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bluebird bio Announces Definitive Agreement to be Acquired by Carlyle and SK Capital

Carlyle

bluebird stockholders to receive $3.00 per share in cash and a contingent value right of $6.84 per share in cash payable upon achievement of a net sales milestone, contingent upon offer conditions 

bluebird’s Board of Directors determined this transaction is in the best interest of stockholders following a comprehensive review of strategic alternatives

Carlyle and SK Capital, in collaboration with a team of highly experienced biotech executives led by David Meek, to support bluebird’s growth 

SOMERVILLE, Mass.–(BUSINESS WIRE)–Feb. 21, 2025– bluebird bio, Inc. (NASDAQ: BLUE) (“bluebird”) today announced that it has entered into a definitive agreement to be acquired by funds managed by global investment firms Carlyle (NASDAQ: CG) and SK Capital Partners, LP (“SK Capital”) in collaboration with a team of highly experienced biotech executives. David Meek, former CEO of Mirati Therapeutics and Ipsen, is expected to become CEO of bluebird upon closing. Carlyle and SK Capital will provide bluebird primary capital to scale bluebird’s commercial delivery of gene therapies for patients with sickle cell disease, β-thalassemia, and cerebral adrenoleukodystrophy.

Under the terms of the agreement, bluebird stockholders will receive $3.00 per share in cash and a contingent value right per share, entitling the holder to a payment of $6.84 in cash per contingent value right if bluebird’s current product portfolio achieves $600 million in net sales in any trailing 12-month period prior to or ending on December 31, 2027, for a potential total value of up to $9.84 per share in cash, subject to the tender of a majority of the outstanding shares of bluebird, receipt of applicable regulatory approvals, and other customary closing conditions. bluebird’s Board of Directors (the “bluebird Board”) unanimously approved the agreement and recommends that stockholders tender their shares. Following a comprehensive review of bluebird’s strategic alternatives, including meeting with more than 70 potential investors and partners over a period of five months, and a third and final denial by the Federal Drug Administration of bluebird’s appeal for a priority review voucher, the bluebird Board determined that, absent a significant infusion of capital, bluebird is at risk of defaulting on its loan covenants. The bluebird Board has decided that this transaction is the only viable solution to generate value for stockholders. Additional details on the process will be available in bluebird’s Solicitation/Recommendation Statement on Schedule 14D-9, which will be filed with the U.S. Securities and Exchange Commission (“SEC”).

“For more than a decade, bluebird has been at the forefront of gene therapy, delivering groundbreaking treatments to patients facing life-threatening genetic diseases,” said Andrew Obenshain, current CEO of bluebird. “However, as our financial challenges mounted, it became clear that securing the right strategic partner was critical to maximizing value for our stockholders and ensuring the long-term future of our therapies. After an extensive review process, this acquisition represents the best path forward – maximizing value for stockholders and bringing significant capital, commercial expertise, and a commitment to provide more patients the opportunity to benefit from potentially transformative gene therapies.”

David Meek commented, “bluebird is built on an extraordinary legacy of scientific breakthroughs, and we are committed to unlocking its full potential for patients. With the backing of Carlyle and SK Capital, we will bring the capital and commercial capabilities needed to accelerate and expand patient access to bluebird’s life-changing gene therapies.”

“Carlyle’s healthcare and Abingworth teams have significant experience investing in biopharma and are excited about what lies ahead for bluebird. We look forward to working with David and SK Capital to drive bluebird’s future growth and mission of delivering its therapies to improve patient outcomes,” said Joe Bress, Carlyle Partner and Global Co-Head of Healthcare. Bali Muralidhar, Partner and Chief Investment Officer & COO of Abingworth, Carlyle’s life sciences investment franchise, added, “Over the past decade, we have tracked and been impressed by bluebird’s success in researching and developing breakthrough gene therapies for large, unmet medical needs. Joining forces with Carlyle enables us to collaborate in supporting companies like bluebird in commercializing their innovations for patients.”

Aaron Davenport, Managing Director at SK Capital, commented, “SK Capital has deep experience in the life sciences sector. We have long admired bluebird’s scientific leadership, dedicated focus on severe genetic diseases, and track record of successful product development and launch. We are excited to partner with David and Carlyle to invest in and accelerate the delivery of bluebird’s pioneering gene therapies to needing patients.”

Transaction Details

Under the terms of the agreement, bluebird stockholders will receive $3.00 per share in cash and a contingent value right per share, entitling the holder to a payment of $6.84 in cash per contingent value right if bluebird’s current product portfolio achieves $600 million in net sales in any trailing 12-month period prior to or ending on December 31, 2027.

The transaction is expected to close in the first half of 2025, subject to the tender of a majority of the outstanding shares of bluebird, receipt of applicable regulatory approvals, and other customary closing conditions. bluebird has also entered into amendments to its loan agreement with Hercules Capital, Inc. to facilitate adequate liquidity to position it to maintain operations through the closing.

Upon completion of the transaction, bluebird will become a privately held company, and shares of bluebird common stock will no longer be listed on any public market.

Leerink Partners is acting as bluebird’s financial advisor, and Latham & Watkins LLP is serving as legal counsel to bluebird. Bourne Partners is acting as financial advisor to Carlyle and SK Capital, and Wachtell, Lipton, Rosen & Katz, Kirkland & Ellis LLP, and Orrick, Herrington & Sutcliffe are serving as legal advisors to Carlyle and SK Capital.

About bluebird bio, Inc.

Founded in 2010, bluebird has been setting the standard for gene therapy for more than a decade—first as a scientific pioneer and now as a commercial leader. bluebird has an unrivaled track record in bringing the promise of gene therapy out of clinical studies and into the real-world setting, having secured FDA approvals for three therapies in under two years. Today, we are proving and scaling the commercial model for gene therapy and delivering innovative solutions for access to patients, providers, and payers.

With a dedicated focus on severe genetic diseases, bluebird has the largest and deepest ex-vivo gene therapy data set in the field, with industry-leading programs for sickle cell disease, β-thalassemia, and cerebral adrenoleukodystrophy. We custom design each of our therapies to address the underlying cause of disease and have developed in-depth and effective analytical methods to understand the safety of our lentiviral vector technologies and drive the field of gene therapy forward.

bluebird continues to forge new paths as a standalone commercial gene therapy company, combining our real-world experience with a deep commitment to patient communities and a people-centric culture that attracts and grows a diverse flock of dedicated birds.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $441 billion of assets under management as of December 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

 

About SK Capital

SK Capital is a transformational private investment firm with a disciplined focus on the life sciences, specialty materials, and ingredients sectors. The firm seeks to build resilient, sustainable, and growing businesses that create substantial long-term value. SK Capital aims to utilize its industry, operating, and investment experience to identify opportunities to transform businesses into higher performing organizations with improved strategic positioning, growth, and profitability, as well as lower operating risk. SK Capital’s portfolio of businesses generates revenues of approximately $12 billion annually, employs more than 25,000 people globally, and operates more than 200 plants in over 30 countries. The firm currently has approximately $9 billion in assets under management. For more information, please visit www.skcapitalpartners.com.

Additional Information and Where to Find It

The tender offer in connection with the transaction described above has not yet commenced. This communication is not an offer to buy nor a solicitation of an offer to sell any securities of bluebird. The solicitation and the offer to buy shares of bluebird’s common stock will only be made pursuant to a Tender Offer Statement on Schedule TO, including an offer to purchase, a letter of transmittal and other related materials, that Beacon Parent Holdings, L.P. (“Parent”) and Beacon Merger Sub, Inc. (“Merger Sub”) intend to file with the SEC. In addition, bluebird will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer. Once filed, investors will be able to obtain a free copy of these materials and other documents filed by Parent, Merger Sub and bluebird with the SEC at the website maintained by the SEC at www.sec.gov. Investors may also obtain, at no charge, any such documents filed with or furnished to the SEC by (i) bluebird under the “Investors & Media” section of bluebird’s website at www.bluebirdbio.com or (ii) by Parent and Merger Sub by calling Innisfree M&A Incorporated, the information agent for the Offer, toll-free at (877) 825-8793 for stockholders or by calling collect at (212) 750-5833 for banks or brokers.

 

INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THESE DOCUMENTS WHEN THEY BECOME AVAILABLE, INCLUDING THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 OF BLUEBIRD AND ANY AMENDMENTS THERETO, AS WELL AS ANY OTHER DOCUMENTS RELATING TO THE TENDER OFFER AND THE MERGER THAT ARE FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY PRIOR TO MAKING ANY DECISIONS WITH RESPECT TO WHETHER TO TENDER THEIR SHARES INTO THE TENDER OFFER BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE TENDER OFFER.

 

Forward-Looking Statements

The statements included above that are not a description of historical facts are forward-looking statements. Words or phrases such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “seek,” “plan,” “expect,” “should,” “would” or similar expressions are intended to identify forward-looking statements. The forward-looking statements are based on current beliefs and expectations and include, but are not limited to, statements regarding beliefs about the potential benefits of the transaction; the considerations taken into account and the determination by the Board in approving the transaction; the planned completion and timing of the transactions contemplated by the Agreement and Plan of Merger, dated as of February 21, 2025 (the “Merger Agreement”), by and among bluebird, Parent and Merger Sub; and the prospective performance and outlook of the surviving company’s business, performance, and opportunities. Risks and uncertainties that could cause results to differ from expectations include: uncertainties as to the timing and completion of the tender offer and the merger; uncertainties as to the percentage of bluebird stockholders tendering their shares in the tender offer; the possibility that competing offers will be made; the possibility that various closing conditions for the tender offer or the merger may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable regulatory and/or governmental entities (or any conditions, limitations or restrictions placed on such approvals); risks relating to bluebird’s liquidity during the pendency of the tender offer and the merger or in the event of a termination of the Merger Agreement; the risk that the milestone related to the contingent value rights is not achieved; the effects of disruption caused by the transaction making it more difficult to maintain relationships with employees, collaborators, vendors and other business partners; risks related to diverting management’s attention from bluebird’s ongoing business operations; the risk that stockholder litigation in connection with the transactions contemplated by the Merger Agreement may result in significant costs of defense, indemnification and liability; and other risks and uncertainties pertaining to bluebird’s business, including the risks and uncertainties detailed in bluebird’s public periodic filings with the SEC, as well as the tender offer materials to be filed by Parent and Merger Sub and the Solicitation/Recommendation Statement on Schedule 14D-9 to be filed by bluebird in connection with the tender offer.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and bluebird undertakes no obligation to revise or update these statements to reflect events or circumstances after the date hereof, except as required by law.

 

Investors & Media Contacts

 

Bluebird

 

Investors:

Courtney O’Leary 

978-621-7347

coleary@bluebirdbio.com

 

Media:

Jess Rowlands

857-299-6103
jess.rowlands@bluebirdbio.com

 

 

Carlyle

 

Media:

Brittany Berliner
+1 (212) 813-4839
brittany.berliner@carlyle.com

 

SK Capital

 

Ben Dillon

+1(646)-278-1353
bdillon@skcapitalpartners.com

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Carlyle to sell TOTOKU to SWCC

Carlyle

Tokyo, Japan – February 21, 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced that it has agreed to sell TOTOKU Inc. (“TOTOKU”), a leading Japanese manufacturer of specialty wires and electronic devices, to SWCC Corporation (“SWCC”), a Japanese manufacturer and supplier of electric wires and cables, and the Development Bank of Japan Inc. The transaction, which is subject to customary regulatory approvals, is expected to close by the end of March 2025.

Carlyle acquired TOTOKU in December 2022 and has since worked closely with management to drive transformative growth. During this period, TOTOKU has further consolidated its position as a leading player in each of its business areas, creating a strong foundation for future sustainable growth.

To effectively navigate the evolving business environment TOTOKU operates in, Carlyle supported the company in restructuring across two distinct business divisions, one focused on the mobility, semiconductor, telecom and AI industries, and the other addressing consumer electronics, alongside other markets. Focused on delivering operational excellence, Carlyle supported the business to strengthen cross-functionality between its marketing, R&D, finance, and corporate divisions. Growth has also been achieved through the introduction of more advanced business management processes and the strengthening of TOTOKU’s global management structure.

Ken Maki, CEO of TOTOKU, said: “Our partnership with Carlyle represents an important phase in our growth story. We have benefitted from working alongside a global financial partner with extensive management and industry expertise and an established track record of scaling Japanese businesses. We look forward to continuing our development with our new partner SWCC and are excited to leverage the opportunities created by our complementary product portfolios and shared strategic areas of focus.”

Toshihiko Nishizawa, a Managing Director in the Carlyle Japan advisory team, said: “We are delighted to have supported TOTOKU, working closely alongside CEO Ken Maki and his team, to realize transformational growth. We believe that we have provided TOTOKU with a strong foundation for future growth and look forward to seeing the company continue to go from strength to strength alongside its new strategic partner, SWCC.”

The sale of TOTOKU builds on Carlyle’s well-established track record of investing in the General Industries sector in Japan, delivering strong business growth and value creation across its portfolio companies. Investments in this space include Rigaku, Enewill, Kokusai Kogyo, and SENQCIA. Across all sectors, Carlyle’s Japan buyout platform has committed capital of more than JPY 1 trillion and completed 41 private equity investments since 2000.

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About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Global Investment Solutions. With US$441 billion of assets under management as of December 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs over 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Media contacts

Carlyle:

Charlie Bristow

+44 7384 513 568

charlie.bristow@carlyle.com

Brunswick Group:

Masato Ui / George Ohyama

+81 80 6538 2109 / +81 80 7340 1015

carlylejp@brunswickgroup.com

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Sedgwick Acquires Legal Spend Management Business from Bottomline

Thomabravo

MEMPHIS, Tenn.—Sedgwick, a leading global provider of claims management, loss adjusting and technology-enabled business solutions and Bottomline, a global leader in business payments and cash management, have signed an agreement whereby Sedgwick will acquire Bottomline’s industry-leading legal spend management (LSM) division. The LSM business services the property and casualty (P&C) insurance industry, providing carriers, third party administrators (TPAs), self-insured entities and corporate legal departments with cloud-based software applications and complementary legal bill review solutions.

Sedgwick will leverage Bottomline’s modern and highly scalable LSM technology infrastructure, including its Legal-X and Legal eXchange web platforms, in helping clients control the cost of litigation. Pending the closing of the transaction, which is subject to customary conditions and regulatory approvals, Sedgwick plans to operate the LSM business as a separate division.

“Bottomline’s LSM business is a strong fit for Sedgwick, and bringing these solutions in-house will enable us to better assist clients in making data driven decisions regarding their litigation management,” said Jim Ryan, Chief Operating Officer at Sedgwick. “This transaction sets a new standard of excellence for Sedgwick, positioning us as the unmatched claims partner for organizations worldwide. By integrating industry-leading LSM expertise in third party legal bill review into our existing capabilities, we will elevate the value we bring in meeting the evolving needs of our clients and their customers.”

The addition of end-to-end legal bill review solutions to Sedgwick’s menu of services will especially benefit the company’s casualty clients, who will enjoy streamlined e-billing, case management, reporting, analytics and vendor management services.

“The combination of Sedgwick’s industry-leading property and casualty claims management services with LSM’s end-to-end legal bill review solutions will be game-changing for customers,” said Craig Saks, Bottomline CEO. “This transaction allows Bottomline to redouble our focus on business payments and cash management, while providing a great home for our LSM colleagues and customers. We are excited to watch them usher in a new chapter of growth
for LSM.”

Sedgwick anticipates transitioning approximately 300 LSM colleagues to ensure clients receive the highest quality service from the experts they know and trust.

Morgan Stanley & Co. LLC and BofA Securities served as financial advisors and Simpson, Thatcher & Bartlett LLP served as legal counsel to Sedgwick in connection with this transaction. Deutsche Bank Securities Inc. served as financial advisor and Kirkland & Ellis LLP served as legal counsel to Bottomline.

About Sedgwick
Sedgwick is a leading global provider of claims management, loss adjusting and technology-enabled business solutions. The company provides a broad range of resources tailored to clients’ specific needs in casualty, property, marine, benefits, brand protection and other lines. At Sedgwick, caring counts; through the dedication and expertise of over 33,000 colleagues across 80 countries, the company takes care of people and organizations by mitigating and reducing risks and losses, promoting health and productivity, protecting brand reputations, and containing costs that can impact performance. Sedgwick’s majority shareholder is The Carlyle Group; Stone Point Capital LLC, Altas Partners, CDPQ, Onex and other management investors are minority shareholders. For more, see sedgwick.com.

About Bottomline
Bottomline helps businesses transform the way they pay and get paid. A global leader in business payments and cash management, Bottomline’s secure, comprehensive solutions modernize payments for businesses and financial institutions globally. With over 35 years of experience, moving more than $16 trillion in payments annually, Bottomline is committed to driving impactful results for customers by reimagining business payments and delivering solutions that add to the bottom line. Bottomline is a portfolio company of Thoma Bravo, one of the largest software private equity firms in the world, with more than $166 billion in assets under management. For more information, visit bottomline.com.

Bottomline and the Bottomline logo are trademarks or registered trademarks of Bottomline Technologies, Inc.

Read the release on PR Newswire here.

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Celebrating Leadership: Novacap Announces the Promotions of Anastassia Volkova and Jean-Philippe Garant to Partner

Novacap

 

Celebrating Leadership: Novacap Announces the Promotions of Anastassia Volkova and Jean-Philippe Garant to Partner
At Novacap, we take great pride in recognizing the achievements of our team members and celebrating their continued growth within the firm. Today, we are thrilled to announce the well-deserved promotions of Anastassia Volkova and Jean-Philippe Garant to Partner—a significant milestone in their careers and a testament to their exceptional contributions to Novacap.

Anastassia Volkova: Partner, Industries Group
Anastassia Volkova joined Novacap in 2009 as an intern, steadily advancing through the ranks to become a Principal in 2023, and now, a Partner. Her investment expertise, strategic vision and hands-on approach have made her a driving force behind the success of several portfolio companies.

Currently, Anastassia serves as a Board Member for Freedom Pet Supplies Inc. and Chairwoman for FortNine and has previously held board positions at Canada Diagnostic Centres, Joseph Ribkoff Inc., Hallcon Corporation and GTI Transport & Logistics. Her ability to steer companies through growth and transformation has solidified her reputation as a highly skilled investor and leader.

Jean-Philippe Garant: Partner, Financial Services Group
Jean-Philippe joined Novacap in 2020 from Canada Pension Plan Investment Board (CPPIB), where he worked on private equity transactions in both Toronto and London. Jean-Philippe has since played a key role in shaping Novacap’s Financial Services strategy, deploying the Fund’s portfolio and managing junior talent. His investment and financial expertise, and ability to foster strong business partnerships have made him a key contributor to Novacap’s Financial Services team.

Jean-Philippe currently serves on the Board of Directors for Revau and Consilium Insurance and has previously held board positions with AGA Benefit Solutions and Ratehub.ca. His promotion to Partner underscores the importance of next-generation leadership in private equity; a recognition of his expertise and dedication in driving Novacap’s continued success.

A Culture of Growth and Recognition
Novacap believes that its people are the foundation of its success. By fostering a culture of meritocracy, inclusivity, and professional development, the firm provides its team with the resources, mentorship, and opportunities needed to grow and thrive.
The promotions of Anastassia Volkova and Jean-Philippe Garant to Partner reaffirm Novacap’s commitment to developing future leaders, supporting professional development, and continuing to deliver long-term value for its investors and portfolio companies.

 

 

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Gimv fuels The Spice Factory’s next chapter, scaling its private label and foodservice brands across Europe

GIMV

Gimv is pleased to announce the acquisition of The Spice Factory (TSF), the market leader in private label dried culinary herbs & spices in the Benelux, serving both retailers and foodservice players with high-quality, customized solutions. With a strong foundation in private label for retail and a branded foodservice offering through its ISFI brand, TSF is poised to accelerate its international expansion.

Founded and based in Braine l’Alleud, Belgium, The Spice Factory (TSF) (thespicefactory.com), has built a strong reputation as a trusted partner to leading retailers, offering a distinctive branded approach to private label. The company sets itself apart by combining deep category expertise, a relentless focus on quality, and tailored, value-added solutions to help its customers stand out in an increasingly competitive market.

With Gimv’s support, TSF will strengthen its market position and broaden its international reach, leveraging its unmatched production flexibility and its ability to offer innovative and customer-driven solutions for retail and foodservice players.

Gimv acquires a majority stake from Gilde Equity Management and Davy De Muyer. Jorgen De Pelsmaeker, CEO, and the management team will reinvest alongside Gimv as the company embarks on its next phase of growth.

“We are excited to partner with Jorgen and the TSF team in their expansion strategy”, say David De Peuter & Laurens Boriale, respectively Partner and Principal in the Gimv Consumer team. “This acquisition is a first step in putting to work the capital Gimv recently raised, supporting Gimv Consumer’s strategy to invest in leading consumer businesses with strong growth potential to scale internationally and further enhance their market differentiation.”

“Over the years, we have built TSF into the partner of choice for retailers and foodservice players, offering customized solutions that go beyond the traditional private label approach”, adds Jorgen De Pelsmaeker, CEO of TSF. “With Gimv’s backing, we are confident in our ability to accelerate our international growth, both organically and through selective buy-and-build, while continuing to innovate and create value for our customers.”

The transaction is expected to close before the end of March 2025. No further financial details will be disclosed.

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Katarina Ageborg new Chairman of the Board and Markus Granlund new acting CEO of TFS HealthScience

Ratos

Ratos has appointed Katarina Ageborg as the new Chairman of the Board and Markus Granlund as the new acting CEO of TFS HealthScience (TFS). Markus, who has been a Board member of TFS since October 2024, assumes his new role today. TFS’s former CEO Bassem Saleh is leaving for new challenges outside the company.

Katarina has solid and extensive experience of the life science sector having served 25 years in various senior positions in Astra Zeneca, the last few years of which as a member of global Group management as Sustainability and Chief Compliance Officer. She was also CEO of Astra Zeneca in Sweden between 2018 and 2023.

Markus Granlund is a seasoned leader and Board member with extensive strategic and operational experience of leading operations with international customers. He served most recently as CEO of Semcon, where he worked for 16 years.

“I am happy to have recruited Katarina as Chairman of TFS’s Board. Her extensive experience in senior management positions in the life science industry will enable her to add great value. It is also very positive that Markus has agreed to take on the role of acting CEO. We had a productive partnership during Markus’s time as President and CEO of Semcon, and we have worked together on the TFS Board for some time,” says Anders Slettengren, current Chairman of the TFS Board and Executive Vice President, Ratos.

About TFS HealthScience
TFS HealthScience is a global Contract Research Organisation (CRO) that supports biotechnology and pharmaceutical companies throughout their entire clinical development journey. Bringing together nearly 700 professionals, TFS delivers tailored clinical research services in more than 40 countries and supports customers with comprehensive solutions through three strong business models: Clinical Development Services (CDS), which provides full-service support at all stages of the clinical development process, Strategic Resourcing Solutions (SRS), which offers expert insourcing and targeted recruitment services, and Functional Services (FSP), to provide customers with strategic outsourcing solutions.

For more information, please contact:
Josefine Uppling, VP Communication & Sustainability, Ratos, +46 76 114 54 21

About Ratos
Ratos is a Swedish business group focusing on technological and infrastructure solutions, consisting of 15 companies divided into three business areas: Construction & Services, Industry and Consumer. The companies have approximately SEK 32 billion in net sales (December LTM). We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in Execution and It’s All About People. We enable independent subsidiaries to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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Categories: People

KKR Completes Tender Offer for FUJI SOFT

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KKR

Becomes largest shareholder with 58% of ownership; to proceed with privatization

TOKYO, February 20, 2025– KKR, a leading global investment firm, today announced that in connection with the two-stage tender offer (the “Tender Offer”) for the common shares and share options of FUJI SOFT INCORPORATED (TSE stock code 9749; “FUJI SOFT” or the “Company”) through FK Co., Ltd. (the “Offeror”), the Offeror, an entity owned by investment funds managed by KKR, received tenders in excess of 19.25%, the minimum ownership stake required to conduct a squeeze-out (53.22% in total), and completed the second stage of its Tender Offer (“Second Tender Offer”) on February 19, 2025.

Upon settlement of the Second Tender Offer, including the shares acquired by the Offeror in the First Tender Offer, the Offeror will hold a total of 35,753,281 common shares and share options (758,400 shares on an asconverted basis) of FUJI SOFT (Total Ownership Ratio: 57.92%). Settlement of the Second Tender Offer will commence on February 27, 2025.

In addition to the shares acquired through the Tender Offer, the Offeror aims to acquire the remaining shares of FUJI SOFT through a squeeze-out process, which will result in the Offeror owning 100% of the shares of FUJI SOFT. The Extraordinary General Meeting for the squeeze-out process is scheduled for late April 2025.

FUJI SOFT is a leading Japanese system integration company specializing in control systems and embedded software, business software, and systems. With over 10,000 system engineers, strong technical capabilities and a long track record, FUJI SOFT provides IT services to clients across a wide range of industries. In its “Midterm Business Plan 2028” announced in February 2024, FUJI SOFT set a vision of “becoming the leading company providing systems/software & services in the IT x OT field.” In the fiscal year ending December 2024, the first year of the plan, FUJI SOFT achieved a record high revenue and operating income of 317.5 billion yen and 22 billion yen respectively, with an operating income margin of 6.5%.

Following the Offeror’s announcement of a Tender Offer with the support from the Board of Directors of FUJI SOFT on August 8, 2024, an unprecedented situation arose in which the Offeror’s Tender Offer was followed by Bain Capital’s announcement of a proposed tender offer. As a result, the Offeror’s Tender Offer was completed more than four months later than initially anticipated. The Offeror is grateful for the patience and consistent support it received from FUJI SOFT’s executive team and Board of Directors during this period, and now looks forward to focusing on the business growth of and value creation for FUJI SOFT.

Hiro Hirano, Deputy Executive Chairman of KKR Asia Pacific and CEO of KKR Japan, said, “We are very pleased with the outcome of the tender offer and are thankful for the trust and endorsement shown by FUJI SOFT through this process. We are fully committed and look forward to supporting FUJI SOFT’s plan to enhance its corporate value, under a new and simpler ownership by KKR following the privatization, by leveraging our global network and expertise and to help FUJI SOFT achieve its next stage of transformation. As one of Japan’s leading system integrators, FUJI SOFT plays an important role in enabling Japanese businesses to deliver better solutions and experiences for their customers in this new age of digitalization, cloud computing and AI.”

The Tender Offer will be financed predominantly from KKR Asian Fund IV.

***

This press release should be read in conjunction with the release issued by the Offeror today titled “Notice Regarding the Results of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749) by FK Co., Ltd.”

About KKR

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

For more information, please contact:
KKR Asia Pacific
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

February 20, 2025

To whom it may concern: Company Name: FUJI SOFT INCORPORATED
Representative: Satoyasu Sakashita, President &
Representative Director
(Code Number: 9749; TSE Prime Market)
Contact: Shinsuke Konishi, General Manager,
Corporate Finance Department
(TEL: 045-650-8811)
Company Name: FK Co., Ltd.
Representative: Michael Longo, Representative Director

Notice Regarding the Results of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749) by FK Co., Ltd.

FK Co., Ltd. announces that, as of today, it has published the attached “Notice Regarding the Results of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749) by FK Co., Ltd.”

End

This press release is published by FK Co., Ltd. (Tender Offeror) in accordance with Article 30, paragraph (1), item (iv) of the Order for Enforcement of the Financial Instruments and Exchange Act based on a request made by FUJI SOFT INCORPORATED (the Target Company in the Tender Offer).

(Attachment)
“Notice Regarding the Results of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749 by FK Co., Ltd.” dated February 20, 2025February 20, 2025

To whom it may concern: Company Name: FK Co., Ltd.
Representative: Michael Longo, Representative Director

Notice Regarding the Results of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749) by FK Co., Ltd.

FK Co., Ltd. (“Tender Offeror”) has conducted a tender offer (“Tender Offer”) from November 20, 2024 for the common shares (“Target Company Shares”) and share options of FUJI SOFT INCORPORATED (Securities Code: 9749; Prime Market of the Tokyo Stock Exchange, Inc. (“TSE”), “Target Company”) under the Financial Instruments and Exchange Act (Act No. 25 of 1948, as amended; “Act”). The Tender Offeror hereby announces that the Tender Offer was completed on February 19, 2025, and combined with the Target Company Shares and share options acquired through the tender offer for the Target Company Shares and share options conducted by the Tender Offeror, with a tender offer period from September 6, 2024 until November 5, 2024, 36,511,681 Target Company Shares and share options (for share options, the number converted into shares) will be acquired (Ownership Ratio (*): 57.92%) as described below.

(*1) The percentage (figures are rounded to the nearest two decimal places) of the number of shares (63,057,570 shares) (“Total Number of Shares after Taking into Account the Potential Shares of the Target Company”) obtained by adding (ⅰ) the total number of outstanding shares of the Target Company as of December 31, 2024 (67,400,000 shares), as stated in the Consolidated Financial Results of the Target Company for the Fiscal Year Ending December 31, 2024 (Under Japanese GAAP) submitted by the Target Company on February 13, 2025 (“Target Company Financial Results”), to (ii) the number of shares (217,800 shares) subject to the Fifth Series Share Options (1,089 options) remaining as of October 15, 2024 reported by the Target Company, and whose exercise period expired as of November 20, 2024, less the number of shares (202,600 shares) subject to the Fifth Series Share Options (1,013 options) owned by the Tender Offeror as November 20, 2024 (equal to 15,200 shares), such sum of item (i) and (ii) being 67,415,200 shares, and subtracting (ⅲ) the number of treasury shares owned by the Target Company as of December 31, 2024 (4,377,630 shares) (Note 2).

(*2) According to the Target Company, the 4,379,229 treasury shares as of December 31, 2024 stated in the Target Company Financial Results include 1,599 shares, which is equivalent to 40% (the Target Company’s voting rights in Nihon Business Soft Incorporation) of the 3,998 Target Company Shares (Ownership Ratio: 0.01%) held by Nihon Business Soft Incorporation, an equity-method affiliate of the Target Company, and the number of treasury shares held by the Target Company as of December 31, 2024 is 4,377,630 shares (4,379,229 shares less 1,599 shares).

1. Outline of Purchase

(1) Name and Location of the Tender Offeror
Name: FK Co., Ltd.
Location: 11F, Meiji Yasuda Seimei Building, 2-1-1 Marunouchi, Chiyoda-ku, Tokyo

(2) Name of the Target Company
FUJI SOFT INCORPORATED

(3) Type of Shares Subject to Purchase
(1) Common shares
(2) Share options

(A) The fifth series of share options, issued based on a resolution by the Target Company’s board of directors at a meeting held on March 29, 2022 (“Fifth Series Share Options”) (the exercise period for which is from April 1, 2024 to March 29, 2027).

(B) The sixth series of share options, issued based on a resolution by the Target Company’s board of directors at a meeting held on March 28, 2023 (“Sixth Series Share Options”) (the exercise period for which is from April 1, 2025 to March 28, 2028).

(C) The seventh series of share options, issued based on a resolution by the Target Company’s board of directors at a meeting held on March 26, 2024 (“Seventh Series Share Options,” and, together with the Fifth Series Share Options and the Sixth Series Share Options, collectively, “Share Options”) (the exercise period for which is from March 27, 2026 to March 24, 2034).

(4) Number of Shares to be Purchased

Type of Shares Number of Shares to be Purchased Minimum Number of Shares to be Purchased Maximum Number of Shares to be Purchased
Common Shares 41,650,969 (shares) 12,133,398 (shares) – (shares)
Total 41,650,969 (shares) 12,133,398 (shares) – (shares)

(Note 1) If the total number of Shares tendered in the Tender Offer (“Tendered Shares”) (including the number of shares subject to the Share Options tendered in the Tender Offer; the same shall apply hereinafter) is less than the minimum number of shares to be purchased (12,133,398 shares), the Tender Offeror will not purchase any of the Tendered Shares. If the total number of Tendered Shares is equal to or exceeds the minimum number of shares to be purchased (12,133,398 shares), the Tender Offeror will purchase all of the Tendered Shares.

(Note 2) Shares of less than one unit and cross-held shares (meaning the Target Company Shares held by Nihon Business Soft Incorporation; the same shall apply hereinafter) are also subject to the Tender Offer. If a shareholder exercises its right to demand the purchase of shares of less than one unit in accordance with the Companies Act (Act No. 86 of 2005, as amended), the Target Company may buy back its own shares during the purchase period for the Tender Offer (“Tender Offer Period”) in accordance with the procedures required by laws and regulations.

(Note 3) There are no plans for the treasury shares owned by the Target Company to be acquired through the Tender Offer.

(Note 4) Share Options may be exercised until the last day of the Tender Offer Period, and shares of the Target Company to be issued or transferred upon such exercise are also subject to the Tender Offer.

(Note 5) As the maximum number of shares to be purchased in the Tender Offer has not been set, the maximum number of Target Company Shares to be purchased by the Tender Offeror in the Tender Offer (41,650,969 shares) is indicated as the number of shares to be purchased. This maximum number is calculated from (i) the total number of shares issued by the Target Company as of September 30, 2024 as stated in the Consolidated Financial Results for the Third Quarter of the Fiscal Year Ended December 31, 2024 (Under Japanese GAAP) (“Consolidated Financial Results for the Third Quarter of the Target Company”) submitted by the Target Company on November 7, 2024 (67,400,000 shares), (ii) adding the number of Target Company Shares subject to the Share Options (769,800 shares) remaining as of October 15, 2024 as reported by the Target Company (such sum of item (i) and (ii) being 68,169,800 shares), and subtracting (iii) the number of treasury shares held by the Target Company as of September 30, 2024 (4,386,929 shares) (Note 6) and the number of Target Company Securities held by the Tender Offeror as of November 20, 2024 (22,131,902 shares) (equal to 41,650,969 shares).

(Note 6) According to the Target Company, the 4,388,528 treasury shares as of September 30, 2024 stated in the Consolidated Financial Results for the Third Quarter of the Target Company include 1,599 shares, which is equivalent to 40% (the Target Company’s voting rights in Nihon Business Soft Incorporation) of the 3,998 Target Company Shares (Ownership Ratio: 0.01%) held by Nihon Business Soft Incorporation, an equity-method affiliate of the Target Company, and the number of treasury shares held by the Target Company as of September 30, 2024 is 4,386,929 shares (4,388,528 shares less 1,599 shares).

(5) Purchase Period

(1) Purchase Period
From Wednesday, November 20, 2024 to Wednesday, February 19, 2025 (59 Business Days)

(2) Possibility of Extension Based on Request from Target Company
Not applicable.

(6) Purchase Price
(1) 9,850 yen per common share

(2) Share Options
(A) 1,277,000 yen per Fifth Series Share Option
(B) 1,139,600 yen per Sixth Series Share Option
(C) 333,100 yen per Seventh Series Share Option

2. Results of the Tender Offer

(1) Whether the Tender Offer has been Successfully Completed
The Tender Offer included the condition that if the total number of Tendered Shares did not reach the minimum number of shares to be purchased (12,133,398 shares), none of the Tendered Shares would be purchased. However, as the total number of Tendered Shares (14,379,779 shares) exceeds the minimum number of shares to be purchased (12,133,398 shares), as described in the Public Notice for Commencement of Tender Offer (including the subsequentPublic Notice of Changes to Terms of Purchase; the same shall apply hereinafter) and the Tender Offer Registration Statement (including the matters amended in the amendment statements to the Tender Offer Registration Statement that were subsequently submitted; the same shall apply hereinafter), all of the Tendered Shares will be purchased.

(2) Date of Public Notice of Tender Offer Results and Name of Newspaper in which Public Notice Thereof is Given Pursuant to Article 27-13, Paragraph 1 of the Act, the results of the Tender Offer were announced to the news media at the TSE on February 20, 2025, in the manner stipulated in Article 9-4 of the Order for Enforcement of the Financial Instruments and Exchange Act (Cabinet Order No. 321 of 1965, as amended) and Article 30-2 of the Cabinet Office Order on Disclosure Required for Tender Offer for Share Certificates by Persons Other Than Issuers (Ministry of Finance Order No. 38 of 1990, as amended).

(3) Number of Shares Purchased

Type of Shares Number of Tenders Converted Into Shares Number of Purchases Converted Into Shares
Shares 14,339,979 (shares) td 14,339,979 (shares)
Share Option Certificates 39,800 39,800
Corporate Bonds with Share Options ― ―
Beneficiary Securities of Share Certificates in Trust (        ) ― ―
Depository Receipts for Securities (       ) ― ―
Total 14,379,779 14,379,779
Total Number of Potential Shares 39,800 (39,800)

(4) Change in Ownership Ratio of Shares through the Purchase

Number of voting rights represented by Shares owned by the Tender Offeror before the purchase 214,133 (Ownership Ratio of the Shares before the purchase 33.57%)
Number of voting rights represented by Shares owned by specially related persons of the Tender Offeror before the purchase – (Ownership Ratio of the Shares before the purchase -%)
Number of voting rights represented by Shares owned by the Tender Offeror after the purchase 337,532 (Ownership Ratio of the Shares after the purchase 56.05%)
Number of voting rights represented by Shares owned by specially related persons of the Tender Offeror after the purchase – (Ownership Ratio of the Shares after the purchase -%)
Number of voting rights of all shareholders of the Target Company 629,211

(Note 1) “Number of voting rights of all shareholders of the Target Company” is the number of voting rights of all shareholders as of June 30, 2024, as stated in the 55th Semiannual Report submitted by the Target Company on August 9, 2024. However, since shares of less than one unit, cross-held shares, and the Target Company Shares to be issued or transferred upon the exercise of the Share Options are also subject to the Tender Offer, in the calculation of “Ownership Ratio of the Shares before the purchase” and “Ownership Ratio of the Shares after the purchase”, the denominator is the number of voting rights (637,921) represented by the number of shares which is calculated from (i) the total number of shares issued by the Target Company as of December 31, 2024 as stated in the Target Company Financial Results (67,400,000 shares), adding (ii) the number of Target Company Shares subject to the Share Options remaining as of October 15, 2024 as reported by the Target Company (769,800 shares) (such sum of item (i) and (ii) being 68,169,800 shares), and subtracting (iii) the number of treasury shares held by the Target Company as of December 31, 2024 (4,377,630 shares) (equal to 63,792,170 shares).

(Note 2) “Ownership Ratio of the Shares before the purchase” and “Ownership Ratio of the Shares after the purchase” has been rounded off to two decimal places.

(5) Calculation in Cases of Conducting the Purchase by Pro-Rata Method
Not applicable.

(6) Settlement Method
(1) Name and Location of Head Office of the Financial Instruments Business Operator or Bank etc. Responsible for Settlement

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
1-9-2, Otemachi, Chiyoda-ku, Tokyo

Mitsubishi UFJ eSmart Securities Co., Ltd. (sub-agent)
3-2-5, Kasumigaseki, Chiyoda-ku, Tokyo

(2) Settlement Commencement Date
February 27, 2025 (Thursday)

(3) Settlement Method
Promptly following the expiration of the Tender Offer Period, notifications of the purchases in the Tender Offer will be mailed to the addresses or locations of the those applying to sell in response to the offer to purchase the Shares in the Tender Offer (“Tendering Shareholders”) (or their standing proxies, for shareholders of foreign countries (including corporate shareholders; “Foreign Shareholders”)). Issuance of notifications by the sub-agent will be delivered by electromagnetic means through the screen after login.

Purchases will be made in cash. At the instruction of the Tendering Shareholders (or their standing proxies for Foreign Shareholders) and promptly after the date of commencement of settlement, the proceeds of sales of Shares that were purchased in the Tender Offer will be remitted by the tender offer agent or sub-agent to the place designated by the Tendering Shareholders (or their standing proxies, for Foreign Shareholders), or paid into the accounts of the Tendering Shareholders whose applications for tender were accepted by the tender offer agent or sub-agent.

3. Policies after the Tender Offer and Future Prospects There will be no changes to the policies after the Tender Offer from those stated in the Public Notice for Commencement of Tender Offer and the Tender Offer Registration Statement regarding the Tender Offer.

4. Place where a Copy of the Tender Offer Report is to be Made Available for Public Inspection
FK Co., Ltd.
11F, Meiji Yasuda Seimei Building, 2-1-1 Marunouchi, Chiyoda-ku, Tokyo

Tokyo Stock Exchange, Inc.
2-1 Nihombashi Kabutuocho, Chuo-ku, Tokyo

 

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CapMan Real Estate fund CapMan Hotels II acquires Midstar Fastigheter AB, establishing a leading Nordic hotel platform

Capman

CapMan Real Estate fund CapMan Hotels II acquires Midstar Fastigheter AB, establishing a leading Nordic hotel platform

CapMan Hotels II (CMH II) has signed an agreement to acquire Midstar Fastigheter AB, a well-established Nordic hotel real estate portfolio, encompassing 28 assets in the Nordics. This transaction is one of the largest of its kind in the region and significantly expands and diversifies CapMan Hotels II’s Nordic hotel portfolio, strengthening its position as a key player in the Nordic hotel investment market. The transaction significantly contributes to CapMan Plc’s long-term objective to grow the company’s assets under management within real assets.

Midstar Fastigheter AB is a pan-Nordic property company focused exclusively on hotel real estate investments, with assets located in Sweden, Denmark, and Norway. The assets will be managed by CapMan Real Estate.

The acquired portfolio comprises 28 hotel properties, offering a total of 4,709 rooms, with plans to increase the capacity to 4,887 rooms by 2027 through targeted value-enhancing initiatives. The hotels complement CapMan Hotels II’s current portfolio very well with properties in major metropolitan areas such as Copenhagen, Stockholm, Gothenburg, and Oslo in addition to regional hotels in prime locations, aligning with CapMan’s focus on high-quality assets in key markets.

“We are excited about this transaction and its positive impact on our hotel fund. The acquisition of this high-quality portfolio outside of Finland strengthens our position as a key player in the Nordic hotel investment market, and it aligns perfectly with our investment strategy. We see significant potential in this platform and are confident in its ability to deliver strong returns, driven by the continued growth of the Nordic hotel market”, says Mika Matikainen, Managing Partner of CapMan Real Estate.

“CapMan Hotels II is a well-performing five-star rated fund in the GRESB sustainability benchmarking, and we are equally committed to enhance the sustainability performance of the Midstar Fastigheter portfolio. In addition to sustainability improvement efforts, we will be working closely with the hotel operators to identify and implement other value-enhancing initiatives”, says Thomas Laakso, Partner, CapMan Real Estate.

The acquisition grows CapMan’s assets under management by EUR 0.4 billion and significantly supports CapMan’s objective to increase assets under management to EUR 10 billion during the ongoing strategy period. It is also an excellent example of how CapMan can generate growth by scaling of existing products, which is one of CapMan’s three main growth levers alongside new product launches and M&A.

The agreement was signed on February 19th, 2025. The transaction is subject to customary regulatory approval from the Swedish Competition Authority and the transaction will close shortly after such approval has been granted.

In connection with the transaction, SEB Corporate Finance, Skandinaviska Enskilda Banken AB (publ) acted as sole financial advisor to CapMan Hotels II. Mannheimer Swartling Advokatbyrå AB acted as the lead legal advisor and CBRE as commercial advisor.

For more information, please contact:

Mika Matikainen, Managing Partner, CapMan Real Estate, mika.matikainen@capman.com

Thomas Laakso, Partner, CapMan Real Estate, thomas.laakso@capman.com

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.1 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

In the image above (from left to right): Marienlyst Strandhotel, Clarion Hotel Ernst, Scandic Landvetter

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Per Franzén appointed new CEO of EQT AB as of May 2025

eqt

  • The Board of Directors of EQT AB (“EQT”) has appointed Per Franzén as new CEO and Managing Partner, effective as of the Annual Shareholders’ Meeting on 27 May 2025. During this transition period, Christian Sinding will remain as CEO

  • Per Franzén has spent nearly two decades at EQT, currently serving as Deputy Managing Partner and Head of Private Capital Europe & North America. He has been instrumental to EQT’s growth and success, most recently leading the EUR 22 billion raise of EQT X, which was the largest private equity fund closed globally in 2024
  • After the transition, Christian Sinding will become an Institutional Partner. In this role he will Chair the EQT Council, which brings together some of EQT’s most experienced leaders with external expertise to build partnerships and provide EQT and its clients the insights needed to stay ahead in an ever-evolving world. He will also continue to Chair the Global Investment Forum and remain a member of several Investment Committees

The Board of Directors of EQT AB (“EQT”) has appointed Per Franzén as the new CEO and Managing Partner of EQT, effective as of the Annual Shareholders’ Meeting on 27 May 2025. Per Franzén will succeed Christian Sinding, who has led EQT through a period of extraordinary transformation, growing the firm from a market capitalization of around EUR 7 billion at the time of its 2019 IPO to around EUR 40 billion at the time of this announcement. Per becomes CEO at a time of strength for EQT, which recently reported record levels of investments, increased exit activity, and significant portfolio valuation growth for 2024. This transition sets EQT up for continued success as it enters a EUR 100 billion fundraising cycle and looks to execute on new initiatives, including launching additional investment strategies, expanding distribution channels, and accelerating brand building efforts.

Per has spent nearly two decades at EQT, currently serving as Head of Private Capital Europe & North America and Deputy Managing Partner. He has been instrumental to EQT’s success, most recently leading the EUR 22 billion raise of EQT X, which was the largest private equity fund closed globally in 2024. Today, EQT Private Capital Europe & North America manages EUR 113 billion in total assets under management, making it EQT’s largest business line.

Commenting on his appointment, Per Franzén said: “It is an honor to be appointed CEO of EQT. I am truly passionate about the firm, having spent most of my career here, and I am deeply committed to building on the fantastic global platform we have established under Christian’s leadership. It’s exciting to lead EQT into its next chapter together with the team and the support of the Board, and I’m grateful that Christian will remain at EQT as an Institutional Partner. I look forward to continuing to deliver exceptional value to our clients and shareholders, while upholding our core values.”

Christian Sinding will remain CEO during the period leading up to the Annual Shareholders’ Meeting, to ensure the best possible transition. Christian, who joined EQT in 1998 and has served as CEO since 2019, will then become an Institutional Partner. In this role he will Chair the newly formed EQT Council, which aims to amplify EQT’s ability to create meaningful partnerships, provide clients with the insights needed to succeed for the long-term, and accelerate the impact of its global business. Christian will also continue to Chair the Global Investment Forum, which brings together EQT’s most senior investment professionals to optimize performance by sharing expertise and insights from across all of EQT’s strategies. He will remain a member of several EQT fund Investment Committees.

“As I reflect on my journey with EQT so far, I am filled with immense pride and gratitude for what we have accomplished together as a firm. Going from being employee number eleven to having nearly two thousand fantastic colleagues in over twenty markets is an unforgettable journey. Together, we have shown that a values-driven firm, which attracts and retains exceptional people, can deliver excellent performance that in the process benefits both our clients and the world at large,” said Christian Sinding, incoming Institutional Partner at EQT. “I would like to thank Conni and the rest of the Board for their support during my time as CEO. I am proud to hand over the leadership to Per and as Chair of the Council and Global Investment Forum, as well as through my membership of several investment committees, I am excited to continue supporting EQT.”

Conni Jonsson, Chairperson of the Board of EQT, said: “Christian has taken EQT through a period of remarkable transformation. His vision, dedication and unwavering commitment have been instrumental in establishing EQT’s leading global position. He successfully led us through our 2019 IPO and has had a relentless attention to performance and culture as EQT has expanded into new markets and strategies. On behalf of the Board, I would like to extend my deepest appreciation to Christian and I am pleased that he will become an Institutional Partner.”

“This is the next logical step for EQT and we now enter an exciting new phase with Per at the helm. I have worked with Per for nearly two decades, so I know he is a role model for EQT’s distinct values and performance-driven culture. As Head of EQT Private Capital Europe & North America, Per has proven his ability to build and lead a large, multi-strategy, international team. I look forward to supporting him on this next step and am confident that with Per as CEO, thanks to his experience and performance mindset, EQT will continue delivering outstanding results for our clients and shareholders,” added Conni Jonsson.

This is information that EQT AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:30 CET on 17 February 2025.

About Per Franzén
Per Franzén joined EQT Partners in Stockholm in May 2007. He currently serves as Head of Private Capital Europe and North America and Deputy Managing Partner. He is a member of the EQT Executive Committee and Chairman of the Equity Partners Investment Committee.

Per is currently based in London but has previously worked in the Stockholm and Munich offices. He has been involved in a number of investments, including Anticimex, IVC Evidensia and IFS. Prior to joining EQT, Per spent six years at Morgan Stanley’s London and Stockholm offices working in M&A, Leveraged Finance and Nordic Banking.

Please find photos of Per Franzén here.

About the EQT Council
The EQT Council aims to amplify EQT’s ability to create meaningful partnerships, provide clients the insights needed to succeed for the long-term, and accelerate the impact of its global business. The EQT Council brings together some of EQT’s most experienced leaders with external expertise and is Chaired by Christian Sinding.

From EQT, members also include EQT AB Chairperson Conni Jonsson and Lennart Blecher, Head of Real Assets and Deputy Managing Partner. They are joined by Marcus Wallenberg, the Vice Chair of Investor AB who holds a number of other Director and Board roles. Over time, EQT plans to expand the Council to further strengthen its expertise.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

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 over three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has EUR ‌​​269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), 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 more than 25 countries across Europe, Asia and the Americas and has more than 1,900 employees.

More info: www.eqtgroup.com

Follow EQT on LinkedIn, X, YouTube and Instagram

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Carlyle Aviation Partners Issues AASET 2025-1 Trust Asset-Backed Securitization

Carlyle

First Commercial Aircraft ABS Issuance in 2025

MIAMI, DUBLIN, SINGAPORE – February 19, 2025 – Carlyle Aviation Partners Ltd. (“Carlyle Aviation Partners”) today announced it has closed its seventeenth aircraft portfolio transaction: AASET 2025-1 Trust (“AASET-2025-1”). AASET 2025-1 issued $518 million of Secured Notes that will be used to purchase a portfolio of 23 aircraft.

AASET 2025-1 marks the first commercial aircraft asset-backed securitization (ABS) issuance in 2025, signaling a strong opening of the year for the aircraft securitization market. AASET 2025-1 features a master trust structure first utilized last year by Carlyle Aviation that allows the trust to finance previously identified aircraft at its option.

“We are encouraged by the strong demand and favorable terms of this transaction. The innovative master trust structure of AASET 2025-1 highlights our continued commitment to excellence in this space,” said Javier Meireles, Chief Executive Officer of Carlyle Aviation.

“We are proud of our leadership in the aircraft ABS market and believe the innovative master trust structure will benefit issuers and investors alike, offering larger asset pools with more diversification,” said Bill Hoffman, Chairman of Carlyle Aviation.

Goldman Sachs was sole structuring agent, global coordinator, and joint lead bookrunner. Milbank LLP was the issuer counsel and Phoenix American was the managing agent.

The Secured Notes to be issued by AASET 2025-1 in the transaction have not been registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and were offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act. The Secured Notes may not be sold in the United States absent registration under the Securities Act or pursuant to an applicable exemption from registration requirements under the Securities Act.

About Carlyle Aviation Partners
Carlyle Aviation Partners is the commercial aviation investment and servicing arm of Carlyle’s Global Credit business, with $194 billion in assets under management as of September 30, 2024. It is a multi-strategy aviation investment manager that seeks to capitalize on its extensive technical knowledge, in-depth industry expertise and long-standing presence in the aviation sector. As of September 30, 2024, it has a team of more than 120 employees and offices in the US, Ireland and Singapore. For more information, visit www.carlyle.aero.

About Carlyle 

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $447 billion of assets under management as of September 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Contacts:

Investors
Danielle Calleja
786-476-2394
daniellec@carlyle.aero
Carlyle Aviation Partners

Media
Kristen Ashton
(212) 813-4763
kristen.ashton@carlyle.com 
Carlyle

Categories: News