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Blackstone Real Estate Income Trust Completes Acquisition of WPT Industrial Real Estate Investment Trust

Blackstone

Toronto and New York, October 20, 2021 – Blackstone Real Estate Income Trust, Inc. (“BREIT”) announced that an affiliate has completed its acquisition of WPT Industrial Real Estate Investment Trust (TSX: WIR.U; WIR.UN) (OTCQX: WPTIF) (“WPT”) in a series of transactions that resulted in unitholders receiving US$22.00 per outstanding unit of WPT (collectively, “Units”) (subject to applicable withholdings) in an all-cash transaction valued at US$3.2 billion, including the assumption of debt (the “Transaction”). The Units will be delisted from the Toronto Stock Exchange at the close of business today and WPT will apply to cease to be a reporting issuer under applicable Canadian securities law.

Following closing of the Transaction, former members of the WPT management team will continue to do business under the name WPT Capital Advisors, as an independently owned and operated company.

The Transaction was announced on August 9, 2021.

For more information on the Transaction, please see the news releases issued by WPT on August 9, 2021, September 10, 2021, September 23, 2021, October 7, 2021 and October 13, 2021 along with WPT’s management information circular dated September 2, 2021 prepared in connection with the Transaction, all of which are available under WPT’s profile at www.sedar.com or WPT’s website at www.wptreit.com.

Unitholders who have questions or require assistance with submitting their Units in connection with the Transaction may direct their questions to Computershare Investor Services Inc., which is acting as depositary in connection with the Transaction, by phone toll-free at 1-800-564-6253 or by email at corporateactions@computershare.com.

Advisors
Morgan Stanley & Co. LLC and Desjardins Capital Markets acted as financial advisors to WPT and Blair Franklin Capital Partners Inc. also provided the Special Committee with a fairness opinion in respect of the Transaction.

Blake, Cassels & Graydon LLP and Vinson & Elkins LLP acted as legal counsel to WPT in connection with the Transaction and Wildeboer Dellelce LLP acted as independent legal counsel to the Special Committee.

Eastdil Secured, Goldman Sachs & Co. LLC, BofA Securities and BMO Capital Markets acted as financial advisors to BREIT and Simpson Thacher & Bartlett LLP and Goodmans LLP acted as legal counsel to BREIT.

About Blackstone Real Estate Income Trust 
Blackstone Real Estate Income Trust, Inc. (BREIT) is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors. BREIT invests primarily in stabilized, income-generating U.S. commercial real estate across key property types and to a lesser extent in real estate debt investments. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $208 billion in investor capital under management. Further information is available at www.breit.com.

About WPT Industrial Real Estate Investment Trust
WPT Industrial Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. WPT acquires, develops, manages and owns distribution and logistics properties located in the United States. WPT Industrial, LP (WPT’s operating subsidiary) indirectly owns or manages a portfolio of properties across 19 U.S. states consisting of approximately 38.0 million square feet of GLA and 112 properties.

Forward-Looking Information
Certain statements contained in this news release may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Forward looking information in this news release includes, but is not limited to, statements relating to the delisting of Units following closing of the Transaction and the expectation that WPT will cease to be a reporting issuer following closing of the Transaction.

Although WPT believes that the expectations and assumptions on which the forward-looking information contained in this news release is based are reasonable, undue reliance should not be placed on the forward-looking information because WPT can give no assurance that it will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

The forward-looking information contained in this news release represents WPT’s expectations as of the date hereof, and is subject to change after such date. WPT disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable Canadian securities laws.

Forward-Looking Statements
Certain information contained in this communication constitutes “forward-looking statements” within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward looking terminology, such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction,” “identified” or the negative versions of these words or other comparable words thereof. These may include financial projections and estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, statements regarding future performance and statements regarding identified but not yet closed acquisitions. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. These factors include, but are not limited to, those described under the section entitled “Risk Factors” in BREIT’s prospectus, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or BREIT’s prospectus and other filings). Except as otherwise required by federal securities laws, BREIT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

For more information, please contact:

Jeffrey Kauth
(212) 583-5395
Jeffrey.Kauth@Blackstone.com

Scott Frederiksen, Chief Executive Officer
Matt Cimino, Chief Operating Officer
Tel: (612) 800-8530
IR@wptreit.com

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Bridgepoint to acquire majority stake in PTV Group

Bridgepoint

London/Frankfurt/Stuttgart/Karlsruhe, 19. October 2021 – Bridgepoint, the quoted private assets growth investor is to acquire a majority stake in PTV Group (“PTV”), a leading global software company for traffic simulation and planning as well as provider of optimisation solutions for transport logistics. The previous owner Porsche Automobil Holding SE (“Porsche SE”) will retain a significant minority stake in the company. The parties have agreed not to disclose the purchase price. The partnership between Bridgepoint and Porsche SE aims to further expand PTV’s position as the world’s leading software provider for intelligent and environmentally friendly mobility.

With more than 40 years of experience in the fields of mobility and logistics, the Karlsruhe-based company provides software products including micro- and macroscopic modelling and simulation of traffic, real-time traffic management as well as data-based visualisation and analysis of traffic flows – to benefit more than 2,500 cities and municipalities – all based on proprietary traffic algorithms. In addition, PTV is one of the leading companies providing software for the planning and optimisation of logistics processes, especially in the route optimisation space.

Carsten Kratz, Partner and Head of DACH at Bridgepoint, said, “It is fundamentally Bridgepoint’s goal to invest in successful, sustainable companies in growth markets. With PTV, we are gaining a global leader for our portfolio that enables cities, municipalities, and other organisations to meet the social, environmental, and economic demands of our time. In addition, the company also represents the ideal platform to pursue further acquisitions in the field of intelligent mobility ecosystems.”

Lutz Meschke, Deputy Chairman of the Executive Board Finance of Porsche SE and Chairman of the Supervisory Board of PTV, commented: “The market for intelligent mobility and logistics offers enormous growth potential due to the decarbonisation and urbanisation megatrends. The company has developed positively under the leadership of Christian U. Haas and the right steps have already been implemented to position PTV in the best possible way in this dynamic market. Due to its unique portfolio in the software sector, PTV is also particularly suitable as a platform for inorganic growth. In Bridgepoint, with their buy-and-build expertise, we found the right partner for the management team around Christian U. Haas to lead PTV together into a very successful future.”

Christian U. Haas, CEO of PTV Group, added: “Since I joined PTV almost two years ago, we have made considerable progress with the transformation of PTV into a software company with state-of-the-art cloud and SaaS competencies, generating a positive response from our customers. I am convinced that PTV will take a leading role in solving the challenges in the fields of mobility and logistics.”

Nowadays, cities face enormous challenges such as advancing urbanisation, increased environmental and air pollution, congestion in transport networks and the need to meet CO2 reduction targets. Intelligent transport and logistics concepts are therefore already essential today. Bridgepoint expects the market for the respective solutions to continue to grow significantly in the future. For PTV, this means not only considerable organic growth potential, but also the opportunity to penetrate further areas of the value chain through acquisitions to become the preferred partner of cities and companies for future-oriented, efficient and sustainable mobility solutions.

The transaction is subject to customary competition and regulatory clearances. The advisors involved include Westend Corporate Finance and Linklaters (PTV / Porsche SE) as well as Jefferies, BCG, Allen & Overy, and Alvarez & Marsal (Bridgepoint).

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DIF Capital Partners to become majority shareholder in global solar PV platform ib vogt

DIF

DIF Capital Partners (“DIF”), a leading global independent infrastructure investment fund manager, through its fund DIF Infrastructure VI, has reached an agreement to acquire a 51% stake in ib vogt GmbH (“ib vogt”), one of the world’s leading developers in utility-scale PV solar, from its current 100% shareholder (“DVV”).

With a total capacity, built or in construction, of over 2.2 GWp to date combined with a project development pipeline in excess of 40 GWp, ib vogt continues to benefit from strong growth and is a leading global utility scale solar PV development platform. Headquartered in Berlin, Germany, ib vogt has established 27 offices across Europe, North America, Asia-Pacific and Africa as part of its presence in over 40 countries. The group works together with numerous partners globally, augmenting its in-house team of over 540 experts who are active in all areas of the solar value chain.

DIF and DVV have entered into this strategic partnership with the aim of accelerating ib vogt’s growth program and asset build out as well as to fast track the transition of the company towards an independent power producer (“IPP”) model that develops, owns, and operates solar and battery storage projects. As part of the agreement, DIF will acquire a 51% stake in ib vogt (excluding certain projects for regulatory reasons) and the shareholders will undertake a capital injection at closing.

“We are delighted to partner with DVV and the ib vogt team, who have proven to be one of the leading solar development platforms globally. The development, construction and operation of solar energy and battery storage plays a vital role in the decarbonisation of electricity markets across the world and we believe ib vogt is well placed to play a major role in this,” said Gijs Voskuyl, Partner and Head of Investments for DIF Infrastructure VI. “We are excited to support the company and the highly experienced management team in the next phase of its growth, realising ib vogt’s impressive pipeline and continuing the transformation from a developer into a global IPP.”

“The partnership with DIF will have an energising effect for the company. We are delighted to be working with the DIF team. Our sector – and the company – are growing rapidly. The partnership represents an important and transformative next step in our evolution. It will help the company to reach new heights, accelerating the conversion of the tremendous pipeline potential that we have built up, and thereby creating a leading and value-adding IPP platform,” said Anton Milner, CEO of ib vogt.

“Our industry is pivotal in the fight against climate change. Together with DIF we have an opportunity to significantly increase the company’s contribution and impact in addressing this key global challenge. We are excited about our partnership and taking the company to the next level,” added Dagmar Vogt, founder and shareholder of ib vogt.

DVV was advised by Marathon Capital, Ikarus Capital as well as Hogan Lovells International LLP and AU VON POCHHAMMER Rechtsanwälte. DIF was advised by Evercore, Schenck Energy and Ashurst.

The transaction is subject to receipt of usual and customary regulatory approvals and consents for transactions of this nature. Closing is expected to take place during Q4 2021.

About ib vogt

ib vogt is firmly committed to supporting the decarbonisation of the global electricity sector. As an integrated developer, ib vogt specialises in the development, design, engineering, financing, EPC, operation, maintenance, and asset management of solar power plants, offering high-quality turnkey solutions to asset owners. The company currently has multiple hundred-MWp projects under construction with a multi-GWp international project pipeline.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with more than €9.0 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas, and Australasia through two complementary strategies:

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

DIF supports the goal of Net Zero greenhouse gas emissions by 2050, in-line with global efforts as a result of the Paris Agreement to have net zero emissions by 2050, or sooner.

DIF Capital Partners has a team of over 170 professionals, based in ten offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact:
Thijs Verburg, IR & BD
Email: t.verburg@dif.eu

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Instacart acquires smart checkout startup Caper AI for $350M

Lux Capital

Instacart today announced that it acquired Caper AI, a startup developing technologies to automate brick-and-mortar checkout experiences, for approximately $350 million in cash and stock. With the purchase, Instacart says that it aims to help retailers “unify in-store and online shopping [flows] for customers.”

Caper’s New York-based workforce will join Instacart, adding hardware engineering talent to Instacart’s existing product development team. Over time, Instacart expects to integrate Caper’s technology into the Instacart app and the ecommerce websites and apps of its retail partners, allowing customers to build online shopping lists and browse recipes ahead of time and check off their lists as they go.

“Over the years, Instacart has continued to expand its retailer enablement services, helping brick-and-mortar grocers across North America move their businesses online, grow, and meet the evolving needs of their customers. As we look ahead, we’re focused on creating even more ways for retailers to develop unified commerce offerings that help address consumer needs across both online and in-store shopping,” Instacart CEO Fidji Simo said in a statement.

AI-powered shopping

Caper was founded in 2016 by Lindon Gao and York Yang. Gao, the president of jewelry manufacturer JPG Crafts, was previously an investment banking analyst at Goldman Sachs and J.P. Morgan.

“The powerful technology we’ve created is intuitive for customers, easy to deploy for retailers of all sizes, and creates a physical retail ecosystem that never existed before,” Gao said in a press release. “We share Instacart’s vision of enabling grocery retailers with new innovations that create step changes for their businesses, and we’re proud to now be joining forces with Instacart to develop even more solutions that help bring the online and offline together for retailers.”

Caper offers two products: the Caper Cart and the Caper Counter.

The Caper Cart is a shopping cart that uses computer vision and cameras to detect and add items to a digital shopping list (a la Amazon’s Dash Cart). When shoppers toss items into the cart’s basket, they’re recognized by an algorithm trained on a database of over 20 million images and analyzed to provide personalized recommendations and nearby deals via a screen mounted to the cart. The cart automatically measures item weight and will soon provide location-based services that let customers search for and receive directions to items in the store.

Caper cart

Above: A rendering of the Caper Cart.

The Caper Counter also employs AI and cameras to scan items barcode-free, replacing a traditional self-checkout counter with a device that scans items from five different angles to complete transactions. The counter offers promotions and provides digital receipts through a digital display and also lets staff monitor activity to prevent theft, as well as add images of unfamiliar items to Caper’s image recognition database.

Caper’s carts — which were the first in the U.S. approved by the federal government’s National Type Evaluation Program (NTEP), which certifies that they can accurately sell items priced by weight and measures — are currently deployed at Kroger and Wakefern, Sobeys in Canada, and Auchan in France and Spain. That’s in addition to Caper’s smart checkout counters in convenience stores.

Caper Counter

Above: The Caper Counter.

Image Credit: Cape AI

Caper had raised $13 million in venture capital from Lux Capital, FundersClub, HCVC, First Round Capital, Red Apple Group, Redo Ventures, Precursor Ventures, and Y Combinator prior to the acquisition.

“[W]e’re thrilled to welcome the Caper AI team to Instacart. We share the same goal of equipping retailers with new and innovative technologies that help them succeed in an increasingly competitive industry, while also providing customers with the best possible experience. We’re excited to bring Caper’s leading smart carts and smart checkout platform to more retailers around the world, as we all reimagine the future of grocery together,” Simo said. “We’ll continue to deepen our investment in our suite of enterprise technology services, unlocking new solutions that help power the comprehensive ecommerce platforms of retailers across North America.”

Smart retail boom

Instacart’s purchase of Caper comes on the heels of its acquisition of FoodStorm, which offers an order-ahead and catering solution for retailers. It’s the latest in a series of investments in Instagram’s enterprise technology services, which the company began offering to partners like Aldi, Costco Canada, Heinen’s, Kroger, Publix, Sprouts, The Fresh Market, Walmart Canada, and Wegmans in 2017 as it looked for new lines of business beyond delivery.

Instacart is one of the largest online grocery platforms in North America, with over 600 retailers delivering from 55,000 stores in over 5,500 cities. (The company estimates its service is available to over 85% of U.S. households and 90% of Canadian households.) Recently, Instacart closed a $265 million funding round at a valuation twice what it was worth last October: $39 billion.

But delivery is an expensive venture, given the challenge of maintaining a dedicated network of shoppers, delivery drivers, and cashiers. This week, the Gig Workers Collective — a network of about 13,000 of Instacart’s 500,000 shoppers — organized a strike protesting the company’s low pay and lack of communication with its laborers. Instacart reportedly turned a profit in the second quarter, netting about $10 million. But as recently as 2019, the company was losing $25 million every month — despite the fact that online grocery purchases have jumped during the pandemic to $1 trillion.

To boost revenue, Instacart has expanded its enterprise offerings including Instacart Advertising, a tool that lets consumer packaged goods companies promote their products to users of the Instacart app. In July, the company launched a new fulfillment solution with Fabric, a startup offering robot-powered “microfulfillment” services designed to operate in dense metropolitan areas. And following the acquisition of FoodStorm, Instacart said it would begin to provide ways for retailers to offer prepared foods for preorder, which are typically more profitable than groceries like produce and packaged goods.

Instacart previously said that expects to grow its corporate headcount by 50% in 2021 as part of its planned expansion initiatives.

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Saildrone Closes $100 Million Series C Funding Round to Advance Ocean Intelligence Products

Lux Capital

ALAMEDA, Calif., Oct. 18, 2021 /PRNewswire/ — Saildrone, the emerging market leader in ocean data, ocean mapping, and maritime intelligence solutions, today announced the close of its $100M Series C round, bringing its total funding to $190M.

Saildrone announces $100 Million Series C Funding round to advance ocean intelligence products. Pictured: Saildrone Surveyor 72-foot ocean drone in Hawaii.
Saildrone announces $100 Million Series C Funding round to advance ocean intelligence products. Pictured: Saildrone Surveyor 72-foot ocean drone in Hawaii.

Led by BOND, the round includes new investors XN, Standard Investments, Emerson Collective, and Crowley Maritime Corporation, as well as participation from previous investors, Capricorn’s Technology Impact Fund, Lux Capital, Social Capital, and Tribe Capital. The new financing will be used to grow Saildrone’s data insight teams and scale go-to-market functions to meet the rapidly growing demand for ocean domain intelligence.

Saildrone’s products are based on data collected from a fleet of uncrewed surface vehicles (USVs) that are powered primarily by renewable wind and solar power. Saildrone USVs are the most reliable autonomous vehicles on the planet, sailing over 500,000 nautical miles and clocking more than 15,000 days at sea in some of the harshest conditions on the planet. From the ice edge in the high Arctic to the inhospitable Southern Ocean, Saildrone USVs have proven their exceptional endurance and ability to collect rich, high-precision data. Only last week, a Saildrone USV navigated to the heart of Hurricane Sam, in a world first, taking scientific measurements and HD video that stands to transform our understanding of hurricane forecasting.

Saildrone not only collects scientific data for climate intelligence and high-resolution bathymetric mapping of the ocean floor, it also uses proprietary machine learning to provide marine domain awareness (MDA/ISR) for law enforcement and homeland security applications such as policing IUU fishing, counter narcotics operations, and marine sanctuary protection.

“We’re thrilled to partner with Saildrone as they build out the future of maritime intelligence, drawing on their unique technological differentiation and expansive mission history to serve customers across diverse industries,” said Noah Knauf, general partner at BOND, who will join the company’s Board of Directors.

An American owned and operated company founded in 2012, Saildrone’s mission is to sustainably explore, map, and monitor the ocean to understand, protect, and preserve our world. Predominantly powered by renewable energy, Saildrone USVs have a minimal carbon footprint and are equipped with advanced sensors and embedded ML/AI technology to deliver critical insights from any ocean, at any time of year.

“We are honored to have the BOND team and our new investors join our journey,” said Richard Jenkins, Saildrone founder and CEO. “The combination of the most tried and tested autonomous ocean technology with the partnership of some of the most experienced venture capitalists in the world consolidates our industry leadership and enables our rapid growth path to meet the needs of our customers.”

Contact: 

Susan Ryan

Vice President Marketing, Saildrone

Cell: (314) 914-5008 

susan.ryan@saildrone.com

SOURCE Saildrone Inc.

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Acquisition of Polish Pet Food Manufacturer Werbliński by Partner in Pet Food

Cinven

Partner in Pet Food (‘PPF’), a leading European pet food manufacturer, announces that it has reached an agreement with Mr. Grzegorz Werbliński, the successful Polish entrepreneur, to acquire his businesses G-Mart and Zakład Przetwórstwa Rolniczego in Poland (‘Werbliński’).

The transaction is expected to be completed in the coming months, subject to customary regulatory approvals and contractual closing conditions.

The Werbliński pet food business, established in 2004, near Kalisz, Poland, has a long history of producing high quality dog and cat food for Polish and international customers, including supermarkets and specialty pet food retailers.

Werblinski is highly complementary to PPF, given its geographical presence. It has strong growth prospects, and fully reflects PPF’s strategy to further expand its business in the fast-growing Polish and CEE markets and develop product offering in all categories.

This transaction follows PPF’s recent acquisition of Mispol, another leading Polish pet food manufacturer, and the acquisition of Landini Giuntini in Italy in January 2021.

Commenting on the acquisition, Gerald Kuehr, CEO of PPF, said:

“With its strong footprint in Poland and successful growth strategy, Werbliński represents a significant opportunity for us to further expand our local presence in Poland and CEE. We look forward to welcoming the Werbliński Team and Grzegorz himself into the PPF family and to recognising this acquisition as another major step in the future growth and development plans of our business.”

Grzegorz Werbliński commented:

“I’m excited to join Partner in Pet Food together with my experienced and dedicated team and be part of the pan European PPF Group and the success of our companies together.”

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EQT becomes the first private markets firm to set science based targets

eqt

EQT accelerates its journey to address climate change by defining ambitious greenhouse gas emission (“GHG”) reduction targets, encompassing both its own and its portfolio investments’ operations

EQT becomes the first private markets firm to formalize science based targets through the Science Based Targets initiative (“SBTi”)

The science based targets (“SBTs”) will become a central part of EQT’s active ownership strategy and climate-related value creation drivers across all investments

EQT AB is proud to announce that EQT’s science based targets have recently been approved and validated by the SBTi. With this, EQT has formalized its GHG emission reduction targets in line with the 1.5° pathway described in the Paris Agreement. EQT has a unique position to take an active role in addressing climate change and is fully committed to its purpose of making a positive impact with everything it does, both on group-level and in the EQT Funds’ investments.

The journey to map and offset emissions started already in 2014, and since the commitment to set SBTs in December 2020, EQT has further refined the GHG baseline in its investments and defined holistic emission reduction targets. Looking ahead to 2030, EQT is committing to:

  • Reducing EQT AB’s direct emissions by 50 percent
  • Reducing EQT AB’s indirect emissions from business travel by 30 percent
  • Ensuring 100 percent of the EQT portfolio companies (excluding EQT Ventures*) will have their own SBTs validated by 2030, 10 years faster than required by SBTi
  • Reducing indirect emissions in the EQT Real Estate I and II funds by 55 percent per square meter floor area

EQT has set interim targets and will publicly report progress annually with 2019 as a base year. Over the coming years, portfolio investments in the most recently launched fund strategies will also be included in the targets.

Bahare Haghshenas, Global Head of Sustainable Transformation, “We have a clear ambition to combat climate change holistically across the EQT ecosystem and setting science based targets is an important milestone towards this goal. This is a testament to how we integrate purpose and positive impact into everything we do, and it will enable us to drive even better performance.”

Alberto Carrillo Pineda, Managing Director of Science Based Targets initiative at Carbon Disclosure Project, “We are delighted to see EQT paving the way for the private markets industry and defining a new bar of ambition. EQT and the broader private markets industry have a unique opportunity to drive real change and limit global warming in line with the Paris Agreement.”

By having SBTi approved science based targets, EQT now fulfils, earlier than anticipated, the first KPI target in its inaugural sustainability-linked bond, which was established earlier this year to underscore EQT’s approach of having sustainability as an integral part of the business model of both the EQT AB Group and the EQT Funds’, including its portfolio companies. Further, it reaffirms EQT’s ambition to lead by example in the broader private markets industry.

Facts
The Science Based Targets initiative helps the private sector drive ambitious climate action by enabling companies to set science-based emissions reduction targets in alignment with the pathways described in the Paris Agreement to limit global warming to 1.5°C vs. pre-industrial levels. The SBTi is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). Further details on the EQT SBTs can be found here.

Contact
Bahare Hagshenas, Global Head of Sustainable Transformation, bahare.hagshenas@eqtpartners.com, +45 313 104 31
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

*Excluded due to EQT Ventures’ investments being smaller than set thresholds as per SBTi’s latest guidelines for venture capital

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. Uniquely, EQT is the only large private markets firm in the world with investment strategies covering all phases of a business’ development, from start-up to maturity. Including EQT Exeter, EQT today has more than EUR 71 billion in assets under management across 27 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 has more than 1,000 employees.

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

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Espresso portfolio company Bento Technologies acquired by U.S. Bank

San Francisco and Chicago — October 14, 2021 — Bento Technologies, a leading expense management platform designed to simplify and consolidate complex financial services for the SMB segment, and an Espresso Capital portfolio company, has been acquired by U.S. Bank. The acquisition, which closed on August 31, will help U.S. Bank — the fifth largest banking institution in the United States — bring payments and banking services together to simplify cash flow and money management for small businesses.

“We’re thrilled for the Bento team and pleased to have been able to help them achieve such a fantastic outcome,” says Espresso Capital Director, Mark Gilbert. “The capital we provided helped fuel the company’s tremendous growth. Their size, combined with the impressive fintech platform they’ve built, made them a great strategic fit for U.S. Bank. Congratulations to everyone involved in this amazing achievement.”

Earlier this year, Espresso extended a $6 million credit facility to Bento for Business. The facility allowed the company to make strategic enhancements to its platform while scaling the organization.

“Partnering with Espresso helped position us for this extraordinary exit,” says Guido Schulz, the former CEO of Bento for Business, who is now an Executive Advisor at U.S. Bank. “They structured a great deal for us that allowed us to grow our business and negotiate our way to a very successful outcome. We couldn’t be happier.”

The acquisition is set to close in September. Bento’s other existing investors include Edison Partners, Blumberg Capital, and Comcast Ventures.

About Bento for Business

Bento for Business is dedicated to modernizing the way small and mid-size businesses manage and unlock value from their working capital. Bento is the partner of choice for businesses that want a modular financial operating platform for their cash flow and spend management needs. Bento’s strategic partners also expand to the banks, payment networks and processors that want to provide digital treasury management and business banking suite options for their customers. Co-located in Chicago and San Francisco, Bento is an award-winning SMB fintech solution led by veteran financial service executives and backed by leading financial technology investors. For additional information, visit Bento for Business, Twitter and LinkedIn.

About Espresso Capital

Espresso empowers companies with innovative venture debt solutions. Since 2009, we’ve helped more than 300 technology companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Learn more at espressocapital.com.

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Leading Wellness Experience Platform Mindbody to Acquire ClassPass; Announces $500 Million Strategic Investment

Apax

Planned acquisition supports Mindbody’s commitment to driving growth for wellness businesses, while offering consumers the world’s largest fitness and wellness experience marketplace

Mindbody receives $500 million commitment from investment group led by Sixth Street to support continued growth and product innovation

Mindbody, the leading wellness experience technology platform, today announced it has entered into a definitive agreement to acquire ClassPass, a monthly subscription service providing access to the world’s most extensive network of fitness and wellness experiences. This deal will bring two of the wellness industry’s most prominent leaders together, creating a one-stop shop for both business owners and consumers.

“This acquisition comes at a pivotal time for the wellness industry as it continues to rebound from COVID-19 related closures – and local and authentic experiences are more important to people than ever,” said Josh McCarter, CEO of Mindbody. “Our companies share a singular focus on bringing wellness experiences to more people, in more places. By leveraging the best of both companies’ technology and expertise, we are more committed than ever to providing studios with best-in-class tools to help them grow and thrive, while also driving more consumers to their businesses.”

In conjunction with the acquisition, Mindbody has secured a strategic investment of $500 million from a group led by Sixth Street, a leading global investment firm. Prior Sixth Street investments include Airbnb, Datavant, Legends, MDLive, the San Antonio Spurs, Spotify and Sprinklr. This investment, together with the continued support of Mindbody’s majority investor and partner, Vista Equity Partners, will help further accelerate the company’s growth and build upon the product innovations and investments that have been made over the course of the pandemic. Major milestones have included the creation of a fully integrated virtual platform that set business owners up for success in a hybrid world, enhancements to Mindbody’s marketing automation tools to improve client acquisition and retention, and the introduction of Mindbody Capital, a product that will give small business owners access to financing to help them invest in and grow their business.

Mindbody’s intent to acquire ClassPass comes on the heels of recent research and data from both companies that proves consumers are getting back to in-person wellness experiences as studios reopen. Nearly eighty percent of consumers feel wellness is more important than ever. Additionally, several markets that have fully reopened are seeing bookings on the Mindbody platform rebounding to pre-COVID levels and ClassPass consumer usage is at one-hundred-and-ten percent of pre-COVID usage for subscribers who have gone back to class.

For business owners, ClassPass offers data-driven, machine learning-based SmartTools that help studios to manage excess inventory and market unsold spots at a revenue-maximizing price. Studios on ClassPass typically experience a thirty percent increase in reservation volume and a fifteen to twenty percent increase in revenue when they utilize SmartTools. Additionally, fifty percent of ClassPass members are new to boutique fitness upon joining, and eighty percent visit a new studio for the first time using the platform.

“The ClassPass network includes many businesses already working with Mindbody. By combining our respective operations, we will create more seamless integrations and unlock new revenue opportunities for business owners using both services, while continuing to support all fitness, salon and spa businesses who choose to work with Mindbody or ClassPass,” said Fritz Lanman, ClassPass CEO. “For consumers using our marketplace and professionals enrolled in the ClassPass Corporate Program, our goal is to create greater choice and flexibility in the experiences they can book.”

Best known for its SaaS platform that powers tens of thousands of wellness businesses around the globe, Mindbody has remained focused on its mission to help people lead happier, healthier lives by connecting the world to wellness. That leading B2B technology, combined with Mindbody’s existing consumer marketplace and the reach of ClassPass’s network will create the most extensive and integrated platform in the industry.

“As a customer and user of both Mindbody and ClassPass for several years, I know how impactful the combination of these two powerhouses will be on the industry as it regains momentum,” said Bryan Myers, President and CEO of [solidcore] boutique fitness.

The acquisition will be an all-stock deal at a non-disclosed price and will integrate both teams—with ClassPass continuing to operate its app and website. Upon closing of the deal, Lanman will serve as President of ClassPass and Mindbody Marketplace, working alongside McCarter and Mindbody’s executive team.

“Since the founding of ClassPass, our north star has always been how we can help people discover and seamlessly book soul-nurturing experiences,” said ClassPass founder Payal Kadakia. “This acquisition will be a massive milestone for a female-founded company, and I am confident in the leadership of Josh McCarter and my long-time business partner Fritz Lanman to propel the business forward and continue to deliver a best-in-class experience for consumers and business owners alike.”

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Leading Wellness Experience Platform Mindbody to Acquire ClassPass; Announces $500 Million Strategic Investment

Planned acquisition supports Mindbody’s commitment to driving growth for wellness businesses, while offering consumers the world’s largest fitness and wellness experience marketplace

Mindbody receives $500 million commitment from investment group led by Sixth Street to support continued growth and product innovation

Mindbody, the leading wellness experience technology platform, today announced it has entered into a definitive agreement to acquire ClassPass, a monthly subscription service providing access to the world’s most extensive network of fitness and wellness experiences. This deal will bring two of the wellness industry’s most prominent leaders together, creating a one-stop shop for both business owners and consumers.

“This acquisition comes at a pivotal time for the wellness industry as it continues to rebound from COVID-19 related closures – and local and authentic experiences are more important to people than ever,” said Josh McCarter, CEO of Mindbody. “Our companies share a singular focus on bringing wellness experiences to more people, in more places. By leveraging the best of both companies’ technology and expertise, we are more committed than ever to providing studios with best-in-class tools to help them grow and thrive, while also driving more consumers to their businesses.”

In conjunction with the acquisition, Mindbody has secured a strategic investment of $500 million from a group led by Sixth Street, a leading global investment firm. Prior Sixth Street investments include Airbnb, Datavant, Legends, MDLive, the San Antonio Spurs, Spotify and Sprinklr. This investment, together with the continued support of Mindbody’s majority investor and partner, Vista Equity Partners, will help further accelerate the company’s growth and build upon the product innovations and investments that have been made over the course of the pandemic. Major milestones have included the creation of a fully integrated virtual platform that set business owners up for success in a hybrid world, enhancements to Mindbody’s marketing automation tools to improve client acquisition and retention, and the introduction of Mindbody Capital, a product that will give small business owners access to financing to help them invest in and grow their business.

Mindbody’s intent to acquire ClassPass comes on the heels of recent research and data from both companies that proves consumers are getting back to in-person wellness experiences as studios reopen. Nearly eighty percent of consumers feel wellness is more important than ever. Additionally, several markets that have fully reopened are seeing bookings on the Mindbody platform rebounding to pre-COVID levels and ClassPass consumer usage is at one-hundred-and-ten percent of pre-COVID usage for subscribers who have gone back to class.

For business owners, ClassPass offers data-driven, machine learning-based SmartTools that help studios to manage excess inventory and market unsold spots at a revenue-maximizing price. Studios on ClassPass typically experience a thirty percent increase in reservation volume and a fifteen to twenty percent increase in revenue when they utilize SmartTools. Additionally, fifty percent of ClassPass members are new to boutique fitness upon joining, and eighty percent visit a new studio for the first time using the platform.

“The ClassPass network includes many businesses already working with Mindbody. By combining our respective operations, we will create more seamless integrations and unlock new revenue opportunities for business owners using both services, while continuing to support all fitness, salon and spa businesses who choose to work with Mindbody or ClassPass,” said Fritz Lanman, ClassPass CEO. “For consumers using our marketplace and professionals enrolled in the ClassPass Corporate Program, our goal is to create greater choice and flexibility in the experiences they can book.”

Best known for its SaaS platform that powers tens of thousands of wellness businesses around the globe, Mindbody has remained focused on its mission to help people lead happier, healthier lives by connecting the world to wellness. That leading B2B technology, combined with Mindbody’s existing consumer marketplace and the reach of ClassPass’s network will create the most extensive and integrated platform in the industry.

“As a customer and user of both Mindbody and ClassPass for several years, I know how impactful the combination of these two powerhouses will be on the industry as it regains momentum,” said Bryan Myers, President and CEO of [solidcore] boutique fitness.

The acquisition will be an all-stock deal at a non-disclosed price and will integrate both teams—with ClassPass continuing to operate its app and website. Upon closing of the deal, Lanman will serve as President of ClassPass and Mindbody Marketplace, working alongside McCarter and Mindbody’s executive team.

“Since the founding of ClassPass, our north star has always been how we can help people discover and seamlessly book soul-nurturing experiences,” said ClassPass founder Payal Kadakia. “This acquisition will be a massive milestone for a female-founded company, and I am confident in the leadership of Josh McCarter and my long-time business partner Fritz Lanman to propel the business forward and continue to deliver a best-in-class experience for consumers and business owners alike.”

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