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Successful exit for Innovestor Ventures – Synoste gets acquired by Globus Medical

Innovestor

Innovestor Ventures exists Synoste, a Finnish startup that has developed high technology implants for minimally invasive bone lengthening treatment. In addition to Innovestor, Synoste had received investment from High-Tech Gruenderfonds (HTGF), Evonik Venture Capital, Lifeline Ventures, AOL Foundation and angels. Globus Medical acquired Synoste in Q2/2020 for $23.5 million. 

Kickstarting the third generation Limb Lengthening system, Synoste’s unique implants lengthen the bone gradually over a period of months, offering improved outcomes and experiences for patients and surgeons alike.   

Synoste was founded by Harri Hallila, Antti Ritvanen and Juha Haaja, with a shared vision and the know-how needed to bring about third generation limb lengthening systems.  

 “It has been a pleasure working and watching such a driven and ambitious team progress and grow throughout the ups and downs that startups face. Synoste has chosen a great partner in Globus Medical to continue their journey enabling them to take their technology to the next global level” commented Innovestor Venture’s Partner Petri Laine.  

Globus Medical is a leading medical device manufacturer based in Pennsylvania, USA that develops, manufactures, and distributes musculoskeletal device solutions.  

 

For more information  

Petri Laine

Partner, Innovestor Ventures

petri.laine(a)innovestor.fi

+358 400 909 447

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Klinikk for Alle and Naprapatlandslaget create the dominant player within physical manual therapy

Litorina

  • Klinikk for Alle (“KFA”) acquires Naprapatlandslaget and further strengthens the position as the clear market leading player within physical manual therapy in the Nordics
  • Both companies share a strong focus on quality care to patients and aim to always attract the best therapists, and have a proven ability to grow organically in existing clinics and with new greenfields, as well as through strategic acquisitions
  • The merger of KFA and Naprapatlandslaget builds on a clear industrial logic in which the companies are bringing complementary skills and resources to accelerate further growth and achieve operational excellence
  • The combined group will initially have around 400 therapists and 62 clinics, supported by central strategic functions, forming a solid platform for continued expansion in existing markets as well as internationally
  • The current owners of Naprapatlandslaget re-invest significantly in the combined group company, Physical Medicine Group, in which Litorina remains the majority owner
KFA NPL

Litorina invested in Klinikk for Alle in January this year, with an aim to build the dominant European player within physical medicine. With the acquisition of Naprapatlandslaget, a large step is taken on this journey, adding a new market (Sweden), naprapathy to the service offering, and almost 100 skilled therapists and 31 clinics in both Sweden and Norway. The combined group, with around 400 therapists across 62 clinics, forms a solid platform for operational excellence and continued growth in existing markets as well as internationally.

“The merger of KFA and Naprapatlandslaget further strengthens our leading position within physical manual therapy in the Nordics, with strong focus on delivering quality treatments to our patients as well as being in the forefront within our fields of profession. Our patients will now benefit from having both improved availability with increased number of clinics and a broader service offering, always at our high treatment and service standard. Moreover, we now have an even stronger platform to grow from going forward. The management teams of KFA and Naprapatlandslaget are very excited to embark on this journey together”, says Oscar Maaseide, Group CEO of Physical Medicine Group.

For further information, please contact:
Oscar Maaseide, +47 900 43 250, Group CEO Physical Medicine Group
Jesper Ask, +47 924 49 057, CEO Naprapatlandslaget / Country Manager Norway, Physical Medicine Group
Gustav Thott, +46 708 55 66 30, Partner, Litorina V Advisor

Klinikk for Alle, founded in 1989, is the market leading manual physical therapy provider in Norway. The company currently operates 31 clinics, with more to open during 2020, and has around 300 therapists performing ca. 425,000 treatments per year. For more information, please visit www.klinikkforalle.no.

Naprapatlandslaget, founded in 2002, is the market leading provider of naprapathy treatments in the Nordics. Today, the company has around 100 therapists across 31 clinics in Norway and Sweden. For more information, please visit www.naprapatlandslaget.se / www.naprapatlandslaget.no.

Litorina, founded in 1998, invests in niche market leading companies with headquarters in the Nordics. Litorina partners with management teams and entrepreneurs that want to take their companies to full potential. Litorina aims to build bigger and better companies by contributing relevant experience and knowledge, resources for expansion and a lot of passion. For more information, please visit www.litorina.se.

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Hoosier Foot & Ankle Joins Upperline Health

Upperline Health, leader in lower-extremity care, has partnered with Hoosier Foot & Ankle, a 9 physician and 11 clinic group serving the greater Indianapolis area. Patrick DeHeer, DPM and 8 associates will be joining the Upperline Health team through the partnership.

“Hoosier Foot & Ankle is a huge partnership for Upperline Health in Indiana,” said Michael King, DPM, Chief Medical Officer at Upperline Health. “Our rapid growth in the Indianapolis area and partnership with these top-notch foot and ankle specialists will allow Upperline Health to continue serving more patients in need across the country.”

“I have put my heart and soul into building Hoosier Foot & Ankle into something special over the past 16 years, and I am thrilled to be partnering with Upperline Health,” said DeHeer. “Upperline’s strategic plan and vision are exciting and market changing. Being part of such an innovative organization that puts patient outcomes first using data-driven care is game changing.”

In addition to Dr. DeHeer, Hoosier Foot & Ankle includes the following associate physicians: Farwa Abid-Hoffman, DPM, AACFAS; Christine Bhinder, DPM; Bryan Camp, DPM; Anthony Jagger, DPM; David Smith, DPM; Richard L. Thatcher, DPM; Tyler Vestile, DPM; and Aaron Warnock, DPM, AACFAS.

About Hoosier Foot & Ankle

As a premier podiatry clinic in the Greater Indianapolis area and Kokomo, the team at Hoosier Foot & Ankle offers comprehensive care and treatment all under one roof. The team’s practice philosophy is based upon providing superior, honest and cutting-edge professional care for each and every patient. The podiatrists are committed to offering the latest and most effective technologies and procedures available on the market. Learn More

About Upperline Health

Upperline Health provides the highest quality integrated extremity care to patients in need through a skilled and compassionate team. Upperline Health is building out a network of the top physicians and practices across the country while partnering with health plans and community providers to deliver care in a consistent and high-quality manner.

Upperline Health is one of the nation’s largest practices dedicated to lower extremity care with providers in Alabama, California, Florida, Indiana and Tennessee.

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Eurazeu sells its entire stake in FARFETCH

Eurazeo

Paris, 3 November 2020

Eurazeo today announced the completion of the sale in the market in recent days of all its shares in Farfetch, a Eurazeo Growth portfolio company.

This disposal resulted in net proceeds of €90.4 million, corresponding to a multiple of 4.1x cash-on-cash and an IRR of around 38%. It is the second portfolio exit for Eurazeo Growth, after PeopleDoc in 2018.

Eurazeo had been a shareholder in Farfetch, an online marketplace connecting fashion and luxury goods brands as well as multi-brand boutiques with customers in 190 countries, since May 2016. Over this period, the Group accompanied the company’s growth, particularly by helping it develop its business among luxury goods brands and expand its geographic footprint in China and other countries.
Yann du Rusquec, Partner at Eurazeo Growth, said:

Eurazeo Growth is especially proud to have supported Farfetch in its development strategy since 2016. We wish José Neves and his teams every success with their future growth plans.

About Eurazeo
• Eurazeo is a leading global investment company, with a diversified portfolio of €18.5 billion in assets under management, including nearly €12.9 billion from third parties, invested in over 430 companies. With its considerable private equity, venture capital, real estate, private debt and fund of funds expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.

• Eurazeo has offices in Paris, New York, São Paulo, Seoul, Shanghai, London, Luxembourg, Frankfurt, Berlin and Madrid.
• Eurazeo is listed on Euronext Paris.
• ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

EURAZEO CONTACTS

PRESS CONTACT

PIERRE BERNARDIN
HEAD OF INVESTOR RELATIONS
Email: pbernardin@eurazeo.com
Tel: +33 (0)1 44 15 16 76

VIRGINIE CHRISTNACHT
HEAD OF COMMUNICATIONS
Email: vchristnacht@eurazeo.com
Tel: +33 (0)1 44 15 76 44

MAITLAND/amo
DAVID STURKEN
Email: dsturken@maitland.co.uk
Tel: +44 (0) 7990 595 913

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SHIFT Invest and StartLife Prolong Impact-driven Investment Partnership

Tech startups which help make the agrifood value chain more sustainable can rely another three years on the strategic partnership between StartLife and SHIFT Invest, the largest seed and early-stage impact investor for agrifood, biobased and circular sectors in the Netherlands. StartLife helps ambitious agrifoodtech startups to swiftly validate their business and become investor ready. We provide the most promising ones with funding for their growth and the realization of their environmental impact potential.

SHIFT Invest and StartLife Prolong Impact-driven Investment Partnership

 

SHIFT Invest has invested, among others, in StartLife alumni Chaincraft, Nutrileads and Fumi Ingredients. Both parties are keen to take the partnership to the next level. With an growing sense of urgency to shift to a different and circular economy, SHIFT Invest has recently launched its 3rd fund at a total €70 million. The larger fund allows SHIFT Invest to help impact-driven startups also overcome one of their biggest challenges, scaling their business.

Investing in Zebra’s and Camels: Impactful, Profitable and Resilient

Both StartLife and SHIFT Invest are keen on backing startups that combine societal impact with profitability at reasonable speed, known as Zebra’s. COVID-19 has also demonstrated the importance of startups being resilient to big, unexpected changes. Extraordinary resilient startups are sometimes referred to as Camels, as they know how to cope with the most unexpected and variable changes.

“These combined terms seem to sum it up nicely”, says Florentine Fockema. “We are interested in impact-driven entrepreneurs who are extremely ambitious and know when and how to pivot if needed. They must be flexible and be able to keep course.”

Shared mission and values

The two partnering organizations also recognize the importance of shared missions and values. Florentine: “We see that when people truly share the mission and values of their organization they are willing to make an extra effort, and as such be able to overcome a hard hit.”

Sharing a mission and values is equally important for a successful partnership. Jan Meiling, managing director of StartLife: “We have extremely good ties with SHIFT Invest. They are really nice and competent people to work with and we indeed have strong common ground – we both believe start startups are in the lead to push us to a more sustainable food industry and world altogether. We look forward to jointly help make a difference.”

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Salvia BioElectronics

Inkef Capital

Salvia BioElectronics receives FDA Breakthrough Device Designation for innovative neurostimulation solution

 Bioelectronics solution addresses drug-refractory chronic migraine

Eindhoven, the Netherlands, November 3, 2020 – Salvia BioElectronics B.V. (“Salvia”), a neurostimulation platform company targeting chronic migraine, announced today that the U.S. Food and Drug Administration (FDA) has granted Breakthrough Device Designation for its implantable neurostimulation system to address chronic migraine.

Salvia is developing an innovative neurostimulation solution for chronic migraine based on a novel device concept with unique benefits to both patients and physicians. Migraine is the first cause of disability in under 50s, affecting one out of seven people, predominantly women[1]. People with migraine experience episodes of throbbing, pulsating pain, sometimes accompanied by nausea, vomiting, and sensitivity to light, that can last anywhere from a few hours to a few days. More than five percent of patients suffer from chronic migraine, where they experience migraines for an average of 22 days per month[2]. Migraine does not only impact wellbeing; it has an enormous impact on work, school, family and social lives.

Wim Pollet, Chief Medical Officer of Salvia BioElectronics, noted: “The FDA breakthrough device designation of our neurostimulation system reflects the recognition of the large unmet medical need of patients suffering from refractory chronic migraine, and the potential of Salvia’s bioelectronic foil technology to address this. We look forward to working closely with the FDA to expedite the review process to accelerate the development of our therapy.”

Patients with chronic migraine suffer from 15 or more headache days per month, with an average of 22 days per month, despite best medical treatment1. Only 1 in 3 of drug-refractory chronic patients are helped with the newest generation of anti-migraine drugs, leaving many patients in medical need.

While neurostimulation has been demonstrated to be effective for these patients, there are no approved devices commercially available. Salvia was founded with the mission to help these patients suffering from chronic migraine by developing thin and conforming bioelectronic foils that uniquely adapt to the anatomy of the head.

The FDA’s Breakthrough Devices Program has been established to help patients to have more timely access to medical devices that provide more effective treatment for irreversibly debilitating diseases or conditions. The designation allows Salvia to have more frequent interaction with the FDA regulatory experts when preparing its FDA submissions, followed by prioritized reviews.

 

Enquiries

For more information please contact:

Salvia BioElectronics

Daniel Schobben, Chief Operating Officer

mb.info@salvianeuro.com

 

Optimum Strategic Communications

Supriya Mathur, Elakiya Rangarajah

+44 (0) 20 3922 1906 / +44 (0) 203 922 0891

Salvia@optimumcomms.com

 

 About Salvia BioElectronics B.V.

Salvia BioElectronics is an innovative Dutch startup active in the emerging field of bioelectronics. Salvia BioElectronics was founded in 2017 by neuromodulation industry veterans with the ambition to develop a bioelectronics therapy for people suffering from chronic migraine that is as easy as taking medication yet side-effect free. Building on research around known neural targets in migraine, the startup is working to develop the right form factor for stimulation that is effective, safe, and affordable.

Migraine is the first cause of disability in under 50s, affecting one out of seven people, predominantly women. People with migraine experience episodes of throbbing, pulsating pain, sometimes accompanied by nausea, vomiting, and sensitivity to light, that can last anywhere from a few hours to a few days. More than five percent of patients experience migraines for 15+ days per month – with an average of 22 days – a condition described as chronic migraine. www.salvianeuro.com

[1]Steiner, T.J., Stovner, L.J., Vos, T. et al. Migraine is first cause of disability in under 50s: will health politicians now take notice?. J Headache Pain 19, 17 (2018). https://doi.org/10.1186/s10194-018-0846-2

[2]Richard B Lipton, Merle L Diamond, Stewart J Tepper, Expert Perspectives—Migraine Prevention for Highly Impacted Patients.

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TorQuest Partners and Caisse de dépôt et placement du Québec Announce Investment in Barrette Outdoor Living

Cdpq

Private Equity, Québec Québec, Ontario and Middleburg Heights, Ohio,
share

 
TorQuest Partners (“TorQuest”) and Caisse de dépôt et placement du Québec (“CDPQ”) today announced a majority investment in Barrette Outdoor Living Inc. (“BOL” or the “Company”), North America’s leading manufacturer of wood-alternative fence and railing products. TorQuest and CDPQ are partnering in this transaction with BOL’s owner, Les Entreprises Barrette Ltée, who will retain a significant minority interest in the Company, and BOL’s management team, led by CEO Jean desAutels. Terms of the transaction were not disclosed.

BOL manufactures and sells vinyl, aluminum and steel fence and railing; composite decking; and other outdoor products sold through specialty retailers, home centers and lumberyards. The Company’s scale, vertically-integrated operations, and broad portfolio of fence, railing and decking systems have driven a consistent history of distribution channel penetration and market share gains in its core outdoor living repair and remodeling market. BOL has also grown through acquisitions, which have expanded the Company’s geographic reach and built its product portfolio into the most comprehensive in the industry.

Jonathan Fraser, Partner at TorQuest, said: “This investment continues our well-established strategy of building relationships with successful Canadian entrepreneurs to support ownership transitions. BOL has experienced exceptional growth over the past decade due to its unparalleled operational capabilities and its industry-leading customer service levels. We believe the business is well-positioned to capitalize on the attractive industry dynamics in the North American outdoor living sector and we look forward to partnering with the BOL team to drive the business through its next phase of growth.”

This is the tenth Fund IV platform investment for TorQuest, which recently closed its fifth fund, TorQuest Partners Fund V, with $1.375 billion of committed capital.

Kim Thomassin, CDPQ’s Executive Vice-President and Head of Investments in Québec and Stewardship Investing, added: ” With this transaction, CDPQ is delighted to support Les Entreprises Barrette, a successful Québec company, with its evolution and development plan. Thanks to its ambitious growth strategy and numerous transformative acquisitions, BOL is now a North American leader in a fast-growing industry. CDPQ’s investment and support will help accelerate the company’s expansion in the coming years, securing its position as a leader.”

CEO Jean desAutels, said, “I am extremely proud of the accomplishments of the BOL team and believe it is the right time, and TorQuest and CDPQ are the right partners, to help build the business from here. BOL has a great foundation and is ready for its next stage of growth.”

Moelis & Company LLC and PricewaterhouseCoopers Corporate Finance Inc. served as financial advisors to BOL on the transaction.

About Barrette Outdoor Living Inc.

Barrette Outdoor Living is the leading North American supplier of exterior home products to the residential market. Barrette Outdoor Living produces vinyl, aluminum and steel fence and railing; composite decking; and other outdoor products sold through specialty retailers, home centers and lumberyards. Barrette Outdoor Living employs more than 2,000 people at 10 locations throughout the United States. For more information, visit www.barretteoutdoorliving.com.

About TorQuest Partners

Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than CA$3 billion of equity capital under management, TorQuest is currently investing from TorQuest Partners Fund IV, a CA$925 million fund that closed in June 2016.  In March 2020, TorQuest announced the closing of TorQuest Partners Fund V at CA$1.375 billion. TorQuest invests in middle market companies, and works in close partnership with management to build value. To learn more about TorQuest Partners, please visit www.torquest.com.

About Caisse de dépôt et placement du Québec

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and para-public pension and insurance plans. As at June 30, 2020, it held CA$333.0 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit www.cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

For more information

  • Sandy Blackwood
    Longview Communications Inc.
    416 649-8005

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Norva24 acquires platform in Southern Germany

Valedo

Norva24 has acquired Kanal-Türpe, a leading provider of Underground Infrastructure Maintenance (“UIM”) services in Southern Germany with operations in Gerolzhofen, Fulda and Blomberg. The acquisition significantly strengthens Norva24’s leading position in the highly fragmented UIM market in Northern Europe.

Kanal-Türpe has more than 50 years of experience in the industry, revenues of approximately EUR 20 million and a comprehensive service offering within UIM services. The company is headquartered in the central parts of Southern Germany and operates around 100 vehicles. In addition to the acquisition of Kanal-Türpe, Norva24 has also recently completed one acquisition in Stockholm and two smaller acquisitions in Germany, with operations in Lübeck and Lüneburg.

“We are very excited to welcome Kanal-Türpe to Norva24. Following our market entry into Germany in 2019 through the acquisition of Ex-Rohr, we now further strengthen our position as the emerging market leader in Germany. Furthermore, the acquisition implies that Norva24 now has revenues of close to NOK 2 billion, which is an important milestone in our vision to become the clear market leader within UIM services in Europe”, says Henrik Damgaard, CEO of Norva24.

The terms of the deal will not be disclosed.

For more information about Norva24, please contact:

Henrik Damgaard, CEO
henrik.damgaard@norva24.no

About Norva24:
Norva24 is the undisputed category leader in the highly fragmented UIM services market in Northern Europe, with leading position in Norway, Denmark, Sweden and Germany. Service offering includes mission-critical and non-discretionary maintenance services for underground infrastructure (“UIM”), such as pressure washing, emptying service, pipe inspection and relining. Norva24’s vision is to become a lighthouse in the development of the UIM industry in Europe through green initiatives, ESG reporting and IoT solutions. Norva24 has revenues of close to NOK 2 billion and employs around 1 200 employees.

www.norva24.com

About Valedo:
Valedo is an independent Swedish investment company investing in high-quality small/mid cap companies in the Nordic region. Valedo is focusing on companies with clear growth and development potential where Valedo can actively contribute to and accelerate the companies’ development. Being an active owner and contributing both capital and industrial experience, Valedo ensures that a company can achieve its full potential.

www.valedopartners.com

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Francks Kylindustri acquires Mats Servicepartner

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Segula

2 November, 2020

Francks strengthens its position in Katrineholm, Sweden, and the surrounding area through the acquisition of Mats Servicepartner AB. The current owner Mats Gustavsson will remain in the business and the new office in Katrineholm will have a total of 8 employees together with Francks’ existing personnel.

”We are very pleased that Mats has chosen to join Francks and strengthen our position in the market. The acquisition of Mats Servicepartner is in line with our strategy to ex-pand geographically and broaden our customer base. We look forward to continue developing the business together with Mats”, says Magnus Lekander, CEO of Francks Kylindustri Norrköping.

“It has been 12 exciting years that I have followed my customers through thick and thin. I look forward to becoming a part of Francks and continue the strong growth that we have experienced since the inception in 2008. As part of Francks, we have further opportunities to grow and broaden our expertise, and I hope that we together can strengthen the market for industrial refrigeration services in the Sörmland region”, says Mats Gustavsson, Mats Servicepartner.

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

Marcus Planting-Bergloo, Managing Partner, Segulah Advisor AB +46 70 229 11 85, planting@segulah.se
Magnus Lekander, Francks Kylindustri i Norrköping AB +46 70 383 09 70, magnus.lekander@franckskylindustri.se

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inRiver Closes $32 Million in Funding Led by Lugard Road Capital

Industriefonden

November 2, 2020

Focus on product excellence, global expansion, and partnerships continue into 2021for the leading product information management (PIM) solution offered as a SaaS.

CHICAGO and MALMÖ, Sweden—(November 2, 2020) inRiver, a leading provider of product information management (PIM) solution that helps businesses sell more products, today announced that they have closed $32 million in funding led by Lugard Road Capital, a global investment fund, and with participation from existing investors Verdane, Industrifonden, Zobito and RoosGruppen. Funding will support the rapid growth planned to meet accelerated customer demand, continued product development, and further global expansion of inRiver.

“The growth in digital commerce, complexity of data, and the increasing importance of the technology ecosystem has been unprecedented this year,” said Thomas Zanzinger, CEO, inRiver. “Buyers now expect consistent and engaging customer experiences across channels, this means product information has to be exceptional to drive revenue. Global teams cannot waste time or money on manual processes, inaccurate data, or the inability to scale. inRiver’s latest funding means we can help even more businesses to solve those challenges.”

As more organizations expand and enhance their digital commerce offerings, the need to scale quickly and easily increases. inRiver’s product information management solution integrates smoothly with other technologies in the ecosystem to offer the most extensive and scalable multitenant SaaS solution in the market today.

The funds raised will be used to drive accelerated product leadership and extend the offering. The funding will support accelerated expansions in North America, the highest growth market, and will help open new growth markets across Europe. It will also help inRiver continue to build key partnerships and alliances to meet evolving customer demands.

“We are excited to partner with inRiver on this funding round to drive growth,” stated Jonathan Green, Partner, Lugard Road Capital. “Digital commerce is a rapidly evolving market, and this will only strengthen inRiver’s leadership position.”

To learn more about inRiver and how we help organizations speed time to market and drive revenue, visit the site here. www.inriver.com.

*Pareto Securities acted as sole manager and bookrunner in connection with the funding round.

Contacts:
For US:Erika Goldwater
erika.goldwater@inriver.com
+1.617.407.3578

For EMEA:Katja Doemer
katja.doemer@inriver.com
+49 151 52846868

About inRiver
inRiver helps organizations sell more products online via better product information. Its product information management (PIM) solution enables better customer experiences for branded manufacturers, industrial manufacturers, and retailers to sell their products and solutions across any channel or marketplace quickly and easily. inRiver helps businesses increase revenues, customer satisfaction, and brand equity for over 1,500 brands and 500 customers globally. Headquartered in Malmö, Sweden, inRiver has offices in Chicago and Amsterdam. For more information, visit inRiver.com

About Lugard Road Capital
Lugard Road Capital is a global investment fund primarily focused on public and private companies in the Internet, software, consumer, and technology sectors.

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