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CapMan Buyout exits Solera Beverage Group to Royal Unibrew

Capman

CapMan Buyout Press Release
2 july 2021 at 08:30 a.m. EET

CapMan Buyout exits Solera Beverage Group to Royal Unibrew

Funds managed by CapMan Buyout have agreed to sell Solera Beverage Group to the listed beverage company Royal Unibrew A/S.

Solera Beverage Group is a leading importer and distributor of wine and other beverages in the Nordic monopolised markets. The group houses over 700 world-renowned brands and sold over 44 million litres of beverages, reaching sales of NOK 1.9 billion in 2020.

Royal Unibrew, the Danish multi-regional beverage company listed on OMX Copenhagen, has today entered into an agreement to acquire the shares in Solera Beverage Group from Funds managed by CapMan Buyout. The acquisition will add Norway and Sweden to Royal Unibrew’s geographical footprint while complementing the already established business in Finland.

“During CapMan’s ownership period we have developed the business both organically and through strategic add-on acquisitions. We have seen strong organic growth, on the back of a stable and non-cyclical industry, through several operational initiatives. For example, Solera has expanded the number of brands represented, developed the Multibev business focusing on low and non-alcoholic beverages, and established several own brands during the years.” tells Johan Pålsson, Co-Managing Partner at CapMan Buyout.

“We believe Royal Unibrew is a good new owner of Solera. The strategic fit is strong between the two companies and the combined platform will accelerate the development of the two companies. I want to thank the entire Solera organisation for great cooperation over many years” Pålsson continues.

“I am pleased to welcome Royal Unibrew as a new owner of Solera Group. The combination forms a strong platform for a multi-beverage business across the Nordics and around the Baltic Sea, and I look forward to further develop and grow the business together. At the same time, I want to thank CapMan for their instrumental support in developing Solera during their holding period into a pan-Nordic player with a strong multi-beverage offering.” says Ole Petter Wie, Group CEO of Solera.

CapMan Buyout IX fund made the investment in Solera Beverage Group in 2011. The transaction is expected to close in Q3 2021. The transaction is subject to regulatory approval. Lincoln International acted as financial advisor and Wiersholm as legal advisor to CapMan Buyout in the transaction.

For further information, please contact:

Johan Pålsson, Co-Managing Partner, CapMan Buyout, tel. +46 705 956 224

About CapMan

CapMan Buyout is part of CapMan Group, a leading Nordic private asset expert with an active approach to value-creation in its portfolio companies and assets, with assets under management of close to €4 billion. CapMan has a broad presence in the unlisted market through our local and specialised teams. The investment strategies cover Private Equity, Real Estate and Infra. CapMan also has a growing service business that includes procurement services, wealth management, and analysis, reporting and back office services. Altogether, CapMan employs around 150 people in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com.

About Royal Unibrew A/S

Royal Unibrew is a leading regional multi-beverage company providing strong brands to our main markets Denmark, Finland, Italy, Germany, France and the Baltics, and to 65+ countries in the rest of the world. We serve our consumers by offering high quality beverages within beer, malt beverages, soft drinks as well as ciders, ready-to-drink, juice, energy and water products. In addition to our own brands, we offer license-based international brands from PepsiCo and Heineken in Northern Europe.

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CapMan Buyout invests in sports nutrition, supplements, and equipment company MMSports

Capman

CapMan Buyout Press Release
2 July 2021 at 08.00 am (EET)

CapMan Buyout invests in sports nutrition, supplements, and equipment company MMSports

CapMan Buyout’s fund CapMan Buyout XI has entered into an agreement to invest in the leading sports nutrition and equipment company MMSports. CapMan will acquire a majority equity share in the company, with key members of the MMSports organization investing a significant share. CapMan Buyout will partner with the MMSports team to continue to support its accelerated growth and international expansion. The investment is the third of the CapMan Buyout XI fund, which was established in 2019.

MMSports AB was founded in 2002 and is one of the leading sports nutrition and health supplement companies in Sweden. The company’s product offering consists of sports nutrition, health supplements, gym equipment and accessories. MMSports has a strong portfolio of proprietary brands and products developed in-house, as well as a selection of external brands. The company has its own e-commerce platform, mmsports.se, through which most products are sold. MMSports also operates nine physical stores in Sweden. Currently, specialist growth investor Verdane owns the majority stake in the company with the founder being a significant co-investor.

“During the past three years, the company has been able to execute fast growth and improve profitability. Today, the company has operations primarily in Sweden, but sales also to Norway and Denmark. We are excited to join MMSports on its journey to capture further growth in Sweden and accelerate international expansion. We are especially impressed by the strong winning culture in MMSports, which is and will continue to be a key success factor for any company. The strong focus on their proprietary brands and in-house developed products is also something we expect to build further on.”, says Tobias Karte, partner at CapMan Buyout.

“We are looking forward to the next phase of growth and are excited to start collaborating with the CapMan team. We see great potential in the market and believe that with our high-quality products and strong team we will be able to grow sales, also outside of Sweden. CapMan will continue to bring the support needed for our organization to take the next step,” says Erik Sjöberg, CEO of MMSports.

“We want to extend our warmest thanks to Erik and the MMSports team for a productive collaboration and wish the team all the best, as they continue their growth journey together with the CapMan team”, says Christian Jebsen, partner at Verdane.

The CapMan Buyout team comprises of 10 investment professionals working in Helsinki and Stockholm and the funds managed by CapMan Buyout invest in medium-sized, unlisted companies in the Nordic countries. The investment in MMSports is made from the CapMan Buyout XI fund, which was established in 2019 and is the fund’s third investment. The transaction is expected to close within a few weeks.

For more information, please contact:

Tobias Karte, Partner, CapMan Buyout, tel. +46 73 344 28 96

Erik Sjöberg, CEO, MMSports, tel. +46 73 526 23 27

About CapMan
CapMan Buyout is part of CapMan Group, a leading Nordic private asset expert with an active approach to value-creation in its portfolio companies and assets, with assets under management of close to €4 billion. CapMan has a broad presence in the unlisted market through our local and specialised teams. The investment strategies cover Private Equity, Real Estate and Infra. CapMan also has a growing service business that includes procurement services, wealth management, and analysis, reporting and back office services. Altogether, CapMan employs around 150 people in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com.

About MMSports
MMSports is one of the leading supplement and sports nutrition companies in Sweden. The company was founded in 2002 by Olle Sparringsjö and has been owned by the founder and Verdane since 2014, until CapMan’s acquisition in July 2021. The company boasts a strong portfolio of proprietary brands and in-house developed products as well as a selection of external brands and products. The product offering includes sports nutrition, health supplements, gym wear and accessories & equipment.  Majority of the company’s products are sold through their own e-commerce platform.  In addition, MMSports has a network of 9 physical stores in Sweden. In 2020, MMSports had sales of 230 MSEK from Sweden, Norway and Denmark. Visit MMSports at mmsports.se.

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EQT Private Equity to sell Fertin Pharma to Philip Morris International

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  • EQT Private Equity to sell Fertin Pharma, a leading specialist contract development and manufacturing organization (CDMO) in innovative oral and intra-oral delivery technologies, to Philip Morris International for a headline Enterprise Value of DKK 5.1 billion
  • Fertin Pharma’s products enable people to live healthier lives – supporting millions of customers with reducing and quitting harmful cigarette smoking, and easier-to-consume oral care products, among other platforms
  • Under EQT Private Equity’s ownership, Fertin Pharma has continued and strengthened its transformation from a niche champion to a leader in innovative oral and intra-oral drug delivery technologies, through investments in its manufacturing and development capabilities, product diversification, sustainability efforts and expanded customer base, which includes some of the world’s largest pharmaceutical and healthcare companies

EQT is pleased to announce that the EQT Mid Market Europe fund (“EQT Private Equity”) has agreed to sell Fertin Pharma (the “Company”), a specialist CDMO in innovative oral and intra-oral delivery technologies, to Philip Morris International Inc. (“PMI”) for an enterprise value of DKK 5.1 billion.

Headquartered in Vejle, Denmark, Fertin Pharma is a leading specialist CDMO in innovative oral and intra-oral delivery technologies to support healthier living. The Company develops and manufactures innovative delivery systems, such as chewing gums, tablets and powders, used for pharmaceutical- and nutraceutical applications. Innovative- and consumer relevant solutions that when consumed enhance the efficacy of active and functional ingredients.

Fertin Pharma’s patented delivery technologies enable people all around the world to live healthier lives, whether it be helping to reduce and ultimately quit cigarette use or gaining access to a broad range of easy-to-consume formats for consumer healthcare applications. In 2020, nearly three billion Nicotine Replacement Therapy (“NRT”) doses were manufactured, supporting more than 3.2 million people with reducing and quitting smoking.

The Company’s heritage dates back to 1915 when the Danish Bagger-Sørensen family founded the Dandy Group, focusing on confectionery production. In 1978, Fertin Pharma was set up within the Group and eventually separated as an independent subsidiary in 2001 to pioneer the use of chewing gum as a medical delivery technology. Today, Fertin Pharma is a global business with fully integrated and automated manufacturing and R&D capabilities through sites in Denmark, Canada and India, and a total employee base of more than 860 people.

EQT Private Equity acquired a 70 percent stake in Fertin Pharma in 2017 from the Bagger-Sørensen family, which has remained invested and actively supportive of the Company’s diversification journey throughout EQT’s ownership period. Since then, Fertin Pharma has transformed from a niche champion to a leader in its application areas. EQT has supported the broadening of the Company’s platform of delivery technologies, from solely focusing on medicated chewing gum to now offering a diverse range of oral care applications, including tablets that liquefy when chewed, fast- or slow-dissolving tablets for controlled release, extruded and compressed gum, and pouches with powder that dissolves under the upper lip. Fertin Pharma has also grown its customer base with several blue-chip industry leaders, including the world’s largest pharmaceutical and healthcare companies.

Moreover, Fertin Pharma has doubled its productivity through upgrading of business-critical systems, digitizing and automizing of production facilities, and increased investments in R&D and sustainability. Under EQT Private Equity’s ownership, the Company has grown EBITDA by close to 50 percent.

Rikke Kjær Nielsen, Partner within EQT Private Equity’s Advisory Team, “Since EQT entered in 2017, the strategy has been to develop the path for Fertin Pharma’s diversification journey. We are extremely proud of what we have accomplished together with the Bagger-Sørensen family, the board and the management team, taking the Company from a niche Nicotine Replacement Therapy champion to an international industry leader with a diversified portfolio of technologies and blue-chip customers in consumer health. I would particularly like to thank the Bagger-Sørensen family for the great cooperation and partnership over the years. We are confident that PMI will be a good long-term home for Fertin Pharma with their ambition to lead the transformation of the tobacco industry to create a smoke-free future – an ambition closely aligned with Fertin’s vision of supporting healthier living.”

Claus Bagger-Sørensen, Co-owner and board member of Bagger-Sørensen & Co. said, “On behalf of the Bagger-Sørensen family, it has been a true pleasure to partner with EQT during this phase of Fertin Pharma’s growth journey. We have had a great partnership based on shared ambitions for Fertin Pharma, which we have realised in successful collaboration. I hope and believe the sale will further strengthen the journey towards a smoke-free future and healthier lives.”

Peter Halling, CEO of Fertin Pharma, commented: “Fertin Pharma has been on a fantastic journey with EQT and the Bagger-Sørensen family as owners. With the new ownership in place, Fertin Pharma will be in a great position to continue delivering on our vision and mission, including our work as a CDMO for our customers. PMI is going through an inspiring transformation as a company with an ambition to deliver a smoke-free future and building a beyond nicotine product portfolio. An ambition that perfectly matches that of Fertin Pharma, namely to enable people to live healthier lives. In PMI we have found a new owner and partner who shares our vision, who is committed to science and who will enable Fertin Pharma to further accelerate and grow as a company.”

Jacek Olczak, Chief Executive Officer of PMI added, “The acquisition of Fertin Pharma will be a significant step forward on our journey toward delivering a smoke-free future – enhancing our smoke-free portfolio, notably in modern oral, and accelerating our progress in beyond nicotine. Both PMI and Fertin share a commitment to science and consumer-centric innovations for better living, and I am delighted we have reached this agreement. Fertin’s diverse portfolio of technologies, evolving business mix, and world-class expertise will enrich our innovation pipeline and capabilities, providing speed and scale in oral delivery to support our 2025 goals of generating more than 50% of our net revenues from smoke-free products and at least USD 1 billion from products beyond nicotine.”

The transaction is subject to customary conditions and approvals and is expected to close later in 2021.

EQT Private Equity was advised by FIH Partners (M&A), Accura (legal), PwC (financial & tax), BCG (commercial), Implement (operations) and COWI (EHS).

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

About EQT
EQT is a purpose-driven global investment organization with more than EUR 67 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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

About Fertin Pharma
Fertin is a Danish contract development and manufacturing organization specializing in innovative oral dosage formats with nutraceutical and pharmaceutical ingredients. The company provides patients and consumers with convenient, pleasurable and efficient delivery formats, based on substantial know-how, technological capabilities and consumer insight.

More info: www.fertin.com

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Cross and Gimv form European market leader for wire mesh solutions

GIMV

Topic: Investment

  • The German WDM Group, a leading supplier of customised, spot-welded wire mesh solutions, and the German Deutenberg Group, a producer of high-quality bent wire components, join forces
  • The partnership will reinforce the market leadership in the field of special industrial wire mesh, and aims to expand the product portfolio and manufacturing expertise

Wolfshagen and Ense/Höingen, 1 July 2021 – WDM Wolfshagener Draht- und Metallverarbeitung, a portfolio company of the private equity firm Cross, and Deutenberg are merging to form a European market leader for customised, spot-welded wire mesh solutions, bent wire components, wire mats, and grid mesh components. The private equity firm Gimv joins as an additional shareholder with a minority stake in the new WDM/Deutenberg Group.

Founded in 1994 and based in the German state of Brandenburg, WDM produces 35,000 spot-welded wire mesh units per day. Its core competence lies primarily in the production of customised, special industrial mesh. WDM’s customers include renowned companies in sectors such as construction, industry, trade, logistics and livestock farming. WDM was acquired in early 2018 by Cross, a private equity firm specialising in succession planning, and has since pursued a focused expansion strategy: At the end of 2019, the acquisition of Midrahtec Drahtwaren based in Leisnig, Germany, marked an important step on this growth journey, bringing both additional expertise in advanced 3D-forming and -welding processes as well as a new location to WDM Group.

Deutenberg, a family business based in Ense in Germany’s Sauerland region, has more than 60 years of experience as a specialist in the development and production of high-quality wire products for sectors such as industry, architecture, retail and shopfitting. The group is an ideal complement for WDM, both in terms of product offering as well as end markets served. With Deutenberg, WDM strengthens its position as a leading supplier of wire mesh solutions and expands both its product portfolio and manufacturing expertise. The long-standing experience of both companies in producing wire products will enable the combined group to drive innovations in this area even more effectively in the future.

Dr Michael Petersen, Managing Partner at Cross Equity Partners AG and Chairman of the Board of the new WDM/Deutenberg Group, says: “The acquisition of Deutenberg as part of a family succession solution is another milestone in WDM’s growth journey and enables us to cover the end markets even better.”

Ronald Bartel, Partner at Gimv‘s Smart Industries team in Munich, explains: “Combining WDM and Deutenberg creates a clear European market leader and enables the two companies to jointly respond even better to customer-specific requests and offer larger quantities.”

Ernst Hüffmeier, CEO of WDM, adds: “The merger with Deutenberg is a significant step for us. We look forward to working with their experienced management team to provide even better solutions to our customers.”

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Ratos company KVD acquires Forsbergs Fritidscenter

Ratos

Ratos acquires, through the wholly owned KVD Group (KVD), 100% of Forsbergs Fritidscenter (Forsbergs), which is the largest caravan and mobile home retailer in the Nordics. With the acquisition, KVD expands its range and strengthens its offering to the end consumer. The transaction has a strong commercial rationale based on the growing importance of online sales, opportunities for knowledge sharing and significant synergy potential. The purchase price is SEK 275m, corresponding to a 5.6 multiple of EV/EBITA, with financing taking place through a long-term loan agreement from Ratos to KVD.

Forsbergs is the largest caravan and mobile home retailer in the Nordics with seven centres in Sweden offering leading brands for caravans and mobile homes. The operations, which also offer accessories and service, are currently twice as large as the company’s closest competitor. Forsbergs’ sales for the last 12-month period amounted to SEK 936m as of May 2021 with EBITA of approximately SEK 51m.

“Add-on acquisitions of this kind are entirely in line with Ratos’s strategy. Forsbergs will contribute to the continued development of KVD and, through the acquisition, set up a substantially larger and more complete business with significant synergies,” says Anders Slettengren, Chairman of the Board of KVD and Head of Business Area Consumer at Ratos.

KVD is Sweden’s largest online marketplace offering valuation and broker services for second-hand vehicles, including company cars and private cars, machines and heavy vehicles as well as sales of related products and services. KVD handles the entire sale of the vehicle from client order to end customer and guarantees the quality of the brokered car by means of testing. KVD’s sales for the last 12-month period amounted to SEK 402m as of 31 March 2021 with EBITA of SEK 40m and approximately 200 employees. The operations, which are 100% owned by Ratos, were acquired in 2010.

“We are delighted with this acquisition that provides us with major opportunities. Forsbergs will benefit from the online channel that KVD offers, we will expand our range to the end consumer together and we see several additional synergies. KVD and Forsbergs are also two leading organisations within their respective fields. We are now looking forward to, together with Forsbergs’ management and employees, continuing to enhance our operations and continuing our journey of growth,” says Lars Nykvist, CEO of KVD.

Forsbergs’ sellers are Nalka Invest, the Forsberg brothers and other minority owners. Forsbergs’ current CEO Jonas Karlsson and the other members of Forsbergs’ management will continue in their current positions. Forsbergs will be managed as a division in KVD.

The transaction is conditional upon competition clearance.

For further information:
Anders Slettengren, Chairman of the Board of KVD and Head of Business Area Consumer at Ratos
+46 72 589 89 00

Lars Nykvist, CEO, KVD
+46 76 836 29 90

About Ratos:
Ratos is a business group consisting of 12 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2020, the companies have approximately SEK 34 billion in sales. Our business concept is to develop companies headquartered in the Nordics that are or can become market leaders. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.

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Translated receives $25M Investment from Ardian

Ardian

Paris/San Francisco/Rome, June 30, 2021 – Translated, an Italy and US-based company that pioneered the use of artificial intelligence to support professional translators, announces that the world-leading private investment house Ardian has invested $25 million via its Ardian Growth fund, leading a $30 million investment round.

Translated is an end-to-end translation platform that combines its renowned proprietary adaptive neural machine translation software ModernMT with its network of 200 000 engaged linguists. Over the last many years, the company has experienced a consistent 30% organic growth rate year-on-year. Thanks to this human-machine symbiosis, Translated offerings have been constantly improving. Today Translated is able to serve global tech platforms including Airbnb, Google and Uber as well as small and medium-sized businesses.

Leveraging its track-record in scaling-up companies, the Ardian Growth team has joined the founders Isabelle Andrieu and Marco Trombetti to support their ambition in AI and in the Translation world. Through this investment, Ardian will help Translated grow even faster and scale the adoption of its AI-powered platform in Europe and in the US.

Marco Trombetti, co-founder and CEO of Translated, comments: “We believe that allowing everyone to understand and be understood is one of the greatest challenges of humankind. We feel the urgency to solve this problem, because the more people understand each other the easier it will be for humanity to achieve any other great challenge. We decided to partner with Ardian because they share with us the love for diversity, they are capable of accelerating our plans and they have the DNA and means to do so in the long term.”

Isabelle Andrieu, co-founder of Translated, says: “I am thrilled for the milestone reached so far, thanks to our determination, hard work, and wonderful team of people that have given their time and talent to bet on us. We are rich in enthusiasm and desire to pursue this incredible journey”

Laurent Foata, Managing Director and Head of Ardian Growth stated: “Founded and self-financed by inspiring entrepreneurs like Marco and Isabelle, Translated already posts more than 50% of sales in the US market. Such unique achievements chime with Ardian Growth’s investment philosophy and track record in the software landscape.”
Bertrand Schapiro, Director of the Ardian Growth team added: “By pioneering AI and tailoring it for linguists, Translated has shaken up a market historically dominated by only a few players. We’re delighted to support a company that has been able to keep on innovating in AI without losing sight of its overall purpose.”

ABOUT TRANSLATED

Translated has been offering human translation services for the last 20 years in 194 languages and 40 areas of expertise. The company uses a powerful combination of human creativity and machine intelligence to craft consistent quality translations at speed.

Visit the website

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$112bn 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 700 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 more than 1,100 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
Follow @Ardian on Twitter

LIST OF PARTICIPANTS

  • Ardian Growth

    • Laurent Foata, Bertrand Schapiro, Olivier Roy
    • Legal advisors : Giovannelli & Associati (Fabrizio Scaparro, Paola Cairoli, Augusto Fracasso), Orrick (Attilio Mazzilli, Flavio Notari, Alessandro Vittoria)
    • Financial advisor: KPMG (Matteo Ennio, Matteo Ghislandi)

Press contact

Translated

CHIARA SANSONI

chiara.sansoni@translated.com +39 338 484 1627

Headland

GREGOR RIEMANN

griemann@headlandconsultancy.com +44 7920 8026 27

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CapMan Real Estate sells office property in Oslo to SiO

Capman

CapMan Real Estate Press Release
June 30, 2021 at 18:00 EET

CapMan Real Estate sells office property in Oslo to SiO

CapMan Nordic Real Estate Fund has agreed to sell St. Olavs gate 23, a 4,500 sqm vacant office building located in central Oslo, to the Norwegian student organisation SiO. The agreed property value is approximately NOK 290 million.

The historic property, originally constructed in 1900, was acquired by CapMan in June 2017 and was its first acquisition in Norway. The previously outdated office space has since then been stripped to its structure and prepared for a complete renovation which will reinstate the historical value of the property. A building permit has also been obtained, allowing for an extension of approximately 500 sqm into the rear courtyard.

“When we purchased this property in 2017, we were very much drawn towards the value-add opportunities we saw in this location. We could also see that the development of the adjacent new facilities for Oslo University at Tullinkvartalet would further strengthen the area itself as a cluster for higher education. The current high demand for modern properties and increased interest from organisations in the education and innovation sector makes the timing and result of this transaction optimal,” says Magnus Berglund, Investment Director at CapMan Real Estate.

“We are very pleased with the sale to SiO and their plans for long-term establishment in the property, which will contribute greatly to the entire area and provide a fantastic opportunity for the students in Oslo,” says Andreas Wang, Investment Director at CapMan Real Estate.

Akershus Eiendom and CLP assisted CapMan Real Estate on the sale.

St. Olavs gate 23 is the 15th exit of the 2013 vintage value-add fund, CapMan Nordic Real Estate I, which has seven assets left in the portfolio. The team’s third Nordic value-add fund, CapMan Nordic Real Estate III, was established in September 2020 and has completed its final close with equity of EUR 564 million, exceeding its target size of EUR 500 million and reaching its hard cap.

CapMan Real Estate currently manages a total of EUR 3.6 billion in real estate assets. The Real Estate Team comprises over 40 real estate professionals in Helsinki, Stockholm, Copenhagen, Oslo and London. The team was awarded UK & European Opportunistic Property Manager of the Year at the 2020 Professional Pensions Investment Awards.

For further information, please contact:

Magnus Berglund, Investment Director, CapMan Real Estate, tel. +46 70 786 68 08

Andreas Wang, Investment Director, CapMan Real Estate, tel. +47 932 28 700

 

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. Our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, wealth management, and analysis, reporting and back office services. Altogether, CapMan employs around 150 people in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com.

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EQT Private Equity to acquire PRO Unlimited, a leader in contingent workforce management

eqt
  • EQT Private Equity to acquire PRO Unlimited, a leading provider of integrated contingent workforce management solutions through its holistic platform which includes managed service program, vendor management software, direct sourcing and data and analytics capabilities
  • PRO Unlimited enables companies to effectively tap into the growing market for high-skilled contingent labor while providing workers more opportunities for flexible employment
  • EQT will support PRO Unlimited’s continued growth and ongoing development of new products to further expand its integrated platform offering

EQT is pleased to announce that the EQT IX fund (“EQT Private Equity”) has agreed to acquire PRO Unlimited Global Solutions Inc. (“PRO Unlimited” or the “Company”), a leader in contingent workforce management solutions, from funds managed by Harvest Partners, LP and its affiliates (“Harvest Partners”) and Investcorp. Following the close of the transaction, EQT Private Equity will be the majority shareholder and the existing PRO Unlimited management team will continue to operate the business.

PRO Unlimited was established in 1991 to assist large companies in managing their contingent workforce to better attract specialist talent seeking a more flexible work solution. Today, the Company’s integrated solutions have grown to incorporate a managed service program, vendor management software, direct sourcing and data and analytics capabilities. The platform handles the significant complexities of running an effective contingent workforce program on behalf of enterprise clients, fulfilling a multitude of tasks including discovering a client’s staffing needs, finding and evaluating candidates, hiring, onboarding, providing payroll and offboarding the contingent workers. PRO Unlimited is differentiated through its focus on high-skilled labor, its staffing agency-neutral approach, and its unique integrated solutions of services, software, and proprietary market data. The Company is headquartered in San Francisco with global capabilities and has approximately 1,400 total employees.

EQT will leverage its extensive experience partnering with technology-enabled services businesses, in-house digital expertise and network of global EQT advisors to support PRO Unlimited in its next phase of development as the Company continues to invest in technology and innovation to expand its integrated platform capabilities.

Kasper Knokgaard, Partner within EQT Private Equity’s Advisory Team, said, “EQT is excited to invest in PRO Unlimited and partner with CEO Kevin Akeroyd and the full PRO Unlimited team as the Company embarks on the next phase of continued growth. PRO Unlimited has been at the forefront of developing a fulsome suite of integrated solutions for companies to manage their contingent workforce through a combination of services, software, and data. We look forward to supporting the continued expansion of the platform to enable more flexible work solutions for the evolving contingent industry.”

Andrew Schoenthal, Partner at Harvest Partners, said, “Through multi-year investments in people, technology and data, PRO Unlimited has developed among the most comprehensive contingent workforce platforms for large and global companies. We are excited to watch Kevin and his team build upon the enormous success that the Company has achieved to date and continue to bring new innovations to the market.” Harvest’s PRO Unlimited investment team is led by Ira Kleinman, Andrew Schoenthal and David Schwartz.

Kevin Akeroyd, CEO of PRO Unlimited, said, “We are proud of what PRO Unlimited has achieved in recent years in collaboration with Harvest Partners and Investcorp. The contingent labor industry is experiencing strong growth, fueled by workers desire for increased autonomy and flexibility. We are delighted to provide the solutions to enable enterprises and the contingent workforce to meet their needs. We look forward to partnering with EQT and leveraging their industry expertise, digital capabilities, and network of advisors.”

The transaction is subject to customary conditions and approvals. It is expected to close in the second half of 2021.

EQT Private Equity was advised by BofA Securities, Sidley Austin LLP, McKinsey & Company and Alvarez & Marsal.

PRO Unlimited, Harvest Partners and Investcorp were advised by William Blair and White & Case.

With this transaction, EQT IX is expected to be 50-55 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, and subject to customary regulatory approvals.

About EQT
EQT is a purpose-driven global investment organization with more than EUR 67 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
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About PRO Unlimited
Servicing hundreds of the world’s most recognizable brands, PRO Unlimited offers modern workforce management and a partner ecosystem supported by data, software, intelligence, and services to meet flexible workforce needs. PRO’s Modern Workforce Management Platform can adapt quickly to regional or industry economic shifts, and provides the speed, scale, flexibility, transparency, and expertise to serve as the holistic platform for the modern workforce. Headquartered in San Francisco, PRO has helped global brands and organizations achieve operational and financial success for more than 30 years.

More info: www.prounlimited.com

About Harvest Partners, LP
Founded in 1981, Harvest Partners, LP is an established New York-based private equity investment firm that focuses on investments in middle-market companies in the business services & industrial services, consumer, healthcare, industrials and software industries. Harvest’s control strategy leverages the firm’s 40 years of experience in financing organic and acquisition-oriented growth.

More info: www.harvestpartners.com.

Contact
US inquiries:
Stephanie Greengarten,
+1 646 687 6810,
stephanie.greengarten@eqtpartners.com

International inquiries:
EQT Press Office,
​​​​​​​press@eqtpartners.com
+46 8 506 55 334

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EQT accelerates its commitment to sustainability with senior hires

eqt

Decades of future-proofing companies, by ensuring growth and digital transformation, has given EQT a prominent position within the industry. EQT is now strengthening its team with additional sustainability expertise, accelerating sustainability into EQT’s business practice and investments.

EQT is today pleased to announce the appointments of two newly created strategic roles. Bahare Haghshenas joins as Global Head of Sustainable Transformation and Sophie Walker joins as Head of Sustainability for the EQT Private Capital business line. Together with the existing sustainability expertise within EQT, they will drive further integration of purpose and sustainability into the way EQT works, invests and transforms companies.

Bahare will assume the overall responsibility for sustainability and lead the efforts at EQT. She comes most recently from a position as Deloitte Partner and Executive Director of Acacia, Deloitte’s Sustainable Innovation Hub, and will lead the next wave of transformation and business integration of EQT’s purpose across the entire organization. She will join EQT in September and reports to CEO Christian Sinding.

Sophie will work with the teams and portfolio companies across the business lines within Private Capital. She has had sustainability-focused roles since 2007, and prior to that in a range of environmental, human rights and political roles. She most recently sat on the JLL UK Board as Head of Sustainability. Sophie will partner with the investment advisory teams and work throughout the lifecycle of an investment – from due diligence to engaging in the value creation work within the portfolio companies. Sophie joined EQT in June and reports to Per Franzén, Head of Private Capital.

Christian Sinding, CEO said, “I am happy to welcome both Bahare and Sophie to EQT. We have come a long way on our journey but now we are sharpening both our sustainability approach and skills, this is one of the key components in which EQT creates value for investors and for society. EQT has always had a purpose-driven approach to investments, but we aim to play a far more active role in driving impactful transformation within both businesses and industries at large. It is quite simple, a fully integrated mindset on sustainability will lead to stronger and more resilient performance.”

Contact
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 almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. Uniquely, EQT is the only large private markets firm in the world with investment strategies covering all phases of a business’ development, from start-up to maturity. Including Exeter, EQT today has more than EUR 67 billion in assets under management across 26 active funds within two business segments – Private Capital and Real Assets.

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

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 24 countries across Europe, Asia-Pacific and the Americas and has more than 975 employees.

More info: www.eqtgroup.com

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KLAR Partners funds take the next step in building the Nordic region’s leading technical installation and property services group by acquiring Finnish Quattro Mikenti Group, QMG

Klar Partners

Funds advised by KLAR Partners Limited (“KLAR Partners” or “KLAR”) have signed an agreement to acquire QMG, one of Finland’s leading players in technical installation and services within electricity, heating, ventilation, sprinklers and automation. The acquisition is the next step in KLAR Partners’ ambition to create the Nordic region’s leading player in technical installation and property services.

QMG offers technical installation and services within electricity, heating, ventilation, sprinklers and automation. With around 1,000 employees in almost 30 locations, the company is one of the largest installation companies in Finland. In 2020, QMG had sales of approximately EUR 200m.

Together with Sandbäckens, an existing KLAR portfolio company, QMG will form one of the Nordic region’s leading players in technical installation and property services. The two companies, within the newly formed group, will continue to operate as separate units – Sandbäckens on the Swedish market and QMG on the Finnish market. Kimmo Liukkonen remains President of QMG and joins the Group’s management team with Mikael Matts, group President and CEO and Johan Henriksson, group CFO.

“We have followed QMG for a long time as the company fits well into KLAR’s investment strategy. With QMG and Sandbäckens, we have the market’s most skilled employees and a world-class management team. It gives us a powerful Nordic platform for continued growth”, said Fredrik Brynildsen, KLAR Team Leader.

“I look forward to participating in the creation of a leading Nordic player in installation and services that is based on a decentralized structure with local presence and entrepreneurship, paired with the larger company’s network and combined expertise”, said Johan Karlström, the new group’s chairman of the board.

“I am pleased to welcome QMG as a partner to Sandbäckens, and thereby establish one of the leading players in the Nordic region. The companies have a similar corporate culture and shared values. This is something we must nurture and preserve while we develop the companies’ successful and decentralized structure. Together, we can develop further through synergies and sharing of best practices, and we have the strength to accelerate our growth, both organically and through acquisitions,” said Mikael Matts, the new Group’s President and CEO.

“KLAR Partners is an owner with deep sector expertise and experience in developing companies in our industry. We also look forward to forming a significant Nordic player together with Sandbäckens, which gives us the best conditions for our continued growth journey”, said Kimmo Liukkonen, CEO of QMG.

KLAR Partners Funds’ acquisition of QMG is conditional upon customary approvals from the competition authority in Finland.

For more information:
Fredrik Brynildsen
fb@klarpartners.com
+44 7388 439 890

Mikael Matts, CEO, Sandbäckens
mikael.matts@sandbackens.se
+46 76-850 16 03

About KLAR Partners
KLAR Partners is a European private equity firm focused on investments in companies operating in business services and light industrials. The companies in which KLAR invests each have an annual turnover of approximately EUR 50-500m and are headquartered in the Nordics, Benelux or DACH regions. With investment professionals located in London, Stockholm, Frankfurt and Brussels, together with a broad international network in the industry, KLAR has a proven business model to support, develop and grow companies. KLAR’s senior professionals have worked together for many years and have more than 50 years of combined investment experience in KLAR’s industry-specific and geographical focus area. KLAR Partners is a signatory of United Nations Principles for Responsible Investment. More information about KLAR can be found on the company’s website at www.klarpartners.com.

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