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InfraRed Capital Partners sells interest in Iqaluit International Airport project

InfraRed Capital Partners

InfraRed Capital Partners (“InfraRed”) has completed the sale of a majority interest in Arctic Infrastructure Limited Partnership to Concert Infrastructure Fund (“Concert Infrastructure”).

Arctic Infrastructure Limited Partnership is the entity responsible for the improvement, operation and maintenance of the Iqaluit International Airport in Nunavut.  The Iqaluit Airport project is a 34-year concession for the design, construction and financing of the expansion and redevelopment of the existing Iqaluit International Airport in Iqaluit, Nunavut, Canada, and the provision of operations and maintenance services for the Government of Nunavut.

The original CAD 290m capex project included the design and construction of a new air terminal building and combined services building, the repaving and expansion of the runway and the enhancement of roadways and lighting systems. The facility opened in December 2017 and has been a recipient of several awards including the CCPPP National Awards gold award for infrastructure in 2017. It was the first complete airport infrastructure project to be built as a P3 in North America

InfraRed has developed this strategically located asset over five years and delivered on its ambitious and transformative plan to regenerate, in artic conditions at times, a decades-old facility which became operational in December 2017.

Enquiries

Tulchan Communications
+44 (0) 20 7353 4200
Sheebani Chothani

More Information

InfraRed Capital Partners is a leading global investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Seoul and Sydney. With around 150 professionals it manages US$12bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe.

Since its inception, InfraRed has launched 18 funds, including two companies listed on the London Stock Exchange: HICL Infrastructure PLC (“HICL”) and The Renewables Infrastructure Group (“TRIG”), both of which are members of the FTSE 250. To date, InfraRed has realised six funds, demonstrating its ability to create real value for its stakeholders.

InfraRed has been investing in the Infrastructure market for over 20 years and is one of world’s largest managers of social and transportation infrastructure projects. InfraRed has evolved its business from principally managing PPP projects at its inception to a diversified and international investment business, with over 80 infrastructure investment professionals, managing over 200 investments in PPP projects, renewable energy, regulated and economic infrastructure businesses.

InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment and its infrastructure business has been awarded the highest rating.

Further details can be found on InfraRed’s website, www.ircp.com.

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Cala Health Raises $50 Million Series C Funding

Baird Capital

BURLINGAME, Calif.–(BUSINESS WIRE)–Cala Health, Inc., a bioelectronic medicine company developing wearable therapies for chronic disease, today announced it has completed a $50 million Series C financing. Cala Health will use the funds to introduce Cala TrioTM, a breakthrough therapy for hand tremors in people with essential tremor, to the market as well as expand its therapeutic pipeline. As part of the financing, industry veteran Stacy Enxing Seng will be joining Cala Health’s team as an Independent Director and Board Chair.

“We are excited to continue partnering with Cala Health on its journey to support patients with chronic disease with wearable neuromodulation therapies”

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New investors in the Series C financing include Novartis, Baird Capital, LifeSci Venture Partners, TriVentures, and others. All existing investors participated in the round, including Johnson & Johnson Innovation – JJDC, Inc. (JJDC), Lux Capital, Lightstone Ventures, Action Potential Venture Capital, dRx Capital, and GV.

“We are excited to continue partnering with Cala Health on its journey to support patients with chronic disease with wearable neuromodulation therapies,” said Neil Tiwari, General Partner, dRx Capital, a Novartis & Qualcomm joint investment company.

Nicole Walker, General Partner at Baird, added “Cala Health is advancing neuromodulation therapy options without the need for surgery, using body-worn electronics. Baird is thrilled to invest in this field and in the company’s future growth.”

“We are delighted to work with such a strong team of investors and advisors who share our vision for the future of bioelectronic medicines. This financing follows exciting momentum from the past year, including receiving De Novo clearance from the Food and Drug Administration for our therapy for essential tremor and announcing a licensing agreement and ongoing collaboration with Partners Healthcare Innovation and its affiliate, Massachusetts General Hospital,” said Kate Rosenbluth, PhD, Founder and CEO, Cala Health.

Cala Health is preparing for the limited release of the prescription Cala Trio therapy, including an innovative commercial strategy that delivers prescription therapy with the convenience of consumer electronics by serving the patients as a direct distributor. The company recently announced completing enrollment in the largest therapeutic study ever conducted in essential tremor in the US, the landmark PROspective study for SymPtomatic relief of Essential tremor with Cala Therapy (PROSPECT).

About Cala Health, Inc.

Cala Health is a bioelectronic medicine company transforming the standard of care for chronic disease. The company’s wearable neuromodulation therapies merge innovations in neuroscience and technology to deliver individualized peripheral nerve stimulation. The first indication for Cala Health’s wearable therapy is essential tremor, a disease experienced by more than seven million people and characterized by severe hand tremors. New therapies are under development in neurology, cardiology, and psychiatry. The company is headquartered in the San Francisco Bay Area and backed by leading investors in both healthcare and technology. For more information, please visit www.calahealth.com.

Contacts

Media Contact:
Terri Clevenger
terri.clevenger@icrinc.com
(203) 856-4326

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Ivalua Exceeds $1B Valuation in New Funding Round to Accelerate Global Expansion & Technology Innovation

Ardian

Valuation establishes Ivalua as the next unicorn founded in France

Paris, France – May 21th, 2019 – Ivalua, a leading provider of global Spend Management cloud solutions, today announced that it has raised $60 million in growth equity funding to further accelerate its rapid growth. This capital raise values the company at a ‘unicorn’ level of more than $1 billion, making Ivalua one of only a handful of unicorns founded in France. Ivalua recently announced that it is on pace to exceed $100 million in annual revenue in 2019.

Investors in this round include Tiger Global Management, a new investor in Ivalua, and Ardian Growth, one of Ivalua’s early investors who increased its overall investment level. Tiger Global Management joins Ivalua’s founders, KKR and Ardian Growth as shareholders. Ivalua’s management retains a majority stake in the company to ensure stable, long term planning and a continued focus on customers.

Spend Management software has emerged as an increasingly strategic tool for businesses, boosting profitability by streamlining procurement processes, improving collaboration with suppliers and optimising cash flow. The Spend Management market is sized at more than $20 billion and continues to develop rapidly as one of the most dynamic segments of the broader software-as-a-service (SaaS) market.

Ivalua has continued to increase its market share due to the unique advantages of its platform. The depth and breadth of its fully unified suite, combined with the unique combination of rapid delivery and unmatched flexibility, allow it to support customers at every stage of their digital transformations. The flexibility allows it to rapidly and uniquely develop and launch industry-specific solutions while maintaining a single code base. Customers realise more and faster value and never outgrow the platform, which allows Ivalua to consistently boast the industry’s highest retention rate, at over 98%, while also rapidly acquiring new customers.

Ivalua has grown while maintaining profitability. The additional funding will support future investments in organic product innovation, global expansion and possibly strategic acquisitions. David Khuat-Duy, CEO and Founder of Ivalua, said, “This investment by one of the world’s leading investment funds is a further testament to Ivalua’s long term strategy and business model. This additional capital will allow us to deliver ever more value to our customers and secure future growth.”

Laurent Foata, Head of Ardian Growth added, “We have been supporting Ivalua since 2011, at the start of their global expansion. We see Ivalua as the future leader in the large and fast growing Spend Management market. I am extremely grateful to Ivalua’s founders for their long term trust, and congratulate the team for this tremendous journey in which they remain the majority shareholder.”

About Ivalua

Ivalua is the Procurement empowerment platform. Recognised as a Leader by Gartner and other analysts, Ivalua’s Source-to-Pay suite is leveraged by over 300 leading companies across the globe to manage over $500 Billion in direct and indirect spend. The platform’s combination of ease-of-use, depth, breadth and flexibility ensures high employee and supplier adoption, rapid time to value and the ability to meet unique or evolving requirements, evidenced by the industry’s leading 98%+ retention rate. Realise the possibilities at :
www.ivalua.com. Follow us at @Ivalua.

About Tiger Global Management

Tiger Global Management, LLC is an investment firm that deploys capital globally. The firm’s fundamentally oriented investments focus primarily on the global Internet, software, financial technology, consumer and industrial sectors. The private equity strategy has a ten-year investment horizon and targets growth-oriented private companies. Such investments have included Spotify, Juul, Harry’s, Warby Parker, Peloton, JD.com, Facebook, LinkedIn, Yandex, Mail.ru Group, Despegar and Ola. The public equity efforts emphasise deep due diligence on individual companies and long-term secular themes. Tiger Global Management, LLC was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Singapore, Bangalore and Melbourne.

About Ardian

Ardian is a world-leading private investment house with assets of US$90bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 600 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 880 clients through five pillars of investment expertise: Funds of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
www.ardian.com

Media Contact

Tom Reynolds / Robert Fretwell
Spark Communications for Ivalua
0207 436 0420
ivalua@sparkcomms.co.uk
Ardian
Headland
Viktor Tsvetanov
vtsvetanov@headlandconsultancy.com
Tel: +44 (0)20 3435 7469

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Everstone Group partners with Suresh Vaswani to strengthen its’ global information technology investment effort

Everstone

Mumbai, May 20, 2019 – The Everstone Group has partnered with Suresh Vaswani, who was previously the President of Dell Services and Co-CEO of Wipro, to co-invest in the information technology sector. He will be a Senior Director at the Everstone Group and will also join the board of two group companies – Servion Global Solutions, a US headquartered omnichannel customer experience management company and Innoveo AG, Switzerland based InsurTech Cloud software provider.

Suresh will work closely with Avnish Mehra, Managing Director, Everstone Group to provide strategic and operational expertise in current and prospective investee companies worldwide. He will be based out of the US and split his time between U.S. and India.

“Suresh brings a wealth of global information technology expertise and experience. This partnership will strengthen our capability set on the sector as a whole, and specifically on our cross-border investment strategy, where we synergize with our infrastructure in India and South East Asia.” said Sameer Sain, CEO, The Everstone Group.

“Everstone Group has a global mindset with a strong understanding and expertise in the information technology sector. I am delighted to partner with them and look forward to working closely with the Everstone team globally.” said Suresh Vaswani, Senior Director, Everstone Group.

Suresh recently joined the board of Vodafone-Idea and is an external advisor to Bain Consulting. He has over three decades of leadership experience across global IT/technology majors which includes Dell, IBM and Wipro. Suresh is an alumnus of Indian Institute of Technology, Kharagpur with an MBA from Indian Institute of Management, Ahmedabad.

About Everstone Group
Everstone is a premier investment group focused on India and South East Asia, with assets in excess of US$5 billion across private equity, real estate, green infrastructure and venture capital. Everstone has a significant resource base across its seven offices in Singapore, India (Mumbai, Delhi, Bangalore), London, New York and Mauritius, comprising best-of-breed investing, operations and strategic resources with significant experience and skills. For more information, visit www.everstonecapital.com

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KKR and Western Natural Resources Form Partnership to Pursue Oil and Gas Investments in Williston Basin

KKR

HOUSTON & OKLAHOMA CITY–(BUSINESS WIRE)–May 20, 2019– KKR, a leading global investment firm, and Western Natural Resources, LLC (“Western”) today announced a new partnership to acquire producing and undeveloped oil and gas assets in the Williston Basin.

The Williston Basin includes meaningful existing production and high quality, well-defined remaining drilling inventory well suited to KKR’s Energy Real Assets strategy, which prioritizes the generation of free cash flow and strong asset level returns in the upstream oil and gas sector.

Western’s CEO Heath Mireles and his team bring extensive operating experience to the partnership, having drilled, completed and operated thousands of wells over the Williston Basin’s long history. The Western team will leverage their collective experiences from time spent at large public operators as well as other private companies to acquire, manage and develop producing wells and drilling locations throughout the play.

Ben Conner, Director on KKR’s Energy Real Assets team, said, “The Williston continues to be a core area of focus for us as we see a significant opportunity to acquire high quality producing assets with attractive long-term value creation opportunities to be delivered through superior technical and operational execution. We have known Heath and members of his team for years and believe our partnership is well positioned to acquire and manage assets in the Williston for the long run.”

Heath Mireles, CEO of Western added, “We are excited to partner with KKR and bring what we feel is a differentiated view and business model to the basin to build a premier asset base focused on delivering strong risk-adjusted returns.”

KKR is making its investment in the partnership through funds affiliated with KKR’s Energy Real Assets strategy, which has invested approximately $4.0 billion in capital across 12 transactions since 2015 and manages a portfolio of oil and gas assets in numerous unconventional and conventional resource areas across the United States.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Western

Western is a private company focused on the acquisition and exploitation of upstream oil and gas assets. Headquartered in Oklahoma City, Oklahoma, its primary objective is to build and operate a large-scale portfolio of producing oil and gas wells and drilling locations in the Williston Basin. For additional information about Western, please visit Western’s website at www.wnrllc.com.

Source: KKR

Media:
Kristi Huller or Cara Major, + 1-212-750-8300
media@kkr.com

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TPG agrees to sell Cancer Treatment Services International to Varian Medical Systems

TPG Capital

Mumbai and San Francisco – May 20, 2019 – TPG Growth, the middle market and growth equity platform of alternative asset firm TPG, announced today that it has signed a definitive agreement to sell Cancer Treatment Services International (CTSI) to Varian Medical Systems (NYSE: VAR) for $283 million. CTSI is part of Asia Healthcare Holdings (AHH), a healthcare operating platform founded by TPG Growth. The transaction is expected close approximately two weeks and is subject to customary closing conditions.

CTSI owns and operates an expanding network of cancer treatment facilities across India and South Asia, including several brands: the American Oncology Institute, CTSI’s flagship network comprised of multi-disciplinary radiation, medical, and surgical oncology focused cancer hospitals across South Asia; US-based CTSI Oncology Solutions, which provides cancer treatment planning services to healthcare providers worldwide; and AmPath, an integrated reference laboratory and pathology services provider in India. CTSI employs more than 1,500 people across its operations in India and the US, and fulfills a significant patient demand in the region for quality cancer treatment protocols.

“We invested in CTSI in 2016 with the belief that the company was in a strong position to address a substantial and growing need for quality cancer care in India. Today, CTSI is one of the largest and leading providers of high-quality oncology services across the country and broader South Asia,” said Matthew Hobart, Partner at TPG Growth. “CTSI’s growth story is an example of what we are trying to achieve through AHH, which is to provide dynamic single-specialty healthcare companies the resources and expertise to meaningfully build and scale their businesses. The transaction today marks an exciting step for CTSI and an important milestone in AHH’s evolution as one of the leading healthcare platforms in South Asia.”

When CTSI was first acquired by TPG Growth, it operated one facility in Hyderabad, India. In just three years, with AHH’s support and the onboarding of a highly talented management team, the company has grown to a network of 11 cancer hospitals with a pipeline of six more hospitals under execution. The success of CTSI builds on the track record of TPG’s healthcare investing franchise around the world, which has invested $14 billion of equity in the sector. More than 20 percent and approximately $3 billion of equity has been invested outside the US, across leading healthcare delivery networks including Parkway Holdings (Singapore), Healthscope (Australia), Manipal Health (India), Asiri Health (Sri Lanka), and United Family Healthcare (China).

“The genesis of AHH was to build single-specialty healthcare delivery businesses. Majority positions in these early stage entities give our team the unique opportunity to mold the future of these companies by giving them the right management teams, capitalization, and profitable growth trajectory. CTSI validates this unique approach to Indian healthcare,” said Vishal Bali, CEO of Asia Healthcare Holdings. “Leveraging TPG’s global healthcare franchise, we worked together to grow CTSI from sourcing to exit.”

AHH seeks to build a market-leading franchise in single-specialties across India and South Asia, and helps power companies through a single management team. AHH’s operation is unique to Indian healthcare and unparalleled in the region. Recently, AHH acquired Nova Fertility and its network of 20 IVF centers which, when combined with AHH’s existing network of 12 Women & Children hospitals under the Motherhood brand, will be India’s largest mother and child-focused healthcare platform in India.

TPG Growth

TPG Growth is the middle market and growth equity investment platform of TPG, the global alternative asset firm. With approximately $12.8 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has more than $104 billion of assets under management. For more information, visit www.tpg.com.

About CTSI

CTSI is a provider of university-level, comprehensive treatment for cancer patients. Founded by physicians and businessmen with substantial experience in the development, operation and networking of cancer services, CTSI provides innovative and technologically advanced treatment solutions through an IT-based model that allows integration and centralization of core services. The company began international operations at its flagship cancer hospital in Hyderabad, India in 2013 and currently has several operational cancer centers and ongoing development projects. For more information, visit http://www.cancertreatmentservices.com.

 

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Gimv hands Benedenti back to its founders following growth trajectory in Belgian dental care

GIMV

17/05/2019 – 17:45 | Portfolio

At the end of 2015, Gimv acquired a minority stake in Benedenti, a group of multidisciplinary dental practices in Flanders, Belgium. Founded in 1985 as a private dental practice in Herentals by Rik Claes and his wife Griet Luyten, the practice has grown over the years first into a large group practice and then – with Gimv’s support – into a group with eight branches. In September 2018, the new state-of-the-art group practice and headquarters opened in Herentals. With 15 (treatment) chairs, this is one of the largest group practices in Flanders.

By developing multidisciplinary group practices, Benedenti responds to a range of challenges facing dental care in Flanders, such as a substantial number of practising dentists rapidly approaching retirement age, an insufficient influx of new graduates ready to enter professional practice and the emergence of dental hygienists. Other factors include the many technological and scientific developments in the field of dentistry and changing expectations of patients and dentists. Accessible, high-quality dental care is at the heart of the group’s expansion and the continuing professionalisation of the group practices.

Through Gimv’s involvement and driven by the current CEO and founder Rik Claes, extra resources have been put into forming partnerships with other dental practices, developing new group practices and continuing to invest in the latest technology. The number of employees has evolved from around 50 in 2015 to nearly 150 today and, through a team of 60 dentists, Benedenti Group is able to offer all dental specialisms.

Gimv announces today that it is selling back its stake to the founding Claes family.

Bart Diels, Head Gimv Health & Care, explains: “We’re glad that we’ve been able to support Benedenti and the Claes family with the continuing expansion and professionalisation of the group. Led by the family, Benedenti will continue to grow organically from a strong base, with a quality-focused culture, dedicated dentists & staff and a unique DNA.”

Rik Claes, CEO Benedenti Group, adds: “We look back with satisfaction on our partnership with Gimv. Thanks to their input, we’ve been able to expand and professionalise Benedenti further. Now we want to stand on our own two feet again. It’s our goal for Benedenti Group to remain in the hands of dentists in the long term, and to continue growing strongly into an outstanding, recognisable group for staff and patients.”

The yield on Benedenti over the entire investment period is in line with Gimv’s long-term average. No further financial details, however, are provided on the transaction itself.

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Montagu announces agreed sale of Covidence

Montagu

Montagu Private Equity (“Montagu”), a leading European private equity firm, announced today that it has agreed to sell Covidence to funds managed by EMK Capital LLP, a UK based private equity firm. Terms of the transaction are not being disclosed.

Covidence is the global technology leader in the niche professional market of miniature covert video and audio surveillance equipment. The business was founded in 2007 and is based in Rønde, Denmark. Montagu led the buyout of Covidence in 2015.

Over its four years of ownership, Montagu has helped the business to grow its top line through the development of new products and platforms, and by enhancing the go-to-market strategy. Covidence achieved double digit annual sales growth over the period from 2015 to 2018.

William Blair acted as financial advisor to Montagu and Covidence.

Completion is expected in May 2019.

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CPA Global and ipan/Delegate Group announce closing of merger and future outlook for the combined organization

Castik Capital

IP management and technology companies CPA Global® and ipan/Delegate Group today announce the closing of their previously announced merger.

The new organisation will deliver best-in-class technology and integrated software, and IP services solutions for corporations and law firms globally. These solutions will offer a unique customer experience and superior service supported by the global footprint of our combined team.

Simon Webster, CEO of the combined group, commented: “I am delighted to announce that we are now one company. The combination of our two companies and the great teams that work within each of them will accelerate our primary focus of delivering solutions that meet our customers’ most important intellectual property management needs.”

Patrice Durand, CEO of ipan/Delegate, commented: “We’re very excited to start working with the CPA Global teams on bringing our joint vision to life. We aim at driving innovation to the benefit of the IP industry, to improve interactions between our customers, partners and teams.”

About CPA Global

CPA Global is a trusted IP management company, leading by blending new technology with unrivalled expertise to better many of the world’s respected corporations and law firms. Delivered by an outstanding global team of 2400 people, our integrated offering sets the standard for reliability and secure, verified IP data. For our customers, we minimise risk and deliver actionable IP intelligence for better decision making. Put simply, we take the hassle out of IP management, liberating our customers to focus on what they do best.

About ipan/Delegate Group

ipan/Delegate Group was formed in 2018 through the combination of Intellectual Property Associates Network (ipan) and Delegate (formerly Valipat/Envoy). Headquartered in Brussels, Belgium and Munich, Germany with offices globally, the Group’s customer centric approach to optimizing process and innovative web enabled platforms has made it the solution of choice for IP owners and law firms across the world. The Group offers services for annuities and renewals, EP validations, IP foreign filing and IP Recordals and three Intellectual Property Management Software (IPMS), namely Unycom, IPSS and IPfolio.

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EQT sells Coromatic to E.ON

eqt

  • EQT sells Coromatic, a leading Nordic critical facility services and provider, to E.ON, a European leader within energy networks and state-of-the-art customer solutions
  • During EQT’s ownership, Coromatic has transformed into a leading Nordic provider of critical facility services and solutions, securing operations against disruptions 24/7, ultimately improving people’s lives and protecting the environment through optimized energy consumption
  • Coromatic has more than doubled revenues and the number employees, and nearly quadrupled EBITDA as a result of strong organic growth and a number of strategic add-on acquisitions

EQT Expansion Capital II (“EQT”) has entered into a definitive agreement to sell Coromatic Group (“Coromatic” or the “Company”) to E.ON. Coromatic secures access to power and data communication by providing services and solutions to critical facilities, such as data centers, airports, hospitals, transportation and connected workplaces.

During EQT’s ownership, Coromatic has transformed from a Swedish-focused data center solutions provider into a service-led Nordic leader. Through the most extensive pan-Nordic critical facilities service network of more than 200 highly qualified technicians, Coromatic secures operations 24/7, contributing to sustainable cities and communities.

An increase in frequency of disruption events, such as power outages or disruptions in digital infrastructure, coupled with a rising cost of downtime, has led to a surge in demand for Coromatic’s unique competencies. The Company’s development has relied on strong organic growth and an ambitious consolidation strategy, having executed eight add-on acquisitions across the Nordics. Today, Coromatic supports over 5,000 customers, including 60% of the Nordic top 100 companies, out of 17 locations.

Erik Bertman, CEO of Coromatic, said: “Together with EQT, Coromatic has transformed into a Nordic leader, through geographical expansion as well as building competencies and widening the offering. Most importantly, this has allowed us to serve our customers better and faster. We now look forward to continue our ambitious growth journey together with E.ON, pursuing a bold ambition of becoming the frontrunner of the decentralized energy market in Europe. We see this as an ideal fit with a common purpose of securing operations 24/7 through energy efficient solutions and thereby improving people’s lives.”

“Acquiring Coromatic is an important step towards our strategic ambition of becoming a leading energy solutions company. As artificial intelligence, smart homes and buildings become increasingly prevalent, the need for 24/7 uninterrupted power supply will continue to grow. I see a great potential for both E.ON and Coromatic to jointly capitalize on this trend”, says Marc Hoffmann, CEO E.ON Sverige.

Victor Englesson, Partner at EQT Partners and Investment Advisor to EQT Expansion Capital II, added: “EQT is impressed with Coromatic’s growth journey, but more importantly, its contribution to society in securing critical infrastructure. This aligns perfectly with EQT’s investment approach and focus on sustainability and positive social impact. We are convinced that E.ON will be a great owner of Coromatic and together they will become a trusted partner to businesses looking to ensure their operations 24/7.”

The transaction is subject to approval from the relevant authorities and is expected to close in late Q2 or Q3 2019.

Nordea acted as financial advisor and Roschier as legal advisor to EQT.

Contact
Victor Englesson, Partner at EQT Partners and Investment Advisor to EQT Expansion Capital II
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a leading investment firm with more than EUR 61 billion in raised capital across 29 funds and around EUR 40 billion in assets under management. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About E.ON
E.ON Sverige is part of the international E.ON-group, one of the world’s largest investor owned energy companies. E.ON has about 2 200 coworkers in Sweden.

More info: www.eon.com/en

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