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73.53% of Accell Group Shares in Total Tendered under the Offer or Committed

KKR

This is a joint press release by Accell Group N.V. (“Accell Group“) and Sprint BidCo B.V. (the “Offeror“). The Offeror is an affiliate of the affiliated investment funds advised by Kohlberg Kravis Roberts & Co. LP or one of its affiliates (“KKR“). Teslin Alpine Acquisition B.V., a wholly-owned subsidiary of Teslin Participaties Coöperatief U.A. (“Teslin“) is together with the Offeror and KKR referred to as the “Consortium“. This joint press release is issued pursuant to the provisions of Section 4, Paragraphs 1 and 3 of the Netherlands Decree in Public Takeover Bids (Besluit openbare biedingen Wft) (the “Decree“) in connection with the recommended public offer by the Offeror for all the issued and outstanding ordinary shares in the capital of Accell Group. This press release does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities. The Offer has been made by means of the offer memorandum dated 6 April 2022 (the “Offer Memorandum“). This press release is not for release, publication or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction in which such release, publication or distribution would be unlawful. Capitalised terms not defined in this press release have the same meaning as given thereto in the Offer Memorandum.

 

Heerenveen, the Netherlands, 3 June 2022 – During the Acceptance Period, that expired at 17:40 hours (CEST) on 3 June 2022, 19,745,964 Shares were tendered under the Offer or committed to the Offeror in writing, representing approximately 73.53% of all Shares on a Fully Diluted basis and an aggregate value of approximately EUR 1,145 million at an Offer Price of EUR 58.00 (cum dividend) in cash per Share.

A condition for the Offeror to declare the Offer unconditional is reaching the Acceptance Threshold of at least 80% of the Shares on a Fully Diluted basis. Since this Acceptance Threshold was not met, the Offeror will consider its options and inform the market in due course in accordance with Section 16, Paragraph 1 of the Decree and Section 3.7 of the Offer Memorandum, no later than on 9 June 2022.

 

For More Information:

Media enquiries Accell Group

CFF Communications

Frank Jansen / Anja Höchle: + 31 6 21 54 23 69 / +31 6 31 97 33 75

frank.jansen@cffcommunications.nl / anja.hoechle@cffcommunications.nl

 

Media enquiries Consortium

Hendrik Jan Eijpe, HJE Consult

+31 622 031 978 / hje@hjeconsult.nl

                                                         

About Accell Group

We believe cycling moves the world forward. We design simple and smart solutions in order to create a fantastic cycling experience for everyone who uses our bikes. Accell Group makes bicycles, bicycle parts and accessories. We are the European market leader in e‐bikes and second largest in bicycle parts and accessories, with numerous leading European bicycle brands under one roof. These brands were built by pioneers for whom the best was not good enough. We still embody the entrepreneurial spirit of those family businesses to this day. We keep pushing ourselves to create high‐quality, high performance, cutting‐edge products driven by the continuous exchange of know‐how and craftsmanship. Well‐known bicycle brands in our portfolio include Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Raleigh, Sparta, Babboe and Carqon. XLC is our brand for bicycle parts and accessories. Accell Group employs approximately 3,500 people across 15 countries. For more information about Accell Group, please visit www.accell-group.com.

 

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as 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 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 Teslin

Teslin is an investment fund managed by Teslin Capital Management. Teslin invests in promising small and midcaps. Based on fundamental analysis Teslin selects value creating companies active in attractive markets with a strong market position and a proper corporate governance structure. Teslin focuses on responsible value creation in the long term and acts as an active and involved shareholder. Teslin has been a long-term significant, active and committed shareholder of Accell Group since 1998 and is delighted to support Accell Group in accelerating and realizing its potential in the coming years. For more information, please visit: www.teslin.nl.

 

Disclaimer, General Restrictions and Forward-Looking Statements

This is a public announcement by Accell Group pursuant to Section 17, paragraph 1 of the European Market Abuse Regulation (596/2014/EU).

The information in this press release is not intended to be complete. This press release is for information purposes only and does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities.

The distribution of this press release may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, the Consortium, the Offeror and Accell Group disclaim any responsibility or liability for the violation of any such restrictions by any person. Any failure to comply with these restrictions may constitute a violation of the securities laws of that jurisdiction. Neither Accell Group, nor the Offeror, nor the Consortium, nor any of their respective advisors assumes any responsibility for any violation of any of these restrictions. Any Accell Group shareholder who is in any doubt as to his or her position should consult an appropriate professional advisor without delay.

Certain statements in this press release may be considered forward-looking statements such as statements relating to the impact of this Offer on the Offeror and Accell Group and language that indicates trends, such as “anticipated” and “expected”. These forward-looking statements speak only as of the date of this press release. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future, and Accell Group, the Consortium and the Offeror cannot guarantee the accuracy and completeness of forward- looking statements. A number of important factors, not all of which are known to Accell Group, the Consortium or the Offeror or are within their control, could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, receipt of competition clearances without unexpected delays or conditions, the response to the Offer in the market place, the ability to achieve the anticipated benefits from the Offer and economic conditions in the global markets in which Accell Group operates. Accell Group, the Consortium and the Offeror expressly disclaim any obligation or undertaking to publicly update or revise any forward looking statements, whether as a result of new information, a change in expectations or for any other reason. Neither Accell Group, nor the Offeror, nor the Consortium, nor any of their advisors, accepts any responsibility for any financial information contained in this press release relating to the business, results of operations or financial condition of the other or their respective groups.

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Latour acquires Barcol-Air

Latour logo
2022-06-03 09:00

Investment AB Latour has, through its wholly-owned subsidiary Swegon Group AB, acquired Barcol-Air, a leading supplier of radiant ceiling systems. The company was founded in 1979 and has 90 employees, with the head office in Schwerzenbach, Switzerland and production located in St. Leon-Rot, Germany. Net sales in 2021 amounted to EUR 37,2 million.

The acquisition of Barcol-Air means that Swegon continue to build on its already strong position within radiant ceilings, with the existing Zent-Frenger business. The acquisition makes it possible to go from being a strong player in Germany to taking the leading position in Europe in the growing market segment.

“We are delighted to welcome Barcol-Air into the Swegon Group. With its solid brand recognition in Switzerland, France, Germany and neighbouring markets, as well as an advanced production centre, modern indoor climate laboratory and a great team, Barcol-Air is a perfect addition to the group”, says Andreas Örje Wellstam, CEO at Swegon Group.

“Barcol-Air and Swegon share the same commitment to achieving comfortable, productive and healthy indoor environments, and with the backing of the Swegon Group we are in an excellent position to keep developing and growing”, says Felix Schneebeli, CEO of Barcol-Air.

As an effect of the acquisition the net debt of the Latour Group increases with almost SEK 0.2 billion.

Göteborg, 3 June, 2022

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Andreas Örje Wellstam, CEO Swegon +46 31 89 58 00
Rebecca Palm Ballesta, Corporate Development Swegon +46 31 89 58 00

Swegon Group is a market leading supplier in the field of indoor environment, offering solutions for ventilation, heating, cooling and climate optimization, as well as connected services and expert technical support. Swegon has subsidiaries in and distributors all over the world and 17 production plants in Europe, North America and India. The company employs more than 2 700 people and a turnover of about SEK 6 billion.

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of ten substantial holdings with a market value of about SEK 71 billion. The wholly-owned industrial operations has an annual turnover of SEK 19 billion.

Categories: News

Cinven enters into exclusive negotiations to acquire a majority stake in Euro Techno Com Group

Cinven

Partnership with founder and CEO to back an industry leader in its global expansion

International private equity firm, Cinven, today announces that it has entered into exclusive negotiations to acquire a majority stake in the Euro Techno Com Group (‘ETC Group’, ‘ETC’ or ‘the Group’), a one-stop shop specialised distributor for the telecom and technology infrastructure industry, from Carlyle. The Founder and CEO, Cédric Varasteh, would retain a significant stake. Financial details of the transaction are not disclosed.

Founded in 1993 by Cédric Varasteh, ETC Group is a global leader and partner in the design, procurement and distribution of materials, tooling and equipment used by telecom operators and their subcontractors to install, build and maintain wireline and wireless infrastructure and other digital infrastructure.

Headquartered in France, the Group’s c. 1,100 employees service the needs of ETC’s c. 14,000 customers primarily across Europe and the US.

Cinven’s Technology, Media and Telecom (‘TMT’) and Business Services Sector teams, working closely with Cinven’s French and North America Regional teams, identified ETC Group as an attractive investment given:

  • Structural market tailwinds, including the continued need for telecom infrastructure investment and network maintenance spend, driven by growing data consumption trends, cloud and edge computing and increased connectivity;
  • ETC’s leading position serving telecoms networking companies in a highly attractive and resilient market segment, underpinned by its strong reputation and customer advocacy given its differentiated proposition and value-added service offering;
  • ETC’s strong historical financial performance, which has been driven by a combination of organic growth in existing markets, international expansion, and add-on acquisitions. Today the Group generates more than €1 billion of revenues;
  • The highly fragmented markets in which ETC operates, which provide opportunities for the Group to continue to pursue M&A across a range of product segments and regions, including in Europe and the US, alongside further enhancing its organic growth trajectory; and
  • The strong entrepreneurial management team, led by ETC’s founder and CEO, Cédric Varasteh.

This transaction would build on Cinven’s strong and proven track record in the telecoms sector, including through its funds’ investments in Numéricable in France, Ziggo in the Netherlands, MásMóvil in Spain, Ufinet in Spain and Latin America, and Nitel in the US.  It would also build on Cinven’s strong Business Services and distribution expertise, including through its funds’ investments in Barentz and Alhsell. In addition to the significant stake that would be retained in the Group by ETC’s founder and CEO, the previous majority shareholder, Carlyle, would also re-invest in a minority stake, alongside Cinven.

Cédric Varasteh, Founder and CEO of ETC Group, commented:

“Our business has a leading position in an industry where the intersection of technological change and network resilience is driving significant opportunity. We have the ambition to create a global leader in our industry and through Cinven’s investment, we have a partner with significant experience in the telecom and distribution sectors and look forward to taking our business forward at pace.”

Thomas Railhac, Partner at Cinven, added:

“Telecoms infrastructure and maintenance investment continues to show strong growth characteristics based on the need for operators to invest in the latest technologies and network resilience in order to meet the needs of their customers. ETC Group is well positioned to create value from these trends through its one-stop shop specialist approach, its international footprint and its strong reputation. We are delighted to partner with Cédric Varasteh and his team and we look forward to supporting them on their growth ambition.”

David Giroflier, Senior Principal at Cinven, added:

“Cinven’s significant experience in telecoms and distribution combined with an interest in seeking highly resilient investment opportunities led us to ETC Group. We are delighted to be investing alongside an ambitious and driven management team that has real focus and can leverage Cinven’s capital and experience to drive value though organic growth and acquisitions. Once again, Cinven is delighted to be partnering with a founder, having also recently invested in MásMóvil, Drake Software, think-cell, True Potential and Nitel.”

Cinven is a responsible, ESG-focused investor, and committed to maintaining the environmental, regulatory and employee stakeholder responsibilities of ETC Group.

The transaction is subject to works council consultation and customary regulatory approvals.

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Ratos strengthen its cash position in the continued growth journey – divests all shares in Dun & Bradstreet

Ratos

Ratos has divested all its 4,358,257 shares in Dun & Bradstreet to a value of approximately SEK 725m.

The shares accounted for 25 percent of the purchase price when Ratos divested Bisnode to Dun & Bradstreet for a purchase price based on an approximate enterprise value of SEK 7,200m, representing an EV/EBITA multiple of 13,8x, in 2020.

The deal will have a negative impact on Ratos’s EBITA for the second quarter 2022 of approximately SEK 18m.

“Ratos’s value creation is based on, among other things, organic growth and industrially sound acquisitions. Through the sale of the Dun & Bradstreet shares, we are further strengthening our cash position for the continued growth journey” says Jonas Wiström, President and CEO, Ratos.

Jonas Wiström will continue to be part of the Dun & Bradstreet International Strategic Advisory Board. Dun & Bradstreet is listed on the New York Stock Exchange.

For further information:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21

About Ratos
Ratos is a business group consisting of 14 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2021, the companies have approximately SEK 25 billion in net sales. Our business concept is to own and develop companies that are or can become market leaders. We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas.

 

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DEVO announces $100 million funding round

Isai

Cloud-Native Logging and Security Analytics Leader Boosts Valuation to $2 Billion.

CAMBRIDGE, Mass—June 2, 2022—Devo Technology, the cloud-native logging and security analytics company, today announced $100 million in Series F funding at a valuation of $2 billion. Eurazeo—a leading global investment firm with over $30 billion in assets under management—led the round, and all other existing investors—Insight Partners, Georgian, TCV, General Atlantic, Bessemer Venture Partners, Kibo Ventures—also participated. Additionally, ISAI Cap Venture provided a strategic investment in the round. The round brings the total capital raised to more than $500 million. The new funding will fuel growth in new regions and verticals, accelerate Devo’s delivery of the “autonomous SOC” and fund potential new M&A expansion.

The funding round comes on the heels of Devo’s acquisition of Kognos, the AI-powered threat hunting pioneer, which marked a key step in delivering what Devo calls the autonomous SOC— complete visibility, automation, analytics, and open access to community expertise and content.

“Security teams are facing more threats than ever—regardless of industry or geography—and that challenge is compounded by the difficulty of hiring and retaining talent, a lack of visibility into the full attack surface, and the speed and scale necessary to keep up with not just growing threats, but the growth of their organizations,” said Marc van Zadelhoff, CEO of Devo. “This round of funding allows us to deliver on the autonomous SOC through continued innovation of our technology, expand to more regions to serve more customers, and consider more M&A opportunities. We’re thrilled to have instilled such confidence in our investors that they continue to support our innovation and the value we deliver to customers.”

Devo will continue to drive expansion in new verticals and geographies, particularly the public sector and the Asia-Pacific (APAC) region. In February, Devo announced it was designated as Federal Risk and Authorization Management Program’s (FedRAMP) “In-Process” and expects to reach full authorization in the fall of 2022. Devo has also seen substantial growth in the APAC region, including adding energy provider Powerco as a customer and deploying an in-region AWS environment for customers and partners.

“Devo has proven to be a disruptive force in the security analytics market and we believe in its vision to fundamentally change the way organizations secure their data,” said Guillaume d’Audiffret, Managing Director at Eurazeo, who joins the Devo Board. “It is setting a pace for innovation that will enable its customers to meet the ever-growing challenges facing security teams and we look forward to continuing our work together with Devo and fellow investors to further develop its market leadership.”

The round comes as Devo closes out an impressive fiscal year of aggressive growth, including:

  • Nearly 100% annual revenue growth;

  • Nearly 100% customer growth for the year, including Sonos, AT&T, and Unisys;

  • Achieving FedRAMP “In-Process” status, and adding public sector customers including Ivy Tech Community College and Oklahoma University;

  • Surpassing 500 employees across North America, Europe, and APAC, including 91 new hires so far in 2022;

  • Acquisition of Kognos, an AI-powered security automation innovator;

  • Launch of Devo Exchange, a community-based application marketplace for Devo customers and partners.

The funding announcement coincides with the launch of a newly established <team of security researchers and data scientists> to form Devo SciSec, led by Chief Technology Officer, Gunter Ollmann.

About Devo
Devo is the only cloud-native logging and security analytics platform that releases the full potential of your data to empower bold, confident action. With unrivaled scale to collect all of your data without compromise, speed to give you immediate access and answers, and clarity to focus on the signals that matter most, Devo is your ally in protecting your organization today and tomorrow. Headquartered in Cambridge, Massachusetts, with operations in North America, Europe and Asia-Pacific, Devo is backed by Insight Partners, Georgian, TCV, General Atlantic, Bessemer Venture Partners, Kibo Ventures, ISAI Cap Venture and Eurazeo. Learn more at www.devo.com.

Devo PR Contact
Shannon Todesca
shannon.todesca@devo.com
+1 (781) 797-0898

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Sortera acquires O’Donovan Waste Disposal Ltd in London and strengthens its international presence

Nordic Capital

Sortera continues to grow internationally and is now acquiring a new company through O’Donovan Waste Disposal Ltd, one of the leading companies in London in collection and recycling of construction waste, with about 100 employees.

The acquisition of O’Donovan is the first in U.K and is part of Sortera´s effort to expand in Europe’s major cities and to become one of Europe’s leading companies in collection and recycling of construction waste.

“We are very happy to now join forces with O´Donovan. For a long time, they have carried out impressive work, to become one of the leading and most prominent construction recyclers in London. O´Donovan has a strong customer focus and their systematic work with environment and health and safety has resulted in several prestigious awards, as well as a strong reputation among both customers and employees. I am proud to grow Sortera with a company who share our values of strong customer focus and a sustainable approach to business. We wish all employees at O´Donovan a warm welcome to the Sortera family”, says Sebastian Wessman, CEO of Sortera.

“I look forward to continuing to develop our business in the UK with Sortera as a strong owner who understands and appreciates our work with sustainability, quality and health and safety. Sortera will give us the right preconditions to continue our successful development path and to enable new investments and development initiatives”, says Jacqueline O’Donovan, Managing Director of O’Donovan.

The acquisition of O’Donovan marks an important milestone in Sortera’s history and is an important step to realize our strategy and ambition to become a leading construction recycling company in Europe. O’Donovan is part of Sortera from 2 June 2022. This is Sortera’s 17th acquisition since it was established in 2006. With the new acquisition, Sortera´s new turnover will increase to SEK 2 billion.

ABOUT O´DONOVAN
O’Donovan Waste Disposal Ltd is an award winning, independent, family-run company with the aim of leading the way in safe, green, and efficient waste operations. O´Donovan started the company in London in 1959 and has a turnover of approximately SEK 200 million. O’Donovan has operations in west of London, Alperton and Tottenham. https://www.odonovan.co.uk/

ABOUT SORTERA
Sortera is a leading company with a strong Nordic heritage within collection, recycling, processing and sale of residual products of construction waste. Sortera provides solutions that contribute to increased sustainability and improved environmental performance in all areas. With more than 500 employees and a turnover of SEK 2 billion, Sortera covers the entire value chain from collection, sorting, treatment and disposal. Every day, Sortera performs services that make a difference to the environment for thousands of companies and individuals in northern Europe. www.sortera.se/com

For more information, please contact Sebastian Wessman, CEO
sebastian.wessman@sortera.se
+46 72 886 95 97

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Renta acquires Uprent

IK Partners

Renta Group Oy (“Renta Group” or “Renta”) has reached an agreement to acquire SIA Uprent Group (“Uprent” or “the Company”), a leading specialised pumping company providing dewatering and bypass solutions in the Baltics and Poland. The Company has 13 depots across Latvia, Lithuania, Estonia and Poland. Headquartered in Latvia, Uprent has more than 100 employees and annual revenues of approximately EUR 11 million.

The acquisition marks a continuation in Renta’s strategy to be a leading equipment rental company in Northern Europe. Renta will enter specialised pumping, which is an attractive and sizeable rental niche, especially in Poland and the Baltics, where pumping is typically required on construction sites due to wet soil conditions. Geographically, Renta will strengthen its position in Poland and gain entry to the Baltics, further broadening its presence in Northern Europe.

Uprent is an excellent fit with Renta as it is a professionally managed, high-quality company, with strong profitability and leading market positions. Similar to Renta, the Company has a lean structure and country-driven organisation. Uprent will continue to operate and provide services with the same well-functioning local business model as before. Renta sees significant potential in growing the business in Uprent’s current markets and further scaling operations by expanding specialised pumping into the Nordics, benefitting from Renta’s existing presence.

Kari Aulasmaa, CEO of Renta Group, said:
“We consider specialised pumping a highly attractive niche rental segment, where Uprent is the clear market leader in the Baltics and Poland. We are very delighted to join forces with this high-quality company where we see a talented team and significant further growth potential.”

Martins Egle, CEO at Uprent, said:
”We are genuinely glad to become a part of Renta Group, which adheres to highest operational standards and has ambitious future plans. We consider this transaction as a high evaluation of our success until today. Being aligned with Renta Group in the future provides us with excellent opportunities to expand geographically and to further develop our product range, technical capabilities and professional expertise.”

For more information, please contact:

ir@renta.com

or

Kari Aulasmaa, CEO Renta Group Oy
+358 40 511 6445
kari.aulasmaa@renta.com

Legal Disclaimer
This press release includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding Renta or any of its affiliates’ future financial position and results of operations, their strategy, plans, objectives, goals and targets, future developments in the markets in which they participate or are seeking to participate or anticipated regulatory changes in the markets in which they operate or intend to operate. In some cases, these forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “plan,” “potential,” “predict,” “projected,” “should,” or “will” or the negative of such terms or other comparable terminology.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking statements are not guarantees of future performance and are based on numerous assumptions and that Renta or any of its affiliates’ actual results of operations, financial condition and liquidity, and the development of the industries in which they operate, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this press release. In addition, even if Renta’s or any of its affiliates’ results of operations, financial condition and liquidity, and the development of the industries in which they operate, are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.

About Renta Group

Renta Group Oy is a Finnish construction-machinery and equipment-rental company founded in 2015. Renta has operations in Finland, Sweden, Norway, Denmark and Poland, with over 100 depots and more than 1,000 employees. Renta is a general rental company with a wide range of construction machines and equipment along with related services. In addition to operating a network of rental depots, Renta is a significant supplier of scaffolding and weather-protection services. For more information, visit www.renta.com

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About Uprent

Uprent, is a leader in specialised pumping in the Baltics and Poland, providing dewatering and bypass solutions for construction, water management and manufacturing companies. In addition, the Company provides dredging and trench shoring solutions. Uprent is headquartered in Latvia, with operations in Latvia, Lithuania, Estonia and Poland. The Company has 13 depots and more than 100 employees. For more information, visit www.uprent.eu/en/home/

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Vernal Biosciences Raises $21 Million to Accelerate mRNA Manufacturing Growth

Ampersand

Colchester, VT., June 2, 2022 — Vernal Biosciences, a technology-leading mRNA manufacturer and formulator of LNP-mRNA, announced today the completion of a $21 million financing to fully integrate its mRNA manufacturing solutions. The round was led by Ampersand Capital Partners and Dynamk Capital, with existing investors Alloy Therapeutics and ATUM participating. The round also included a new investment from Charles River Laboratories, Inc. Vernal offers a complete range of mRNA-related services and products ranging from sequence design and screening support, scaled-down and scaled-up manufacturing of high purity mRNA and LNP-mRNA, platform process development technologies, and ultimately GMP manufacturing.

“We are excited to offer an advanced staging ground of platform processes and analytical technologies to our clients for all of their projects, clinical included,” said Christian Cobaugh, Vernal CEO and Founder.  He emphasized, “While quality and capabilities matter more than ever, huge gaps remain in the capacity of high purity mRNA products and services. Our deep expertise and proven abilities in mRNA technologies, along with the wealth of experience in building success stories in the CRO and CDMO space that our investors bring, will enable Vernal to successfully transform this field, from concept to clinical trials.  It is time to usher in a new era where under a single contract, we can design sequences, manufacture plasmid templates and mRNA, formulate LNP-mRNA, and provide release testing of drug products.”

Christian will be joined on Vernal’s board by existing board member, Errik Anderson of Alloy Therapeutics, and new board members, David Anderson of Ampersand, and Gustavo Mahler of Dynamk.  Under the leadership of Dr. Cobaugh, Vernal is equipped with a singular focus on mRNA. The funds from this financing will support Vernal’s growth including the construction of full GMP capabilities scheduled to become operational in late 2023.

David Anderson, General Partner with Ampersand added, “Ampersand is excited to partner with Christian and the Vernal team to help bring Vernal to the next level as a full-service CDMO servicing the mRNA field.  Our recent experiences building advanced therapy CDMOs such as BrammerBio, ArrantaBio and Vibalogics, position Ampersand as an excellent partner for Vernal at this stage in the company’s growth.”

“There is a strong market demand for fully integrated providers of mRNA products and services,” said Gustavo Mahler, Venture Partner at Dynamk Capital. “Dynamk looks forward to supporting the Vernal team in growing into one of the leading CDMOs in the mRNA space.”

 

About Vernal Biosciences

Vernal Biosciences provides mRNA and LNP-mRNA manufacturing services to democratize the use of mRNA for all use cases ranging from drug discovery to clinical development across all use cases such as gene editing and regulation, cellular programming, vaccines, mRNA replacement, oncology, autoimmune, and protein degradation. Please visit www.vernal.bio for more information.

About Ampersand Capital Partners

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

About Dynamk Capital

Dynamk Capital is a growth equity and venture capital firm focused on life sciences industrials. Dynamk’s investment strategy is centered on identifying companies developing disruptive technologies, tools, and services that enable the full biopharma continuum across discovery, development, and manufacturing of biotherapeutics, including cell & gene therapies and vaccines. Please visit www.dynamk.vc for more information.

Media Contacts

Vernal Biosciences, Inc.
Robert Myers
myersr@vernal.bio

Ampersand Capital Partners
Mirsini Tzigizis
mt@ampersandcapital.com

Dynamk Capital
Info@dynamk.vc

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Audax Private Equity Announces Strategic Investment in Thermogenics

Audax Group
JUN 02, 2022

Audax Private Equity (“Audax”) today announced it has acquired Thermogenics, Inc. (“Thermogenics” or the “Company”), a leading North American provider of boiler service & maintenance, equipment sales and rentals, from Ironbridge Equity Partners and certain other minority investors. Financial terms of the transaction were not disclosed. Thermogenics represents the first investment by Audax’ Origins Fund I.

Headquartered in Ontario with operations in Canada and the US, Thermogenics specializes in providing complete boiler lifecycle solutions to a diverse set of commercial and industrial customers and end markets. To complement its service-driven business model, the Company designs and manufacturers differentiated, energy efficient boilers with proprietary coil-tube technology, and provides best-in-class parts and maintenance services through its highly-trained team of technicians.

Ross Garland, CEO of Thermogenics, commented, “We are thrilled to be partnering with Audax as we enter an exciting new chapter in our history. This investment will help Thermogenics accelerate growth and expand its boiler product and service offerings to customers. Partnering with Audax will only enhance our ability to continue doing what we do best – providing trusted solutions to our clients.”
“We are excited to partner with Ross and the rest of the Thermogenics management team to accelerate the growth of the Company and build upon their success as a best-in-class provider of boiler solutions,” said Greg Smith, Managing Director at Audax Private Equity.

“Led by a world-class management team, Thermogenics has developed an excellent reputation within the industry as the premier provider of coil-tube boiler products, parts and services,” said Don Bramley, Managing Director at Audax Private Equity. “We believe Thermogenics’ high-quality product and service offerings and loyal customer base complement our portfolio of industry leading companies.”

Solomon Partners served as financial advisor to Audax and KeyBanc Capital Markets served as financial advisor to Thermogenics. Kirkland & Ellis and Blakes served as legal counsel to Audax and Davies served as legal counsel to Thermogenics.

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DIF Capital Partners to divest its stake in the Thames Tideway Tunnel project

DIF

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure III (“DIF III”) and DIF Infrastructure IV (“DIF IV”) have agreed to the sale of their 10.66% shareholding in Thames Tideway Tunnel (“Tideway”) to DIF’s existing co-shareholders in the project: an affiliate of Allianz Capital Partners, two Amber Infrastructure-related entities (International Public Partnerships and Swiss Life Asset Managers) and Dalmore Capital. The transaction has arisen due to DIF III coming to the end of its fund life.

Tideway is a unique UK infrastructure project and is the largest single asset in the UK water sector. The 25km long tunnel is being constructed to help prevent the release of 37 million cubic metres of untreated sewage that is currently discharged into the River Thames in a typical year. The ‘super sewer’ will significantly increase the capacity of London’s sewer network and help to transform the River Thames into a healthier and cleaner river.

DIF, along with Allianz, Amber Infrastructure and Dalmore Capital, was awarded the project licence for Tideway from Ofwat in 2015, and has managed the project successfully through its most challenging construction phase. At the end of April 2022, Tideway reached a significant milestone with the completion of tunnelling.

Andrew Freeman, Head of Exits at DIF, said: “During our joint ownership, the co-shareholders have championed our collective vision of providing long-term benefits to London by upgrading its essential infrastructure. We are delighted to leave Tideway under their stewardship.”

DIF was advised by RBC Capital Markets (financial) and Norton Rose Fulbright (legal).

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 11 billion in assets under management across ten closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

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

DIF Capital Partners has a team of over 190 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact: Thijs Verburg, t.verburg@dif.eu.

 

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