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LV= Agrees Transaction with Bain Capital Credit

BainCapital

December 15, 2020

LONDON, December 15, – Liverpool Victoria Financial Services Limited (“LV=”), the savings, retirement and protection group, is pleased to announce that it has toy reached an agreement on the terms of a transaction with funds advised by Bain Capital Credit LP (“Bain Capital”), a leading global private investment firm, to acquire LV=.

Bain Capital will pay £530m to acquire LV=’s savings & retirement and protection businesses, representing a multiple of 0.9x for the Solvency II Own Funds[ ] of £606m as at September 2020 and a multiple of 1.05x for Economic Own Funds[ ] of £506m. Under the proposal LV=’s With-profits business will be ring-fenced in a separate fund and closed to new business.  The capital available for distribution is expected to increase by up to 40% as a result of the transaction and will be used to increase payments to With-profits members as their policies mature. Their long-term interests will continue to be protected by an experienced With-profits Committee.

The acquisition is subject to regulatory approval and approval from LV= members. It is expected to complete by the end of 2021, subject to the conclusion of the legal process.

Alan Cook, Chairman of LV=, commented: “As a newly standalone life and pensions business in an increasingly competitive market, the Board recognised that LV= required significant long-term investment to be sustainable. This transaction is the culmination of an extremely thorough and robust strategic review – followed by a structured sale process to secure the best long-term future for our members, employees, other stakeholders and the business. The Board is delighted to have secured an attractive price and unanimously agreed that the transaction with Bain Capital presents an excellent financial outcome for all our members, as well as offering an unrivalled commitment to LV=’s future prospects, business and people. We look forward to engaging fully with our members in advance of a member vote in the first half of 2021.”

Mark Hartigan, CEO of LV= said: “The partnership with Bain Capital recognises the opportunity to further invest to develop LV= at a time when it is well positioned, growing market share, expanding its products and trading resiliently, despite the pandemic. While our corporate structure will change, our culture and values remain the same. The Board is excited by the opportunities it creates for our people, partners and customers – enabling the LV= brand and business to further develop as a major force in the UK life insurance market.”

Matt Popoli, Global Head of Insurance, Bain Capital Credit, commented: “We are delighted by the opportunity to provide long-term support to LV=’s Board of directors and management team on this transaction, which delivers certainty and value to LV=’s members. We are investing in a unique company with an impressive management team and employee base, that is already well positioned in the market, with a clearly established product set, strong IFA relationships and a reputation for customer excellence. We have been impressed by LV=’s initiatives to further improve its market position, the benefits of which are already emerging. Our principles and values are in direct alignment with those of LV= and we firmly believe in a shared vision for the future of the business. We look forward to working collaboratively to achieve these shared goals, which include delivering profitable growth, while preserving LV=’s strong financial position, independence and rich heritage dating back to 1843.”

Transaction details

As a result of this transaction all members are expected to benefit from a cash payment to compensate for loss of mutual membership upon full completion of the transaction.

Customers will also benefit from the increased investment that Bain Capital will provide.  This will strengthen LV=’s digital capability, enhance customer experience and broaden the products and services currently offered.

For With-profits members, the transaction delivers an excellent financial outcome and will give them greater security:
•    Removing business risk for With-profits members by releasing capital required to finance future investment in new business activities;
•    Increased pay-outs at policy exit – with the transaction providing up to a 40% uplift to the total capital available for distribution to With-profits members. This uplift will be subject to market performance and regulatory approval; and
•    Fixing a schedule of administration and investment management charges.

The partnership with Bain Capital will provide LV= with the external investment needed to grow its leading brand and strong product set for the continued benefit of customers and IFAs. As a life and pensions company, LV= is a long-term investment for Bain Capital. It has identified a significant opportunity to leverage LV=’s strong brand to expand its presence in its existing markets. Innovating and refreshing the customer experience and continuing to strengthen LV=’s value proposition for financial advisors will be a core part of the future approach.

As a leading global private investment firm, Bain Capital is a compelling partner for LV= and will be able to support the business with its market expertise, investment capabilities, global perspective and scale. In addition, the Bain Capital Insurance team has a strong track record successfully growing and supporting similar businesses and is one of the most experienced demutualisation investors in the industry globally.

The transaction will be carried out in two stages with Bain Capital initially acquiring LV=’s subsidiary LVLC together with the administration and new business infrastructure.

All eligible members will be invited to vote on the transaction at a Special General Meeting which is expected to be scheduled for the first half of 2021.

Subject to progressing as currently planned, the transaction is expected to complete by the end of 2021 with a transfer of the in-force non-profit business to LVLC (which will then be owned by Bain Capital) and a transfer of the With-profits business to a ring-fenced sub-fund of LVLC which will be run-off for the benefit of With-profits members.  The transfer will be effected by way of a Part VII transfer under the Financial Services Markets Act 2000.

As part of the Part VII transfer LV=’s existing subordinated debt then in issue will transfer with the business in accordance with its terms.

Background to the transaction

The transaction marks the outcome of a comprehensive and rigorous Board-led strategic review which attracted significant interest from leading strategic partners and financial investors from the UK and overseas.

Following the sale of the general insurance business at the end of 2019, it was clear to the Board that as a newly standalone life and pensions business – in an increasingly competitive market dominated by global, well-funded, shareholder owned insurers – LV= would require significant long-term investment to be sustainable.

The Board was faced with the challenge of identifying the most effective way to address the inherent tension between balancing the requirement to invest in the savings & retirement and protection businesses for the long-term while providing enhanced returns to With-profits policyholders.

A wide range of options and proposals were carefully considered by the Board supported by independent financial and legal advice and in consultation with the independent With-profits Committee to enable it to make an informed decision about which option to pursue.
About LV=
LV= is a leading financial mutual and serves 1.3 million members (of which c340,000 are With-profits members) with a range of financial products. When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades, we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products. We offer our services direct to consumers, as well as through IFAs.

LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria Financial Services Limited and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria group of companies. Liverpool Victoria Financial Services Limited, registered in England with registration number 12383237 is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, register number 110035. Registered address: County Gates, Bournemouth, BH1 2NF. Phone: 01202 292333.

About Bain Capital Credit
Bain Capital Credit is a leading global credit specialist with approximately $42 billion in assets under management. Bain Capital Credit invests up and down the capital structure and across the spectrum of credit strategies. Our team of more than 200 professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, venture capital and real estate, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus. For more information, visit www.baincapitalcredit.com.

Media Contacts

Jon Sellors
Head of Corporate Affairs, Life & Pensions
07711 701806

Jon.sellors@lv.com

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AnaCap signs third acquisition in the UK wealth management platform space with Novia Financial

Anacap

AnaCap Financial Partners (“AnaCap”), a leading financial services specialist mid-market private equity investor, today announces it has signed a deal for a third acquisition in the UK wealth management platform space with the purchase of Novia Financial (“Novia”).

Novia is the UK’s third largest independent investment and wrap platform by asset under management (“AuM”), having been established in 2008. It records an AuM figure of £8.15 billion and serves a client base of ~67,000 through more than 1,000 IFA firms. Novia operates one of the best technology offerings in the industry, spearheaded by its modern, adaptable and proprietary front-end.

Novia’s acquisition marks the third investment from AnaCap in the UK wealth management platform space and this news comes after AnaCap successfully signed Amber Financial Investments in July 2020 and Wealthtime in December 2019.

Across the three investments, AnaCap have now acquired almost £11 billion AuM and will continue to deploy its expertise in tech-enabled businesses and operational engagement to bolster the businesses organic expansion as well as continuing to identify attractive bolt-on acquisition opportunities.

AnaCap have signed 5 private equity deals in 2020 alone with a combined enterprise value greater than €500 million.

Nassim Cherchali, Partner for M&A at AnaCap, commented: “We view this exciting acquisition of Novia as a truly fundamental deal in our strategy across the UK wealth management platform space. The investment means we have vastly increased our fund management and technological capabilities. We look forward to this next chapter, working with Novia’s impressive technology platform to increase its growth via planned investments into distribution and the building of in-house asset management capabilities.”

Bill Vasilieff, Chief Executive Officer at Novia, commented: “Novia was keen to partner with a company that had a strong track record in growing fintech businesses with innovative operational strategies. We believe that AnaCap represents the perfect choice to help us develop and, pending completion, we look forward to an exciting new chapter for the company in 2021 and beyond.”

The investment will be made from AnaCap Financial Partners III, L.P and its completion is subject to regulatory approval. Financial details and terms of the transaction were not disclosed.

Dec 15 2020

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Fast Group partners with CVC to expand logistics operations

Investing through CVC Capital Partners Asia IV, CVC will support Fast’s further expansion across the Philippines.

The Fast Group, a leading end-to-end logistics group in the Philippines, today announced that it has finalized its partnership with leading global private equity firm CVC Capital Partners. Investing through CVC Capital Partners Asia IV, CVC will support Fast’s continued development and further expansion across the Philippines.

Founded by the Chiongbian Family, Fast has been steadily growing for over four decades, from its roots in William Lines, a publicly listed shipping company in the 1990s, to become a leader in end-to-end logistics. The business delivers supply chain solutions that meet the world-class standards and requirements of multinationals and large organisations operating in the Philippines, while at the same time nurturing its strong roots with the local communities in which the business operates.

CVC is a leading global private equity company, with a long track record of building businesses in Asia, having been active in the region for over 20 years. This deep experience will be essential in accelerating Fast’s growth and increasing its footprint through mergers and acquisitions, and in the digitalization of its logistics operations through investments in technology.

William Chiongbian, Group President and CEO of Fast Group commented: “Fast is the market leader in the growing Philippine logistics sector, our clients greatly value our broad offering which spans the entire supply chain from logistics and warehousing, to distribution and transportation. The investment in Fast by CVC is a testament to the attractiveness and potential of the Philippine logistics sector, the market leading business we have built over the last four decades, and of course the economy more broadly. We are delighted to be partnering with such an experienced investor as we now seek to accelerate our growth.”

Brice Cu, Managing Director, CVC Capital Partners, said: “We are pleased to finalize our partnership with Fast. Having agreed to invest in the business in 2019, we have now been working closely with the business for a year and have made excellent progress on a number of important strategic initiatives, most notably in building a pipeline of attractive acquisition opportunities.”

UBS AG, Singapore Branch acted as exclusive financial adviser to Fast Logistics Group in relation to its partnership with CVC.

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PIPP Horticulture Acquires Vertical Air Solutions

Novacap

This acquisition solidifies Pipp’s position as the preeminent Mobile Vertical Grow Rack provider for indoor vertical farming and horticulture industries

December 10, 2020 – Walker, Michigan – December 10, 2020 – Pipp Horticulture (a division of Pipp Mobile Storage Systems, Inc., backed by Novacap) (“Pipp”), the leading provider of space‐saving, multi‐level mobile cultivation systems, announced today that it has acquired Vertical Air Solutions LLC (“VAS”). Based in Santa Cruz, California, VAS is a leader in providing air circulation systems and related products to the global indoor vertical farming industry.

 

« We are excited to welcome the entire VAS team, led by innovative entrepreneurs and powered by a dedicated group of employees, to the Pipp family of companies. We have gotten to know the VAS team well in recent years, as they have been an integral part of our horticulture business, and their products are the ideal addition to our Mobile Vertical Grow Rack Systems. We look forward to integrating their leading technology into our continually expanding product offering to better serve the fast‐growing vertical indoor farming industry. »

Craig UmansPresident and CEO, Pipp

« In 2017, when our ‘first of its kind’ airflow technology couldn’t fit into standard mobile racking configurations, Pipp Horticulture was prepared and willing to customize their system in order to accept ours. Our companies have since built a strong relationship and we’re excited to make the partnership official. We look forward to continuing our focus on innovation while providing top tier solutions for the vertical farming industry. Pipp’s 40 years of experience in equipment sales and manufacturing is exactly the support VAS needs in order to facilitate our growth into new markets.” »

James CunninghamFounder of VAS.

“We are excited to welcome the entire VAS team, led by innovative entrepreneurs and powered by a dedicated group of employees, to the Pipp family of companies,” said Craig Umans, President and CEO, Pipp. “We have gotten to know the VAS team well in recent years, as they have been an integral part of our horticulture business, and their products are the ideal addition to our Mobile Vertical Grow Rack Systems. We look forward to integrating their leading technology into our continually expanding product offering to better serve the fast‐growing vertical indoor farming industry.”

“In 2017, when our ‘first of its kind’ airflow technology couldn’t fit into standard mobile racking configurations, Pipp Horticulture was prepared and willing to customize their system in order to accept ours. Our companies have since built a strong relationship and we’re excited to make the partnership official.” said James Cunningham, Founder of VAS. “We look forward to continuing our focus on innovation while providing top tier solutions for the vertical farming industry. Pipp’s 40 years of experience in equipment sales and manufacturing is exactly the support VAS needs in order to facilitate our growth into new markets.”

“The acquisition of VAS continues our mission of expanding our product offering to better serve the vertical farming industry. Pipp Horticulture brings a combination of the most knowledgeable and experienced Team along with the best products, competitive pricing and best in class customer service” said Craig Umans, President and CEO, Pipp.

About Pipp Horticulture
Pipp Horticulture is the industry‐leading provider of vertical farming and space optimization solutions. We work with commercial agriculture professionals globally, to design, install, and optimize operational spaces throughout cultivation, post‐harvest, manufacturing, and distribution facilities through the implementation of vertical and mobile rack and cart systems. The Pipp team
merges over 40 years of commercial mobile storage experience with horticulture industry experts with over 30 years of operational experience in commercial agriculture and seed‐to‐sale production. Pipp provides expertise, insight and network connections far beyond our mobile systems in support of our mission to augment financial performance and mitigate risk for our partners. For more information, please visit www.pipphorticulture.com

About Vertical Air Solutions
Vertical Air Solutions™️ leads the business of providing air circulation systems and related products to the global indoor vertical
farming industry. With a relentless focus on innovation in improving the efficiency and yield of its customers and an unwavering
commitment to stable and interdependent partnerships in its route to market, Vertical Air Solutions positions itself as a responsible, customer‐focused, responsive, and politically and socially involved player in the horticulture ecosystem. For more information, please visit www.vertairsolutions.com

About Novacap
Founded in 1981, Novacap is a leading Canadian private equity firm with CA$3.6 billion of assets under management. Its distinct investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long‐term value for its numerous portfolio companies. With an experienced management team and substantial financial resources, Novacap is well-positioned to continue building world‐class businesses. Backed by leading global institutional investors, Novacap’s deals typically include leveraged buyouts, management buyouts, add‐on acquisitions, IPOs, and privatizations. Over the last 39 years, Novacap has invested in more than 90 companies and completed more than 140 add‐on acquisitions. Novacap has offices in Brossard, Quebec and Toronto, Ontario. For more information, please visit www.novacap.ca.

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PTC to Acquire SaaS PLM Leader Arena Solutions

JMI Equity

Combination of Onshape and Arena to Enable PTC to Deliver Complete CAD + PLM SaaS Solution

PTC Reaffirms Cash Flow Targets for FY’21

BOSTON, Dec. 14, 2020 /PRNewswire/ — PTC (NASDAQ: PTC) today announced that it has signed a definitive agreement to acquire Arena Solutions, Inc. (Arena Solutions) the industry’s leading “software as a service” (SaaS) product lifecycle management (PLM) platform provider. The acquisition will further PTC’s strategy to be the leader in the rapidly-growing market for SaaS-based product development software, enabling the company to deliver a complete CAD + PLM SaaS solution. Under the terms of the agreement, PTC will acquire Arena Solutions for $715 million in cash. Subject to customary closing conditions and completion of regulatory review, the acquisition is expected to be completed in PTC’s fiscal Q2 2021.

“A year ago, PTC entered the SaaS world for product development software with our acquisition of Onshape,” said Jim Heppelmann, president and CEO, PTC. “That move reflected our strong conviction that our market is nearing a tipping point in its willingness to adopt SaaS technology, following the trend seen in many other software markets. The effects of COVID-19 have dramatically accelerated this inevitable shift, with PTC customer surveys indicating a 25% increase in readiness for SaaS PLM since the pandemic started. We expect the acquisition of Arena will significantly extend our leadership position as we continue to redefine the future of our industry.”

With headquarters in Foster City, California, Arena Solutions serves more than 1,200 customers across the electronics, high-tech, and medical-device industries, including world-class innovators such as Nutanix, Peloton, Sonos and Square. In addition, Arena will broadly extend PTC’s presence in the attractive mid-market, where SaaS solutions are becoming the standard.

“As the SaaS PLM pioneer, we were first to see that engineers and product developers would benefit from a new paradigm in the way they collaborate and drive product innovation,” said Craig Livingston, Arena Solutions president and CEO. “We were ahead of the market in the early days, but in the past several years we’ve seen an acceleration of market receptivity and demand. This acquisition validates our original vision, and we are pleased to be joining an established leader in CAD and PLM capable of hastening the movement of our market to SaaS.”

The Arena Solutions product realization platform unifies PLM, quality management, and requirements management, allowing every participant throughout the product design and manufacturing process – as well as across an extended supply chain – to work together in a secure, high availability cloud environment.

“This acquisition is the logical next step in PTC’s strategy to be the industrial SaaS leader,” continued Heppelmann. “A big first step was the acquisition of Onshape, the SaaS leader in CAD and collaborative design capabilities. Arena will enable us to round out the solution with full PLM capabilities and deliver the only complete CAD + PLM SaaS solution in the industry.”

Financial Impact
Arena Solutions is expected to end calendar year 2020 with approximately $50 million in annualized recurring revenue, reflecting double-digit growth over 2019. The transaction is expected to be neutral to PTC’s FY’21 cash flow from operations target of $365 million and free cash flow target of $340 million (which reflects the deduction of approximately $25 million of capital expenditures from cash flow from operations) and accretive to FY’22 and beyond. The transaction will be funded with cash on-hand and amounts borrowed under PTC’s existing credit facility.

PTC management will provide additional details about the transaction at its Investor Day virtual meeting scheduled for Tuesday, December 15.

Advisors
Centerview Partners LLC is the exclusive financial advisor to PTC and Morgan, Lewis & Bockius LLP is acting as its legal counsel. Barclays is the exclusive financial advisor to Arena and JMI Equity, and Goodwin Procter is acting as their legal counsel.

Additional Resources

Forward-Looking Statements
This news release contains statements about future events and expectations, including the closing of the acquisition, the effect of the acquisition on our future growth and financial results, including our cash flow from operations and free cash flow, the expected value of the acquired technology to our business, and market adoption of industrial SaaS solutions. These statements are “forward-looking statements” that involve risks and uncertainties that could cause actual results to differ materially from those projected, including that the closing conditions may not be satisfied when or as we expect or may be waived; the acquired technology may not provide the access to new customers and markets that we expect if those customers and markets are not receptive to the technology; we may be unable to integrate the acquired technology when or as we expect, which could adversely affect our ability to offer additional SaaS solutions; customers may not adopt SaaS solutions for product development as we expect, which would adversely affect our revenue; key Arena Solutions employees may not stay with PTC, which could disrupt the Arena Solutions business and our ability to successfully integrate and operate the Arena Solutions business; we may incur unanticipated costs associated with the integration of Arena Solutions, which would impact our earnings and free cash flow; and other risks and uncertainties described in PTC’s filings with U.S. Securities and Exchange Commission.

About PTC (NASDAQ: PTC)
PTC enables global manufacturers to realize double-digit impact with software solutions that enable them to accelerate product and service innovation, improve operational efficiency, and increase workforce productivity. In combination with an extensive partner network, PTC provides customers flexibility in how its technology can be deployed to drive digital transformation – on premises, in the cloud, or via its pure SaaS platform. At PTC, we don’t just imagine a better world, we enable it.

PTC.com         @PTC         Blogs

Investor Contact

Media Contact

Tim Fox

Greg Payne

tifox@ptc.com

gpayne@ptc.com

(617) 515-0774

(508) 207-7794

SOURCE PTC Inc.

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4iQ and Alto Analytics Merge and Rebrand as Constella Intelligence

C5 Capital

Constella to Help Organisations Anticipate and Defeat Digital Risk

Press Release via PRNewswire –

Los Altos, Calif. and Madrid, Spain, December 15, 2020 – 4iQ, the leader in identity intelligence, and Alto Analytics, a leader in applying AI & data science to the digital public sphere, today announced the two companies have merged and rebranded as Constella Intelligence (“Constella”), effective immediately. With advanced analytics, deep human expertise, and broad data sets — from surface to dark web, including the largest breach data collection on the planet with over 100 billion attributes and 45 billion curated identity records spanning 125 countries and 53 languages — Constella will help organisations anticipate digital risks and safeguard critical business interests.

Kailash Ambwani, CEO of 4iQ, will serve as CEO of Constella. Alejandro Romero, Founder and CEO of Alto Analytics, will serve as COO. Under their guidance, Constella will empower organisations and intelligence professionals with comprehensive digital risk protection that covers brand, executive, fraud, geopolitical, and identity threats.

“Constella combines 4iQ’s investigation platforms and proprietary data lake, which archives more than 45 billion identity records, with Alto’s vast trove of public sphere data, advanced proprietary technology, and best-in-class analytics to enable organisations to anticipate and mitigate risks to their business, their people, and their reputations.” said Ambwani. “We look forward to empowering those on the cyber frontlines with better anticipation of emerging threats, proactive analysis, and adversary identification — so they can act before any harm is inflicted.”

“Our combined capabilities enable us to take on some of the most important missions that our customers are pursuing as they combat new forms of digital risk,” said Romero. “We’re not just keeping our customers secure, we’re making the world a safer place.”

To defeat digital risk, Constella ensures that knowledge flows and teams work together across all areas of risk to safeguard key interests. The combination of artificial intelligence-enabled software, security analysts and data scientists, and exceptionally deep datasets translates directly into Constella customers being more empowered with unprecedented digital risk visibility and control.

“Through successful 4iQ Series C funding and the powerful combination of two market-leading organisations, Constella has incredible tools and resources to tackle the fast-evolving security landscape,” said Alberto Yepez, Constella Board chair and co-founder and managing director of ForgePoint Capital, a leading investor. “I’m confident the synergies will drive seamless integration and I look forward to continued work with Kailash and the team.”

As a global leader in Digital Risk Protection, Constella is determined to make the world a safer place. Already protecting more than 25 million users and over 100 organisations worldwide through a workforce of more than 200 employees, the new organisation has its sights set on broadening its solution portfolio and growing its geographic footprint and customer base. Its diverse multinational team currently operates in more than 10 countries and is fully committed to becoming the most trusted partner for defeating digital risk. Learn more about Constella by visiting constellaintelligence.com.

About Constella Intelligence
Constella Intelligence is a leading global Digital Risk Protection business that works in partnership with some of the world’s largest organizations to safeguard what matters most and defeat digital risk. Its solutions are broad, collaborative and scalable, powered by a unique combination of proprietary data, technology and human expertise—including the largest breach data collection on the planet, with over 100 billion attributes and 45 billion curated identity records spanning 125 countries and 53 languages.

Media Contacts

US/UK
Adam Curtis
acurtis@levick.com

Spain
Jonathan Nelson
jonathan.nelson@constellaintelligence.com

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MinervaX raises upsized EUR 47.4M (USD 57M) Series B to advance its novel Group B Streptococcus vaccine through mid-stage clinical trials

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Industriefonden

On the back of highly promising Phase Ib data, MinervaX has raised financing from leading investors to accelerate development of its novel vaccine through the end of Phase II trials and preparations for Phase III pivotal trials

– Sanofi Ventures, Wellington Partners, Adjuvant Capital, and Industrifonden join existing investors Novo Holdings REPAIR Impact Fund, Sunstone Life Science Ventures and LF Investment

– Group B Streptococcus (GBS) is one of the leading causes of stillbirth and infant mortality representing a significant unmet need globally, including in the US and Europe; nearly one in five women globally are colonized by GBS

News provided by

MinervaX

Dec 15, 2020, 02:00 ET

COPENHAGEN, Denmark, Dec. 15, 2020 /PRNewswire/ — MinervaX, a privately held Danish biotechnology company developing a novel vaccine against Group B Streptococcus (GBS), announced today that it has raised an upsized EUR 47.4 million Series B financing. The round included new investors Sanofi Ventures, Wellington Partners, Adjuvant Capital, and Industrifonden, along with existing investors Novo Holdings REPAIR Impact Fund, Sunstone Life Science Ventures, and LF Investment. Proceeds will advance the clinical development of MinervaX’s novel GBS vaccine through Phase II clinical trials, as well as manufacturing and regulatory preparation for Phase III.

Concurrent with the financing, Christopher Gagliardi from Sanofi Ventures, Karl Nägler from Wellington Partners, Kabeer Aziz from Adjuvant Capital and Bita Sehat from Industrifonden will join MinervaX’s board of directors.

GBS is responsible for nearly half of all life-threatening infections in newborns. MinervaX’s protein-only GBS vaccine targets pregnant women for the prevention of adverse pregnancy outcomes and life-threatening neonatal infections associated with GBS. Globally, 15-25% of women are colonized with GBS, and they run the risk of transmitting the bacteria to their child in utero, during birth and / or during their first months of life. GBS colonization may lead to late-term abortions, premature delivery or stillbirth; and in newborn children may result in sepsis, pneumonia or meningitis, all of which carry a significant risk of severe morbidity, long-term disability or death.

Currently, the only preventative strategy available involves the use of intravenously delivered prophylactic antibiotics, which does not comprehensively prevent GBS infection in utero or protect against late-onset infection in newborns. As this approach is expensive and logistically challenging, it fails to cover all, including the most severe cases in the US and Europe, nor is it available in resource-limited settings.

Commenting on the financing, Per Fischer, CEO of MinervaX, said: “Prevention of GBS infections in pregnant women and newborns represents a large unmet medical need. The current preventive strategy is insufficient and involves excessive use of prophylactic antibiotics, which has resulted in the emergence of wide-spread antibiotic resistance.”

“We are pleased to have received funding from such a strong investment syndicate. It is a significant endorsement of the potential of our vaccine. We look forward to advancing our novel vaccine candidate through Phase II clinical trials to develop a new standard of care in preventing GBS infections.”

Commenting on the investment, Christopher Gagliardi, Director of Investments at Sanofi Ventures, said: “Sanofi Ventures is tremendously excited by the first and best in class potential of MinervaX’s GBS vaccine. We are thrilled to invest alongside a top-tier investor syndicate while supporting Sanofi’s strategic goals and commitment to early stage companies advancing global public health.”

Karl Nägler, Managing Partner at Wellington Partners said: “We are proud and excited to back MinervaX’s GBS program that will address an unmet high medical need and represents a blockbuster commercial opportunity. Beyond prevention of GBS infections in newborns, we are eager to explore important further indications for this much needed vaccine.”

Emmanuelle Coutanceau, Partner at Novo Seeds and Board Member at MinervaX, added: “MinervaX is developing an important vaccine against a potentially fatal pathogen and, in doing so, is furthering the battle against antimicrobial resistance.  This is a landmark for the Novo Holdings REPAIR Impact Fund with the first company in the fund moving to Phase II. We are also delighted to help bring together such a strong syndicate in a company where Novo was one of the first investors.”

MinervaX has completed Phase I studies across 300 healthy female subjects, generating compelling data to support advancing its novel vaccine candidate to Phase II trials. Studies to date have demonstrated a favourable safety profile, while generating high levels of long-lasting antibodies, which are capable of mobilizing the immune system against GBS bacteria and preventing invasion of epithelial and endothelial cell barriers.

The development of MinervaX’s novel GBS vaccine candidate is also endorsed by Group B Strep Support and Group B Strep International, and GBS has been prioritised by a number of public health organisations. Both increased uptake of immunisation among pregnant women and greater awareness of the implications of GBS suggest that a safe and effective vaccine targeting GBS would be well suited to address this unmet need.

About MinervaX

MinervaX is a Danish biotechnology company, established in 2010 in order to develop a prophylactic vaccine against Group B Streptococcus (GBS), based on research from Lund University. MinervaX is developing a GBS vaccine for maternal immunization, likely to have superior characteristics compared with other GBS vaccine candidates in development. The latter are based on traditional capsular polysaccharide (CPS) conjugate technology. By contrast, MinervaX’s vaccine is a protein-only vaccine based on fusions of highly immunogenic and protective protein domains from selected surface proteins of GBS (the Alpha-like protein family). Given the broad distribution of proteins contained in the vaccine on GBS strains globally, it is expected that MinervaX’s vaccine will confer protection against virtually 100% of all GBS isolates. www.minervax.com

About Group B Streptococcus (GBS)

GBS is responsible for nearly 50% of all life-threatening infections in newborns. At any given time, some 15-25% of women are spontaneously colonized with GBS, and they run the risk of transmitting the bacteria to their child in the womb, during birth and/or during the first months of life. GBS colonization may lead to late abortions, premature delivery or stillbirth and, in the newborn child, may result in sepsis, pneumonia or meningitis, all of which carry a significant risk of severe morbidity, long-term disability or death.

About Sanofi Ventures 

Sanofi Ventures is the corporate venture capital arm of Sanofi. Sanofi Ventures invests in early-stage biotech and digital health companies with innovative ideas and transformative new products and technologies of strategic interest to Sanofi. Among these areas are vaccines, oncology, immunology, rare diseases, potential cures in other core areas of Sanofi’s business footprint, and digital health solutions. For more information, visit www.sanofiventures.com.

About Novo Holdings A/S

Novo Holdings is recognized as a leading international life science investor, with a focus on creating long-term value. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets. Further information: http://www.novoholdings.dk

About REPAIR Impact Fund

The Fund invests in start-ups, early-stage companies and corporate spin-outs around the world. It gives priority to first-in-class therapies, covering small molecules, biologics and new modalities, from the early stage of drug development (lead optimization) to later stages of clinical development (into Phase 2). It can invest as the sole investor or in a syndicate, with investments ranging from EUR 1 million to EUR 12 million.

The projects are selected through an investment process with support from a highly qualified Scientific Selection Board, comprising ten world-class experts. For more information about members of the Scientific Selection Board, see www.repair-impact-fund.com/people.

The Fund focuses on priority pathogens as defined by the World Health Organization and the United States Centers for Disease Control and Prevention, a catalogue of 18 families of bacterial and fungal pathogens that pose the greatest threat to human health. For more details about the investment process, see www.repair-impact-fund.com/investment-process.

REPAIR is an acronym: Replenishing and Enabling the Pipeline for Anti-Infective Resistance

About Wellington Partners

Wellington Partners is a leading European venture capital firm investing in early- and growth-stage life science companies. Wellington Partners is focused on investing in the most promising life science companies in the fields of biotechnology, therapeutics, medical technology, diagnostics and digital health. With funds totaling more than €1 billion, thereof €430 million committed to Life Sciences, Wellington Partners has been actively supporting world class private companies translating true innovation into successful businesses with exceptional growth. To date, Wellington Partners has invested in 46 innovative life science companies, including Actelion (acquired by J&J), Definiens (acquired by AZ), Invendo (acquired by Ambu), Rigontec (acquired by MSD), Symetis (acquired by Boston Scientific), and Themis (acquired by MSD). www.wellington-partners.com

About Adjuvant Capital

Adjuvant is a New York– and San Francisco-based life sciences investment fund built to accelerate the development of new technologies for the world’s most pressing public health challenges. Backed by prominent healthcare investors such as Novartis, Merck, the International Finance Corporation, and the Bill & Melinda Gates Foundation, Adjuvant draws upon its global network of scientists, public health experts, biopharmaceutical industry veterans, and development finance professionals to identify new investment opportunities. Adjuvant invests in companies developing promising new vaccines, therapeutics, and diagnostics for historically overlooked indications targeting high-burden infectious diseases, maternal and child health, and antimicrobial resistance, with a commitment to make these interventions accessible to those who need them most in low- and middle-income countries. For more information, visit www.adjuvantcapital.com

About Industrifonden

Industrifonden is a Nordic venture capital investor based in Stockholm that invests in early-stage growth companies. Our areas of expertise include Life Sciences, Deep Tech and Transformative Tech. In the life science space, our focus is on biotech, heathtech and medtech, and our life-science portfolio includes companies like Oncopeptides, Calliditas and Bonesuppport. www.industrifonden.com

About Sunstone Life Science Ventures

Sunstone Life Science Ventures is an independent European venture capital investment firm founded in 2007 by an international team of industry experts with combined entrepreneurial, operational and financial experience. Sunstone Life Science Ventures focuses on developing and expanding early-stage Life Science companies with strong potential to achieve global success in their markets. Since the inception, Sunstone Life Science Ventures has invested in more than 50 companies in the areas of pharmaceuticals, medical technologies and diagnostics, and has completed more than 20 successful IPOs and large M&A transactions. Managing total funds of approx. €500 million, Sunstone Life Science Ventures is one of the largest Nordic venture capital investors. https://sunstone.eu/

LF Investment

LF Investment is an investment company fully owned by The Lauritzen Foundation. www.lauritzenfonden.com

SOURCE MinervaX

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SPH Analytics Strengthens its Focus and Innovation in Consumer Experience and Engagement Space

Stg Partners

SPH Analytics (SPH), the leading healthcare measurement and analytics platform for consumer experience and engagement, today announced the merger of its population health division with Azara Healthcare to operate as an independent, standalone company.  This newly combined company will leverage the Azara Healthcare brand and create the industry-leading population health management company.

“We are excited to merge our population health division with Azara Healthcare to create a standalone company with a relentless focus on improving care quality and patient outcomes while responsibly managing costs.  This united business will leverage the unrivaled analytics of the legacy companies to improve population health, solving material challenges across healthcare in the United States,” said Amy Amick, President and Chief Executive Officer of SPH Analytics. “And just as the newly merged Azara Healthcare will be optimally positioned to drive value for our population health clients, the more focused attention of SPH Analytics on consumer experience and engagement will only serve to accelerate the pace of innovation and impact for our experience and engagement clients.  This is a win for all of our clients and for the healthcare industry as a whole.”

Read the full story at SPHAnalytics.com.

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DIF Capital Partners sells its 50% stake in US solar project Lone Valley to Munich Re

DIF

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure III (“DIF III”) has signed an agreement to sell its 50% stake in Lone Valley to Munich Re, represented by Munich Re’s global asset manager MEAG. Closing of the transaction is expected to take place in Q1 2021.

Lone Valley consists of two single-axis tracking utility scale solar photovoltaic projects: Lone Valley I, which is a 10 MWac facility, and Lone Valley II, which is a 20 MWac facility, both located next to each other in San Bernardino County, California, USA.

Andrew Freeman, Head of Exits at DIF, said: “We are very pleased with the successful exit of DIF’s first renewable energy investment in the USA and are confident that MEAG will be a strong steward of the project going forward.”

Holger Kerzel, Member of MEAG’s Management Board, said: “By further expanding our renewable energy portfolio, we contribute to avoiding climate-damaging emissions near one of the world’s largest conurbations. With the solar energy produced in these plants, around 10,000 households can be supplied with electricity.“

DIF was advised by Fifth Third Securities (financial) and Stoel Rives LLP (legal). MEAG was advised by Ballard Spahr (legal).

 

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments with long-term contracted or regulated income streams including public-private partnerships (PPP/PFI/P3), concessions, utilities, and (renewable) energy projects.
  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy and transportation sectors.

DIF Capital Partners has a team of over 150 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

About MEAG

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and offers its extensive know-how to institutional and private customers. MEAG currently manages assets to the value of around €334 billion, around €67 billion of which in its business with institutional investors and private customers.

MEAG invests in alternative assets in North America on behalf of investors from the Group and institutional investors. MEAG’s most recent investments in the US comprise a timberland investment in Oregon, the infrastructure investment Astoria Energy Partners in N.Y.C. and the real estate investment 330 Madison Av. in Manhattan.

 

Contact DIF: Allard Ruijs, Partner a.ruijs@dif.eu.

Contact MEAG: Josef Wild, Spokesperson j.wild@meag.com.

 

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Vink Groep finds new partner in FIELDS Group for joint future

Fields Group

Vink Group is a family business with 145 permanent employees and more than 200 external employees who together realise a turnover of 40 million euros. The company was founded in 1971 by Mr Ed Vink Sr and has grown over the years to become the market leader in the Netherlands in design, production, supply and installation of climate solutions for various end markets.

As a result of the company’s solid growth, the shareholders have jointly requested Marktlink Mergers & Acquisitions to look for a strong financial partner who can guide and professionalise the company in the next growth phase.

Nico van Duijn of Vink Groep: “With the help of a team of passionate experts, we enabled this company to grow both in size and in services. This has resulted in a strong and dynamic company that serves as a foundation for further growth. With confidence we pass the baton to FIELDS Group”. Dealmaker Fredrik Jonker of Marktlink Mergers & Acquisitions: “Given the current size and market position of the company, the current shareholders have created a strong foundation to realise the next phase of growth. In doing so, the company is faced with a number of strategic choices that will determine its future direction of growth”.

As of 9 December, Dick Kremers (56) will take up the position of new CEO of the Vink Group. Dick has been working in engineering for more than 30 years and has had numerous high level positions both nationally and internationally in the field of technical installations, project organisations and production companies.

Dick Kremers: “Vink Groep has enormous potential to grow in turnover and performance in the current and future market for air and climate technology. The demand for an optimal indoor climate for both people and goods is becoming even more important and relevant. Project efficiency, innovation, sustainability and flexibility are the main drivers of this development”. Joris van Gils, partner at FIELDS Group, adds: “Vink Group has undergone strong development in recent years and there is a solid foundation on which we can build. The current economic climate as well as the strong focus on air quality offer opportunities for Vink Group to further strengthen and expand its position in the market in the coming period”.

In FIELDS Group, the Vink Group finds an entrepreneurial hands-on investor with offices in Amsterdam and Munich. Together with the company’s management, FIELDS supports the further development of its portfolio companies.

The subsidiary VHS Ventilation- and Hoogwerksystemen in Woerden is not part of the deal. The interest in this company held by Vink Groep B.V. was transferred to its co-shareholder, the Van der Voort family, in March.

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