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

Seayaventures

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

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

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

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

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

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

To learn more, please visit www.sclatam.com

About Seaya Ventures

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

 

About Cathay Innovation

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

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EQT Infrastructure successfully completes the voluntary tender offer for Solarpack

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

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

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

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

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

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

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

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

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

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

More info: www.solarpack.es

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KKR Invests in Taylor’s Education Group

KKR

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

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

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

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

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

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

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

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

About Taylor’s Education Group

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

About KKR

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

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

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

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

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

Source: KKR

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

Castik Capital

 

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

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

Leading online auction platform

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

Powerful backbone with many storefronts

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

Circular economy

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

Accelerating growth

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

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

Europe first

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

Advisors

TBAuctions was advised by Rothschild & Co

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

About TBAuctions

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

About Castik Capital

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

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Equity consortium led by Nordic Capital and including Insight Partners completes acquisition of Inovalon – Partnership to advance Inovalon’s mission of empowering data-driven healthcare

Nordic Capital
Equity consortium led by Nordic Capital and including Insight Partners completes acquisition of Inovalon Image

 

Inovalon (Nasdaq: INOV), a leading provider of cloud-based platforms empowering data-driven healthcare, today announced the completion of its acquisition by an equity consortium led by Nordic Capital, and joined by Insight Partners, as lead co-investor, 22C Capital, and Inovalon founder and chief executive officer Keith Dunleavy, M.D. and certain Class B stockholders of Inovalon. The acquisition was previously announced on August 19, 2021, and was approved by Inovalon’s stockholders on November 16, 2021. In accordance with the terms of the agreement, Inovalon stockholders will receive $41.00 in cash for each share of Class A Common Stock and Class B Common Stock.  As a result of the transaction, Inovalon is now a privately held company and shares of Inovalon Class A Common Stock are no longer listed on the Nasdaq Global Select Market. 

“The closing of this transaction is a significant milestone for Inovalon, and we are excited to begin our company’s next chapter with our partners at Nordic Capital, Insight Partners, and 22C Capital,” said Keith Dunleavy, M.D., Inovalon’s founder and chief executive officer. “I am tremendously proud of what Inovalon and our associates have accomplished over more than two decades empowering data-driven improvements across the healthcare ecosystem. We look forward to working together with our new partners to advance Inovalon’s mission, expand our reach, and further expand the value that we bring to our customers and the patients they serve.”

“Nordic Capital is pleased to complete this compelling transaction and look forward to the partnership with Inovalon, whom we have long admired for their industry leadership, cloud-based technologies, and commitment to customers,” said Fredrik Näslund, partner, Nordic Capital Advisors. “Our commitment to accelerating innovation that delivers meaningful value and measurable results for all stakeholders across the healthcare landscape is steadfast. Nordic Capital looks forward to building upon Inovalon’s strong foundation and the significant opportunities ahead.”

“The importance of leveraging data and advanced analytics to drive improved healthcare outcomes and economics continues to grow,” said Deven Parekh, managing director at Insight Partners. “As new partners to Inovalon, we look forward to supporting the leadership team and exceptional associates across the organization as they continue to empower customer success through data-driven healthcare.”

J.P. Morgan Securities LLC served as financial advisor to Inovalon, and Latham & Watkins LLP served as legal advisor to Inovalon and the Special Committee of the Board of Directors of Inovalon. Evercore served as financial advisor to the Special Committee. Goldman Sachs acted as lead financial advisor to Nordic Capital and Insight Partners. Citigroup also advised Nordic Capital and Insight Partners, and Kirkland & Ellis LLP served as legal advisor to Nordic Capital. Willkie Farr & Gallagher LLP served as legal advisor to Insight Partners.

About Inovalon

Inovalon is a leading provider of cloud-based platforms empowering data-driven healthcare. Through the Inovalon ONE® Platform, Inovalon brings to the marketplace a national-scale capability to interconnect with the healthcare ecosystem, aggregate and analyze data in real time, and empower the application of resulting insights to drive meaningful impact at the point of care. Leveraging its Platform, unparalleled proprietary datasets, and industry-leading subject matter expertise, Inovalon enables better care, efficiency, and financial performance across the healthcare ecosystem. From health plans and provider organizations, to pharmaceutical, medical device, and diagnostics companies, Inovalon’s unique achievement of value is delivered through the effective progression of “Turning Data into Insight, and Insight into Action®.” Supporting thousands of customers, including all 25 of the top 25 U.S. health plans, all 25 of the top 25 global pharma companies, 24 of the top 25 U.S. healthcare provider systems, and many of the leading pharmacy organizations, device manufacturers, and other healthcare industry constituents, Inovalon’s technology platforms and analytics are informed by data pertaining to more than one million physicians, 591,000 clinical facilities, 342 million Americans, and 64 billion medical events. For more information, visit www.inovalon.com.

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 19 billion in over 120 investments. The most recent entities are Nordic Capital X with EUR 6.1 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, and Norway. For further information about Nordic Capital, please visit www.nordiccapital.com

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

 

About Insight Partners

 Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.

 

About 22C Capital

 22C Capital is a private investment firm committed to delivering capital and critical resources to companies operating at the intersection of technology enablement and data analytics adoption. The firm has a dedicated focus on the business services, healthcare and financial services sectors. 22C partners with world-class management teams to build companies that are leaders in their respective markets. The firm’s operational and technology resources, including its affiliated data science organization, deliver practical, real-world support to help convert businesses’ challenges into opportunities and unlock their full potential.

 

Contacts:

Inovalon
Kim E. Collins, Senior Vice President, Corporate Communications
kcollins@inovalon.com
Phone 301-809-4000 x1473

 

Nordic Capital
Katarina Janerud, Communications Manager, Nordic Capital Advisors
katarina.janerud@nordiccapital.com
Phone: +46 8 440 50 50

US media contact – Brunswick Group
NordicCapital@brunswickgroup.com

 

Insight Partners

 

Inovalon (Nasdaq: INOV), a leading provider of cloud-based platforms empowering data-driven healthcare, today announced the completion of its acquisition by an equity consortium led by Nordic Capital, and joined by Insight Partners, as lead co-investor, 22C Capital, and Inovalon founder and chief executive officer Keith Dunleavy, M.D. and certain Class B stockholders of Inovalon. The acquisition was previously announced on August 19, 2021, and was approved by Inovalon’s stockholders on November 16, 2021. In accordance with the terms of the agreement, Inovalon stockholders will receive $41.00 in cash for each share of Class A Common Stock and Class B Common Stock.  As a result of the transaction, Inovalon is now a privately held company and shares of Inovalon Class A Common Stock are no longer listed on the Nasdaq Global Select Market. 

“The closing of this transaction is a significant milestone for Inovalon, and we are excited to begin our company’s next chapter with our partners at Nordic Capital, Insight Partners, and 22C Capital,” said Keith Dunleavy, M.D., Inovalon’s founder and chief executive officer. “I am tremendously proud of what Inovalon and our associates have accomplished over more than two decades empowering data-driven improvements across the healthcare ecosystem. We look forward to working together with our new partners to advance Inovalon’s mission, expand our reach, and further expand the value that we bring to our customers and the patients they serve.”

“Nordic Capital is pleased to complete this compelling transaction and look forward to the partnership with Inovalon, whom we have long admired for their industry leadership, cloud-based technologies, and commitment to customers,” said Fredrik Näslund, partner, Nordic Capital Advisors. “Our commitment to accelerating innovation that delivers meaningful value and measurable results for all stakeholders across the healthcare landscape is steadfast. Nordic Capital looks forward to building upon Inovalon’s strong foundation and the significant opportunities ahead.”

“The importance of leveraging data and advanced analytics to drive improved healthcare outcomes and economics continues to grow,” said Deven Parekh, managing director at Insight Partners. “As new partners to Inovalon, we look forward to supporting the leadership team and exceptional associates across the organization as they continue to empower customer success through data-driven healthcare.”

J.P. Morgan Securities LLC served as financial advisor to Inovalon, and Latham & Watkins LLP served as legal advisor to Inovalon and the Special Committee of the Board of Directors of Inovalon. Evercore served as financial advisor to the Special Committee. Goldman Sachs acted as lead financial advisor to Nordic Capital and Insight Partners. Citigroup also advised Nordic Capital and Insight Partners, and Kirkland & Ellis LLP served as legal advisor to Nordic Capital. Willkie Farr & Gallagher LLP served as legal advisor to Insight Partners.

About Inovalon

Inovalon is a leading provider of cloud-based platforms empowering data-driven healthcare. Through the Inovalon ONE® Platform, Inovalon brings to the marketplace a national-scale capability to interconnect with the healthcare ecosystem, aggregate and analyze data in real time, and empower the application of resulting insights to drive meaningful impact at the point of care. Leveraging its Platform, unparalleled proprietary datasets, and industry-leading subject matter expertise, Inovalon enables better care, efficiency, and financial performance across the healthcare ecosystem. From health plans and provider organizations, to pharmaceutical, medical device, and diagnostics companies, Inovalon’s unique achievement of value is delivered through the effective progression of “Turning Data into Insight, and Insight into Action®.” Supporting thousands of customers, including all 25 of the top 25 U.S. health plans, all 25 of the top 25 global pharma companies, 24 of the top 25 U.S. healthcare provider systems, and many of the leading pharmacy organizations, device manufacturers, and other healthcare industry constituents, Inovalon’s technology platforms and analytics are informed by data pertaining to more than one million physicians, 591,000 clinical facilities, 342 million Americans, and 64 billion medical events. For more information, visit www.inovalon.com.

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 19 billion in over 120 investments. The most recent entities are Nordic Capital X with EUR 6.1 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, and Norway. For further information about Nordic Capital, please visit www.nordiccapital.com

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

 

About Insight Partners

 Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.

 

About 22C Capital

 22C Capital is a private investment firm committed to delivering capital and critical resources to companies operating at the intersection of technology enablement and data analytics adoption. The firm has a dedicated focus on the business services, healthcare and financial services sectors. 22C partners with world-class management teams to build companies that are leaders in their respective markets. The firm’s operational and technology resources, including its affiliated data science organization, deliver practical, real-world support to help convert businesses’ challenges into opportunities and unlock their full potential.

 

Contacts:

Inovalon
Kim E. Collins, Senior Vice President, Corporate Communications
kcollins@inovalon.com
Phone 301-809-4000 x1473

 

Nordic Capital
Katarina Janerud, Communications Manager, Nordic Capital Advisors
katarina.janerud@nordiccapital.com
Phone: +46 8 440 50 50

US media contact – Brunswick Group
NordicCapital@brunswickgroup.com

 

Insight Partners

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DIF Capital Partners to acquire Plugit, a leading Finnish EV charging infrastructure company

DIF

DIF Capital Partners (“DIF”), a leading global independent infrastructure investment manager, is pleased to announce that it has reached an agreement to acquire a 71% stake in Plugit Finland Oy (“Plugit”), a leading EV charging infrastructure company in Finland, through DIF CIF II (the “Fund”).

Founded in 2012, Plugit has become one of the largest EV charging infrastructure companies operating in the Finnish market. It has an installed base of ca. 4k charge points, has provided services to ca. 300 business customers to date and employs ca. 60 people. Plugit delivers and operates charging infrastructure projects for businesses and public sector organisations. It provides complete turnkey solutions, including design, hardware provision, operations, maintenance and end-to-end software. Plugit also offers a fully-funded Charging-as-a-Service (“CaaS”) product, where it funds the upfront capex and owns the EV charging infrastructure that it installs, in return for fixed availability-based lease payments from customers.

Supported by DIF, Plugit will expand its CaaS product and plans to build-out the amount of infrastructure that it funds and owns. The CaaS product addresses a key obstacle for Plugit customers as it removes the hurdle of them having to fund high capex amounts upfront and enables customers to transfer technology and operational responsibilities to an experienced player in the sector.

The management team will continue to remain invested in the company.

Willem Jansonius, Partner and Head of Investments for the DIF CIF strategy, says: “DIF believes that the electrification of transportation will play a critical role in reducing carbon emissions. We are excited to invest in such a well-established EV charging company, in order to speed up the rollout of charging infrastructure across Finland and abroad. We look forward to working with a highly experienced management team to accelerate Plugit into the next phase of its growth.”

Tommi Saarela, CEO of Plugit, adds: “We are excited about this unique opportunity to accelerate, our already fast and profitable growth, even further in the area of e-mobility. Partnering with DIF will enable us to meet our strategic objective of ten folding our business by 2025. DIF will provide us, not only the growth equity, but substantial financial resources enlarging and scaling up our CaaS services in Finland and other markets.”

Plugit was advised by Krogerus (legal) and PwC (M&A). DIF was advised by Avance (legal), Improved (M&A), Boston Consulting Group (commercial), Deloitte (financial) and DNV (technical).

Closing of the transaction is expected to take place before 2021YE.

About DIF Capital Partners

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

  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy transition, and transportation sectors.
  • 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 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:

Allard Ruijs, IR & BD
Email: a.ruijs@dif.eu

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Acceptance period for Zorro Bidco’s public delisting tender offer for all outstanding zooplus shares commences

eqt

Acceptance period for delisting offer runs from 24 November 2021 to 12 January 2022

Offer price of EUR 480 per share in cash corresponds to cash consideration of the preceding voluntary public takeover offer by Zorro Bidco

More than 89 percent of zooplus’ total shares have already been tendered into the takeover offer

Delisting offer is not subject to any closing conditions and there will be no additional acceptance period

24 November 2021 – London & Munich –Hellman & Friedman LLC (“Hellman & Friedman” or “H&F”) and the EQT IX fund (“EQT Private Equity”) today announced that the offer document for the public delisting tender offer (the “Delisting Offer”) has been published by Zorro Bidco S.à r.l. (“Zorro Bidco”), a holding company controlled by funds advised by H&F, for all outstanding shares (ISIN: DE0005111702) of zooplus AG (“zooplus” or the “Company”) that are not already held by Zorro Bidco.

zooplus shareholders can tender their zooplus shares into the Delisting Offer at a price of EUR 480 per share in the Delisting Offer tender period which starts today and ends at midnight (CET) on 12 January 2022. This consideration corresponds to the offer price of the preceding voluntary public takeover offer by Zorro Bidco (the “Takeover Offer”), which ended on 22 November 2021.

At the end of the additional acceptance period of the Takeover Offer on 22 November 2021, more than 89 percent of zooplus’ total shares have been tendered into the Takeover Offer. This percentage rate may increase further as a result of additional bookings of tendered shares. The final result of the Takeover Offer will be published on www.hf-offer.com on 25 November 2021.Final settlement of the Takeover Offer is expected to be concluded by 6 December 2021.

Hellman & Friedman and EQT Private Equitystrongly believe that zooplus would benefit from being a privately held company. It would be better positioned to focus on longer-term objectives, no longer subject to the short-term expectations of the capital market and the regulatory requirements of a listed company. Subject to their review of the offer document, the Management Board and the Supervisory Board of zooplus intend to support the Delisting Offer.

The relevant details as to how the Delisting Offer can be accepted are set out in the offer document for the Delisting Offer. Shareholders should inquire with their custodian bank for any relevant deadlines that may require actions in accordance with the Delisting Offer. There will be no additional acceptance period, so that the Delisting Offer will close on 12 January 2022, subject only to such exceptions as are set out in the offer document for the Delisting Offer which may result in an extension of the acceptance period. The Delisting Offer is not subject to any closing conditions.

The partnership between Hellman & Friedman and EQT Private Equity to finance the Takeover Offer, which was announced on 25 October 2021, also includes the financing of the Delisting Offer. EQT Private Equity intends, subject to required regulatory approvals and other conditions, to become a jointly controlling partner with equal governance rights in a parent of Zorro Bidco.

Zorro Bidco and zooplus have entered into an Investment Agreement under which zooplus, subject to certain conditions, agreed to apply for the revocation of the admission to trading of all zooplus shares on the regulated market of the Frankfurt Stock Exchange and to request the termination of the inclusion of the zooplus shares in the tradingin the sub-segment Berlin Second Regulated Market of the Berlin Stock Exchange (Wertpapierbörse Berlin) and on the open market in Dusseldorf, Hamburg, Hannover, Munich and Stuttgart as well as via the Tradegate Exchange. Following a successful delisting, zooplus shares will not be available for trading on the regulated market and in the electronic trading system (XETRA) of the Frankfurt Stock Exchange. Trading of the zooplus shares in the sub-segment Berlin Second Regulated Market of the Berlin Stock Exchange (Wertpapierbörse Berlin) will also end. This may detrimentally affect the ability to trade zooplus shares and the price at which zooplus shares are traded.

The publication of the offer document for the Delisting Offer has been approved by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin). The offer document and a non-binding English translation are now available at www.hf-offer.com. Copies of these documents can also be obtained free of charge at BNP Paribas Securities Services S.C.A., Frankfurt Branch, Europa-Allee 12, 60327 Frankfurt am Main, Germany (inquiries by fax to +49 69 1520 5277 or email to frankfurt.gct.operations@bnpparibas.com).

-Ends-

For further information, please contact:

For H&F
Regina Frauen
Phone: +49 160 8855105
Email: regina.frauen@fgh.com

Christian Falkowski
Phone: +49 171 8679950
Email: christian.falkowski@fgh.com

For EQT
Isabel Henninger
Phone: +49 174 940 9955
Email: eqt-offer@kekstcnc.com

Finn McLaughlan
Phone: +44 77 1534 1608
Email: eqt-offer@kekstcnc.com

Important notice:

This announcement is neither an offer to purchase nor a solicitation of an offer to sell shares in zooplus AG. The terms of the public delisting tender offer, as well as further provisions concerning the public delisting tender offer, are published in the offer document, the publication of which has been approved by the German Federal Financial Supervisory Authority (BaFin). Investors and holders of shares in zooplus AG are strongly advised to read the offer document and all other relevant documents regarding the public delisting tender offer, since they will contain important information.

The public delisting tender offer has been issued exclusively under the laws of the Federal Republic of Germany, in particular according to the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz), the German Stock Exchange Act (Börsengesetz) and certain applicable provisions of the U.S. Securities Exchange Act. Any contract that is concluded on the basis of the public delisting tender offer will be exclusively governed by the laws of the Federal Republic of Germany and is to be interpreted in accordance with such laws.

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Booking Holdings enters into agreement with CVC Capital Partners to acquire Etraveli Group

CVC Capital Partners

Acquisition will complement Booking Holdings’ ongoing work to build a frictionless global flights offering

Booking Holdings Inc. today announced that it has entered into an agreement with funds managed by CVC Capital Partners (“CVC”) to acquire global flight booking provider, Etraveli Group, for approximately €1.63 billion. Completion of the acquisition is subject to certain closing conditions, including regulatory approval.

Already a partner of Booking.com – helping power its existing flight product – the acquisition of Etraveli Group will complement Booking Holdings’ ongoing work to build a frictionless global flights offering to deliver on the company’s overall mission to make it easier for everyone to experience the world.

“As international air travel rebounds from the impact of the pandemic, we look forward to building upon our existing relationship with Etraveli Group to make the travel booking experience easier and more seamless to support our partners and customers,” said Booking Holdings’ Chief Executive Officer, Glenn Fogel.

“Booking Holdings pioneered the travel space more than two decades ago and they continue to pave the path forward by developing solutions to create seamless travel experiences,” said Mathias Hedlund, Etraveli Group’s Chief Executive Officer. “We have had a fantastic time together with our current owner CVC, establishing Etraveli Group as a global provider of attractive flight options at affordable prices. Today is a day of recognition, as well as marking a new phase in our relentless urge to improve further. We are thrilled to become a part of Booking Holdings, and we look forward to the next chapter of our own development as we continue to enhance the flight booking experience for our customers and partners worldwide.”

“Mathias and his team have built a world-leading platform for selling flights. Joining the Booking Holdings family is a logical step in Etraveli’s journey. We wish them all the very best and bon voyage!” said Lorne Somerville, Chairman of Etraveli Group and a Managing Partner of CVC.

Etraveli Group will remain headquartered in Sweden and operate as an independent business under Booking Holdings, led by their current management team.

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BDC enters into partnership with Plug In Digital

Bridgepoint

Bridgepoint Development Capital (“BDC”) has signed an agreement to invest in Plug In Digital (“PiD”), one of the largest independent video game distributors and a rising video game publisher. Existing shareholders, including Francis Ingrand, are reinvesting significantly in the operation, while the transaction enables the opening of PiD’s capital to its employees.

Plug In Digital orchestrates a $75m funding round to finance its organic development, including the publishing of high-potential indie games meeting PiD editorial line as well as its external growth strategy, targeting notably video games’ developers with own-IP on which the company can further capitalize. Financing is provided by Eurazeo in the form of unitranche debt and includes a dedicated and committed line to finance future external growth.

Plug In Digital was founded in 2012 by Francis Ingrand, quickly growing into a full-service games distributor and publisher for today’s most exciting games across PC, cloud, console and mobile platforms. The company’s two publishing labels, Dear Villagers and PID Games, boast an impressive portfolio that spans a variety of today’s most popular genres, reaching players across all platforms and delivering playful, distinctive and audacious games to global audiences.

Francis Ingrand, CEO and Founder of Plug In Digital commented: “We are excited to work with Bridgepoint for the next steps of our ambitious development project. We are confident they are the right partner to accompany us in our growth journey, mixing organic development and targeted strategic acquisitions. We are pleased to have attracted Bridgepoint who believes in our differentiating model, our strategic direction and our people.”

Plug In Digital has seen a 50 percent+ yearly growth over the past five years, hitting a successful stride with its flagship publishing label Dear Villagers which has launched more than eight cross-platform, cross-gen titles into the global games marketplace since its inception in early 2019. One of its most recent titles, The Forgotten City, has been lauded by international critics for its unique, eye-catching design as well as its exceptional narrative and dialogue and has been a remarkable commercial hit. PID Games, the second label under the Plug In Digital umbrella, is focused on offering studios a flexible publishing or co-publishing support on PC, Console and Mobile. PID is on track to publish 30 games this year from its global development partners.

Olivier Nemsguern, Partner at Bridgepoint Development Capital and responsible for investment activities in France added: “We have been following the Video Games sector closely for a period of time and are impressed by Plug In Digital’s journey to-date. The company is well-positioned in a really exciting market, and has built a great brand in the Indie publishing space, relying on its committed and skilled leadership team. We look forward to partnering with the Company during its next chapter of development.”

Bridgepoint Development Capital, through its BDC IV fund, has concluded through this transaction, its fourth investment in Europe, and first in France.

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Active Capital Company expands Buy-and-Build-Platform SchahlLED Lighting

ActiveCapital

The Future of Industrial Lighting is Intelligent, Efficient, and Digital

SchahlLED Lighting, a leading provider of intelligent digital lighting solutions for industry and logistics, completes its second add-on of the year with the acquisition of LED Technics Germany (LTG). The acquisition is part of an ambitious growth strategy by Active Capital Company (ACC) ─ SchahlLED’s investor ─ to create a key player in the market for sustainable, intelligent, and digital industrial lighting. Expanding the business by acquiring add-ons as sales hubs throughout Germany is part of that strategy.

“With unprecedented price hikes in the energy sector and a growing need for more sustainable resource management, the demand for intelligent LED lighting solutions is on the rise“, says Hartwig Ostermeyer, Investment Director and Managing Director at ACC in Germany. SchahlLED Lighting solutions provide highly efficient digital control functionalities that facilitate a significant reduction in cost, especially in industrial and logistics applications. Energy savings of up to 95 percent are possible, and far exceed the savings generated by the switch to LED technology alone. CO2 emission is also significantly reduced. The switch makes sense environmentally and, in light of increasing emissions prices, financially as well. Hartwig Ostermeyer: “Since we acquired SchahlLED in 2019, we have transformed the company into an efficient buy-and-build platform that is capable of quickly integrating add-ons. In LED Technics Germany, we have found a partner that fits the bill perfectly with highly efficient, user-friendly LED lighting solutions and digital sales channels.”

About Active Capital Company

Active Capital Company (ACC) is an investment company with offices in Amsterdam and Munich and invests in small and medium-sized businesses headquartered in the Netherlands or Germany with revenues between €10M and €100M. ACC was founded and inspired by entrepreneurs with a passion for industrial environments. With a hands-on approach, ACC develops its investments through three main drivers: geographic expansion, sustainability and innovation.

About SchahlLED Lighting GmbH

SchahlLED is a turnkey service provider of intelligent LED solutions for the industrial and logistics sectors with more than 50 years of lighting and 20 years of LED experience. The company is based in Unterschleißheim near Munich and is active in Germany, Austria, Switzerland and Poland. As both manufacturer and full-service provider, SchahlLED plans lighting concepts and supplies intelligent LED lighting systems. With an extensive network of sales and service partners in Germany, Austria, Switzerland and Poland, SchahlLED completes more than one hundred projects annually. For more information, visit www.schahlled.de.

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