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NEW INVESTOR ROUND FOR CLS

Ardian

ARDIAN and IFREMER sell their shares to CNP, CNES remains a significant shareholder

Paris, February 3rd, 2020 – CLS, a company that develops solutions used to study and protect our planet and manage its resources sustainably, will benefit from renewed investment.

Ardian, a world leader in private investment, and Ifremer (French Research Institute for Exploitation of the Sea), have officially announced the sale of their minority shareholding to CNP (Compagnie Nationale à Portefeuille), a Groupe Frère investment company. CNP thus acquires a majority stake in CLS, while the group’s founding institution, CNES, retains a significant minority interest.

CNES, Ardian, and Ifremer can be pleased with this outcome. With their support and the hard work of the teams at CLS, the company has pursued a robust development strategy over the last six years based on innovation, geographic expansion, five new acquisitions, and the creation of Kinéis, now Europe’s leading operator of a constellation of nanosatellites, bringing the group to 720 employees and nearly €135 million in turnover and doubling its profitability.

This European governance marks the start of a new chapter for CLS. Both CNES (now a 34% shareholder) and CNP (a 66% shareholder) are positioned for the long term and share the group’s vision and philosophy. Together, they will guide CLS in its development and help the company meet the ambitious challenges of putting the space sector to work for our planet.

The transaction was completed on January 30, 2020.

Christophe Vassal, Chief Executive, CLS : “I’d like to thank the Ardian, CNES, and Ifremer teams for their support. They have really been there for us, playing a major role in developing new expertise and supporting our international expansion. Their strategic and practical guidance has helped strengthen our leadership and broaden our portfolio of solutions. We are delighted to welcome CNP, an investor that shares our vision and corporate philosophy. CNP, together with CNES, will help us grow and take on new challenges for a sustainable planet.”

Caroline Pihan, Director, Ardian Expansion : “We are very proud to have helped space industry star CLS and its management team pursue their development strategy. What we’ve done reflects our ability to support international growth projects and—in the case of CLS—to do so alongside public players. I would like to thank CNES and Ifremer, which have done an outstanding job developing the company, and especially CNES, which will continue to support it in future projects.”

Antoine Seillan, Chief Financial Officer, CNES : “CNES is proud to have established CLS nearly 35 years ago and to have watched it become a world reference in satellite solutions for Earth observation. The partnership with Ardian and Ifremer has been tremendously successful, and I thank them for the strong ties we have forged. I welcome CNP and look forward to the next chapters in this ongoing success story. In the years to come, we will continue to support CLS, in particular in its areas of excellence such as Altimetry. Together, we will accompany the growth of Kinéis, our joint subsidiary and France’s leading operator of a constellation of nanosatellites that is the legacy and amplification of the Argos system, now equipped with unprecedented IoT capabilities.”

Xavier Le Clef, Co-CEO, Groupe Frère, CNP : “CLS’s technological expertise and the commitment of its historical shareholders have enabled the company to build solid leadership positions in the global Earth observation satellite ecosystem. Groupe Frère is particularly pleased to enter into this new partnership with CNES and the CLS management team and to support CLS over the long term in its continued growth and international efforts to protect the planet and its resources.”

Patrick Vincent, Assistant Managing Director, IFREMER : “We are proud to have helped CLS grow and use space to better understand, protect, and make sustainable use of our seas and oceans. I would like to thank CNES for joining us in creating this wonderful venture. Thanks again to CNES and to Ardian, who joined us in supporting its growth. We are leaving CLS but will reconnect with it around Kinéis. We are investing in a young company, a CLS subsidiary, that will write the future of the Argos system and in 2022 will launch the first constellation of nanosatellites dedicated to the Internet of Things. We have a promising future together, continuing to serve our planet.”

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$96bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 640 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
www.ardian.com

LIST OF PARTIES INVOLVED

Ardian: Caroline Pihan, Arthur de Salins, Dominique Gaillard (Senior Advisor)
CLS: Christophe Vassal, Stéphanie Limouzin, Iva Colom Toro
CNES: Antoine Seillan, Jean Aussaguel
Ifremer: Patrick Vincent
CNP: Xavier Le Clef, Benoit Robertz, Gauthier Parisis, Gil BrihayeVDD
Finance: Alvarez & Marsal: Frédéric Steiner, Benoit Bestion, Amira el Hajem
Strategy: BCG: Benjamin Entraygues, Benjamin Sarfati, Constant Morez
Legal: BGB & Associés: Alexandre Gaudin, GCA: Damien Canali
Taxation: Delaby & Dorison: Emmanuel Delaby, Florian Tumoine
Labour MGG Legal: Marijke Granier-Guillemarre, Alexandra Frelat
Technology: Accenture Strategy & Octo: Sebastien Amichi, Romain Le Guen, Sylvain Fagnent
ESG: Indefi: Emmanuel Parmentier, Joanna Tirbakh

M&A
EdR: Arnaud Petit, Gregory Fradelizi, Raphael Compagnion, Laure Klein, Mohamed Rtel Bennani, Hamza El Abboubi

Lawyers
Latham & Watkins: Olivier du Mottay, Elise Pozzobon, Ketzia Chetrite
Latham & Watkins (financing): Lionel Dechmann
Sekri Valentin Zerrouk: Frank Sekri
FTPA: Sylvain Clerambourg, Alice Larrouy

Buyer’s counsel
M&A: Messier Maris & Associés (Jean-Marie Messier, Driss Mernissi), Wil Consulting (Jacques Ittah)
Finance: KPMG (Mohamed Macaigne)
Taxation: KPMG Avocats (Sophie Fournier-Dedoyard)
IT: KPMG (Josselin du Plessis)
Legal/Labour: Willkie Farr & Gallagher (Eduardo Fernandez, David Lambert, Marie Aubard)
Strategy: Bain & Company (Bernard Birchler, Cédric Bovy, Doris Galan)
Lawyers: Willkie Farr & Gallagher (Eduardo Fernandez, David Lambert, Philippe Grudé, Paul Lombard, Faustine Viala)

Management counsel
Callisto Finance: Vincent Ayme, Tancrede Caulliez
Sekri Valentin Zerrouk: Frank Sekri, Céline Raynal

PRESS CONTACTS

ARDIAN
Image 7
ANNE-CHARLOTTE CREAC’H
Tel : 01 53 70 94 21
accreach@image7.fr
FLORE LARGER
Tel : 01 53 70 74 90
flarger@image7.fr

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Altavair AirFinance and KKR Announce $1 Billion Aircraft Transaction with Etihad Airways

KKR

 

NEW YORK & SEATTLE & ABU DHABI, United Arab Emirates–(BUSINESS WIRE)–Feb. 3, 2020– KKR, a leading global investment firm, and Altavair AirFinance (“Altavair”), a leader in commercial aviation finance, announced today the signing of a definitive agreement to acquire a portfolio of commercial aircraft from Etihad Airways (“Etihad”), the national airline of the United Arab Emirates. The acquisition will be made through aircraft leasing investment platform Altitude Aircraft Leasing, which was established by KKR’s credit and infrastructure funds in 2018 to acquire aircraft serviced by Altavair.

The aircraft portfolio being acquired includes Etihad Airways’ owned fleet of Boeing 777-300ERs and Trent powered Airbus A330-300s and A330-200s. The transaction provides for the Boeing 777-300ERs to be leased back to Etihad upon purchase in early 2020, while the Airbus A330s will be delivered over the next 22 months and placed on lease with other international operators for either passenger operations or as converted freighters.

“Investments like this one are exactly what we hoped to embark on when we first established our partnership with Altavair, whose experience and expertise in the global aviation market has been invaluable. Together, we’re thrilled to be working with Etihad Airways, a leading airline not only in Abu Dhabi, but across the globe,” said Dan Pietrzak and Brandon Freiman, Partners at KKR.

Altavair CEO Steve Rimmer said, “We are delighted to extend our partnership with Etihad and play a major role in the repositioning of their fleet. Altavair’s extensive wide body experience and expertise combined with KKR’s capital, relationships and capabilities made this transaction possible. We appreciate the trust that Etihad has placed in us and look forward to a long and mutually beneficial relationship.”

Tony Douglas, Group Chief Executive Officer, Etihad Aviation Group, said, “We’ve made great strides in optimising our fleet structure over the past year, and this investment from KKR and Altavair AirFinance will allow us to take another step forward in this area. This deal will ensure we stand by our strategic and financial sustainability targets by replacing aircraft with the most technologically-advanced and fuel-efficient fleet types. The structure of this transaction also provides us with significant flexibility, meaning we are well placed to respond to future growth requirements.”

About Etihad

Etihad Aviation Group, a diversified global aviation and travel company, is considered to be one of the world’s most acclaimed aviation brands. Etihad Airways, the national airline of the UAE and a division of the group, was formed in 2003 and quickly went on to become one of the world’s leading airlines. Etihad Airways flies to over 84 destinations with a fleet of 100 Airbus and Boeing aircraft, serving 17.8 million passengers and carrying 682,100 tonnes of cargo in 2018. In recent years, the organisation has received numerous awards for its superior service and products, cargo offering, loyalty programme, aviation training and Maintenance, Repair and Overhaul (MRO) service.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Altavair L.P.

Altavair L.P. is an asset manager and solutions provider focusing on the acquisition of new and used commercial aircraft for leasing to domestic and international passenger airlines and cargo operators. Since its inception in 2003, Altavair has completed over $9 billion in commercial aircraft lease transactions with over 60 airline customers in 28 countries representing over 200 individual Boeing and Airbus aircraft. Altavair maintains offices in Seattle, London, and Singapore. For more information, please visit www.altavair.com.

Source: KKR & Co. Inc.

Media:

KKR: Kristi Huller or Cara Major, +1 212-750-8300, media@kkr.com

Altavair: Timothy O’Hara, +1 425-369-8062, timothy.ohara@altavair.com

Etihad: Jill Lambert, +971 564-048-793, jilll@etihad.ae

KKR

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CVC Credit Partners supports the expansion of Alline Salon Group

Funding supports Vison Growth Partners’ expansion of Alline Salon Group and assists its ongoing growth strategy

CVC Credit Partners is pleased to announce that it has provided the first lien funding for Vision Growth Partners’ expansion of Alline Salon Group and going forward will further support the growth strategy through the provision of a delayed draw term loan facility. Cowen’s Debt Advisory Group acted as the debt advisor for the transaction.

Founded in 2018, Alline is a market leader in affordable hair care services. It now operates nearly 400 salons under the Supercuts, Cost Cutters and Holiday Hair brands, primarily located across Ohio, Pennsylvania and Michigan. The business was created by Vision Growth Partners, as a platform on which to execute a controlled roll up of Regis Corporation’s previously corporate-owned hair salons.

Michael Sarafa, Managing Partner at Vision Growth Partners, commented: “We are pleased to have teamed up with a lender which supports our vision for the growth of the business from both a strategic and financial perspective. CVC Credit was able to rapidly understand the intricacies of the business, which was key to the swift completion of the transaction.”

David DeSantis, Head of CVC Credit Partners’ U.S. Private Debt business, said: “Alline is a stable and attractive business, operating a successful franchise model in a recession resistant industry.” Andrew Eversfield, Director at CVC Credit Partners’ U.S. Private Debt, added: “Cowen was a great partner on this transaction, and we hold the Alline Management Team and VGP in high regard. We are excited to provide our support to help grow the business further in the years to come.”

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EQT invests in RIMES, the global leader in Managed Data Services for financial institutions

eqt

  • EQT makes significant growth investment in RIMES, a leading global provider of Managed Data Services (MDS) and regulatory technology (RegTech) software solutions that address the complex needs of leading financial institutions
  • RIMES uses its proprietary technology, internal team of data management experts and relationships with 500 data partners to source, validate and configure market data in line with customer needs, ensuring superior data quality and reliability, reduced internal costs and increased operational flexibility
  • Together with RIMES’ CEO, President and Co-Founder Christian Fauvelais, EQT will support continued product innovation, further investment in technology and infrastructure, and organic as well as acquisitive growth by leveraging EQT’s global footprint and expertise across software, data and services

The EQT Mid Market Europe fund (“EQT Mid Market” or “EQT”) today announced a significant growth investment in RIMES (“the Company”), and together with Christian Fauvelais, RIMES’ CEO, President and Co-Founder, EQT will support and accelerate execution of the Company’s strategic vision.

RIMES serves the complex data needs of financial institutions with customized, scalable and cost-effective Managed Data Services and RegTech solutions. The Company pioneered the delivery of customized market and reference data via the cloud and has built a strong reputation for ensuring best-in-class data quality. Today RIMES serves more than 350 asset managers, owners, servicers and banks in 45 financial centres globally, including 60 of the top 100 global investment managers and 9 of the top 10 asset servicers in the world.

EQT will support RIMES’ vision to be the global leader in Managed Data Services across all forms of market and reference data, including benchmark, risk, ratings, fundamental, economic, alternative, ETF and ESG data. By further investing in RIMES’ technology and internal talent, EQT will support service extensions and enhancements as well as product innovations across RIMES’ offerings in data management and RegTech.

The investment in RIMES is in line with EQT’s commitment to invest in sustainable solutions, guided by the United Nations’ Sustainable Development Goals. RIMES is an emerging leader in ESG data for the investment management industry, contributing to society by providing high-quality data on sustainability and increasing transparency in the business community.

Victor Englesson, Partner at EQT Partners and Investment Advisor to EQT Mid Market, commented: “RIMES is perfectly aligned with EQT’s thematic investment approach and focus on software, data and services. EQT is excited to partner with Christian to support the continued development of RIMES and to help it achieve its full potential.”

Christian Fauvelais, CEO, President and Co-Founder of RIMES, said: “We are excited to partner with EQT for the next stage of our growth. EQT’s values strongly align with ours, and their expertise in data, software and services businesses makes them a great partner as we move to deepen our client relationships and further grow our presence in the data management space across all regions. The partnership will accelerate our ongoing commitment to our existing clients across data management and RegTech and allow us to increase the pace at which we can invest in new technology and infrastructure to bring new solutions to the market, including in areas such as ESG and ETF data.”

Robert Maclean, Managing Director at EQT Partners and Investment Advisor to EQT Mid Market, concluded: “We have been very impressed by RIMES’ achievements, and EQT looks forward to working with the team during the next stage of the Company’s growth, driven by continued investment in core solutions, support for the recently launched services in ESG and ETF data, and further enhancement of RIMES’ data management and RegTech offerings.”

The transaction is subject to customary conditions and approvals and is expected to close in the first quarter of 2020.

Contacts
Victor Englesson, Partner at EQT Partners and Investment Advisor to EQT Mid Market, +46708218440
Robert Maclean, Managing Director at EQT Partners and Investment Advisor to EQT Mid Market, +442033729427
EQT Press office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 41 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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

About RIMES
RIMES is an award-winning data management and regulatory technology specialist that truly understands the challenges faced by its customers. It serves over 350 asset managers, owners, servicers and banks in 45 countries including 60 of the 100 largest global asset managers by AUM and 9 of the top 10 asset servicers in the world.

More info: www.rimes.com

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Kinnevik AB (publ) (“Kinnevik”) today announced that Anna Stenberg will join Kinnevik as Chief People and Platform Officer (CPO), a new role in the Kinnevik management team. Anna is the founding partner of Women Executive Search and started her career in the Kinnevik group holding several management positions at Modern Times Group.

Kinnevik

As CPO, Anna Stenberg will focus on maximizing the value of Kinnevik’s investment eco-system and platform, working closely with the Kinnevik team as well as our portfolio companies. Anna will support Kinnevik in being a progressive partner to its public and private portfolio companies in their effort to drive performance through key areas such as board and top management composition, leadership development, diversity and inclusion, and organizational design.

Georgi Ganev, Kinnevik’s CEO, commented: “I am excited that Anna will join the team as Chief People and Platform Officer. Kinnevik’s number one asset is our people, within Kinnevik and in our companies. With Anna’s recent background as a successful entrepreneur and investor, and having started her career within Our Group, Anna knows Kinnevik and our culture and she will be a great support in maximizing the value of our unique platform, supporting us in building strong and effective, market leading, sustainable companies”.

Anna Stenberg continued: “Joining Kinnevik feels like coming home. Not only is Kinnevik a frontrunner when it comes to supporting value-driven leadership and a high-performance culture. I also share Kinnevik’s belief in the power of disruptive technology to deliver both shareholder and social value. To me, this is a perfect combination, and I look forward to working with Georgi and his team as Chief People and Platform Officer.”

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choice. In partnership with talented founders and management teams we build challenger businesses that use disruptive technology to address material, everyday consumer needs. As active owners, we believe in delivering both shareholder and social value by building long-term sustainable businesses that contribute positively to society. We invest in Europe, with a focus on the Nordics, the US, and selectively in other markets. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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Categories: People

Regional Rail continues its growth with acquisition of Carolina Coastal Railway

3I

3i-backed Regional Rail, a leading owner and operator of short-line freight railroads and rail-related businesses in the U.S., has agreed to acquire Carolina Coastal Railway, Inc. (“Carolina Coastal”) which operates 180 miles of freight railroad in North Carolina and South Carolina, subject to authorisation from the Surface Transportation Board.

Carolina Coastal provides freight transportation and car-storage services to over 45 blue-chip customers, operating across a variety of end markets (including aggregates, food & agriculture, chemicals and metals), primarily in eastern North Carolina.

Al Sauer, CEO, Regional Rail, commented:

“Carolina Coastal is a great fit with Regional Rail as it benefits from an attractive mix of industrial customers and further diversifies our existing freight-rail platform from an end-market and geographic perspective. We look forward to welcoming all of the Carolina Coastal employees to Regional Rail and working with them to continue the company’s successful growth.”

Doug Golden, President, Carolina Coastal, commented:

“I had been looking for the right partner to continue our legacy in North Carolina and am pleased that Carolina Coastal is becoming part of the Regional Rail family. I have known Al for many years. He and his team have been great to work with on this transaction, and I believe they will be good partners in supporting our employees, customers, and all future developments.

”Rob Collins, Managing Partner, 3i North American Infrastructure, commented:

“We’re delighted to announce a second acquisition for Regional Rail as the company continues to consolidate its position in the U.S. short-line railroad industry. Following this acquisition, Regional Rail will operate 25 line segments across five states, with almost 550 miles of track.”

3i invested in Regional Rail in July 2019 and subsequently expanded the platform in January 2020 with the acquisition of Pinsly Railroad Company’s Florida operations. Today, the company provides freight transportation, railcar storage and transloading services in New York, Pennsylvania, Delaware and Florida across six railroads with over 360 miles of track connecting into a diversified Class 1 railroad network. In 2018, the combined company moved over 29,000 carloads while serving over 140 customers across an extensive set of end-user markets including heating, fuel blending, food & beverage, agriculture, chemicals and metals. In addition to freight-rail transportation, the company also provides railroad-crossing signal design, construction, inspection and maintenance services to a diverse base of over 100 short-line and industrial customers across 20 states.

-Ends-

Download the press release  

 

For further information, contact: 

3i Group plc

Silvia Santoro

Investor enquiries

 Tel: +44 20 7975 3285

Email: silvia.santoro@3i.com
Kathryn van der Kroft

Media enquiries

 Tel: +44 20 7975 3021

Email: kathryn.vanderkroft@3i.com

Notes to editors:

About 3i Group

3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America. For further information, please visit: www.3i.com

About Regional Rail, LLC

Regional Rail, LLC is a transportation-holding company headquartered in Kennett Square, PA. It is the parent company of East Penn Railroad LLC; Middletown & New Jersey Railroad, LLC ; Tyburn Railroad, LLC; Florida Central Railroad LLC; Florida Midland Railroad Company, Inc.; Florida Northern Railroad Company, Inc. and Diamondback Signal, LLC. For further information, please visit: www.regional-rail.com

About Carolina Coastal Railway

Carolina Coastal Railway operates a 142-mile line from Raleigh to Plymouth, NC, a 17-mile line between Belhaven and Pinetown, NC, a 20-mile line between Nashville and Rocky Mount, NC, and a 7-mile line between Blacksburg and Kings Creek, SC, which is currently out of service. Carolina Coastal also serves the Port of Morehead City, NC. CLNA serves agricultural facilities and industries throughout Eastern North Carolina, and connects at various locations with Norfolk Southern Railway and CSXT. The railroad has numerous sites available for industrial development and transloading.

Regulatory information

This transaction involved a recommendation of 3i Corporation, a US wholly owned subsidiary of 3i Group.

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Regional Rail continues its growth with acquisition of Carolina Coastal Railway

3I

3i-backed Regional Rail, a leading owner and operator of short-line freight railroads and rail-related businesses in the U.S., has agreed to acquire Carolina Coastal Railway, Inc. (“Carolina Coastal”) which operates 180 miles of freight railroad in North Carolina and South Carolina, subject to authorisation from the Surface Transportation Board.

Carolina Coastal provides freight transportation and car-storage services to over 45 blue-chip customers, operating across a variety of end markets (including aggregates, food & agriculture, chemicals and metals), primarily in eastern North Carolina.

Al Sauer, CEO, Regional Rail, commented:

“Carolina Coastal is a great fit with Regional Rail as it benefits from an attractive mix of industrial customers and further diversifies our existing freight-rail platform from an end-market and geographic perspective. We look forward to welcoming all of the Carolina Coastal employees to Regional Rail and working with them to continue the company’s successful growth.”

Doug Golden, President, Carolina Coastal, commented:

“I had been looking for the right partner to continue our legacy in North Carolina and am pleased that Carolina Coastal is becoming part of the Regional Rail family. I have known Al for many years. He and his team have been great to work with on this transaction, and I believe they will be good partners in supporting our employees, customers, and all future developments.

”Rob Collins, Managing Partner, 3i North American Infrastructure, commented:

“We’re delighted to announce a second acquisition for Regional Rail as the company continues to consolidate its position in the U.S. short-line railroad industry. Following this acquisition, Regional Rail will operate 25 line segments across five states, with almost 550 miles of track.”

3i invested in Regional Rail in July 2019 and subsequently expanded the platform in January 2020 with the acquisition of Pinsly Railroad Company’s Florida operations. Today, the company provides freight transportation, railcar storage and transloading services in New York, Pennsylvania, Delaware and Florida across six railroads with over 360 miles of track connecting into a diversified Class 1 railroad network. In 2018, the combined company moved over 29,000 carloads while serving over 140 customers across an extensive set of end-user markets including heating, fuel blending, food & beverage, agriculture, chemicals and metals. In addition to freight-rail transportation, the company also provides railroad-crossing signal design, construction, inspection and maintenance services to a diverse base of over 100 short-line and industrial customers across 20 states.

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Moda Operandi raises $100 million in new capital

Apax Digital

31 January 2020

Equity Investment Led by New Enterprise Associates and the Apax Digital Fund 

New York – Jan 31, 2020: Moda Operandi, the world’s leading platform for fashion discovery, today announced it has raised $100 million in new equity and debt financing, led by existing investors New Enterprise Associates, Inc. (NEA) and the Apax Digital Fund, with additional participation from the Santo Domingo Family, Comerica Bank and TriplePoint Capital, among others.

Moda Operandi raises $100 million in new capital

Moda will use the proceeds to continue to invest in its core client experience, innovative shopping model, unique curation of fashion, fine jewelry, and home decor, as well as the data and technology systems that power the Moda platform.

“For the past eight years, Moda has disrupted the way people shop for luxury fashion,” said Moda Operandi CEO Ganesh Srivats. “This investment will enable us to build on that innovation, investing further in the client and designer experience and connecting more of the world’s best fashion to more people.”

Dan O’Keefe, Managing Partner of Apax Digital, said: “We continue to be impressed with the power of Moda’s brand and its positioning in the luxury market. Moda has been enhancing its technology capabilities as a world leading platform for fashion discovery and is led by a world-class team. We look forward to continuing to support their expansion.”

“Moda Operandi has really disrupted the traditional ecommerce model, using technology to give people unprecedented access to fashion,” said Tony Florence, General Partner and Head of Technology Investing at NEA. “It was a really big idea when we led the Series A, and today Ganesh and the team are executing on that data-enabled retail model at scale. We are thrilled to continue supporting the company in this latest round.”

The new commitment brings Moda Operandi’s total equity capital raised to date to $345 million.

About Apax Digital

The Apax Digital Fund specializes in growth equity and buyout investments in high-growth enterprise software, consumer internet, and technology-enabled services companies worldwide. The Apax Digital team leverages Apax Partners’ deep tech investing expertise, global platform, and specialized operating experts, to enable technology companies and their management teams to accelerate the achievement of their full potential. For further information, please visit http://digital.apax.com.

Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$50 billion. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

About NEA

New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With more than $20 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 230 portfolio company IPOs and more than 390 mergers and acquisitions. www.nea.com.

About Moda Operandi

Moda Operandi is an e-commerce platform transforming the way people discover and shop for designer fashion. Through its innovative mix of commerce and content, Moda allows women and men to shop for what’s new and what’s next in designer fashion from the world’s leading emerging designers and luxury brands. Founded in 2010, Moda Operandi’s mission is to make it easy for designers to grow their businesses and consumers to realize their personal style. Today, Moda’s platform carries more than 1,000 brands and designers across fashion, fine jewelry and home, and ships to 125 countries. For more information, visit modaoperandi.com.

Media Contacts:

Moda Operandi

Alexandra Valasek | alexandra.valasek@modaoperandi.com

Apax Digital / Apax Partners

Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 | andrew.kenny@apax.com
U.S. Media: Todd Fogarty, Connor Moriarty, Kekst CNC | +1 212 521 4800 | Apax@kekstcnc.com
UK Media: Matthew Goodman / James Madsen, Greenbrook | +44 20 7952 2000 | apax@greenbrookpr.com

NEA

Kate Barrett | KBarrett@nea.com

 

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Insurtech Leader Policygenius Announces $100M Series D Round, Led by KKR

KKR

Investment will accelerate growth with plans to roll out new financial protection products this year

NEW YORK, Jan. 30, 2020 /PRNewswire/ — Policygenius, the leading online marketplace for comparing and purchasing insurance, announced today $100 million in Series D funding led by global investment firm KKR. Existing major investors in the company, including Norwest Venture Partners, Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures and Transamerica Ventures, also participated in the round. Since raising its $30 million Series C round in early 2017, Policygenius has grown annualized revenues to $60 million, a 10 times increase. Policygenius will use the investment for hiring and for broader consumer financial protection products it will unveil in 2020.

Jennifer Fitzgerald and Francois de Lame, co-founders of Policygenius

Founded by Jennifer Fitzgerald and Francois de Lame in 2014, Policygenius provides a digital experience for consumers to navigate the entire insurance buying process. Policygenius has built integrations with the most trusted insurance carriers and industry-leading technology for quoting, underwriting and fulfillment.

Since its founding, Policygenius’ proprietary technology and in-house operations have delivered impressive growth. Policygenius is the fastest-growing life insurance distributor with $45 billion in life coverage issued to date. In 2019, Policygenius launched a new property and casualty insurance offering, which scaled to more than $10 million in revenue in less than 12 months. Collectively, consumers can shop for several types of insurance, including life, home, auto, disability and renters. Buoyed by this growth, the company added about 180 new employees and opened a second headquarters in Durham, North Carolina in 2019.

“Our technology platform delivers a seamless and easy experience for comparing, buying and switching insurance, at scale, nationwide. But what we’re exceptionally proud of is how Policygenius removes the complex and often misleading aspects of the insurance purchasing business entirely,” Jennifer Fitzgerald, CEO and co-founder at Policygenius, said. “With the support of our investors, we look forward to expanding our reach and product portfolio to broader financial wellness.”

“With increased competition in the insurance sector, we believe there’s a need for platforms where customers can easily manage their relationships across a number of insurance policies and carriers throughout their lifetime,” Allan Jean-Baptiste, at KKR, said. “Policygenius has created a model to provide for exactly this, set apart by its sophisticated proprietary technology, and the traction of its marketplace platform among carriers and consumers alike.”

“We are thrilled to be working with Jennifer, Francois and their dedicated team as they continue to transform consumer financial protection,” added KKR’s Jake Heller.

KKR will be making its investment through its Next Generation Technology Fund II, which held its final close earlier this month.

Allan Jean-Baptiste and Jake Heller will represent KKR on Policygenius’ Board of Directors.

About Policygenius
Policygenius is the nation’s leading online insurance marketplace, with headquarters in New York City and Durham, North Carolina. We’ve helped more than 30 million people shop for all types of insurance like they shop for everything else — online. We launched in 2014 and are one of the early insurtech pioneers. We were named one of Inc. Magazine’s Best Workplaces for 2018 and 2019 and ranked in the top ten of 2019’s Crain’s Fast 50. You can see more about open career opportunities with Policygenius by visiting: https://www.policygenius.com/careers/.

About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Media Contacts

Policygenius
Brooke Niemeyer
Associate Director of Media Relations
brooke.niemeyer@policygenius.com

KKR
Kristi Huller or Cara Major
212.750.8300
Media@KKR.com

(PRNewsfoto/Policygenius)

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SOURCE Policygenius

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MediFox and DAN Produkte merge to create MediFox DAN Group

HG Capital

Medifox, a leading provider of software solutions to outpatient, inpatient care providers and therapy practices in Germany, has announced the merger with DAN Produkte (“DAN”), a leading German care software provider with a strong presence in inpatient care.

Transaction brings together two leaders of software innovation for the care industry, further strengthening solutions for outpatient and inpatient care providers across Germany

Together, MediFox and DAN have a 55-year history of setting new standards in product innovation and customer service across the care sector. The merger will bring together deep software and industry expertise from both businesses, leading to a number of advantages for customers, employees and other stakeholders: including faster responsiveness to regulatory changes, higher service availability and quality and increased capacity for product innovation. The two companies will form MediFox DAN-Group and will continue to invest in all existing product lines, as well as jointly develop new functionality and improvements. The group will continue to consider further acquisitions.

Hg, the specialist private equity investor focused on software and service businesses, announced its investment in MediFox in 2018 and, today, Hg has invested over $1 billion globally in the healthcare technology sector.

For more information, as well as comments from the MediFox and DAN management teams, please find the full announcement here.

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