizabeth Campbell families, the firm combines the operational expertise of a private equity firm with the flexibility provided by long-term capital. With nearly $2 billion of private equity assets under management, the firm has a long history of providing informed, sophisticated expertise and working with owners and managers to help them successfully achieve their strategic visions and build long-term value. Since 2006, The Stephens Group has invested in 49 companies, targeting investments in industries across the U.S., including industrial and commercial products and services, specialty distribution, B2B food, technology infrastructure and tech-enabled services.

CONTACT:

Allie Laborde
Principal, Business Development
The Stephens Group, LLC
pressreleases@stephensgroup.com
501.377.3401

Categories: News

Tags:

Elkem, Hydro and Altor partner to accelerate growth of Vianode, producer of sustainable battery materials

Altor

Elkem, Hydro and Altor (Altor Fund V) today announced a partnership with the intention to accelerate the growth of Vianode, a producer of sustainable battery materials. An investment decision for a potential first-phase plant at Herøya, Norway, is expected in the first half of 2022.

Vianode has developed a range of synthetic graphite products for batteries with unique performance characteristics and produced with significantly lower CO2 emissions than today’s standard materials – supporting the ambitions of leading battery cell and automotive manufacturers. Today, an electric vehicle (EV) contains on average 40-70 kg of graphite, representing a vital component of the battery. Vianode’s products are developed based on specialized know-how in high-temperature processes, closed production systems, lower energy consumption and access to renewable energy.

Founded in 2021, Vianode currently has around 50 employees. The company builds on Elkem’s experience in advanced material solutions, its in-house research and development resources, as well as the strong performance of Vianode’s industrial pilot plant in Kristiansand, Norway. After this transaction, Hydro and Altor will each have 30% ownership in Vianode, while Elkem will retain the remaining 40% ownership.

“I would like to congratulate the parties on a very exciting industrial collaboration! The Norwegian Government has great ambitions for a green industrial boost where batteries are one of six focus areas. The purpose is to create new, green jobs, increase mainland investment, increase exports outside oil and gas and reduce greenhouse gas emissions. These are the kind of projects and partnerships we want more of when we now will go through the biggest restructuring of the Norwegian economy ever,” says Norwegian Minister of Trade and Industry, Jan Christian Vestre.

An investment decision for a potential first-phase plant for Vianode is expected during the first half of 2022. This plant will have approximately 100 employees and produce graphite for more than 20,000 EVs per year. A potential full-scale plant will produce graphite for more than 1 million EVs per year and is expected to increase the number of employees in Vianode to around 300, enabling more than 1,000 green jobs including external effects.

The total investments in the first-phase plant and preparations for a potential full-scale plant are estimated at around NOK 2 billion. The plant development is pending clarifications related to framework conditions, including public support mechanisms and long-term access to competitive renewable energy and grid infrastructure.

“The market for battery materials is growing at an exponential rate and developing sustainable value chains is critical for the green transformation. Vianode aims to become a leading producer of sustainable battery materials, and this represents an attractive growth opportunity for Elkem. Hydro and Altor both add significant experience and expertise in developing large-scale industrial projects in the battery value chain. Through complementary skillsets, the partnership with Hydro and Altor will contribute to making Vianode a highly valuable contribution to the European battery value chain,” says Elkem CEO Helge Aasen.

“We are excited to partner up with Elkem and Altor to industrialize Vianode. We look forward to utilizing our industry scaling capabilities including project execution for large industrial projects, our material and process competence and experience as well as our track record from serving the car OEM segments for decades. Vianode is a good fit for our strategic direction of growing in renewable energy and new-energy solutions,” says Hilde Merete Aasheim, Hydro President & CEO.

“We are thrilled to partner with Elkem and Hydro on this very exciting opportunity. Vianode is perfectly positioned to shape the future of the automotive industry and will be an important contributor to the green transition and a carbon neutral future. We have experience from partnerships in other green transition projects where entire industries are being reshaped, and with Vianode we will build a new green EV supply chain in Europe. We are very impressed by the work Elkem has done with Vianode, and we think it will be a very exciting partnership with both Elkem and Hydro,” says Tom Jovik, Principal at Altor.

The transaction is subject to formal approval by all parties and regulatory approvals, including competition authorities.

Press meeting
Elkem CEO Helge Aasen, Hydro CEO Hilde Merete Aasheim and Altor principal Tom Jovik will together present the partnership and be available for questions in a press meeting today at 10:00-10:45 at Vækerø Hovedgård (Drammensveien 256, 0277 Oslo, Norway). Please sign up in advance via Maria Melfald Tveten (Maria.Tveten@hydro.com).

For further information, please contact:
Tor Krusell, head of Communcation Altor: +46705438747

About Vianode
Vianode, founded in 2021, is a producer of sustainable battery materials. The company is built upon technological advancements and experience developed over several years. Vianode’s range of synthetic graphite products offers unique performance characteristics and are produced with significantly lower CO2 emissions than today’s standard materials – supporting the ambitions of leading battery cell and automotive manufacturers. An investment decision for a potential first-phase battery materials plant at Herøya, Norway, is expected in the first half of 2022. Vianode is backed by Elkem (40%), Hydro (30%) and Altor (30%). www.vianode.com

About Altor
Since its inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 5 billion in more than 75 companies. The investments have been made in medium-sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are H2 Green Steel, OX2 and Helly Hansen. For more information visit www.altor.com

About Elkem
Elkem is one of the world’s leading providers of advanced material solutions shaping a better and more sustainable future. The company develops silicones, silicon products and carbon solutions by combining natural raw materials, renewable energy and human ingenuity. Elkem helps its customers create and improve essential innovations like electric mobility, digital communications, health and personal care as well as smarter and more sustainable cities. With a strong track record since 1904, its global team of more than 7,000 people has a joint commitment to stakeholders: Delivering your potential. In 2021, Elkem obtained a Platinum score from EcoVadis, which rated the company among the world’s top 1% on sustainability transparency, and the company achieved an operating income of NOK 33.7 billion. Elkem is listed on the Oslo Stock Exchange (ticker: ELK). www.elkem.com

About Hydro
Hydro is a leading industrial company that builds businesses and partnerships for a more sustainable future. We develop industries that matter to people and society. Since 1905, Hydro has turned natural resources into valuable products for people and businesses, creating a safe and secure workplace for our 31,000 employees in more than 140 locations and 40 countries. Today, we own and operate various businesses and have investments with a base in sustainable industries. Hydro is through its businesses present in a broad range of market segments for aluminium, energy, metal recycling, renewables and batteries, offering a unique wealth of knowledge and competence. Hydro is listed on the Oslo Stock Exchange (ticker: NHY). www.hydro.com

Author: Katarina Karlsson
Date: 2022.04.06
Categories: News

Categories: News

Tags:

Main completes four DACH acquisitions and launches new business software group enventa

Main Capital Partners

Software investor Main Capital Partners (“Main”) today announces four acquisitions of majority shareholdings in business software companies Nissen & Velten (ERP), texdata (ERP), aruba BI (BI) and Litreca (financial solutions). The four companies will now be combined to form a new comprehensive business software group that will be known as enventa.

These four businesses all have significant and well-established track records as market leaders within their own sectors, operating across the business software landscape. They focus on enterprise resource planning (“ERP”), business intelligence (“BI”), as well operational financial solutions such as receivables and treasury management. enventa now has a strong footprint in the DACH region, serving the German SME and corporate market.

Combined 2022 revenues for enventa are forecast to reach approximately EUR25 million and are predicted to increase further at a double-digit growth rate. This will make enventa a “Rule of 40” company with a combined growth rate and profit margin of >40%. The Group will now employ approximately 200 people to drive and support this growth trajectory deploying a cross and upsell strategy.

Nissen & Velten is headquartered in Stockach, offering comprehensive, flexible and integrated ERP software solutions in wholesale markets for technical, steel, sanitary, building materials and electrical products. This covers a broad spectrum of solutions, ranging from ERP, CRM and e-commerce modules to WMS, PMS and analytics solutions.

Established in 1983 and based in Karlsruhe, texdata offers standardised ERP business software for companies in the apparel, footwear and home textiles sectors. The product portfolio of texdata comprises a fully modularised ERP solution covering business processes ranging from product development, production and sales to logistics. texdata also has a comprehensive warehouse management system that delivers everything for intralogistics from chaotic storage, mobile picking solutions through to the integration of robotic picking solutions.

aruba BI, which works closely with texdata through customer integration (serving around 20 clients together to-date), is a leading provider of business intelligence solutions for extracting, structuring, analysing and visualising data from well-positioned corporate software for all layers of information technology and operational technology. The product portfolio of aruba comprises an enterprise BI solution including reporting, analytics and business intelligence, as well as an enterprise scorecard, enterprise query and an event-driven dashboard. texdata serves more than 180 customers across the apparel, footwear and textile industries while aruba has more than 400 industrial SME customers.

Litreca, with headquarters in Stuttgart, is a provider of modular financial solutions for CFOs, financial decision makers, treasurers and employees from finance departments. It specialises in mid-to-large sized companies, within SAP as well as other ERP systems. As part of the enventa Group, Litreca will focus on providing financial business software.

enventa is now well positioned to benefit from the advantages of consolidation, economies of scale, technological integration and aligning with like-minded, highly skilled professionals across the region.

Customers for enventa through the umbrella of these four operating companies now include Lufthansa, Leica Camera and KYOCERA Fineceramics Precision among others.

Sven van Berge, Head of DACH activities at Main Capital Partners, commented:
“The ERP market offers significant growth opportunities for the DACH region. These acquisitions give Main a strong stable of holistic software providers to better serve the German SME market. We will capitalise on our existing, extensive experience within the ERP software sector and implement it to further grow and develop these exciting business synergies to drive enventa forward. We will look to achieve sustainable growth through solid business models and initiatives such as further buy-and-build execution in the fragmented ERP market as well as diversification through cross-selling. There will also be a key focus on cloud readiness and tech stack operations giving strong  modernisation. We are very excited for this next chapter, working together with the respective existing management structures as a part of the wider succession plan.

Daniel Plohnke, CEO at textdata, and newly appointed CEO of enventa, commented:

“We are really looking forward to joining forces with Main. We chose Main as a partner for their extensive know-how and strategic support in building large, cross-border software groups. With the current combination of companies, we have set up a strong foundation for the next phase of the enventa group to enable further expansion into the DACH market.”

Stephanie Kliner, CEO at Litreca and newly appointed CFO for enventa, commented:

“The strategic combination of these companies under the enventa umbrella is an essential part of our growth journey for the group. We are adding unique competences to the teams as well as providing new and more holistic software solutions. These are neatly interlinked and will deliver higher customer value to our existing and future customers.”

Joerg Nissen and Günther Velten, Founders of Nissen & Velten, commented:

“We are ready to begin the next chapter of our growth journey. With our strong software proposal in the group and organic growth, we will now partner with Main and implement a successful buy-and-build strategy. This will enable us to compete for the top positions in our industry.”

All the senior management and founders referenced will remain with the Group as part of the new strategic direction for the companies. They also share a strong belief in the future growth prospects having all either invested or reinvested in enventa following this integration process.

Main Capital Partners

Main Capital Partners (“Main”) is a leading software investor in the Benelux, DACH and Nordics. Main has almost 20 years of experience in developing software companies and works closely together with management teams of its portfolio companies as a strategic partner, in order to realise sustainable growth and build excellent software groups. Main has over 45 employees and has offices in The Hague, Stockholm and Düsseldorf. As of October 2021, Main has over 2.2 billion euros under management. Main has invested in more than 120 software companies. These companies create jobs for approximately 4,000 employees.

Nissen & Velten Software GmbH

Nissen & Velten Software GmbH supports its customers in seizing the opportunities of digital transformation. For more than 30 years, the software house has been producing innovative business solutions for small and medium-sized companies. The software enventa ERP offers solutions for ERP, CRM, logistics, e-commerce and master data management. A portfolio of industry solutions for the technical wholesale, the SHK trade, the steel trade and for the electrical wholesale completes the offer. The 90 employees of Nissen & Velten and the 15 sales partners in Germany, Austria and Switzerland together support more than 350 companies.

Litreca AG

Litreca AG offers software for optimal financial processes. For more than 25 years, Litreca AG has had its finger on the pulse, closely observing market situations and the needs of companies in Germany, Austria and Switzerland. Whether treasury management, secure payment transactions, automated bank statement processing or financial planning – Litreca AG’s passion is to provide high-quality financial solutions within SAP and for independent ERP systems. The results are practice-oriented software solutions, which are designed together with more than 600 customers.

texdata software gmbh

texdata software gmbh is one of the leading providers of business software for the fashion and lifestyle industry. With offices in Karlsruhe, Bielefeld and Lustenau (Austria), texdata serves approximately 180 customers in German-speaking countries, including successful brands such as Seidensticker, bruno banani, Luisa Cerano and Burda create. The ERP system DIAMOD enables companies to connect all areas from design, sales, production, procurement, logistics to the end user to a continuous and transparent process. With the WMS software DIALOG, companies and logistics service providers optimize their intralogistics and ensure inventory security and maximum performance.

aruba informatik GmbH

aruba informatik GmbH supports companies in making optimal use of their data. aruba BI includes easy-to-use and practical products for data extraction and provision (ETL) as well as for reporting, analysis and planning. In addition, the solution portfolio includes reporting portals, enterprise cockpits and dashboards, and real-time monitoring. Around 600 companies use BI solutions from aruba as the basis for secure business decisions.

Categories: News

Tags:

DIF Capital Partners signs a JV agreement with Boluda Corporación Marítima to invest in Boluda Maritime Terminals

DIF

DIF Capital Partners (“DIF”), through its DIF CIF II fund, has signed an agreement to acquire an undisclosed stake from Spanish main shipping and port services company, Boluda Corporación Marítima (“Boluda CM”), in its container terminal division, Boluda Maritime Terminals. Boluda CM will remain the majority shareholder in the joint venture (“JV”).

The transaction involves 8 container terminals located in continental Spain and the Canary Islands with a total capacity of over 1.5 million TEUs. All terminals are operated under a concession granted by the port authorities. Focused on gateway cargo, these maritime terminals provide loading, unloading, warehousing, handling of containers, and general cargo services. The JV employs ca. 150 employees. Each terminal has its own financing in place with no new debt being arranged in the context of the transaction.

The terminal portfolio is key to serve essential goods from / to the Canary Islands, a region which represents a population of ca. 2 million inhabitants. The JV agreement includes specific arrangements to further invest in container terminal opportunities.

The terminals will continue to benefit from the support of Boluda Lines, the maritime transport division of Boluda CM, which has developed a successful container cargo service between the Iberian Peninsula, the Canary Islands and other regions in Europe and Africa. The JV has signed a long-term contract with Boluda Lines.

Willem Jansonius, head of DIF CIF Investments, says: “We are pleased to announce the agreement reached with Boluda CM to invest in their container terminal business. The Boluda terminals are essential infrastructure assets delivering cargo services 24/7 to the Iberian Peninsula and the Canary Islands. We are looking forward to continuing to grow the business together with Boluda CM, management and employees and aim to work closely with its customers, the port authorities and other stakeholders”.

The completion of the acquisition is subject to antitrust approval.

DIF was advised by Deloitte (financial), Uria (legal) and Drewry (commercial and technical). Boluda CM was advised by Ocean Capital Partners (financial) and CMS (legal).

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 10 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

  • DIF CIF funds, of which DIF CIF II is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.
  • Traditional DIF funds, of which DIF Infrastructure VI is the latest vintage, target core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).

DIF Capital Partners has a team of over 180 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact: Jorda Zuurendonk, j.zuurendonk@dif.eu.

About Boluda Corporación Marítima

Boluda Corporación Marítima is the holding company of the main shipping and maritime services group in Spain. The company is organized in 2 strategic divisions:

  • Boluda Towage, which mainly provides tugboat services, being an undisputed leader on both a national and international level, with a fleet of over 300 tugs operating in the main ports of Europe, Africa, America and the Indian Ocean. The division also provides coastal, ocean, and offshore towage and maritime salvage services.
  • Boluda Shipping division, which, in addition to holding the container terminal division of the group, provides shipping services (Boluda Lines) through a wide offer of commercial lines linking the Iberian Peninsula, the Canary Islands, the Balearic Islands, Italy, northern Europe, the west coast of Africa and Cape Verde. The division also offers general cargo, international freight forwarding and other port logistics services.

For more information, please visit www.boluda.com.es

Categories: News

Tags:

Succesful closing of Ceramic Tile Disributors acquisition

Aurelius Capital

Luxembourg/London, April 05, 2022 – AURELIUS is pleased to announce the successful closing of the acquisition of Ceramic Tile Distributors (“CTD”) in a carve-out transaction from parent company, Saint-Gobain (ISIN: FR0000125007). This is the fourth acquisition completed by AURELIUS’ co-investment structure.

CTD is a UK-based specialist supplier of high-quality ceramic tiles operating across 89 branches and four trading distribution hubs. The company predominantly sells tiles, tile adhesives, grout as well as associated tools and consumables for the preparation, laying, cutting and drilling of tiles. CTD’s leading B2B market position is supported by strong brand awareness of its Gemini product line and strong trading performance. In 2021, CTD generated revenues of approximately EUR 120 million.

AURELIUS sees plenty of growth opportunities for CTD in the UK market for tiles and fixing products that is estimated to be worth just under EUR 1.2 billion annually. CTD’s growth over the last twelve months is based on a clear and detailed strategy that shows ample of growth opportunities mainly through digitalisation and adopting an omni-channel approach, as well as focusing on the increasing demand for outdoor tiles.

AURELIUS will proactively work with CTD’s highly experienced management team to leverage its leading B2B market position by expanding its e-commerce offering and to continue the company’s operational development. Additionally, AURELIUS sees opportunities for new trade counter openings and new branch openings in key locations across the UK to further stimulate revenue and profit growth.

AURELIUS was advised on the transaction by Deloitte (M&A), Eversheds (Legal) and Interpath (Tax).

Categories: News

Tags:

Roman Krislav Joins Boyne Capital as Managing Director

Boyne Capital

MIAMI, FL – (April 5, 2022) Boyne Capital (“Boyne”) is pleased to announce that Roman Krislav has joined the Firm as Managing Director. Roman will be involved in all aspects of the investment process including sourcing, due diligence and execution of post-closing growth and operations initiatives.

Roman brings over 19 years of private equity and investment experience. Most recently, he was a Managing Director at H.I.G. Capital, where he spent 16 years and led a number of successful investments in the business services, industrial and consumer sectors.  Roman began his career in Goldman Sachs’ Equity Capital Markets division in both New York and London.

Roman said, “I’m thrilled to be joining the Boyne team to help build on the firm’s outstanding investing track record.  Boyne’s strong team culture, flexible investing mandate, and dedicated operations team uniquely position the firm  to be able to invest, transform and successfully scale lower middle market businesses.”

Derek McDowell, Boyne Capital’s Managing Partner said, “We are delighted to welcome Roman to the Boyne team. He brings a tremendous track record of investing in the lower middle market and working with the types of companies that are core to the Boyne strategy.”

Roman received his M.B.A. from Columbia Business School. Roman graduated from the University of Pennsylvania with both a B.S.E. from The Wharton School and a B.A.S. from the School of Engineering and Applied Sciences, graduating both magna cum laude.

About Boyne: Boyne Capital is a Florida-based private equity firm focused on investments in lower middle market companies. Founded in 2006, Boyne has successfully invested in a broad range of industries, including healthcare services, consumer products, niche manufacturing, and business and financial services among others. Beyond financial resources, Boyne provides industry and operational expertise to its portfolio companies and partners with management to drive both company performance and growth. Boyne specializes in providing the capital necessary to fund corporate growth and facilitate owners’ and shareholders’ partial or full exit. www.boynecapital.com

Categories: People

Partners Group invests in Climeworks, a leading Swiss designer, developer, and operator of Direct Air Capture plants

Partners Group

Baar-Zug, Switzerland; 5 April 2022

  • Partners Group co-led a CHF 600 million fundraising round for Climeworks
  • The funding will enable Climeworks to scale its Direct Air Capture capacity
  • Direct Air Capture technology is critical to reaching global net-zero goals

Partners Group, a leading global private markets firm, has agreed, on behalf of its clients, to invest in Climeworks (or “the Company”), a designer, developer, and operator of carbon dioxide Direct Air Capture (“DAC”) plants. Partners Group co-led a CHF 600 million fundraising round for the Company, together with GIC. Other new investors in the round included Baillie Gifford, Carbon Removal Partners, Global Founders Capital, M&G, and Swiss Re.

Founded in 2009 as a spin-off from ETH Zurich, Climeworks generates revenues through selling carbon dioxide removal services to businesses and individuals. Today, the Company has built 15 DAC plants, including the world’s largest DAC and storage plant, which started operations last September in Iceland. The capital from this equity round is anticipated to be used for capacity scale-up and geographical expansion – pilot projects have started in the US, the Nordics, and the Middle East – as well as investment into technology development and scaling the organization. The Company aims to become a dominant platform in the growing DAC market.

Partners Group will work with the management team and other investors to help scale Climeworks, as well as support its commercialization strategy and international expansion.

Alfred Gantner, Co-Founder and Executive Member of the Board of Directors, Partners Group, says: “Climeworks’ DAC plants are part of a portfolio of carbon removal technologies that are essential to achieving the Paris Agreement goals. The scalability of Climeworks’ technology makes it ideally suited to our transformational investing strategy and positions the Company to make a significant contribution to global carbon removal efforts. We are also attracted to Climeworks due to its close fit with our commitment to achieving lasting, positive stakeholder impact.”

Dr. Christoph Gebald, Co-Founder and Co-Chief Executive Officer, Climeworks, comments: “Climeworks is a pioneer in the DAC market. We have been working on our DAC technology for over a decade and are now in a position to scale-up. Partners Group’s extensive experience in building next-generation infrastructure platforms and working with fast-growing businesses makes them an ideal long-term partner. We look forward to working with the team alongside our other investors.”

Esther Peiner, Managing Director, Co-Head Private Infrastructure Europe, Partners Group, adds: “Investing in DAC technology has never been more important as the atmospheric concentration of CO2 globally continues to climb. Our research shows DAC technology benefits from several advantages over other emissions reduction technologies, such as location-agnosticism and limited land area requirements. Together with our co-lead investor GIC, we believe Climeworks has the potential to become a category leader in the DAC market due to its premium product and strong brand presence.”

Decarbonization is one of the giga themes guiding Partners Group’s thematic investing across asset classes and the firm has identified carbon management as a key focus within that theme. In a recent research paper, The next generation of decarbonization infrastructure, Partners Group estimated that approximately USD 250 billion will be spent on carbon management this decade, expanding to over USD 1.6 trillion by 2040.

Categories: News

Tags:

Liquidity Group Announces $775 Million in Capital Commitments led by Apollo and MUFG

Apollo Funds to Serve as a New Capital Partner for Liquidity’s Fast-Growing, Credit-Oriented Platform

Existing Investors MUFG Bank and Spark Capital Commit Additional Capital

TEL AVIV, Israel & NEW YORK & TOKYO–(BUSINESS WIRE)– Liquidity Group (or “Liquidity”) today announced that it has entered into agreements with respect to approximately $775 million in capital commitments year-to-date 2022, led by funds and entities managed by affiliates of Apollo (NYSE: APO). The commitments, which are subject to satisfaction of certain conditions, will include $425 million from Apollo Funds for a credit facility to help Liquidity scale its lending activity for late-stage technology companies, $300 million from MUFG Bank (NYSE: MUFG), for a debt fund JV named Mars Growth Capital, investing in future unicorn companies, as well as a $50 million SAFE note investment by Apollo Funds, MUFG Innovation Partners and Spark Capital.

Liquidity Group Announces $775 Million in Capital Commitments led by Apollo and MUFG (Photo: Business Wire)Liquidity Group Announces $775 Million in Capital Commitments led by Apollo and MUFG (Photo: Business Wire)

Liquidity Group, founded in 2018, is a credit-oriented fintech platform that invests, syndicates and automates growth and middle market lending for businesses around the world, providing capital mainly to later-stage technology companies. MUFG’s core banking subsidiary, MUFG Bank, is a key strategic capital partner to Liquidity, having invested equity venture capital in the business as well as formed multiple joint lending ventures.

For Apollo, the new commitments are consistent with its strategy to serve as a capital partner, enabler, and strategic investor in specialty lending companies with strong credit underwriting and innovative features such as Liquidity’s data-driven platform for credit formation, diligence, and monitoring. Apollo Partner, Joshua Black, will also join Liquidity’s Board of Directors.

“We’re pleased to form this new capital partnership with Liquidity Group to support their growth while helping our investors access attractive yield with strong credit fundamentals,” said Bret Leas, Apollo Partner and Global Head of Structured Corporate Credit & ABS. “Ron and his team at Liquidity are connecting technology borrowers and credit investors via an innovative, data-driven ecosystem, and we look forward to working with them as they scale the business.”

“The new capital partnership with Apollo and the continued and successful partnership with MUFG is validation of our founding vision to use artificial intelligence to transform the capital markets,” said Ron Daniel, Co-Founder and CEO of Liquidity Group. “Our patented technology offers unparalleled insight into private growth companies and enables robust predictions about their future. Working with Apollo will allow us to continue our own expansion, fund more companies, and provide reliable returns on investment to our partners. Josh, Jasen and the rest of the Apollo team have proved to be the right partners for this ride with their passion to adopt best of breed solutions.”

“MUFG is welcoming Apollo’s investment to Liquidity Capital. We are aiming to provide various financial services to start-up companies and to the ecosystem as a whole, together with the investing partners,” says Fumitaka Nakahama, Group Head, Global Corporate & Investment Banking Business Group, MUFG.

Liquidity has integrated machine learning and real-time data and performance monitoring across its platform to enhance, automate and expedite processes across the full credit investment lifecycle. Since inception, Liquidity has committed more than $1 billion in capital to fast-growing companies, including Etoro, Zetwerk & Homer.

Amit, Pollak, Matalon & Co. served as legal counsel to Liquidity. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Shibolet Law Firm served as legal counsel to Apollo.

About Liquidity

Founded in 2018, the Liquidity Group is a global capital market credit automation company and fund manager providing growth capital through funds focused on the US, Asia, Europe and the Middle East. Liquidity Group’s subsidiary fund, Singapore-based Mars Growth Capital, and its partner MUFG [NYSE:MUFG] jointly handle the company’s South East Asia activity. It combines real-time data with proprietary machine learning technology to offer tailored financing that matches a company’s future growth. Liquidity Group operates three main divisions: Analysis, Capital, and Market Syndication, which together enable global lenders a complete cycle of scaled and quick credit deployment. www.liquiditygroup.com

About Apollo

Apollo is a global, high-growth alternative asset manager. In our asset management business, 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. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and 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 December 31, 2021, Apollo had approximately $498 billion of assets under management. To learn more, please visit www.apollo.com.

About MUFG

Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,500 locations in more than 50 countries. The Group has about 170,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/English.

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

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

For Liquidity Group:
Jared Shapiro
The Tag Experience
(917) 553-4542
jared@thetagexperience.com

Source: Liquidity Group

Categories: News

Tags:

Audax Private Equity Announces Strategic Investment in Flow Control Holdings

Audax Group

Audax Private Equity (“Audax”) today announced it has completed a strategic growth investment in Flow Control Holdings (“FCH” or the “Company”), a premier provider of sanitary flow components to producers of foods, beverages and pharmaceuticals. Financial terms of the transaction were not disclosed. Phil Pejovich, CEO of FCH, will continue to lead the Company alongside the existing management team.

Based in Chicago, FCH specializes in providing highly engineered sanitary and high purity flow components (e.g. fittings, valves, hoses, pumps, and other components) for market-critical applications within the food, beverage and pharmaceutical industries around the world. The Company’s brands and products, including Steel & O’Brien and Ace Sanitary, encompass a broad assortment of highly engineered sanitary and high purity flow control components and services.

Mr. Pejovich said, “We are thrilled to have the backing of an experienced partner like Audax. With their support, we will be well-positioned to continue to expand our best-in-class portfolio of highly engineered flow control solutions to better serve our customers, suppliers, and employees.”

“We are excited to work with Phil and the management team at FCH. Under their leadership, the Company has differentiated itself in a large and highly fragmented market by establishing a broad portfolio of comprehensive solutions,” said Ryan Bruehlmann, Managing Director at Audax Private Equity. “We look forward to leveraging our prior experience to drive growth both organically and through strategic M&A.”

Don Bramley, Managing Director at Audax Private Equity, added, “FCH has built a solid business that is underpinned by a strong, dedicated sales team and a growing customer base. The Company is well-positioned to continue its strong momentum with our support.”

Baird served as financial advisor to Audax and KPMG served as financial advisor to FCH. Ropes & Gray served as legal counsel to Audax and Dentons LLP served as legal counsel to FCH.

Categories: News

Tags:

AURELIUS portfolio company VAG closed acquisition of Brazilian supplier of valve solutions RTS

Aurelius Capital
  • Deal increases VAG’s geographical reach and product offering in Brazil and Latin America
  • Acquisition supports VAG’s ambition to strengthen its position as the leading supplier of water and wastewater valves on a global scale
  • AURELIUS` fifth add-on acquisition in 2022, underlining buy-and-built strategy

Munich/Mannheim/São Paulo, April 4, 2022 – VAG, a portfolio company of AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8), closed the acquisition of RTS (Brazil), a supplier of valve solutions, from the company’s previous owner. RTS’ well-known market position and customer base looks set to allow VAG to expand its geographical reach along with complementary product portfolios of the two companies. This will allow VAG to offer a broad range of high-quality water flow control solutions for water treatment and distribution, wastewater management, dams and hydropower.

RTS is a leading Brazil-based manufacturer of valve solutions used in water, wastewater and other industries such as energy. The company is headquartered in Guarulhos – São Paulo, Brazil, and has a well-established customer base in its home country. Becoming a VAG Group brand, RTS will support VAG’s growth in Brazil and other Latin American markets. RTS and VAG have been collaborating since 2004 and RTS has been an official VAG distributor in Brazil since 2012.

“We are very pleased about this opportunity for VAG and RTS to join forces and offer even better products and services to our customers in Brazil and Latin America with RTS becoming one of VAG’s Group brands. RTS has been a trusted partner of VAG for many years, so our two companies already know each other very well. We are confident that together we will be able to respond to our customer needs in Brazil better than ever before”, says Dr. Jan Nopper, CEO of VAG Group.

“This acquisition will further strengthen VAG’s position in the region towards a market leading position. It is our fifth add-on acquisition in 2022, underlining AURELIUS’ highly successful buy-and-built strategy of value creation for both our portfolio companies and our investors.” says Matthias Täubl, CEO of AURELIUS Equity Opportunities SE & Co. KGaA.

AURELIUS/VAG were advised on the transaction by KPMG (Financial, Labour, Tax) and Machado Meyer (Legal).

About VAG Group

VAG is one of the leading suppliers of valves for water treatment and distribution, wastewater systems, dams and hydropower. It belongs to the AURELIUS Group since November 2018. VAG is known throughout the world for its market-leading water valves since 150 years. The company is active in both the production and distribution of standard products and the global project business.

Categories: News

Tags: