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New Harbor Capital Announces Sale of Wedgewood Pharmacy

New Harbour

New Harbor Capital is pleased to announce that it has signed a definitive agreement for the sale of Wedgewood Pharmacy (“Wedgewood” or “the Company”) to Partners Group, a leading global private markets investment manager, on behalf of its clients. The transaction is expected to close in 2021.

Founded in 1980, Wedgewood is one of the largest providers of compounded animal medications for acute and chronic conditions in the US and employs over 700 people in New Jersey, California, Colorado, and Arizona. Compounded medications are created and prepared by pharmacists and pharmacy technicians when there is no commercially available alternative. The Company holds relationships with over 66,000 veterinarians and directly serves more than 360,000 pet parents annually.  Wedgewood has a broad and diverse portfolio of offerings, holds strategic partnerships with veterinary corporate groups, and offers a defined value proposition to veterinary clinics and pet owners.

Wedgewood has experienced a period of significant growth during New Harbor’s investment. This growth is credited to strategic investments in pharmacy facilities, quality, technology, and management, including:

  • More than doubling the physical size of its New Jersey pharmacy operations including significant investments in automation;
  • The acquisition of its largest independent competitor, Diamondback Drugs, which positioned Wedgewood as the partner of choice with corporate veterinary groups;
  • Significant investments in technology to streamline customer and prescriber interactions;
  • The acquisition of an FDA registered 503B outsourcing facility;
  • The acquisition of Zoopharm/Wildlife which provided access to new markets and strategic proprietary products; and
  • Meaningful organizational growth with key additions to senior leadership and the broader Wedgewood team.

These efforts, combined with significant growth in the animal health market resulting from the continued trend toward the humanization of pets, resulted in Wedgewood nearly tripling in revenues in less than five years.

“We sincerely enjoyed working with CEO, Marcy Bliss, and the entire Wedgewood team over the last five years,” said Jocelyn Stanley, Partner at New Harbor. “We greatly value their partnership and shared commitment to growth, excellence, and collaboration. It has been a privilege supporting the company during this exciting growth phase and we wish them great success moving forward.”

“I will be forever grateful to New Harbor for their passion for our mission to improve the lives of animals and those who love them,” said Marcy Bliss. “They understood from the beginning the importance of quality, care, and our people, and their investment worked to improve every aspect of what we are able to deliver to our patients, caregivers, and team.”

Lincoln International LLC represented Wedgewood Pharmacy in the sale process, and William Blair & Company, LLC, Reed Smith LLP, and RSM International acted as advisors to the Company. Ropes & Gray LLP and KPMG International Limited acted as advisors to Partners Group.

About Wedgewood Pharmacy

Wedgewood Pharmacy is the largest compounding pharmacy devoted to animal health in the United States. Wedgewood Pharmacy serves more than 60,000 prescribers and hundreds of thousands of patients throughout the U.S. every year. Wedgewood Pharmacy is accredited by the Pharmacy Compounding Accreditation Board (PCAB®) for compliance with PCAB and other nationally recognized compounding standards. Wedgewood Pharmacy employs more than 700 people across facilities in New Jersey, Arizona, California, and Colorado.

For more information, visit www.WedgewoodPharmacy.com.

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Partners Group to acquire leading US animal-health compounding pharmacy Wedgewood

Partners Group

Partners Group, the global private markets investment manager, has agreed to acquire leading US animal-health compounding pharmacy business Wedgewood Pharmacy (“Wedgewood” or “the Company”), on behalf of its clients, from New Harbor Capital.

Founded in 1980, Wedgewood is one of the largest providers of compounded animal medications for acute and chronic conditions in the US and employs more than 700 people in New Jersey, California, Colorado and Arizona. Compounded medications are created and prepared by specialist pharmacists and pharmacy technicians when there is no commercially available alternative. The Company holds over 66,000 relationships with veterinarians and directly serves more than 360,000 pet owners annually. Wedgewood has a broad and diverse portfolio of offerings, leading to low customer and stock concentration; holds strategic partnerships with veterinary corporate groups; and offers a defined value proposition to veterinary clinics and pet owners.

Following the investment, Partners Group will work closely with Wedgewood’s management team to implement new strategic initiatives that support ongoing organic growth. Key areas of focus will be investing in the Company’s sales and marketing functions; enhancing technology to drive digital engagement with veterinarians and pet owners through multiple channels; and continuing its veterinary footprint expansion through corporate group partnerships and new customer acquisitions, as well as opportunistic M&A.

Chris Russell, Managing Director, Private Equity Americas, Partners Group, states: “Wedgewood operates in an attractive, resilient market segment with strong fundamental growth drivers identified by our Thematic Sourcing approach. We have strong conviction in the pet and veterinary sector and the Company’s talented management team, as well as in our ability to offer significant value given our established success building franchised specialty healthcare platforms in the US. The Company is an excellent candidate to achieve its next phase of growth supported by Partners Group’s transformational investment strategy of operational improvement through active ownership. We look forward to working with Wedgewood to build further value in the business on behalf of all its stakeholders.”

Marcy Bliss, Chief Executive Officer, Wedgewood, says: “We have worked hard to create the leading brand in the US compounded animal medications market, and are very proud of the growth the company has achieved in recent years. We believe Partners Group’s success in building specialty healthcare platforms and its expertise in the veterinary sector, as well as its commitment to being a responsible and entrepreneurial business owner, make it the right partner to support Wedgewood through its next phase of growth.”

Sofia Gerard, Member of Management, Private Equity Americas, Partners Group, adds: “We are delighted to partner with Wedgewood as a market leader in the animal-health compounding pharmacy industry. The Company has strong brand recognition in a market that is fast-growing due to the increasing humanization of pets and longer pet-life expectancy. The Company is well-positioned to benefit from Partners Group’s deep sector expertise, operational resources and geographical footprint, going forward.”

Ropes & Gray LLP and KPMG International Limited acted as advisors to Partners Group. Lincoln International LLC led the transaction for Wedgewood Pharmacy, with Reed Smith LLP and RSM International acting as advisors to the Company.

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Partners Group exits Covage, a leading open-access fiber infrastructure platform in France

Partners Group

Partners Group, the global private markets investment manager, has completed the sale of its 50% equity stake in Covage (“the Company”), a leading open-access fiber infrastructure platform in France, on behalf of its clients. Covage was sold to SFR FTTH Network, a company owned by Altice, OMERS, Allianz Capital Partners and AXA Investment Managers-Real Assets on behalf of its clients. The transaction gave the Company an equity value of around EUR 1.1 billion.

The sale is a significant step towards the full divestment of Partners Group’s 2016 acquisition of Axia NetMedia Corporation on behalf of its clients, in a public-to-private transaction that resulted in its delisting from the Toronto stock exchange. It follows the divestment of the Canadian operations of Axia NetMedia, which were sold to BCE Inc (Bell Canada) in 2018.

Covage is an open-access fiber infrastructure platform with a national footprint across low-, medium-, and high-density population areas in France. The Company operates 45 local networks, complemented by a fully owned national fiber backbone of 9,000 km. Its connections are built and operated as concessions under the support of France’s rural broadband access program, a key social initiative to bridge the digital divide between rural and urban regions.

During the last four years under Partners Group’s joint ownership of Covage with Cube Infrastructure Managers, the Company successfully expanded its concession perimeter to 2.4 million homes and 27,500 businesses across France. Covage has also delivered internet access for the first time to over 1 million homes in rural areas of the country.

Esther Peiner, Managing Director, Private Infrastructure Europe, Partners Group, comments: “Covage is an excellent example of transformational investing in practice. Under Partners Group’s joint ownership, the company has rapidly expanded the number of homes and businesses in its network. This was achieved through significant capital investment, the winning of new concession awards and the successful execution of a platform expansion strategy. Additionally, Covage’s contribution to closing the urban-rural digital divide in France has created meaningful stakeholder impact in local communities.”

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KKR Releases “A New Era for Supply Chains”

KKR

December 9, 2020

New Report Explains Why Supply Mesh is the New Supply Chain

NEW YORK–(BUSINESS WIRE)– KKR today announced the release of a new KKR Viewpoints publication authored by Neil Brown and Frances Lim. In A New Era for Supply Chains, Brown and Lim discuss how business leaders and investors around the world must evaluate and adapt the way they think about supply chains, particularly at a time of immense disruption to existing business models.

“Over the last year, COVID-19 lockdowns, product scarcity, limits on medical equipment and therapeutics, increasingly nationalist economic policies and heightened geopolitical confrontation, have each had significant – and largely negative – effects on conventional supply chains,” said Brown and Lim. “Amidst this complexity, we believe business leaders must extend supply chain thinking beyond margin maximization to address issues of resiliency, sustainability and geopolitical risk. In our view, they must think of supply chains as less of a chain and more a mesh of interlocking inputs.”

In the piece, Brown and Lim outline five key considerations for business leaders and investors considering supply chain design:

  1. Building resiliency is key to securing supply chains post-COVID. Resiliency strategies for businesses vary and include diversification, mirroring production of critical components, stockpiling and distributing logistics nodes.
  2. Supply chains will need to evolve as they continue to face uncertainty from a more volatile geopolitical environment, more inward-looking national politics and increasing supranational risks such as climate change and public health.
  3. Supply chain thinking needs to incorporate a more holistic view – one that sees the traditional supply of goods as being embedded in a ‘mesh’ of interlocking inputs, each with its own risks and value levers.
  4. Focus on a supply chain’s critical nodes of vulnerability. Trying to mitigate risk along every link in the broad mesh of inputs in which supply chains sit will lead to spiraling costs for greatly diminished returns.
  5. This period of supply chain rethinking presents an opportunity to build for a future in which supply chains adapt to the need for environmental sustainability and adoption of automation technologies.

In their report, Brown and Lim explain that while change can always be challenging, the adjustment to global supply chains can also present opportunities for businesses and investors, including: 1) domestic and regional demand over global demand; 2) new infrastructure and logistics; 3) increasing automation; 4) continuation of China’s manufacturing upgrade; 5) new emphasis on diversification; 6) greater demand for ESG solutions; and 7) increased prospects for opportunistic investments.

Links to access this note as well as an archive of KKR’s previous publications follow:

  • To read the latest Insights: click here.
  • To download a PDF version: click here.
  • To download the KKR Insights app for iOS click here, and for Android click here.
  • For an archive of previous publications please visit www.KKRinsights.com.

About Neil Brown

Neil R. Brown is a Managing Director at the KKR Global Institute and KKR Infrastructure. Mr. Brown works at the intersection of finance and geopolitics to invest in new markets globally, analyze global trends and risk, and build strategy. Mr. Brown also specializes in global infrastructure and energy, and he has been involved with KKR investments on five continents. Mr. Brown is a Senior Fellow at the Atlantic Council of the United States. Previously, Mr. Brown served for more than eight years as Senior Staff Member of the U.S. Senate Foreign Relations Committee, leading legislative efforts and oversight on global energy security and governance, environment, and domestic energy, and he worked on countering weapons of mass destruction. Learn more about Mr. Brownhere.

About Frances Lim

Frances Lim is a Managing Director and Head of Asia Macro on KKR’s Global Macro, Balance Sheet and Risk team. She also leads portfolio management and asset allocation for KKR’s Strategic Partnership effort (KSPI). Prior to her role with KSPI, Ms. Lim was based in Sydney, working alongside investment teams in Asia in her capacity as the Head of Asia Pacific Macro and Asset Allocation. Prior to joining KKR, she was a vice president at Morgan Stanley Investment Management (MSIM) and a member of the Global Macro and Asset Allocation team. Ms. Lim focused on macro trends and top-down global analysis and was a co-portfolio manager of the MSIF Absolute Return Currency Fund. Learn more about Ms. Limhere.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

The views expressed in the report and summarized herein are the personal views of Neil Brown and Frances Lim of KKR and do not necessarily reflect the views of KKR or the strategies and products that KKR offers or invests. Nothing contained herein constitutes investment, legal, tax or other advice nor is it to be relied on in making an investment or other decision. This release is prepared solely for information purposes and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy. This release contains projections or other forward-looking statements, which are based on beliefs, assumptions and expectations that may change as a result of many possible events or factors. If a change occurs, actual results may vary materially from those expressed in the forward-looking statements. All forward-looking statements speak only as of the date such statements are made, and neither KKR nor Mr. Brown nor Ms. Lim assumes any duty to update such statements except as required by law.

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

Source: KKR

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KKR Announces New Managing Directors

KKR

Press Release

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KKR Announces New Managing Directors

December 3, 2020

NEW YORK–(BUSINESS WIRE)– KKR today announced a newly promoted group of 26 Managing Directors, effective January 1, 2021.

“We are proud to recognize these senior leaders at KKR for their many accomplishments leading up to this very special milestone,” said Joe Bae and Scott Nuttall, Co-Presidents and Co-Chief Operating Officers of KKR. “Today and every day, we applaud them for their unwavering commitment to delivering for our clients and our companies, and we look forward to seeing all they will achieve in their new roles.”

The following individuals have been promoted to Managing Director at KKR:

  • Anne Arlinghaus – Capstone, New York
  • Brad Bellomo – Audit, New York
  • Dave Blodgett – Technology, Engineering and Data, New York
  • Paula Campbell Roberts – Global Macro Balance Sheet & Risk, New York
  • Bobby Campbell – Credit & Markets, New York
  • David Cheong – Real Estate, Hong Kong
  • Angelique Faustino – Technology, Engineering and Data, New York
  • Cristina Gonzalez – Infrastructure, London
  • Vikram Govindan – Insurance Strategy & Strategic Finance, London
  • Jake Heller – Next Generation Technology, New York
  • Jill Henn – Human Capital, London
  • Franziska Kayser – Private Equity, London
  • Jae Ko – Client and Partner Group, Hong Kong
  • Sanjay Kothari – Technology, Engineering and Data, New York
  • Nonie Lame – Human Capital, New York
  • William Needham – Credit & Markets, London
  • Gabriele Questa – Capstone, London
  • Daniel Rudin – Real Estate, New York
  • Michael Russell – Credit & Markets, San Francisco
  • Kugan Sathiyanandarajah – Health Care Strategic Growth, London
  • Elizabeth Seeger – Public Policy and Affairs (ESG), Washington DC
  • Vance Serchuk – Public Policy and Affairs (KGI), New York
  • Jigar Shah – Corporate NBFC, Legal & Compliance, Mumbai
  • Stephen Shanley – Next Generation Technology, London
  • Deran Taskiran – Capstone, New York
  • Emil Werr – Technology, Engineering and Data, New York

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

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

Source: KKR

Categories: People

Sightline Payments Announces Strategic Investment from Searchlight Capital Partners – Valuing the Business at $525 Million

Searchlight Capital

  • Strategic investment from global PE fund with successful track record in FinTech and vertical technology; Sightline Payments management invest in partnership with Searchlight Capital Partners in transaction
  • Sightline is strongly positioned to respond to the massive explosion in consumer interest in both online sports and iGaming, as well as growth in lottery, entertainment, gaming and hospitality
  • Recent events, as well as responsible gaming initiatives designed to increase transparency and improve customer insight, have combined to create a strong push for the company’s digital cashless solutions among consumers, operators and regulators
  • The domestic Total Addressable Market (TAM) for Sightline’s solutions is estimated at $265 billion
  • Sightline President of Americas Joe Pappano appointed Chief Executive Officer

LAS VEGAS, Nevada – December 9, 2020 – Sightline Payments (“Sightline” or the “Company”), a dynamic Financial Technology (FinTech) company that is enabling the next generation of cashless, mobile and omni-channel commerce solutions for the gaming, lottery, sports betting, entertainment and hospitality ecosystems, today announced a strategic investment from Searchlight Capital Partners (“Searchlight”), a leading global private investment firm with more than $8 billion in assets under management. The transaction establishes a post-money valuation of $525 million for the Company.

Sightline serves many of the premier gaming and entertainment operators in the United States including the top-10 sports betting and gaming operators. The Company is poised for significant growth with 60+ programs live in 39 States. Additionally, sports betting is now legalized in 25 states with ballot initiatives underway in more key markets.

Play+, Sightline’s flagship solution for seamless and secure pay-and-play with nearly 1.5 million enrolled accounts, is the leading cashless mechanism for users to safely and easily store money and fund their entertainment on gaming apps, on the gaming floor, and on sports platforms with instant access to their money, anytime, anywhere – all from a smartphone. Customers can also use their Play+ account for transactions at restaurants, retail or e-commerce outlets, and can make ATM withdrawals to easily access their funds while earning valuable loyalty benefits.

The Play+ solution has proven particularly valuable to operators and customers given accelerating demand from consumers for digital payments and cashless integration. Not only has demand for cashless payments in integrated resorts gained tremendous momentum, but sports betting is burgeoning. Play+ remains the premier choice of patrons moving money in and out for iGaming, mobile sports, horse racing and lotteries – all forms of entertainment that are experiencing significant growth.

Concurrent with today’s announcement, Sightline Payments co-founder and Chief Executive Officer, Kirk Sanford announced his retirement and resignation from the Company’s Board.  Sightline President of Americas, Joe Pappano; a 30-year FinTech, payments and gaming industry veteran, has been appointed as Chief Executive Officer and a Director of Sightline.

“Sightline is undergoing an exciting and important transformation and Joe will be an incredible leader, a fierce customer advocate, and is an industry powerhouse. I am confident in his ability to deliver truly phenomenal business performance,” said Kirk Sanford. “I also want to offer my sincere thanks to my incredibly talented colleagues and to the Sightline Board for their guidance and leadership during my tenure. Searchlight is a first-class firm that values and respects those who built the company and whose capital, strategic guidance and operational support will help create considerable long-term value.”

“Kirk has been an exceptional visionary and during his tenure grew the company into a leader in the FinTech industry,” said Sightline Payments co-founders Tom Sears (Chief Operating Officer) and Omer Sattar (EVP Strategy). “Thanks to his many years of hard work, dedication and guidance, Sightline is well-positioned to continue its leadership role in digital payments technologies for the entertainment and gaming ecosystem. The new capital from Searchlight, plus the addition of seasoned and proven executives in key roles will help drive our efforts to be a customer-centric, highly efficient growth company.”

“We have tremendous respect for the work Kirk, Joe and the rest of the management team at Sightline Payments have done over the last 10 years in developing breakthrough innovations in payments technologies,” said Christopher Cruz, Managing Director at Searchlight. “The company is well-positioned to ride the secular trends of consumers’ demand for cashless and digital payments and significant end market expansion. Searchlight is proud to partner with the Sightline management team and co-founders in this investment and to support the acceleration of its growth and innovation.

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Platinum Equity to Acquire Ingram Micro for $7.2 Billion

Platinum

Acquisition of World’s Largest Technology Distributor and Leading Provider of Logistics Solutions and Services to Leverage Platinum Equity’s Industry Experience, Financial Resources and Global Operating Expertise

Ingram Micro, with $47 Billion of Annual Sales, Gains Added Flexibility and Resources to Accelerate Growth and Execute on Strategic Initiatives Under Platinum Equity’s Ownership

LOS ANGELES and IRVINE, California (December 9, 2020) – Platinum Equity today announced that it has entered into a definitive agreement to acquire Ingram Micro Inc., the world’s largest provider of technology logistics services and solutions, from HNA Technology Co., Ltd, a part of HNA Group, in a transaction valued at $7.2 billion. The sale is expected to be completed by the first half of 2021, subject to HNA Technology shareholder and customary regulatory approvals.

Founded in 1979 and headquartered in Irvine, California, Ingram Micro is an integral part of the technology and commerce ecosystems, helping its partners maximize the value of the technology that they make, sell or use. The company generated more than $47 billion in revenue for fiscal year 2019.

“Ingram Micro is an industry leader, one of the largest companies in the world and will be a cornerstone investment in our portfolio,” said Platinum Equity Chairman and CEO Tom Gores. “We have the resources and the experience to help the company pursue an aggressive agenda of growth and transformation.”

“Ingram Micro is an industry leader, one of the largest companies in the world and will be a cornerstone investment in our portfolio,” said Platinum Equity Chairman and CEO Tom Gores. “We have the resources and the experience to help the company pursue an aggressive agenda of growth and transformation.”

With more than 35,000 employees and operations in 60 countries, the company serves more than 250,000 customers and partners with over 2,000 vendors, including the world’s best-known technology companies. Through its vast global infrastructure and focus on cloud, mobility, technology lifecycle, supply chain and technology solutions, Ingram Micro enables business partners to operate more efficiently and successfully in the markets they serve.

“We know Ingram Micro and the industry very well and have been investors in the technology and IT distribution and solutions sectors for more than a decade,” said Platinum Equity Partner Jacob Kotzubei, whose team has led multiple technology transactions, including Platinum Equity’s recent investment in Vertiv. “We have been pursuing this opportunity for a while and have been impressed by the company’s ability to thrive while continuing to navigate these fluid and challenging times. We will work closely with the Ingram Micro leadership team to sustain that momentum and build on the company’s success.”

Upon closing, Alain Monié will continue to lead Ingram Micro as Chief Executive Officer, and the company will continue to be headquartered in Irvine, California.

“Platinum’s sector expertise, global operating capabilities and financial resources make it the ideal partner,” said Mr. Monié. “Teaming with Platinum provides an opportunity to further strengthen our competitive advantage in the cloud, speed our digital transformation and accelerate the expansion of our solutions and services portfolio, particularly for high value markets. We will also be able to broaden our geographic reach even faster, while penetrating new industries and verticals. We will maintain a strong balance sheet and will gain additional flexibility and resources to execute on our long-term strategic objectives. HNA has been a good partner for Ingram Micro, enabling us to continue to innovate and expand our global businesses. We look forward to the opportunity to accelerate this trajectory with Platinum.”

“We are pleased to have reached an agreement that delivers a strong return on HNA’s investment while ensuring that Ingram Micro has a partner committed to investing in its future growth,” said President of HNA Group North America Wang Duan. “We wish Alain and his team well and are confident that Ingram Micro will continue to succeed in this exciting new phase of growth and development under Platinum’s ownership.”

“We know Ingram Micro and the industry very well and have been investors in the technology and IT distribution and solutions sectors for more than a decade,” said Platinum Equity Partner Jacob Kotzubei, whose team has led multiple technology transactions, including Platinum Equity’s recent investment in Vertiv. “We have been pursuing this opportunity for a while and have been impressed by the company’s ability to thrive while continuing to navigate these fluid and challenging times. We will work closely with the Ingram Micro leadership team to sustain that momentum and build on the company’s success.”

“Ingram Micro’s scale, diverse customer and vendor relationships and track record for innovation, create the perfect platform for us to help accelerate growth, both organically and through additional M&A,” said Platinum Equity Managing Director Matthew Louie. “It also provides exciting opportunities in one of the fastest-growing sectors in technology as corporations continue to migrate to cloud or hybrid solutions.”

Morgan Stanley & Co. LLC and Goldman Sachs & Co. are acting as financial advisors, and Morgan Lewis as legal counsel, to Platinum Equity on the acquisition of Ingram Micro. Willkie Farr & Gallagher LLP is providing financing legal counsel, and debt financing commitments have been obtained from J.P. Morgan, Bank of America and Morgan Stanley Senior Funding, Inc.

Davis Polk is providing legal counsel to HNA Technology on the sale of Ingram Micro and J.P. Morgan is acting as financial advisor in connection with the transaction.

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

About Ingram Micro
Ingram Micro helps businesses realize the promise of technology. It delivers a full spectrum of global technology and supply chain services to businesses around the world. Deep expertise in technology solutions, mobility, cloud, and supply chain solutions enables its business partners to operate efficiently and successfully in the markets they serve. Unrivaled agility, deep market insights and the trust and dependability that come from decades of proven relationships, set Ingram Micro apart and ahead. Discover how Ingram Micro can help you realize the promise of technology. More at www.ingrammicro.com.

Media Contacts:

Dan Whelan, Platinum Equity
(310) 282-9202
dwhelan@platinumequity.com

Damon Wright, Ingram Micro
(714) 382-5013
damon.wright@ingrammicro.com

Investor Relations
and Media Contacts:

Mark Barnhill
Partner
+1 310.228.9514 E-mail Mark

Dan Whelan
Principal
+1 310.282.9202 E-mail Dan

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Public Transit Big Data Provider Swiftly Receives Strategic Growth Investment from JMI Equity to Expand Ability to Make Cities Move Efficiently

JMI Equity

Partnership with JMI to accelerate digital transformation of public transit

SAN FRANCISCO–(BUSINESS WIRE)–Swiftly, the leading big data platform for public transit, today announced that it has received a strategic investment from JMI Equity (“JMI”), a growth equity firm focused on investing in leading software companies, with participation from Shakti Ventures. JMI and Shakti join an existing group of investors, including Renewal Funds, Via ID, Aster Capital, and Wind Capital, to help Swiftly accelerate the development of its industry-leading big data platform to support hundreds of transit agencies and operators around the world. With the added resources from JMI, Swiftly plans to double headcount and expand its customer-facing teams to serve more public transit agencies and operators globally.

“Public transit has been, and will continue to be, the backbone of our cities,” said Jonny Simkin, co-founder and CEO of Swiftly. “And now as we look to emerge from the pandemic with innovative vaccines in sight, our communities and transit agencies must evolve and become smarter. Digital, cloud-based technology will be a key part of this journey. We’re excited about our partnership with JMI because we believe we have found the best long-term partner for us – one that shares our culture, our values, and our vision for the future of public transit. With this new investment, we now have the resources to double down on our mission to make cities move efficiently.”

Swiftly has created the first cloud-based big data platform specifically designed for public transit data and operations. Unlike legacy transit software, Swiftly leverages big data and sophisticated algorithms to drive reliable and efficient public transit, thereby improving the rider experience. Further, the platform includes a suite of APIs (Application Programming Interfaces) that enable public transit networks to connect and integrate services with other modes of transportation.

The public transit space is ripe for digital transformation. While this trend has been in full swing for at least a decade, only recently has public transit started to embrace modern digital solutions. The pandemic has accelerated the need for agencies to be agile and efficient, but by and large, agencies still rely on decades-old technology to keep millions of people moving through their cities.

“Swiftly’s cloud platform empowers public transit agencies to transform mobility operations for the future,” said Brian Hersman, General Partner of JMI Equity. “We are excited to partner with Jonny, his impressive team, and Swiftly’s other investors to help accelerate the digital transformation and growth of mass transit systems globally.”

Swiftly has seen rapid growth over the past 12 months with new sales doubling year over year. The company now serves more than 90 transit agencies, operators, and cities, including SEPTA (Philadelphia), MBTA (Boston), MDOT MTA (Baltimore), Miami-Dade Transit, Capital Metro (Austin), VIA (San Antonio), VTA (San Jose), ComfortdelGro (Australia), SAPTA (Adelaide), Straeto (Iceland), and Region Värmland (Sweden). Over 5,500 transit professionals use the Swiftly platform to improve the rider experience on more than 1.6 billion passenger-trips per year.

For more information about Swiftly and this strategic investment from JMI, please see our related blog post here.

AQ Technology Partners served as Swiftly’s financial advisor on the transaction, and Gunderson Dettmer LLP provided legal counsel. Goodwin Procter LLP served as legal counsel to JMI.

About Swiftly

Swiftly has created the first big data platform specifically designed for transportation data and operations. Swiftly works with over 90 city transit networks around the world, including MBTA in Boston, Capital Metro in Austin, VIA in San Antonio, VTA in San Jose, and MDOT MTA in Baltimore, supporting over 5,500 transit agency professionals and impacting over 1.6 billion passengers per year. Swiftly has helped customers improve arrival predictions by up to 30% and complete planning projects up to 90% faster, resulting in increased ridership, fewer passenger complaints, and more efficient transit operations. For more information, visit www.goswift.ly.

About JMI Equity

JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 150 businesses in its target markets, successfully completed over 100 exits, and raised more than $4 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information, visit www.jmi.com.

Contacts

For Swiftly
John Eng
Chief Marketing Officer
john@goswift.ly
415-570-9658

For JMI Equity
Chuck Dohrenwend / Will Braun
Abernathy MacGregor
cod@abmac.com / whb@abmac.com
212-371-5999

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Undertaking transformational development projects

FPE Capital

FPE Capital recently held a webinar for all portfolio CTOs to discuss how to maximise success when undertaking transformational development projects. Dominic Aslan, CTO of the IWSR, the beverage alcohol data business, presented on his work rebuilding the IWSR’s internal research systems and the customer facing database products.

The IWSR has been investing significantly to transform their front and back office systems, moving away from disparate systems and manual processes to a consolidated and scalable platform that will both increase internal research efficiency and provide customers with a far more effective database and toolkit to analyse and derive greater value from IWSR’s datasets.

Dominic provided valuable insight into his experience undertaking such a large scale, business critical project, covering project scoping, co-ordinating internal and external development teams, and stakeholder management. With the platform now ready for deployment, the key area of discussion amongst the group was the benefits and risks of a ‘big bang’ deployment versus an incremental rollout.

A key takeaway from the discussions was the need for CTOs and development teams to be well linked in with the commercial side of the business. Whilst a ‘big bang’ approach may be desirable from a technical perspective, such a strategy may be highly challenging from a customer perspective. Such an approach can be derailed by issues specific to each customer, potentially as simple as having key staff absent on the go-live date, or more complex challenges such as lacking technical capabilities to make any internal changes before the go-live date. Excellent coordination between the technical team and account management is therefore crucial to ensure effective communication of new software deployments, management of customer adoption, and ultimately the success of the deployment.

As growth capital investors, FPE understands the challenges common to all rapidly growing software and tech enabled services businesses. FPE facilitates and encourages its portfolio companies to share knowledge and best practice in multiple areas including software development, sales and marketing, and talent recruitment and retention. The CTO forum is a recurring event designed to facilitate such knowledge sharing, and to discuss key developments occurring within the FPE portfolio.

Categories: News

Reneo Pharmaceuticals Raises $95 Million in Series B Financing, Co-led by Novo Ventures and Abingworth

Abingworth

Gregory J. Flesher Appointed President and Chief Executive Officer

SAN DIEGO, December 9, 2020 – Reneo Pharmaceuticals, Inc. today announced it raised $95 million in a Series B financing co-led by Novo Ventures and Abingworth and supported by existing investors New Enterprise Associates, RiverVest Venture Partners, Pappas Capital, and Lundbeckfonden Ventures, as well as new investors Rock Springs Capital, Aisling Capital, Amzak Health, and other investors. Reneo is a clinical stage pharmaceutical company focused on the development of therapies for patients with genetic mitochondrial diseases.

“The Reneo team has done an exceptional job developing REN001, a product that we believe has broad potential in genetic mitochondrial diseases. We look forward to working with the company as they endeavor to bring this product to patients,” said Kenneth Harrison, Partner at Novo Ventures. Bali Muralidhar, Partner at Abingworth added, “We are encouraged by both the nonclinical and clinical data for this potential first-in-class product. With this financing, Reneo will now be able to achieve several key clinical milestones, including completion of a global phase 2 study in primary mitochondrial myopathies.”

Reneo also announced today the appointment of Gregory J. Flesher as President, Chief Executive Officer, and a member of the Board of Directors. Mr. Flesher has more than 25 years of biopharmaceutical industry experience, including senior leadership roles at Novus Therapeutics, Avanir Pharmaceuticals, Intermune, Amgen, and Eli Lilly and Company. Dr. Niall O’Donnell, the founding Chief Executive Officer of Reneo and a managing director at RiverVest Venture Partners, will remain as a member of the Board of Directors.

“We are extremely pleased with the addition of an outstanding investor syndicate as well as a highly experienced CEO,” said Mike Grey, Executive Chairman of Reneo. “We now have the resources and leadership to continue the development of REN001 in several areas of unmet need including primary mitochondrial myopathies, fatty acid oxidation disorders, and McArdle disease.”

“I am honored to be part of such an extraordinary team and a program that has the potential to help the many patients with genetic mitochondrial diseases,” said Mr. Flesher. “I look forward to working with the Board and management team in the coming years as we continue to advance REN001 and grow the company.”

About REN001
REN001 is an oral, once-daily investigational drug known to control several genes involved in mitochondrial activity. Mitochondria are the powerhouses of the cell, where carbohydrates, fats, and proteins are used to generate the energy the body needs. Reneo is developing REN001 as a first-in-class treatment option to improve cellular energy metabolism by enhancing mitochondrial function and potentially increasing the number of mitochondria.

About Primary Mitochondrial Myopathies (PMM)
Primary mitochondrial myopathies (PMM) are a group of rare, often life-threatening diseases, caused by mutations in mitochondrial or nuclear DNA. These mutations hamper the ability of affected cells to break down food and oxygen and produce energy. There are no approved drugs for the treatment of PMM. Reneo is planning to initiate a global phase 2 clinical trial in PMM in early 2021, with trial sites located in the U.S., Australia, and Europe (ClinicalTrials.gov Identifier: NCT04535609).

About Fatty Acid Oxidation Disorders (FAOD)
Fatty acid oxidation disorders (FAOD) are a group of rare, potentially life-threatening genetic metabolic disorders that affect the body’s ability to use fats from food as a source for energy. Reneo is currently enrolling a REN001 phase 1b clinical trial in FAOD, with trial sites located in the U.S. and Europe (ClinicalTrials.gov Identifier: NCT03833128).

About McArdle Disease
McArdle disease (also known as glycogen storage disease type 5) is a rare genetic metabolic disorder that affects the body’s ability to use muscle glycogen (stored glucose) as a source of energy for skeletal muscles. There are no approved drugs for the treatment of McArdle disease. Reneo is currently enrolling a REN001 phase 1b clinical trial in McArdle disease, with trial sites located in Europe (ClinicalTrials.gov Identifier: NCT04226274).

About Reneo Pharmaceuticals
Reneo Pharmaceuticals is a clinical stage pharmaceutical company focused on the development of therapies for patients with genetic mitochondrial diseases. Many of these diseases are associated with deficiencies in mitochondrial energy production. The company’s goal is to improve daily function and quality of life of patients suffering from these diseases, most specifically, by improving how their mitochondria work, preserving muscle function, and preventing muscle injury, weakness, and wasting. The experienced team of drug development experts, who have collaborated on many successful programs, is dedicated and passionate about finding effective therapies for these complex rare diseases. For more info, please visit reneopharma.com.

About Novo Holdings A/S
Novo Holdings A/S is a private limited liability company wholly owned by the Novo Nordisk Foundation. It is the holding and investment company of the Novo Group, comprising Novo Nordisk A/S and Novozymes A/S, and is responsible for managing the Novo Nordisk Foundation’s assets. 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. For more info, please visit novoholdings.dk.

About Abingworth
Abingworth is a leading transatlantic life sciences investment firm. Abingworth helps transform cutting-edge science into novel medicines by providing capital and expertise to top calibre management teams building world-class companies. Since 1973, Abingworth has invested in 168 life science companies, leading to 44 M&As and 69 IPOs. Our therapeutic focused investments fall into three categories: seed and early-stage, development stage, and clinical co-development. Abingworth supports its portfolio companies with a team of experienced professionals at offices in London, Menlo Park (California), and Boston. For more info, please visit abingworth.com.

Media Contact: Jessica Yingling, Ph.D, Little Dog Communications Inc., jessica@litldog.com, (858) 344-8091

Corporate Contact: Wendy Newman, Head of Advocacy & Communications, Reneo Pharmaceuticals, Inc., wnewman@reneopharma.com, (858) 283-0289

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