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Global supply chain management provider secures Equistone investment

Equistone

Equistone Partners Europe Limited (“Equistone”), the European mid-market private equity investor, today announces its investment in global supply chain management provider Ligentia. The financial terms of the investment are undisclosed.

Founded in 1996 by group CEO Nick Jones, Ligentia has a team of 400+ professionals across 25 locations worldwide. The firm manages the international freight and supply chains for some of the world’s leading retailers, consumer brands and healthcare providers.

Ligentia recorded revenues of c. £300m in 2020, representing strong year-on-year growth which is expected to continue.

The investment from Equistone, with its pan-European network of offices, will support Ligentia in delivering its ambitious growth plans through strategic acquisitions. It will also support the enhanced development of Ligentix; Ligentia’s proprietary customer technology platform.

Ligentia will continue to be led by its founder and CEO Nick Jones, who alongside the existing management will also invest in the business.

Nick Jones, Founder and CEO of Ligentia, said:

“Ligentia has always had an exceptional ability to adapt according to customer and market requirements and we work hard to ensure that customers drive our strategy and ways of working. Over the past 12 months we have adapted again, as our customers and colleagues around the world have endured some of the most challenging times. Our significant investment in our technology platform means we have been able to not only maintain our service to customers, but deliver some substantial change in the way we work. That investment has positioned Ligentia at the forefront of change in our sector.”

“Our new partnership with Equistone will allow increased investment in our business at a time where there is a considerable awareness of global supply chains and the risks that organisations face without the right visibility systems and partners.”

“Equistone has an exceptional track record of supporting fast-growth global companies like ours, as well as a deep understanding of the market. We are really excited about this next part of our journey with a valuable partner on board.”

Sebastien Leusch, Investment Director at Equistone Partners Europe, said:

“Ligentia has 25 years of experience in global supply chain management with some of the world’s most admired brands. Thanks to its strong management team, the business is known for its particularly high customer service levels, underpinned by a stand-out technology platform. This unique combination, at a time where the importance of seamless global supply chain management is particularly heightened, makes this investment a particularly exciting one.

We are therefore delighted to have this opportunity to invest and we look forward to working alongside Nick and the wider team on Ligentia’s next phase of growth and product development.”

Sebastien Leusch, Chris Candfield and Steve O’Hare led the investment on behalf of Equistone. Equistone was advised by DC Advisory, Addleshaw Goddard and PwC.

Ligentia was advised by Rothschild, Squire Patton Boggs, KPMG, Roland Berger and Crosslake.

Santander is providing revolving credit facilities to Ligentia as part of the transaction.

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Advent International to acquire controlling stake in ZCL Chemicals Limited

Advent International
  • Investment will further strengthen Advent’s presence in the pharmaceuticals and API sub-sector.
  • Transaction is Advent’s fourth investment in India over the past twelve months.

MUMBAI, INDIA, February 08, 2021 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has signed a definitive agreement to acquire a majority stake in ZCL Chemicals Limited (“ZCL”), one the fastest growing pharmaceutical companies in India. The business was formerly known as Zandu Chemicals Ltd.

With this transaction, Morgan Stanley Private Equity Asia (MSPEA), a private equity platform that previously managed a minority investment in ZCL, will exit their investment.

ZCL is one of the fastest growing manufacturers of specialty active pharmaceutical ingredients (APIs) and advanced intermediates. ZCL’s highly specialised approach focuses on niche therapeutic areas, underpinned by complex chemistry, supported by a state-of-the-art U.S. Food and Drug Administration (FDA) approved facility, along with strong research & development capabilities. The company has delivered impressive growth over the past few years, has leading market positions in its existing products, and is developing a strong pipeline of high potential products that is expected to drive the next phase of its growth.

“ZCL will be our third pharmaceuticals investment in India and the second in the API space. ZCL is a high-growth business, led by a capable management team, which will further fortify our presence in the API market, a key sub-sector focus of ours,” said Shweta Jalan, a Managing Director and Head of India at Advent International, India.

Over the last 12 months, Advent has committed over $1.2 billion globally across the healthcare sector. The firm has also committed over $600 million in four Indian businesses over the same period in varied sectors such as healthcare, consumer, and financial services amongst others.

“We are impressed with ZCL’s differentiated product portfolio, strong pipeline and its high focus on quality and compliance. The acquisition of ZCL helps us get closer to our goal of creating a top five merchant API platform in India,” said Pankaj Patwari, Director, Advent International India.

“We are very pleased with this transaction and excited to partner with Advent. In the last 12 years we have established ZCL as one of the leading pure-play API companies in the country, and today marks an important milestone in these efforts. We are very excited for the future of ZCL, and strongly believe Advent’s global expertise in the pharmaceutical space, combined with ZCL’s strong capabilities in manufacturing and R&D and a culture of customer centricity, will ensure that we keep up our tradition of delivering immense customer value,” said Nihar Parikh, Executive Director of ZCL Chemicals Ltd.

“ZCL was one of MSPEA’s first investments in the Healthcare and Life Sciences sector in India, and we are happy with the progress the company has made in the last 4 years. Today, it is well positioned to embark on the next phase of growth, with a strong product portfolio and focus on quality standards”, said Nirav Mehta, Managing Director and Co-Head of Morgan Stanley Private Equity India.

Advent has been investing in India since 2007. In this time, it has deployed over $1.7 billion in 12 companies with headquarters or operations in the country. In addition to ZCL, new investments in last 12 months include RA Chem Ltd, a vertically integrated pharmaceutical company; Bharat Serums and Vaccines (BSV), a biopharmaceutical leader in women’s health and critical care; and Aditya Birla Capital, the holding company of the financial services businesses of Aditya Birla Group (ABG), an Indian multinational conglomerate.

Advent has significant experience in the healthcare industry globally. In the past 30 years, the firm has invested or committed over $9.6 billion in 48 companies in the sector, including over 20 businesses involved in pharmaceutical R&D, production, and distribution. Recent pharmaceutical transactions include RA Chem Ltd, Bharat Serums and Vaccines, Sundia, Zentiva’s acquisition of Alvogen’s Central and Eastern European generics business, BioDuro, Industria Chimica Emiliana, Somar, Syneos Health and Zentiva.

The transaction will be subject to customary closing conditions.

ZCL Chemicals was advised by Jefferies (Sole Financial Advisor), Bombay Law Chambers (Legal Counsel) and Deloitte (Finance and Tax).

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 350 private equity transactions in 41 countries, and as of September 30, 2020, had $66.2 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 200 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit:

Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

About ZCL Chemicals Limited

ZCL (formerly Zandu Chemicals Ltd.) is one of the fastest growing Pharmaceutical companies in India. Established in 1991, ZCL is headquartered in Mumbai and has a state-of-the-art US FDA successfully inspected facility with a capacity of 214 KL along with strong research & development capabilities strategically located in the industrial park of Ankleshwar, Gujarat.

For more information, visit:
www.zclchemicals.com

Media contacts

Advent International

India:
Girish Dikey
Ketchum Sampark
Tel: +91 98922 00260
girish.dikey@ketchumsampark.com

USA:
Andrew Johnson or Anna Epstein
Finsbury
Tel: +1 646 805 2000
Adventinternational-US@finsbury.com

UK:
Graeme Wilson or Harry Cameron
Tulchan
Tel: +44 (0)20 7353 4200
Advent@tulchangroup.com

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Ratos establishes new financial targets related to its strategy to develop a long-term business group

Ratos

 

  • EBITA is to amount to at least SEK 3 billion by 2025.
  • Net debt in relation to EBITDA should normally range from 1.5 to 2.5x.
  • The dividend payout ratio should amount to 30–50% of profit after tax attributable to owners of the parent, excluding capital gains and losses.

The Board of Ratos AB (“Ratos”) decided on these new financial targets based on the previously announced decision to steer the direction of operations towards becoming a business group with a long-term perspective. Ratos currently has an “eternal” ownership horizon and invests to build value over the long term.

“After reviewing the investment strategy implemented by Ratos’s management and Board in 2018, our focus was initially on increasing stability and profitability in the companies owned. This work resulted in EBITA in 2020 more than doubling compared with 2018. This means that Ratos and its companies are ready to take the next step, with a focus on profitable growth, both organically and through acquisitions,” says Per-Olof Söderberg, Chairman of Ratos.

“We are well positioned to accelerate the pace of execution of our business plan, with the aim of investing in organic growth and margin growth in the existing business group as well as add-on acquisitions and potential new acquisitions. We have taken several steps in the transformation of Ratos and are now a business group focused on profitable growth. At the same time, a great deal of work remains to reach our targets,” says Jonas Wiström, President and CEO of Ratos.

FINANCIAL TARGETS

Ratos decided on the following financial targets:

EBITA growth
Target: EBITA is to amount to at least SEK 3 billion by 2025.

Net leverage
Target: Net debt in relation to EBITDA should normally range from 1.5 to 2.5x, excluding financial leasing liability. The target includes the cash balances of Ratos’s parent company.

Dividend payout ratio
Target: The dividend payout ratio should amount to 30–50% of profit after tax attributable to owners of the parent, excluding capital gains and losses.

The new financial targets replace the previous targets, which were: 1. the earnings of the company portfolio should increase each year; 2. the total return on Ratos shares should, over time, outperform the average on Nasdaq Stockholm; and 3. that the dividend payout ratio should be 30–50% of profit after tax attributable to owners of the parent.

Telephone conference
Jonas Wiström, President and CEO of Ratos, and Jonas Ågrup, CFO, will hold a telephone conference at 9:00 a.m. CET on 8 February to discuss the publication of Ratos’s year-end report and to present the financial targets.

To participate in the teleconference, call UK: +44 333 300 9031, SE: +46 8 505 583 50, US: +1 833 526 83 47 or follow this link https://financialhearings.com/event/13548. The presentation material is also available on Ratos’s website: www.ratos.com.

This is information that Ratos AB is required to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, on 8 February 2021 at 7:00 a.m. CET.

For further information, please contact:
Jonas Wiström, President & CEO
+46 8 700 17 00

Helene Gustafsson, Head of IR and Press
+46 8 700 17 98
helene.gustafsson@ratos.com

About Ratos:
Ratos is a business group consisting of 11 companies divided into three business areas: Construction & Services, Consumer & Technology and Industry. In total, the companies have SEK 33 billion in sales and EBITA of SEK 2 billion. Our business concept is to develop mid-sized companies headquartered in the Nordics that are or can become market leaders. We enable independent mid-sized companies to excel by being part of something larger. A focus on people, leadership, culture and values is a key component of Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.

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Q announces appointment of Mauricio Arellano as Chief Executive Officer

3I

Q, a global leader in outsourced medical manufacturing and silicone technologies for critical products including medical devices, electrical connector seals and insulators, announces the appointment of Mauricio Arellano as Chief Executive Officer. Mauricio follows Thomas J. Hook, who will remain involved with Q as a non-executive Director and is assuming the role of Chief Executive Officer of SaniSure, another 3i-owned life sciences business.

Mauricio has been with Q since 2018 and most recently served as the company’s Chief Operating Officer. He is a seasoned executive with a proven ability to grow global businesses efficiently and profitably and has a long tenure in the medical devices industry. Prior to Q, Mauricio was President of the Medical Division of Spectrum Plastics Group, a leading extrusion, injection molding, bioresorbables and assembly Medical Device outsourcing company with 16 plants and over 2,000 employees.

Prior to Spectrum, Mauricio held several executive leadership positions at Integer Holdings, including President of its Medical Division and EVP of Global Operations with responsibility for 30 manufacturing sites and over 9,000 employees. Before Integer, Mauricio held various operational management positions at Tyco Healthcare (now Medtronic) and Sony Electronics.

Richard Relyea, Partner at 3i, commented: “We are delighted to appoint Mauricio as CEO. Mauricio brings a wealth of operational and leadership experience. Throughout 2020, he played an increasingly pivotal role overseeing all aspects of our QSR and QMD operating units and has demonstrated tremendous results in leading our key growth and performance initiatives. We are confident in his ability to successfully lead Q into the future.

We would also like to extend our appreciation and gratitude to Tom for his contributions as CEO of Q. Over the past four years, Tom has successfully led the business through considerable transformation and positioned it for continued long-term success.”

Mauricio said: “As I reflect on the significant accomplishments Q has made over recent years, the strength of our organization and the opportunities that lie ahead, I could not be more proud of the business or more enthusiastic about its future. Q has truly differentiated capabilities and is a leader in our rapidly growing and exciting market segments. I believe we are on track to deliver significant value creation over the next several years, and I am humbled at the opportunity to lead the business. I look forward to working with all Q associates to realize the full potential of Q in the coming years through diligent execution and a focus on strong, strategic growth.”

Q comprises QMD™, which manufactures a broad range of high-performance, single-use devices as well as precision components and subassemblies, specializing in silicone and other elastomers; and QSR™, a global leader in turnkey custom molded, precision elastomeric components designed to safeguard harsh environment connectivity.

 

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Cinven to invest in Drake Software

Cinven

Investment in leading tax preparation software provider

International private equity firm, Cinven, today announces that it has agreed to make a significant investment into Drake Software (‘Drake’ or ‘the company’), a provider of software for tax preparers. Financial details of the transaction are not being disclosed.

Headquartered in Franklin, North Carolina, Drake is a leading provider of professional tax preparation software. It provides the tools and resources that tax professionals need to build their businesses and attract new clients. Drake employs more than 600 people across five offices in North Carolina, Tennessee and Virginia. More than 64,000 tax professionals nationwide use Drake, and each year the company processes more than 33 million federal and state-accepted returns. The business was established in 1977 by founder Phil Drake.

Building on its successful investment in Visma, a provider of Enterprise Resource Planning software and services – including accounting, tax and payroll applications – Cinven’s Technology, Media and Telecom (‘TMT’) Sector team worked closely with its US team to identify Drake as an attractive investment opportunity, given:

  • The resilience and stability of the professional tax preparation market;
  • Drake’s best-in-class reputation with its customers, evidenced by its market-leading customer retention rates and high recurring revenues;
  • Its market leading position, with the opportunity for further organic and acquisitive growth; and
  • The quality and breadth of the company’s software, with recent success in cross-selling new products and opportunities for the introduction of add-on products.

Cinven will be working with the highly experienced Drake management team, with Jamie Stiles continuing in his role as President and Chief Executive Officer of Drake Software.

Chris Good, Partner at Cinven, commented:

“This is a truly outstanding opportunity for Cinven to invest behind a team that has not only built a product that is loved by its customers, but also has a well-established position in a stable market with a wide range of exciting growth prospects.”

“We believe Cinven is well positioned to support the company through its next stage of growth, especially given its track record of investing successfully in technology-focused companies such as Visma and Jaggaer.”

Daniel Garin, Principal at Cinven, said:

“We are delighted to have the chance to work with Jamie and the Drake management team. We plan to invest behind the company’s growth plans to expand Drake’s presence in the market, renew its technology platform, and enhance its product offerings for the benefit of Drake’s employees and customers.”

Cinven’s investment in Drake builds on its successful track record in TMT, following its realisations of: Visma, a leading business solutions provider, in May 2019; Ufinet Group, a provider of fibre infrastructure and transmission services to telecom operators, in July 2018; and HEG, a provider of hosting and domain services, in April 2017.

Alongside these realisations, Cinven has continued to actively invest in the sector, most recently acquiring: MasMovil, a Spanish telecommunications operator; Jaggaer, a global provider of procurement software for large and medium-sized enterprises; RTB House, a global digital advertising technology provider; and One.com, a leading European web hosting provider.

The transaction is subject to customary anti-trust approvals.

Ropes & Gray LLP provided legal advice to Cinven on the transaction.

Chambliss, Bahner & Stophel, P.C. provided legal advice to Drake Software.

Deloitte Corporate Finance LLC acted as financial advisor to Drake Software.

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Senior Investment Director Chris Bischoff leaves Kinnevik

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Kinnevik

Kinnevik AB (publ) (“Kinnevik”) today announced that Senior Investment Director Chris Bischoff has decided to leave Kinnevik to take up a role as a Managing Director at General Catalyst. Chris will continue to represent Kinnevik on selected company boards.

Chris Bischoff joined Kinnevik in 2013 and during his time with Kinnevik has focused on the international investment activities, including leading the investments within Kinnevik’s successful healthcare portfolio, supported the formation of a strong sector focused investment team and leading the London office. Chris will leave Kinnevik during the second quarter, but he will continue to represent Kinnevik on selected company boards. Kinnevik has partnered with General Catalyst on multiples investments including Livongo and Cityblock and will continue to seek out opportunities to collaborate on new deals across sectors.

Kinnevik CEO Georgi Ganev commented: “I would like to thank Chris for his tremendous contribution to value-creation in Kinnevik, and for having been a great and trusted colleague and thought partner. I wish him all the best in his new role, and I look forward to continuing to develop our relationship with General Catalyst and our joint investee companies.”

Chris Bischoff commented: “I am thankful and proud for having been part of Kinnevik’s exciting and successful transition into a leading European growth investor. Looking ahead, Kinnevik is in a stronger position than ever to continue the journey and I look forward to staying in close touch in my new role.”

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik is a sector-focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choice. In partnership with talented founders and management teams we build challenger businesses that use disruptive technology to address material, everyday needs. As active owners, we believe in delivering both shareholder and social value by building long-term sustainable businesses that contribute positively to society. We invest in Europe, with a focus on the Nordics, the US, and selectively in other markets. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

Categories: People

Andera Partners enters exclusivity agreement with IK Investment Partners to sell its majority stake in Skill & You

ik-investment-partners

The investment, conducted by IK Investment Partners alongside the management team led by Eric Petco and Sonia Levy-Odier, will open a new development cycle in line with the strong ambitions of the Group.

Paris, 4 February, 2021 – Andera Partners today announces that it has formed an exclusive agreement with IK Investment Partners to sell its majority stake in Skill & You to the IK IX Fund. Having generated nearly €115m of sales in 2020, Skill & You is a vocational e-learning provider with 120,000 students and 850 employees and has established itself as a market leader in France and Spain. The Group’s unrivalled portfolio of 220 courses largely lead to state diplomas and cover a wide range of professional fields (healthcare, childcare, animal health, IT & digital, accounting and administration, public service, and construction, among others). As a member of the EdTech France association, Skill & You also plays a major role in fostering the development of e-learning in France.

Since the original investment led by Andera MidCap in July 2018, Eric Petco and Sonia Levy-Odier have successfully carried out the change of scale of the Group, with sales growth reaching almost +25% per annum. Skill & You has continuously expanded its portfolio across new verticals (including accounting & management, naturopathy, bakery and fashion) and has consistently invested in the improvement of both pedagogical tools and academic support. An e-learning partnership has also been signed with French institutions to train jobseekers looking for further qualifications or a career change. The Group has also begun its international expansion by acquiring the Spanish market leader Ilerna Online in 2018, which has since experienced very strong growth.

As a new chapter unfolds for the Group, management intends to accelerate its development with the support of IK Investment Partners, in particular through:
– Strengthening its leadership position in a fast-growing market benefiting from promising trends, by continuing to invest in the Group’s training offering and its digital platform;
– Reinforcing Skill & You’s presence in B2G (public sector) and B2B; and
– Accelerating the development of the Group internationally by leveraging its strong expertise in France and Spain.

The transaction is expected to close in March 2021.

Eric Petco and Sonia Levy-Odier, Managers of Skill & You said: “Over the last three years, Skill & You has considerably overachieved its business plan objectives by taking advantage of the sound dynamics of the e-learning market while investing in its pedagogical content, its international development and by signing strategic partnerships, especially with French Institutions. We are delighted with the change of scale that has been achieved with the support of the Andera MidCap teams. We also look forward to starting a new collaboration with IK Investment Partners, which we believe is the ideal partner to further accelerate our development in France and Europe.”

Laurent Tourtois and Sylvain Charignon, Partners of Andera Partners, added: “We are very proud to have been able to support Eric and Sonia in the change of scale of the Group. Skill & You has benefited from the growing digitalisation of vocational training while managing to combine the diversification of its training portfolio with external growth and international development to rise as the European leader in this fast-growing market.Congratulations! We are grateful to all of Skill and You’s teams, who have been entirely committed to this project all along!” 

Rémi Buttiaux, Managing Partner at IK Investment Partners and advisor to the IK IX Fund said: “Skill & You has experienced impressive growth over the recent years due to the quality and the breadth of its offering and has built a clear leadership position in France and Spain. We are delighted to have the opportunity to support Skill & You and its management team in their ambitious growth strategy.”

For further questions, please contact:

IK Investment Partners

Maitland/AMO
James McFarlane
Phone: +44 (0) 7584 142 665
jmcfarlane@maitland.co.uk

Andera Partners

Nicolas Delsert
Communication & PR
+33 1 85 73 52 88
n.delsert@anderapartners.com

Marie-Charlotte Potet
Bien Commun Advisory
+33 6 47 97 39 46
mc.potet@bcadvisory.fr

About IK Investment Partners

IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €13 billion of capital and invested in over 140 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikinvest.com

About Andera Partners

Created in 2001, Andera Partners (formerly Edmond de Rothschild Investment Partners) is a major player in private company investments in France and internationally. Its teams manage nearly €2.5 billion in investments in life sciences (Andera Life Sciences), growth and buyout capital (Andera MidCap, Andera Expansion and Andera Croissance) and sponsorless transactions (Andera Acto).

Andera Partners’ mission is to work alongside companies and their managers to support them in achieving strong and sustainable growth. The quality of performance offered to our investors relies on a strong partnership between the entrepreneurs in our portfolio companies and our teams, based on shared values. Performance through collective engagement, the “Power of And”, constitutes Andera Partners’ DNA.

Based in Paris, Andera Partners is wholly owned by its teams, which count 74 professionals, of which nearly 50 investment professionals. It is structured as a partnership and managed by a board of 10 partners. Responsible and committed, the management company regularly forms partnerships with non-profit sector entities and takes concrete action in the fight against global warming. Andera Partners has been certified carbon neutral since 2018.

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New Harbor Capital Portfolio Company Quigley Eye Specialists Partners with Beraja Medical Institute

New Harbour

New Harbor Capital announced today that its portfolio company Quigley Eye Specialists has partnered with Beraja Medical Institute and Douglas Surgery Center (collectively “BMI”), a South Florida leader in the diagnosis and treatment of vision disorders. Led by Dr. Roberto Beraja and Dr. Victor Beraja, Beraja Medical Institute has been providing care to Miami-Dade County for over 30 years and now joins 19 other locations under Quigley Eye Specialists ownership in Florida. This partnership will establish Quigley Eye Specialists’ presence in Miami-Dade County.

“Partnering with BMI is an excellent opportunity for expansion into Southeast Florida,” said Dr. Thomas Quigley, Founder of Quigley Eye Specialists. “Miami-Dade is a vibrant market with impressive growth. For more than 30 years, Dr. Roberto Beraja and Dr. Victor Beraja have been taking great care of patients in Coral Gables and are respected surgeons with exemplary reputations. We look forward to our partnership and are excited about the future growth of the practice.”

The partnership will ensure patients throughout Florida will have convenient access to industry-leading specialists, innovative treatments, and state-of-the-art equipment. Together, Quigley Eye Specialists and BMI have 36 optometric physicians and ophthalmic surgeons with three surgery centers in Southwest and Southeast Florida.

Founded in 1988, Quigley Eye Specialists is one of the nation’s leading multispecialty ophthalmology practices and consists of more than 100 medical professionals, including surgeons, optometrists, retina specialists, and technicians.

BMI represents the sixth follow-on investment for Quigley Eye Specialists since New Harbor completed an equity investment in January 2020, further extending Quigley Eye Specialists’ tenured market leadership position in the Florida market.

About Quigley Eye Specialists

Technology leaders in eye care, Quigley Eye Specialists is one of the nation’s leading multispecialty ophthalmology practices specializing in cataracts, laser cataract surgery, glaucoma, iLASIK, dry eye, eyelid surgery, retinal issues, corneal conditions, routine eye care, and facial plastic surgery. As the number one choice for cataract treatment in Southwest Florida, Quigley Eye Specialists is committed to providing the highest level of quality eye care and service to the community. For more information or a full list of locations, visit www.QuigleyEye.com.

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EURAZEO receives €340M in new commitments to its growth strategy

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Eurazeo

Paris, 3rd February 2021 –
Eurazeo has come to an agreement with a group of international investors that will provide €340m additional investment capacity for its Eurazeo growth strategy. The investors will commit to a newly created continuation fund that will acquire a 32% stake in Eurazeo Growth assets which were financed through the Eurazeo balance sheet. Eurazeo remains fully committed to the development of these companies; it will hold on to the remaining 68% of these assets and will maintain full control through the management of the continuation fund. This transaction remains subject to the satisfaction of certain conditions precedent and is expected to close within Q1 2021.
Through this transaction Eurazeo will receive cash proceeds of €215m. The transaction generates an IRR of c. 25% on the investments that are being realized. Assets are valued in line with the Eurazeo NAV as of 30 June 2020.

The commitments received for this transaction will fund the acquisition of the above 32% stake and provide follow on capital for the relevant portfolio companies, and fund new investments by the Eurazeo Growth team. The investor group is comprised of leading institutional investors in Europe and North America, representing collectively over €500 bn in assets under management. It comprises both returning investors and new relationships.

This transaction is a new milestone demonstrating investor appetite for this strategy launched in 2015 from Eurazeo’s balance sheet. Eurazeo Growth consists of a multilocal (Paris, London, Berlin) team of 15 professionals investing in and developing the next generation of European tech leaders. Together with the Venture Capital team, Eurazeo manages over €4 bn in AuM in fast growing Tech assets.
Yann du Rusquec, Partner at Eurazeo Growth, commented:
“With initial returns on this portfolio of above 25%, and significant new relationships for the Eurazeo Growth team, this is a very significant step for us and validates our vision and the investment model we have built over the years. We are proud that top level international investors trust us with this renewed partnership and look forward to shared success in the years to come. »

About Eurazeo
• Eurazeo is a leading global investment company, with a diversified portfolio of €18.8 billion in assets under management, including €13.3 billion from third parties, invested in over 430 companies. With its considerable private equity, real estate and private debt expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering in-depth sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.

• Eurazeo has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, Singapore, London, Luxembourg, Frankfurt, Berlin and Madrid.
• Eurazeo is listed on Euronext Paris.
• ISIN : FR0000121121 – Bloomberg : RF FP – Reuters : EURA.PA
EURAZEO EURAZEO

PIERRE BERNARDIN
HEAD OF INVESTOR RELATIONS
mail : pbernardin@eurazeo.com
Te l : +33 (0)1 44 15 16 76

VIRGINIE CHRISTNACHT
HEAD OF COMMUNICATIONS
mail:vchristnacht@eurazeo.com
Tel: +33( 1 44 15 76 44

MAITLAND/amo
DAVID STURKEN
mail:dsturken@maitland .co .uk
Tel: +44 ( 7990 595 913

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CVC Capital Partners agrees to joint venture with Shiseido in Personal Care business

CVC Capital Partners

Aiming to maximize potential of Personal Care business and pursue further growth

CVC Capital Partners announced today that CVC Capital Partners Asia Fund V has signed a definitive agreement with Shiseido Company, Limited for the transfer of Shiseido’s Personal Care business (“the New Company”).

The New Company, in which Shiseido will hold a 35% stake and CVC Asia V will acquire 65% as a joint venture, will obtain Shiseido’s strong portfolio of established global brands, including the market-leading haircare brand TSUBAKI and skincare label SENKA.

Founded in Ginza, Tokyo, in 1872, Shiseido is a global beauty brand that operates in approximately 120 countries and regions. Shiseido is known for its nearly 150-year history of innovation and category firsts that have repeatedly set new standards for the entire beauty industry.

“We are delighted to be investing in some of Japan’s most trusted brands cultivated over the years by Shiseido. Further, we are excited to be partnering with Shiseido as we embark on this next chapter of growth,” said Atsushi Akaike, Partner and Co-Head of CVC Japan.

“Using our global network and experience, CVC is committed to making these strong brands even better. Specifically, we see significant potential for growth by investing further in employees, brands, and R&D, as well as by driving digitalization and accelerating overseas expansion, with the possibility of going public in the future,” said Yukinori Sugiyama, Partner and Co-Head of CVC Japan.

The transaction is expected to close by July 1, 2021 and is subject to customary closing conditions (closing of each overseas country and region will be executed in stages).

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