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EQT introduces EQT Nexus Infrastructure

  • With both institutional and individual investors looking to evergreen strategies for diversification and customization, EQT broadens portfolio with the introduction of EQT Nexus Infrastructure

  • EQT Nexus Infrastructure offers exposure to EQT’s infrastructure strategies, direct investments in infrastructure companies in EQT’s portfolio, and the same distinctive infrastructure investment approach EQT’s institutional clients have benefited from for over fifteen years

  • EQT is one of the world’s largest infrastructure investors – ranked no.5 on the Infrastructure Investor 100 list by capital raised in the last five years – with three dedicated strategies: Value-Add, Active Core, and Transition Infrastructure

EQT has today introduced EQT Nexus Infrastructure (or “the Strategy”), its latest evergreen strategy. EQT has been expanding in the evergreen space since the launch of its first evergreen strategy for individual and institutional investors in 2023, with this introduction reflecting investors’ growing desire to customize their private markets portfolios.

EQT Nexus Infrastructure provides individual and institutional investors access to a diversified suite of infrastructure investment strategies. With experienced, local teams and a network of more than 600 industrial advisors, EQT’s EUR 75 billion global infrastructure business deploys capital through its Value-Add Infrastructure, Active Core Infrastructure, and Transition Infrastructure strategies. The platform identifies and develops high-quality infrastructure businesses that provide essential services to society, thematically sourced within the digital, energy and environmental, transport and logistics, and social infrastructure sectors. Its investments range from transition-related scale-up companies to mature, market-leading infrastructure businesses.

“Expanding our portfolio of evergreen strategies is a key focus for our firm. As we go on this journey, two trends are emerging,” said Peter Beske Nielsen, Partner at EQT. “For one, individual investors want the flexibility to customize their portfolios, which EQT Nexus Infrastructure does by enabling access to our infrastructure strategies through a single fully-funded investment and a single layer of fees. We also believe that institutional investors increasingly desire these benefits, as part of thediversification of their portfolios.”

The EQT Nexus Infrastructure Advisory team will be led by Advisory Head of Fund Strategy William Vettorato, who commented: “We are seeing elevated demand for evergreen infrastructure strategies. EQT Nexus Infrastructure enables individuals and institutions alike to play a role in supporting businesses that offer essential services to society, while benefitting from EQT’s demonstrated approach to investing and relentless focus on performance. We’re excited to unlock this opportunity that addresses the typical barriers to entry, such as high minimum investment period and lengthy lock-ups applicable to close-ended funds.”

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

  1. https://www.infrastructureinvestor.com/infrastructure-investor-100/
  2. As of Q4 2024

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Nexus Infrastructure will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

About EQT

EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has EUR ‌​​269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 25 countries across Europe, Asia and the Americas and has more than 1,900 employees.

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

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Blackstone Life Sciences and Anthos Therapeutics Announce Agreement for Anthos to be Acquired by Novartis for up to $3.1 Billion

Blackstone

Reflects the promise of the novel Factor XI inhibitor class of medicines to help prevent strokes and other conditions as well as Abelacimab’s potential to provide superior safety
 
Culminates growth journey as part of Blackstone Life Sciences

CAMBRIDGE, Mass., February 11, 2025 – Blackstone Life Sciences and Anthos Therapeutics, Inc. (“Anthos” or the “company”), a transformative, clinical-stage biopharmaceutical company developing innovative therapies for the treatment of cardiometabolic diseases, announced today that the company has entered into an agreement with Novartis to acquire Anthos for up to $3.1 billion. Anthos was founded by Blackstone Life Sciences and Novartis in 2019 with the exclusive global rights from Novartis to develop, manufacture, and commercialize abelacimab, a novel factor XI inhibitor that originated at Novartis, being developed to prevent stroke and systemic embolism in patients with atrial fibrillation as well as to prevent the recurrence of blood clots in patients with cancer.

“Abelacimab has the potential to be an important treatment option for the millions of patients globally with atrial fibrillation at high risk of stroke, and we could not have more conviction in the potential of this asset,” said Bill Meury, Chief Executive Officer at Anthos. “With its deep roots in the cardiovascular space, Novartis is especially well positioned to advance abelacimab’s clinical development and bring this innovative product to healthcare providers and patients. I am deeply grateful to the Anthos and Blackstone Life Sciences teams, the clinical investigators, the patients in our studies, the advocacy community, and many others who have played a role in Anthos’ success over the past six years.”

“We are proud to have launched and helped grow Anthos by acquiring the rights to abelacimab, assembling a world class team, designing the clinical plan and financing its development,” said Dr. Nicholas Galakatos, Chairman of Anthos’ Board of Directors and Global Head of Blackstone Life Sciences. “We believe abelacimab has the potential to be a leader in the new class of Factor XI anticoagulants and are pleased to have Novartis as a committed partner to advance the development and commercialization of abelacimab as a potential treatment option for the millions of patients at risk of strokes. This transaction is an affirmation of Blackstone Life Sciences’ ownership investment strategy, where we seek to find innovative products and build companies around them to meet unmet patient needs.”

In AZALEA-TIMI 71, abelacimab compared with rivaroxaban (Xarelto) demonstrated a 62% reduction in major bleeding or clinically relevant non-major bleeding, a 67% reduction in major bleeding, and an 89% reduction in gastrointestinal bleeding. The overall clinical benefit of abelacimab prompted the Independent Data Monitoring Committee to discontinue the study early. Results from AZALEA-TIMI 71 were recently published in the New England Journal of Medicine on January 23, 2025.

Anthos is currently conducting a phase 3 clinical study in patients with atrial fibrillation with high risk for stroke or systemic embolism (LILAC-TIMI 76) as well as two phase 3 studies in patients with cancer-associated thrombosis (ASTER and MAGNOLIA). Data from these trials are expected in the second half of 2026.

Blackstone Life Sciences’ investment in and commitment to Anthos demonstrate the power of combining its scale and deep operating expertise to build businesses that can help bring innovative products to market and substantially improve patient outcomes.

Transaction Details
Anthos shareholders will receive an upfront payment of $925 million upon closing of the transaction. In addition, Anthos shareholders are entitled to receive payments in the event certain regulatory and commercial milestones are achieved. Completion of the transaction is expected in the first half of 2025, pending the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and satisfaction of other customary closing conditions.
 
Advisors
Goldman Sachs & Co. LLC is acting as the lead financial advisor to Anthos. Morgan Stanley & Co. LLC is also serving as a financial advisor, and Goodwin Procter LLP is serving as legal advisor to Anthos.
 
About Anthos Therapeutics
Founded by Blackstone Life Sciences (BXLS) in 2019, Anthos Therapeutics is a transformative, clinical-stage biopharmaceutical company with the exclusive global rights from Novartis Pharma AG to develop, manufacture and commercialize abelacimab. BXLS is the majority investor in the company and is joined by other partners including Novo Holdings. For more information about Anthos, visit the Company’s website or follow us on X and LinkedIn.

About Blackstone Life Sciences
Blackstone Life Sciences is an industry-leading private investment platform with capabilities to invest across the life cycle of companies and products within the key life science sectors. By combining scale investments and hands-on operational leadership, Blackstone Life Sciences helps bring to market promising new medicines and medical technologies that improve patients’ lives and currently has $12 billion in assets under management.
 
About Abelacimab
Abelacimab is a novel, investigational, highly selective, fully human monoclonal antibody that binds tightly to Factor XI to block its activation and prevent the generation of the activated form (Factor XIa). This mimics natural Factor XI deficiency, which is associated with protection from thromboembolic disease.

Abelacimab received a Fast Track Designation from the FDA in July 2022 for the treatment of thrombosis associated with cancer. In September 2022, abelacimab was also granted a Fast Track Designation for the prevention of stroke and systemic embolism in patients with atrial fibrillation.


 
CONTACTS

Blackstone
Paula Chirhart: Paula.Chirhart@blackstone.com

Anthos
Media contact: media@anthostherapeutics.com
 
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties, including statements regarding the proposed acquisition of Anthos by Novartis, the expected timetable for completing the transaction, future opportunities for the combined businesses, the expected benefits of Novartis’ acquisition of Anthos, the development and commercialization of Anthos Therapeutics’ product candidates and the potential benefits of abelacimab. All statements, other than statements of historical facts, contained in this press release, including statements regarding the company’s strategy, future operations, future financial position, prospects, plans and objectives of management, are forward-looking statements. The words “anticipate,” “become,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in, or implied by, such forward-looking statements. Actual results may differ materially because of numerous risks and uncertainties including with respect to (i) the possibility that various conditions to the consummation of the acquisition may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the acquisition, (ii) the risk that the expected benefits or synergies of the acquisition will not be realized, (iii) the risk that the milestones may not be achieved and resulting payments may not be realized,  and (iv) unanticipated difficulties or expenditures relating to the proposed acquisition, including the response of business partners and competitors to the announcement of the proposed acquisition or difficulties in employee retention as a result of the announcement and pendency of the proposed acquisition. The actual financial impact of this transaction may differ from the expected financial impact described in this press release. In addition, the compounds described in this press release are subject to all the risks inherent in the drug development process, and there can be no assurance that the development of these compounds will be commercially successful. No forward-looking statement can be guaranteed. In addition, the forward-looking statements included in this press release represent the company’s views as of the date hereof and should not be relied upon as representing the company’s views as of any date subsequent to the date hereof. The company anticipates that subsequent events and developments will cause the company’s views to change. However, while the company may elect to update these forward-looking statements at some point in the future, the company specifically disclaims any obligation to do so.

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Optima Cycles expands with powder coating line through acquisition of Leeflang Poedercoating

Bolster

Optima Cycles BV, a portfolio company of Bolster Investment Partners since 2021, has acquired Leeflang Poedercoating. The activities will continue under the name Optima Cycles Coating. With this step, Optima Cycles adds a crucial component to its e-bike and e-cargo bike production process, further enhancing its quality standards and flexibility.

Over the past years, Optima Cycles has established itself as a leading player in the market and is one of the largest cargo bike manufacturers in the world. The addition of an in-house powder coating line in the Netherlands allows the company to determine frame colors at a later stage in the production process, increasing flexibility and contributing to more efficient production.

Leeflang Poedercoating, based in Voorhout, is known for its specialized expertise and high-quality powder coating across various industries. Michiel Dreef, CEO of Optima Cycles: “We are very excited about the launch of Optima Cycles Coating and the integration of this team into our organization. The proven expertise of the team aligns perfectly with our vision of continuously delivering top-quality products to our customers, while also providing us with greater flexibility by bringing another key part of the production process in-house.”

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Audax Private Equity Completes Exit of Proud Moments

Audax Group

BOSTON & SAN FRANCISCO, February 10, 2025 — Audax Private Equity (“Audax”), a capital partner for middle market companies, announced today that it has completed the sale of Proud Moments ABA, a provider of applied behavioral analysis (ABA) therapy to children with autism. Providence-based private equity firm Nautic Partners acquired Proud Moments. Terms of the deal, which was completed on February 3, 2025, were not disclosed.

Proud Moments clinicians help individuals with developmental disorders, most commonly autism, learn new skills, improve social interactions, and reduce challenging behaviors.

“When we first backed the company, our principal objective was to increase access to care and invest in the organization’s foundation to drive outcomes for Proud Moments’ patients,” noted Keith Palumbo, Partner and Co-President of Audax Private Equity. “We did this through building out the corporate infrastructure and management team; investing in de novo growth; completing seven acquisitions to expand the company’s geographic footprint; and recruiting behavioral technicians and board-certified behavior analysts to enhance and grow the clinical team.”

“Audax distinguished itself as a collaborative partner during its ownership through their experience around care delivery as well as their intense focus on the quality of care,” added Matt Henn, Chief Executive Officer. “We’re excited to work with Nautic Partners during the next stage of the company’s growth and look forward to building upon what Audax and the entire Proud Moments team have accomplished together over the previous six years.”

During Audax’ hold, Proud Moments grew from operating seven locations, concentrated in the New York tri-state area, to over 70 clinics across 12 states, and today provides a balance of both home- and center-based care. Proud Moments currently works with approximately 3,000 children on a weekly basis, representing more than fourfold growth in patients since Audax’ original investment in 2019.

“This represents the second realization out of our healthcare specialization over the last six months, demonstrating the ability of our Buy & Build strategy to help drive value creation,” noted Adam Abramson, a Partner at Audax Private Equity. “We first invested in Proud Moments just prior to the global pandemic, and through the combination of organic and inorganic growth initiatives in close collaboration with management, we were able to see our vision and thesis through, benefitting the company, its patients and our investors.”

Calex Partners served as advisor to Audax Private Equity and Proud Moments on the sale.

About

ABOUT AUDAX PRIVATE EQUITY:
Headquartered in Boston, with offices in San Francisco, New York, and London, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of June 2024, over 280 employees, and 100-plus investment professionals, Audax has invested in more than 170 platforms and 1,350 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

ABOUT PROUD MOMENTS:
Proud Moments is a provider of applied behavioral analysis therapy for children diagnosed on the Autism Spectrum. It is our mission to provide the Gold Standard of Care and expand access to all families seeking ABA therapy. We are committed to providing the resources, education and continued advancement of our professional team to attract, retain and develop top-tier talent. We have partnered with some of the highest quality providers in the field of ABA and are excited by the opportunity to continue building on our mission in the areas we serve. Proud Moments’ headquarters are in New York, New York. For more information, visit www.proudmomentsaba.com.

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Aquila Capital strengthens Board of Directors to advance its strategic ambition of becoming a leading asset manager for sustainable investments in Europe

Aquila Capital

Florian Becker assumes role of Chief Executive Officer (CEO)

— Silvia Schmitten-Walgenbach appointed as Chief Operating Officer (COO)

— Michael Hacker joined as Chief Financial Officer (CFO)

— Lars Kühne as Chief Risk Officer (CRO) and Markus Wandt as Chief Investment Officer (CIO) joining the Board of Directors

— Christoph Wallrich appointed as Head of Luxembourg in addition to his respon-sibility for Fund Management

Hamburg, 10 February 2025 – Aquila Capital, an asset manager specialising in sustainable real asset investments, announces key additions to its Board of Directors. These strategic appointments reinforce the company’s commitment to accelerating growth, delivering resilient returns to both institutional and retail clients while supporting clean energy initiatives and contributing to the decarbonisation of global infrastructure.

Effective as of February 2025, Florian Becker has taken on the role of Chief Executive Of-ficer (CEO), succeeding the former Speaker of the Management Board, Harald Schönebeck, who transitioned to a Senior Advisor position. Florian brings nearly a decade of leadership expertise within the Aquila Group, where he has held numerous senior positions, including roles as Group Chief Operating Officer (COO) and General Counsel. As a long-standing member of Aquila Capital’s management team, he has played a key role in building and shaping the company since its foundation. His in-depth knowledge of the company’s business model and strategic vision makes him uniquely qualified to steer Aquila Capital’s ambitious expansion and initiatives in the field of sustainable real asset investments.

Silvia Schmitten-Walgenbach has assumed responsibility as Chief Operating Officer (COO) after joining Aquila Capital in October 2024. A seasoned executive with a distin-guished international background of over 30 years in the financial business, Silvia’s career includes leadership roles at renowned investment banks and real estate investment companies. Her comprehensive expertise and deep familiarity with the industry equip her to enhance operational excellence and further build a market leading organisation.

In addition, Michael Hacker stepped into the position of Chief Financial Officer (CFO) in December 2024. With almost 20 years of experience in various German and international leadership roles at Commerzbank and a strong background in financial services consulting, Michael brings a wealth of knowledge in international finance. His expertise will play a critical role in advancing Aquila Capital’s financial strategy.

Lars Kühne, Chief Risk Officer of Aquila Group, has taken over the role as Chief Risk Officer (CRO) of Aquila Capital from Harald Schönebeck. Lars Kühne held functional management responsibility for the Risk Management and Valuation division of Aquila Capital since join-ing the company in February 2023. His leadership in this capacity ensures continuity and a seamless transition of responsibilities. Markus Wandt has 30 years of professional experience and more than 17 years track record of investing in sustainable energy infrastructure and related sectors, following his career in investment banking. Markus joined Aquila Capital in March 2022 and has been Chief Investment Officer (CIO) since 2023.

Christoph Wallrich, heading Fund Management of Aquila Capital, will now also act as Head of Luxembourg.

Helge Papenhausen, Chief Compliance & Governance Officer, and Till Schulz-Eickhorst, Head Real Estate, will be stepping down from the Board of Directors but will continue to serve in leadership roles within the company.

Strategic ambition 

Aquila Capital is committed to becoming a leader in sustainable real asset investments by diversifying its investor base, scaling fund strategies and entering new markets. To achieve this, the company is expanding beyond institutional investors to attract retail and whole-sale clients through products like ELTIF funds. It is also strengthening its fund offering by focusing on large-scale growth and launching thematic funds that support innovative technologies such as Battery Energy Storage Solutions (BESS) and other energy transition solu-tions. Additionally, Aquila Capital is actively exploring new opportunities in key European and global markets. Its strategic partnership with Commerzbank, established last year, enhances distribution channels and accelerates fund growth, further reinforcing Aquila Capital’s role in the transition to a Net Zero economy.

Florian Becker, CEO of Aquila Capital, commented: “I am committed to driving Aquila Capital’s growth towards our ambition of becoming a leading asset manager for sustainable investment strategies across Europe and beyond. The recent appointments have further strengthened our leadership team, equipping us with the expertise and vision needed to deliver innovative investment strategies and create lasting value for our stakeholders. I would also like to express my sincere gratitude to Harald Schönebeck, Helge Papenhausen and Till Schulz-Eickhorst for their outstanding contribution and leadership during a time of transition.” 

Categories: People

Columbus McKinnon to Combine with Kito Crosby Delivering Compelling Value Creation

KKR

Business combination materially improves scale and product scope, advancing Columbus McKinnon’s strategy as the holistic provider of intelligent motion solutions in materials handling

  • Complementary portfolio enhances strategic positioning in attractive verticals and target geographies, delivering an even stronger portfolio of products
  • Transaction valued at approximately $2.7 billion at a ~8x TTM Adjusted EBITDA multiple post-synergies
  • Expected to create ~$70 million in annual net cost synergies, improving Adjusted EBITDA Margins1 to greater than 23% and is expected to more than double revenue and triple Adjusted EBITDA1 on a pro-forma combined basis
  • Significant combined cashflow generation expected to enable de-leveraging to Net Leverage Ratio1 of approximately 3.0x within two years post-closing2
  • The transaction is expected to be funded with $2.6 billion in committed debt financing and an $0.8 billion perpetual convertible preferred equity investment from CD&R


CHARLOTTE, NC, February 10, 2025 – Columbus McKinnon Corporation (Nasdaq: CMCO) (“Columbus McKinnon” or the “Company”), a leading designer, manufacturer and marketer of intelligent motion solutions for material handling, today announced a definitive agreement under which Columbus McKinnon will acquire Kito Crosby Limited (“Kito Crosby”) from funds managed by leading global investment firm KKR in an all-cash transaction valued at $2.7 billion subject to customary post-closing purchase price adjustments. The Company expects the deal to close later this calendar year, subject to regulatory approvals and satisfactory completion of customary closing conditions.

“This is an important next step in further strengthening Columbus McKinnon’s position as a scaled, holistic provider of intelligent motion solutions in materials handling. We’ve long had a great respect for Kito Crosby’s strong portfolio of offerings. The business that the Kito Crosby management team, led by Robert Desel and Yoshio Kito have built is exceptional, and we look forward to welcoming them to the Columbus McKinnon team,” said David Wilson, President and CEO of Columbus McKinnon. “Through this strategic combination, we’re creating a company that is extremely well-positioned to deliver real-world solutions for customers, with favorable tailwinds from megatrends, including reshoring, infrastructure investment, modernization of aging industrial facilities, and rising automation needs due to labor shortages. This combination also unites two highly talented teams with deep technical expertise, customer-centric cultures and a shared vision for operational excellence focused on safety, productivity and uptime on behalf of our customers.”

Kito Crosby is a global leader in lifting solutions with multiple manufacturing assembly plants and nearly 4,000 employees serving over 50 countries. KKR has owned Kito Crosby since 2013 and in that time delivered significant value creation, more than doubling revenue, quadrupling the number of employees while reducing injury rates and expanding into new product categories, end markets and geographies. In 2024, Kito Crosby generated $1.1 billion in revenue through its extensive global channel partner network. Together the combined company will be a leader in material handling solutions with greater scale and a strong presence in attractive verticals and target geographies, delivering exceptional innovation and products to customers.

“We have long respected Columbus McKinnon. Our shared values of safety, quality, and a focus on our employees and customers will create value for all stakeholders,” said Robert Desel, Chief Executive Officer of Kito Crosby. “This deal brings together highly complementary, industry-leading brands, products and competencies with strong recurring sales dynamics. With the benefit of additional scale, and shared best practices and technology, we will be better positioned to meet our customers’ needs than ever before, simultaneously creating new opportunities for growth and development for our team members. We could not be more pleased to see these two great teams coming together.”

“Today’s announcement is a testament to the value we and the Kito Crosby team have created by transforming the business through organic initiatives, expanding global reach and pursuing strategic and accretive acquisitions. Kito Crosby is now better able to serve its customers with safety critical equipment than ever before, and the combination with Columbus McKinnon will further position the combined business to best serve all stakeholders. It has been an honor to closely partner with Robert, Yoshio and the whole Kito Crosby team and we believe the company is well positioned for this new chapter,” said Brandon Brahm, Partner at KKR.

As part of the transaction, Columbus McKinnon has partnered with CD&R, a leading private investment firm with deep experience delivering growth and operational improvement in industrials and manufacturing companies. As a result of CD&R’s investment in Columbus McKinnon it is expected that Mike Lamach, Nate Sleeper and Andrew Campelli will join the Company’s Board of Directors upon closing.

“We are excited to partner with Columbus McKinnon, their strong management team and Board, to support this highly strategic acquisition and the Company’s long-term opportunities,” said Michael Lamach, Operating Advisor to CD&R funds and former Executive Chair and CEO of Trane Technologies. “We look forward to working closely with Columbus McKinnon to realize the full potential of this combination and set the stage for the Company’s next phase of growth.”

“We are excited about this business combination and look forward to welcoming Mike, Nate and Andrew to the Board,” added Jerry Colella, Chair of the Board for Columbus McKinnon. “CD&R will bring deep industry knowledge, a strong results orientation and financial expertise to our already strong Board of Directors.”


Attractive Financial Profile to Drive Growth and Deleveraging

The combined company will have a highly attractive financial profile, with meaningfully enhanced scale, increased margins and exceptional cash flow characteristics that are consistent with best-in-class industrial product manufacturers. On a pro-forma basis, the Company is expected to have annual revenue of $2.1 billion, Adjusted EBITDA1 of $486 million and an Adjusted EBITDA Margin1 of 23%, accelerating the achievement of the Company’s fiscal year 2027 financial targets established at its 2022 Investor Day. The transaction is expected to be accretive to the Company’s Adjusted Earnings Per Share1 in the first year3 after closing and grow over time as synergies are achieved. The Company expects to achieve $70 million in annual net cost synergies by year three.

The combined significant cashflow generation will enable the Company to de-lever in the near-term and expects to reduce its Net Leverage Ratio1,2 from approximately 4.8x pro forma Adjusted EBITDA1 post transaction closing to approximately 3.0x within two years post-closing. The Company’s enhanced scale, margin profile and free cash flow provides a strong foundation to continue to return cash to shareholders through its dividend, reinvest in long-term organic growth and, over time, pursue additional acquisitions as it continues to execute on its strategy of building the premier intelligent motion solutions provider.


Transaction Details and Financing

The transaction has been unanimously approved by the Board of Directors of Columbus McKinnon. Columbus McKinnon intends to fund the acquisition through a combination of committed debt financing of $3.050 billion from J.P. Morgan including a $500 million revolving credit facility and $0.8 billion of perpetual convertible preferred equity investment from CD&R.  Terms of the CD&R investment include a 7% coupon, payable in cash or payment-in-kind at Columbus McKinnon’s option, and a conversion price of $37.68, resulting in CD&R as-converted ownership of approximately 40% of the Company following completion of the transaction. CD&R has agreed to a customary lock-up on its shares.

The initial debt financing structure provides flexibility for timely execution of the transaction, which we expect to replace with a permanent financing structure. The Company has a strong track record of quickly de-levering its balance sheet following prior acquisitions.


Advisors

For Columbus McKinnon, J.P. Morgan Securities LLC is acting as the financial advisor, and DLA Piper LLP (US) and Hogan Lovells US LLP are acting as legal advisors. ): Evercore and Goldman Sachs & Co. LLC are acting as lead financial advisors and UBS Investment Bank is acting as financial advisor for Kito Crosby and KKR, while Kirkland and Ellis LLP Is acting as legal advisor. Debevoise & Plimpton LLP is acting as legal advisor for CD&R, with Guggenheim Securities LLC acting as its financial advisor.

________________________________________________________________________________________________________________________________________________________

1   Net Leverage Ratio, Adjusted EBITDA, Adjusted EBITDA Margin, and Earnings Per Share are each a non-GAAP financial measure. See the note regarding forward looking non-GAAP financial measure at the end of this release.

2   Net Leverage Ratio is calculated in accordance with the terms and conditions in the Company’s credit agreement and is defined as Net Debt over trailing-twelve month Adjusted EBITDA as defined in the Company’s credit agreement and in accordance with the Company’s previous filings with the Securities and Exchange Commission.

3   Adjusted Earnings Per Share is calculated assuming full run-rate annualized net synergies in the first year.

About Columbus McKinnon

Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of intelligent motion solutions that move the world forward and improve lives by efficiently and ergonomically moving, lifting, positioning, and securing materials. Key products include hoists, crane components, precision conveyor systems, rigging tools, light rail workstations, and digital power and motion control systems. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know-how.  Comprehensive information on Columbus McKinnon is available at www.cmco.com.

About Kito Crosby

Kito Crosby is the global leader of the lifting and securement industry it pioneered, and for which it continues to set the quality standard. With global engineering, manufacturing, distribution, and operations, the company provides a broad range of products and solutions for the most demanding applications. Kito Crosby’s people, products, solutions, and service have innovated the lifting and securement industry for more than 250 years. Together we lift and secure the world today, for a safer, stronger, and more productive tomorrow. Our iconic brands include Kito, Crosby, Harrington, Gunnebo Industries, and Peerless.

About CD&R

Founded in 1978, CD&R is a leading private investment firm with a strategy of generating strong investment returns by building more robust and sustainable businesses through the combination of skilled investment experience and deep operating capabilities. In partnership with the management teams of its portfolio companies, CD&R takes a long-term view of value creation and emphasizes positive stewardship and impact. The firm invests in businesses that span a broad range of industries, including industrial, healthcare, consumer, technology and financial services end markets. CD&R is privately owned by its partners and has offices in New York and London. For more information, please visit www.cdr.com and follow the firm’s activities through LinkedIn and @CDRBuilds on X/Twitter.

About KKR

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

Analyst Conference Call

Columbus McKinnon will host a combined third quarter fiscal 2025 financial results and Kito Crosby acquisition conference call Monday, February 10, 2025 at 5:00 PM Eastern Time to discuss the transaction.  The conference call and related presentation will be accessible through live webcast on the Company’s investor relations website at investors.cmco.com.  A replay of the webcast will also be archived on the Company’s investor relations website through Monday, February 24, 2025.

Forward Looking Statements

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “illustrative,” “intend,” “likely,” “may,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “shall,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. All forward-looking statements are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of Columbus McKinnon and Kito Crosby to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, among others, (1) the risk that the cost synergies and any revenue synergies from the transaction may not be fully realized or may take longer than anticipated to be realized, (2) disruption to the parties’ businesses as a result of the announcement and pendency of the transaction, (3) the risk that the integration of Kito Crosby’s business and operations into Columbus McKinnon will be materially delayed or will be more costly or difficult than expected, or that Columbus McKinnon is otherwise unable to successfully integrate Kito Crosby’s businesses into its own, including as a result of unexpected factors or events, (4) the ability by each of Columbus McKinnon and Kito Crosby to obtain required governmental approvals of the transaction on the timeline expected, or at all, and the risk that such approvals may result in the imposition of conditions that could adversely affect Columbus McKinnon after the closing of the transaction or adversely affect the expected benefits of the transaction, (5) reputational risk and the reaction of each company’s customers, suppliers, employees or other business partners to the transaction, (6) the failure of the closing conditions in the purchase agreement to be satisfied, or any unexpected delay in closing the transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the purchase agreement, (7) the dilution caused by the issuance of perpetual convertible preferred equity to CD&R, (8) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (9) risks related to management and oversight of the expanded business and operations of Columbus McKinnon following the transaction due to the increased size and complexity of its business, (10) the outcome of any legal or regulatory proceedings that may be currently pending or later instituted against Columbus McKinnon before or after the transaction, or against Kito Crosby, and (11) general competitive, economic, political and market conditions and other factors that may affect future results of Columbus McKinnon and Kito Crosby. Forward-looking statements are not based on historical facts, but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions, and involve known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024 as well as in our other filings with the Securities and Exchange Commission, which are available on its website at www.sec.gov. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date they are made. Columbus McKinnon undertakes no duty to update publicly any such forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law, regulation or other competent legal authority.

Forward Looking Non-GAAP Financial Metrics

This press release presents forward looking statements regarding non-GAAP Net Leverage Ratio, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Earnings Per Share. The Company is unable to present a quantitative reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures, net income, net income margin, and earnings per share because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort or expense. In addition, the Company believes that such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with post-closing adjustments. Any variation between the Company’s actual results and preliminary financial data set forth above may be material.  Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures. The non-GAAP financial measures in this press release may differ from similarly titled measures used by other companies.

Contacts

Kristine Moser
VP IR and Treasurer
Columbus McKinnon Corporation
704-322-2488
kristy.moser@cmco.com

 

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Trackunit Announces Investment from Goldman Sachs Alternatives

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HG Capital

Aalborg, 10th February 2025 – Today, Trackunit (the “Company”), a leading SaaS and operating data platform provider for the construction ecosystem globally, announced that Private Equity at Goldman Sachs Alternatives will acquire a majority stake in the Company from funds advised by Hg and GRO Capital. Goldman Sachs Alternatives’ investment marks the next chapter in Trackunit’s ambitious growth journey, supporting the Company’s mission to eliminate downtime in construction and to support customer success and innovation. As part of the transaction Hg, a leading investor in European and transatlantic software and services businesses, will reinvest in the business, reaffirming their confidence in Trackunit’s continued growth and leadership, in construction digitalization.

Founded in 2003 and headquartered in Denmark, Trackunit is at the forefront of the digital transformation of the construction sector, offering a verticalized operating data platform, which generates valuable data-driven insights via an industry leading data lake. The Company’s solutions connect construction equipment to the cloud, delivering data-driven insights that enhance operational efficiency and reduce downtime. Trackunit’s software and IoT connectivity solutions uniquely support the entire construction ecosystem, serving equipment manufacturers, rental companies, contractors and ecosystem tech partners, and integrating the off-highway vehicle, connected site, and mobile workforce. Trackunit serves a global diversified customer base of more than 5,000 customers spanning the full construction value chain and has approximately 400 employees.

Goldman Sachs Alternatives previously owned a majority stake in Trackunit between 2015 and 2021, bringing unique insights and a proven partnership. During the previous ownership period, Goldman Sachs leveraged its global network and differentiated value creation capabilities to support meaningful expansion of the Company’s product capabilities and operations. With Goldman Sachs Alternatives and Hg (invested since 2021), Trackunit has an ideal shareholder base to continue investing in cutting-edge product development, technology, people and further expansion.

     

Soeren Brogaard, CEO of Trackunit, commented: “We have built a strong foundation together with Hg, advancing our offerings and working together with customers to eliminate downtime in construction. The reinvestment from Hg, alongside the new and proven partnership with Goldman Sachs Alternatives, positions us to scale even faster. We remain fully committed to our purpose, and with Goldman Sachs Alternatives’ expertise and global reach, we are excited to accelerate innovation and growth for our customers and partners worldwide.”

Michael Bruun, Partner and Global Co-Head of Private Equity at Goldman Sachs Alternatives, said: “We are thrilled to partner once again with Trackunit’s leadership team, along with Hg, to build on their success and drive even greater impact for customers globally. We see significant potential in continuing to scale the business and further embedding digital solutions across the construction ecosystem.”

Scott Myers and James Robinson, Managing Directors and Co-Heads of European Technology Private Equity at Goldman Sachs Alternatives, said: “Through its unique software & data capabilities and customer-focused approach, Trackunit has become a mission critical provider to the construction ecosystem. We look forward to collaborating with management and leveraging the Goldman Sachs Value Accelerator and global network to support the Company in its next stage of growth.”

Nick Jordan, Partner and Soren Holt, Director at Hg, stated: “Trackunit is a prime example of how data-rich software businesses can capitalise on their structural data advantage through AI and continue to expand their customer proposition. Our investment in this business has been about fostering this innovation and scaling a category-leading SaaS business. We are pleased to continue supporting Trackunit alongside Goldman Sachs Alternatives, ensuring the Company has the resources and expertise to realize its long-term purpose and industry-changing ambitions.”

Advisors and Closing Conditions

The selling shareholders were advised by Evercore, Skadden, Gorrissen Federspiel, CMS and Deloitte.

Goldman Sachs Alternatives was advised by Goldman Sachs Investment Banking, Morgan Stanley, Deloitte, White & Case, A&O Shearman, and Sullivan & Cromwell.

The transaction remains subject to customary regulatory approvals and is expected to close in early summer.

About Trackunit

Trackunit is a global technology company that connects construction through one platform to create a living, evolving ecosystem that delivers data and insights to the off-highway sector. With circa 3.5 million visible assets connected, it uses technology to eliminate downtime, improve safety, and help customers improve the bottom line in a sustainable, cost-effective way. Follow us on LinkedIn.

For further information, please visit: trackunit.com

About Private Equity at Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds, and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors, and individuals. Goldman Sachs has over $3 trillion in assets under supervision globally as of December 31, 2024. Established in 1986, Private Equity at Goldman Sachs Alternatives has invested over $75 billion since inception. The business combines a global network of relationships, unique insight across markets, industries and regions, and the worldwide resources of Goldman Sachs to build businesses and accelerate value creation across its portfolios. Follow us on LinkedIn.

Media Contacts

For Trackunit
Lærke Ullerup
lul@trackunit.com
T +45 53703033

For Goldman Sachs Alternatives
Joseph Stein
Joseph.Stein@gs.com
T +44 207 774 4080

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Wal van Lierop has transitioned into a part-time role at Chrysalix Venture Capital

Chrysalix

Wal van Lierop, Cleantech pioneer, founder, and former Managing Partner of Chrysalix Venture Capital, has, since January 1st 2025, transitioned to a part-time role and will focus on the Chrysalix legacy portfolio of our Chrysalix II and III funds.

Wal has played a pivotal role in directing funds to cleantech startups and was presented with the Cleantech Group’s first Pioneer Award at their recent meeting. With the launch of Chrysalix fund 5, Chrysalix we remain firmly rooted in the tradition of assisting our corporate partners to navigate energy and materials transitions and value creation through resource efficiency, sustainability, and circularity. Chrysalix partners globally with corporate industrial and financial investors and has access to an extensive ecosystem of academic partners and experts.

With offices in Europe (Delft, London) and Canada (Vancouver) and venture partners in Asia, and a first-tier Advisory Board, Chrysalix is well-positioned to see more, earlier and to identify the most promising technology developers worldwide.

The Chrysalix investment team,

Europe

  • Fred van Beuningen, Managing Partner

  • Alfred Lam, partner

  • Charles Haythornthwaite, Partner

  • Niccolo Moro, analyst

  • Tracy Gundy, Research, and program manager

Vancouver

  • Wendy Leong, Chief financial officer

  • Greg Allen, partner

  • Alicia Lenis, Vice President

  • Nicholas Andruschak, Vice President

 

Categories: People

Adams Street Opens Toronto Office

Adams Street

Colin Miller appointed to lead Canadian Investor Relations

CHICAGO, IL – February 10, 2025 – Adams Street Partners, LLC, a leading private markets investment management firm with more than US $62 billion in assets under management (“Adams Street”), today announced the opening of its Toronto office, the firm’s first in Canada. The new Toronto office is Adams Street’s sixth in North America and 13th worldwide.

Colin Miller

The office will be managed by Colin Miller, who has joined Adams Street as a Principal, Investor Relations. Colin’s primary focus is on deepening relationships with institutional and intermediary investors, expanding the firm’s investor base, and providing dedicated client services to new investors. Adams Street has had a Canadian presence dating back over 20 years, with investments from Canadian institutional investors including public pensions, corporate pensions, endowments, foundations, family offices and wealth platforms, who have accessed Adams Street strategies to participate in a comprehensive mix of private equity and credit mandates.

“Private markets have the potential to offer significant advantages for investors,” said Kevin O’Donnell, Partner & Global Head of Investor Relations at Adams Street. “We are eager to expand our platform and deepen our relationships through our dedicated presence in Toronto. Adams Street aims to facilitate access to investments that capitalize on change, dislocation, and growth. Colin’s deep experience in the Canadian market will greatly benefit both Adams Street and our partners.”

“Investors continue seeking private market investment solutions that meet their unique investment objectives,” said Miller. “Adams Street’s experience, expertise, and investment platform make this an exciting opportunity to help investors access a broad range of private market investment solutions. We are excited that the Canadian subsidiary is now established as an exempt market dealer. Our new office and registration are designed to enable us to bring our private market capabilities to a wider range of clients. This further demonstrates Adams Street’s long-term commitment to the Canadian investment community, and I am very excited for the journey ahead.”

Miller joins Adams Street from a large independent Canadian asset management firm, where he led the sales effort across the public and private market platforms. Prior to that role, he worked at a leading insurance-owned asset manager, first as Head of Client Relationships before moving to a full capital raising seat as Managing Director of Business Development. He graduated from Memorial University of Newfoundland, St. Johns with a Bachelor of Commerce (Co-op) and holds a CFA designation.

 

About Adams Street Partners

Adams Street Partners is a global private markets investment manager with investments in more than 30 countries across five continents. The firm is 100% employee-owned and has US $62 billion in assets under management across primary, secondary, growth equity, credit, and co-investment strategies. Adams Street strives to generate actionable investment insights across market cycles by drawing on over 50 years of private markets experience, proprietary intelligence, and trusted relationships. Adams Street has offices in Austin, Beijing, Boston, Chicago, London, Menlo Park, Munich, New York, Seoul, Singapore, Sydney, Tokyo, and Toronto. Visit www.adamsstreetpartners.com

Media Inquiries:
Rich Myers / Rachel Goun
Profile Advisors
+1 347 343 2999
adamsstreet@profileadvisors.com

Categories: News

James Davies becomes partner at Aliter

Aliter Capital

 

James Davies has been appointed partner at Aliter, stepping up from his current role as Investment Director.

 

Billy Allan, a founding partner at Aliter said, “When we founded the business back in 2017, James was one of our first appointments to join the team and this promotion recognises the significant contribution James has made to Aliter’s growth and success over the past eight years”.

 

James Davies said, “I am delighted to be appointed partner at Aliter and look forward to continuing to build on our strong track record of driving growth and creating value. I am grateful to my colleagues for their continued support and look forward to this next stage of my career.”

 

In his role as partner, Davies will continue to support the identification of and lead the assessment and transaction of new investment opportunities, as well as provide valuable support to Aliter’s current portfolio businesses.

 

Prior to joining Aliter in 2017, Davies worked at Canaccord Genuity, Mansford, Macquarie Capital and Deloitte.

Categories: People