Platinum Equity Completes Sale of PrimeSource to Clearlake Capital Group

Platinum

Press Release · December 31, 2020

LOS ANGELES (December 31, 2020) – Platinum Equity announced today that the sale of PriSo Holding Corporation (“PrimeSource”, or the “Company”) to Clearlake Capital Group, L.P. (together with affiliates, “Clearlake”) has been completed.

PrimeSource is a leading global distributor of specialty building materials serving residential, commercial, and industrial new-construction and remodeling markets. Founded in 1990, PrimeSource manages a highly diversified global supply chain, distributing over 23,000 SKUs sourced from more than 500 vendors in 16 countries throughout Asia, Europe and North America. The Company plays a crucial role for its customers who rely on its superior brand value, breadth of offering and sourcing and logistics capabilities.

“PrimeSource showcased the breadth of our M&A&O toolkit and the ways Platinum creates value throughout the entire lifecycle of an investment,” said Platinum Equity Partner Jacob Kotzubei.

Platinum Equity acquired PrimeSource in 2015 from Itochu Corporation.

“PrimeSource showcased the breadth of our M&A&O toolkit and the ways Platinum creates value throughout the entire lifecycle of an investment,” said Platinum Equity Partner Jacob Kotzubei. “We started by providing a divestiture solution to a large corporate seller, then executed a comprehensive transition and transformation program that established PrimeSource as a solid platform for growth as an independent company. The business thrived under our stewardship, to the benefit of its customers, suppliers, employees and their communities.”

“PrimeSource has been an outstanding investment and is a testament to our strong partnership with CEO Tom Koos and the leadership team,” said Platinum Equity Managing Director Todd Golditch. “Platinum Equity has a proven track record in the building products space over many years and we will continue to look for new opportunities to create value in the sector.”

Moelis & Company LLC served as financial advisor to PrimeSource on the sale and Gibson, Dunn & Crutcher LLP served as Platinum Equity’s legal advisor.

Hear Platinum Equity and PrimeSource executives discuss more about the investment and the transformation of the company here: PrimeSource Building Products

Investor Relations
and Media Contacts:

Mark Barnhill
Partner
+1 310.228.9514 E-mail Mark

Dan Whelan
Principal
+1 310.282.9202 E-mail Dan

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Golden Gate Capital Announces Investment in Covia

Golden Gate Capital

SAN FRANCISCO–(BUSINESS WIRE)–Golden Gate Capital, a leading private equity investment firm, today announced that it has invested in Covia, which successfully completed its financial restructuring and emerged from Chapter 11 today. Through its restructuring, Covia has reduced its long-term debt by approximately $750 million and its fixed costs, including railcar obligations, by an additional $300 million.

Covia is a leading provider of mineral-based material solutions for the industrial and energy markets and is headquartered in Independence, Ohio. Covia, which is committed to safety and sustainability, offers a broad array of high-quality mineral and material products to its customers, leveraging an extensive network of plants and terminals located across North America.

“We have long admired Covia for their leading product portfolio, robust distribution network and commitment to continued innovation, and are excited to add this great company to our roster of industrials investments,” said Dave Thomas, a Managing Director at Golden Gate Capital. “We deeply appreciate and share Covia’s commitment to delivering customer-driven solutions and are excited to leverage our industry experience to help the Company continue providing high-quality products to leading companies in the industrial and energy markets.”

As of emergence, Golden Gate Capital and its affiliates are the largest individual shareholder in Covia.

Ropes & Gray LLP and Nob Hill Law Group P.C. served as legal advisors to Golden Gate Capital.

About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with over $17 billion of committed capital. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Notable investments sponsored by Golden Gate Capital include Active Minerals, ANGUS, Cole-Parmer and Vantage Elevator Solutions.

Contacts
Media
Sard Verbinnen & Co.
David Isaacs / Chloe Clifford
GoldenGate-SVC@sardverb.com

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Gryphon Investors Completes Majority Investment in Right Time Heating and Air Conditioning

Gryphon Investors

Identifies Strong Growth Path & Large Market Opportunity for Canada’s Leading Residential HVAC Installer

San Francisco, CA – December 30, 2020 — 

Gryphon Investors (“Gryphon”), a leading middle-market private equity firm, today announced that it has acquired Right Time Heating and Air Conditioning (“Right Time” or the “Company”) from Clairvest Group Inc., a Canadian private equity firm. Right Time’s management will remain with the Company and retain a significant equity stake. Financial terms of the transaction were not disclosed.

Founded in 2014 and headquartered in St. Catharines, Ontario, Right Time is the largest independently owned residential HVAC services provider in Canada with a focus on preventative maintenance programs and repairs and replacements of HVAC units. The Company comprises 10 brands and operates out of 11 locations in Ontario, Manitoba, and British Columbia with 400 employees.

Alex Earls, a Deal Partner at Gryphon and Head of its Business Services Group, said, “We are excited to partner with Right Time and to support its management team as they continue executing their growth strategy both organically and through add-on acquisitions. Right Time’s management team has built the Company into the largest independent provider of HVAC services and an acquirer of choice in Canada, making it a strong fit for Gryphon’s investment strategy which focuses on partnering with market leaders with sustainable differentiation.”

Jeff Balagna, Exclusive Executive Advisor to Gryphon Investors and former CEO of Sears Home Services, will become Chairman of the Company. Right Time co-founder and CEO Vaughn Goettler will become Vice Chairman, while co-founder and President Jeremy Hetherington has been named CEO of the Company. Mr. Earls will join the Board of Directors along with Mr. Balagna and Ian McKeen, the former President & COO of Service Experts, a leading provider of HVAC and plumbing services in Canada and the United States.

Mr. Balagna commented, “Right Time has quickly made a name for itself in this industry with solid organic growth and a clear acquisition strategy that is achieving scale and propelling its expansion in a highly fragmented market. We are pleased to support Vaughn, Jeremy, and the team as the Company continues to expand throughout Canada.”

Mr. Hetherington stated, “Our business has been built on providing premium service and customer experience to homeowners with non-deferrable needs, and we expect that demand to continue. We are excited to partner with Gryphon as we continue to expand geographically and through acquisitions as well as provide additional services to our existing customers.”

Mr. Goettler added, “We are grateful for the strong partnership we enjoyed with Clairvest, and we look forward to continued success working with Gryphon.”

BMO acted as financial advisor to Gryphon and Moelis acted as the financial advisor to Right Time. Blake, Cassells & Graydon and Kirkland & Ellis acted as legal advisors to Gryphon, and Torkin Manes acted as legal advisor to Right Time.

About Right Time
Right Time is the leading Canadian independent heating, ventilation and air-conditioning (“HVAC”) contractor focused strictly on the residential replacement market. Right Time operates out of 11 locations in Ontario, Manitoba, and British Columbia with 400 employees and provides preventative maintenance programs, repairs and replacements of household HVAC units.

About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. The firm has managed over $5.0 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with enterprise values ranging from approximately $100 million to $600 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise.

Contacts

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Onex Credit Acquires Falcon Investment Advisors

Onex

Combined Platform Provides a Comprehensive Suite of Liquid and Private Credit Solutions –
Toronto, December 30, 2020 – Onex Corporation (“Onex”) (TSX: ONEX) today announced that it has acquired Falcon Investment Advisors, LLC (“Falcon”), a leading U.S. private credit manager, to expand its established credit platform and solidify its market position in tradeable, opportunistic and private credit.

Falcon provides private credit financing solutions and has US$3.8 billion of assets under management as of September 30, 2020. It employs an opportunistic approach to mezzanine and other direct lending investments for U.S. middle market companies. With this transaction, Onex Credit will have over $16 billion of alternative credit assets under management.

Falcon complements Onex Credit with a seasoned investment team, exceptional sourcing capabilities, strong fundraising and performance track record, and a long-standing institutional client base. The combined platform merges Falcon’s specialized private credit investing with the scale, global distribution and diverse investment and origination capabilities of Onex Credit and the broader Onex franchise. Falcon’s senior management team and employees are all joining the new platform within Onex Credit, called “Onex Falcon”. Current members of the Falcon investment team will continue to be responsible for the investments of existing and future funds, with the support of the Onex Credit platform and team.

“Falcon’s experienced team has a long track record of delivering strong returns,” said Jason New, Co-CEO of Onex Credit. “Sandeep Alva and his leadership and investment teams are field- and cycle-tested. We have created a differentiated and scalable private credit platform to compete with the best in our markets.”
Mr. Alva, Founder and Managing Partner of Falcon, said, “Over the last 20 years, we have earned our reputation as a creative, flexible credit manager in the U.S. middle market. Onex greatly enhances Falcon’s ability to develop a wider range of private credit portfolios, and thus fully leverage Falcon’s origination and deal structuring resources.”
“We look forward to building upon our existing alternative credit investment capabilities alongside such high-caliber partners,” added Blair Fleming, Managing Director at Onex Credit.
Mr. Fleming and several core members of the Onex private credit investment team are joining the Onex Falcon platform as the company looks to lever the strengths of each organization. Mr. Alva and Mr. Fleming will be Co-Business Heads reporting to Mr. New. Together, they will drive execution and strategy for the combined team.

Onex Credit has a successful 19-year track record executing a disciplined approach to credit investing with a focus on capital preservation and achieving strong risk adjusted returns through credit cycles. The Onex Credit team’s experience spans credit investing through its CLO platform and adjacent strategies, high yield bonds, opportunistic and structured credit, and middle market direct lending. Onex Credit’s mid-market to large cap focus and track record in credit are highly complementary with Falcon’s specialized focus in the lower middle market. Clients of both firms will benefit from the powerful combination, which creates enhanced scale and a broader origination network. Advisors Oppenheimer & Co. Inc. and Proskauer Rose LLP acted as financial advisor and legal counsel, respectively, to Falcon. Houlihan Lokey and Latham & Watkins LLP served as Onex Credit’s financial advisor and legal counsel, respectively.

About Onex Credit

Established in 2007, Onex Credit has grown its assets under management from approximately $300 million to over $16 billion, including the acquisition of Falcon. With offices in New York, New Jersey and London, Onex Credit’s business is focused on non-investment grade credit markets including leveraged loans, CLO, direct lending, high yield, and opportunistic investing strategies.

About Onex Corporation

Founded in 1984, Onex invests and manages capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex’ platforms include: Onex Partners, private equity funds focused on larger opportunities in North America and Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through collateralized loan obligations, senior loan strategies and other private credit strategies; and Gluskin Sheff’s wealth management services including its actively managed public equity and public credit funds. In total, as of September 30, 2020, Onex had approximately $36.6 billion of assets under management, of which approximately $6.7 billion is its own shareholder capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms. The Onex Partners and ONCAP businesses have assets of $36 billion, generate annual revenues of $22 billion and employ approximately 149,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

About Falcon Investment Advisors, LLC

Headquartered in Boston, MA and with offices in New York, NY, Falcon is a private credit asset management firm which invests subordinated debt and non-controlling equity capital in leading middle market companies. Founded in 2000 and now with $3.8 billion of capital under management, Falcon specializes in structuring high-value private credit transactions and delivering differentiated portfolio exposures for its global client base. Falcon is currently investing out of its $1.3 billion Private Credit Opportunities Fund VI.

Forward-Looking Statements
This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

For Further Information
Jill Homenuk
Managing Director, Shareholder Relations and Communications
416.362.7711

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Investment AB Latour announces change of the total number of votes

Latour logo

2020-12-30 08:30

After conversions of 6,000 shares from series A to series B in accordance with the company’s Articles of Association, Investment AB Latour confirms the following.

As per 30 December 2020 the company’s share capital amounts unchanged to SEK 133,300,000. The total number of shares of series A amounts to 47,635,048 shares and shares of series B to 592,204,952. The number of votes in the company amounts to 1,068,555,432.

Göteborg, December 30, 2020

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson
President and CEO

For further information, please contact:
Johan Hjertonsson, President and CEO Latour, +46 702 29 77 93
Anders Mörck, CFO Latour, +46 706 46 52 11

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Verdane sells Nordic premium interior design leader Royal Design Group AB to Egmont following SEK150m to SEK 1 billion growth journey

Verdane Capital

Verdane, the Northern European specialist growth investor, will sell its majority shareholding in Royal Design Group AB to Egmont, a Denmark-based foundation whose e-commerce and media holdings support vulnerable children and young people in Denmark and Norway. Royal Design Group AB is a leading international premium design and home furnishings e-commerce company with clear market leadership in Sweden and strong market positions in the rest of the Nordics.

During Verdane’s ownership period, the company has gone from SEK150m to SEK 1 billion in turnover, acquired industry peer Rum21 and invested heavily in scalable infrastructure and processes to enable continued and scalable growth in the years ahead. The company became cashflow-positive in 2020. The realisation adds a chapter to Egmont’s already successful history of acquiring Verdane companies.  Daniel Ahlstrand, Principal and responsible for the investment at Verdane, will remain as a board member throughout 2021 to ensure a smooth ownership transition.

”We at Verdane are proud of our productive collaboration with CEO Magnus Pettersson and the team at Royal Design Group, where we have been able to harness Verdane’s experience from over 30 previous e-commerce investments.

Together, we have gone from SEK 150 million to almost SEK 1 billion in turnover, established Royal Design Group as Sweden’s undisputed #1 online vendor in the premium home and interiors category and created a leading position on the remaining Nordic markets with a clear growth plan outside the Nordics. We are pleased to pass the baton to the Egmont team, which has successfully continued the development of a number of former Verdane companies,” says Daniel Ahlstrand, Principal, Verdane.

“On behalf of the Royal Design team, I want to extend my thanks to the Verdane team for their contributions to our success. It’s been great working with an investor with a deep understanding of e-commerce and a genuine knowledge of our products and the industry we operate in. We look forward to continuing our exciting growth journey together with Egmont,” says Magnus Pettersson, CEO at Royal Design Group AB.

The transaction is subject to regulatory approval by the Swedish and Norwegian competition authorities. The parties have agreed not to disclose the terms of the transaction.

 

About Royal Design Group AB

Royal Design Group is the leading e-commerce player of the Nordic countries within design, furniture, home, and interior – with the ambition to offer the world’s best brands for your home at the right price and to be the preferred choice of the consumers. Since the establishment in 1999, where the company focused on e-commerce with Swedish high-end brands for the American market, it has grown remarkably. Today, the company is represented online in 14 different geographical markets under the brands RoyalDesign and Rum21.

 

About Verdane

Verdane is a specialist growth equity investment firm that partners with ambitious Northern European tech-enabled businesses to help them reach the next stage of international growth. Verdane pioneered portfolio acquisitions in Northern Europe in 2003, and announced a complementary fund strategy entirely dedicated to direct investments in 2018. Verdane’s eight funds hold €2.1bn in total commitments and have made over 120 investments into category leaders in digital consumer, energy & resource efficiency and software businesses. Verdane’s team of 62, based in Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the preferred growth partner to tech-enabled businesses in Northern Europe. www.verdane.com

 

About Egmont Publishing

Egmont Publishing is a market-leading publisher with a large range of home and interior magazines in the Nordic countries. Beside a portfolio of e-commerce companies, Egmont Publishing also owns a series of agencies in the Nordic countries, e.g., KAN and Ingager in Sweden, S360 in Denmark, and Sempro in Norway. Egmont Publishing is a part of the Nordic media group Egmont that creates strong content within movies, television, streaming, computer games, education, magazines, and books. Egmont is behind companies such as Nordisk Film, TV 2 in Norway, and Egmont Books. Egmont is a foundation, and the profit goes to development of the media company and support of children and young people.

 

Press contacts

Daniel Ahlstrand
Principal, Verdane
+46 70 538 35 05
daniel.ahlstrand@verdane.com

Magnus Pettersson
CEO, Royal Design Group AB
+46 70 146 39 48
magnus.petterson@royaldesign.com

Jesper Eising
Head of Press, Egmont
+45 29603019
jesper.eising@egmont.com

 

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Permira Funds to Acquire Majority Stake in Boats Group from Funds Advised by Apax Partners

Apax

29 December 2020

MIAMI – December 29, 2020 – Boats Group, a leading online classifieds marketplace and technology provider for the recreational marine industry, today announced that a company backed by the Permira funds has agreed to acquire a majority stake in Boats Group from funds advised by Apax Partners. Financial details of the transaction were not disclosed.

Through its industry-leading brands – YachtWorld, Boat Trader, boats.com, Cosas De Barcos, Annonces du Bateau and Botentekoop – and integrated suite of data, marketing software and workflow tools, Boats Group’s global marketplaces connect millions of buyers and sellers of boats. Headquartered in Miami, Boats Group provides over 4,000 brokers and dealers in more than 140 countries with a comprehensive suite of technology-based marketing and software solutions, enabling them to effectively reach in-market consumers, improve their overall profitability, and manage their operations.

“Boating has never been more popular and as the foremost digital classifieds marketplace and technology provider for the industry, our growth potential has never been greater,” said Sam Fulton, CEO, Boats Group.  “Apax has been a tremendous partner in our most recent phase of growth, providing leading strategies from their digital marketplace experience. As we continue to build upon this foundation, we believe that Permira is the ideal partner for our next chapter of growth given the firm’s clear strategic vision and experience supporting successful online marketplaces. Looking ahead, we are confident we will be able to deliver more value across our platform by providing our customers with enhanced solutions and offer an exceptional experience that will help consumers around the world find the boat they love.”

“Boats Group’s ability to provide boat buyers and sellers with differentiated, network-effects powered services and solutions has made it the definitive platform for the recreational boating space, attracted a very loyal customer base, and propelled stand-out growth and profitability,” said David Erlong, Principal at Permira. “The recreational marine industry is still in the very early innings of its digitization journey with many unmet needs. We look forward to backing Sam and his team as they expand both internationally as well as into new products and services that fill these gaps to delight our consumers and customers.”

Steve Kooyers, Partner at Apax Partners, said: “When the Apax Funds carved Boats Group out of Dominion Enterprises, we saw an opportunity to accelerate growth at a well-positioned marketplace by recruiting a world class management team, investing in product innovation, and leveraging our extensive history of online classified investments. It’s been a pleasure to partner with Sam and the team to drive value for boaters, dealers, brokers and OEMs throughout North America and Europe.”

Marcelo Gigliani, Partner at Apax Partners, added “The team’s extraordinary execution is evidenced in Boats Group’s consistent growth in traffic and engagement, which have further reinforced its position as the clear leader in all its markets. We wish Boats Group and its team the very best in the years ahead.”

RBC Capital Markets served as financial advisor to Permira, and Fried, Frank, Harris, Shriver & Jacobson LLP provided legal counsel. Evercore served as financial advisor to Apax Partners and Boats Group, and Kirkland & Ellis LLP provided legal counsel. The transaction, which is subject to customary closing conditions, is expected to close in the first quarter of 2021.

About Boats Group
Boats Group owns and operates leading online boating marketplaces around the world and have been partners to brokers, dealers and OEMs in the boating industry for over 20 years. Boats Group also provides marine businesses with a comprehensive suite of technology-based marketing solutions, including advertising, lead generation, CRM, website design and hosting. Additionally, Boats Group supports brokers and dealers by providing services through its YachtCloser contract management solution, and BoatWizard, the industry’s leading inventory management system and MLS. Boats Group is headquartered in Miami, Florida, United States, with additional offices in Fareham, England, Padova, Italy and Barcelona, Spain.

About Permira
Permira is a global investment firm. Founded in 1985, the firm advises funds with a total committed capital of approximately US$50bn (€44bn) to make long-term investments in companies with the objective of transforming their performance and driving sustainable growth. The Permira funds have made over 250 private equity investments in four key sectors: Technology, Consumer, Services, and Healthcare. Permira employs over 250 people in 14 offices across Europe, North America, and Asia. The Permira funds have extensive experience investing in consumer internet and online marketplaces globally, including investments in Ancestry.com, LegalZoom, Allegro, The Knot Worldwide, FlixMoblity, Zwift, Catawiki and Full Truck Alliance.

About Apax Partners LLP
Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of approximately $50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

The Apax Funds have a strong track record of investing in online marketplace businesses throughout Europe North America and Asia, and have invested over €3 billion of equity in 11 companies that operate some of the world’s leading online marketplaces for real estate, automotive and consumer financial products. Other digital marketplace investments by the Apax Funds include AutoTrader (UK), Idealista, SouFun, Trader Corporation, Trade Me, and Baltic Classifieds Group.

Contacts

For Permira

Nina Suter
Head of Communications
Tel: +44 (0) 207 632 4037
Email: Nina.suter@permira.com

Sard Verbinnen & Co
Brooke Gordon / Megan Bouchier / Devin Broda
Email: Permira-SVC@SARDVERB.com

For Apax Partners

Katarina Sallerfors
Tel: +44 207 872 6526
Email:katarina.sallerfors@apax.com

Kekst CNC
Tel: +1 212 521 4854
Email: todd.fogarty@kekstcnc.com

Greenbrook
Tel: +44 20 7295 2000
Email:apax@greenbrookpr.com

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3i Infotech Announces Sale of its Software Products Business to Funds Advised by Apax Partners

Apax

28 December 2020: 3i Infotech Limited, a global information technology company, today announced that it has entered into a definitive agreement to sell its Software Products business to funds advised by Apax Partners, for a total consideration of INR 10 billion. The Software Products business will be acquired by a newly formed company named Azentio Software, wholly owned by the Apax Funds. The transaction, subject to shareholder approval and relevant regulatory approvals, is expected to close in early 2021.

Since its incorporation in 1993, 3i Infotech has been providing a range of IT services and software products to 1,200+ customers across multiple industry verticals in over 50 countries. The company operates through two business segments: Services and Software Products. The Services segment, under the brand Altiray®, provides consulting services, business optimisation services and an extensive expertise in mobility, data analytics, big data, testing and application development. The Software Products business comprises a comprehensive set of core software products for customers in banking, financial services and insurance (“BFSI”) verticals and includes key products such as Kastle™ (universal banking platform), AMLOCK™ (financial crime detection and compliance software suite), Premia™ Astra (core insurance software), MFund™ Plus (asset management platform) and Orion™ (enterprise resource planning software).

Following the transaction, 3i Infotech will continue to pursue strategic growth initiatives in the IT services business, supported by a stronger balance sheet. The transaction will revitalise growth and accelerate value creation for all stakeholders of 3i Infotech, including customers, employees and shareholders. The newly formed Azentio Software will be supported by Apax Funds, with increased investments in R&D and sales and marketing. Azentio Software will focus on investing in its current product portfolio, launching new products and providing best in class service levels to all customers. The Apax Funds will also use Azentio as a platform to do M&A across the BFSI software space in the region.

Padmanabhan Iyer, Managing Director & Global CEO, 3i Infotech, said: “Today’s announcement is transformative and value accretive for all stakeholders of 3i Infotech. I foresee a very exciting future for both the IT services and the software products business. Both businesses will have the resources to capitalise on market opportunities and build long term value for employees, customers and shareholders. I want to thank the entire 3i Infotech team for their commitment and contribution towards the successful journey of the company and I am sure that the teams will be infused with renewed vigour going forward.”

Shashank Singh, Partner and Head of the India office at Apax Partners, commented: “Increasing technology spend on core software systems across the BFSI industry and ERP space is driving rapid growth in the enterprise software market in the region. The newly formed company, Azentio, has a strong portfolio of feature rich products that run the core operations for customers. We are excited to unlock Azentio’s potential and help transform the business into a true regional leader in the software space.”

Umang Kajaria, Partner at Apax Partners, added: “ERP, core Banking and Insurance software are key areas of focus for the Apax Funds, with numerous successful investments to date. Azentio provides critical, vertical-specific software that allows its customers to stay competitive. We look forward to partnering with the Azentio management team in driving continued innovation and creating a software leader for the MEA and APAC regions.”

ENDS

About Apax Partners LLP
Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of approximately $50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. The Apax Funds have a strong track record in the software sector having previously invested in companies such as Duck Creek, MyCase, Eci and Lexitas. For more information see: www.apax.com.

About Azentio
Azentio Software is a newly formed company in 2020 that has been carved out of 3i Infotech, a global information technology company. Azentio Software provides critical, vertical-specific software products for customers in banking, financial services and insurance verticals and includes key products such as Kastle™ (universal banking platform), AMLOCK™ (compliance software suite), Premia™ Astra (core insurance software), Orion™ (enterprise resource planning software) and MFund™ Plus (asset management platform).

About 3i Infotech
Headquartered in Mumbai, India, since its inception in 1993, the Company has been committed to driving business value across all industry verticals. The Company has over 5500 employees in 32 offices across 12 countries and over 1200+ customers in more than 50 countries across 4 continents. With a comprehensive set of IP based software solutions and a wide range of IT services, 3i Infotech has successfully transformed business operations of customers globally. The Company has a very strong foothold and customer base in geographies like North America, India, Asia Pacific, Middle East and Africa, South Asia and Europe.

Apax Media Contacts
Katarina Sallerfors | +44 207 872 6526 | katarina.sallerfors@apax.com
Luke Charalambous | 02078726494 | Luke.Charalambous@apax.com
Kekst CNC | +1 212 521 4854 | todd.fogarty@kekstcnc.com
Greenbrook | +44 20 7295 2000 | apax@greenbrookpr.com 

3i Infotech Media Contacts
Ajay Muliyil / R Malliga Rani
Ogilvy Public Relations
ajay.muliyil@ogilvy.com / malliga.rani@ogilvy.com
Contact – 9900161311 / 9916798269

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Tikehau Capital and Foncière Atland sell a portfolio of 180,000 m2 of industrial assets to Blackstone

Tikehau

Paris, 26 December 2019 – Tikehau Capital, the alternative asset management and investment group, and Foncière Atland, a listed real estate investment trust, today announced the sale of a portfolio of 22 industrial assets held by TRE 1, a fund managed by Tikehau Capital and let to Elis, to a fund managed by Blackstone.

TRE 1 is predicted to achieve close to 2x return based on initial investment for its investors.
The 22-asset portfolio, which was acquired in 2014 by Tikehau Capital through the fund Tikehau Real Estate 1 (TRE 1), includes 21 buildings used for operational purposes and a logistics warehouse located in France. These assets are let to Elis, a leader in rental and cleaning solutions for flat linen, work clothing, and hygiene and wellness equipment, totalling 178,528 m². TRE 1 was launched by Tikehau Capital in March 2014, and Foncière Atland took care of the asset management of the portfolio.

This deal initially encompassed the sale and leaseback of 17 fully-owned French sites primarily used as industrial laundries, let to Elis Group. In late June 2014, TRE 1 acquired 5 additional sites in a second transaction, bringing the total assets in the portfolio to 22. The initial investment was secured by 15 years term leases. The portfolio benefits from a residual firm period of over 9 years on the leases.
The seller in this transaction was advised by Catella Property, as well as Clearwater, Gide, BDGS and Étude Chevreux.

About Tikehau Capital:
Tikehau Capital is an asset management and investment group with €24.3bn of assets under management (as at 30 September 2019) and shareholders’ equity of €3.1bn (as at 30 June 2019). The Group invests in various asset classes (private debt, real estate, private equity and liquid strategies), including through its asset management subsidiaries, on behalf of institutional and private investors. Controlled by its managers, alongside leading institutional partners, Tikehau Capital employs more than 500 staff (as at 30 September 2019) in its Paris, London, Amsterdam, Brussels, Luxembourg, Madrid, Milan, New York, Seoul, Singapore and Tokyo offices.
Tikehau Capital is listed on the regulated market of Euronext Paris, Compartment A (ISIN code: FR0013230612; Ticker: TKO.FP)
www.tikehaucapital.com

Press Contacts:
Tikehau Capital: Julien Sanson – +44 20 3821 1001
Finsbury: Arnaud Salla & Charles O’Brien – +44 207 251 3801
press@tikehaucapital.com
Shareholders and Investors Contact:
Louis Igonet – +33 1 40 06 11 11
shareholders@tikehaucapital.com

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FUTUREWHIZ, parent company of SQULA and WRTS, acquired by NPM Capital

NPM Capital

  • Acquisition of Futurewhiz by investment firm NPM Capital
  • Transaction further enables Futurewhiz to realize growth strategy at home and abroad
  • Acquisition has no impact on core activities of existing online platforms

Amsterdam, 24. December 2020 – Futurewhiz, also trading as Squla and WRTS, today announces its acquisition by investment firm NPM Capital. NPM Capital, a Dutch investor, will buy the majority of shares of Futurewhiz from international investment firm Levine Leichtman Capital Partners. The acquisition will have no impact on the core activities of Futurewhiz’ online learning platforms for children between 3 and 18 years of age.  No further details have been given about the value of this transaction.

Serge Bueters, CEO of Futurewhiz: “We are very happy to announce the acquisition of Futurewhiz by NPM Capital. We believe that with NPM Capital as a partner, we will be able to realize our growth ambitions and our mission to help as much children as possible to make progress in a fun and engaging way through our popular platforms Squla, WRTS and Scoyo. It is more important than ever that primary and secondary school students are provided with additional support in their education. With the active support of NPM Capital, we will be able to accelerate our (inter)national goals and to give extra support to millions of children in primary and secondary schools in the Netherlands, Germany, Belgium and Poland. We are also very thankful for the support Levine Leichtman Capital Partners has given us. Together with the management, LLCP has made significant investments in the growth of our two platforms and has prepared Futurewhiz for the next phase”.

“With Futurewhiz we are able to add strong activities and well-positioned brands to our portfolio of participations,” states Bart Coopmans, Managing Director at NPM Capital. “Online learning is seamlessly aligned with our strategic investment themes and the social trends we have already observed for several years now. We believe we are able to support talented and skilled organizations and market propositions with growth capital and pave the way for a next phase in their development towards long-term growth and value creation. As mother company of Squla, Scoyo and WRTS, Futurewhiz has a strong track-record and market position. We are really looking forward to fully make use of this growth potential together with Futurewhiz”.

About Futurewhiz
Futurewhiz employs 70 people, is located in Amsterdam and operates in the Netherlands, Germany and Poland. Futurewhiz is the mother company of Squla en Scoyo, as well as WRTS, an online learning platform for secondary school students enabling them to learn words and concepts more efficiently and quicker. Futurewhiz was founded in the Netherlands ten years ago. With Squla, Futurewhiz was certified by B-corp recently, and is one of the frontrunners in the field of CSR and social impact. Squla is the main provider of additional interactive educational tools for primary school pupils in the Netherlands. Over 180,000 children play and practice with Squla from their homes and more than 600,000 primary school students use its tools at school. Squla is active in the Netherlands and Poland, with Squla.nl and Squla.pl. WRTS is the platform for secondary school students and helps them to prepare for tests with quizzes about words and concepts, practice tests, video and 1 to 1 support by tutor chats. Every year, over half a million students and teachers are active on WRTS.nl and WRTS.be. Scoyo.de is a German online learning platform that was launched fifteen years ago and was bought in 2020 by Futurewhiz. Scoyo offers exercise materials, based on the same format as Squla to pupils in grade 1 to 7 in Germany.

About NPM Capital
NPM Capital invests in middle market companies in the Benelux and supports companies to enter the next growth phase in their development. NPM Capital, with SHV as its sole shareholder, has sufficient capital in order to apply a long investment horizon. Currently, NPM Capital has a portfolio of 26 participations (majority as well as minority holdings, including growth capital) and focuses on the following issues of the future: Future of Energy, Everything is Digital, Feeding the World and Healthy Life.

About Levine Leichtman Capital Partners
Levine Leichtman Capital Partners is a private equity firm with a focus on middle market companies. With a track-record of over 37 years and its in-depth expertise in several industries, such as franchising, professional services, healthcare, education and technical products, LLCP implements a distinctive investment strategy that combines investments in debt and equity. LLCP has managed approximately 11 billion dollar of institutional capital since inception, spread over 14 investment funds, and has invested in more than 85 portfolio companies. Currently, LLCP manages approximately 7 billion dollar of capital, including the most recent European Fund, Levine Leichtman Capital Partners Europe II, SCSP that closed 2020 with 463 million euro committed capital – and has offices in Los Angeles, New York, Dallas, Chicago, Charlotte, Miami, London, Stockholm and The Hague.

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