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The Carlyle Group Agrees to Sell Liberty Tire Recycling To ECP

NEW YORK and SUMMIT, N.J. – Global investment firm The Carlyle Group (NASDAQ: CG) announced today that it has agreed to sell Liberty Tire Recycling (“Liberty” or the “Company”) to ECP, an investor with a decades-long reputation in the environmental and sustainable solutions sector. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2021.

Liberty is a premier provider of tire recycling services in North America. With a network of more than 25 processing plants and flexible collection service offerings nationwide, the Company saves more than 190 million tires per year from the waste stream, recycling approximately three billion pounds of rubber for innovative, sustainable materials and products.

Carlyle Strategic Partners IV, an investment fund managed by Carlyle, led a recapitalization transaction to become the Company’s majority equity sponsor in December 2017.

Evan Middleton, co-head of North America for Carlyle Strategic Partners, said, “Carlyle’s investment thesis for Liberty centered on the Company’s attractive growth characteristics and the ability to create a national provider operating at the nexus of beneficial reuse and sustainable materials production. We are confident that Liberty will continue to create value in an exciting market under the ownership of ECP.”

Tyler Reeder, Managing Partner of ECP, said, “Liberty occupies a key position in the recycling industry and is part of a vital sustainability supply chain in North America. As consumers and manufacturers commit to greener and more sustainable products and practices, Liberty’s ability to provide sustainable materials and solutions for a growing number of applications will only make the Company a stronger and more sought-after partner.”

Liberty Tire Recycling CEO Thomas Womble said, “Under Carlyle’s leadership, Liberty transformed into a national company with strong assets, broad capabilities, and innovative products. We are excited to partner with ECP as we continue our growth trajectory and increase our capacity to recycle tires into a wide range of beneficial, eco-friendly products.”

Financial details of the transaction were not disclosed.

Houlihan Lokey is serving as the lead financial advisor, BMO Capital Markets is serving as co-financial advisor and Latham & Watkins is serving as legal advisor to Liberty Tire Recycling. Kirkland & Ellis LLP is serving as legal advisor to ECP.

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About Liberty Tire Recycling
Liberty Tire Recycling is a premier provider of tire recycling services in North America. Liberty collects and recycles used tires for innovative, beneficial re-use. The recycled rubber produced by Liberty is used as crumb rubber and industrial feedstock for molded products; as tire-derived fuel for industrial kilns, mills and power plants; and as rubber mulch for landscaping and playgrounds. The company maintains a network of processing plants and comprehensive, nationwide collection services.

About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Investment Solutions. With $246 billion of assets under management as of December 31, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs 1,825 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow The Carlyle Group on Twitter @OneCarlyle.

About ECP
ECP, founded in 2005, is a leading investor across energy transition and decarbonization infrastructure assets, including power generation, renewables and storage solutions, sustainability-linked infrastructure and customer solutions facilitating the energy transition. The ECP team, comprised of 52 people with 500 years of collective industry experience, deep expertise and extensive relationships, has consummated more than 60 transactions over the last 10 years, representing more than $45 billion of enterprise value.

Media contacts
Liberty Tire Recycling
Don Meyer
Donald.Meyer@gowestfourth.com
202-834-6859

Carlyle
Christa Zipf
Christa.zipf@carlyle.com
347-621-8967

ECP
Jonathan Keehner / Julie Hamilton / Kara Brickman
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

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Categories: News

Deli Home continues international growth with Ardian as a strong partner

Ardian

06 April 2021 Expansion Netherlands, Gorinchem

Dutch made-to-measure manufacturer and distributor of high-quality timber-based home improvement products embarks on pan-European growth strategy with Ardian’s support.

Gorinchem, the Netherlands, April 6, 2021 – Ardian, a world leading private investment house, has signed an agreement to support Deli Home in its international growth plans. Deli Home – “The Digital Carpenter” – is a Dutch made-to-measure manufacturer and distributor of high-quality timber-based home improvement products such as doors, storage and floors and its products are marketed via a combination of do-it-yourself retailers, builders’ merchants and online markets. This transaction marks the first investment in the Netherlands for the Ardian Expansion team. Together with Ardian, Deli Home’s management team will pursue its strategic roadmap to grow the business further and build a pan-European player.
Deli Home is based in Gorinchem, the Netherlands, and has a heritage dating back to 1869. With revenues of more than 340 million Euro and 1,250 employees, the company holds a market leading position in the Benelux. Over the past years, the management team – under the leadership of Victor Aquina (CEO) and Jan-Willem Smits (CFO) – has transformed the company from a distributor to a value-added manufacturer of made-to-measure timber-based home improvement products with a fully integrated digital configurator platform, a broad logistics network and category management capabilities.
Victor Aquina, CEO of Deli Home, said: “We have a clear growth strategy that is focused on two pillars: On the one hand empowering consumers to use digital solutions for facilitating custom home-improvements and on the other hand, further expansion across Europe. Given that two of the key markets we want to address are France and Germany, Ardian with its strong European footprint and network is an ideal partner for us. The Ardian team has impressed us with their deep understanding of the market and will provide valuable insights from its expertise. We look forward to capitalizing on this opportunity and growing the business to reach its full potential.”
Dirk Wittneben, Head of Ardian Expansion Germany, added: “Deli Home has a strong and seasoned management team that has built a convincing growth platform with a proven M&A track record, as underpinned by the acquisitions of Numdata and Weekamp Deuren. We see significant growth potential through further buy & build and expanding the company’s footprint outside of the Benelux. We look forward to working in partnership with management and supporting the company on its growth path.”
The transaction remains subject to the authorization by the competition authorities. The financial terms of the transaction were not disclosed.

LIST OF PARTICIPANTS

  • Ardian

    • Dirk Wittneben, Florian Haas, Nicolas Münzer, Janine Paustian
    • Legal Corporate / Finance: Freshfields (Harald Spruit, Mandeep Lotay)
    • Financial: Deloitte (Egon Sachsalber, Tanya Fehr)
    • Tax / Structuring: EY (Anne Mieke Holland)
    • Commercial / Operational: Roland Berger (Sameer Mehta, Switbert Miczka)
    • Tech / Digital: WDP (Christoph Nichau, Johannes Dierkes, Simon Ludwigs)
    • ESG: PwC (Emilie Bobin)
    • Environmental: ERM (Werner Schulte)
    • M&A: ABN AMRO (Eric Altmann, Tammo Gunst)
    • Debt Advisory: Deloitte (Thomas Schouten)

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$110bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base. Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world. Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 700 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
Ardian on Twitter @Ardian

ABOUT DELI HOME

Deli Home is a Benelux market leading producer and distributor of made-to-measure, do-it-yourself and building supplies.
With revenues of over more than 340 million Euro and 1,250 employees and known brands as CanDo, Skantrae, Weekamp, Lundia and Bruynzeel our products are well known by professionals and consumers. Deli Home, based in Gorinchem, the Netherlands, has sales-offices and production locations all across Europe (Belgium, Portugal, Czech Republic, Poland, France and Hungary).

Visit the Website

PRESS CONTACTS

Ardian – Headland

GREGOR RIEMANN

griemann@headlandconsultancy.com +44 792 080 2627

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KKR and DTCP Roll Out Fiber Infrastructure in the Netherlands

DTCP

Open access platform to deploy FttH broadband to a minimum 1 million homes by 2025, across urban and higher population density areas

T-Mobile Netherlands to become the first major tenant

The Hague, 7 April 2021 – KKR, a leading global investment firm, and DTCP, an investment management platform focusing on digital infrastructure and growth equity, today announced the launch of Open Dutch Fiber and a strategic agreement between Open Dutch Fiber and T-Mobile Netherlands.

Open Dutch Fiber, an independent platform majority owned by KKR and with DTCP as minority shareholder, will deploy Fiber-to-the-Home (“FttH”) broadband in the Netherlands across urban and higher population density areas, delivering high-quality fiber connections to Dutch households and businesses.

The platform has an open architecture and will make wholesale fiber services available to all operators. Open Dutch Fiber will begin operations in Q2 2021 with a fully-funded commitment for an envisaged capital expenditure of approximately €700 million and construction agreements already in place.

Open Dutch Fiber will be led by Jordi Nieuwenhuis and Uwe Nickl. Jordi and Uwe have a proven track record of delivering rapid, high-quality and cost-effective programmes to deploy fiber broadband. Most recently they were co-CEOs of Deutsche Glasfaser in Germany, supporting the rollout of next-generation digital infrastructure to more than 1 million homes and 6,000 businesses. Prior to his role at Deutsche Glasfaser, Jordi co-founded Reggefiber in the Netherlands. They will be joined at Open Dutch Fiber by Michael Griffioen as CEO, who will oversee the company’s day-to-day operations.

To support the rollout, Open Dutch Fiber has signed an agreement with T-Mobile Netherlands, the leading mobile operator and FMC challenger in the Netherlands. T-Mobile Netherlands, which currently has a mobile base of 6.8 million customers and a fixed base of 682,000, will be the anchor tenant for Open Dutch Fiber with a 20-year agreement.

Jordi Nieuwenhuis, co-founder of Open Dutch Fiber, said: “High-quality and reliable fiber connectivity is essential for the Netherlands and this has only been accelerated with the structural changes to working patterns of companies and citizens brought about by the COVID-19 crisis. We are building a digital infrastructure platform with open access to all operators, to ensure an efficient and rapid deployment of capital resources, while avoiding uneconomical overbuild. We look forward to making a significant contribution to the digitization of the Netherlands to benefit Dutch households and businesses.”

Cristina González, Managing Director in KKR’s EMEA Infrastructure team, said: “We are excited about the opportunity ahead for Open Dutch Fiber as an independent FttH platform in the Netherlands, and one which will support the rollout of critical infrastructure for Dutch society. KKR will support Open Dutch Fiber with capital and deep expertise in delivering large-scale fiber deployment programmes.”

“The creation of Open Dutch Fiber is an important milestone in the acceleration of fiber rollout in the Netherlands and a blueprint for innovative financing solutions in European digital infrastructure. We are firm believers in the sharing of digital infrastructure and are establishing Open Dutch Fiber as an open access model, enabling attractive economics for operators and best prices for consumers. We look forward to the collaboration with our partners”, said Vicente Vento, Co-Founder and CEO of DTCP.

KKR will be making the investment through its Global Infrastructure Investors Funds. KKR first established its Global Infrastructure strategy in 2008 and has since been one of the most active infrastructure investors around the world with a team of more than 50 dedicated investment professionals. The firm currently manages over $27 billion in infrastructure assets and has made over 40 infrastructure investments across a range of sub-sectors and geographies. Open Dutch Fiber will benefit from KKR’s expertise in digital infrastructure and fiber deployment, following similar recent investments in Deutsche Glasfaser in Germany, Hyperoptic in the UK and FiberCop in Italy.

DTCP Infra invests in European digital infrastructure across three verticals: towers, fiber, and data centers. The DTCP Infra team has an established track record creating innovative solutions for digital infrastructure development in collaboration with its financial and industrial partners. The firm’s investments in Swiss Towers and in Community Fiber provide relevant experiences for the benefit of Open Dutch Fiber.

Morgan Stanley acted as exclusive financial advisor and De Brauw Blackstone Westbroek as legal advisor to Deutsche Telekom/T-Mobile. Clifford Chance acted as legal advisor to KKR and DTCP.

-ends-

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.

About DTCP

DTCP is an investment management platform focused on digital infrastructure and growth equity. Founded in 2015, the firm has raised more than $1 billion in funds from corporate and institutional investors and invested in over 60 companies. DTCP Infra invests in digital infrastructure across mobile towers, fiber, and data centres. DTCP Growth invests in leading enterprise application and infrastructure software companies. DTCP has a dedicated team supporting its portfolio companies and its industrial partners. DTCP is headquartered in Hamburg with offices in Menlo Park, Tel Aviv, and Seoul. To learn more about DTCP, please visit dtcp.capital, or on Twitter @dtcp_capital.

Media contact

Alastair Elwen, FGH

+44 20 7251 3801 | KKR-Lon@finsbury.com

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DIF Capital Partners acquires a 117MW wind project in Uruguay

DIF

DIF Capital Partners (“DIF”) and Enercon GmbH (“ENERCON”) are pleased to announce that DIF, through its DIF Infrastructure Fund VI, has acquired 100% of the ownership of the 117MW Peralta I/II onshore wind projects in Uruguay.

The project, comprising 50 ENERCON E-92 2.35MW turbines, has been operational since October 2015 and benefits from a 20-year 100MW power purchase agreement with UTE, Uruguay’s state-owned utility. The project will continue to be maintained by ENERCON under a long-term agreement and asset management services will continue to be delivered by SEG-Heliotec. Following the acquisition of the 50MW Cerro Grande project in 2019, this is the second Uruguayan ENERCON project that DIF has acquired.

Christopher Mansfield, Partner and Head of Renewable Energy, said: “We are very pleased to have acquired our second renewable energy project in South America, which is the result of our strong relationship with ENERCON. We believe this investment is attractive for DIF’s investors due to the long-term project agreements that provide a high degree of predictability of future cash flows.”

DIF has been advised by Voltiq (transaction), Hughes & Hughes and Gómez-Acebo & Pombo (legal), DNV (technical) and Mazars (financial and tax & accounting). ENERCON was advised by FICUS Advisory.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of 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 Capital Partners has a team of over 160 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. For further information please visit www.dif.eu.

Contact: Allard Ruijs, Partner; a.ruijs@dif.eu.

 

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DIF Capital Partners sells portfolio of wind and solar projects in France and Germany

DIF

DIF Capital Partners, through its DIF Infrastructure Yield I fund (“DIF Yield”), is pleased to announce the sale of a renewable energy portfolio, totalling 180MW, to Kallista Energy, a French independent producer of renewable energy.

The sold portfolio comprises 15 wind and solar parks, of which five operational wind parks and three solar parks (total of 90.2 MW) are located in France and seven operational wind parks in Germany (89.5 MW).

Christopher Mansfield, Head of Renewable Energy, said: “This transaction represents a good result for DIF Yield and we believe that Kallista Energy is well placed to further optimise the residual value of this renewable energy portfolio. DIF Capital Partners will continue to manage the West European PPP/PFI and operational solar PV portfolios that remain in DIF Yield.”

DIF Capital Partners was advised by Augusta & Co (transactional) and Watson Farley & Williams (Legal).

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of 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 Capital Partners has a team of over 160 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. For further information please visit www.dif.eu.

Contact: Allard Ruijs, Partner; a.ruijs@dif.eu.

 

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Combination with Exeter Property Group completed – introducing EQT Exeter

Following the signing of a definitive agreement as announced on 26 January 2021 to combine with Exeter Property Group (“Exeter”) (the “Transaction”), EQT AB (“EQT”) is pleased to announce that the Transaction has been completed. All necessary closing conditions, including regulatory, anti-trust and fund investor clearances, have been achieved.

As previously announced, Ward Fitzgerald, CEO and founder of Exeter, will join EQT’s Executive Committee (“ExCom”) following completion of the Transaction.

The total consideration is USD 1,870 million, and as part of the Transaction, EQT has issued 33,296,240 shares to Exeter’s selling shareholders, corresponding to dilution of approximately 3.4 percent. EQT will have 986,280,140 ordinary shares issued and outstanding following the completion of the Transaction.

Lennart Blecher, Head of EQT Real Assets and Deputy Managing Partner, said, “We are happy to announce that the combination of Exeter and EQT’s real estate businesses is complete. Together, we will create a leader in thematic value-add real estate investments, allowing EQT to scale up its existing local execution efforts while also adding a prolific single asset deal platform. On behalf of the entire ExCom, we look forward to working together with Ward to further develop our global real estate footprint.”

Ward Fitzgerald, CEO and founder of Exeter, said, “The closing marks an important milestone for the combined company and we are excited about the opportunity to develop EQT Exeter into a true global leader in real estate. Our focus remains on driving returns and we are confident that, with our shared investment approach and complementary platform in Europe, North America and Asia, we will be able to create performance for the benefit of both current and future investors and clients.”

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
Nina Nornholm, Head of Communications, +46 70 855 03 56
EQT Press Office, press@eqtpartners.com +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization solely 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. EQT has raised more than EUR 84 billion since inception and had as of December 31, 2020 more than EUR 52 billion in assets under management across 17 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 17 countries across Europe, Asia-Pacific and North America with more than 700 employees.

More info: www.eqtgroup.com and www.exeterpg.com

Follow EQT on LinkedIn, Twitter, YouTube and Instagram

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HL Display acquires CoolPresentation to improve market position in the Netherlands

Ratos

HL Display is acquiring CoolPresentation, a provider of shelf merchandising solutions for grocery retail in the Netherlands. The acquisition will strengthen HL’s customer base and position as a leading supplier for in-store merchandising and communication solutions to grocery retailers in Europe.

HL Display is strengthening its market position through the acquisition of CoolPresentation, a provider of shelf merchandising solutions based in Heerenveen, the Netherlands. The company has an annual sale of around €4m. Founded in 1997, CoolPresentation has built a strong position in Dutch retail, providing high quality products and service levels to both grocery retail, pharmacies and brand suppliers.

“Since the founding in 1997, CoolPresentation has grown into a well-established supplier of shelf merchandising in Dutch food retail,” says Björn Borgman, CEO of HL Display. “Their passion for retail and excellent service levels make CoolPresentation a perfect fit for HL. Furthermore, merging both companies’ product ranges will create a strong offer to an expanded customer base which will support our market position as a leading supplier of in-store communication and merchandising solutions for the grocery industry.”

“With the acquisition of the CoolPresentation we gain access to new customers in the Netherlands and consolidate the market further enabling both production and other synergies. The acquisition is another step in HLs journey to further strengthen its market leadership position across Europe, with both organic and inorganic growth,” says Joakim Twetman, Head of Business Area Industry, Ratos.

The acquisition was completed on 1st of April 2021.

For further information, please contact:
Joakim Twetman, Head of Business Area Industry, Ratos
+46 70 339 16 66
joakim.twetman@ratos.com

Björn Borgman, CEO, HL Display
+46 722 64 17 90
Bjorn.Borgman@hl-display.com

 

About HL Display:
HL Display is a global leader in in-store merchandising and communication solutions, helping customers to create a better shopping experience around the world. Founded in 1954, HL today is present in more than 70 countries and solutions can be found in 295,000 stores, helping customers to grow sales, inspire shoppers, drive automation, and reduce waste. The HL Display Group has its headquarters in Stockholm, Sweden and sales companies covering 26 markets as well as distributor partners covering the remaining markets globally. The company has 1,000 employees and net sales of 1,520 MSEK.

About Ratos:
Ratos is a business group consisting of 11 companies divided into three business areas: Construction & Services, Consumer & Technology and Industry. In total, the companies have SEK 33 billion in sales. Our business concept is to develop companies headquartered in the Nordics that are or can become market leaders. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.

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SMILE INVEST acquires IGS GEBOJAGEMA, a market leading company in hightech medical moulds

Smile Invest

Smile Invest has become the majority shareholder in IGS GeboJagema alongside management and minority investor Rabo Corporate Investments. This is the fifth investment of Smile Invest in the last 6 months following earlier investments in Climate for Life Holding, 4ITEGO, Effect Photonics and Hospidex. Smile Invest’s portfolio now consists of ten innovative growth companies based in the Benelux that are each leading in their respective markets.

IGS GeboJagema is specialized in the development, manufacturing and validation of high-end, multi-cavity injection moulds for the production of plastic components within the healthcare market. The moulds are used by contract manufacturers and leading pharmaceutical companies for their high-volume production. Examples of end products produced with the moulds are contact lenses, insulin pens and inhalers. The Company employs 120 specialists and is based in Eindhoven, where its state-of-the-art production facilities are located with a global customer footprint.

Peter Mertens, CEO IGS GeboJagema: “This transition comes at the right moment. We are currently working on our entry into the United States, where there are a lot of possibilities for our products which are tailored to the medical sector. The medical sector has a zero tolerance towards risk. We offer high quality, high precision moulds and together with validation services provide a one stop solution. The partnership with Smile Invest offers new possibilities to us driven by their technological knowledge, international experience and network”

Ivo Vincente, Ad Notenboom and Bart Cauberghe, partners at Smile Invest: “IGS is a superb company with a unique positioning in its market. We are impressed by the scalability and high level of automatisation of the factory footprint coupled with the model based product development process. This makes IGS a state-of-the-art mould maker. The innovative character, focus on the medical sector and ambition for further growth of IGS fits perfectly within the portfolio of Smile Invest. We will support IGS with their expansion in the United States, but also with further diversification to other end markets such as medical packaging”

About Smile Invest:

Smile Invest (Smart Money for Innovation Leaders) is a European evergreen investment firm with €350 million assets under management, financed by 40 entrepreneurial families and with a long term focus on innovative growth companies. Smile Invest focuses on companies active in technology, healthcare and digital services. From its offices in Leuven and The Hague the team supports ambitious entrepreneurs and management teams in realising their growth plans.

Contact Smile Invest:

Ivo Vincente, Managing Partner • ivo.vincente@smile-invest.com • +31 622 91 92 32

Ad Notenboom, Partner • ad.notenboom@smile-invest.com • +31 654 28 60 98

Bart Cauberghe, Managing Partner • bart.cauberghe@smile-invest.com • +32 476 33 66 69

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Paysafe Completes Business Combination with Foley Trasimene Acquisition Corp. II

CVC Capital Partners

Transaction and move to capital markets expected to accelerate growth, enhance margins, and continue to build upon Paysafe’s M&A strategy

Paysafe Group Holdings Limited, a leading specialized payments platform, and Foley Trasimene Acquisition Corp. II (NYSE: BFT), (BFT WS) (“Foley Trasimene”), a special purpose acquisition company, today announced that they have completed their previously announced merger. The merger was approved at a special meeting of stockholders of Foley Trasimene on March 25, 2021, and closed today, March 30, 2021.  The combined company now operates as Paysafe Limited (“Paysafe”) and Paysafe’s common shares and warrants will begin trading on the New York Stock Exchange (NYSE) under the ticker symbols “PSFE” and “PSFE.WS” respectively, starting tomorrow, March 31, 2021.

Paysafe is a leading specialized payments platform, with a two-sided consumer and merchant network, whose core purpose is to enable businesses and consumers around the world to connect and transact seamlessly through payment processing; digital wallets including the Skrill and Neteller brands; and online cash solutions including paysafecard and Paysafecash. William P. Foley, II, Founder and Chairman of Foley Trasimene will serve as Chairman of Paysafe’s newly formed Board of Directors. Paysafe’s management team headed up by Philip McHugh, CEO, will continue to lead the combined company. ¹

William P. Foley, II, Founder and Chairman of Foley Trasimene and Chairman of Paysafe, stated, “We are thrilled to complete this business combination with Paysafe and I am personally excited to continue to work with Philip, Blackstone, CVC and the entire board as we continue to execute against our plan for accelerated and profitable growth. Paysafe has the right assets, team and strategy in place to capitalize on a tremendous opportunity for long-term value creation in the payments industry, especially in iGaming which is really beginning to open up across the United States.”

Philip McHugh, CEO of Paysafe, stated, “The closing of this transaction and our listing on the New York Stock Exchange is a huge milestone for Paysafe and getting to this point today is testament to the hard work and dedication of our team around the world.  I would also like to thank Bill and the Foley Trasimene team for their backing and belief in our opportunity, and of course Blackstone and CVC for their continued investment and support.  We’re excited to be embarking on the next stage of our growth journey as a public company.”

Eli Nagler, a Senior Managing Director at Blackstone, said: “Today is a significant milestone for Paysafe and a testament to the excellent work of their world-class management team over several years. We believe Paysafe has a long runway for further growth and look forward to remaining part of the team and seeing their continued success as a public company.”

Peter Rutland, a Managing Partner at CVC, said, “We are delighted for Paysafe as they begin their next chapter as a public company. By combining Paysafe’s leading solutions in high-growth, specialized markets with Paysafe’s seasoned management team, now supplemented with Bill Foley’s track record of enhancing organic and inorganic growth, this company is incredibly well-positioned to continue a strong growth trajectory and create value for shareholders and all other stakeholders.”

Advisors

Credit Suisse acted as lead financial advisor and capital markets advisor to Paysafe. Morgan Stanley also acted as financial advisor to Paysafe. BofA Securities, J.P. Morgan Securities LLC, Barclays, Wolfe Capital Markets and Advisory, BMO Capital Markets and Evercore also acted as capital markets advisors. Simpson Thacher & Bartlett LLP acted as legal counsel to Paysafe. Proton Partners acted as strategic advisor to Paysafe.

RBC Capital Markets LLC., BofA Securities and J.P. Morgan acted as financial advisors to Foley Trasimene.  Weil, Gotshal & Manges LLP acted as legal counsel to Foley Trasimene.

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Evergreen acquires Baileys Fertilisers Holdings Pty Ltd

Exponent

Evergreen has recently completed the acquisition of Baileys Fertilisers Holdings Pty Ltd (“Baileys”), a leading player in the consumer branded garden products market in Australia.

Baileys is a fourth generation family-owned garden care business based outside Perth in Western Australia. The business has a portfolio of growing media and granulated plant and lawn fertilisers sold under the popular Baileys brand which is well-recognised and respected in the Western Australian garden care market. This acquisition brings a new strong brand, manufacturing and distribution capabilities in Western Australia which complements Evergreen’s presence in this market.

Baileys is Evergreen’s fifth acquisition under Exponent’s ownership.

Evergreen

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