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Cinven outlines its climate ambitions – Strategic initiatives to support sustainability transformation

Cinven

International private equity firm, Cinven, today sets out its climate-related commitments and underlines its strategic focus on working towards decarbonising its own operations and portfolio businesses to coincide with the 26th United Nations Climate Change Conference, COP26, in Glasgow.

  • Portfolio greenhouse gas (GHG) emissions – Cinven has been monitoring GHG emissions data from its portfolio companies on a quarterly basis since 2015 as one of the mandatory ESG KPIs it requires its portfolio companies to report on, to track carbon intensity. This data is now being used to inform Cinven’s approach to target setting aligned with the Paris Agreement.
  • Carbon footprinting and net zero targets – Cinven has recently appointed an external advisor to undertake a comprehensive carbon footprinting exercise of its own operations and the financed emissions associated with its portfolio. Cinven is working towards setting a net zero target in 2022.
  • Portfolio climate net zero commitments – Several of Cinven’s 30 portfolio companies have set targets to reduce GHG emissions and are already making significant progress on these. Selected examples include:
    • Masmovil, one of the largest telecommunications operators in Spain, announced in May 2021 that it had become the first telecommunications operator in Europe to achieve zero net carbon emissions, having reached the milestone in 2020. In 2020, it became the first major telecommunications operator to launch a 100% green electricity service; and in September 2021, Masmovil was the first telecommunication operator in Europe to become a B-Corp certified company which include commitments to the highest social and environmental performance.
    • Hotelbeds, the world’s leading bed bank, became the first B2B travel company, in February 2021, to join The Climate Pledge Commitment to reach net zero emissions by 2040; and in 2020, Hotelbeds launched its Green Hotels programme to identify, highlight and promote sustainable accommodation within its hotel portfolio.
    • TK Elevator, a leading international provider of elevators and escalators has joined Business Ambition For 1.5°C committing to set a target in line with a 1.5C and net-zero future and is developing ambitious science-based emissions reduction targets (SBTs). It has also committed to all electricity required by the business to come from renewable sources by 2030. In 2021, the company was one of 277 companies worldwide included in the CDP climate change A List; and it has committed to help increase resource efficiency and improve CO2 emissions through innovative products and services such as elevators and escalators with the highest efficiency ratings.
    • Envirotainer, a global leader in the secure cold chain solutions for air transport of pharmaceuticals became the first company in its industry to become carbon neutral for scope 1, 2 and 3 emissions in 2020; and a life cycle analysis of pharmaceutical shipment solutions demonstrated Envirotainer’s to be the most carbon efficient in its industry.
  • Assessing climate-related financial risks and opportunities to drive sustainable transformation – Cinven undertakes an assessment of climate-related risk and opportunity for each of its portfolio companies, aligned to the recommendations of the Taskforce on Climate- related Financial Disclosures (‘TCFD’). In 2019, Cinven appointed an external expert to undertake a TCFD-aligned analysis of its entire portfolio. Since then, a TCFD-related assessment is undertaken of all new Cinven portfolio companies to help them understand the current and future potential climate-related risks, and opportunities, which could affect the financial performance of these businesses. Where climate-related opportunities are identified, these are actively explored with management teams and built into value creation plans.
  • Embedding ESG into operational improvement and value creation – Cinven has recently appointed Allegra Day as its new ESG Director, sitting within Cinven’s Portfolio Team to ensure that ESG considerations are embedded in the value creation strategies of each portfolio company.
  • ESG-linked loans – Cinven has successfully incorporated climate-related Sustainability Performance Targets (SPTs) into its recent ESG-linked financings with external verification for the assessment of these instruments conducted on at least an annual basis. Selected examples include:
    • Arxada, a global specialty chemicals business (formerly Lonza Speciality Ingredients) includes annual targets for reducing carbon intensity and waste intensity.
    • Restaurant Brands Iberia, the leading Quick Service Restaurant in Iberia (and master franchisee for Burger King in the region) includes GHG emissions avoided, installed power for electric vehicle chargers, and percentage of plant-based protein products vs animal protein products as its three Sustainability KPIs.
    • Masmovil, the Spanish telecommunications operator, raised a financing in 2019 with its interest cost linked to the future evolution of an external ESG rating. In 2020, when the buyout transaction was financed, the ESG-linked loan element was extended to the company’s drawn debt – representing the first company in EMEA to do this.
  • Industry drivers – Cinven is actively involved in several industry initiatives to help private equity practitioners, their portfolio companies and investors commit to and deliver significant climate- related improvements and support the transition to a lower carbon economy. These include:
    • Initiative Climat International (‘iCI’) – In March 2021, Cinven became a signatory of the (‘iCI’), a GP-led initiative committed to actively engaging with private equity-backed companies globally to accelerate the transition to net zero. Cinven sits on the Net Zero Working Group.
    • Invest Europe’s ‘Guide to Climate Change 2.0’ – Cinven co-sponsored this guide to provide tools to enable private equity managers to engage and interact with portfolio companies on material ESG issues.
    • Sustainable Markets Initiative (‘SMI’) – Cinven is one of the founder members of the Private Equity Taskforce of the SMI to help accelerate the momentum towards a more sustainable future.

Commenting on these developments, Stuart McAlpine, Managing Partner at Cinven, said:

“Climate change is a significant challenge to societies today, and in the coming decades. The impact of climate change is being experienced around the world and requires all stakeholders – including financial institutions – to act.

“Private equity firms play an important role in addressing the impact of climate change. At Cinven, climate change is a strategic priority for the firm, as outlined in our most recent ESG Review here. Cinven is committed to integrating climate-related financial risks and opportunities into its investment process and portfolio value creation. We do this by supporting our portfolio companies to understand the impact of climate-related financial risks and opportunities on their businesses, and how their businesses affect the climate and environment.

“The transition to a net zero economy also presents opportunities to invest in businesses mitigating and adapting to the effects of climate change. We are proud that Cinven portfolio companies such as TK Elevator, MasMovil and HotelBeds have made net zero commitments, and we expect many more to follow in this decade of action until 2030.

We look forward to engaging with our investors, portfolio companies and other stakeholders around Cinven’s ambition to contribute towards net zero and resilient economies.”

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Nauta exits from TAPTAP Digital, a leading advertising technology and marketing intelligence software platform in Spain and Latin America

  • bd-capital’s operational expertise and international capabilities will support the TAPTAP team as they continue to disrupt the digital advertising market by accelerating growth among agencies and advertisers through new solutions and technology, while continuing growth in international markets.
  • As part of the new partnership, Nauta Capital will exit from TAPTAP Digital.

MADRID, LONDON – 11 November 2021 – bd-capital, the pan-European, operationally-led private equity firm, has made its latest investment into TAPTAP Digital, a leading advertising technology and marketing intelligence software platform in Spain and Latin America. This is bd-capital’s first investment in Spain.

TAPTAP was founded in 2010 by Alvaro del Castillo. The business has developed its own software platform called Sonata that helps deliver relevant advertising content to consumers while protecting their privacy. It aggregates and cross references multiple sources of location data, which helps advertisers to increase brand awareness, build purchase interest and boost consideration.

A key changing pattern of consumer behaviour is the desire of people to receive relevant advertising while maintaining privacy; TAPTAP technology delivers this solution. The TAPTAP proprietary technology is also very well-placed for upcoming structural trends in data protection and privacy regulations. This is because the software connects multiple data ecosystems and performs complex analytics without needing to rely on unique user identifiers.

The management team of TAPTAP is led by Founder & CEO Alvaro del Castillo, who will remain invested in the company. Commenting on the transaction, Alvaro said: “We are excited to be partnering with the bd-capital team. The alignment since we first met in February 2020 is very strong. Through its differentiated partnership approach, I am sure that bd-capital can help us consolidate our presence in Spain and Latin America and expand our solutions to new markets”

Alejo Vidal-Quadras, Partner and Head of Southern Europe at bd-capital, commented, “We cannot think of a better company in which to make our first investment in Spain. TAPTAP has shown an impressive growth trajectory and is today uniquely positioned in the advertising and marketing technology space”.

Francesc Casabella, Operating Partner at bd-capital and the new Chairman of TAPTAP’s Board, added: “TAPTAP is run by an exceptional and very talented group of people. We look forward to partnering with Alvaro and his team to support the next phase of growth”.

This latest investment into TAPTAP follows bd-capital’s recent investments into SportPursuit, a leading online private sales club in UK and Germany focused on sports, outdoor and active lifestyle products, Symprove, the gut health products business, and Ascenti, the UK’s leading provider of physical and mental wellbeing services. All four investments follow a consistent strategy of investing in companies where changing patterns of consumer behaviour and technology disruption are creating growth opportunities.

bd-capital was created by Richard Baker, former FTSE CEO and Chairman, and Andy Dawson, former Advent International Investment Partner, and takes an operationally-led approach to its partnerships with businesses. Since launching in 2019, the bd-capital team has grown to 18 people, 6 of whom are former CEOs with experience of growing mid-size businesses in the European market.

TAPTAP and its shareholders were advised by Gómez-Acebo & Pombo and Osborne Clarke (legal). bd-capital executed the transaction in close partnership with advisory teams from Uría Menéndez (legal), Deloitte (financial and tax), Accenture (commercial, technology and data security), Marsh (insurance and W&I advisory) and a number of industry experts.

About bd-capital:

bd-capital is a European firm designed to implement the next evolution of operationally-led investing: business leaders and private equity investors working in full partnership with company stakeholders. The firm targets control or co-control investments in European mid-market businesses with strong growth potential. The firm’s strategy is to invest in businesses where changing patterns in behaviour and technology disruption are creating growth opportunities.

For more information about bd-capital, visit the firm’s website at www.bd-cap.com

 About TAPTAP Digital:

TAPTAP is a leading provider of omnichannel advertising solutions and location-based marketing intelligence to media agencies and large advertisers. It operates on the top part of the purchase funnel, helping brands to increase awareness, build purchase interest and boost consideration. Its proprietary technology (Sonata) aggregates and cross references multiple sources of location data, connecting online and offline environments and creating 360º audiences for omnichannel campaign activations and measurement. It has become the Demand-Side Platform (DSP) of reference in Spain and Latin America for leading media agencies and large advertisers.

For more information about TAPTAP Digital, please visit www.taptapdigital.com

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CVC Credit supports the acquisition of Scrigno by PAI Partners

CVC Capital Partners

CVC Credit is pleased to announce that it has provided unitranche debt facilities to support PAI Partners’ acquisition of Scrigno, a leading producer of frames for sliding and pocket doors. CVC will support the continuing growth of the business through its European Direct Lending strategy, which focuses on lending to established medium and large European companies with proven business models.

Scrigno is a leading European player in the production and commercialisation of frames for sliding and pocket doors. With a primary focus on residential applications, the company operates through three business units: counter-frames, security doors and performance products. The business is renowned for its strong brand and excellent quality of its products. Scrigno employs over 300 people and operates five manufacturing facilities in Italy.

John Empson, Partner and Co-Head of Private Credit at CVC Credit, commented: “Scrigno is the dominant player in its key European markets with a strong reputation built on product quality, durability and innovation. It is a resilient business gaining increasing penetration thanks to the space saving nature of pocket doors, increasing focus on houses’ energy consumption reduction through its performance products and growing international consumer demand. CVC is excited to build on its strong relationship with PAI Partners to support them and Scrigno’s excellent management team in delivering the company’s growth strategy.”

Raffaele R. Vitale, a Founding Partner of PAI Mid-Market Fund, commented: “We are excited to invest in Scrigno, the European leader in the manufacturing of counter-frames for pocket doors. We look forward to partnering with the CEO, Maddalena Marchesini, and the rest of the management team to support the ambitious growth plans they have for the business. This will be achieved through both organic growth and acquisitions, and we intend to actively support the company’s internationalisation through our pan-European presence and sector expertise.”

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SONNEDIX agrees to sell its PUERTO RICO SOLAR operations to ARCLIGHT’S INFINIGEN platform

LONDON, UK – Sonnedix, the global solar independent power producer (IPP), announced today the 100% ownership transfer of its interest in the “Puerto Rico Operation” to ArcLight’s Infinigen renewables platform.
The transaction includes Sonnedix USA Ltd, Sonnedix Solar Puerto Rico, Sonnedix Solar Puerto Rico Holdings Ltd, and Sonnedix Solar Puerto Rico Holdings II Ltd.
The “Puerto Rico Operations” is comprised of two operating solar PV plants – Oriana and Horizon – totalling 73.2MW, and a dedicated operating and asset management team, plus other entities pursuing additional solar and battery energy storage in Puerto Rico. The Puerto Rico Operations will conduct business under the Infinigen name post-closing.
“After a decade present in Puerto Rico, we have decided to move our operations away from the island to focus on our sustainable growth strategy in other markets in the USA.” said Axel Thiemann, CEO of Sonnedix. “Puerto Rico will always be part of our growth story and we bring with us an important learning journey and the honour to have worked with a deeply committed and dedicated team of experts. We believe this is also an opportunity for both the assets and the team to expand and grow, within the Infinigen platform.”
Commenting on the transaction, ArcLight’s Managing Partner and Founder Dan Revers said, “This transaction represents the first acquisition by our Infinigen renewables platform – an attractive opportunity to back the premier renewable asset owner, operator and developer in Puerto Rico. ArcLight looks forward to supporting Infinigen’s mission to provide low-cost, renewable electricity to North American communities. Over its 20-year history, ArcLight has invested over $4 billion in 5 GW of renewable assets, and this transaction is testament to our continued commitment to enabling decarbonization and sustainability.”
The transaction is expected to close in two stages between December 2021 and March 2022, subject to customary regulatory approvals and closing conditions. On this transaction, Sonnedix was advised by DLA Piper as primary legal counsel, while Latham & Watkins served as primary legal counsel to ArcLight. /Ends.

About Sonnedix
Sonnedix Power Holdings Limited (together with its subsidiaries, Sonnedix) is a global solar Independent Power Producer (IPP) with a proven track record in delivering high performance cost competitive solar photovoltaic plants to the market. Sonnedix develops, builds, owns and operates solar power plants globally, with a total capacity of over 4.7GW, including a development pipeline of more than 2GW. Sonnedix continues to expand its global footprint across OECD countries, with almost 350 solar plants in operations, as well as several hundred MW under construction or various development stages in Italy, France, Spain, USA/, Chile, South Africa and Japan.
contact: comms@sonnedix.com www.sonnedix.com

About ArcLight
Arclight Capital Partners, LLC is one of the leading energy infrastructure firms. Founded in 2001, the firm helped pioneer an asset-based approach to investing in the energy sector. ArcLight has invested approximately $25 billion in 113 transactions since inception. Based in Boston, the firm’s investment team employs a hands-on value creation strategy utilizing its in-house technical, operational, and commercial specialists, as well as the firm’s approximately 1,500-person asset management affiliate. ArcLight has a deep track record of investing in businesses and assets that contribute to a decarbonized future, closing its first renewable power deal in 2003 with over $4 billion invested in renewable power transactions since then. We believe that ArcLight’s two decades of power and renewables experience, as well as our deep track record across the energy value chain, provide differentiated insights that will help us and our partners contribute to a net zero future. More information about ArcLight and a complete list of ArcLight’s portfolio companies can be found at https://www.arclight.com

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EQT strengthens position in healthcare investments by joining forces with LSP

eqt

EQT AB (publ) today announces the signing of an agreement (the “Transaction”) to acquire LSP (“Life Sciences Partners” or the “Company”), a leading European life sciences venture capital firm with approximately EUR 2.2 billion of assets under management (AUM) and a team of 34 professionals.LSP will strengthen EQT’s position as one of the leading and most active private markets investors in the healthcare sector

LSP’s highly experienced team will complement EQT’s existing knowledge base within life sciences and expand EQT’s ability to support companies at the forefront of innovation in the healthcare sector

LSP will enhance EQT’s ability to drive positive social impact in the healthcare industry and future-proof companies that can advance life science research through cutting edge technology

The upfront consideration amounts to EUR 450 million (on a cash- and debt free basis), comprising of 25 percent cash and 75 percent new EQT AB publicly traded shares, with a potential additional earn-out payment of EUR 25 million

LSP, headquartered in Amsterdam, the Netherlands, is a venture capital firm that invests in innovative companies with strong scientific and clinical rationale across several life sciences strategies. The Company was founded in 1998 and today is one of Europe’s largest and most experienced life sciences investment firms. LSP employs 34 professionals across its offices in Amsterdam, Munich, and Boston.

Over the past two decades, LSP has invested in over 150 life sciences companies, generated strong returns, and built a top-performing life sciences franchise. As part of EQT, the LSP team will be able to continue to operate in the same successful manner as they have been operating over the past two decades. The entire LSP team, including all partners and employees, will join EQT.

LSP is expected to generate approximately EUR 37 million in revenues and approximately EUR 24 million in EBITDA (excluding carried interest) during 2021. The proposed consideration is expected to equate to a mid-teens EBITDA multiple on a run-rate basis at completion.

Strategic rationale

  • Strong scalability benefits for both parties. LSP brings a deep scientific knowledge base, which will enable thorough assessment of scientific risk and development of science-based companies. As part of EQT, LSP can continue to grow its business while leveraging the full EQT platform, including fundraising support, in-house digitalization, and sustainability capabilities. LSP’s broad life sciences network is a great asset and is complementary to EQT’s global healthcare advisory network
  • Access to new types of investment opportunities and a broadened investable universe for both parties. By joining forces, LSP and EQT will broaden the potential scope of deals for both parties, with the opportunity to future-proof more healthcare companies and make an even greater impact on society
  • Strong cultural fit and aligned investment philosophy. LSP and EQT share a thematic approach to investments and value creation, with a values-based corporate culture

Per Franzén, Partner and Head of EQT Private Capital, said, “EQT has a long history of developing strong healthcare companies, and today we are one of the largest and most active private equity investors in the sector globally. Integrating LSP within EQT’s Private Capital platform will bring compelling cross-pollination opportunities for our other strategies and complement our sector expertise – making EQT an even better and more innovative healthcare investor.”

René Kuijten, Managing Partner at LSP, and incoming Partner and Head of EQT Life Sciences, said, “Europe has many attractive life sciences companies. Together with EQT, one of the largest European private equity firms with more than EUR 70 billion under management, LSP can select, develop, and finance these opportunities even better than before. Given the strong cultural fit and the complementarity between our organisations, we are convinced that joining forces is a win-win for our investors, our portfolio companies, our LSP colleagues, and the broader European life sciences ecosystem.”

Martijn Kleijwegt, Founder and Managing Partner at LSP, added, “The partnership with EQT not only accelerates LSP’s growth opportunities in an unprecedented way but also guarantees the long-term continuity of LSP’s active role in the life sciences industry in Europe and beyond. Having started the firm in 1998, I feel proud to have built the firm with all the partners and other colleagues, and I feel very good about where it has landed today.”

Michael Bauer, Partner and Co-Head of EQT’s Global Healthcare sector team, said, “We are truly excited about the opportunity to join forces with LSP and form EQT Life Sciences. The EQT and LSP teams have complementary skill sets, and the combination will allow us to support healthcare companies and their management teams in a unique way. The life science industry is going through a phase of unprecedented innovation and, through the partnership with LSP, EQT will be able to participate in this growth opportunity and open up doors for attractive new investments in the space.”

Key transaction details

  • EQT AB to acquire 100 percent of the LSP management company and 20 percent of the right to carried interest in select LSP funds. In addition, EQT AB will be entitled to 35 percent of the carried interest of future funds, which is in line with existing EQT policies
  • Upfront consideration amounts to EUR 450 million (on a cash- and debt free basis) comprising of 25 percent cash and 75 percent EQT AB publicly traded shares (through issue of EQT AB ordinary shares, with the number of shares to be issued determined by the 10 day VWAP of EQT AB ordinary shares as of signing (equal to approximately 7.2 million shares, corresponding to a dilution of approximately 1 percent). In addition, a potential earn-out payment of EUR 25 million will be made if certain short-term fundraising targets are met
  • Share consideration for LSP’s owners will be subject to customary lock-up provisions which will expire following the fourth anniversary of the completion of the Transaction (or, if earlier, by the end of Q1 2026)
  • The issuance of new EQT AB ordinary shares is based on the authorization granted by the annual general meeting held in 2021
  • The transaction is subject to customary closing conditions, including antitrust, regulatory and certain fund investor clearances. The Transaction is expected to close in Q1 2022
  • The Transaction is expected to be accretive to EQT AB’s earnings in 2022

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

Disclaimer
This press release contains forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward- looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond EQT’s control, which may cause actual results to differ significantly from those expressed in any forward- looking statement. All forward-looking statements reflect EQT’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, EQT disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

About

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. Uniquely, EQT is the only large private markets firm in the world with investment strategies covering all phases of a business’ development, from start-up to maturity. EQT today has more than EUR 70 billion in assets under management across 27 active funds within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 24 countries across Europe, Asia-Pacific and the Americas and has more than 1,100 employees.

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

About LSP
LSP is one of the largest European investment firms providing financing for life sciences and health care companies. LSP’s management has raised over €3.0 billion ($3.5 billion) and supported the growth of more than 150 companies since it started to invest over 30 years ago, including signature deals such as argenx, Crucell and Neuravi. With offices in Amsterdam, Munich and Boston, LSP currently has the possibility to invest through several strategies, each having a distinctive investment scope and a dedicated team: LSP 7 invests in private early- to late-stage drug development and medical technology companies; the LSP Health Economics Fund (LSP HEF 2) focuses on private late-stage medical technology companies that can reduce the cost of healthcare; the LSP Dementia Fund invests in companies targeting neurodegenerative diseases; and LSP Public targets public healthcare companies. LSP is an active contributor to the global life sciences industry and the European life science eco-system by assuming roles as initiators, founders and board members in various private and public bodies and organizations, for example being founder and board member of the Oncode Institute.

More info: www.lspvc.com
Follow LSP on LinkedIn

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Egeria invests in Van Losser to support its next growth phase

Egeria

Amsterdam – November 10th, 2021 – Egeria invests in Van Losser alongside its existing shareholders and management to jointly pursue further growth of the company.

Van Losser is active in the market of technical installations for residential new build and utility. The company has achieved strong growth in recent years through a focus on standardization and digitization of operations, supported by a successful buy-and-build strategy. Today, Van Losser operates from 15 locations in the Netherlands. The company is able to provide the full range of installations and is active in design/engineering, prefab assembly, installation, as well as maintenance.

The investment by Egeria provides the company with the financial and operational support to continue its acquisition strategy, focused around expanding its geographical presence and broadening its expertise as well as base of technically qualified personnel.

Floris Waage, managing partner at Egeria: “We are impressed by the growth track record of Van Losser. Through a combination of entrepreneurship, focused execution, and an attractive customer proposition, Van Losser has built a strong market position. We have a lot of confidence in the team and are excited to be able to support them in realizing the next growth phase.”

Bert van Losser, managing director Van Losser: “We are proud of Van Losser and our employees that have contributed to the success of the company. Van Losser has strong growth ambitions and we look forward to work together with Egeria to achieve these in the coming years.”

About Van Losser
Van Losser is a technical installation company with a leading position in the Dutch residential new build market and a successful utility installation business. The company is headquartered in Rijssen, the Netherlands. Van Losser operates from 15 locations across the Netherlands, with over 400 employees and c. 40 temporary staff.

About Egeria
Established in 1997, Egeria is an independent Dutch investment company focused on medium-sized enterprises. Egeria invests in healthy businesses with an enterprise value of between EUR 50 million and EUR 350 million. Egeria believes in building businesses jointly with enterprising management teams (Boldly Building Together). Egeria Private Equity Funds has interests in 12 companies in the Netherlands and Germany, while Egeria Evergreen has investments in 7 companies. Egeria’s portfolio companies generate combined revenues of more than EUR 2 billion and employ circa 12,000 people. Other activities include Egeria Real Estate Investments, Egeria Real Estate Development and Egeria Listed Investments. In 2018 Egeria launched Egeria Do, a corporate giving program that supports projects in the world of art, culture and society, but also within its investee companies.

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General Atlantic Closes Sixth Flagship Growth Equity Fund at $7.8 Billion, Bringing Total Committed Capital to $23.8 Billion

General Atlantic, a leading global growth equity firm, announced today the final close of its sixth flagship fund, GA 2021, at $7.8 billion, above its initial target of $5 billion. The fund received commitments from new and existing capital partners, including family offices, endowments, foundations and institutional investors around the world.

The firm, which pioneered the growth equity asset class more than four decades ago, now has $23.8 billion in committed capital and over $78 billion in assets under management.[1] General Atlantic partners with high-growth, tech-enabled companies globally across its five core sectors: Consumer, Financial Services, Healthcare, Life Sciences and Technology. Since its founding, General Atlantic has invested $49 billion in more than 445 global growth companies.

“Our global growth equity strategy positions us to capitalize on the profound acceleration of digital innovation and global entrepreneurship as we seek to deliver attractive risk-adjusted returns to our capital partners,” said Bill Ford, Chairman and CEO of General Atlantic. “Our ability to partner with management teams, help build rapidly growing, technology-enabled companies on a global scale, and generate strong and consistent investment performance distinguishes General Atlantic with both entrepreneurs and investors.”

“We believe that growth equity plays a critical role in driving innovation and delivering both strong performance and positive impact,” said Graves Tompkins, Managing Director and Global Head of Capital Partnering for General Atlantic. “The enthusiasm for our global investment strategy and partnership approach enables us to scale our capital base to meet our expanding opportunity set while creating strategic and long-term relationships with family and institutional investors.”

General Atlantic operates outside of the traditional fundraising cycle, with a unique capital structure that enables the firm to scale its capital base on an ongoing basis.

The firm’s capital structure includes:

  • Closed-end funds;
  • Five-year managed accounts and evergreen accounts; and
  • A GP commitment, representing the largest single investor in GA’s core investing program.

This access to a stable, global pool of capital allows General Atlantic to maintain its focus on making the most attractive long-term decisions for both its portfolio companies and capital partners.

Amran Hussein and Conrad van Loggerenberg of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to General Atlantic.

About General Atlantic

General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 445 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $78 billion in assets under management inclusive of all products as of June 30, 2021, and more than 190 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore and Stamford. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

[1] AUM is inclusive of all products as of June 30, 2021.

Media Contacts

Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com

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Kubermatic Raises $6M Seed Funding to Accelerate Growth of Their Open Source Kubernetes Automation Platform

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Nauta Capital

  • The investment round was led by Nauta Capital with Celonis co-founders Bastian Nominacher and Martin Klenk joining the round as angel investors
  • Use of containers in production has risen by 300% since 2016 and 91% of organizations running containers use Kubernetes for orchestration
  • Enterprises leverage Kubermatic Kubernetes Platform to automate operations of hundreds of Kubernetes clusters across any infrastructure

Hamburg, November 10, 2021 – Kubermatic, creator of the widely adopted Kubermatic Kubernetes Platform (KKP), has raised $6M in seed funding, led by Nauta Capital. With Bastian Nominacher and Martin Klenk, co-founders of Celonis, renowned angel investors joined the round. Kubermatic Kubernetes Platform fully automates all aspects of operating Kubernetes clusters in hybrid- and multi-cloud as well as on the edge. The company will use the seed funding to increase open source adoption, broaden the international customer base and accelerate product innovation.

According to the Cloud Native Computing Foundation (CNCF), use of containers in production has risen by 300% between 2016 and 2020 and 91% of organizations running containers use Kubernetes for orchestration. The leading technology research and consulting house Gartner predicts that by 2022, more than 75% of organizations will be running containerized applications in production. At the same time, only an estimated 5% of all enterprise applications have been containerized so far. As a result, Gartner expects container management software and services to rapidly grow and reach $944M in 2024.

With several global enterprise companies using Kubermatic Kubernetes Platform to automate and drive their transformation towards cloud adoption, some of Kubermatic’s existing customers include T-Systems MMS, Allianz, and Siemens.

Sebastian Scheele, CEO and co-founder of Kubermatic said: “Our vision is to help customers achieve power through automation. We build the world’s most adaptable and autonomous software delivery platform because we want IT teams to focus their time on writing innovative applications that rival the likes of Amazon and Google.”

Guillem Sague, Partner at Nauta Capital, commented: “Over the last five years, we have seen Kubernetes become the leading technology for container orchestration. Kubermatic has been an early adopter and is one of the main contributors to the Kubernetes project. Therefore we are excited to partner with a European OSS company that is a front runner in their industry.”

Martin Klenk, co-founder and CTO at Celonis added: “At Celonis, we pioneered process mining to run business operations entirely on data and intelligence. Containers and Kubernetes are essential to achieve the flexibility, speed, and resilience companies need for scalable business models like ours. Among our enterprise customers, I can observe that container technologies and Kubernetes are becoming the standard for multi-cloud, hybrid-cloud and edge strategies to modernize existing IT infrastructures. I strongly expect Kubernetes to prevail for all mission-critical enterprise applications in the medium term. For this reason, I am truly excited to join Kubermatic’s seed financing round.”

Media Relations:

kristin@kubermatic.com |  sam.ahmed@nautacapital.com

Logos and images related to this press release here.

About Kubermatic

Kubermatic empowers organizations worldwide to automate all aspects of their Kubernetes and cloud native operations across multi-cloud, edge and on-prem data centers. As a Top 6 corporate committer to the Kubernetes Project for over three years, Kubermatic develops enterprise-grade software solutions and provides professional services to safely navigate and accelerate the cloud native transformation. Leading enterprises including Allianz and Siemens trust Kubermatic on their cloud native journey. The company was founded in 2016 by Sebastian Scheele and Julian Hansert and is headquartered in Hamburg, Germany https://www.kubermatic.com/

About Nauta Capital

Nauta Capital is a Pan-European Venture Capital firm investing in early-stage technology companies, with offices in London, Barcelona and Berlin. With over half a billion assets under management and a team of 24 people, Nauta Capital is one of Europe’s largest B2B focused VCs. As a sector-agnostic investor, Nauta’s main areas of interest include B2B SaaS solutions with strong network effects, vertically focused enterprise tech transforming large industries as well as those leveraging deep-tech applications to solve challenges faced by large enterprises. Nauta has led investments in more than 50 companies including Brandwatch, HappySignals, Marfeel, Nextail, Emjoy, zenloop, Mercaux, Holded, Onna, MishiPay, and Smart Protection. Find out more at www.nautacapital.com

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21 Invest Italy signs a binding agreement to acquire Zanzar, a leading Italian group in insect screens

21 Invest Italy is pleased to announce that it has entered into a binding agreement to acquire a majority stake in Zanzar, European leader in the development and production of insect screens based in the South of Italy.

Founded in 1985 by Angelo L’Angellotti, Zanzar was at first focused on the production of insect screens and then enlarged its product offer to other window accessories like shutters, blinds, awnings and pergolas thanks to recent acquisitions.

Zanzar is still managed by the founder and has experienced a strong growth over the years, reaching a total turnover of about €M 80, about 35% of which is generated on international markets with a total workforce of about 400 employees.

Across its 11 production sites, Zanzar has developed an extremely efficient operating model, that ensures customers can experience a high level of service and quality, with extremely fast delivery times. The continuous investments made over the years and still underway will provide the company with significant room to grow, both increasing penetration in already served markets and expanding its international footprint.

21 Invest will support the company’s development on an organic basis, including the integration of the companies acquired in the past years, as well as, through a build-up strategy, with a number of potential targets already identified in order to expand product range and market coverage.

The current management team will continue running the company, headed by the Chairman Angelo L’Angellotti. The project also envisages the managerialization of the company, through the involvement of professionals, either already with the company or to be recruited, with the ultimate aim of strengthening Zanzar’s organizational structure.

Alessandro Benetton, Founding Managing Partner of 21 Invest states: “We are delighted to support Zanzar in pursuing further development. Partnering with an entrepreneur and a company that over the years have shown enormous potential is at the basis of our investment strategy. I firmly believe that the synergy between Zanzar’s DNA and 21 Invest’s industrial approach will allow the group to further strengthen its leadership position in the sector, further accelerating the growth path developed over time.”

Angelo Angellotti, Chairman of Zanzar, affirms: “The partnership with 21 Invest is a milestone in a journey that began more than 35 years ago. With 21 Invest we will be stronger and ready to take on future growth opportunities in Italy and abroad, both organically and through add-on acquisitions.”

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EQT Ventures and EQT Growth to exit its holdings in Wolt, a leading food delivery platform operating across 23 countries

eqt

DoorDash (NYSE: DASH) is acquiring Wolt in an all-stock deal worth approximately EUR 7 billion; EQT Ventures and EQT Growth will exit their holdings in Wolt and receive DoorDash stock as part of the transaction

EQT Ventures led the early Series-A financing round for Wolt in 2016 and has since been a close partner and advisor to Wolt, participating in all subsequent financing rounds. EQT Growth invested in Wolt’s latest USD 530 million round of financing in January 2021

Since its founding in Finland in 2014, the Helsinki-based company has expanded to 23 countries and today employs over 4,000 people

Today it was announced that DoorDash (NYSE: DASH) has entered a definitive agreement to acquire Wolt (the “Company”) for approximately EUR 7 billion in an all-stock transaction, subject to regulatory approval and other customary closing conditions for transactions of this type. As part of the transaction, the EQT Ventures I fund (“EQT Ventures”) and EQT Growth are exiting their holdings in Wolt and receiving shares in DoorDash. DoorDash is a technology company that connects consumers with their favorite local and national businesses in more than 7,000 cities across the United States, Canada, Australia and Japan. With the acquisition of Wolt, DoorDash will add a significant international presence.

Wolt was established in 2014 in Helsinki, Finland, by CEO Miki Kuusi and co-founders, who had a vision of creating a truly tech-oriented company that would make it easy and fun to discover great food delivered directly to home or office. Wolt’s platform and data-driven delivery infrastructure provide customer convenience and new revenue opportunities for both restaurants and retailers. It has grown rapidly and today operates across 23 countries and employs over 4,000 people.

EQT Ventures was one of Wolt’s earliest investors and has participated in all subsequent financing rounds, during which it has played a pivotal role in supporting the Company to become one of the largest private technology companies in Europe. EQT Growth joined the journey in January 2021 as part of Wolt’s latest growth financing round, showcasing EQT’s ability to “back its winners” over time and across the EQT platform. Today, EQT Ventures and EQT Growth combined are Wolt’s largest shareholders.

Johan Svanström, Partner within EQT Growth’s Advisory Team and Wolt board member since 2018, and Lars Jörnow, Partner within EQT Ventures’ Advisory Team and part of the initial investment team for Wolt when the fund lead the Series A, commented, “We are thrilled to see Wolt and DoorDash join forces. EQT Ventures originally invested in a small, tech-obsessed and gritty Finnish team that was looking for a hands-on and involved investment partner. Through our close working relationship and supported by capital investments from EQT Ventures, and subsequently EQT Growth, today Wolt is one of Europe’s most successful private technology companies. It has been a pleasure supporting CEO Miki Kuusi and the team in building and scaling the company and we look forward to following them for years to come.”

Miki Kuusi, CEO of Wolt, said, “The entire EQT platform has been critical in our growth and success over recent years. EQT Ventures were one of our earliest backers and have remained with us ever since. In 2021, we were delighted to welcome EQT Growth to the fold as part of our latest funding round. Today, I’m incredibly excited to announce that Wolt is joining forces with the DoorDash team to start our next chapter.”

The transaction is subject to regulatory approval and other customary closing conditions for transactions of this type. The DoorDash equity issued as part of the transaction will be valued at $206.45 per share, based on DoorDash’s 30 day VWAP as of November 3, 2021.

EQT Ventures and EQT Growth were advised by law firm DLA Piper.

EQT Press Office
press@eqtpartners.com, +46 8 506 55 334

DoorDash Investor Relations Contact
ir@doordash.com

DoorDash Press Contact
press@doordash.com

Wolt Contact
press@wolt.com

Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events, including the timing of the proposed transaction and other information related to the proposed transaction. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern the proposed transaction and our expectations, strategy, plans or intentions regarding it. Forward-looking statements in this communication include, but are not limited to, (i) expectations regarding the timing, completion and expected benefits of the proposed transaction, (ii) plans, objectives and expectations with respect to future operations, stakeholders and the markets in which Doordash and Wolt and the combined company will operate, and (iii) the expected impact of the proposed transaction on the business of the parties. Expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks, uncertainties and other factors relate to, among others: risks and uncertainties related to our pending acquisition of Wolt, including the failure to obtain, or delays in obtaining, required regulatory approvals, the failure to satisfy any of the closing conditions to the proposed transaction on a timely basis or at all and costs and expenses associated with failure to close; costs, expenses or difficulties related to the acquisition of Wolt, including the integration of the Wolt’’s business; failure to realize the expected benefits and synergies of the proposed transaction in the expected timeframes or at all; the potential impact of the announcement, pendency or consummation of the proposed transaction on relationships with our and/or Wolt’s employees, customers, suppliers and other business partners; the risk of litigation or regulatory actions to us and/or Wolt; inability to retain key personnel; changes in legislation or government regulations affecting us or Wolt; developments in the COVID-19 pandemic and resulting business and operational impacts on us and/or Wolt; and economic, financial, social or political conditions that could adversely affect us, Wolt or the proposed transaction. For additional information on other potential risks and uncertainties that could cause actual results to differ from the results predicted, please see our Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent Form 10-Qs or Form 8-Ks filed with the Securities and Exchange Commission (the “SEC”). All information provided in this communication is as of the date of this communication and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable, and information available to us, as of such date. We undertake no duty to update this information unless required by law.

No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Important Additional Information Will be Filed with the SEC
DoorDash will file with the SEC a registration statement on Form S-4, which will include a prospectus of DoorDash. INVESTORS ARE URGED TO CAREFULLY READ THE REGISTRATION STATEMENT AND OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT DOORDASH, WOLT, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors will be able to obtain free copies of the registration statement and other documents filed with the SEC through the website maintained by the SEC at www.sec.gov and on DoorDash’s website at http://ir.doordash.com.

About

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 DoorDash
DoorDash is a technology company that connects consumers with their favorite local and national businesses in more than 7,000 cities across the United States, Canada, Australia and Japan. Founded in 2013, DoorDash enables local businesses to address consumers’ expectations of ease and immediacy and thrive in today’s convenience economy. By building the last-mile logistics infrastructure for local commerce, DoorDash is bringing communities closer, one doorstep at a time.

About Wolt
Wolt is a technology company that makes it incredibly easy to discover and get the best of local restaurants, grocery stores and other local shops delivered to your home or office. Wolt is in 23 countries. The Helsinki-based company was founded in 2014, employs over 4,000 people, and is led by its Co-Founder and CEO Miki Kuusi.

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