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Active Capital Company launches Special Investment Fund

ActiveCapital

Active Capital Company (“ACC”), a hands-on investor in Dutch and German technical SME companies, has raised a Special Investment Fund, which focuses on investments where the circumstances are challenging or the transaction situation is complex, such as in certain carve-outs. The fund focuses on industrial companies in the Netherlands and Germany with a turnover of € 10m to € 100m.

ACC sees a combination of factors that are expected to lead to a wave of restructurings of businesses that are healthy in their core. Covid is such a factor, but certainly not the only and most important one. “Rising inflation, tight labour markets conditions and severe shocks in various value chains are other examples of factors that will lead to more problems within the corporate sector.” said Werner Krabbe, newly appointed partner at Active Capital Company. Krabbe has a broad background in strategy, investing and operations, amongst others at Triacta, H2 Equity Partners and OC&C Strategy Consultants.

Many SMEs work with relatively large suppliers and customers, and therefore may be of risk to get stuck with their working capital and translating higher costs into sales prices. Dick Zeldenthuis, Managing Partner of Active Capital Company, continues: “We are delighted with the arrival of Werner. The causes of this shift are both incidental and structural in nature. This mix of developments will lead to situations in which, besides additional capital, the transformation of businesses will be central. Fast and thorough decision making, and the necessary flexibility in structure, enables us to come to a tailor made solution within weeks.”

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Arseus Medical Group announces new partnership with Heart Medical Europe BV

GIMV

13/01/2022 – 09:00 | Portfolio

Heart Medical Europe BV is a distributor of interventional (paediatric) cardiology, interventional radiology and cardio-thoracic surgery products in the Benelux. As a Belgian top player and reference in the distribution of medical and paramedical products, Arseus Medical wants to be a partner in innovation for the healthcare sector and offer their customers the best brands in their domain.

We are convinced that this partnership makes both the Arseus Medical Group and Heart Medical Europe BV a lot stronger. The motto of our group is ‘Together strong in patient care’. As a distributor, we want to be a partner to our customers in the healthcare sector in terms of

innovation and expertise. We want to be a house of specialists that our customers can rely on. And Heart Medical’s philosophy fits in nicely with that. The extensive expertise of their people over the years has enabled them to build a strong position and make a difference for their customers.
We look forward to setting out on the road to further growth and innovation together in 2022.

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Partners Group to acquire North Star, a leading European provider of offshore infrastructure support services

Partners Group

Baar-Zug, Switzerland; 13 January 2022

  • North Star operates a fleet of 48 specialized vessels that offer emergency response and rescue and essential offshore wind maintenance services
  • The Company has predictable cash flows and is set to benefit from structural growth in the offshore wind industry, supported by global decarbonization trends
  • Partners Group aims to transform North Star into a leading next-generation offshore wind infrastructure services company

Partners Group, a leading global private markets firm, has agreed, on behalf of its clients, to acquire North Star (or “the Company”), an operator of specialized vessels that offers emergency response and rescue and essential offshore wind maintenance services, from Basalt Infrastructure Partners.

Headquartered in Aberdeen, Scotland, North Star is an established infrastructure company with a fleet of 48 Emergency Response and Rescue Vessels (ERRVs) and Service Operation Vessels (SOVs) and around 1,400 employees. North Star’s ERRV fleet is the largest in Europe and provides essential crew rescue, firefighting, and other emergency response services to offshore energy operations in the North Sea. The Company is also the leading UK provider of SOVs which are used to transport technicians to offshore windfarms and accommodate them for extended periods of time. North Star has strong infrastructure characteristics with an asset-heavy business model and predictable cash flows, supported by the mandatory usage of ERRVs and long-term contracts in the offshore wind sector. The Company is set to benefit from rising demand for SOVs due to structural growth in the offshore wind industry, which is being driven by global decarbonization trends.

Partners Group aims to transform North Star into a leading next-generation offshore wind infrastructure services company, which reflects the firm’s focus on investing with sustainability factors in mind. Partners Group will work with management on a transformational value creation plan that will expand the Company’s platform in Europe through growing its offshore wind fleet and broadening its offshore wind offering.

David Daum, Managing Director, Private Infrastructure, Partners Group, says: “North Star represents an excellent opportunity to acquire a leading energy infrastructure services business that is well-positioned to capitalize on the transformative trends driving growth in the offshore wind industry. The Company provides mission-critical services and benefits from steady demand due to high barriers to entry and few direct competitors. We have extensive experience in the offshore wind sector and North Star is a great fit for our platform-expansion strategy. We look forward to working with Matthew and the team.”

Matthew Gordon, Chief Executive Officer, North Star, comments: “We have decades of operating experience and maintain a market-leading position for both ERRVs and SOVs. Looking ahead, servicing the offshore wind industry represents a huge growth opportunity for us as the decarbonization of economies gathers pace. Partners Group’s operational expertise in that industry will be very valuable as we expand into new offshore wind markets in Europe, which are experiencing similar tailwinds to those in the UK.”

Nicholas Pepper, Member of Management, Private Infrastructure, Partners Group, adds: “The provision of mission-critical offshore infrastructure services is a subsector within renewables that we have been tracking through our thematic sourcing approach. Demand for SOVs is being driven by the construction of larger wind farms further from shore, which makes daily maintenance trips inefficient. North Star’s home market of the UK, the largest offshore wind market globally, is expected to account for a large proportion of future offshore wind capacity, providing the Company with a good springboard for growth internationally.”

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Axcel acquires DANX and Carousel to create a strong pan-European in-night logistics provider

Axcel

Axcel is acquiring Denmark-based DANX and UK-based Carousel to create an in-night logistics specialist with strong positions in the Nordics, Baltics, UK, Ireland and Iberia. The combined company has revenue of approx. DKK 1.4bn. The two companies offer mission-critical end-to-end supply chain solution handling of time-sensitive spare parts across Europe. Over the years, both companies have built strong brands and have leveraged these to outgrow the market.

DANX (Day And Night (e) Xpress) was a pioneer in Denmark as the first in-night distributor of spare parts, and is recognised by its customers for its high-quality services in a complicated and fragmented market. DANX has since extended its services throughout the Nordic and Baltic countries.

Carousel was founded to tackle the constraints of traditional inflexible logistics services, initially focusing on the UK spare parts market. Carousel’s focus on customer-centric solutions, with flexible collection and delivery times from source markets including Germany and the Netherlands, is acknowledged by its customers in its core end markets of the UK, Ireland and Iberia.

The demand for logistics services is expected to continue growing, mainly driven by OEMs optimising inventory, and minimising downtime for technicians and for mission-critical machines. The combination of DANX and Carousel will create the first pan-European in-night specialist logistics provider, strongly positioned to capture market growth.

“I’m very proud of our historic growth, driven by our ability to offer unrivalled mission-critical services through our high-density network covering the Nordics and Baltics. Together with Carousel, we’re well positioned to outgrow the market on a European scale. We very much look forward to the new partnership with Axcel and Carousel,” says Klaus Rud Sejling, CEO of DANX, who will take on the position of CEO of the merged group.

“I’m looking forward to bringing together Carousel and DANX – strongly positioned in our respective regions and sectors. In partnership with Axcel, we’re combining two proven teams to create a pan-European critical-service logistics network positioned to benefit from positive client service and engagement, with strong future growth potential,” says Jonathan Simpson-Dent, CEO of Carousel, who will be appointed Chairman of the Board of the merged group.

 “Acquiring two businesses at the same time is never easy. However, with the great prospect of this merger, we’re happy that we could make this happen. By allowing these two great companies to join forces – and with their strong positions in each respective geography – we believe that we can grow the combined company significantly across Europe. With this merger, we’ve created both a strong pan-European player and a platform for further consolidation within in-night logistics services in Europe,” says Lars Cordt, Partner at Axcel and the person responsible for the investment.

 The founder of DANX, Søren Gønge (currently a member of the Board of DANX), will continue on the Board and as a significant shareholder in the combined company.

Carousel was acquired from a group of UK investors, including the founders of Carousel and PE firm Livingbridge. DANX was acquired from a group of Danish private investors, including Søren Gønge and Klaus Rud Sejling, who are both reinvesting alongside Axcel.

 

The transaction is subject to customary regulatory approvals and is expected to close in Q1 2022.

DANX/Carousel is Axcel VI’s ninth investment.

 

About DANX
DANX is a strongly positioned in-night distributor of spare parts across the Nordics and Baltics, with a distribution network of trucks, sprinter vans and air transport in all seven countries. Founded in 1992, DANX is the partner for all types of spare parts distribution. With a strong network of warehouses and collection hubs, DANX guarantees in-night distribution in under 12 hours, with delivery before 07:00 on the following morning. With a full end-to-end IT platform integrated with customers’ workflows and processes, DANX helps its customers to optimise their supply chains by minimising delivery and production times. The company generated sales of approx. DKK 900m in 2021.

 

About Carousel
Carousel is a strongly positioned pan-European specialised logistics provider of end-to-end supply chain solutions, handling spare parts for OEMs from distribution centres direct to field service engineers, dealers and end users. Founded in 1986, Carousel uses flexible networks tailored to end clients’ requirements that are connected through a proprietary client-facing technology platform to provide a seamless and transparent mission-critical aftermarket logistics service to avoid the high cost of failure and enable high-performance service strategies. The company generated approx. DKK 500m in revenue in 2021.

 

About Axcel
Founded in 1994, Axcel is a Nordic private equity firm focusing on mid-market companies, with a broad base of both Nordic and international investors. Axcel has raised six funds with total committed capital of EUR 2.8 billion. These funds have made 64 platform investments, with well over 100 add-on investments and 43 exits. Axcel currently owns 21 companies.

 

Further information:

Axcel:

Lars Cordt, Partner

Tel.: +45 40 99 39 03

E-mail: lc@axcel.dk

 

Christian Schmidt-Jacobsen, Managing Partner

Tel.: +45 21 78 36 97

E-mail: csj@axcel.dk

 

DANX:
Klaus Rud Sejling, CEO

Tel.: +45 3144 9786

E-mail: krs@danx.com

 

Carousel:

Jonathan Simpson-Dent, CEO

Tel.: +44 7990 793 434

E-mail: jonathan.simpson-dent@carousel.eu

Categories: News

Jet Edge International Receives Further Investment from KKR

KKR

January 12, 2022

$75 million in new funding to support continued business growth, adds 20 new Challenger and Gulfstream aircraft

LOS ANGELES–(BUSINESS WIRE)–Jet Edge International, the Ohio-based private aviation company, has raised an additional $75 million of funding from credit funds and accounts managed by KKR. The new funding expands KKR’s total credit and equity investments in Jet Edge to approximately $265 million over the past year.

Following the initial $150 million credit facility announced in June 2021, KKR has continued investing in Jet Edge amidst historic demand for its direct-to-consumer Reserve Membership program. Jet Edge will utilize the funding to further expand the company’s extensive Gulfstream and Challenger fleet.

“With KKR support, Jet Edge has grown the Reserve Membership program to record numbers,” comments Jet Edge International CEO Bill Papariella. “KKR’s most recent investment in Jet Edge speaks to its confidence in our mission to deliver scaled private aviation solutions with industry-leading service and new capital to support those efforts with continued fleet growth.”

Jet Edge has 20 additional Gulfstream & Challenger aircraft slated to be delivered in the first half of 2022 in addition to the 27 delivered in 2021, bringing its total fleet size to 95 aircraft.

Patrick Clancy, Director at KKR, said: “In a challenging environment, the Jet Edge team are executing on their strategy and have delivered impressive growth for the business in 2021 while maintaining a disciplined operating platform that puts their customers first. We are excited to increase our investment in order to further support the growth of Jet Edge’s fleet as they continue to expand their innovative Reserve membership and AdvantEdge product lines.”

In the past 12 months, Jet Edge has achieved 1,800% year-on-year growth in new member acquisitions. Jet Edge has solidified the company’s national footprint while providing a solid foundation to grow future membership programs.

About Jet Edge

Jet Edge is a leader in full-service global private aviation. As an integrated super-midsize and large cabin management operator and maintenance provider, Jet Edge services aircraft owners and charter flyers with a world-class operational platform and extends individual clients and corporations 365-day-a-year access to one of the most diverse and luxurious aircraft fleets in the world. Backed by unparalleled award-winning safety programs and overseen by a leadership team with wide-ranging experience in commercial and private aviation operations and management, Jet Edge delivers excellence in aircraft management, charter management, on-demand charter, aircraft sales, and maintenance. More information can be found at www.flyjetedge.com.

About KKR

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Contacts

Business Inquiries
sales@flyjetedge.com

Media

For Jet Edge
Dan Weikel
dweikel@ibpmedia.com
Jet Edge Imagery

For KKR
Cara Major and Miles Radcliffe-Trenner
+1 212 750 8300
media@kkr.com

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Bowery Farming Secures $150 Million Credit Facility Led by KKR to Accelerate Growth

KKR

January 12, 2022

–Total funding for leading U.S. vertical farming company reaches more than $647 million, including Series C equity round of $325 million in 2021, the largest-ever private fundraise for an indoor farming company

–Company maintains commercial category leadership in more than 800 stores with retail partners that represent half of U.S. grocery market; doubled revenue in 2021

–Bowery to use latest financing to continue growth of its smart indoor farm network across U.S., including expansion beyond East Coast with new farms in Georgia and Texas

NEW YORK, Jan. 12, 2022 /PRNewswire/ — Bowery Farming (“Bowery” or “the Company”), the largest vertical farming company in the United States, today announced it has secured a $150 million credit facility led by private credit accounts managed by KKR, a leading global investment firm.

This independent, third-party funding will accelerate the expansion of Bowery’s network of smart indoor farms beyond the East Coast and brings its total debt and equity capital raised to more than $647 million — representing the strongest institutional backing in the Controlled Environmental Agriculture industry. KKR’s credit investment follows Bowery’s $325 million Series C funding in 2021 led by Fidelity Management & Research Company LLC.

The Company also announced today that it is building two new state-of-the-art farms serving the Atlanta, Georgia and Dallas-Fort Worth, Texas metro areas. The farms will create more than 200 year-round green jobs across both markets and provide locally grown produce to a population of 20 million and 16 million within a 200-mile radius of Locust Grove, Georgia and Arlington, Texas, respectively. Both farms are expected to open in the first quarter of 2023.

The two new farms, leveraging billions of data points collected from previous farms, will feature industry-leading tech innovations resulting in efficiency improvements to all elements of the grow environment, from LED lighting to water recapture to climate control, ultimately improving quality and yield. These farms represent a recommitment to Bowery’s sustainability goals; the company plans to use power from 100% renewable sources.

“We’re thrilled to announce our expansion beyond the Northeast and Mid-Atlantic regions,” said Irving Fain, CEO and Founder of Bowery Farming. “KKR’s support is a testament to the proven success of our business model and a strong vote of confidence in our technology leadership and ability to address critical challenges in the current agricultural system. There is enormous economic opportunity that comes with supporting our mission to democratize access to local, pesticide-free Protected Produce, and now we are ready to continue our growth more rapidly.”

The new financing will also provide resources to accelerate advancements in farm design and the BoweryOS, giving more communities access to a reliable supply of locally-grown produce, year-round. Bowery’s proprietary farm design and technology have been a key priority since the Company was founded and are at the heart of its efficient and scalable business model. The BoweryOS, the central nervous system of the business, integrates software, hardware, sensors, computer vision systems, AI, and robotics to orchestrate and automate the entirety of operations. Each new farm comes online in record speed, collectively benefitting from the power of the network and its billions of data points.   

“We are excited to support Bowery’s pioneering efforts in vertical farming, which are directly contributing to the resiliency of our food supply,” said Michelle Hour, Director at KKR. “We believe that Bowery has the right commercial model, technology and team to capitalize on the rapidly growing consumer demand for sustainably-sourced food, and we look forward to helping the Company continue to innovate and scale to benefit communities across the United States.”

Bowery has continued to grow at a significant pace in 2021 and achieved a number of milestones; highlights include:

  • More than doubling revenue
  • Opening Farm X,  a state-of-the-art innovation hub for plant science in Kearny New Jersey, expanding R&D capacity by nearly 300%
  • Transforming an industrial site in Bethlehem, Pennsylvania into a technologically advanced smart farm
  • Breaking ground on two additional large-scale commercial farms in Locust Grove, Georgia (located in Henry County near Atlanta, home to rapid population and job growth) and Arlington, Texas (located in the center of the Dallas-Fort Worth Metroplex, a rapidly growing technology and manufacturing hub)
  • Expanding our reach to more than 800 stores through a partnership with Wakefern, the nation’s largest retailer-owned cooperative, including brands such as Gourmet Garage, Shoprite, Fairway, The Fresh Grocer, and Dearborn Market

# # #

About Bowery

Founded in 2015, Bowery Farming is on a mission to democratize access to high-quality, local, safe, and sustainable produce. Bowery builds smart indoor farms near cities, growing fresher, pesticide-free Protected Produce with bold flavor in precisely controlled environments, 365 days a year. At the heart of the farm is the proprietary BoweryOS, which integrates software, hardware, sensors, AI, computer vision systems, machine learning models, and robotics to orchestrate and automate the entirety of its operations. As a result, each farm creates far less waste and uses a fraction of the water and land compared to traditional agriculture.

Based in New York City, Bowery is the largest vertical farming company in the United States, serving major e-commerce platforms and more than 800 grocery stores in the Northeast and Mid-Atlantic regions, including Albertsons Companies (Safeway and Acme), Amazon Fresh, Giant Food, Walmart, Wakefern, Weis, Whole Food Markets, and specialty grocers, with produce that’s harvested year-round at peak freshness, delivered within days of harvest.

Bowery has raised more than $497 million in equity funding from leading investors, including Fidelity Management & Research Company LLC, Temasek, GV (formerly Google Ventures), General Catalyst, GGV Capital, First Round Capital, and individuals including Jeff Wilke, as well as some of the foremost thought leaders in food, including Tom Colicchio, José Andrés, and David Barber of Blue Hill.

Media Contact

Rachel Alkon
Ralkon@boweryfarming.com

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Blackstone Announces Final Close for Fourth Capital Opportunities Fund

Blackstone

NEW YORK – January 12, 2022 – Blackstone (NYSE: BX) today announced the final close of Blackstone Capital Opportunities Fund IV (“COF IV”). With the final close of COF IV, Blackstone Credit has $8.75 billion available for its opportunistic private debt strategy. COF has an almost 15-year track record of providing private financings for businesses of all sizes and across industries.

Louis Salvatore, Co-Portfolio Manager of the Capital Opportunities Funds, said: “We are pleased to have closed our fourth COF fund and are very appreciative of the strong support from our Limited Partners. We believe our track record, scale and structuring expertise position us as a valuable partner to private equity sponsors and large cap companies.”

Rob Petrini, Co-Portfolio Manager of the Capital Opportunities Funds, added: “Our latest fund is off to a terrific start, leveraging our strong sourcing engine and broad mandate to invest in a diverse set of industries, geographies and structures. We are driving the secular trend of large companies increasingly accessing private capital through our scale and also capitalizing on Blackstone’s thematic approach to investing.”

COF IV has already made 12 investments and commitments with a focus on high growth industries, such as technology and healthcare.

Blackstone Credit is one of the world’s largest credit-focused asset managers. Blackstone’s Credit and Insurance segment has $188 billion of AUM as of the third quarter of 2021.

About Blackstone
Blackstone is the world’s largest alternative investment firm. 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 $731 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.

Contact
Kate Holderness
Kate.holderness@blackstone.com
646-482-8774

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Marcone Announces Acquisition of Munch’s Supply

Combination Positions Marcone as an Integrated Hub for Residential Parts and Services

ST. LOUIS, Jan. 11, 2022 /PRNewswire/—Marcone, a leading distributor of home appliance, HVAC, and plumbing repair parts and equipment across North America and current portfolio company of Genstar Capital, today announced that it has acquired Munch’s Supply (“Munch’s”), a leading distributor of HVAC equipment, parts and supplies from Ridgemont Equity Partners. The acquisition immediately establishes Marcone as a leader in the HVAC sector and, combined with its recent acquisition of plumbing distributor Professional Plumbing Group (“PPG”), dramatically expands its services to the home. Ridgemont and the Munch’s management team will retain a meaningful minority stake in the combined entity.

Founded in 1956, Munch’s Supply is a leading supplier of HVAC and plumbing replacement parts and equipment. Headquartered in Hillside, IL, Munch’s sells approximately 135,00 SKUs across 65 facilities with a workforce of approximately 1,100 employees. With the addition of Munch’s, Marcone now operates in three large, growing markets within the home (appliances, HVAC and plumbing) servicing millions of homes, 43,000 technicians and larger strategic customers such as property managers, retailers, home warranty and ecommerce providers with tens of millions of parts sold annually across its 113 locations throughout the United States and Canada. Marcone also offers a growing suite of services and technology to its customers including training, payroll, insurance, inventory management and field service management.

Jim Souers, Chief Executive Officer of Marcone, stated, “Munch’s has built a strategic partnership with the preeminent industry OEMs, offering the highest quality and most trusted brands in the market. Customers value their partnership with Munch’s, and we hope to build on the relationships they have established to offer additional products and services. As we further build Marcone as a partner serving the appliance, HVAC and plumbing sectors, I look forward to working with Bob Munch and his team to leverage the core tenets of Munch’s philosophy including its reputation as an M&A acquiror of choice in the HVAC sector.”

Bob Munch, Chief Executive of Munch’s, said, “We have built Munch’s over the decades into a one-stop-shop that ensures our customers have a consistent and trusted partner to access the industry’s most iconic brands, enabling them to perform critical installation, repair and service work with minimal downtime. Our growing eCommerce presence will also provide best-in-class technology capabilities and deliver seamless integration with our suppliers and customers. Munch’s local approach to serving the needs of suppliers, customers, and employees is a strong cultural fit with Marcone, and we look forward to becoming part of their family and building Marcone’s HVAC service capabilities to broader geographies.”

Rob Rutledge, Managing Director at Genstar Capital, said, “Munch’s is a terrific business that fits squarely into Jim’s thesis of being the hub for parts and services to the home. We are excited to partner with Bob, Ridgemont and the Munch’s team to accelerate the growth of the platform, including through organic initiatives to better serve our combined customer base and continued M&A opportunities in the sizable HVAC and plumbing markets.”

Jack Purcell, Managing Partner at Ridgemont, added, “Alongside Bob and his team, we expanded the Munch’s platform into several new states, entered the Canadian market and significantly diversified the company’s product offering. Even years before our investment in Munch’s Supply, we admired the company’s legacy as a trusted partner to suppliers and customers at the local level, and we are very pleased to join forces with Genstar and Marcone, an industry leader in the appliance market with a great reputation as a solutions-oriented provider.”

Baird and Houlihan Lokey served as financial advisors to Munch’s. BMO Capital Markets served as financial advisor to Genstar and Marcone. Alston & Bird served as legal counsel to Munch’s. Weil, Gotshal & Manges LLP served as legal counsel to Genstar and Marcone.

About Marcone

Marcone is an authorized distributor for major brands such as Whirlpool, Electrolux, General Electric, Maytag, Bosch, Samsung, L-G and many more. Through its vast distribution network, Marcone supplies the largest inventory of original replacement parts in the country for household appliances such as refrigerators, ranges, dishwashers, microwaves, washers, and dryers.  Marcone exports globally and also operates a comprehensive training institute offering quality business and technical training. Headquartered in St. Louis, Marcone operates 113 facilities, has approximately 2,000 employees, and serves approximately 43,000 technician customers. For more information, visit www.marcone.com.

About Munch’s Supply

Munch’s Supply was founded in 1956 by Willard Munch, who wanted to develop a local source of electrical supplies for area contractors. Today, the Company has more than 1,000 employees focused on supplying heating, cooling and plumbing industry contractors with quality products and exceptional service. Proudly celebrating its 65th year in business in 2021, Munch’s Supply operates with a commitment to service as a leading distributor for trusted brands such as American Standard, Trane, Mitsubishi, Rheem, IPEX, AO Smith, Kohler, Tempstar, Keeprite and Frigidaire. Through Munch’s Holdings, LLC, it operates Munch’s Supply, Tommark, O’Connor Company, Comfort Air Distributing, C&L Supply HVAC and Plumbing, API of NH and Delta T, Marks Supply and TML Supply which continue to serve as the premier sources for HVAC and plumbing equipment and supplies to contractors throughout North America. www.munchsupply.com.

About Genstar Capital

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years.  Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $33 billion of assets under management and targets investments focused on targeted segments of the financial services, industrials, healthcare, and software industries.

About Ridgemont Equity Partners

Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $5.5 billion. The firm focuses on equity investments up to $250 million and utilizes a proven, industry-focused investment approach and repeatable value creation strategies. www.ridgemontep.com

Contact: Chris Tofalli
Chris Tofalli Public Relations                                                                        
914-834-4334

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An EGF loan of EUR 100 million to Outokumpu

Finnvera
Finnvera has granted Outokumpu plc a loan of EUR 100 million with European Investment Bank’s (EIB) EGF guarantee.
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Finnvera has granted Outokumpu plc a loan of EUR 100 million with European Investment Bank’s (EIB) EGF guarantee.

Finnvera joined EIB’s Pan-European Guarantee Fund (EGF) programme in April 2021. The programme enables Finnvera to grant a total of EUR 650 million of working capital and investment loans, mainly for the financing needs of large enterprises. This funding will have a 75% EIB guarantee.

The program will continue until the end of June 2022.

The Guarantee Fund is intended for large and medium-sized enterprises which exceed the limits of the EU’s SME definition by having a staff headcount of 250 or more, an annual turnover of over EUR 50 million, and a balance sheet total in excess of EUR 43 million.

The loans under the guarantee programme will be provided directly by Finnvera. An individual loan amount may not exceed EUR 100 million, and the credit period is at maximum six years. The more detailed terms and conditions of the financing will be agreed upon individually for each project. In principle, the same terms and conditions will apply as to the company’s other financing.

Read also: Possibility to grant loans to large companies under the Pan-European Guarantee Fund will continue until the end of June 2022

Finnvera credit under EGF guarantee
Borrower: Outokumpu plc
Credit amount: EUR 100 million working capital limit
Credit period: 4 years
Agreement entered: December 2021
Date of publish: 11 January 2022

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CAIS Announces $225 Million Financing Round Led by Apollo and Motive Partners, Exceeds $1 Billion Valuation

Motive Partners

New Capital, Including Investment from Franklin Templeton,
to Accelerate the Digitization of Alternative Investments
Access, Education, and Execution
Executives of Apollo and Motive Partners Join Fintech
Pioneer CAIS Board of Directors
New York, NY – January 11, 2022 – CAIS, the leading alternative investment platform,
today announced a $225 million round of funding led by Apollo (NYSE: APO) and Motive
Partners (“Motive”), with additional investment from Franklin Templeton (NYSE: BEN),
which values CAIS at more than $1 billion. This new investment follows a $50 million
investment by Eldridge and accelerates CAIS’s mission to modernize how financial advisors
access alternative investments. Blythe Masters, Founding Partner of Motive, and Andrew
Gosden, Managing Director in Financial Services & Strategy at Apollo, will join CAIS’s board
of directors.

Alternative assets are expected to make up to 24% of the global investable market by 2025,
according to the Chartered Alternative Investment Analyst Association, up from 12% in
2018. CAIS has doubled its headcount in the last year to meet demand, as transaction
volume has increased by 65 percent year-over-year with the number of platform users
increasing by 60 percent. Building on that momentum, CAIS will use the proceeds of this
financing round to fuel further advancements in technology, enhance the customer
experience, invest in the digitization of product operations and processes, and explore
strategic opportunities.

“We are honored to have Apollo, Motive, and Franklin Templeton as our new
shareholders and partners,” said Matt Brown, Founder and CEO of CAIS.
“This investment advances the critical role CAIS plays in revolutionizing how the
alternative investment and wealth management communities engage, learn, and
transact.”

CAIS serves the independent wealth management community, which has been historically
under-allocated to alternatives when compared with large national broker-dealers or
institutional investors, whether due to complexity, higher minimums, and fees, need for
education, or other barriers to entry. As the first truly open marketplace for alternative
investments, where financial advisors and asset managers can engage and transact at scale,
CAIS seeks to remove these barriers, enabling advisors to enhance outcomes for their
investors and providing managers with centralized access to a highly fragmented wealth
management community.
Financial Technology Partners served as financial advisor to CAIS on the transaction.

About CAIS
CAIS is the leading alternative investment platform for financial advisors who seek improved
access to, and education about, alternative investment funds and products. CAIS provides
financial advisors with a broad selection of alternative investment strategies, including
hedge funds, private equity, private credit, real estate, digital assets, and structured notes,
allowing them to capitalize on opportunities and/or withstand ever-changing markets. CAIS
also provides an industry-leading learning system, CAIS IQ, to help advisors learn faster,
remember longer, and improve client outcomes.

All funds listed on CAIS undergo Mercer’s independent due diligence and ongoing
monitoring. Mercer diligence reports and fund ratings are available to advisors on the CAIS
password-protected platform. CAIS streamlines the end-to-end transaction process through
digital subscriptions and integrated reporting with Fidelity, Schwab, and Pershing, which
make investing in alternatives simple.

“We are excited to invest in CAIS, one of the fintech leaders transforming
alternative investment access for wealth management. At Apollo, we want more
individuals to access alternative strategies and companies like CAIS help to bridge
the gap between asset managers and advisors through their growing platform. We
believe this latest funding round will support the Company’s continued growth and
success,” said Marc Rowan, Co-Founder and CEO of Apollo.
“CAIS has built a unique marketplace for alternatives through a commitment to
excellent service and education. This investment will turbo-charge the technology
transformation of the business towards a modular, flexible cloud-based
architecture, which will modernize the way investors gain access to this asset class,
allowing managers, investors, and their advisors to focus less on process and more
on value-added interactions,” said Blythe Masters, Founding Partner at Motive.
“We believe that individual investors should have access to the same alternative
investment solutions as large institutions, and CAIS is doing just that through its
innovative and user-friendly platform,” said Jenny Johnson, President and CEO
of Franklin Templeton. “CAIS shares our goal of making it easier for advisors and
individual investors to diversify into alternatives to meet their investment
objectives.”

Founded in 2009, CAIS, a fintech leader, is empowering over 4,400+ unique advisor
firms/teams who oversee more than $2T+ in network assets. Since inception, CAIS has
facilitated over $13.8B+ in transaction volume as the first truly open marketplace where
financial advisors and asset managers engage and transact directly on a massive scale. CAIS
has offices in New York, Los Angeles, Austin, and San Francisco.
Securities offered through CAIS Capital LLC, member FINRA, SIPC.

About Apollo
Apollo is a global, high-growth alternative asset manager. In our asset management
business, we seek to provide our clients excess return at every point along the risk-reward
spectrum from investment grade to private equity with a focus on three business strategies:
yield, hybrid, and equity. For more than three decades, our investing expertise across our
fully integrated platform has served the financial return needs of our clients and provided
businesses with innovative capital solutions for growth. Through Athene, our retirement
services business, we specialize in helping clients achieve financial security by providing a
suite of retirement savings products and acting as a solutions provider to institutions. Our
patient, creative, and knowledgeable approach to investing aligns our clients, businesses
we invest in, our employees, and the communities we impact, to expand opportunity and
achieve positive outcomes. As of September 30, 2021, Apollo had approximately $481
billion of assets under management. To learn more, please visit www.apollo.com.
About Motive Partners
Motive Partners is a specialist private equity firm with offices in New York City and London,
focusing on growth equity and buyout investments in software and information services
companies based in North America and Europe and serving five primary subsectors:
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 Franklin Templeton
Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with
subsidiaries operating as Franklin Templeton and serving clients in over 165 countries.
Franklin Templeton’s mission is to help clients achieve better outcomes through investment
management expertise, wealth management and technology solutions. Through its
specialist investment managers, the Company brings extensive capabilities in equity, fixed
income, multi-asset solutions and alternatives. With offices in more than 30 countries and
approximately 1,300 investment professionals, the California-based company has over 70
years of investment experience and over $1.5 trillion in assets under management as of
November 30, 2021. For more information, please visit franklinresources.com.

For more information please contact:
FOR CAIS
Nadia Damouni
Pro-CAISPR@Prosek.com
FOR APOLLO
Joanna Rose, Global Head of Corporate Communications
Communications@apollo.com
Noah Gunn, Global Head of Investor Relations
IR@apollo.com

FOR MOTIVE PARTNERS
Sam Tidswell-Norrish
Investor Relations
sam@motivepartners.com

FOR FRANKLIN TEMPLETON
Matthew Walsh
matthew.walsh@franklintempleton.com

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