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Delta Fiber Netwerk breaks agreement with Customers to install Fiber network.

Insight story

Recently Delta Fiber Network has send a letter to a group of customers an announced that they will not fulfill the agreement to install a fiber network in suburb area’s in the Netherlands.

This decision affects both customers and companies outside the Dutch city areas.

Salient detail is the fact that Delta is the owner of Caiway, a supplier of TV and internet over coax, and the only supplier in the suburb area’s affected. Other telecom operators like KPN, T-Mobile do not offer their services in the excluded area’s. No Fiber, no coax and not even 4G. This results in the fact that there is no freedom of choice of vendor/telecom operator.

Caiway has a bad reputation in Westland, where it recently was raining complaints due to increasing and recurring connectivity issues. Their customer service only exists of Chatbots telling how sorry they are, but in reality blocking the customer from verbal communication and even written communication.

In city area’s in the Netherlands however telecom operators like KPN and T-Mobile are installing duplicate fiber networks in exact the same city area’s, mostly attracted Zip code area’s where people can afford to pay higher subscriptions.

But it is both the Dutch local and national Politics who has made and makes this effect possible.

In the past it where the local politicians who agreed to sell Caiway. Above that as result ACM has blocked KPN to purchase Caiway, now Delta(Caiway) is owned by EQT a Swedish PE company.

eqt

Early this year the National politics has sharpen the telecom rules but only in situations where there is a freedom of choice. Same as ACM the politics totally ignores the situation without any choice.

Although ACM has performed market research about the rollout of fiber networks in Holland already in 2019, the inequality of customers and companies, and lack of national coverage of fiber networks was not part of their conclusions.

ACM is the delegated organization from the government to protect customers, and set up rules for telecommunications, transport, post, healthcare and energy.

ACM

Both the established telecom operators like KPN, T-Mobile as the foreign (read PE-owned)  companies discriminates an increasing number of customers, the knowledge that EQT would like to buy KPN will certainly not help. But even this is not a wake up call for the Dutch politics.

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AURELIUS subsidiary NDS Group AS acquires Norwegian distributor Sola Shipping AS

Aurelius Capital

Munich/Oslo, December 23, 2020 – The NDS Group AS, a subsidiary of AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8), acquires the Norwegian marine distributor Sola Shipping AS, one of Norway’s leading distributors of marine chemicals and boat care products. This first add-on acquisition confirms the growth strategy of the NDS Group and further increases the share in the Norwegian market. The transaction also underlines Aurelius’ strategy to strengthen its portfolio companies via add-ons.

Sola Shipping AS offers a wide range of marine supplies to over 800 customers in Norway. The assortment ranges from antifouling, paint, and chemicals, over to service parts, boat care, and consumables. The company is an exclusive distributor of the brand “Seajet” in Norway with market leading products.

The highly complementary product portfolios will be integrated into the existing marine business unit of the NDS Group. Customers of both companies will greatly benefit from the combined business that is built on the nation-wide logistic infrastructure of the NDS Group.

“The acquisition of Sola Shipping AS confirms the growth strategy to continue the new era as a one-stop-shop distribution and service provider in the Nordic region” says NDS Group CEO Janno Gröne. “We are confident that the NDS Group will also benefit from synergies of this add-on acquisition”.

Leif Lupp, Managing Director Aurelius Nordics: “After having executed the carve-out of NDS, Aurelius’ operations organisation has implemented substantial operational improvements. We have also invested significantly in topline growth, as evidenced by our new customer wins in 2020. With the acquisition of Sola Shipping, the next phase of the Aurelius value creation model has now been launched. We are looking forward to continuously growing NDS through acquisitions, in Norway as well as throughout the Nordics.”

The transaction was completed on December 23, 2020.

Aurelius was advised on the transaction by Handelsbanken (Financial), Schjødt (Legal) as well as KPMG (Tax).

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EQT Infrastructure V launches offer to acquire all outstanding shares in Torghatten ASA through HATI BidCo AS with recommendation of Board of Directors of Torghatten ASA

eqt

23 December 2020: EQT Infrastructure V fund (“EQT Infrastructure“) and Torghatten ASA (“Torghatten” or “the Company”) today announced that HATI BidCo AS (the “Offeror”) will launch an offer to acquire all outstanding shares in Torghatten through a voluntary cash offer (the “Offer”).

Founded in 1878, Torghatten is the leading private passenger transportation company in Norway with an annual revenue of approximately NOK 10 billion and about 7000 employees. The Company’s core business is within sea, land and air transportation – distributed across ferries, express boats, buses and air traffic (excluded from the transaction) throughout Norway. Torghatten provides essential services and its route network significantly shortens travel time along the Norwegian coastline, making the Company a critical part of the country’s domestic transportation system.

The offer from the Offeror is at NOK 175 in cash per share in Torghatten, excluding the airline segment. Torghatten plans to distribute the Company’s shares in WF Holding AS (66 %), which owns the airline company Widerøe, through shares in a newly-established subsidiary (“Flyco“) to Torghatten’s shareholders prior to or in connection with the execution of the Offer, whereby the shareholders will receive one (1) share in Flyco for every share they own in Torghatten. Each share in Flyco is valued at NOK 17 upon being distributed.

The dividend will be distributed to shareholders in Torghatten registered in VPS per 22 December 2020, which means that it will not be possible to acquire new shares in Torghatten with rights to dividends.

Based upon this valuation, the Offer and distribution of shares in Flyco values each Torghatten share at NOK 192.

The Board of Directors of Torghatten has unanimously decided to recommend that Torghatten’s shareholders accept  the Offer, and the Offeror has entered into agreements on certain terms to acquire shares from Torghatten’s largest shareholders, which represent approximately 53.62 percent of the total issued and outstanding shares of Torghatten. The share purchase agreements include the same purchase price per share as those sold through the Offer and the completion of these agreements is notably contingent upon the completion of the Offer.

EQT Infrastructure has followed Torghatten closely for many years and is impressed with its development over the last decade with respect to growth, profitability, and sustainability work. Subject to completion of the Offer, EQT Infrastructure intends to support Torghatten’s continued value creation journey through both organic and inorganic growth initiatives. Moreover, EQT Infrastructure is committed to support Torghatten’s ambitious sustainability agenda and the intention to accelerate the transition to zero or low emission transportation infrastructure in line with government targets, based on battery, biofuel, hybrid and other new technologies.

Daniel Pérez, partner at EQT Partners and Investment Advisor to EQT Infrastructure, states: ”Torghatten is a remarkable success story and plays a significant role in many cities and small local communities across large parts of Norway. EQT is impressed with the Company’s development over the past decade with regards to growth, profitability and sustainability efforts. Chairman Brynjar Forbergskog and CEO Roger Granheim deserve a great deal of the credit for this. They have transformed Torghatten from a regional, northern-focused company to becoming a major national transport player. We will use EQT’s financial strength and extensive experience within transport infrastructure to further develop Torghatten’s critical services and sustainability profile, to the benefit of Torghatten’s customers, employees and partners across the country.”

Chairman Brynjar Forbergskog of Torghatten says: “Since we were first approached by EQT, we have had discussions with several interested parties, but EQT’s offer stands out as the best alternative for both the owners and for Torghatten. The Board believes that EQT will succeed in further developing the Company and its operations in a good way. EQT Infrastructure wishes to be an active owner of Torghatten and will provide EQT’s resources, competency and network to ensure continued profitable growth. EQT has also informed the owners that they do not intend to move Torghatten’s headquarters nor change the company name. A unanimous Board recommends EQT Infrastructure’s offer.”

CEO Roger Granheim of Torghatten says: “I expect EQT Infrastructure will be a good owner that will execute a sustainable growth strategy to develop Torghatten going forward, from an environmental, social and economic perspective. Throughout this process, EQT has demonstrated its understanding of the important role Torghatten plays in many cities and local communities across large parts of Norway, and that it will continue to build on today’s solid culture and foundation.”

The value of the offer (the offer price and the value of the Flyco shares) of NOK 192 per share represents a premium of 14 % compared to the last registered trading price of the Torghatten shares on the NOTC. The Valuation further represents a premium of 17 %, 32 %, 41 % and 48 % compared to the volume-weighted average price (VWAP) of Torghatten for the 1-month, 3-month, 6-month and 12-month period prior to 22 December 2020 respectively, and a  13 % premium to the highest registered trading price for the Torghatten shares.

The Offer values the total equity of Torghatten at approximately NOK 8,580 million based on shares outstanding.

The Offeror is owned by EQT Infrastructure V fund, which is managed by the leading investment organization EQT, headquartered in Stockholm, Sweden.  EQT was founded in 1994 together with Investor AB, the leading owner of Nordic-based international companies and founded by the Wallenberg family in 1916. Today, EQT is a global investment organization with offices in 16 countries in Europe, North America and Asia-Pacific. Since its inception, EQT has raised approximately EUR 75 billion in commitments and has numerous investment strategies, including EQT Infrastructure.

Further details about the Offer:

•    The Offer Price of NOK 175 per share will be settled in cash. In addition, as mentioned above, Torghatten intends to distribute shares in Flyco AS to existing shareholders prior to the completion of the Offer.

  • The Offer period is expected to start on 23. December 2020 in accordance with the offer document dated 22. December 2020 (the “Offer document“) and is expected to last until 9. February 2021, subject to any extensions by the Offeror, once or several times, should the Offer not have been accepted by shareholders representing more than 2/3 of the issued and outstanding share capital of Torghatten (not including own shares), for a maximum offer period of 10 weeks.
  • The Offeror has undertaken to complete the Offer within 20 business days of achieving acceptances from 90 % of the shares in Torghatten, provided that the other conditions for completion of the Offer are fulfilled. In such event, the Offer period will be reduced to two weeks following the announcement by the Offeror of achieving acceptances form 90% of the shares in Torghatten, unless the remainder of the Offer period is less than two weeks.
  • The completion of the Offer will be subject to satisfaction or removal of certain conditions, including, but not limited to, (i) a minimum acceptance level of 2/3 of the issued and outstanding share capital of Torghatten, (ii) the Company’s articles of association are amended with regard to purpose determination and voting rights (iii) a decision on and implementation of the planned distribution of FlyCo AS shares, and (iv) regulatory approval.

The Offer does not contain any conditions as to financing or due diligence.

The complete details of the Offer, including all terms and conditions, are included in the Offer Document, which is available on www.torghatten.no, www.eqtgroup.com and www.nordeamarkets.com/torghatten. Torghatten shareholders are encouraged to read the Offer Document as it contains important information, including the unanimous recommendation from the Board of Directors of Torghatten.

The Offeror and Torghatten have entered into a transaction agreement regarding the Offer (the “Transaction Agreement”).  Under the terms of the Transaction Agreement, subject to customary conditions, the Board of Directors of Torghatten has entered into undertakings to only amend, qualify or withdraw its recommendation of the Offer if (i) a competing offer is made, (iii) the Board of Directors of the Company considers it to be more favourable to the shareholders of Torghatten, and (iii) the Offeror has not matched the superior offer within five business days. Shareholders that have entered into agreements to sell Torghatten shares to the Offeror cannot terminate the agreement, even if the Board of Directors of Torghatten withdraws, amends or qualifies its recommendation of the Offer.

This notification does not in itself constitute an offer. The Offer is made on the basis of the formal Offer Document and can only be accepted pursuant to the terms of such document. The Offer will not be made in any jurisdiction in which the making of the Offer would not be in compliance with the laws of such jurisdiction.

Nordea Bank Abp’s Norway branch and Morgan Stanley & Co. International plc are acting as financial advisors to the Offeror. Advokatfirmaet Selmer AS is the Offeror’s legal adviser in connection with the Offer.

Arctic Securities AS is acting as financial adviser and Arntzen de Besche Advokatfirma AS is acting as legal adviser to Torghatten in connection with the Offer.

With this transaction, EQT Infrastructure V is expected to be 20 – 25 % 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.

For further information, please contact:

For Torghatten: Brynjar Forbergskog, brynjar.forbergskog@torghatten.no , +47 957 37 061

EQT’s Norwegian media contact: endre.johansen@corpcom.no , +47 416 10 605
EQT international media contact: press@eqtpartners.com , +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with more than EUR 75 billion in raised capital and over EUR 46 billion in assets under management across 16 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com

About Torghatten
Torghatten ASA is one of the country’s leading transport companies, with an annual revenue of approximately NOK 10 billion and about 7000 employees. The company’s core business is within sea, land and air transportation – distributed across ferries, speedboats, buses and air traffic throughout Norway. The company also has several businesses related to the garages, travel agencies and real estate. Torghatten ASA has always been a competitive company, focusing on establishing versatile operations with a long-term perspective. Through a broad range of services, good management and a solid local base in our subsidiaries, we have what it takes to succeed in the future.

More info: www.torghatten.no

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Important notice:

The offer and the distribution of this announcement and other information in connection with the offer may be restricted by law in certain jurisdictions. HATI BidCo AS assumes no responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

THE OFFER WILL NOT BE MADE IN ANY JURISDICTION IN WHICH MAKING OF THE OFFER WOULD NOT BE IN COMPLIANCE WITH THE LAWS OF SUCH JURISDICITON. THIS ANNOUNCEMENT DOES NOT IN ITSELF CONSTITUTE AND OFFER. THE OFFER WILL ONLY BE MADE ON THE BASIS OF THE OFFER DOCUMENT AND CAN ONLY BE ACCEPTED PURSUANT TO THE TERMS OF SUCH DOCUMENT.

The offer is subject to disclosure and procedural requirements of the Kingdom of Norway which are different from those in the United States. In addition, the payment and settlement procedures with respect to the offer will comply with the relevant Norwegian rules, which differ from United States payment and settlement procedures.

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CapMan Real Estate acquires three office and mixed-use buildings in Stockholm

Capman

CapMan Real Estate press release          23 December 2020 at 8.30 a.m. EET

CapMan Real Estate acquires three office and mixed-use buildings in Stockholm

CapMan Nordic Real Estate III Fund has agreed to acquire a portfolio of three office and mixed-use buildings in Västberga, south of central Stockholm from Wäsö Fastigheter.

The portfolio consists of one office building and two mixed-use office and warehouse buildings. In total the portfolio comprises over 30,000 sqm of lettable space, out of which approximately 30% is currently vacant. CapMan plans to refurbish the properties to meet modern standards for commercial space and to substantially decrease the energy footprint of the portfolio.

Västberga is the most centrally located industrial area in Stockholm. The properties are situated next to the E4 motorway and close to public transport, providing effortless and fast access to central Stockholm.

“This portfolio is a great addition to our growing third value-add fund. Following our planned updates, the properties will provide a welcomed addition of high-quality office and warehouse space in the area. Upgrading the technical systems in the buildings will improve the energy efficiency, with reduced emissions and energy costs as a result, further increasing the attractiveness of the space for a wide variety of tenants,” says Anna Reuterskiöld, Partner and Head of CapMan Real Estate Sweden.

CapMan’s Real Estate team comprises over 40 real estate professionals in Helsinki, Stockholm, Copenhagen and Oslo. CapMan Real Estate currently manages a total of EUR 2.8 billion in real estate assets. The team was awarded UK & European Opportunistic Property Manager of the Year at the 2020 Professional Pensions Investment Awards.

CapMan Nordic Real Estate III Fund, the team’s third Nordic value-add fund, was established in September 2020 and has raised EUR 449 million to date with a target size of EUR 500 million. The acquisition will become the fund’s sixth transaction and the second in Sweden.

For further information, please contact:
Anna Reuterskiöld, Partner, Head of CapMan Real Estate Sweden, tel. +46 731 54 22 31

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, 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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Blackstone to Invest in Liftoff to Help Fuel Future Growth

Blackstone

Partnership will further accelerate Liftoff as a leading performance marketing platform

NEW YORK and REDWOOD CITY – December 22, 2020 – Liftoff, a global performance-based mobile app marketing optimization platform, announced today it has reached a definitive agreement for a majority investment from private equity funds managed by Blackstone (NYSE:BX, “Blackstone”). This strategic partnership marks a new phase in Liftoff’s continuing mission to develop industry-leading technology and product solutions that help marketers grow their engaged user bases through initial and ongoing engagement efforts.

Founded in 2012, Liftoff partners with mobile app marketers to grow their platforms globally. Liftoff’s best-in-class technology solutions deliver more than one billion engaging ads each day to high value users in more than 90 countries and across more than 500,000 mobile publishers. As content consumption increasingly shifts to mobile devices, the company is well positioned to serve the high-growth mobile app ecosystem as a leader in programmatic user acquisition and retention. Liftoff has been included on the Inc. 5000 list of fastest growing companies in the U.S. in each of the last four years. Headquartered in Redwood City, California, Liftoff has additional offices in New York, San Francisco, Seattle, Berlin, London, Paris, Singapore, Seoul, and Tokyo.

Blackstone has been an active investor in digital content and advertising technology, including recent investments in Ancestry, Bumble, and Vungle. Liftoff’s partnership with Blackstone reflects a shared belief in the future growth potential of the industry and long-term vision to build on Liftoff’s leadership position. Blackstone’s investment will help enable Liftoff to further accelerate investment priorities, expand its global footprint, and fuel future growth initiatives.

Sachin Bavishi, Managing Director at Blackstone, said: “Liftoff is a market leader and a key growth partner for many of the world’s leading mobile app developers through its extensive global reach and strong programmatic capabilities. This investment reflects our high conviction in both mobile content and mobile advertising, and we believe that Blackstone’s extensive resources and expertise will help enable Liftoff to further capitalize on its strong momentum and significant growth potential. We are very excited to partner with Liftoff’s talented founders to continue to provide best-in-class solutions to the industry.”

Martin Brand, Co-Head of U.S. Acquisitions for Blackstone’s Private Equity Group, said: “Liftoff is an independent leader in the marketplace for mobile ads. Blackstone has significant experience investing in the fast-growing mobile ecosystem, and we are excited to back Mark and his team as they continue the rapid growth of Liftoff.”

“We’re excited to be partnering with Blackstone, one of the premier private equity firms in the world,” said Mark Ellis, CEO and co-founder of Liftoff. “Blackstone’s expertise will be invaluable as we continue to scale our company globally, expand our product offerings and help more mobile marketers build a growing audience of engaged users for their mobile experiences.”

The transaction is expected to close early next year, subject to customary closing conditions. Goldman Sachs & Co. LLC served as financial advisor and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP served as legal advisor to Liftoff while LUMA Partners LLC served as financial advisor and Simpson Thacher & Bartlett LLP served as legal advisor to Blackstone. Terms of the transaction were not disclosed.

About Liftoff
Liftoff is a complete mobile app marketing platform that helps companies acquire and retain high quality mobile app users at scale. Liftoff uses prediction intelligence and unbiased ML to find engaged users at scale for mobile app marketers, creative testing to deliver the most engaging ad experience and a unique cost per revenue model to optimize for LTV goals. Liftoff is proud to be a long term partner to leading brand advertisers and app publishers since 2012. Headquartered in Redwood City, Liftoff has a global presence with offices in New York, San Francisco, Seattle, Berlin, London, Paris, Singapore, Seoul, and Tokyo.

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.

​​​​​CONTACTS

Blackstone 
Matt Anderson
212-390-2472
matthew.anderson@blackstone.com

Liftoff 
Dennis Mink
415-938-6465
dennis@liftoff.io

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CVC Credit supports DMS Governance’s buy and build growth strategy

Debt facilities provided by CVC Credit have enabled five add-on transactions since 2019

CVC Credit is pleased to announce that it has further supported DMS Governance (“DMS”) by providing incremental facilities for two add-on opportunities: MDO in August and Montlake in November. CVC Credit has supported DMS since 2019, when it acted as the sole lender for the MML Capital Partners led management buyout.

Founded in 2000, DMS is a global provider of governance, risk and compliance solutions to leading investment funds and managers with aggregate assets under management exceeding US$350 billion. The business operates three separate divisions; Fund Governance, Risk and Compliance, and European Fund Management Solutions, which provide high-quality professional services across a diverse range of investment fund structures and strategies.

Headquartered in Luxembourg, MDO is an independent fund service supplier focused on the provision of management company services. The business manages over 55 funds with AUM of over €31 billion. MontLake is an independent fund services provider headquartered in Dublin. The business specialises in the provision of on and off-platform management company services to European regulated funds. It has an AUM of more than €7 billion, comprising 76 funds managed by over 60 investment managers.

Derek Delaney, CEO of DMS Governance, commented: “The Montlake and MDO mergers are truly accretive to DMS’ existing offering. They augment our product suite and expand our geographic footprint, as well as adding a fantastic new group of valued staff and clients. Our partners, MML and CVC have been integral in seeing these transactions through to fruition and we are grateful for their support and ongoing conviction in our growth strategy.”

Chris Fowler, Managing Director in CVC Credit’s European Private Credit business, added: “CVC Group has a broad track record of investing in the fund services space, through investments such as TMF Group in CVC Capital’s Fund VII. This enabled us to validate the high quality of the DMS platform, team and market opportunity when providing the initial acquisition financing and subsequent follow-on capital to support their buy and build programme, which has included five add-on transactions under MML’s ownership. We continue to see considerable value creation opportunities for Derek and his team and are pleased to continue to support them on their next phase of growth.”

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Platinum Equity Sells Compart Systems to Shanghai Wayne Enterprises

Platinum

Press Release · December 22, 2020

LOS ANGELES (December 22, 2020) – Platinum Equity announced today that it sold Compart Systems Pte Ltd. (“Compart” or the “Company”) to Shanghai Wanye Enterprises Co., Ltd. (“Wanye”) in a transactions valued at approximately $398 million.

Compart, headquartered in Singapore with primary operations in China and Malaysia, is a supplier of high-precision, machined metal components including valves, fittings, sensors, and related components for a range of industries.

Platinum Equity is a Los Angeles-based global private equity firm focused on acquiring businesses that can benefit from the firm’s operational expertise. The Compart investment was led by Platinum Equity’s Singapore office.

“We have committed substantial financial and operational resources to our investment strategy in Asia and Compart’s success further extends our track record of creating value in the region,” said Jacob Kotzubei, the partner in Platinum Equity’s Los Angeles headquarters who oversees the firm’s Singapore-based team. “We have a lot of experience transacting in Asia, with a dedicated team on the ground supported by our global network.”

Mr. Kotzubei noted that just last week Platinum Equity announced it would acquire Ingram Micro Inc. from a Shanghai-listed unit of Chinese conglomerate HNA Group for $7.2 billion.

Platinum Equity acquired Compart as a carve out from Broadway Industrial Group Limited in 2016, and then drove a comprehensive transition and operational improvement program to establish the company as a thriving standalone business.

“We transformed Compart from a traditional manufacturing business into a technology-driven solutions provider that is now much more valuable to its multi-national customers in need of high-quality manufacturing partners in Asia,” said Soo Jin Goh, Managing Director at Platinum Equity and head of the firm’s Singapore-based investment team. “We deployed the full range of Platinum’s M&A and Operations tool kit and made good on our pledge to help the company grow, both organically and through add-on acquisitions.”

“We have committed substantial financial and operational resources to our investment strategy in Asia and Compart’s success further extends our track record of creating value in the region,” said Jacob Kotzubei, the partner in Platinum Equity’s Los Angeles headquarters who oversees the firm’s Singapore-based team. “We have a lot of experience transacting in Asia, with a dedicated team on the ground supported by our global network.”

In 2018 Compart acquired and then commercialized a valuable portfolio of intellectual property that allowed the company to move up the technology value chain and strengthened its R&D capabilities in Singapore.

In 2019, Compart acquired Alpha Precision Turning & Engineering, which helped diversify the company’s revenue, added scale, and expanded its footprint into Malaysia.

“Platinum has been an outstanding partner that helped provide the strategic direction the company required and then gave us the resources we needed to successfully execute on our plans,” said Compart CEO Russ Norwood. “We’ve now found the perfect home for the business going forward and are excited to be a part of Wanye’s ambitious plans for growth.”

BDA Partners served as financial advisor to Platinum Equity on the sale of Compart and Clifford Chance served as Platinum Equity’s legal advisor on the transaction.

 

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $23 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners V, a $10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 25 years Platinum Equity has completed more than 300 acquisitions.

 

About Compart Systems

Compart Systems is a global supplier of precision engineered solutions for critical components and assemblies for over 30 years. Compart is a vertically integrated technology and IP organization manufacturing industry leading components, surface mount parts, weldments and assemblies including gas sticks and mass flow controllers.

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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Ardian to support establishment of a new market leader for onshore wind power in Germany by EWE and the Aloys Wobben Foundation

Ardian

  • 22 December 2020 Infrastructure Germany, Frankfurt

• Transaction creates leading German producer of green electricity with more than 2.3 gigawatts of installed capacity
• EWE and the Aloys Wobben Foundation sign agreement to establish a joint venture with a planned investment volume of EUR 3.6 billion by 2030

Paris/Frankfurt/Aurich/Oldenburg, December 22, 2020 – Oldenburg-based energy service provider EWE and the Aloys Wobben Foundation, sole shareholder of Aurich-based wind turbine manufacturer ENERCON, signed today a respective shareholder and investment agreement to form a joint venture in onshore wind energy. Ardian, a world leading private investment house, has held a 26 percent stake in EWE since February 2020 and is supporting the establishment of the new company. According to the agreement, both sides will each hold 50 percent of the shares, and ENERCON and EWE will contribute their existing wind farms and onshore projects to the future joint venture. Corporate management will lie within EWE’s remit, while the Aloys Wobben Foundation will appoint the chair of the Supervisory Board. The completion of the transaction, expected in spring 2021, is still subject to approval of the German Federal Cartel Office.

The new company will have an installed capacity of more than 2,300 megawatts based on existing systems and a project pipeline of over 9,400 megawatts, making it the market leader in onshore wind activity in Germany as well as one of the largest companies in the field of wind energy in Europe. The aim is to realize an increase of more than 200 megawatts per year and to increase the existing capacity to up to 5 gigawatts by 2030. In addition, further international growth is planned. As a result, this will create one of the largest producers of green electricity in Germany and France in the coming years. Investments totaling up to EUR 3.6 billion are foreseen for the project by 2030. The company, which also owns the Düsseldorf-based direct marketer Quadra Energy, takes a manufacturer-independent approach to the realization of its projects.

Dr. Daniel Graf von der Schulenburg, Managing Director and Head of Ardian Infrastructure Germany and Northern Europe, said: “This transaction shows how we, as shareholders, support the further development and transformation of the companies in which we invest to further the vision of a new era in energy. Accelerating the growth of EWE, in particular in the field of renewable energy, is one of our common strategic goals since we took a stake in EWE one year ago. With this partnership, the company is now taking another important step in this direction in the shortest possible time, and we warmly congratulate Stefan Dohler and his team.”

Stefan Dohler, CEO of EWE AG, added: “If we are to achieve the climate targets set in the Paris Agreement, we need to act quickly and, above all, decisively. This requires strong market participants, who are of critical size, to make a difference. We are now forming such a company with the new joint venture. With Ardian, we feel fortunate to have a shareholder who supports this goal. “

Ardian Infrastructure is a pioneer in renewable energy investments in Europe and America with a total capacity of around 5 gigawatts (GW) in the wind, solar and biomass sectors.

 

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$103bn 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 around 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

 

ABOUT EWE

EWE is an innovative service provider active in the business areas of energy, telecommunications and information technology. With over 8,800 employees and sales of around EUR 5.7 billion in 2019, EWE is one of the largest utility companies in Germany. The company, based in Oldenburg, Lower Saxony, is primarily owned by the local government. It provides electricity to around 1.4 million customers in northwest Germany, Brandenburg and on the island of Rügen, as well as parts of Poland, and supplies natural gas to almost 0.7 million customers. It also provides approximately 0.7 million customers with telecommunications services. To achieve this, the various companies in the EWE Group operate around 210,000 kilometres of electricity grid, natural gas grid and telecommunications networks. To provide comprehensive fibre-optic expansion in the region, EWE and Telekom Deutschland founded the company Glasfaser Nordwest, which will invest EUR 2 billion in fibre-optic expansion in the northwest over the next ten years.

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ABOUT THE ALOYS WOBBEN FOUNDATION

As the sole shareholder, the Aloys Wobben Foundation (AWS) is responsible for the long-term continuity and success of the ENERCON Group. Established in October 2012, its central purpose is to preserve the legacy of ENERCON founder Dr Aloys Wobben and to maintain the independence of the company. For health reasons, Dr Aloys Wobben retired from active participation in the business in 2012 and transferred his assets to the family foundation.
An additional purpose of the foundation is the support of defined charitable goals and to contribute to the preservation of creation in keeping with the founder’s intentions. Dr Aloys Wobben always saw this as his task. These goals focus on supporting research and education, especially in the energy sector; subsidising social and humanitarian purposes; supporting protective and developmental facilities for children; and subsidising cultural purposes.
The foundation’s Board of Management and Advisory Board form the AWS foundation’s bodies which are headquartered in Aurich, Lower Saxony. The Management Board directs and manages the foundation in compliance with statutory regulations and its articles of association. It is represented by Chief Executive Officer Heiko Janssen and Joachim Röer as a member of the Board of Management. The Advisory Board currently consists of four members. It appoints the Management Board, monitors its activities and provides advice on strategic matters.

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PRESS CONTACTS

CHARLES BARKER CORPORATE COMMUNICATIONS

PETER STEINER

ardian@charlesbarker.de Tel: +49 69 79409027

JAN P. SEFRIN

ardian@charlesbarker.de Tel: +49 69 79409026

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Motive Partners Closes Sale of Avaloq to NEC

Motive Partners

New York, December 22, 2020 – Motive Partners today announced that it has completed the sale of Avaloq, a Swiss-based technology provider of digital banking solutions, core banking software and wealth management technology, to NEC Corporation, a Japan-based IT group, for CHF 2.05 billion. The sale agreement was first announced in October 2020. Motive Capital Fund 1 acquired a stake in the company in January 2018.

As the world witnesses a democratization of wealth management, Avaloq is well placed to capitalize on geographic expansion with its new partner, and to lead in digital banking solutions for high-end wealth management services and private banks globally. The democratization of the sector and digital inclusion is going to be an essential topic in the future as we see wealth shift geographies, classes and generations. Market trends continue to produce net flow and fee pressure and with an increase in competition, the industry is seeing further pressure on wealth managers to deliver more value to clients while simultaneously reducing the cost-to-serve. As the industry consolidates across markets in order to scale, Motive Partners seeks to capitalize on these trends.

Rob Heyvaert, Managing Partner of Motive Partners said: “We saw great potential in Avaloq as a result of its history as a global leader in wealth management technology, the opportunity for up-sell and cross-sell opportunities within its existing blue-chip client base, and the opportunity to support this client base through a transition to a cloud-based SaaS platform. Additionally, Motive Partners supported the company as it expanded beyond its traditional home market of Switzerland into the U.K., Germany, and APAC. We enjoyed this exciting journey working together with Avaloq, and with its strong leadership in place, we are confident that Avaloq will enjoy continued success as part of NEC.”
Francisco Fernandez, Founder and Chairman of Avaloq commented: “I have enjoyed working with Motive Partners a great deal, who have proven to be a very supportive investor. Led by industry experts, they shared our collective ambitions while providing the strategic support to allow Avaloq to achieve it’s potential, today and for many years to come. NEC’s geographic footprint and ability to continue investing heavily in R&D will set us in great stead for the future. I am deeply grateful to my partners at Motive Partners, with whom I have grown close to, and I look forward to continuing our friendship.”

About Motive Partners
Motive Partners is a specialist private equity firm with offices in New York City and London, focusing on control-oriented growth equity and buyout investments in software and information services companies based in North America and Europe and serving five core sub-sectors across business and financial services: Banking & Payments, Capital Markets, Data & Analytics, Investment Management and Insurance. Motive Partners brings differentiated expertise, connectivity and capabilities to create long-term value in financial technology companies.
More information on Motive Partners can be found at www.motivepartners.com.

About Avaloq
Founded in 1985, Swiss-based Avaloq is a global leader in digital banking solutions, core banking software and wealth management technology. Avaloq provides powerful cloud computing solutions for banks and wealth managers through BPaaS and SaaS. Avaloq is the only independent banking software provider to develop and also operate its own software.
Its established core banking system is complemented by three innovative digital platforms – Engage, Wealth and Insight – providing end-to-end digital solutions at a level of simplicity that will pave the way for the democratization of wealth management. To further spur innovation, Avaloq connects its clients with selected Financial Technology companies through the Avaloq.one Ecosystem, the company’s open banking marketplace.
More than 150 banks and wealth managers with around CHF 4.5 trillion in assets managed worldwide trust Avaloq for its award-winning products and services. Avaloq has its headquarters in Zurich, Switzerland and employs more than 2,000 people around the world.
More information on Avaloq: An NEC Company can be found at www.avaloq.com.

Forward looking statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected timing and benefits of the transaction. Statements can generally be identified as forward- looking because they include words such as “believes,” “anticipates,” “expects,” “could,” “should,” or words of similar meaning. Forward-looking statements are subject to assumptions, risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that may adversely impact the anticipated outcomes include, among others: the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction agreement; conditions to the completion of the transaction may not be satisfied on the terms expected or on the anticipated timeline; and the benefits of the transaction may be different than currently anticipated. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements. Wilshire assumes no obligation to update any forward-looking statements, which speak only as of the date of this news release.

For more information please contact:
EMMA GLYN
Investor Relations, Motive Partners
emma.glyn@motivepartners.com

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Gryphon Investors Completes Majority Investment in Meazure Learning

Gryphon Investors

San Francisco, CA – December 22, 2020 —

Gryphon Investors (“Gryphon”), a leading middle-market private equity firm, announced today that it has become the majority investor in Meazure Learning (“Meazure” or the “Company”), a full-service exam delivery and online proctoring solution provider for academic, professional, and lifelong learners. Existing sponsor Eastside Partners will retain a significant ownership stake, as will the Company’s management team, including go-forward CEO Scott McFarland. Financial terms of the transaction were not disclosed.

Meazure Learning is the world’s largest remote exam proctoring company, also offering a full suite of assessment products and services, including proprietary exam development and delivery software as well as reporting and psychometric services, to the academic and professional testing markets. Based in Birmingham, AL, the Company employs nearly 300 people plus a network of over 1,300 trained proctors, and it serves more than 1,000 clients including major universities, certification and licensure associations, standardized testing services, and corporations.

Nick Orum, President and Co-Head of Gryphon’s Software Group, said, “Gryphon has invested previously in the education sector, and we are excited by the trends we’re seeing in the continued intersection of technology and learning. The increasing consumer preference for digitally driven flexibility has opened up a multi-billion-dollar market opportunity in the academic and professional remote testing spaces. We are thrilled to partner with the team at Meazure as we look to welcome new customers and reinforce the Company’s position as the most secure, convenient, and accessible experience for test-takers across the globe.”

Meazure’s management team will continue to be led by CEO McFarland and President Sandy Pitman. As part of the new partnership, Mr. Orum will join the Board of Directors, along with three additional Gryphon executives. Carl Theobald, Software Operating Partner, Jon Cheek, Principal in the Software Group, and Paul Margolis, Executive Advisor to Gryphon’s Software Group, will all join Eastside Partner Benjamin Cobb, who remains on the board.

Mr. Cheek commented, “Even before COVID-19, remote test-taking was undergoing a ‘Blockbuster to Netflix’ type transformation due to massive expansion in e-learning, a proliferation of professional training and certification programs, and a growing recognition of the test-taker convenience and cost savings offered by an online approach versus in-person testing. The pandemic has accelerated these growth trends beyond all expectations and given strong players like Meazure an enormous competitive advantage.”

Mr. Cobb added, “The pandemic has required many test owners to adopt remote proctoring solutions this year, often against the backdrop of 20+ years of in-person testing. We’ve helped testing organizations transition from uncertainty to excitement with remote testing due to some of its unique advantages – secure, safe, convenient, on-demand testing with global candidate reach. We’re excited to partner with Gryphon to better serve our customers and scale our solutions to support test owners whose needs aren’t being met.”

“We are delighted to partner with Gryphon as we plan for near-term, rapid expansion fueled by a changing industry and shifting expectations and requirements by test-takers,” said Mr. McFarland. “Their investment will allow us to solidify our position as a best-in-class remote testing and exam integrity platform and accelerate growth, both organically and through strategic acquisitions.”

Baird acted as financial advisor to Gryphon, and Raymond James was the financial advisor to Meazure. Kirkland & Ellis acted as legal advisor to Gryphon, and Bradley acted as legal advisor to Meazure. Terms of the deal were not disclosed.

About Meazure Learning
Meazure Learning (www.meazurelearning.com) is a full-service testing solutions company for academic, professional and lifelong learners. The result of a merger between ProctorU – the world’s largest provider of online, artificial-intelligence-augmented exam security and identity management solutions – and Yardstick Assessment Strategies – a leader in psychometrics and computer-based examination administration for professional testing organizations – Meazure Learning serves the higher education market via the ProctorU brand and the professional testing market via the Yardstick brand. As the first end-to-end testing provider to lead with an online delivery model, Meazure Learning is transforming the testing and assessment landscape.

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 $500 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.

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