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ISAI expansion and Keensight Capital sell their stake in Theodo

Isai

ISAI Expansion, the ISAI platform’s Tech Growth and Growth Buyout fund and Keensight Capital, one of the leading private equity managers dedicated to pan-European growth buyout investments, announced today their successful exit from M33, the holding company of the Theodo Group (“the Group”). Theodo’s two founding directors, Benoît Charles-Lavauzelle and Fabrice Bernhard, will be increasing their stake in the Group.

Launched in 2009, the Theodo Group and its 10 specialized enterprises support their clients in their digital transformation using the best technologies and a methodology inspired by lean and agile. Combining speed with high quality, the Group supports large international groups such as Total, Carrefour and BNP Paribas, as well as prestigious, fast-growing enterprises such as Qonto, Cajoo, Made.com and sunday.

Through the active support of its shareholders, the Group has achieved considerable success in recent years, marked by substantial growth, international expansion, team development and the creation of new expertise through internal projects and external growth.

Since the investment of Keensight Capital and ISAI Expansion in March 2018, the Group’s turnover has grown by an average of 30% per year, reaching €64 million in 2021.

In recent years, the Group has developed new expertise with the launch of subsidiaries specialized in Cloud solutions. This includes Padok in 2018, and in 2021, eHealth with Hokla and in Serverless with Aleios. These enterprises complement the Group’s expertise in: web development through Theodo, Theodo UK and Theodo US; mobile through BAM; data and AI through Sicara; and fintech through Sipios.

The Group now benefits from a strong service offering across 10 verticals based in Paris, London, and New York, as well as in Morocco where the Group acquired in 2019 Nimble Ways, a digital solutions and artificial intelligence consulting company. Spanning across three continents, the Group has also expanded locally with the opening of two new offices in Lyon and Nantes in 2021.

Benoît Charles-Lavauzelle and Fabrice Bernhard, Founders and Managing Directors of the Group, said: “We have been fortunate in recent years to have worked with such exceptional partners as Keensight Capital and ISAI. Their involvement and experience have allowed us to achieve our ambitious objectives in terms of growth, expansion in France and abroad, strengthening our team and attracting talent.”

Philippe Crochet, Managing Partner at Keensight Capital, added: “We are delighted to have been able to support Benoît and Fabrice at an important stage in their Group’s development. Thanks to a differentiated service offering with cutting edge technology, an ability to attract new highly qualified talent and – above all – thanks to its two visionary leaders, the Theodo Group is a success and has a very bright future. The Keensight Capital team is proud to have contributed its expertise in the tech sector and its experience in profitable growth strategies.”

Pierre Martini, Managing Partner at ISAI and Head of the Expansion Funds, concluded: “We are very proud of how far we have come working with Benoît and Fabrice. The Group has succeeded in maintaining its DNA and unique values, while simultaneously scaling up considerably. It has continued to attract the talent that will enable it to continue its exceptional growth trajectory in an ever more dynamic market.

About the Theodo Group
The Theodo Group is a consulting and implementation firm in digital technologies. With over 500 employees in Paris, Nantes, Lyon, London, New York and Casablanca, the Theodo Group supports large groups such as BNP Paribas, Carrefour and LVMH, as well as established enterprises such as Qonto, Cajoo and MADE.com.
Founded in 2009 by Benoît Charles-Lavauzelle and Fabrice Bernhard, the Theodo Group today brings together 10 enterprises that all work on creating digital solutions for businesses: Theodo, Theodo UK and Theodo US, Nimble Ways in Morocco for web development, BAM for mobile, Sicara for Big Data and AI, Sipios for fintech, Padok for DevOps, Hokla for health tech and Aleios for Serverless. In 2021, the Theodo Group achieved €64 million in revenue, 50 times more than in 2012.
https://www.m33.tech/ https://www.theodo.fr

Press contacts:
Theodo Group Agathe Lélu – agathel@theodo.fr – + 336 84 15 35 58
Sources Chloé Rossignol – chloe@sources.agency – +336 23 08 11 90

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Zuora Announces $400 Million Strategic Investment from Silver Lake to Accelerate Growth and Extend Leadership in the Subscription Economy

Redwood City, CA – March 2, 2022 – Zuora, Inc. (NYSE: ZUO), the leading cloud-based subscription management platform provider, today announced a $400 million strategic investment from Silver Lake, a global leader in technology investing. The partnership reinforces Zuora’s leadership position and will empower Zuora to accelerate growth, including potential targeted acquisitions to expand its quote-to-revenue product portfolio.

“This investment is a validation of the undeniable momentum in the Subscription Economy,” said Tien Tzuo, Founder and CEO at Zuora. “As the market expands, companies are turning to us to assist them to monetize new services, and this partnership will help increase our ability to deliver on this large opportunity.”

Zuora’s Subscription Economy Index™ (SEI) shows that subscription businesses continue to outpace S&P 500 growth rates, achieving 4.6x faster growth1 over the past decade. Across industries, from SaaS disruptors, to established manufacturing incumbents, to digital media brands, companies are recognizing the power and resilience of these new business models.

“Zuora continues to demonstrate it is the clear leader and partner of choice for companies that participate in the vast and growing Subscription Economy,” said Joe Osnoss, Managing Partner at Silver Lake. “New industries continue to join and pursue these new business models. We look forward to helping Zuora accelerate the company’s strategy for the benefit of all stakeholders.”

Upon closing of the Silver Lake investment, Mr. Osnoss will join Zuora’s Board of Directors, bringing extensive strategic business experience.

Under the terms of the agreement, upon the initial closing on or about March 24, 2022, Silver Lake will purchase $250 million aggregate principal amount of convertible senior unsecured notes due 2029, with an initial conversion price of $20.00 per share, subject to customary closing conditions. The notes will bear interest at a rate 3.95% per annum, payable quarterly in cash, provided that Zuora may elect to pay interest in kind at 5.50% per annum payable quarterly. The remaining $150 million is expected to close at a later date within 18 months of the initial closing. Zuora has also agreed to issue Silver Lake warrants to purchase up to 7,500,000 shares of Class A Common Stock, exercisable for a period of seven years, and of which (i) 2,500,000 shares shall be exercisable at $20.00 per share, (ii) 2,500,000 shares shall be exercisable at $22.00 per share and (iii) 2,500,000 shares shall be exercisable at $24.00 per share. Additional information may be found in a Form 8-K that will be filed with the U.S. Securities and Exchange Commission.

This investment comes at a time when Zuora’s growth is accelerating. Today, Zuora reported ARR growth of 20% year-over-year, up from 12% a year ago, and a Dollar Based Retention Rate of 110% for the fourth fiscal quarter of 2022 up from 100% a year ago.

Foros is serving as financial advisor to Zuora and Fenwick & West LLP is serving as Zuora’s legal advisor. Simpson Thacher & Bartlett LLP is serving as Silver Lake’s legal advisor.

 

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1 “The Subscription Economy Index Report,” Zuora, February 2022

 

Director Biography

 

Joseph Osnoss is a Managing Partner of Silver Lake, which he joined in 2002. From 2010 to 2014, he was based in London, where he co-led the firm’s activities in EMEA. Prior to joining Silver Lake, Mr. Osnoss worked in investment banking at Goldman, Sachs & Co. Mr. Osnoss is currently a member of the board of directors of Carta, Cegid Group, Clubessential Holdings, EverCommerce Inc., where he serves on the compensation committee, First Advantage Corporation, where he is Chairman of the Board and serves on the nominating and corporate governance committee, Global Blue Group Holding AG, where he serves on the nomination and compensation committee, LightBox, and Relativity. He previously served as Chairman of the Board of Cast & Crew Entertainment Services, and as a board director of Instinet Inc., Interactive Data Corporation, Mercury Payment Systems, and Virtu Financial Inc. Additionally, Mr. Osnoss served on the board of directors of Cornerstone OnDemand, Inc. from December 2017 to October 2021, where he served on its nominating and corporate governance committee from January 2018 to October 2021. Mr. Osnoss also served on the board of directors of Sabre Corporation from March 2007 to April 2021 and served on its audit, compensation, and governance and nominating committees, amongst others, during his directorship. Mr. Osnoss received his A.B., summa cum laude, in Applied Mathematics and a citation in French Language from Harvard College. He has remained involved in academics, including as a Visiting Professor in Practice at the London School of Economics; a member of the Dean’s Advisory Cabinet at Harvard’s School of Engineering and Applied Sciences; a participant in The Polsky Center Private Equity Council at the University of Chicago; and a Trustee of Greenwich Academy.

About Silver Lake

Silver Lake is a leading global technology investment firm, with more than USD $90 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe, and Asia. Silver Lake’s portfolio companies collectively generate more than USD $227 billion of revenue annually and employ more than 567,000 people globally. For more information about Silver Lake and its portfolio, please visit Silver Lake’s website at silverlake.com.

About Zuora, Inc.

Zuora provides the leading cloud-based subscription management platform that functions as a system of record for subscription businesses across all industries. Powering the Subscription Economy®, the Zuora platform was architected specifically for dynamic, recurring subscription business models and acts as an intelligent subscription management hub that automates and orchestrates the entire subscription order-to-revenue process across billing, collections and revenue recognition. Zuora serves more than 1,000 companies around the world, including Box, Ford, Penske Media Corporation, Schneider Electric, Siemens, Xplornet and Zoom. Headquartered in Silicon Valley, Zuora also operates offices around the world in the U.S., EMEA and APAC. To learn more about the Zuora platform, please visit www.zuora.com.

 

© 2022 Zuora, Inc. All Rights Reserved. Zuora, Subscribed, Subscription Economy, Powering the Subscription Economy, and Subscription Economy Index are trademarks or registered trademarks of Zuora, Inc. Third party trademarks mentioned above are owned by their respective companies.

 

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding Zuora’s business strategy, plans, and objectives for future operations; the investment by Silver Lake, and the use of proceeds and benefits thereof; the expected election of a director; statements regarding the expected growth and trends of subscription-based companies (including companies in the SEI report) and non-subscription based companies; Zuora’s market opportunity, including trends in the pace of the subscription economy; the market for subscription-related products and trends in this market, future growth and related targets; expectations for our industry and business, such as our business model, demand for our products, and expected benefits and scale of our products; and expectations regarding the expansion of our product portfolio, including through acquisitions. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: risks associated with Zuora’s strategies, priorities, or plans taking longer to execute than anticipated; the continuation or tapering of the impact of the COVID-19 pandemic and related public health measures on our business, as well as the continuation or tapering of the impact of the COVID-19 pandemic on the overall economic environment; general market, business, competitive, economic and political conditions, including war, conflict or acts of terrorism, such as the ongoing conflict in Ukraine, and trading prices of our stock as a result of volatility in the market.

 

Additional risks and uncertainties that could affect our financial results are included under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended October 31, 2021, which is available on the “Investors” page of our website at https://investor.zuora.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended January 31, 2022. All forward-looking statements contained herein are based on information available to us as of the date hereof and we do not assume any obligation to update these statements as a result of new information or future events.

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EQT launches EQT Active Core Infrastructure

  • EQT launches EQT Active Core Infrastructure, a longer-hold fund with a focus on downside protection, applying EQT’s active ownership playbook to core infrastructure companies
  • EQT Active Core Infrastructure will target companies that provide essential services to society and offer a distinct and attractive risk-return proposition based on stable cash yield generation, inflation protection, low volatility, and pursuit of longer-term value creation opportunities, while actively contributing to the Fund’s sustainability objectives
  • The Fund has a target size of EUR 5bn and will leverage the expertise and deal sourcing capabilities of the EQT Infrastructure platform’s sector teams, local market access and proven value creation toolbox

The launch of EQT Active Core Infrastructure (the “Fund”) builds on 15 years of continuous refinement of an active ownership playbook and future-proofing of strong infrastructure companies. Primarily focused on Europe and North America, the Fund will target core infrastructure companies that provide essential services to society and offer a distinct and attractive risk-return proposition based on stable cash yield generation, inflation protection, low volatility, and pursuit of longer-term value creation opportunities.

The Fund’s longer-hold ownership horizon of 15 to 25 years and focus on core infrastructure companies at the lower end of the risk-return spectrum aim to unlock investment opportunities that historically have fallen outside of the investment scope of EQT’s existing infrastructure strategy. Deeply embedded in EQT’s Real Assets platform, the Fund will apply EQT’s active ownership approach and value creation playbook, leveraging on the infrastructure platform sector teams’ sourcing capabilities, industry insights, and local market access.

EQT Active Core Infrastructure’s deal selection will consider a sustainability framework designed to deliver positive impact and mitigate the long-term risk of business model disruption in its portfolio. Investment opportunities will be sourced across three sustainability themes; (i) climate & environment; (ii) people & society; and (iii) sustainable growth & equality. Within these themes, the Fund will seek to invest in companies that actively support at least one of its six sustainability objectives; (i) energy transition & decarbonization; (ii) circular economy & resource efficiency; (iii) equitable digital opportunities; (iv) basic utility & social services for all; (v) sustainable global trade; and (vi) accessible mobility solutions.

The launch of EQT Active Core reinforces EQT’s commitment to sustainability, as the first private markets firm globally to formalize its science based targets (“SBTs”) through the Science Based Targets initiative. The Fund will develop tailored decarbonization plans for each investment and set ambitious greenhouse gas emission (GHG) reduction targets for its portfolio companies’ operations using the SBTs. EQT Active Core Infrastructure’s longer-term scope and active ownership approach mean that the implementation and fulfillment of portfolio companies’ SBTs are expected to be completed during the Fund’s tenure.

The EQT Active Core Infrastructure fund will be advised by a dedicated team of approximately 15 Investment Advisory Professionals led by a Partner group, including Daniel Pérez, based in Stockholm, Fabian Gröne, based in Munich, and Alex Greenbaum, who joined EQT in New York on 1 March 2022 from GIC, where he was ​​Head of Infrastructure, North America.

Lennart Blecher, Head of EQT Real Assets and Deputy Managing Partner, said, “In recent years, we have seen a growing portion of attractive investment opportunities in core infrastructure companies that we have not been able to pursue with EQT’s existing infrastructure strategy. Building on our global platform and expertise, we believe EQT Active Core Infrastructure offers a unique value proposition that will further increase the relevance and importance of EQT as a partner for the fund investors, portfolio companies and the societies we operate in.”

A distinguished Investment Advisory Committee, comprised of Francesco Starace (CEO and General Manager, Enel S.p.A), Joe Kaeser (former President and CEO, Siemens AG), Carol Browner (former Director at the White House Office of Energy and Climate Change Policy), will support the EQT Active Core Infrastructure Advisory Team in its investment recommendations.

The EQT Active Core Infrastructure will have a target fund size of EUR 5 billion. No hard cap has been set to date and the actual fund size is dependent on the outcome of the fundraising process and may ultimately be higher or lower than the target fund size.

DISCLAIMER
No assurances can be given that EQT Active Core Infrastructure’s investment objectives will be achieved or as to the extent of returns that investors will receive in respect of any investment they make in EQT Active Core Infrastructure.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT today has EUR 73.4 billion in assets under management across 28 active funds within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 24 countries across Europe, Asia-Pacific and the Americas and approximately 1,200 employees.

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

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Audax Private Equity Completes the Sale of Mobileum to H.I.G. Technology Partners

Audax Group

Audax Private Equity (“Audax”) today announced that it has completed the sale of Mobileum Inc. (“Mobileum” or the “Company”), a leading global provider of telecom analytics solutions, to H.I.G. Capital (“H.I.G.”) through an affiliate of H.I.G. Technology Partners (“HTP”). Following the transaction, H.I.G. will be the majority owner of Mobileum alongside management, and Audax will retain a minority equity stake. Financial terms were not disclosed.

Headquartered in Cupertino, CA, Mobileum is a leading global software provider of mission-critical solutions that allow communications service providers to manage increasingly complex networks. The Company’s innovative suite of analytics-driven solutions for roaming and network services, network security, risk management, connectivity testing, and subscriber intelligence support more than 1,000 customers across the globe. Mobileum operates in a large and growing market, as the rise of 5G and IoT accelerates the demand for solutions to manage and maintain complex network ecosystems, ensure consistent quality of service, and minimize fraud and cybersecurity threats.

Since being acquired by Audax in 2016, Mobileum has undergone a period of transformation, growth, and success, including:

  • Completing five add-on acquisitions, expanding the Company’s offerings in adjacent product categories, enriching existing solutions and attracting new blue-chip customers;
  • Expanding its global footprint, notably in the Asia-Pacific region with the establishment of a new subsidiary in Japan, Mobileum Japan KK;
  • Hiring key management and adding new Board members, bringing outstanding operational and management skills; and
  • Receiving numerous industry awards and recognitions for its market leadership, investment in its product portfolio and commitment to innovation.

Tim Mack, Managing Director of Audax, said, “We’ve thoroughly enjoyed a terrific partnership with Mobileum and are very proud of the growth the Company has achieved. Over the course of our investment, the Company has acquired multiple market-leading businesses to expand its product offerings and grow share in customer intelligence, security, roaming, fraud, and revenue assurance markets.” Iveshu Bhatia, Managing Director of Audax, added, “As the world moves toward a rapid adoption of 5G, we look forward to closely following how Mobileum will continue to build its integrated suite of analytics solutions to support telecom operators in accelerating their digital transformation.”

“Audax has been instrumental in helping us build our current portfolio of network solutions through the organic growth of analytics-based products and add-ons in adjacent product categories,” said Bobby Srinivasan, CEO of Mobileum. “The partnership with H.I.G. is a natural next step in Mobileum’s evolution as we continue to consolidate the market and build an actionable analytics platform enabled by the roll-out of 5G technologies and private networks across the globe.”

Jefferies and Lincoln International served as lead financial advisor and co-advisor, respectively, and Kirkland & Ellis served as legal advisor to Audax Private Equity.

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Norlys to create partnership with PGGM and EDF Invest consortium selling a 35% stake in its Norlys Tele fiber division

EDF Invest

Energy-telco group Norlys has signed a conditional agreement to sell a 35% stake in its wholesale fibernet business to a consortium led by PGGM, the Dutch pension investor, and including EDF Invest, the real assets fund of the French energy group EDF. The purchase price will not be made public, but it will be among the largest recent fiber deals in Europe when finalized.
”We are both glad and proud. When we started digging fiber some 15 years ago, not everyone could see the rationale. Now time has shown that it was a wise decision, but we are not resting on our laurels, and the new partnership aims to ensure that we can continue the positive development,” says Jens Erik Platz, Norlys chairman of the board.

PGGM Infrastructure Fund and EDF Invest both have solid experience with fiber investments in countries such as Germany, France, the Netherlands and Belgium.
”With PGGM and EDF Invest as co-owners, we will free up capital for other strategically important projects, not least a possible mobile acquisition. But we also gain a partner with unique insights that can be leveraged when further developing our fiber activities”, says Norlys CEO Niels Duedahl.
The deal comes after a structured process involving a large number of potential buyers.
”We have had intense and constructive dialogues with Norlys management, and we are convinced that there is perfect match between Norlys’ values and aspirations and PGGM Infrastructure Fund’s strategy, investing for the long-term in sustainable infrastructure companies with a positive impact on modern society. At the same time it is important to stress that Norlys will still be running the company, albeit now with us as a “co-driver”,” says Dennis van Alphen, head of PGGM’s Digital Infrastructure investments.

The Norlys Tele fibernet covers approx. 700,000 households, primarily in Jutland, making it the largest network in Denmark and one of the most advanced roll-outs in Europe. The goal is to pass 1 million households by the end of 2023, and Norlys is now also digging on both Funen and Zealand. The fibernet is open to external service providers, and end users may freely choose between service providers such as Yousee, Hiper, Telenor, Telia and Stofa.
”Norlys’ fibernet is one of the best run and most attractive networks which we have seen in all of Europe. At the same time there is ample opportunity for further developing the business together with the Norlys management, who have already created outstanding results,” says Pierre Benoist d’Anthenay, head of EDF Invest.
The deal is subject to final approval by Norlys’ board of representatives, which will decide on the matter at an extraordinary meeting to be held on 22 March 2022. The deal is also conditional upon obtaining foreign direct investment approval from the Danish Business Authority.

Further information:
Norlys: Ulf Lund +45 41329500 / ulflun@norlys.dk
PGGM: Maurice Wilbrink +31 (0)30 277 97 35 / maurice.wilbrink@pggm.nl
EDF Invest: Alexandre Pieyre +33 6 69 24 68 92 / Alexandre.pieyre@edf.fr

About Norlys
Norlys is a Danish cooperative with a mission to contribute to a green and digitized Den-mark by leveraging the strengths of responsible communities. Annual revenue (2020) to-tals DKK 9bn with annual investments of more than DKK 2bn into Norlys’ power grid and fiber infrastructure as well as renewable energy sources such as solar and wind. With some 735,000 coop-members, 1.7 million customers and 2,900 employees Norlys is the largest integrated energy and telco group in Denmark.
www.norlys.dk

About PGGM
PGGM is a not-for-profit cooperative pension fund service provider. As a pensions administrator, asset manager and advisor to pension fund boards, it executes its social mandate: to provide for good old-age incomes for 4.4 million participants in the Netherlands. On December 31, 2021 PGGM managed long-term pension capital of EUR 291 billion worldwide. Rooted firmly in the Dutch healthcare sector, PGGM develops innovative solutions for labour market issues in this sector, alone or with strategic partners. Our member organisation PGGM&CO supports 764,000 workers and pensioners with a background in healthcare.
www.pggm.nl

About EDF Invest
EDF Invest is the investment arm of EDF for non-listed Dedicated Assets. Dedicated Assets will fund the decommissioning of EDF’s power plants in France. EDF Invest currently manages around €9bn of equity and is targeting around €12 billion in the next few years. Our mission is to diversify EDF’s portfolio of Dedicated Assets and lengthen its investment horizon by targeting 3 non-listed asset classes in France and abroad: Infrastructure, Real Estate and Funds.
Follow EDF Invest on: http://www.edfinvest.com/ andhttps://www.linkedin.com/company/edf-invest.

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EQT closes acquisition of LSP and introduces EQT Life Sciences

Following the signing of a definitive agreement as announced on 10 November 2021 to acquire LSP (the “Transaction”), EQT AB (“EQT”) is pleased to announce that the Transaction was completed on 28 February 2022. All necessary closing conditions, including regulatory, anti-trust and fund investor clearances, have been achieved.

At completion of the Transaction, René Kuijten, previously Managing Partner at LSP, is appointed Partner and Head of EQT Life Sciences, a newly formed business line within EQT’s Private Capital business segment.

The total consideration is EUR 475 million (which includes an earn-out payment of EUR 25 million, as the short-term fundraising targets for such earn-out have been met), and as partial payment of this total consideration, EQT has issued 7,548,384 shares to LSP’s selling shareholders, corresponding to a dilution of approximately 0.8 percent. EQT will have 993,828,524 ordinary shares issued and outstanding following the completion of the Transaction.

Per Franzén, Partner and Head of EQT Private Capital, said, “We are pleased to have closed the acquisition of LSP. Joining forces with LSP will further strengthen EQT’s industry leading position within healthcare and improve our ability to invest in and future-proof the most attractive companies in the healthcare sector. I am truly excited to welcome René Kuijten and his entire team to the EQT family.”

René Kuijten, Partner and Head of EQT Life Sciences, said, “On behalf of the entire LSP team, I want to express my excitement of joining EQT and forming EQT Life Sciences. Having access to the EQT platform’s fundraising capabilities, healthcare sector teams, and in-house expertise within digitalization and sustainability brings unique collaboration opportunities and is a win-win for all our stakeholders.”

On 11 February 2022, LSP announced that it had held the final close of its new flagship fund LSP 7 at EUR 1 billion, making it the largest life sciences venture capital fund ever raised in Europe to date. The fund aims to invest in companies developing new drug therapies and medical technologies, to help ensure that their scientific innovations benefit patients.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT Life Sciences
EQT Life Sciences was formed in 2022 following an integration of LSP, a leading European life sciences venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion (USD 3.5 billion) and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals, coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs the smartest inventors who have ideas that could truly make a difference for patients. The team combines deep sector knowledge, analytical skills, and investment experience to provide the added value that inventors seek. EQT Life Sciences’ broad life sciences and healthcare network is highly complementary to EQT’s global healthcare sector franchise and makes EQT an even better and more innovative healthcare investor.

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT today has EUR 73.4 billion in assets under management across 28 active funds within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 24 countries across Europe, Asia-Pacific and the Americas and approximately 1,200 employees.

More info: www.eqtgroup.com

Follow EQT on LinkedIn, Twitter, YouTube and Instagram

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Partners Group to acquire Forterro, a leading pan-European software services provider

Partners Group

Baar-Zug, Switzerland; 1 March 2022

  • Transaction values Forterro at an enterprise value of EUR 1 billion
  • Forterro has a portfolio of 11 software brands, serving over 10,000 customers
  • The Company benefits from long-term digitization trends

Partners Group, a leading global private markets firm, has, on behalf of its clients, agreed to acquire Forterro (or “the Company”), a pan-European software services provider for small and mid-sized businesses (“SMBs”), from Battery Ventures. The transaction values Forterro at an enterprise value of EUR 1 billion.

Founded in 2012 and headquartered in London, Forterro has a portfolio of 11 Enterprise Resource Planning (“ERP”) software brands, serving over 10,000 customers primarily in the manufacturing space. The Company’s software products offer functionality and serve various manufacturing sub-verticals, which has differentiated its solutions from competitors and fostered a loyal customer base. Forterro’s deep domain expertise allows customers to buy more tailored solutions, which increases speed of implementation. The Company has over 1,200 employees across its European offices – located in the UK, Sweden, France, Switzerland, Germany and Poland – and global development centers. The SMB ERP software market benefits from structural tailwinds driven by long-term digitization trends and is expected to experience attractive growth in the coming years. Forterro’s strong portfolio of brands and geographic reach position it well to capitalize on this growth.

Partners Group will work with management to realize Forterro’s value creation potential and further expand its platform across Europe. Key initiatives include accelerating Forterro’s organic growth by expanding go-to-market initiatives, making strategic acquisitions in adjacent geographies and sub-verticals, including cloud offerings where appropriate, and improving operational efficiency.

Bilge Ogut, Partner, Head Private Equity Technology, Partners Group, says: “Forterro provides mission-critical software that helps SMB manufacturers adapt and survive in an increasingly digitized world. We believe Forterro has transformational growth potential given the increasing importance of software to companies for addressing every aspect of their business and remaining competitive. Forterro is a long-term partner to its clients and can serve them in a way many larger providers cannot replicate. We were also attracted to the Company’s ability to act as a consolidator in the fragmented SMB ERP market. We are excited about the value creation opportunity Forterro offers and look forward to working with the management team to realize the Company’s potential.”

Dean Forbes, Chief Executive Officer, Forterro, comments: “Forterro’s high customer retention rates reflect our understanding of SMB manufacturers’ needs and the deep entrenchment of our products in their daily processes. Our recent growth has been driven by the acquisition and integration of specialized ERP providers, and we believe Partners Group’s resources and expertise in scaling up technology platforms will be extremely valuable as we expand our M&A aperture and pipeline.”

Charles Rees, Member of Management, Private Equity Technology, Partners Group, adds: “Forterro provides specialized software products with superior functionality at a lower price point than the large generalists, whose products are often too complex and costly for SMB manufacturers. The Company compounds this competitive advantage by remaining close to customers across the full lifecycle. We have conviction that the management team’s prior experience in go-to-market optimization and organic sales acceleration will support Forterro’s continued growth.”

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AEVIS VICTORIA SA (AEVS:SW): Hotel division acquires hotel L’Oscar in central London for GBP 60 million.

March 1, 2022 | 6:30 pm CEST
Ad Hoc

AEVIS VICTORIA SA / Key word(s): Acquisition

01-March-2022 / 18:30 CET/CEST

Release of an ad hoc announcement pursuant to Art. 53 LR

The issuer is solely responsible for the content of this announcement.

Ad hoc announcement pursuant to Art. 53 LR

Fribourg, 1st March 2022

AEVIS VICTORIA SA (AEVS:SW): Hotel division acquires hotel L’Oscar in central London for GBP 60 million.

AEVIS VICTORIA SA’s (AEVIS) hotel business is expanding its portfolio with the acquisition of its first international outlet, the five-star hotel L’Oscar in central London. Victoria Jungfrau AG acquired the operating company and Swiss Hotel Properties SA, AEVIS’ hotel real estate company, acquired (freehold) the historic hotel building and an adjacent property. The total investment amounts to GBP 60 million, with a total surface area of 5’200 sqm. The hotel is expected to ultimately generate annual revenues in excess of GBP 20 million and will be consolidated as of 1 March 2022. The acquisition of L’Oscar further strengthens the partnership with Michel Reybier Hospitality, which also manages other hotels in AEVIS’ hotel division.

L’Oscar reopened for the first time in spring 2018, after a complete renovation. It currently offers 39 spacious rooms and suites, two bars, a 74-seat restaurant and several function rooms. The renovation was carried out by architect Jacques Garcia, also known for his collaboration with Michel Reybier at La Réserve Genève, La Réserve Paris, La Chartreuse du Cos d’Estournel and more recently La Réserve Ramatuelle. An extension, including a Spa and a dozen rooms and suites, will be created in the adjacent building until 2023.

L’Oscar is located in Holborn, Southampton Row, between Covent Garden and Bloomsbury and not far from the British Museum. The property is the former home of the English Baptist Church and as such listed as a building of particular importance and special interest in the UK.

For further information:
AEVIS VICTORIA SA Media and Investor Relations: c/o Dynamics Group, Zurich
Philippe R. Blangey, prb@dynamicsgroup.ch, +41 (0) 43 268 32 35 or +41 (0) 79 785 46 32
Séverine Van der Schueren, svanderschueren@aevis.com, +41 (0) 79 635 04 10

AEVIS VICTORIA SA – Investing for a better life
AEVIS VICTORIA SA invests in healthcare, hospitality & lifestyle and infrastructure. AEVIS′s main shareholdings are Swiss Medical Network SA (90%, directly and indirectly), the only Swiss private network of hospitals present in the country’s three main language regions, Victoria-Jungfrau AG, a luxury hotel group managing nine luxury hotels in Switzerland, Infracore SA (30%, directly and indirectly), a real estate company dedicated to healthcare-related infrastructure, Swiss Hotel Properties SA, a hospitality real estate division, Medgate (40%), the leading telemedicine provider in Switzerland, and NESCENS SA, a brand dedicated to better aging. AEVIS is listed on the Swiss Reporting Standard of the SIX Swiss Exchange (AEVS.SW). www.aevis.com.

 

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BioEcho Life Sciences Receives Growth Equity Investment from Ampersand Capital Partners

Ampersand

Cologne, Germany, 1 March, 2022 – BioEcho Life Sciences GmbH, an innovative manufacturer of nucleic acid purification solutions for molecular diagnostics and life sciences research, today announced a minority investment from Ampersand Capital Partners, a private equity firm specializing in growth equity investments in the life sciences and healthcare sectors. Ampersand’s investment will be used to support the company’s worldwide growth initiatives, including the launch of several new kits in 2022, further development of the company’s commercial and geographic presence, and expansion of its direct salesforce.

Cologne, Germany-based BioEcho manufactures proprietary sample lysis and purification tools for rapid, high-quality extraction of nucleic acids.  The company’s EchoLUTION single-step purification technology enables faster and more simplified DNA and RNA extraction workflows versus traditional bind-wash-elute solutions while minimizing inhibitors of downstream PCR and sequencing applications.  By streamlining the nucleic acid purification workflow into a simplified centrifugation step, BioEcho also minimizes plastic consumption relative to traditionally used methods.  More recently, the company’s CE-marked viral RNA extraction kit has played a critical role in enabling the rapid scale-up of SARS-CoV-2 testing across Europe, and BioEcho plans to launch several more CE-marked kits for molecular diagnostics and research applications in 2022-2023.

Dr. Markus Müller, Cofounder and Co-Managing Director commented, “We are extremely pleased to be partnering with Ampersand in catalyzing the next phase of growth for BioEcho. Ampersand’s expertise and resources will be a significant benefit to BioEcho as we further expand into new markets and capitalize on the speed, quality, simplicity, and sustainability benefits that our products offer users, whether that is in SARS-CoV-2 testing or in a wide variety of other diagnostic, research, and industrial applications.”

Cofounder and Co-Managing Director Dr. Frank Schäfer added, “This partnership comes at a critical moment in the company’s history: the rapid success of our SARS-CoV-2 purification kits is strong validation of the benefits our technologies can bring to customers, and with a deep pipeline of new solutions ready for commercialization, now is the perfect time to accelerate our expansion and leverage Ampersand’s deep expertise in this market.  Further, we are excited that our partnership with Ampersand will help accelerate our expansion to the U.S.—a key priority for 2022.”

Frank Witney, PhD., Operating Partner at Ampersand, added, “Given Ampersand’s experience in the molecular diagnostics and tools markets, we were highly impressed by the differentiated products and technologies offered by BioEcho.  Over the last two years, BioEcho has been a key partner to molecular diagnostics labs across Europe, providing critical purification kits that have accelerated COVID-19 PCR testing workflows and enabled the rapid scale-up of labs across the continent.  We are excited to partner with Dr. Müller, Dr. Schäfer, and the rest of the BioEcho team to continue supporting our global communities in the fight against COVID-19 while also accelerating the company’s global commercialization of new products in other clinical and non-clinical applications.”

In connection with the transaction, Frank Witney has joined the BioEcho Board of Directors along with Ampersand Vice President Arya Mehrabanzad. Financial details of the transaction were not disclosed.

About BioEcho Life Sciences GmbH

BioEcho Life Sciences is an ISO 9001 and ISO 13485 certified company specializing in nucleic acid sample preparation tools for clinical, biotech, life sciences research, agricultural, and industrial applications.  Founded in 2016 by a team of industry experts in genomic sample preparation, BioEcho was established with the mission of utilizing the company’s proprietary technologies and technical expertise to overcome the limitations of many standardized methods in molecular biology and diagnostic workflows.  BioEcho kits offer customers with industry leading quality, speed, simplicity, and sustainability capabilities for the purification of high-quality nucleic acids from a wide variety of samples.  The company’s guiding principle is an unwavering dedication to sustainability, achieved through a specific focus on socially responsible behavior and the development of environmentally friendly products.  Additional information about BioEcho Life Sciences is available at www.bioecho.de.

About Ampersand Capital Partners

Founded in 1988, Ampersand is a middle-market private equity firm with more than $2 billion of assets under management dedicated to growth-oriented investments in the healthcare sector. With offices in Boston and Amsterdam, Ampersand leverages its unique blend of private equity and operating experience to build value and drive superior long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors. Additional information about Ampersand is available at ampersandcapital.com.

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Ardian acquires Berlin’s “Ritterhof” office building

Ardian

Fourth investment in Berlin and eighth in Germany strengthens Ardian Real Estate’s position in the German real estate market

Ardian, a world-leading private investment house, today announces it has signed an agreement for the acquisition of the “Ritterhof” office and administration building, located at Ritterstrasse 11 in Berlin-Kreuzberg, from an undisclosed family office. This acquisition marks Ardian Real Estate’s eighth investment in Germany. The parties have agreed not to disclose financial details of the transaction.
Built during 1905 and 1906, the office complex is characterized by its historic industrial architecture, with reddish-black bricks and the white brick façade of its courtyards. The architectural monument, which was modernized by the seller in 2015, is one of the few surviving historical buildings in Berlin’s former “export quarter”, or “Rollkutscherviertel” – named after the high-volume of horse drawn carriages once used to transport goods. The property consists of three courtyards, eight staircases and three covered passageways, with around 13,000 square meters of space available to rent. Ritterhof is centrally located in Berlin-Kreuzberg, just a few stops on the underground from Potsdamer Platz and in the immediate vicinity of the Moritzplatz and Kottbusser Tor underground stations.
About one-third of the building was recently leased by the finance and business portal Wallstreet Online, and the remaining two-thirds are to be leased after extensive improvements. Ardian Real Estate intends to upgrade the courtyards and common areas, for example, with strong sustainability credentials that match the changing requirements of the modern workforce.

“We expect to see continued demand for office space in Berlin that meets the needs of a changing work world and fulfills high sustainability standards. The Ritterhof building complex is therefore an ideal fit for the investment strategy of our second real estate fund, AREEF II, which recently closed and through which we are investing into office buildings with the potential for strong rental and value growth in Europe’s core cities.” Nico Rheims, Managing Direction Ardian Real Estate.

Ardian Real Estate has already acquired three office properties in Berlin in recent years. These include the STORE office building at Spichernstrasse 2-3 in Berlin’s City-West and the CARL office complex at Lützowstrasse 105-106 in Berlin Mitte, which were acquired by Ardian Real Estate in 2018, and in 2019 the ELISA “3 Höfe work” office building at Lützowstrasse 107-112 in Berlin Mitte, which is leased on a long-term basis to the interdisciplinary Forschungszentrum Jülich and the pharmaceutical company Sanofi.

Ardian Real Estate’s investment focus is on office properties in major European cities in Germany, France, Italy and Spain, where Ardian is already active through various direct investments. Ardian is targeting commercial properties – in particular, office buildings and mixed-use properties in inner-city locations – with an average of more than EUR 100 million in the Core Plus and Value Added segments. In Germany, WestendCarree (Frankfurt), Quartier 21 (Hamburg) and “3 Höfe work” (Berlin) are among its best-known investments.

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