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Sole Source Capital Acquires Dallas Plastics

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Transaction Marks the Firm’s First Manufacturing Investment and 12th Investment Since Inception

Acquisition Positions Dallas Plastics to Expand Best-in-Class Platform and Accelerate Growth in Attractive Medical & Food Packaging Sectors

Kevin Pierce Appointed Chief Executive Officer

SANTA MONICA, Calif., Oct. 7, 2020 /PRNewswire/ — Sole Source Capital LLC (“Sole Source” or the “Firm”), an industrial-focused private equity firm providing capital to North American lower-middle market companies, today announced the acquisition of Dallas Plastics (the “Company”), a leading manufacturer of blown polyethylene film with printing, embossing, and other value-added capabilities for the medical, food, and industrial end markets. Terms of the transaction were not disclosed.

Founded in 1989, Dallas Plastics is a leading independent producer of high-performance specialty films used in flexible packaging and other end-use markets. Dallas Plastics has established itself as a high quality, service-oriented manufacturer that utilizes leading-edge technology to best serve its customers. The films are made with the finest quality materials and are carefully processed in a controlled manner so customers consistently experience a superior product that is ideal for medical, food, and consumer applications. The Company has three manufacturing facilities in the United States, making it a strong choice for servicing any customer in North America.

As part of the transaction, Kevin Pierce, Dallas Plastics’ Chief Operating Officer, will assume the role of Chief Executive Officer. Founder Dennis Pierce will remain with the Company as a Senior Advisor.

By leveraging Sole Source Capital’s experience investing in leading industrial companies and its operating and M&A capabilities, this partnership will propel Dallas Plastics’ continued expansion across North America. The Firm will leverage Dallas Plastics’ strong reputation and network of relationships to source investment opportunities and execute its M&A strategy.

“Our team identified the flexible packaging space as an area of focus due to its attractive end markets, primarily medical and food. Dallas Plastics is the right cultural fit for our firm with a strong track record of integrity and a customer-first mentality. This is our 12th transaction, and another example of being the preferred partner for private companies. We will immediately implement management’s vision of investing in technology, adding capacity, and making acquisitions,” said David A. Fredston, Managing Partner of Sole Source Capital.

“Dallas Plastics’ differentiated approach and mission-critical products have positioned the Company as a leader in a fragmented industry,” added Scott Sussman, Partner, M&A at Sole Source Capital. “With an experienced management team, devoted customer base, and acquisition-ready infrastructure, we are confident that Dallas Plastics is poised to capitalize on a range of compelling opportunities for continued growth.”

“This investment is a testament to the tremendous efforts and hard work of the Dallas Plastics’ team, and demonstrates the high growth potential of our platform,” said Kevin Pierce. “Throughout the process, Sole Source has demonstrated a deep understanding of the flexible packaging space, and we have been impressed with their track record of building leading industrial companies. I am eager to take on this expanded role as we partner with them and continue expanding, both organically and through strategic acquisitions, while offering unparalleled customer service and quality to our customers.”

Current Capital Partners advised Sole Source Capital on the acquisition. Mesirow Financial served as the financial advisor to Dallas Plastics.

About Sole Source Capital

Founded in 2016 by David Fredston, Sole Source Capital is an operationally-focused lower-middle market private equity firm that targets investments in high-growth industrial sub-sectors including precision manufacturing, diversified distribution, packaging, and industrial services. Sole Source seeks to partner with strong management teams and founder-owned businesses that will benefit from the team’s operating and M&A capabilities. The Firm is headquartered in Santa Monica, California. For more information, please visit www.solesourcecapital.com or contact investor.relations@solesourcecapital.com.

About Dallas Plastics

Headquartered in Mesquite, Texas and with locations in Longview, Texas and Wentzville, Missouri, Dallas Plastics is a leading manufacturer of blown polyethylene film with printing, embossing and other value-added capabilities for the medical, food and industrial end markets. As experts in blown film manufacturing, the Company works to provide quality, integrity, value and innovation to their customers. For more information, please visit www.dallasplastics.com.

Media Contact

Julie Oakes / Kate Thompson / Julia Sottosanti
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

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Allegro.eu IPO commences trading on the Warsaw Stock Exchange

Cinven

Investment in the customer proposition, management team and platform drives value creation.

Allegro.eu (“Allegro” or “the Group”), a global top ten e-commerce platform and the leading and most recognised internet brand in Poland, completed its successful listing on the Warsaw Stock Exchange (“WSE”) today with its shares trading under the symbol “ALE”.  The listing, which was executed via a placing to both institutional and retail investors, represents the largest initial public offering (“IPO”) on the WSE to date. At the IPO price of PLN 43 per share, the implied market capitalisation is PLN 44 billion (€9.8 billion).

Funds advised by Cinven, Permira and Mid Europa Partners (together “the Sponsors”) acquired Allegro.eu in January 2017 for US$3.25 billion (€2.75 billion). The value creation strategy involved investing in the experience and convenience of Allegro’s services to both consumers and merchants.  Initiatives included the development of a best-in-class mobile app, improved logistics solutions and pricing tools, and the launch of Allegro SMART! –  the subscription-based loyalty program whose subscriber base has grown to 2.1 million subscribers at 30 June 2020.

The impact of these initiatives, under leadership of Allegro’s Chairman Darren Houston, CEO François Nuyt and the enhanced management team recruited to the Group, has been significant.  Over the lifetime of the Sponsors’ investment, GMV grew by 99%, net revenue by 102% and adjusted EBITDA by 113% on a last-twelve month (“LTM”) basis.  Most recently, GMV growth increased further to 54% (LTM to 30 June 2020) as consumers turned to Allegro to provide them with goods during the ongoing COVID-19 pandemic.

In addition to the significant business growth and value creation, Allegro has seen a substantial increase in employees from 1,380 at the end of 2016 to nearly 2,300 as at 30 June 2020.

Due to the strength of investor demand the original offer of shares was up-sized, with c. 182.6 million shares sold by the Sponsors in the IPO (in aggregate), raising PLN 7.85 billion (€1.76 billion) while retaining an aggregate equity stake in the Group of c. 73% post-listing (before exercise of the over-allotment option).  Should the over-allotment option be fully exercised, the Sponsors will realise a further PLN 1.38 billion (€308.72 million).

Commenting on the IPO, David Barker, Partner of Cinven said:

“When we originally invested in Allegro in 2017, it was a good business with a good reputation. We brought in a new management team, led by the highly experienced Chair, Darren Huston, and CEO, François Nuyts. Together with management and our co-shareholders, we focused on improving the experience for both customers and merchants on the platform and created the ongoing improvements evident in the operating metrics and financial performance of the business. As a result, Allegro is now a great business with an excellent reputation and has an exciting outlook for future growth.”

Richard Sanders, Partner of Permira added:

“Over the last four years, Allegro has grown from strength to strength. With a long-term growth mindset, the company has continued to make significant investments in headcount and technology to improve the consumer and merchant experience. This has spanned everyday retail basics – such as lowering prices and broadening selection – to longer-term strategic bets like Smart!, which are fundamentally transforming the quality of the online shopping experience in Poland. Today marks the next step in the company’s growth trajectory, and we are very excited to continue working with Darren, Francois and the management team.”

Paweł Padusiński, Partner and Head of Warsaw Office of Mid Europa Partners added:

“Allegro’s success story is one of the best testimonies to Mid Europa’s strategy focused on supporting the leading consumer facing businesses in Poland and Central Europe. During our investment in Allegro, we have provided our local investor perspective to the Board and, through our Warsaw based team, have worked closely with Allegro’s highly talented and motivated management. Jointly with our partners, we have helped develop Allegro into a Top 10 global e-commerce marketplace. I am very pleased that this CEE success story was recognized by so many reputable institutional and retail investors. Allegro can now start its new growth chapter as a public company, after having completed the largest ever IPO on the Warsaw Stock Exchange.”

Lazard & Co., Limited acted as Independent Financial Advisor; Goldman Sachs International and Morgan Stanley & Co. International plc acted as global coordinators and joint bookrunners; Barclays Bank PLC, BofA Securities Europe SA, Citigroup Global Markets Limited and Dom Maklerski Banku Handlowego S.A. as joint bookrunners; Santander Bank Polska S.A and BM PKO BP as joint bookrunners and co-offering agents in Poland in connection with its offer to retail investors;  Bank Polska Kasa Opieki Spółka Akcyjna, Crédit Agricole Corporate and Investment Bank, Erste Group Bank AG, Pekao Investment Banking S.A. and Raiffeisen Centrobank AG, as co-lead managers.

Clifford Chance acted as legal counsel to the Issuer; Allen & Overy acted as legal counsel to the underwriters; Greenberg Traurig Grzesiak acted as legal counsel to the underwriters with respect to legal matters of Poland and on the admission of Allegro shares to listing on the Warsaw Stock Exchange; PwC acted as reporting accountant; E&Y acted as tax advisor; FTI Consulting LLP and NBS Communications provided strategic communications advice to Allegro.eu internationally and in Poland, respectively.

 

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Bluegem III, SCSp has signed the acquisition of Béaba Group from Bridgepoint

Bleugem

Bluegem is pleased to announce that it has signed the acquisition of the Béaba Group, owner of the Béaba and Red Castle brands, from Bridgepoint, Indigo and Société Cantilienne de Participations.

Since 1989, the French brand Béaba has accompanied parents at all moments of their baby’s life with high-quality, innovative and simple to use products, such as the brand’s hero product, the Babycook.

After conducting a capital and financial restructuring of the Béaba Group in 2017, Bridgepoint entrusted the Group’s chairmanship to Julien Laporte to accelerate Béaba’s transformation. Since then, the former member of Danone and L’Oréal has worked hand in hand with Bridgepoint to roll out a new strategic plan based on three main strategic axes:

• Innovation, with the release in early 2019 of a new “Made in France” version of its iconic product, the Babycook (the “Neo”), in parallel with the launch of 30 other new products.

• Béaba’s positioning as a multichannel player: the Group has readjusted and optimised its digital identity, and has strongly increased its direct sales via its BtoC website (Béaba sales tripled in one year).

• Acceleration of the Group’s international development to leverage on fast growing markets, particularly in Asia and the United States (leading to a sales growth of more than 20% per year in North America), after reorganising and resuming direct distribution in Germany (doubling of sales) and in Benelux. In early 2020, the Group took over direct control of its Chinese operations through a joint venture agreement with its local distributor.

Bolstered by the Group’s very strong sales in spite of Covid-19 turbulence, Bridgepoint gave Clearwater International a divestiture mandate in early summer 2020. In a context that witnessed strong interest from both strategic and financial investors, Bluegem pre-empted the sales process by submitting a firm offer in early September 2020.

Bluegem and the management team intend to pursue the Group’s current growth strategy and plan to make Béaba a European leader in the childcare sector.

With its strong track record in European consumer brands, Bluegem will support the management team on several strategic projects, including:

• The internationalisation of the Béaba brand, particularly in the United States, Asia-Pacific, Germany and the United Kingdom (where Bluegem holds another major player in the childcare sector: Mamas & Papas).

• Continued efforts to digitise the Group.

• Launch of new flagship products for the Group.

• Ramping up critical mass race through bolt-on acquisitions, particularly abroad.

Julien Laporte, CEO of the Béaba Group, explains: “We are grateful for Bridgepoint’s strong support in recent years. We are very pleased to start this new phase of development with Bluegem, which will allow us to accelerate our international growth and product innovations.”

Mathieu Develay, Head of Operations in France for Bluegem, continues: “We are delighted to be able to partner with Julien Laporte and his team in this new growth phase for Béaba. This investment fits perfectly with Bluegem III’s strategy, namely, to support strong and innovative brands in consumer goods, which have a growing international presence and a significant share of their sales online.”

Olivier Nemsguern, Managing Partner of BDC in France, declares: “This exit is a great success and is the recognition of BDC’s efforts and support for this unique brand. We are delighted with this passing of the torch, which demonstrates the relevance of the Group’s strategy, which we have supported alongside Management for several years.”

Stakeholders and advisors

Bridgepoint (Olivier Nemsguern, Louis Paul-Dauphin) was advised by Clearwater International (Philippe Guézenec, Matthias Krimmel, Alexis Vernay), PwC (Stéphane Salustro, Maxence Pleynet) and Racine Avocats (Mélanie Coiraton, Elena Pintea-Pouchkine).

BlueGem (Marco Capello, Mathieu Develay) was advised by Oaklins France (Thibaut de Monclin, Hadrien Mollard), Alvarez & Marsal (Jonathan Gibbons), Baker & McKenzie (David Allen, Antoine Caillard), Arsene Taxand (Alexandre Rocchi), Marlborough Partners (Romain Cattet) and Willkie Farr (Paul Lombard).

Bank financing will be provided by Oldenburgische Landesbank Aktiengesellschaft (“OLB”).

About Béaba Group

Béaba Group, created in 1989 with the invention of the Babycook, is one of the leaders in small childcare items and generates a turnover of nearly €50 million, half of which is international.

With more than a hundred employees, mostly based in France at Béaba’s historic site inOyonnax (Ain), the Group designs, develops and markets innovative and easy-to-use products to aid parents. With offices in several European countries as well as in Hong Kong, the United States and China, Béaba Group is particularly focused on international development.

Thanks to its flagship products, Béaba is a reference brand in the childcare sector.

www.beaba.com

About Bluegem Capital Partners

Bluegem Capital Partners is a London-based pan-European, mid-market private equity manager, established in 2007. It focuses on consumer businesses across all verticals

Bluegem specialises in supporting leading European brands in the consumer goods sector. Its second fund holds investments in Mamas & Papas (childcare), Iconic London (makeup), QMS (cosmetics), Dr. Vranjes (indoor perfumery)and others.

Béaba is Bluegem’s third investment in France after DMC in 2016 (world leader in embroidery thread, stake sold to Lion Capital in 2019) and Big Fernand in 2017 (gourmet burgers).

Bluegem is currently investing its third fund.

www.bluegemcp.com

About Bridgepoint Development Capital (BDC)

In France, the smid-cap activity of the international private equity group Bridgepoint includes:

– Bridgepoint Development Capital (BDC) whose portfolio consists of 5 companies: Anaveo (acquired in December 2015), CIR (acquired in October 2017), PrivateSportShop (acquired in July 2018), Bee2Link (acquired in February 2019) and Cyrus (acquired in 2020).

– Bridgepoint Portfolio Services (BPS), which took over 13 holding companies from EdRCP in summer 2014 and now includes Sotralu.

Bridgepoint Development Capital (BDC), with a team of 28 professionals in Europe (including 9 in Paris), is now one of the few investors in smid-cap able to support midcaps in their international development thanks to the support of Bridgepoint’s nine investment offices and its operational teams based in New York, San Francisco and Shanghai.

Bridgepoint Development Capital (BDC) specializes in smid-cap transactions, investing equity tickets between €30 and €130 million.

Its fourth fund, BDC IV, worth €1.7 billion was raised in 2020. Its previous fund, BDC III, with €670 million raised in 2016, is approaching the end of its investment period, with 80% of the fund already invested in 12 assets.

www.bridgepoint.eu

Press contacts:

For Beaba Group:

Anita Jean / anita.jean@beaba.com / +33 (0)4 74 12 03 51

For Bluegem Capital Partners:

Mathieu Develay / m.develay@bluegemcp.com / +44 (0)784 134 0204

For Bridgepoint Development Capital:

CTCom : Sibylle Descamps / sibylle.descamps@ct-com.com / +33 (0)6 82 09 70 07

Image 7 : Charlotte Mouraret / cmouraret@image7.fr / +33 (0)6 89 87 62 17

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IK Investment Partners enters exclusive negotiations with Ardian for the acquisition of Kersia

ik-investment-partners

IK Investment Partners (“IK”), a leading private equity firm, is pleased to announce that the IK IX Fund (“the Fund”) has entered into exclusive negotiations with Ardian, a world-leading private investment house, to acquire a majority stake in Kersia (“the Company”), a global leader in biosecurity and food safety. Financial terms of the transaction are not disclosed.

Kersia was formed as a new company in 2016 after Hypred acquired Antigerm, LCB Food Safety, G3, Kilco, Choisy Laboratories and Holchem, with each acquisition carefully chosen for their complementary technologies, leading market positions, and business expertise. The Company has tripled in size in less than four years.

Over the last four years, Kersia has grown to become a global leader in biosecurity and food safety. The Company, which has revenues in excess of €300 million, now operates in more than 120 countries with a workforce of over 1,500 people.

Sébastien Bossard, CEO of Kersia said: “We are delighted that IK, one of the most educated and experienced sponsors in our sectors of activity, has entered into negotiations to support us on our next stage of growth. Together, we will be able to pursue this extraordinary entrepreneurial adventure, of which we are proud. We will rely on our teams and innovative solutions, while continuing to serve farmers, food manufacturers and restaurant owners, as well as our customers in the health sector, who have placed their trust in us for many years. We would like to thank Ardian for their incredible contribution over the past four years.”

Dan Soudry, Managing Partner at IK and advisor to the IK IX Fund said: “We are very impressed by Kersia’s expertise and impressive track record of growth demonstrated over recent years. Kersia has built robust market positions globally, while keeping its customers at the centre of its strategy. We are delighted to have the opportunity to support Kersia and its management team in their growth strategy and consolidation of the biosecurity market.”

Thibault Basquin, Head of Americas Investments for Ardian Buyout and Managing Director added: “I would like to sincerely congratulate Sébastien Bossard and all the teams at Kersia for the tremendous adventure we have experienced in recent years. With the support of Ardian, Kersia has notably deployed a strong sustainability roadmap. Leading a responsible growth strategy and the integration of six companies in such a short period of time requires first-rate skills and discipline. We are proud to have contributed to this success.”

The transaction remains subject to the approval of antitrust authorities and to the information and consultation processes of the relevant employee representative bodies in accordance with applicable laws.

Kersia is the first investment in the IK IX Fund, which closed earlier this year at its hard cap of €2.85 billion.

Parties involved with the transaction

Buyside
IK Investment Partners: Dan Soudry, Rémi Buttiaux, Vincent Elriz, Guillaume Veber, Mathieu Carton
Buyer Financial advisor: Amala Partners (Jean-Baptiste Marchand), Natixis Partners (Ludovic Tron, Thomas Laroque, Bertrand Duquesne)
Buyer Legal advisor: Willkie Farr & Gallagher (Eduardo Fernandez, Grégory de Saxcé)
Buyer Strategic DD: Bain & Company (Daphne Vattier)
Buyer Financial DD: Eight Advisory (Pascal Raidron, Katia Wagner, François Gallizia)
Buyer legal, tax, social DD: KPMG (Florence Olivier, Albane Eglinger, Xavier Houard)
Management legal advisor: Claris Avocats (Me Marie-Isabelle Leveques), Cornet Vincent Segurel (Me Pierre Lamidon)
Management Financial advisor: ManageMens (Guillaume Darbon)

Sellside
Ardian: Thibault Basquin, Nicolas Darnaud, Alexis Manet, Alexandre Vannelle, Jean-Baptiste Hunaut
Sellers Financial Advisor: Evercore (Tom Massey, Greg-Henri Bize, Paul-Emmanuel Prunet, Maximilian Rempel), Sycomore Corporate Finance (François Vigne, Tristan Dupont, Aurélien Singer, Quentin de Fréminville)
Sellers Legal advisor: Latham & Watkins (Gaëtan Gianasso, Timothée Brunello, Aymeric Fradin, François Blanchet)
Strategic VDD: Bain & Company (Jérôme Brunet, Andrea Gondekova, Ghofrane Maaroufi)
Financial VDD: Accuracy (Frédéric Loeper, Florent Lachenaud, Thomas Brandt)
Legal VDD:Latham & Watkins (Gaëtan Gianasso, Timothée Brunello, Aymeric Fradin, François Blanchet)
Tax VDD: Arsene Taxand (Mirouna Verban, Ludovic Genet)
Environment VDD: Aecom (ChinChin Lim)
Insurance VDD: Marsh (Jean-Marie Dargaignaratz)
ESG VDD: Indefi (Emmanuel Parmentier, Maxence Lavolle)

For further questions, please contact:

IK Investment Partners
Maitland/AMO
James McFarlane
Phone: +44 (0) 7584 142 665
jmcfarlane@maitland.co.uk

Kersia
Blandine Serpaud
Phone: +33 2 99 16 50 04
blandine.serpaud@kersia-group.com

Ardian
Headland
Carl Leijonhufvud
Phone: +44 (0)20 3805 4827
cleijonhufvud@headlandconsultancy.com

About IK Investment Partners

IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €13 billion of capital and invested in over 135 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikinvest.com

About Kersia

Kersia is a global leader in biosecurity and food safety with value added products and solutions to prevent diseases or contamination in both animals and humans at every stage of the food supply chain. The company also offers solutions to the healthcare sector. Kersia operates in more than 120 countries with a workforce of over 1,500 people and a turnover of more than 300 million euros. For more information, visit www.kersia-group.com

About Ardian

Ardian is a world-leading private investment house with assets of US$100bn managed or advised in Europe, North America, Asia, and South America. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.

Through its commitment to sharing the value created with all stakeholders, Ardian participates in the growth of companies and economies around the world. Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 700 employees working from fifteen offices across Europe, the Americas and Asia. It manages funds on behalf of more than 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt. For more information, visit www.ardian.com

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Eurazeo Patrimoine supports C2S GROUP’S expansion with the acquisition of four new clinics

Eurazeo

Paris, 12 October 2020
Eurazeo Patrimoine, the Eurazeo division specialising in real estate and in companies operating their own real assets, has been an investor in C2S Group since March 2018. Currently the eighth-largest operator of private clinics in France, C2S Group today announced that it has stepped up its expansion with the acquisition of four additional clinics in Franche-Comté: the Clinique Saint-Vincent and the Polyclinique de Franche-Comté in Besançon, the Clinique Saint-Pierre in Pontarlier, and the Polyclinique du Parc in Dole.

The integration of these four clinics, all leading facilities in their catchment areas, staffed by teams of recognised professionals and offering complete diagnostic and treatment services, will allow C2S Group to build up a first-rate network of clinics in Franche-Comté.

Since the acquisition of C2S in 2018, Eurazeo Patrimoine has lent its support to the Group as an active shareholder, bringing it the human and financial resources necessary for its growth, thus contributing to a twofold increase in activity in just three years, accompanied by the expansion of its network in south-east central and eastern France. The integration of five new clinics in Auxerre, Vesoul, Grenoble, Dole and Pontarlier, together with two in Besançon, all acquired over a period of less than three years, alongside the 11 facilities already being managed by C2S in 2018 when it was acquired by Eurazeo Patrimoine, has enabled the Group to increase its footprint, bringing it closer to patients and making it the leading operator of multidisciplinary clinics in the Auvergne-Rhône-Alpes and Bourgogne-Franche-Comté regions.

Thanks to the strategic vision shared by the senior executives of both C2S and Eurazeo Patrimoine, the Group has also been able to better align its business model with its values of closeness, quality, balanced medical and managerial governance, and responsible development during this growth phase.
Lastly, Eurazeo Patrimoine’s support for C2S Group has been reflected in major investment programmes: in real estate (expansion and renovation projects, creation of surgical units as well as new out-patient or emergency services) to modernise its clinics and accompany the rise in activity; in medical equipment (acquisition of surgical robots, including the first European CMR robot in operation in France) to provide the facilities and their practitioners with state-of-the-art tools and ensure an excellent standard of care for patients within their communities; and in digital technology, including the digitisation of the patient experience and a strengthened partnership with Doctolib, of which Eurazeo is a main shareholder.

Renaud Haberkorn, Head of Eurazeo Patrimoine, said:
We are very pleased to have supported C2S for nearly three years. With its recent acquisitions, the Group has taken a major step forward in its growth and in the consolidation of its leadership position in its sector at the regional level. Since 2018, Eurazeo Patrimoine’s teams have worked very closely with those at C2S Group. We are proud to be accompanying this preeminent healthcare provider in the Auvergne-Rhône-Alpes and Bourgogne-Franche-Comté regions through every step of its development.

Jean Rigondet, Chairman of C2S Group, said:
The four recently acquired clinics are all leading healthcare facilities for the Franche-Comté area, staffed by teams of talented professionals, working in a coordinated manner and with a collegial spirit, able to offer a full care pathway to patients. We are pleased that these clinics are joining the Group and that we are able to ensure a high standard of care for their communities. We aim to meet the needs of patients by providing them with top-quality healthcare services across a range of disciplines. In line with C2S Group’s continuing growth, our partnership with our shareholder Eurazeo Patrimoine, and the relationship based on attentiveness and mutual trust that we enjoy, are essential to the Group’s development.

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

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

EURAZEO CONTACTS

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

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

 

PRESS CONTACT

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

 

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Frank Heckes and David Forde to lead Private Equity team in Sydney

eqt

EQT today announced the recruitment of Frank Heckes and David Forde to jointly lead EQT Private Equity’s team in Australia and New Zealand. The team will be based in Sydney and work alongside EQT’s Infrastructure team, led by Ken Wong, and continue to further build EQT’s overall presence in the region.

Frank Heckes and David Forde both have extensive investment experience in the private equity market, in partner and senior executive positions across both Australia and Europe, at firms including Archer Capital, TPG Capital and CCMP Capital.

Ken Wong, who leads EQT’s Infrastructure team in Australia and New Zealand said: “We are excited to welcome Frank and David to EQT and to also add EQT’s Private Equity business line to the Sydney office. Australia and New Zealand are key parts of EQT’s focus to grow in Asia Pacific across business lines, and these new hires demonstrate EQT’s commitment and ambitions for the region.”

“We are delighted to have found two such high calibre individuals to lead our Private Equity team in Australia and New Zealand. Both Frank and David bring strong networks and track records and are ideally qualified to bring EQT’s approach to developing companies. Working alongside Ken, they will help to build on the thematic investments we have already made in the region” states Simon Griffiths, Head of EQT Private Equity APAC.

EQT’s investments in Australia and New Zealand currently includes EQT Infrastructure’s pending acquisition of leading New Zealand retirement village operator Metlifecare, and EQT Mid Market Asia’s investment in IT-services provider Nexon Asia Pacific. EQT previously invested in the Australian diagnostic imaging service provider I-MED between 2014 and 2018.

The announcement supports EQT’s strategy of further expanding its presence in the strategically important Asia Pacific region. In alignment with EQT’s “local-with-locals” approach, the Private Equity team will seek to find thematic investment opportunities in close collaboration with EQT’s global platform and extensive network, including the Wallenberg family network.

Contact
EQT Press Office, press@eqtpartners.com

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

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Allegro.eu IPO commences trading on the Warsaw Stock Exchange

Cinven

Investment in the customer proposition, management team and platform drives value creation.

Allegro.eu (“Allegro” or “the Group”), a global top ten e-commerce platform and the leading and most recognised internet brand in Poland, completed its successful listing on the Warsaw Stock Exchange (“WSE”) today with its shares trading under the symbol “ALE”.  The listing, which was executed via a placing to both institutional and retail investors, represents the largest initial public offering (“IPO”) on the WSE to date. At the IPO price of PLN 43 per share, the implied market capitalisation is PLN 44 billion (€9.8 billion).

Funds advised by Cinven, Permira and Mid Europa Partners (together “the Sponsors”) acquired Allegro.eu in January 2017 for US$3.25 billion (€2.75 billion). The value creation strategy involved investing in the experience and convenience of Allegro’s services to both consumers and merchants.  Initiatives included the development of a best-in-class mobile app, improved logistics solutions and pricing tools, and the launch of Allegro SMART! –  the subscription-based loyalty program whose subscriber base has grown to 2.1 million subscribers at 30 June 2020.

The impact of these initiatives, under leadership of Allegro’s Chairman Darren Houston, CEO François Nuyt and the enhanced management team recruited to the Group, has been significant.  Over the lifetime of the Sponsors’ investment, GMV grew by 99%, net revenue by 102% and adjusted EBITDA by 113% on a last-twelve month (“LTM”) basis.  Most recently, GMV growth increased further to 54% (LTM to 30 June 2020) as consumers turned to Allegro to provide them with goods during the ongoing COVID-19 pandemic.

In addition to the significant business growth and value creation, Allegro has seen a substantial increase in employees from 1,380 at the end of 2016 to nearly 2,300 as at 30 June 2020.

Due to the strength of investor demand the original offer of shares was up-sized, with c. 182.6 million shares sold by the Sponsors in the IPO (in aggregate), raising PLN 7.85 billion (€1.76 billion) while retaining an aggregate equity stake in the Group of c. 73% post-listing (before exercise of the over-allotment option).  Should the over-allotment option be fully exercised, the Sponsors will realise a further PLN 1.38 billion (€308.72 million).

Commenting on the IPO, David Barker, Partner of Cinven said:

“When we originally invested in Allegro in 2017, it was a good business with a good reputation. We brought in a new management team, led by the highly experienced Chair, Darren Huston, and CEO, François Nuyts. Together with management and our co-shareholders, we focused on improving the experience for both customers and merchants on the platform and created the ongoing improvements evident in the operating metrics and financial performance of the business. As a result, Allegro is now a great business with an excellent reputation and has an exciting outlook for future growth.”

Richard Sanders, Partner of Permira added:

“Over the last four years, Allegro has grown from strength to strength. With a long-term growth mindset, the company has continued to make significant investments in headcount and technology to improve the consumer and merchant experience. This has spanned everyday retail basics – such as lowering prices and broadening selection – to longer-term strategic bets like Smart!, which are fundamentally transforming the quality of the online shopping experience in Poland. Today marks the next step in the company’s growth trajectory, and we are very excited to continue working with Darren, Francois and the management team.”

Paweł Padusiński, Partner and Head of Warsaw Office of Mid Europa Partners added:

“Allegro’s success story is one of the best testimonies to Mid Europa’s strategy focused on supporting the leading consumer facing businesses in Poland and Central Europe. During our investment in Allegro, we have provided our local investor perspective to the Board and, through our Warsaw based team, have worked closely with Allegro’s highly talented and motivated management. Jointly with our partners, we have helped develop Allegro into a Top 10 global e-commerce marketplace. I am very pleased that this CEE success story was recognized by so many reputable institutional and retail investors. Allegro can now start its new growth chapter as a public company, after having completed the largest ever IPO on the Warsaw Stock Exchange.”

Lazard & Co., Limited acted as Independent Financial Advisor; Goldman Sachs International and Morgan Stanley & Co. International plc acted as global coordinators and joint bookrunners; Barclays Bank PLC, BofA Securities Europe SA, Citigroup Global Markets Limited and Dom Maklerski Banku Handlowego S.A. as joint bookrunners; Santander Bank Polska S.A and BM PKO BP as joint bookrunners and co-offering agents in Poland in connection with its offer to retail investors;  Bank Polska Kasa Opieki Spółka Akcyjna, Crédit Agricole Corporate and Investment Bank, Erste Group Bank AG, Pekao Investment Banking S.A. and Raiffeisen Centrobank AG, as co-lead managers.

Clifford Chance acted as legal counsel to the Issuer; Allen & Overy acted as legal counsel to the underwriters; Greenberg Traurig Grzesiak acted as legal counsel to the underwriters with respect to legal matters of Poland and on the admission of Allegro shares to listing on the Warsaw Stock Exchange; PwC acted as reporting accountant; E&Y acted as tax advisor; FTI Consulting LLP and NBS Communications provided strategic communications advice to Allegro.eu internationally and in Poland, respectively.

 

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IK Investment Partners enters exclusive negotiations with Ardian for the acquisition of Kersia

Ardian

  • 12 October 2020 Buyout Paris , France

IK Investment Partners (“IK”), a leading private equity firm, is pleased to announce that the IK IX Fund (“the Fund”) has entered into exclusive negotiations with Ardian, a world-leading private investment house, to acquire a majority stake in Kersia (“the Company”), a global leader in biosecurity and food safety. Financial terms of the transaction are not disclosed.

Kersia was formed as a new company in 2016 after Hypred acquired Antigerm, LCB Food Safety, G3, Kilco, Choisy Laboratories and Holchem, with each acquisition carefully chosen for their complementary technologies, leading market positions, and business expertise. The Company has tripled in size in less than four years.

Over the last four years, Kersia has grown to become a global leader in biosecurity and food safety. The Company, which has revenues in excess of €300 million, now operates in more than 120 countries with a workforce of over 1,500 people.

Sébastien Bossard, CEO of Kersia said: “We are delighted that IK, one of the most educated and experienced sponsors in our sectors of activity, has entered into negotiations to support us on our next stage of growth. Together, we will be able to pursue this extraordinary entrepreneurial adventure, of which we are proud. We will rely on our teams and innovative solutions, while continuing to serve farmers, food manufacturers and restaurant owners, as well as our customers in the health sector, who have placed their trust in us for many years. We would like to thank Ardian for their incredible contribution over the past four years.”

Dan Soudry, Managing Partner at IK and advisor to the IK IX Fund said: “We are very impressed by Kersia’s expertise and impressive track record of growth demonstrated over recent years. Kersia has built robust market positions globally, while keeping its customers at the centre of its strategy. We are delighted to have the opportunity to support Kersia and its management team in their growth strategy and consolidation of the biosecurity market.”

Thibault Basquin, Head of Americas Investments for Ardian Buyout and Managing Director added: “I would like to sincerely congratulate Sébastien Bossard and all the teams at Kersia for the tremendous adventure we have experienced in recent years. With the support of Ardian, Kersia has notably deployed a strong sustainability roadmap. Leading a responsible growth strategy and the integration of six companies in such a short period of time requires first-rate skills and discipline. We are proud to have contributed to this success.”

The transaction remains subject to the approval of antitrust authorities and to the information and consultation processes of the relevant employee representative bodies in accordance with applicable laws.

Kersia is the first investment in the IK IX Fund, which closed earlier this year at its hard cap of €2.85 billion.

Parties involved with the transaction

  • IK Investment Partners

    • Dan Soudry, Rémi Buttiaux, Vincent Elriz, Guillaume Veber, Mathieu Carton
    • Buyer Financial advisor: Amala Partners (Jean-Baptiste Marchand), Natixis Partners (Ludovic Tron, Thomas Laroque, Bertrand Duquesne)
    • Buyer Legal advisor: Willkie Farr & Gallagher (Eduardo Fernandez, Grégory de Saxcé)
    • Buyer Strategic DD: Bain & Company (Daphne Vattier)
    • Buyer Financial DD: Eight Advisory (Pascal Raidron, Katia Wagner, François Gallizia)
    • Buyer legal, tax, social DD: KPMG (Florence Olivier, Albane Eglinger, Xavier Houard)
    • Management legal advisor: Claris Avocats (Me Marie-Isabelle Leveques), Cornet Vincent Segurel (Me Pierre Lamidon)
    • Management Financial advisor: ManageMens (Guillaume Darbon)

  • Ardian

    • Thibault Basquin, Nicolas Darnaud, Alexis Manet, Alexandre Vannelle, Jean-Baptiste Hunaut
    • Sellers Financial Advisor: Evercore (Tom Massey, Greg-Henri Bize, Paul-Emmanuel Prunet, Maximilian Rempel), Sycomore Corporate Finance (François Vigne, Tristan Dupont, Aurélien Singer, Quentin de Fréminville)
    • Sellers Legal advisor: Latham & Watkins (Gaëtan Gianasso, Timothée Brunello, Aymeric Fradin, François Blanchet)
    • Strategic VDD: Bain & Company (Jérôme Brunet, Andrea Gondekova, Ghofrane Maaroufi)
    • Financial VDD: Accuracy (Frédéric Loeper, Florent Lachenaud, Thomas Brandt)
    • Legal VDD: Latham & Watkins (Gaëtan Gianasso, Timothée Brunello, Aymeric Fradin, François Blanchet)
    • Tax VDD: Arsene Taxand (Mirouna Verban, Ludovic Genet)
    • Environment VDD: Aecom (ChinChin Lim)
    • Insurance VDD: Marsh (Jean-Marie Dargaignaratz)
    • ESG VDD: Indefi (Emmanuel Parmentier, Maxence Lavolle)

 

About Kersia

Kersia is a global leader in biosecurity and food safety with value added products and solutions to prevent diseases or contamination in both animals and humans at every stage of the food supply chain. The company also offers solutions to the healthcare sector. Kersia operates in more than 120 countries with a workforce of over 1,500 people and a turnover of more than 300 million euros.

Visit the Website

 

About IK Investment Partners

IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €13 billion of capital and invested in over 135 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects.

Visit the Website

 

About Ardian

Ardian is a world-leading private investment house with assets of US$100bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 700 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

Press contact

Ardian – Headland

Carl Leijonhufvud

cleijonhufvud@headlandconsultancy.com +44 (0)20 3805 4827

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Miura invests in the healthcare sector by partnering with Terrats Medical

Miura Capital

• Terrats Medical is a leading global company in dental implant and abutments production and solutions, operating under DESS Dental Smart Solutions
• Miura joins forces with the management team to boost international growth in global markets

Miura Private Equity, a Spanish leading investment firm, has closed an investment agreement with Terrats Medical, a major global company in design and production of dental implants and abutments that operates under DESS Dental Smart Solutions brand. Miura will support the management team in their consolidation and international growth plan.

Terrats Medical is family owned business with more than 70 years of history currently led by the third generation and headquartered at Barcelona. The company is one of the best players in high tech abutments, dental implant related products and medical devices as well as engineering, production and certification of their products, with a strong presence in international markets such as the US, Europe (Germany, France and the Nordic countries) and Asia, thanks to a wide network of partners in distribution, research centers and dental clinics. DESS is present nowadays in more than 35 countries and sells abroad more than 90% of its total revenue.

The company uses state of the art technology to design and manufacture world-class implant abutments and dental implants. In addition, Terrats Medical provides tailored OEM (Original Equipment Manufacturer) and private label services to other dental implant brands.
According to Luis Seguí, CEO & Founding Partner at Miura, “It is a strategic investment in the Healthcare sector in which we can provide value and know-how on family businesses and help the company reach new global heights.”

Carlos Julià, Miura’s deal leading partner said: “We are very excited to join forces with Terrats family. We will work side by side with the management team to keep on growing on global markets thanks to Terrats Medical vision and performance, as well as our expertise on developing family businesses based on industrial sectors with a strong international focus.”

Roger Terrats, CEO of Terrats Medical, concluded that: “The partnership with Miura sets a news stage of growth and consolidation that will reinforce our position as high-end medical and dental company. In addition, they provide stability and a higher magnitude to our business, which has been ongoing for the last 70 years thanks to our committed entrepreneurship, responsibility, and customer care. Values that Miura endorses altogether.”
The transaction was advised by PwC, KPMG and Gómez-Acebo y Pombo.

About Miura
Miura is a leading investment firm in Spain with assets under management totaling more than €1 billion through its Private Equity and Agribusiness funds. The firm specializes in investing in Spanish family businesses with attractive growth and consolidation plans, and with a clear international vocation. Since the year 2008, Miura has invested in more than 40 companies, with transactions valued in more than €1,5 billion.
Find more: www.miuraequity.com

About Terrats Medical and DESS Dental Smart Solutions
Terrats Medical is a major global company in design and production of dental implant and abutments that operates under DESS Dental Smart Solutions brand. DESS is present nowadays in more than 35 countries and sells abroad more than 90% of its total revenue. Since 2009 Terrats Medical has transformed its core business from a specialist contract manufacturing of small metalic precision components to a global company in the dental implant dentistry.
Find more: www.dess-abutments.com

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Sound United Finalizes Acquisition of Bowers & Wilkins

Charlesbank

Sound United LLC, parent company to Denon, Polk Audio, Marantz, Definitive Technology, Classé, and Boston Acoustics, today announced that it has finalized the acquisition of Bowers & Wilkins, a leading designer and manufacturer of luxury home audio speakers, headphones, custom installation products, wireless speakers, and branded audio systems in the automotive and television markets.

“Acquiring Bowers & Wilkins combines its industry-leading acoustic design, engineering and manufacturing expertise in the premium category with Sound United’s scale, technical acumen and consumer reach to ensure Bowers & Wilkins thrives moving forward,” said Kevin Duffy, CEO at Sound United. “Sound United has a strong track record of enthusiastically protecting each of its brands’ unique identities and core competencies, and our approach with Bowers & Wilkins will be no different. In fact, we believe the entire portfolio stands to benefit from the addition of Bowers & Wilkins, which in turn translates into exciting new products, technologies and opportunities for our consumers, distributors, dealers, and all audio enthusiasts around the world.”

Geoff Edwards will ensure continuity by becoming President of the Bowers & Wilkins brand at Sound United. The acquisition includes all worldwide third-party distribution and licensing agreements under which Bowers & Wilkins premium audio products are currently sold.  Investing in additional brands enables Sound United to better innovate across product categories, feature sets, technology partners, and consumer segments. As part of the acquisition, Sound United is eager to support the development of new Bowers & Wilkins products to support the brand’s position in the premium acoustic home audio market.

“This acquisition represents a new era for Bowers & Wilkins and offers a fresh opportunity to focus on what we do best, building the industry’s finest loudspeakers,” said Geoff Edwards, CEO of Bowers & Wilkins. “We’re looking forward to combining our organizations and becoming a part of the industry’s strongest portfolio of premium audio brands.”

Sound United is a portfolio company of Boston-based private equity firm Charlesbank Capital Partners, LLC. Houlihan Lokey served as the exclusive financial advisor to Bowers & Wilkins.

 

About Sound United

Sound United was founded in 2012 with a simple mission – to bring joy to the world through sound. Today, we’re one of the world’s largest portfolio audio companies and home to several legendary audio brands—Denon®, Marantz®, Polk Audio, Classé, Definitive Technology, HEOS, and Boston Acoustics®.  Each brand boasts its own philosophy and unique approach to bringing home entertainment to life.

 

With centuries of collective experience, Sound United oversees the design and manufacture of a diverse array of premium audio products, including loudspeakers, sound bars, AV receivers, wireless speakers, amplifiers, turntables, and headphones. We create distinct and memorable listening experiences for a wide range of consumers in more than 130 countries. For more information on Sound United and our mission, please visit www.soundunited.com.

 

About Bowers & Wilkins

Bowers & Wilkins, founded in the U.K. in 1966, has been at the forefront of high-performance audio technology for more than 50 years. Bowers & Wilkins designs and manufactures precision home speakers, headphones, custom installation and performance car audio products that set new standards for innovation and sound quality, earning countless awards and accolades from the world’s leading recording studios and musicians. Bowers & Wilkins’ reputation is based on the unwavering pursuit of the best possible sound and an unsurpassable music listening experience.  Learn more at www.bowerswilkins.com.

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