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Ardian invests in Nova Reperta, a Brussels-based consultancy

Ardian

22 July 2021 Growth Belgium, Brussels

This investment marks Ardian Growth’s first deal in Belgium

Paris & Brussels, July 22nd, 2021 – Ardian, a world leading private investment house, today announces the acquisition of a stake in Nova Reperta, a Brussels-based management consultancy.

Nova Reperta was founded in 2011. In 2018 the company expanded its activity to create an office in Amsterdam, the Netherlands. Nova Reperta employs over 50 people, advising clients including Toyota Motor Europe, Le Pain Quotidien, Carglass, Dela, Visma|Raet en Lecot.

Nova Reperta is today a reference in company-wide change programs that include both back- and front-stage transformations. Nova Reperta realizes this by strengthening the operating model and value creation plans of its clients – often through combining operational excellence, client centricity, agility and digital acceleration.

With Ardian Growth’s support, the company will be able to accelerate its growth, expanding its services, organic market expansions and targeting strategic acquisitions across Europe. It will also allow Nova Reperta to strengthen its digital capabilities to serve the complex and evolving needs of clients across for example insurance, energy and mobility sectors.

Filip Leflot, Partner of Nova Reperta, commented: ”With the Ardian Growth team on board, we will be able to invest in our digital transformation and data analytics services as well as launch new unique services on the market. More specifically, it is an opportunity to bring into the capital of Nova Reperta a renowned international investor. Ardian, alongside our partners, will help us achieve our goal of becoming a leader and trusted business partner for future transformation journeys.”

Nick Dieltiens, Partner Automotive & Mobility Industry, Customer Experience Practice, added: “The capabilities of our talented and experienced team will ensure that we stay ahead of future market shifts and guarantee our approach remains resilient.”

Florian Dupont, Senior Investment Manager in Ardian Growth team, commented: “We have been impressed by the quality of the team. This investment aligns with our commitment to support ambitious and disruptive entrepreneurs. We want to leverage our expertise and network to implement organic growth as well an active buy-and-build strategy across Europe.”

Romain Chiudini, Managing Director in Ardian Growth team added: “After several investments in Italy and Spain, and growth in new geographies like Germany and Switzerland, we are very excited to now sign our first deal in Belgium with Nova Reperta. This investment confirms our position as a leading European strategic growth partner.”

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$112bn 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 750 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 1,200 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

ABOUT NOVA REPERTA

Nova Reperta is a Brussels & Amsterdam based management consulting company founded in 2011. With a strong foundation in operational excellence, Nova Reperta specializes in both back- and front-stage transformations. It is today a reference in company-wide change programs, addressing the overall operating model and value creation plans of its clients – through client centricity, agility and digital acceleration.
Set up by a mix of seasoned consultants and managers sharing a strong entrepreneurial drive, Nova Reperta is now a team of about 50+ professionals obsessively focused on creating impact with our clients. That goal attracts ambitious, entrepreneurial people who naturally combine soft and hard skills. And that immediately evokes the five core values that tie us together: entrepreneurial, pragmatic, inclusive, trustworthy and always exploring.

Visit the website

LIST OF PARTIES INVOLVED

  • Nova Reperta

    • François Barbellion, François Delfosse, Filip Leflot, Carl Annicq, Nick Dieltiens, Eljakim Caus Ardian: Romain Chiudini, Florian Dupont

  • Ardian

    • Ardian Financial advisors: Crowe (Thomas Corbineau, Julien Latrubesse)
    • Ardian Legal advisors: Winston (Nicola Di Giovani, Sidney Rosenberg, Camille Clauss)
    • Company M&A advisors: VD&P (Laurent Linkens)
    • Company Legal advisors: Backer & McKenzie (Luc Meeus)
    • Senior Bankings: KBC (Guy Wyn, Bart Martens)

Press contacts

ARDIAN – Headland

VIKTOR TSVETANOV

VTsvetanov@headlandconsultancy.com +44 207 3435 7469

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Gilde Equity Management new growth partner of Bruynzeel Storage Systems

Gilde Equity

Bruynzeel Storage Systems, the European market leader in mobile storage systems, has attracted Gilde Equity Management as new majority shareholder. With the new shareholder Bruynzeel will execute their growth strategy in various international markets. The transaction is made for an undisclosed consideration and will be concluded after approval by the antitrust authorities. Bruynzeel booked revenues of around € 60 million last year and aims to grow to more than € 100 million in 2026, partly as a result of the strong growing international demand for space creating solutions and by adding new innovative solutions to its product offering.

Next growth phase
Bruynzeel, with head office in the Netherlands, provides space creating storage solutions for the storage of a wide variety of objects. It helps organizations worldwide to use space in the most efficient, sustainable and effective way to preserve their valuable collections, documents and inventory. Gilde Equity Management and Bruynzeel both see strong demand for space creating solutions.

Alexander Collot d’Escury, CEO of Bruynzeel Storage Systems comments: “We are proud to be able to join forces with Gilde. They will help us to accelerate our growth and seize the enormous international market opportunities for space saving solutions. Gilde has an impressive track record in creating value with medium sized companies with strong market positions. We are very pleased that with this step, Bruynzeel Storage System is now, after more than 30 years, back in Dutch hands. I would like to thank our former shareholder Altor Equity Partners. They played an important role in establishing our position as European market leader in various segments.”

Pål Stampe, Partner at Altor Equity Partners and Chairman of Bruynzeel added: “We have had a long journey together, and seen a very positive development in recent years. Led by today’s strong management team, we believe that Gilde Equity Management is the right owner for the next growth phase.”

Bas Glas of Gilde Equity Management adds: “We are delighted to support Bruynzeel executing their already successful growth strategy. We are impressed with their strong performance this year. As an investor we recognize the growing importance of space creating storage solutions. We think our partnership represents an attractive opportunity given Bruynzeel’s superior technical knowledge and capacity for innovation. As European market leader in various international storage markets we will support them expanding their product platform and seizing the growth opportunities in Europe and abroad.”

Growth strategy
With the support of Gilde Bruynzeel will accelerate the execution of its international growth strategy by further gaining market share, growing through geographical expansion, by developing new promising segments and be leading in sustainability. Besides autonomous growth, acquisitions in key geographies and segments are part of the growth strategy. In February 2021, Bruynzeel acquired the American distributor RDT Concepts. This partnership gives Bruynzeel more commercial opportunities on the American market, which is the largest market in storage solutions in the world.

Growing number of segments
Bruynzeel Storage Systems is the market leader in the European market for intelligent and space saving storage systems in the archive, library and museum segment and is also growing rapidly in storage solutions in pharma, horticulture, industry, retail, urban farming and hospitals. In addition, many organisations are looking for ways to increase their inventory levels. Due to the current Covid-19 crisis and global supply chain disruptions, deliveries of crucial parts in many industries are delayed, often resulting in costly production losses.

About Gilde Equity Management
Gilde Equity Management (GEM) is an independent private equity firm with €1.5 billion in committed capital. With roots dating back to 1982, GEM is a leading investor in medium-sized companies and has helped many of them to realize international growth.

Examples of GEM investments include: Dunlop, a leading manufacturer of safety boots for industrial applications; Fruityline, a fast-growing producer of freshly squeezed premium fruit and vegetable juices and smoothies; Wasco, a technical wholesaler active in the area of heating, ventilation, air conditioning and sanitary facilities; Actief Interim, one of the biggest independent employment agencies in Benelux and Germany serving the SME sector; Eiffel, a consultancy firm with expertise in Legal, Finance and Process; and Kwantum & Leen Bakker, home-furnishing and decoration retailers in the Benelux..

For more information, go to: https://www.gembenelux.com/

About Bruynzeel Storage Systems
Bruynzeel Storage Systems is the market leader in the European market for intelligent and space saving storage systems in the archive, library and museum segments and is also growing rapidly in storage solutions in pharma, horticulture, industry, retail, urban farming and hospitals. Each Bruynzeel storage solution is designed and based on the client’s specific needs.

Bruynzeel Storage Systems was founded in 1953 as part of the Bruynzeel group that grew into bathrooms, doors, cabinets, kitchens, floors and pencils. Bruynzeel Storage Systems has been privatized since the 1980s. With its ‘best-in-class’ production process, it is able to realize storage systems with high-quality design and quality within the fastest production and delivery times.

In addition to its own offices in Europe and the United States, the company operates through an extensive network of distributors in Africa, the Middle East, Latin America, North America, Australia and Asia. All systems are produced in the factory in Panningen, the Netherlands. The company has more than 200 employees and often collaborates with architects and designers to design custom-made mobile and fixed storage systems for each application.

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Audax Private Equity Announces Majority Investment in Risk Intelligence Leader Flashpoint

Audax Private Equity (“Audax”) today announced that it has acquired a majority stake in Flashpoint, a global leader in actionable threat intelligence, to support its continued growth initiatives. Terms of the transaction were not disclosed.

Based in New York City, Flashpoint is a leading provider of actionable threat intelligence and intelligence automation for commercial and government customers. The Company’s core software-as-a-service (“SaaS”) offering, “Flashpoint Vision,” provides customers with access to timely, relevant, and actionable data that teams need to identify threats and mitigate the impact of cyberattacks, fraud, and physical damage. Flashpoint continues to expand its flagship offering, and recently added compromised credentials monitoring, card fraud monitoring, and domain protection to the platform.

“We are thrilled to have the backing of Audax and look forward to benefiting from their deep expertise within the broader software, technology, and business services sectors,” said Josh Lefkowitz, Chief Executive Officer of Flashpoint. “This partnership will enable us to continue investing in both Flashpoint Vision and in new tools to expand our capabilities and offerings to our global customer base, and allow us to help even more customers across the private and public sectors rapidly identify threats and mitigate critical security risks. We are confident that Audax’ support will help take us to the next level.”

“Now more than ever, organizations and companies of all sizes, industries, and geographies are seeking to implement leading, reliable cyber intelligence services to protect the data and stakeholders that matter most to them,” said Timothy Mack, Managing Director of Audax. “Flashpoint is at the forefront of this charge with what we consider to be a premier platform, and we believe there is significant opportunity to expand their services and capitalize on even further growth via organic and inorganic initiatives. Importantly, we are thrilled to partner with Flashpoint’s exceptional management team.”

AGC Partners acted as financial advisor and Lowenstein Sandler LLP served as legal counsel to Flashpoint. Ropes & Gray LLP served as legal counsel to Audax.

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Eight Roads Ventures Europe continues to back Spendesk

Eight Roads

Eight Roads Ventures Europe continues to back Spendesk, the leading all-in-one spend management platform for finance teams, participating in the €100 Series C funding round led by General Atlantic. Spendesk will focus on hiring top talent and accelerating product innovation to bring more automation and insights to every aspect of business spending.

Spendesk offers an intuitive SaaS spend management solution that provides full visibility and control on all company spending — with every purchase trackable to a person, a project, and a budget. The platform combines payments, processes and data into one source of truth, with virtual and physical cards for employees, expense reimbursements, invoice management, automated spend approvals, and budgets. The solution aims to liberate finance teams from day-to-day admin tasks, freeing them to focus on proactive and strategic value-add.

“In the past few years we have built the reference spend management solution for finance teams in Europe, which frees businesses and their people from administrative constraints of spending and managing money at work. While our solution is about empowering finance teams, we are actually delivering value to the entire business through the finance team.” said Spendesk’s co-founder and CEO, Rodolphe Ardant.

Lucile Cornet, Partner at Eight Roads Ventures added, ““Not only is Spendesk emerging as a category leader in spend management but it has also built a fantastic team and culture on the way, which is essential!”

The new investment follows a strong year of growth as Spendesk doubled its revenue, despite adverse market conditions during the pandemic, and grew the team from 150 to 300 employees. Membership in Spendesk’s global finance community, CFO Connect, has doubled as well, now counting 6,500 members worldwide.

With the new funds, Spendesk plans to affirm its position as a leading spend management solution in Europe. This includes doubling headcount within the next two years, and accelerating product innovation, with Slack and Microsoft alumnus James Colgan having recently joined as Chief Product Officer.

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WorthPoint secures $12 million credit facility from Espresso Capital

espresso capital

Atlanta — July 20, 2021 — Espresso Capital and WorthPoint Corporation have announced today that Espresso has provided WorthPoint, the most comprehensive online resource for researching, valuing, buying and selling antiques, art and vintage collectibles, with a $12 million credit facility.

WorthPoint empowers the antiques and collectibles industry by providing a steady stream of new data and quality information to improve pricing transparency between buyers and sellers. The company will use the new funds to help further grow the business by investing in a number of marketing and product development initiatives.

“WorthPoint has been a bootstrapped company, and this is the first funding into the company from beyond a close circle of friends and family,” said WorthPoint Founder and CEO Will Seippel. “We were seeking a non-invasive and preferably non-dilutive funding source that understood our business and model and lent to our quickly compounding recurring cash flow. We are thrilled to partner with Espresso as we continue to scale our business. This credit facility will allow us to build on our success by making strategic investments to expand our addressable market, enhance our website to provide a better user experience and add new data partners to further expand our offerings.”

Those offerings include a price guide for researching and valuing antiques, art and collectibles, a resource gallery for identifying makers’ marks and a digital library of more than 3,400 books from leading publishers covering a wide range of collecting topics.

“WorthPoint has a seasoned team that has proven they can operate successfully in a variety of different market cycles,” said Espresso Capital Executive Director Steven Michau. “They address a market segment with considerable room for growth while having no direct competitors. We see tremendous upside for the company as it makes strategic investments in several key areas that will continue to drive growth.”

“Steve and the team at Espresso have been great to work with,” continued Seippel. “In addition to offering a favorable cost of capital that will help better position us for a potential equity round in the future, we were impressed with the care they took to get to know our business and the speed at which they were able to close the facility. The process was smooth and seamless from end to end.”

“The Espresso team understood the broad principles of our business better than anyone else we spoke with and we have already deployed and seen growth from their capital infusion,” noted Seippel.

About WorthPoint Corporation

WorthPoint manages the largest online resource for researching, valuing and preserving antiques, art and collectibles. The company’s suite of offerings on WorthPoint.com includes a Price Guide, a resource gallery for identifying maker’s marks, autographs, patterns, symbols (M.A.P.S.) and a digital Library with more than 3,400 books about collectible topics. Through data aggregated from online marketplaces, including eBay and leading auction houses, WorthPoint empowers the antiques and collectibles industry by providing a steady stream of new data each month, building on more than 567 million archived prices and nearly 1.3 billion images to improve pricing transparency for sellers and buyers. WorthPoint is headquartered in Atlanta, Ga., and has subscribers on six continents.

About Espresso Capital

Espresso empowers companies with innovative venture debt solutions. Since 2009, we’ve helped more than 300 technology companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Learn more at www.espressocapital.com.

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Audax Private Equity Announces Sector Expansion and Senior Hires

Audax Private Equity (“Audax”) today announced its expansion into the Financial Services sector. The segue into the Financial Services sector is a natural next step for Audax and will complement the firm’s historic focus on investments in Business Services, Consumer, Healthcare, Industrial Services & Technologies, and Software & Technology sectors. By combining Audax’ platform and established Buy & Build approach with the growing team’s experience and expertise, Audax is well-positioned to identify and invest in compelling opportunities in the Financial Services industry.

Audax’ focus in the Financial Services sector will target investments in business services, insurance services, financial technology, and wealth management, as the team looks to leverage its financial services expertise to capitalize on the rapid innovation in financial technology and other resilient, value-added sectors.

Audax is also pleased to welcome its four most recent Managing Director hires to the team. In welcoming these senior hires to the team, Audax continues to grow and enhance not only the investment team, but also the critical functions of business development and investor relations.

William “Bill” Allen joined Audax as a Managing Director focused on expanding Audax’ investment capabilities in the Financial Services sector. Mr. Allen was previously a Managing Director at The Carlyle Group and brings more than two decades of investment experience in the financial service sectors across asset and wealth management, business services, capital markets, community banking, financial technology, insurance services, and specialty finance. Mr. Allen received a B.A. from Middlebury College.

Matthew Cross joined Audax last year as a Managing Director focused on investor relations. Mr. Cross was previously a Principal in the Client and Product Solutions group at Apollo Global Management, where he was responsible for building relationships with institutional investors across North America. Prior to that, Mr. Cross was a member of the business development team at Providence Equity Partners and worked at State Street as a member of its private markets consulting team. Mr. Cross received a M.S. from Boston College and a B.A. from Boston University. Mr. Cross is a CFA Charterholder.

Megan Lundy joined Audax last year as a Managing Director focused on investor relations, based in San Francisco. Ms. Lundy was previously a Managing Director and Head of Investor Relations at Lindsay Goldberg, where she oversaw fundraising and investor relations. Prior to that, Ms. Lundy worked at DLJ Investment Partners on their investment team and at Barclays in the Global Communications and Media Investment Banking Group. Ms. Lundy received a B.A. from Columbia University.

Cory Mims joined Audax as a Managing Director focused on business development. Mr. Mims was previously a Managing Director at ICV Partners focused on transaction execution, portfolio value creation, and business development. Prior to that, Mr. Mims worked at TSG Capital Group as a Principal where he was actively involved in all aspects of deal execution, including industry research, operations and financial due diligence, and transaction structuring and financing. Mr. Mims began his career in investment banking at Salomon Brothers in New York and London. Mr. Mims received an MBA from Harvard Business School and a B.B.A. from Howard University.

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EQT Exeter Europe Logistics Value Fund IV closes at EUR 2.1 billion hard cap – fortifies commitment to logistics value-add investments across Europe

eqt
  • EQT Exeter Europe Logistics Value Fund IV closes at EUR 2.1 billion hard cap following strong support from existing and new international blue-chip investors
  • EQT Exeter Europe Logistics Value Fund IV will pursue a value-add strategy to acquire, develop, redevelop, lease, operate, and sell supply chain and e-commerce focused big box warehouse, last mile and light industrial properties serving major markets throughout Europe
  • The Fund is the first vehicle to close after the combination of EQT’s real estate business and Exeter Property Group, which was completed in April 2021

EQT is pleased to announce that the EQT Exeter Europe Logistics Value Fund IV (the “Fund”) has held its final close at its hard cap of EUR 2.1 billion in fee-paying assets under management. Demand from both existing and new investors was exceptional resulting in the Fund being significantly oversubscribed with commitments coming from a diversified group of high-quality investors across North America, Europe, Asia and the Middle East.

The Fund will pursue a value-add strategy to acquire, develop, redevelop, lease, operate and sell supply chain and e-commerce focused big box warehouse, last mile and light industrial properties serving major markets throughout Europe. EQT Exeter has employed similar value-add strategies throughout its series of US and European logistics value-add funds which have significantly outperformed the market. The senior management team of EQT Exeter focused on logistics has worked together for over 17 years, averages 22+ years of experience in the real estate industry and has demonstrated its ability to manage the full value chain of logistics real estate investments across numerous markets and through multiple growth, income, recessionary and recovery real estate market cycles.

The Fund benefits from EQT Exeter’s “local with locals” approach with 40 global offices (14 in Europe) and its vertically integrated team of 260+ real estate professionals (60+ in Europe) with deep expertise in acquisitions, dispositions, development, construction, leasing, asset and property management, finance, legal, compliance and accounting. EQT Exeter’s local presence enables a targeted selection of submarkets and properties, favorable cost basis due to one-off, small deal sourcing, and full ownership/control of assets. Furthermore, with over 1,200 global tenant relationships, the Fund will capitalize on EQT Exeter’s “tenant-centric” philosophy whereby customer demand, discussions with corporate executives and up-to-the-minute information from corporate heads of real estate and their tenant broker representatives will strongly influence the Fund’s investment and property operating decisions. Knowledge gained through EQT Exeter’s presence in the field and frequent communication with tenants is expected to allow the Fund to offer properties which provide the functionality and location that tenants most desire.

Ward Fitzgerald, Partner and Head of EQT Exeter, commented, “I would like to thank our repeat and new investors for their support of the latest flagship vehicle in EQT Exeter’s European logistics value-add fund series. The successful fundraise of EQT Exeter Europe Logistics Value Fund IV validates our proven 15+ year track record of value creation due to our locals with locals vertically integrated operating model. We look forward to working with our new colleagues at EQT to continue to outperform and provide strong returns to the Fund’s investors.”

Paul Rubincam, Partner and Co-Head of the EQT Exeter Europe Advisory Team, commented, “We are confident that given the strong pipeline and the team’s ability to utilize its leasing, tenant relationship, development and asset management skills to effectuate value-add outcomes, we will successfully advise on the deployment the Fund’s capital and delivery of its superior performance.”

Lennart Blecher, Head of Real Assets’ Advisory Teams, Deputy Managing Partner and Chairperson of EQT Exeter, commented, “The closing of the Fund marks an important milestone following the completion of the combination of EQT’s real estate business and Exeter. This represents not only a great fundraising by Ward and the Exeter team but also a concrete contribution to the scaling of our real estate platform which is a crucial part of EQT AB’s global growth strategy. EQT Exeter will be working closely together with the entire EQT platform across Europe and the Fund will be able to capitalize on thematic real estate investment opportunities in the market.”

EQT Exeter Europe Logistics Value Fund IV is backed by a highly regarded, international investor base including public and corporate pension funds, sovereign wealth funds, insurance companies, global asset management firms, commercial banks, endowments, foundations and family offices.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with more than EUR 67 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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

About EQT Exeter
EQT Exeter was created through the combination of EQT’s real estate business and Exeter Property Group in 2021. EQT Exeter is among the largest real estate investment managers in the world, focused on acquiring, developing and managing logistics/industrial, office, life science and residential properties. EQT Exeter applies a thematic investment strategy and value-creation approach.  With almost 40 regional offices and 260+ professionals across the Americas, Europe and Asia, EQT Exeter combines local execution with global scope to deliver superior real estate solutions to tenants while providing investors with some of the industry’s leading and most consistent returns across value-add and core-plus strategies.

More info: www.exeterpg.com

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Ardian closes first real estate investment in Spain, through the acquisition of an office building in Madrid

16 July 2021 Real Estate Spain, Madrid

The building offers around 10,000 m2 of rental space and over 150 parking spaces and is currently occupied by a single institutional tenant.
This marks Ardian Real Estate’s first deal in Spain, and aligns with the Group’s strategic focus on value creation

Madrid, July 15 2021 – Ardian, a world-leading private investment house, has closed its first real estate investment in Spain, with the off-market acquisition of an office building in Madrid. The property is located near AZCA, Madrid’s main financial district, which benefits from excellent commuter links and it currently houses the Spanish HQs of a number of multinational companies, including EY, Deloitte, Google and Accenture.

This office building, constructed in 1992, consists of around 10,000 sqm of rental space and includes more than 150 parking spaces. The property is fully occupied by a single tenant. The building features high ceilings, and benefits from plenty of natural light in office areas, as well as ample exterior space. These factors are increasingly important for attracting occupants. The team will work with the tenant to identify investment priorities in the property within the framework of their management strategy.

The investment has been performed through the set-up of a dedicated investment platform controlled by an Italian real estate multi-compartment Sicaf, entirely owned by Ardian and managed by Prelios SGR.

Ardian formally launched its Real Estate activity in Spain at the end of 2019, when it entered the market. This transaction fits perfectly with Ardian Real Estate’s vision and priorities, with the asset offering the fund great flexibility. The fund’s strategy relies on value creation and focuses on assets that require active management, to improve facilities, asset performance and ultimately support them in realizing their full potential.

Edmund Eggins, Director in the Ardian Real Estate team: “We are very pleased to announce our first investment in Spain. The building’s features and central location – align well with our strategy. The Spanish office investment market continues to be very attractive. Our work will continue to focus on applying sustainability to management and to meet the needs arising from the pandemic with the aim of creating workspaces that adapt to tenants’ current and future needs.”
Rodolfo Petrosino, Head of Southern Europe for Ardian Real Estate: “We are delighted to launch Ardian Real Estate’s Spanish investment activity with this acquisition. Spain is a key market for us, and we look forward to growing a portfolio of prime-located assets in Madrid and Barcelona.”

Ardian Real Estate is currently of a dedicated team of 34 professionals and a portfolio of over 2.0 billion euros and over 300,000 sqm across Paris, Milan, Rome, Frankfurt, Munich, Berlin, and now Madrid. With its first fund in 2018, the team completed the largest ever, first-time, real estate fundraising with over 700 million euros raised. This confirmed the continued support of investors in Ardian and a direct reflection of the attractiveness of this asset class. Following the ongoing success seen across France, Germany and Italy, the team has broadened its scope and is now investing in Spain.

LIST OF PARTICIPANTS

  • Ardian

    • Ardian was advised by: EY Abogados (legal & tax), EY Strategy & Transactions (commercial), Cuatrecasas and Chiomenti (tax and structuring), Metier Spain (technical) and HolArquitectura (architecture).

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$112bn managed or advised across 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 750 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 1,200 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

Press contact

ARDIAN – Headland

GREGOR RIEMANN

griemann@headlandconsultancy.com +44 7920 8026 27

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Nordic Capital invests in no-code data automation leader Duco

Nordic Capital
  • Investment made in partnership with the CEO and Founder with the aim to accelerate Duco’s growth and expansion

Nordic Capital today announced an agreement to invest in Duco Technology Limited (“Duco”) and acquire a majority shareholding from current investors, CME Ventures, Insight Partners and Eight Roads Ventures. Founder Christian Nentwich will remain as a shareholder and Chief Executive Officer.

Nordic Capital will utilise its experience within the Technology and Payments sector, as well as its broad network and operational resources to accelerate the transformative growth of the business. The data automation market is growing rapidly, and Nordic Capital’s investment will enable the business to further increase its international footprint whilst also supporting product expansion and employee growth.

Nordic Capital invests in no-code data automation leader Duco Image

Duco provides Software as a Service (SaaS) solutions in the cloud to Financial Services, Insurance and FinTech companies dealing with mission critical data management issues. Duco’s mission is to “make managing data easy” by replacing spreadsheets and technology-heavy solutions in areas like data prep, reconciliation, data quality and data management with a user-friendly, machine learning-powered platform.

Headquartered in London, Duco has 140 employees in the UK, US, Singapore and Poland. Duco’s software is used by 14 of the top 30 global banks, asset managers with over $10 trillion in assets, leading payments innovators, exchanges and custodians, and insurers.

“We are very pleased to be partnering with Nordic Capital for the next part of Duco’s journey. Together we will be able to take the business to its next level as they have a strong track record of scaling fast-growing businesses such as Duco. Companies face huge, unsolved problems in the data management and data automation areas. We are passionate about solving these problems in new ways that make people’s work lives more enjoyable and have immediate and substantial agility and cost benefits to our clients. Nordic Capital’s strategic expertise, focus on growth and execution best practice mean that we can accelerate from here and strengthen our strategy with both organic and acquisition growth in the future,” said Christian Nentwich, CEO, Duco, adding “I would also like to thank our outgoing investors and our independent board members, Cris Conde, Kirsten Wolberg and Spencer Lake, for their support and guidance that led us to where we are today.”

“The reconciliation market is growing quickly with strong structural tail winds. Duco brings state-of-the art solutions challenging established legacy point solutions and vastly improve processes. Duco has demonstrated strong leadership and innovation to move technology in Financial Services forward, with its focus on cloud-only delivery and self-service for end users. We are excited about the positioning of the company to respond to major trends that are gaining rapid traction, its great reputation with its clients, and the strength of its technology. Nordic Capital is looking forward to supporting the next phase of Duco’s journey alongside Christian and the management team,” said Emil Anderson, Principal, Nordic Capital Advisors.

Nordic Capital is a leading specialised Technology & Payments investor in Europe with a long and extensive history and experience of investing and supporting sustainable growth in technology software and Financial Service companies. To date, Nordic Capital has deployed more than EUR 4.5 billion of equity across 21 technology companies since 2001 and has significant experience in software as well as payments.

Nordic Capital supports businesses to accelerate growth through expansion into new markets, new product development, improving go-to-market and talent acquisitions, amongst other initiatives. The goal is to use operational experience, capital and business acumen to create strong, sustainable businesses that will thrive in the long term.

The terms of the transaction were not disclosed. Arma Partners served as financial advisors to Duco management and institutional shareholders.

About Duco

Duco, a leading data automation company, is helping businesses to unleash their potential by removing the friction around data. Duco’s cloud-based, no-code platform brings together data quality, reconciliation, data preparation and management, giving firms the tools they need to increase business agility, reduce risk, stay compliant with regulation and dramatically improve efficiency. Over 10,000 users across 30+ countries process billions of data records every week using the platform. Duco is headquartered in London, with offices in New York, Edinburgh, Wroclaw and Singapore. Customers include global banks, investment managers, insurance firms and challenger fintech companies, such as Societe Generale, ING, Man Group and Currencycloud. For more information go to www.du.co

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. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 17 billion in close to 120 investments. The most recent funds are Nordic Capital Fund X with EUR 6.1 billion in committed capital and Nordic Capital Evolution Fund with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland and Norway. For further information about Nordic Capital, please visit www.nordiccapital.com.

“Nordic Capital” refers to any, or all, Nordic Capital branded funds and vehicles and associated entities. The general partners and/or delegated portfolio manager of Nordic Capital’s funds and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are 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

Duco
Annie Knight / Megan Hill
Wildfire PR
duco@wildfirepr.com
+44 208 408 8000

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EQT Infrastructure to acquire Covanta Holding Corporation, a global leader in Waste-to-Energy solutions, for USD 5.3 billion

  • Waste-to-Energy constitutes a vital segment of the waste disposal value chain by providing sustainable disposal solutions for waste that would otherwise go to landfills
  • Transaction highlights EQT’s commitment to partnering with purpose-driven companies that are integral to the ongoing energy transition and growing circular economy
  • EQT Infrastructure to accelerate Covanta Holding Corporation’s journey towards becoming the most sustainable provider of waste disposal services, driving compelling results for all stakeholders

EQT is pleased to announce that EQT Infrastructure has agreed to acquire Covanta Holding Corporation (“Covanta” or the “Company”) (NYSE: CVA), an owner and operator of Waste-to-Energy (“WtE”) facilities in North America. Under the terms of the agreement, which was unanimously approved by Covanta’s Board of Directors, shareholders will receive USD 20.25 in cash per share of Covanta’s common stock in a transaction valued at USD 5.3 billion, including the assumption of Covanta’s net debt obligations. The purchase price represents a 37 percent premium to Covanta’s unaffected share price of USD 14.86 on June 8th, the day prior to initial media speculation of a transaction.

Waste-to-Energy is a vital part of the waste disposal value chain, offering a far more sustainable alternative to landfilling waste for communities and businesses, with a significantly smaller real estate footprint per ton disposed compared to traditional landfills. The process ensures optimal use of waste by: reducing waste volumes by 90 percent that would otherwise get landfilled; eliminating nearly one ton of greenhouse gases equivalent per ton of municipal solid waste; producing sustainable, highly reliable electricity, capacity, and steam for utilities and industrial customers; and recycling metals found within municipal solid waste.

Headquartered in Morristown, NJ, Covanta has 41 WtE facilities strategically located in key metropolitan areas across the US, Canada and Europe. The Company and its nearly 4,000 full time team members safely convert approximately 21 million tons of waste into sustainable, reliable electricity and produce ~10TWh of baseload electricity and ~600k tons of recycled metals per year. Covanta’s three diversified and complementary business segments comprise waste processing and services, energy production and metals recycling, and the Company is expected to generate Adj. EBITDA of approximately USD 460mm to 480mm in 2021.

Alex Darden, Partner within EQT Infrastructure’s Advisory Team, said, “EQT and Covanta are proven business leaders who share a like-minded approach to environmental stewardship, and this acquisition aligns directly with EQT’s thematic approach of investing in sustainable businesses that have a positive impact on society. EQT is excited to partner with the entire Covanta team and to invest in organizational, operational and digital technology initiatives that will enhance Covanta’s ability to provide sustainable solutions to growing waste challenges. As a responsible investor, EQT is committed to working with Covanta on transforming and supporting the energy transition and circular economy across its local communities.”

EQT’s purpose-driven investment model presents several growth opportunities for Covanta, whose business centers on sustainable waste processing and advancing transitions to a circular economy. EQT is committed to working closely with Covanta, providing both capital and operational support, to achieve compelling results for all stakeholders. Under EQT’s ownership, Covanta will continue to differentiate its service offerings, with a focus on innovation and sustainable energy. EQT is committed to growing Covanta’s team, realizing near-term operational upgrades, enhancing customer partnerships and building greater trust and understanding with the communities that Covanta serves.

Michael Ranger, Covanta President and CEO, said, “We are pleased to announce this agreement with EQT. Our comprehensive analysis during the past nine months has been singularly focused on enhancing value for our shareholders. EQT certainly recognizes the value we see in our business and represents an excellent outcome of our strategic review. Furthermore, as an organization dedicated to sustainability and environmental stewardship, EQT shares our vision for a safer, cleaner and more prosperous future through sustainable waste management thereby ensuring no waste is ever wasted. We couldn’t ask for a better partner as we embark on this next phase of our company’s evolution, delivering on our goal of building a sustainable future for all stakeholders.”

The transaction is subject to customary conditions and approvals. It is expected to close by year end.

Barclays served as lead financial advisor to EQT Infrastructure and Kirkland & Ellis LLP served as legal counsel in connection with the transaction. Credit Suisse and TD Securities also served as financial advisors to EQT Infrastructure.

With this transaction, EQT Infrastructure V is expected to be 50 to 55 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

About EQT
EQT is a purpose-driven global investment organization with more than EUR 67 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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

About Covanta
Covanta is a world leader in providing sustainable waste and energy solutions. Annually, Covanta’s modern Waste-to-Energy (“WtE”) facilities safely convert approximately 21 million tons of waste from municipalities and businesses into clean, renewable electricity to power one million homes and recycle 600,000 tons of metal. Through a vast network of treatment and recycling facilities, Covanta also provides comprehensive industrial material management services to companies seeking solutions to some of today’s most complex environmental challenges.

More info: www.covanta.com

US inquiries: Stephanie Greengarten, +1 646 687 6810, stephanie.greengarten@eqtpartners.com
International inquiries: EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

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