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Nordic Capital to acquire Max Matthiessen, a leading financial advisor in the Nordic region

Nordic Capital

MAY 25 2020
Nordic Capital to acquire Max Matthiessen, a leading financial advisor in the Nordic region Image

Nordic Capital has signed an agreement to acquire Max Matthiessen, one of the leading financial advisors within pensions, insurance and investment in the Nordic region, from Willis Towers Watson. Nordic Capital is a leading investor in the financial services sector and has a deep understanding of the Nordic financial advice and savings markets. By investing in Max Matthiessen’s continued product development and enhancing its organisational capacity, Nordic Capital intends to support the Company’s expanded customer offering and its next phase of sustainable growth and innovation.

Max Matthiessen was founded in 1889 and has been active in the insurance sector for more than 130 years. The Company is headquartered in Stockholm and has 440 full-time employees of which 235 are advisors, based across circa 30 locations throughout Sweden. Its product offering includes occupational pensions, asset management and non-life insurance. Max Matthiessen has a customer base of circa 13,000 corporate clients, with revenues of SEK 1,552 mn (EUR 148 mn) in 2019.

Max Matthiessen is operating in an industry that is subject to constant change as a result of an increasing focus on sustainability, transparency and regulation. Furthermore, the industry transformation is driven by technical advancements and product development. By leveraging its deep sector expertise, extensive industrial network and access to significant capital, Nordic Capital sees an opportunity to support Max Matthiessen to realise its full potential by scaling the Company’s platform and driving growth through investment in the team, modernising its product offering for the benefit of customers and exploring selective acquisition opportunities.

“Max Matthiessen has a high-quality, talented team and is one of the leaders in the Nordic region. The Company fits perfectly within Nordic Capital’s sector focus and strategy for Financial Services. Nordic Capital is excited to partner with Max Matthiessen to support the Company’s growth journey. Going forward, the joint focus will be on scaling Max Matthiessen’s operations and investing in organic as well as acquisitive growth. Together with the Company, Nordic Capital will support continued product innovation to the benefit of the customers and pension savers,” says Christian Frick, Partner and Head of Financial Services, Nordic Capital Advisors.

“We are excited to partner with Nordic Capital for the next chapter of Max Matthiessen’s development. We are wholly aligned when it comes to our strategic vision. Together, we will be able to accelerate our growth by continuing to provide the best financial advice as one of the leading financial advisors and by developing and expanding our product portfolio further. Nordic Capital has a great strategic approach and deep experience across our sector. They have a strong history of growing companies and we look forward to leveraging Nordic Capital’s expertise in the next phase of our development,” says Bo Ågren, CEO, Max Matthiessen.

Johan Forsgård, Head of Nordics, Willis Towers Watson said: “We are very proud of what Max Matthiessen has accomplished and are confident that Max Matthiessen will continue to grow and expand their capabilities in order to deliver first-class client solutions with Nordic Capital as the new owner. Willis Towers Watson and Max Matthiessen will have ongoing relationships in certain aspects of the business where we remain closely aligned and we look forward to continuing to work together.”

Nordic Capital’s previous experience in the Financial Service sector includes investments in MFEX, Nordnet, Resurs Holding, Nordax, Bank Norwegian, Lindorff (combined with Intrum), Trustly, Bambora and Point as well as a long history of enabling and driving rapid organic and acquisitive growth.

The terms of the transaction were not disclosed. The transaction is subject to customary regulatory approvals. Citi acted as financial advisor to Nordic Capital and Cederquist acted as its legal advisor. 

Footnote: “Nordic Capital” refers to any, or all, Nordic Capital branded or associated investment vehicles and their associated management entities. Nordic Capital is advised by its exclusive advisors, the NC Advisory entities and the Nordic Capital Investment Advisory entities, any or all of which is referred to as Nordic Capital Advisors.

 

Media contacts:

Nordic Capital

Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

Max Matthiessen

Petra Broman, Communications Manager
Tel:  +46 733 75 74 36
e-mail: petra.broman@maxm.se

 

About Max Matthiessen

Max Matthiessen, founded in 1889, is a leading Swedish advisor within pensions, insurance and investment, offering advice, analysis, administration and procurement of pension and insurance solutions to employers, entrepreneurs and individual customers. The Company also offers advice within savings, investment advisory and asset management. Max Matthiessen has 440 employees at circa 30 locations throughout Sweden. In 2019, revenues were SEK 1,552 million. For further information, please see www.maxm.se.

 

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Core sectors are Healthcare, Technology & Payments, Financial Services and Industrials & Business Services. Key regions are Northern Europe and globally for Healthcare. Since inception in 1989, Nordic Capital has invested more than EUR 14.5 billion in over 110 investments. The Nordic Capital vehicles are based in Jersey. They are advised by several non-discretionary sub-advisory entities based in Sweden, Denmark, Finland, Norway, Germany, the UK and the US, any or all of which are referred to as Nordic Capital Advisors. For further information about Nordic Capital, please visit www.nordiccapital.com

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Partnership between Guinness PRO14 and CVC Capital Partners Fund VII

Together to develop the league for the benefit of its fans, players, clubs and unions, in key rugby nations

The board of the Guinness PRO14 has completed a significant strategic partnership investment from CVC Capital Partners Fund VII (“CVC Fund VII”) that will allow the league to work towards its full potential – for the benefit of fans, players, clubs and unions in these key rugby nations over the years ahead.

Under this agreement, CVC Fund VII will acquire a 28 percent share of PRO14 Rugby from Celtic Rugby DAC, the Unions will retain the 72 percent majority share.

The partnership commitment will allow both PRO14 Rugby and the Irish, Italian, Scottish & Welsh rugby unions to continue to invest in the sport, both professional and amateur, to achieve its potential over the long term.

A portion of the investment will also be held centrally at PRO14 Rugby, for the Board to invest in further capabilities for the business and in upgrading league operations in line with its growth ambitions.

As part of this agreement, the Federazione Italiana Rugby (FIR), will also become a member of Celtic Rugby DAC, and receive a share of the investment.

Martin Anayi, CEO, will continue to lead the management team at PRO14 Rugby, working closely with CVC and the unions on execution of the commercial plan. The unions will also remain independently responsible for the sporting and regulatory elements of the league, via the Sporting & Regulatory Committee.

In the past four years, the Guinness PRO14 has performed well both on and off the field, doubling distributions to clubs and facilitating record investment back into the sport from the league. This has been recognised by CVC, who share PRO14 Rugby’s vision for the long-term potential of the league.

CVC was selected by PRO14 Rugby and the unions as their partner due to the extensive experience of prior CVC funds investing in multiple sports businesses, such as Formula 1, Moto GP and Premiership Rugby.

Dominic McKay, Chairman of Celtic Rugby DAC and Chief Operating Officer of Scottish Rugby, said: “I am delighted that we have managed to welcome CVC into the Guinness PRO14 as our partner. As a board, we have been ambitious in our outlook and have significantly developed the league in recent years. One of our key goals was to secure a strategic partner to help accelerate our plans and CVC bring a wealth of experience and great expertise in this regard.

“Sport, like all of society is dealing with major challenges currently that we could not have imagined just a few months ago, and it is testament to the strength of our partnership with CVC that they have committed to the game of rugby in a such a significant way.

“Their enthusiasm and commitment is a welcome vote of confidence in the future of the sport and the Guinness PRO14 as an international competition. Completing this partnership with CVC is testament to the hard work invested by many people who have focused to deliver a bright vision for PRO14 and enable it to realise its commercial value in the global sports market.

“We are also delighted that the FIR has now joined Celtic Rugby DAC as a shareholder after 10 years of participation in the league. Alongside my PRO14 Board colleagues at the Irish, Italian, Welsh and South African rugby unions I would like to warmly welcome CVC to the Guinness PRO14.”

Martin Anayi, CEO of PRO14 Rugby, said: “CVC’s show of faith has been impressive and is in keeping with their proven track record of success when it comes to sports investment, including Formula 1, Moto GP and Premiership Rugby. This partnership allows all of our stakeholders to plan for a sustainable period of growth, which will benefit the fans, the players and the game.

“We are very pleased to partner with CVC, who saw us as an ambitious, fast-paced and innovative organisation, situated across a number of core rugby nations that can deliver an increasing impact.

“We have been clear that we believe the Guinness PRO14 is a world-class club league, that is still in its growth phase and we are confident that it will become a major standard bearer in our sport. We are excited that CVC clearly shares that ambition and we look forward to working with them to deliver on the league’s promise in the years ahead.”

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CBC Plays Leading Role in the Creation of New Scottish Business Bank

ClydeBlowersCapital

The team at Clyde Blowers Capital has been playing a prominent role in helping to launch Alba Bank, which will be a challenger bank focused on lending to SMEs across the UK regions. The bank will provide loans to SMEs in the UK through a modern digital platform and placing an emphasis on the core skills of relationship banking.

On reading the announcement in January 2017 of the decision to wind Airdrie Savings Bank (ASB) down, CBC’s Chairman and CEO, Jim McColl OBE, first met with Rod Ashley, ASB’s former CEO, to explore the possibility of retaining their banking licence but changing the strategy to focus on the UK SME banking market. Although an Act of Parliament prevented ASB to transfer their current banking license, the Prudential Regulatory Authority (PRA) were encouraging of a new business proposal and bank application from the team.

Emboldened by the PRA’s initial feedback, CBC successfully led the seed funding to establish Alba in April 2018, while the other members of the founding team worked on a business plan to create a purpose-built SME-focused bank, to be Headquartered in Scotland and serving the UK regions.

CBC has continued to support the aspiring bank through its application process and has been hugely impressed by the progress made to date. In December 2019, Alba announced they had formally submitted their application for a banking license to the Regulator, representing an important milestone in the journey of becoming a fully licensed bank.

Jim McColl, CEO of CBC, commented:

“We believe there is a strong demand for a new purpose-built lender to SMEs in the UK, incorporating the latest technology available in the market and an emphasis on the core banking skills of the relationship manager. The bank will be focused on lending to SMEs in Scotland and the Northern Regions of the UK.

As the UK SME market continues to be affected by the current COVID-19 pandemic, we firmly believe Alba will play a crucial role in supporting the SME community and the wider economic recovery throughout the regions of the UK.”

Rod Ashley, CEO of Alba, added:

“The guidance and support of Jim McColl and his CBC team have been key elements in our drive to be in the strong position we find ourselves in today. We are on track to launch as a fully operational bank in 2021 and remain confident of receiving our authorisation with restrictions this Autumn. The achievement of that milestone will enable us to be known by our official name, Alba Bank.

The backing from Jim and his team will be a critical part of our work as we develop our business to be able to provide the necessary funding and support to UK-based SMEs as they strive to recover from today’s challenging climate and continue to be the backbone of the British economy.”

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Microsoft announces definitive agreement to acquire Metaswitch Networks

Franciso Partners

Microsoft announces definitive agreement to acquire Metaswitch Networks, expanding approach to empower operators and partner with network equipment providers to deliver on promise of 5G

Today, we are announcing that we have signed a definitive agreement to acquire Metaswitch Networks, a leading provider of virtualized network software and voice, data and communications solutions for operators.

The convergence of cloud and communication networks presents a unique opportunity for Microsoft to serve operators globally via continued investment in Azure, adding additional depth to our hyperscale cloud infrastructure with the specialized software required to run virtualized communication functions, applications and networks.

This announcement builds on our recent acquisition of Affirmed Networks, which closed on April 23, 2020. Metaswitch’s complementary portfolio of ultra-high-performance, cloud-native communications software will expand our range of offerings available for the telecommunications industry. Microsoft intends to leverage the talent and technology of these two organizations, extending the Azure platform to both deploy and grow these capabilities at scale in a way that is secure, efficient and creates a sustainable ecosystem.

As the industry moves to 5G, operators will have opportunities to advance the virtualization of their core networks and move forward on a path to an increasingly cloud-native future. Microsoft will continue to meet customers where they are, working together with the industry as operators and network equipment providers evolve their own operations.

We will continue to support hybrid and multi-cloud models to create a more diverse telecom ecosystem and spur faster innovation, an expanded set of unique offerings and greater opportunities for differentiation. We will continue to partner with existing suppliers, emerging innovators and network equipment partners to share roadmaps and explore expanded opportunities to work together, including in the areas of radio access networks (RAN), next-generation core, virtualized services, orchestration and operations support system/business support system (OSS/BSS) modernization. A future that is interoperable has never been more important to ensure the success of customers and partners.

By enabling advancements in enhanced mobile broadband, ultra-reliable low latency communications and massive machine-type communication to enable IoT at scale, 5G offers significant potential for enterprises and governments and in turn creates new opportunities for operators. 5G will ultimately give operators a path to accelerate service innovation and deliver new transformative experiences that are faster, more resilient and more secure, spurred on by software advances to drive transformation at scale.

We have a long history of working with operators as they increasingly embrace software-based solutions and continue to support the advancement of cloud-based networking while helping create new partnership opportunities for existing network equipment providers. Our intention over time is to create modern alternatives to network infrastructure, enabling operators to deliver existing and value-added services – with greater cost efficiency and lower capital investment than they’ve faced in the past.

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AURELIUS subsidiary Office Depot Europe announces divestment of its Nordics business

Aurelius Capital

Munich/Venlo, May 14, 2020 – Office Depot Europe, a portfolio company of AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8) completed the divestment of Office Depot Nordics to CEO Frank Egholm in a family-office backed Management Buy-Out transaction. The business, also servicing other Nordic markets as well as its core business in Sweden, is set to benefit from further growth due to its strong market position and solid financing.

A successful transformation lays the foundation for the MBO

Office Depot Europe’s decision to divest its business in Sweden and the wider Nordics region comes after a successful transformation of the business since its acquisition by AURELIUS in January 2017. Since then, Office Depot’s Nordics business has expanded its product and service offerings, its retail channel has been integrated into a multi-channel approach, and the business has continued to foster its position among the top 3 leading players in its core market, Sweden.

The goal is to become a market leader

Frank Egholm and the management team are excited to take on the next chapter in Office Depot Nordic’s growth and have great plans for the future, involving the continued digitalisation, product innovation and increased focus on servicing customers across all channels. Entering a MBO transaction is a firm testament of the parties’ confidence in the strength and profitability of the business.

“I’m truly excited to have this opportunity because Office Depot Nordic is a fantastic company. We have come a long way the past few years, but there is still a great potential for evolving the business further. This change will fuel our ambitions of becoming an even more successful player in the Swedish market, and this deal marks an important milestone for us all in achieving that goal. We already have a great team in place to take us there. Our employees are our best asset and we as a management team are ready for the challenge. I’m very pleased to be a part of Office Depot Nordics’ future, says Frank Egholm”.

Divestment of Nordics division follows the earlier divestment of the CEE division 

Office Depot Europe exited its CEE (Central Eastern European) business in November 2019. The transaction also followed a very successful transformation, positioning Office Depot CEE as the local market leader with a wide array of B2B products and services. The exit of Office Depot’s Nordics division follows the same strategic rationale, freeing resources to allow Office Depot Europe to focus on its stronghold European ecommerce centric business activities.

About Office Depot Nordics

Office Depot Nordics has its nucleus in Sweden. Together with the involvement of partners, it is also servicing customers in Norway, Denmark and Finland. With its 450 employees it is one of Sweden’s largest office suppliers covering the Nordics. Office Depot Nordics provide business supplies and services to help their customers work better and become more productive and efficient at work – regardless of their workplace. They are a single source supplier of the latest technology, core office supplies, print, and document services, business services, facilities products, furniture, and school essentials.

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HPEF III has successfully completed the exit of Odlo

Hercules Capital

On 13 May 2020, HPEF III completed the sale of Odlo to Monte Rosa Sports Holding AG

Odlo is a Swiss company with Norwegian roots. Founded in 1946, Odlo is a pioneer of the three-layer principle and inventor of sports underwear. From 1986, Odlo headquarters are based in Hünenberg, Switzerland, now with approximately 800 employees across multiple locations. Odlo offers performance sportswear in 6 categories: functional sport underwear, running, training, cycling, cross-country skiing and outdoor. Odlo is market leader within functional sports underwear in Germany, Switzerland, France, Austria and Italy. The Odlo brand is distributed worldwide in more than 35 countries.

HPEF III acquired Odlo in 2010. Following several years of mixed performance, Odlo was brought back to a trajectory of profitable growth. On 13 May 2020, HPEF III completed the sale of Odlo to Monte Rosa Sports Holding AG.

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Swissbit continues its growth with Ardian as a strong partner

Ardian

Together with the management team, Ardian acquires Swissbit, the manufacturer of secure, high-quality storage and embedded Internet of Things (IoT) solutions

Frankfurt am Main / Bronschhofen, May 13th, 2020. The Swissbit management team and Ardian, a world leading private investment house, announced today that they have signed an agreement to acquire Swissbit Holding AG (“Swissbit”) based in Bronschhofen, Switzerland. The company is a leading global manufacturer of storage and embedded IoT solutions with its own production facilities in Germany.

In this transaction, Ardian will acquire a majority stake in Swissbit. Swissbit’s existing management team led by Silvio Muschter, Thomas Luft, Vincenzo Esposito and Matthias Poppel will significantly reinvest in the company as part of the transaction and will hold a substantial stake in the company, thereby ensuring continuity in the management of the business. With the help of Ardian, the positive growth trend will continue to accelerate. The parties have agreed not to disclose financial details of the transaction, which is subject to approval by the antitrust authorities.
Swissbit is the only independent European provider of NAND flash-based storage and embedded IoT solutions for demanding niche applications in a wide range of end markets. The company manufactures high-quality storage media such as SD and microSD cards, SSD hard drives, and USB memory modules for mission-critical applications. The products are manufactured exclusively at Swissbit’s state-of-the-art production facility in Berlin, which commenced operations in October 2019.
Such solutions are used for example in industrial automation applications and network communication technology, as well as in the security sector and in medical technology. Swissbit’s embedded IoT storage solutions are highly relevant especially in the fiscal and security segments.

The company’s storage solutions stand out due to their high degree of customization for specialized storage and computing applications.
Swissbit was created through a management buyout from the Siemens Memory division in 2001. With its innovative strength and extensive research and development capacities, Swissbit is optimally positioned to benefit from the rapidly evolving IoT and edge computing market trends in a wide range of applications.

The company currently has more than 700 customers, including numerous renowned industrial, medical and technology companies. Together with Ardian as a strong global partner, Swissbit intends to continue to accelerate the internationalization of the company in North America and Asia. In addition, management aims to increase the considerable growth potential in the embedded IoT segment, thanks to the variety of new, rapidly growing applications for Swissbit’s specialized storage solutions.

Dirk Wittneben, Managing Director and Head of Ardian Expansion in Germany, said: “The main factors for our investment in the company were Swissbit’s convincing and promising business model combined with an excellent management team with many years of industry experience and strong technological expertise. We look forward to working in partnership with the management and supporting the company as it continues down its path of growth towards a successful future.”

Silvio Muschter, CEO of Swissbit, added: “The digitization and networking of devices in the Internet of Things drives the demand for secure, high-quality storage products from our memory division and the security solutions from our embedded IoT division. Above all, data is the most valuable asset. At Swissbit, we see it as our central task to reliably store and protect this data. For this reason, we have systematically created a new, state-of-the-art electronics production facility in Berlin, set up the Embedded IoT business unit and successfully developed innovative hardware-based security products in recent years. With Ardian, we have found a financially strong and globally connected partner for our further planned growth in new markets.”

ABOUT SWISSBIT

Swissbit AG is the only independent European manufacturer of storage and embedded IoT solutions for demanding applications. Swissbit combines its unique competences in storage and embedded IoT technology with its expertise in advanced packaging to store and protect data reliably in industrial, NetCom, automotive, medical and finance applications as well as across the Internet of Things (IoT). The company develops and manufactures industrial-grade storage and security products “Made in Germany” with long-term availability, high reliability and custom optimization. Swissbit’s storage range includes SSDs with PCIe and SATA interface such as mSATA, Slim SATA, CFast™, M.2 and 2.5” as well as CompactFlash, USB flash drives, SD, micro SD memory cards and managed NAND BGAs. Security products for embedded IoT applications are available in various application specific editions as USB flash drives, SD, and micro SD memory cards. Swissbit was founded in 2001 through a management buy-out of Siemens AG, and has offices in Switzerland, Germany, USA, Japan and Taiwan.
www.swissbit.com

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$96bn 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 680 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 more than 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
Ardian on Twitter @Ardian
www.ardian.com

LIST OF PARTICIPANTS

Seller
Swissbit: Roger Knobel, Daniele Tedesco, Silvio Muschter, Vincenzo Esposito, Thomas Luft, Matthias Poppel, Tony Cerreta
Financial: Deloitte (C. Tattersall, M. Horwat)
Legal: Bär & Karrer (C. Neeracher, R. Annasohn)
Tax: Deloitte (F. Poltera, R. Hintermann)
M&A and Debt Advisory: GCA Altium (A. Grünwald, R. Sauser, G. Baldwin, T. Weber, M. Schlup, D. Schreiber)

Buyer
Ardian: Dirk Wittneben, Marc Abadir, Yannic Metzger, Nicolas Münzer, Marlon Sandvoss
Commercial: McKinsey & Company (T. Eichner, H. Bauer, P. Ernst)
Financial: Deloitte (E. Sachsalber, N. Nobereit)
Legal: Latham & Watkins (B. Hesse, S. Pauls) / Niederer Kraft Frey (T. Spillmann, P. Peyer)
Tax: Taxess (G. Thomas, R. Schäfer) / Loyens & Loeff (B. Baumgartner, F. Sutter)
M&A and Debt Advisory: Lincoln International (Ø. Bjordal, C. Weis)

ARDIAN
CHARLES BARKER CORPORATE COMMUNICATIONS
ardian@charlesbarker.de
TOBIAS EBERLE
Tel: +49 69 79409024
JAN P. SEFRIN
Tel: +49 69 7940902
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BURE aquires shares in Cavotec

Bure

Bure Equity AB (publ) has acquired 7,803,248 shares in Cavotec SA and thereafter holds 36.2 percent of the capital and the votes in the company.Bure has acquired 7,803,248 shares in Cavotec on 8 May 2020. After the transaction, Bure’s total holding in Cavotec amounts to 34,071,619 shares which is equivalent to 36.2 percent of the total number of shares and votes in the company. Cavotec is listed on Nasdaq Stockholm. The mandatory provisions in accordance with the Act on public takeover bids in the stock market do not apply as Cavotec is a Swiss company.

For more information,

contact Henrik Blomquist, CEOhenrik.blomquist@bure.seTelephone: +46 (0) 8-614 00 20

Max Jonson, CFOmax.jonson@bure.seTelephone +46 (0) 8-614 00 20

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Axonics Modulation Technologies raises $130 million via public offering

GIlde Healthcare

Utrecht (the Netherlands), Cambridge, Massachusetts (USA) – Axonics Modulation Technologies, Inc. (NASDAQ: AXNX), a medical technology company that is commercializing novel implantable rechargeable sacral neuromodulation devices (r-SNM Systems) for the treatment of bladder and bowel dysfunction, announced the pricing of its public offering of 4,000,000 shares of its common stock at a public offering price of $32.50 per share, before underwriting discounts and commissions. The gross proceeds from the offering to Axonics are expected to be $130 million. In addition, the underwriters have a 30-day option to purchase up to an additional 600,000 shares. BofA Securities, Morgan Stanley and Wells Fargo Securities are acting as the joint book-running managers for the offering and representatives of the underwriters. SVB Leerink and Needham & Company are acting as co-managers for the offering.

Axonics anticipates using net proceeds from the offering to support the commercialization of its r-SNM System in the United States, Europe and Canada. Via its r-SNM Systems, Axonics enables improved care at affordable cost for millions of patients worldwide suffering from incontinence, reflecting Gilde Healthcare’s patient centric investment strategy.

About Axonics Modulation Technologies, Inc.
Axonics, based in Irvine, Calif., has developed and is commercializing novel implantable SNM devices for patients with urinary and bowel dysfunction.
For more information, visit the company’s website at www.axonics.com.

About Gilde Healthcare
Gilde Healthcare is a specialized healthcare investor managing over €1.4 billion ($1.5 billion) across two fund strategies: venture & growth capital and private equity. Gilde Healthcare’s venture & growth capital fund invests in fast growing companies active in digital health, medtech and therapeutics. The venture & growth companies are based in Europe and North America. Gilde Healthcare’s private equity fund invests in profitable European lower mid-market healthcare companies with a focus on the Benelux and DACH region. The private equity fund targets healthcare providers, suppliers of medical products and service providers in the healthcare market.
For more information, visit the company’s website at www.gildehealthcare.com.

Gilde Healthcare is a specialized healthcare investor managing over €1.4 billion ($1.5 billion) across two fund strategies: venture & growth capital and private equity. Gilde Healthcare’s venture & growth capital fund invests in health tech and therapeutics. The venture & growth companies are based in Europe and North America. Gilde Healthcare’s private equity fund invests in profitable European lower mid-market healthcare companies with a focus on the Benelux and DACH region. The private equity fund targets healthcare providers, suppliers of medical products and service providers in the healthcare market.

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Vapotherm raises $87 million via public offering

GIlde Healthcare

Utrecht (the Netherlands), Cambridge, Massachusetts (USA) – Vapotherm, Inc. (NYSE: VAPO), a global medical technology company focused on the commercialization of its proprietary Hi-VNI® Technology products that are used to treat patients of all ages suffering from respiratory distress, announced the pricing of an underwritten public offering of 3,350,000 shares of its common stock at a price to the public of $26.00 per share. The gross proceeds from the offering to Vapotherm are expected to be $87 million. In addition, Vapotherm has granted the underwriters a 30-day option to purchase up to an additional 502,500 shares. BofA Securities and William Blair are acting as joint book-running managers for the offering. Canaccord Genuity is acting as lead manager and BTIG is acting as co-manager.
Vapotherm intends to use the net proceeds from this offering to hire additional sales and marketing personnel and expand marketing programs both in the United States and internationally. Hi-VNI Technology is mask-free noninvasive ventilatory support for spontaneously breathing patients and is a front-line tool for relieving respiratory distress — including COVID-related. Vapotherm enables improved care at affordable cost for millions of patients worldwide suffering from respiratory distress, reflecting Gilde Healthcare’s patient centric investment strategy.

About Vapotherm

Vapotherm, Inc. is a publicly traded developer and manufacturer of advanced respiratory technology based in Exeter, New Hampshire, USA. The Company develops innovative, comfortable, non-invasive technologies for respiratory support of patients with chronic or acute breathing disorders. Over 2.2 million patients have been treated with Vapotherm Hi-VNI Technology. Hi-VNI Technology is mask-free noninvasive ventilatory support for spontaneously breathing patients and is a front-line tool for relieving respiratory distress—including hypercapnia, hypoxemia, and dyspnea. It allows for the fast, safe treatment of undifferentiated respiratory distress with one tool. Hi-VNI Technology’s mask-free interface delivers optimally conditioned breathing gases, making it comfortable for patients and reducing the risks associated with mask therapies. While being treated, patients can talk, eat, drink and take oral medication.
For more information, visit the company’s website at www.vapotherm.com.

About Gilde Healthcare

Gilde Healthcare is a specialized healthcare investor managing over €1.4 billion ($1.5 billion) across two fund strategies: venture & growth capital and private equity. Gilde Healthcare’s venture & growth capital fund invests in fast growing companies active in digital health, medtech and therapeutics. The venture & growth companies are based in Europe and North America. Gilde Healthcare’s private equity fund invests in profitable European lower mid-market healthcare companies with a focus on the Benelux and DACH region. The private equity fund targets healthcare providers, suppliers of medical products and service providers in the healthcare market.
For more information, visit the company’s website at www.gildehealthcare.com.

Gilde Healthcare

Gilde Healthcare is a specialized healthcare investor managing over €1.4 billion ($1.5 billion) across two fund strategies: venture & growth capital and private equity. Gilde Healthcare’s venture & growth capital fund invests in health tech and therapeutics. The venture & growth companies are based in Europe and North America. Gilde Healthcare’s private equity fund invests in profitable European lower mid-market healthcare companies with a focus on the Benelux and DACH region. The private equity fund targets healthcare providers, suppliers of medical products and service providers in the healthcare market.

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