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KKR Grows Real Estate Industrial Portfolio with Four New Acquisitions in Atlanta

KKR

November 23, 2020

Acquires 1.6 million SF from Four Separate Sellers to Expand KKR’s Industrial Footprint in Atlanta

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the acquisition of four industrial distribution properties across the greater Atlanta metropolitan area for an aggregate purchase price of approximately $136 million.

The newly acquired properties consist of three high quality, shallow-bay, last mile distribution properties with an average vintage of 2006. The fourth property is a large, state of the art fulfillment center completed in 2020 which is leased to high quality, investment grade tenant on a long term basis. Together the four properties represent 1.6 million square feet. The properties were acquired from four different sellers.

“These acquisitions are part of our ongoing effort to expand our industrial portfolio across high growth Sunbelt markets,” said Roger Morales, KKR Partner and Head of Commercial Real Estate Acquisitions in the Americas.

“We are excited to increase our footprint in Atlanta, given the markets’ strong supply-demand fundamentals and long-term growth trajectory,” said Ben Brudney, a Director at KKR overseeing the firm’s industrial real estate efforts. “These are important acquisitions for us as we continue to develop and diversify our industrial footprint to include both infill and multi-tenant assets, as well as larger, single tenant fulfilment centers.”

KKR is making the investment in the three smaller properties through its Real Estate Partners Americas Fund II. The fourth property is an investment by KKR’s core plus real estate strategy and the first industrial investment by the core plus real estate strategy in Atlanta.

Across its funds, KKR owns over 18 million square feet of industrial properties in strategic locations in major metropolitan areas across the U.S. Since launching a dedicated real estate platform in 2011, KKR has grown real estate AUM to approximately $14 billion across the U.S., Europe and Asia as of September 30, 2020. The global real estate team consists of over 90 dedicated investment professionals, spanning both the equity and credit businesses.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, 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.

Cara Major or Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

Source: KKR

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Permira Growth Opportunities agrees to acquire minority stake in Full Truck Alliance

Permira

Permira, the global private equity firm, announced that a company backed by the Permira Growth Opportunities Fund (“PGO” or the “Fund”) has agreed to acquire a minority stake in Full Truck Alliance Co. Ltd. (“FTA” or “Manbang”), China’s largest online B2B marketplace for commercial freight, connecting truckers and shippers. The Permira Growth Opportunities Fund is the lead new investor in this fundraising round which saw a total equity raise of US$1,690 million from new and existing investors.

FTA is the leading online commercial freight platform in China in the full-truck-load (FTL) segment. Its mobile applications provide match-making services to shippers, third-party logistics providers and truck drivers in China’s road freight logistics market, improving transportation efficiency by reducing transaction costs and the number of empty return loads. With 1.9 million and 5 million monthly active shippers and truckers respectively on the platform, FTA has captured a significant share of market participants and freight traffic across the country. The platform has also become the leading ecosystem for value-added services, including electronic toll collection, financial and energy services for commercial trucking in China.

Robin Bell-Jones, Partner at Permira Hong Kong, said: “This exciting investment in FTA represents PGO’s first investment in China and is a strong fit for the Fund, building on Permira’s track record of backing leading online marketplaces and tech-enabled logistics businesses, including Allegro in Europe and Lytx in the US.”

Speed Liu, Investment Director at Permira Shanghai, added: “FTA is a pioneer serving China’s vast and rapidly growing commercial trucking market. With COVID-19 accelerating the demand for efficient logistics in China, FTA is exceptionally well-placed to continue to build a more efficient market and expand its services for both shippers and truckers across China.”

Media contacts

Nina Suter Head of Communications – Director +44 (0) 207 632 4037

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Altamir announces the sale of ECi Software Solutions, which was held via the Apax IX LP fund

Altamir

Paris, 20 November 2020 – Apax Partners LLP announces the sale of the investment held alongside Carlyle in ECi Software Solutions to Leonard Green and Partners, a US private equity company. Apax Partners LLP will reinvest a minority stake in the company via the Apax IX LP fund.

The transaction, which is expected to close in December 2020, will give Altamir a MOIC of around 4.2x. This represents an uplift of 18% to ECi’s fair value as of 30 June 2020.

ECi Software Solutions is a leading provider of ERP software solutions to small-to-medium-sized businesses, with more than 22,000 customers worldwide.

Under Apax Partners LLP and Carlyle ownership, ECi enjoyed rapid growth, both organically and through strategic M&A. The 15 acquisitions completed since 2017 helped the company gain significant market share and scale internationally, notably in Europe and Australia.

 

About Altamir

Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with an investment portfolio of more than €1.2bn. Its objective is to provide shareholders with long-term capital appreciation and regular dividends by investing in a diversified portfolio of private equity investments.

Altamir’s investment policy is to invest via and with the funds managed or advised by Apax Partners SAS and Apax Partners LLP, two leading private equity firms that take majority or lead positions in buyouts and growth capital transactions and seek ambitious value creation objectives.

In this way, Altamir provides access to a diversified portfolio of fast-growing companies across Apax’s sectors of specialisation (TMT, Consumer, Healthcare, Services) and in complementary market segments (mid-sized companies in continental Europe and larger companies in Europe, North America and key emerging markets).

Altamir derives certain tax benefits from its status as a SCR (“Société de Capital Risque”). As such, Altamir is exempt from corporate tax and the company’s investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.

For more information: www.altamir.fr

 

Contact

Claire Peyssard Moses

Tel.: +33 1 53 65 01 74 / E-mail: investors@altamir.fr

 

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Sovereign exits its investment in BIMM – Europe’s leading provider of creative arts education

Sovereign Capital

Sovereign Capital Partners, the UK private equity Buy & Build specialist, announces the realisation of its investment in education provider BIMM, the largest and leading provider of creative arts education in Europe through a sale to funds managed by ICG plc, the global alternative asset manager. The exit follows a highly successful ten-year partnership with BIMM.

News

When Sovereign first invested in BIMM the Group had 1,150 contemporary music students in colleges in Brighton and Bristol. Today, the Group has 12 colleges across Europe. These include London, Dublin, Birmingham, Manchester, Berlin and Hamburg, established through five strategic acquisitions and five new campus roll-outs and the Group now has over 8,200 students across the creative arts education areas of music, film and performing arts.

BIMM is renowned for its expertise in the tuition of contemporary music and as part of its strategic diversification, BIMM moved into the broader creative arts education market to include film and performing arts. This was achieved through the acquisitions of the Institute for Contemporary Theatre, based in Brighton in 2017, Performers College in 2019, and recently the acquisition of the prestigious Northern Ballet School which also became the location for BIMM’s Institute of Contemporary Theatre Manchester campus.

The high quality and relevance of BIMM’s specialist vocational education offering is reflected in the continued increase in student enrolments, its 83% graduate employment rate in Creative Arts, and being granted Taught Degree Awarding Powers in the UK, by Order of the Privy Council in March 2019 which further enhances the Group’s attraction to students. Well known alumni include Ella Mai, George Ezra, Mercy Sotire and James Bay and BIMM’s Patron is The Who’s, Roger Daltrey.

Adam Carswell, Chief Executive, BIMM said, ‘This has been an incredible journey with Sovereign. Everyone at BIMM has always been passionate about bringing a high-quality education offering to students who want to learn the skills that are most relevant to provide them with the best possible chance of a successful career in the creative industries, following their dreams and career ambitions. The attractiveness of our offering to students has been constant and with Sovereign’s continued investment and strategic support, we have been able to achieve more than we had ever envisaged. It’s been an amazing 10 years for BIMM and I have been privileged to work with our incredibly talented lecturers, our staff and my board colleagues, as well as the team at Sovereign. I very much look forward to leading BIMM’s continued success and growth.’

James Dargan, Investment Director, Sovereign said, ‘The BIMM team are both passionately creative and commercially strong. It has been tremendous to work with them to support both the follow-on acquisitions and the roll-out of new colleges. The arts and culture industry contributes around £11 billion a year to the UK economy; this is a very attractive market to graduate into and the students value the vocational nature of the courses BIMM is recognised for. I am sure the Group will continue to go from strength to strength.’

Andrew Hayden, Chairman, Sovereign added, ‘We are very proud to have had the opportunity to work with an excellent management team to create a clear market leader in creative arts higher education. We have invested in BIMM over the years to support transformational growth and to help ensure that quality has remained front and centre. The talent that has blossomed under the care of the BIMM staff is extraordinary. It’s been a real privilege to have played a part in BIMM’s story and we wish the Group every continued success.’

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Precision Medicine Group Secures Major Investment from Blackstone

Blackstone

NEW YORK & BETHESDA, Md., November 20, 2020 — Precision Medicine Group (PMG) and Blackstone (NYSE: BX) today announced that PMG, a leading next-generation provider of drug development and commercialization services, has completed a major investment and recapitalization led by funds managed by Blackstone (“Blackstone”). The investment includes significant participation from Precision’s co-founders, Ethan Leder and Mark Clein, as well as current shareholders Berkshire Partners, TPG Growth, Oak HC/FT, and Vida Ventures.

Bethesda, Maryland-based PMG is a leading provider of mission-critical services to help biopharmaceutical companies conduct clinical trials and bring novel therapies to market by integrating deep therapeutic knowledge, data and analytics, and human expertise. With precision medicine as its foundation, PMG’s specialized capabilities enable the development and delivery of more targeted treatments for patients, addressing the next wave of innovation in global health advancement, expanded access, and outcomes improvement.

This new round of investment will fuel the expansion of PMG’s global footprint and technical capabilities to help accelerate the development, approval, and commercial reach of breakthrough treatments from life science innovators. Blackstone’s deep understanding of the drug development process and extensive operating resources will help deliver significant value to the partnership.

Mark Clein, PMG CEO, said: “We are thrilled to have Blackstone join us for this next phase of growth. Their serious commitment to the life sciences and global scope and scale make them an ideal partner to support our vision of success and expanded capabilities for the next generation of bio-pharma innovators.”

Julia Kahr, a Senior Managing Director at Blackstone, said: “PMG has built a compelling set of services that address the most important challenges facing biopharmaceutical and diagnostic companies. We are eager to back Mark and Ethan and the highly talented employees around the world to support their deep and ongoing commitment to PMG’s clients and look forward to pursuing the immense opportunity ahead by leveraging new technologies, expertise, and scale. We are also delighted to be joining Berkshire, TPG Growth, Oak HC/FT, and Vida to help accelerate this success.”

Anushka Sunder, Managing Director at Blackstone, added: “We have high conviction in the unprecedented wave of innovation PMG’s clients are driving in personalized medicines and novel drug mechanisms, especially in oncology and rare disease. PMG integrates deep science, extensive biomarker and genetic data, evidence of economic value, and market access insights to improve the speed, cost, and success rates of bringing life-changing therapies to patients. We are excited to support the continued expansion of PMG’s platform and broad therapeutic reach.”

Goldman Sachs & Co. LLC acted as lead financial advisor to PMG. Jefferies LLC and Perella Weinberg Partners also acted as financial advisors to PMG and Debevoise & Plimpton LLP acted as legal advisor to PMG. Morgan Stanley & Co. LLC, BofA Securities, and Barclays acted as financial advisors and Sullivan & Cromwell LLP acted as legal advisor to Blackstone. Terms of the transaction were not disclosed.

About Precision Medicine Group:
Formed in 2012, Precision Medicine Group is a specialized services company supporting next generation approaches to drug development and commercialization. Precision provides an integrated infrastructure that supports pharmaceutical and life sciences companies as they develop new products in the age of precision medicine. The company is headquartered in Bethesda, Maryland with offices throughout North America and Europe. For more information, visit precisionmedicinegrp.com.

About Blackstone
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $584 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Media Contacts

For Precision Medicine Group:
Louis Landon
310-984-7707
louis.landon@precisionformedicine.com

For Blackstone:
Matt Anderson
+1-212-390-2472
matthew.anderson@blackstone.com

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Blackstone Completes $14.6 Billion Recapitalization of BioMed Realty

Blackstone

New York, November 20, 2020 – Blackstone (NYSE: BX) today announced that Blackstone Real Estate Partners VIII L.P. and co-investors have completed their previously announced transaction to sell BioMed Realty for $14.6 billion to a group led by existing BioMed investors. This transaction is part of a new long-term, perpetual capital, core+ return strategy managed by Blackstone.

Morgan Stanley & Co. LLC served as financial advisor to BREP VIII and completed a “go-shop” process on behalf of BioMed’s selling investors.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities LLC also served as financial advisors to BREP VIII, and Eastdil Secured served as financial advisor to the purchasers. Simpson Thacher & Bartlett LLP served as legal advisor to Blackstone.

The transaction was announced on October 15, 2020.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has $174 billion of investor capital under management. Blackstone is one of the largest property owners in the world, owning and operating assets across every major geography and sector, including logistics, multifamily and single-family housing, office, hospitality and retail. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ strategy invests in substantially stabilized real estate globally through regional open-ended funds focused on high-quality assets and Blackstone Real Estate Income Trust, Inc. (BREIT), a non-listed REIT that invests in U.S. income-generating assets. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

About BioMed Realty
BioMed Realty, a Blackstone portfolio company, is the largest private provider of real estate solutions to the life science and technology industries. BioMed owns and operates high quality life science real estate comprising 11.3 million square feet concentrated in the leading innovation markets throughout the United States and United Kingdom, including Boston/Cambridge, San Francisco, San Diego, Seattle and Cambridge U.K. In addition, BioMed maintains a premier development platform with 2.3 million square feet of Class A properties in active construction to meet the growing demand of the life science industry.

Contact
Ilana Mouritzen
Ilana.Mouritzen@Blackstone.com
Tel: (212) 583-5776

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KKR Expands Real Estate Industrial Portfolio in Phoenix with a New Acquisition

KKR

November 20, 2020

Investment Increases Phoenix Industrial Footprint to Nearly Two Million Square Feet

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the acquisition of an industrial distribution property in Phoenix for a purchase price of approximately $32 million. The property takes KKR’s industrial footprint in the Phoenix market to nearly two million square feet.

Built in 2001, the asset is a 32-foot clear height, Class A property located in Phoenix’s Southwest Valley. The property was 100% leased at acquisition to a high quality tenant for approximately five and a half years. KKR acquired the asset from Cohen Asset Management and Cushman & Wakefield brokered the transaction.

“This is an important acquisition for us as we continue to develop and diversify our industrial footprint,” said Roger Morales, KKR Partner and Head of Commercial Real Estate Acquisitions in the Americas. “The Phoenix market fundamentals remain highly attractive and we believe the continued acceleration of e-Commerce penetration will drive demand for state of the art distribution centers like this one.”

KKR is making the investment through its Real Estate Partners Americas Fund II.

Across its funds, KKR owns over 16 million square feet of industrial properties in strategic locations across major metropolitan areas in the U.S. Since launching a dedicated real estate platform in 2011, KKR has grown real estate AUM to approximately $14 billion across the U.S., Europe and Asia as of September 30, 2020. The global real estate team consists of over 90 dedicated investment professionals, spanning both the equity and credit businesses.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, 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.

Media:
Cara Major or Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

Source: KKR

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Sandbäckens acquires Trisec AB

Segula

Sandbäckens continues its profitable growth journey and strengthens its position in the Östergötland area through an additional acquisition, Trisec AB. The acquired company offers energy-efficient automation solutions for properties and industrial premises.

Trisec is based in Norrköping and employs 14 people, generating a turnover of c. SEK 25m. The company has a broad customer base consisting of property owners, real estate managers and industrial companies with a geographic footprint spread across Östergötland.

“I am very pleased to welcome Jonas Stenbäck and all co-workers to Sandbäckens. Trisec is a successful company with significant competence and experience of meeting customer demand for energy efficient solutions in different types of properties”, says André Roos, Head of Business Development and Head of region East.

For further information, please visit www.sandbackens.se or contact:

Marcus Planting-Bergloo, Managing Partner, Segulah Advisor AB
+46 70 229 11 85, planting@segulah.se

André Roos, Head of Business Development and Head of region East, Sandbäckens
+46 76 000 26 01, andre.roos@sandbackens.se

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MercachemSyncom changes name to Symeres

GIlde Healthcare

MercachemSyncom changes name to Symeres

Nijmegen (The Netherlands) – MercachemSyncom today announced that it will change its name and operate under the registered trade name of Symeres.

The new name reflects the strategic evolution of the company, with the growth of integrated drug discovery and development services, which complement the company’s strong reputation in synthetic discovery and development chemistry. Recent examples of this evolution include the acquisition of ADME-Tox provider Admescope in November 2020 and strategic alliances integrating our services with high-quality CROs in the fields of in vitro biology, biophysics, and structural biology.

The name Symeres (derived from Sy-ncom Me-rcachem res-research) and accompanying tagline “making molecules matter” are derived from the experience and success of the Syncom and Mercachem legacy organizations and their core strengths in innovative research.

Dr. Eelco Ebbers, CEO of Symeres, added,

“The evolution of MercachemSyncom into Symeres is representative of the continuing expansion of the organization and our move into integrated solutions for drug discovery and development services, alongside our strong chemistry-centric services. The most recent example being our acquisition of Admescope. We look forward to continuing our journey with our clients around the world under our new identity, without forgetting the core values of quality, integrity, transparency, and innovation that got us to where we are today.”

For further information, please contact:
Dr. Russell Thomas
Head of Business Development
Symeres
Email: russell.thomas@symeres.com

 

About Symeres
Symeres, formerly MercachemSyncom, is the leading mid-sized European contract research organization offering innovative chemistry, medicinal chemistry, ADME, early process research services, and GMP production to accelerate the drug discovery and development process in a flexible and cost-effective way. Symeres also offers integrated drug-discovery services from hit to clinic via multiple-platform strategic alliances under a single MSA. Working for many pharmaceutical and biotech companies throughout the world, Symeres is recognized for its high-quality products and services and its unprecedented problem-solving capabilities.
For more information, please visit: www.symeres.com.

About Gilde Healthcare
Gilde Healthcare is a specialized healthcare investor managing over €1.4 billion ($1.5 billion) across two fund strategies: venture & growth capital and private equity. Gilde Healthcare’s venture & growth capital fund invests in fast growing companies active in digital health, medtech and therapeutics. The venture & growth companies are based in Europe and North America. Gilde Healthcare’s private equity fund invests in profitable European lower mid-market healthcare companies with a focus on the Benelux and DACH region. The private equity fund targets healthcare providers, suppliers of medical products and service providers in the healthcare market. For more information, visit the company’s website at www.gildehealthcare.com.

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Maxxton and Stardekk join forces in the global hospitality SaaS solutions

Fortino Capital

Maxxton and Stardekk, both established leaders in hospitality software solutions for years, joined forces to create a leading European player. The new group will cover all main segments: holiday parks, vacation rentals, serviced apartments, restaurants, B&B’s and hotels. Majority shareholder Fortino Capital and the management team consider this as an important step in the further international expansion.

Complementary product suites

Maxxton is the leading all-in-one software solution for vacation & short-term rental managers, leveraging on more than 20 years of experience in the industry. The group has grown into a global organisation with customers across the globe, from Europe to the islands of Hawaii. Maxxton is a trusted technology partner for larger companies in the leisure industry such as Roompot, EuroParcs, Siblu and Castle Hospitality Group. Maxxton’s property management system supports all daily business operations from operational and reservation management to financial settlements.

Stardekk provides cloud-based reservation and management systems especially created for small and medium hotels, restaurants and B&B’s. Building on their accumulated experience since 1999, Stardekk, with its core product Cubilis, plays a mission-critical role in the distribution strategy of independent hotels via the online travel agencies.

Jean-Pierre Mampaey, founder of Maxxton and CEO of the Group, explains: “Stardekk and Maxxton anticipate to manage more than 5.000.000 reservations in 2021. The mission of the group is to be and remain European market leader in hospitality cloud solutions by continuing this autonomous growth in conjunction with targeted add-ons. Integration of the cloud solutions and sales activities in the group will get the highest priority to continue the European expansion.”

“Due to the very similar vision and values of professionalism, reliability, quality and excellent service for clients in our common and well-known hospitality industry, we firmly believe that this way of joining forces will be a successful one for all involved and we are looking forward to an exciting and fruitful cooperation.” says Vincent Goemaere, Founder and CEO of Stardekk.

The new group will cover all main segments (holiday parks, vacation rentals, serviced apartments, restaurants, B&B’s and hotels). It employs more than 200 people in The Benelux and around the world.

Growth opportunities

The global hospitality software market offers significant opportunities for cloud-based software providers. Despite the recent negative impact of Covid-19 on global tourism, the pandemic also acted as a positive long-term catalyst for the digitalization of the operators, and boosted domestic tourism.

Fortino Capital will keep supporting the Management in their buy & build strategy. The fragmented hospitality software market offers significant consolidation opportunities, and the enlarged group has the ambition to act as a consolidator.

About Stardekk

Stardekk, a Belgian company, offers a complementary set of award winning in-house cloud based SaaS products for the hospitality industry (hotel software, channel manager, booking engine, internet strategy). Over 3,500 hotel accommodations in 50 countries manage their bookings via the Stardekk software suite. Stardekk is preferred IT Partner for major industry players like Booking.com, Expedia, Google, and AirBnB.

For more information please visit www.stardekk.com

About Maxxton

Maxxton is part of the Maxxton Group and has become the premier property management software for the broader hospitality and accommodation rental sector. Originally a Dutch company, since its formation in 1998, Maxxton has grown into a multinational organization with clients spread across the globe in the vacation rental, serviced apartment and holiday park & campsite businesses. Maxxton’s software-as-a-service solutions are built to simplify the reservation processes for large vacation & short-term rental managers.

For more information, please visit www.maxxton.com

About Fortino Capital

Fortino Capital Partners is a European enterprise software investor, managing a €240m growth private equity fund and two venture capital funds for earlier stage software opportunities. The firm has offices in Antwerp and Amsterdam. Fortino Capital’s investment portfolio includes MobileXpense, Efficy CRM, Odin Groep, Tenzinger, Maxxton,Teamleader, BuyBay, Oqton and iObeya among others.

For more information, please visit www.fortinocapital.com

About ING Belgium

ING Belgium, exiting minority shareholder of Stardekk, wishes to thank Vincent and his team for the successful collaboration in the past 4 years and welcomes Maxxton and Fortino Capital as complementary partners for a great combined future.

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