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EQT sets hard cap for EQT IX at EUR 15 billion

eqt

EQT has today set the hard cap for investor commitments of EUR 15 billion for the EQT IX fund. A hard cap refers to an upper limit on the amount of investor commitments accepted as part of the fund. The actual fund size is dependent on the outcome of the fundraising process.

As previously communicated, the target fund size for EQT IX is EUR 14.75 billion and the fund’s investment strategy and commercial terms are expected to be materially in line with the predecessor fund EQT VIII.

Invitation to telephone conference call on Thursday March 19 at 11.30 CET
EQT invites to a telephone conference on Thursday March 19 at 11.30 CET. At the telephone conference, Christian Sinding, CEO and Managing Partner, Caspar Callerström, COO, and Kim Henriksson, CFO, will give a general update and answer questions, among others, around the COVID-19 pandemic (see letter to EQT’s fund investors on EQT’s website).

Dial-in details: 
PIN:    94153342#
SE       +46 856642651
UK       +44 3333000804
US       +1 6319131422

Webcast URL:
https://edge.media-server.com/mmc/p/zothabsr

Transcript:
Transcript from telephone conference

Contact
Nina Nornholm, Head of Communications, +46 70 855 03 56
Pawel Wyszynski, Shareholder Relations Officer, +46 72 987 36 44
EQT Press Office,press@eqtpartners.com, +46 8 506 55334

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 IX 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 The information contained herein is not for publication or distribution to persons in the United States of America.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 differentiated global investment organization with a 25-year track-record of consistent investment performance across multiple geographies, sectors and strategies. With strong values and a distinct corporate culture, EQT manages and advises funds and vehicles that invest across the world with the mission to generate attractive returns to the fund investors.

EQT’s talent base and network allow it to pursue a unique value creation approach and thematic investment strategy, with the aim of future-proofing the companies which EQT invests in, creating superior returns and making a positive impact with everything EQT does.

EQT has more than EUR 62 billion in raised capital since inception, currently around EUR 40 billion in assets under management across 19 active funds within three business segments – Private Capital, Real Assets and Credit. EQT is a thought leader within the private markets industry with deep expertise in responsible and long-term ownership, corporate governance, operational excellence, digitalization and sustainability. EQT has offices in 16 countries across Europe, Asia Pacific and North America with more than 700 employees.

The EQT AB group comprises EQT AB (publ) and its direct and indirect subsidiaries, which includes general partners and fund managers of EQT funds as well as entities advising EQT funds.

More info:www.eqtgroup.com
Follow EQT on:twitter.com and www.linkedin.com

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EG Acquires Holte

Franciso Partners

EG has acquired the software company Holte, the Norwegian market leader within software to the construction industry. The acquisition is part of an ambitious EG-strategy to digitize the construction industry in Scandinavia.

“By combining EG’s and Holte’s product portfolio we can deliver the best solution to manage the complex processes and data flow within the construction industry” says Mikkel Bardram, CEO at EG, and continues “I am impressed with Holte’s deep knowledge of the construction industry and how they have digitized every step of the construction process. I look forward to welcoming Holte’s employees to the EG family.”

Holte is the Norwegian market leader within software for the construction industry with solutions that assist construction companies to manage all steps of a construction process from project calculation to complete documentation and follow up. The company has 8,000 customers and 50,000 users in Norway. The acquisition is a great fit with EG’s leading position in the construction business in Denmark. EG and Holte are both experts within the construction industry and offer a broad set of modules in an integrated software platform. “We transform complex processes into simple intuitive solutions for our customers. By combining the strengths of EG and Holte we create a true Scandinavian champion within software solutions for the entire construction sector” says Jesper Andersen, EVP, EG Private.

EG strongly believes in the need for consolidation within software solutions for the construction industry and has already acquired the Danish construction software company CalWin in October 2019.

“We see EG as an ambitious strong owner who will invest in the continued development of Holte’s solutions in an international market. There is a great potential for a comprehensive digitalization in the construction business” says Eilif Holte, founder of Holte.

Aleksander Bjaaland, CEO in Holte, adds “EG and Holte are a perfect match and our already existing collaboration shows good cultural fit. We share the same focus on long-term customer relationships and high customer satisfaction.” Aleksander Bjaaland will continue as CEO of Holte and Vice President of the combined Construction unit in EG.

EG acquired Holte on 17 March 2020. Seller and buyer have agreed not to disclose further details concerning the sales price and other terms of the transaction.

About EG A/S

EG is a Scandinavian software company with more than 1,000 employees working from 15 skill centres in Scandinavia and Poland. We develop, deliver and service our own software for more than 9,500 private and public clients.

Find out more at https://eg.dk/

About Holte

Holte is a Norwegian leading supplier of software, services and courses within disciplines such as HSE, quality assurance, building permit applications, estimation, third party control, management, operation and maintenance (MOM) and project management.

Holte was established in 1987, has 135 employees and offices in Oslo, Trondheim, Tønsberg og Gdansk.

Find out more at https://holte.no

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IK Investment Partners appoints Tom Salmon as Small Cap Partner

ik-investment-partners

IK Investment Partners (“IK”), a leading Pan-European private equity firm, is pleased to announce that Tom Salmon has joined the Small Cap team as a Partner. Tom will be based in IK’s London office, primarily focusing on the origination of investment opportunities in the UK with an Enterprise Value of up to c. €100m.

Tom joins IK from Duke Street Private Equity where he was a Partner. Prior to Duke Street, he was a Partner at 3i where he co-managed the UK team and spent 13 years covering origination, execution and portfolio management. Tom has substantial investment experience and has been involved in numerous transactions, including Great Rail Journeys, Audley Travel, JMJ and NCP. He studied at Oxford University and is a Chartered Accountant.

“The past twelve months represent yet another strong period of growth for IK. We have expanded the breadth and depth of our firm with over 30 new hires, employing a team of more than 75 investment professionals and a total of 130 staff across eight offices. The appointment of Tom will allow us to begin building a presence in the UK, benefitting from his wealth of investment experience combined with our pan-European platform,” said Christopher Masek, CEO at IK.

“I am thrilled to join IK as their first UK-based Partner focusing on the Small Cap segment. IK has a 30-year track record of creating value and a well-established platform across Europe. The size of the UK Small Cap market and entrepreneurial nature of its businesses provide a compelling investment opportunity. I believe IK’s local investment teams across six European countries as well as the firm’s successful sector focus will bring a clear differentiated approach to the UK’s burgeoning Small Cap market,” said Tom Salmon.

IK’s Small Cap team partners with management teams who are looking for support to help them achieve the next stage of their growth and development, across IK’s four core sectors: Business Services, Consumer/Food, Engineered Products and Healthcare.

For enquiries, please contact:

Maitland/AMO
James McFarlane
Phone: +44 207 379 5151
jmcfarlane@maitland.co.uk

About IK Investment Partners
IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Nordics, DACH region, France, Benelux and the UK. Since 1989, IK has raised more than €10 billion of capital and invested in over 130 European companies. IK funds support companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikinvest.com

Categories: People

CVC Credit Partners completes financing to support buyout of WesCom Signal & Rescue

Deal marks the third occasion CVC Credit Partners have partnered with Sun European Partners

CVC Credit Partners is pleased to announce that its European Private Debt business has supported the buyout of WesCom Signal & Rescue (“WesCom”) by an affiliate of Sun European Partners. CVC Credit will provide a senior term loan as well as facilities to support WesCom’s expansion plans.

Founded in 1885, WesCom is the global leader in the design, manufacture and distribution of pyrotechnic rescue signalling devices. WesCom produces mission critical products which it sells through an extensive global network of over 1,000 ports across 70 countries.

Alex Wyndham at Sun European Partners, commented: “We are very pleased to have partnered with CVC Credit Partners again, we have worked with Neale and his team on multiple occasions before and their experience and knowledge have always added significant value, both prior to and throughout our periods of ownership.”

Neale Broadhead, Head of European Private Debt in CVC Credit Partners’ European Private Debt business, added: “WesCom is the clear leader in a stable market with embedded regulatory growth drivers and limited cyclicality. It provides high-quality and mission critical products to a loyal customer base and is run by an experienced management team. We have supported Sun European Partners in the past and look forward to working with them again as they look to accelerate growth at WesCom.”

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KKR Announces Intra-Quarter Monetization Activity for the First Quarter

KKR

NEW YORK–(BUSINESS WIRE)– KKR today announced a monetization activity update for the period from January 1, 2020 through March 12, 2020. Based on information available to us as of today, with respect to the period through March 12, 2020, KKR has earned gross realized carried interest and total realized investment income of approximately $490 million. This is driven primarily by strategic and secondary sale transactions that have closed quarter to-date, as well as dividend and interest income from KKR’s balance sheet portfolio.

The estimate disclosed above is not intended to predict or represent the total revenues for the full quarter ending March 31, 2020, because it does not include the results or impact of any other sources of income, including fee income, losses or expenses. This estimate is also not necessarily indicative of the results that may be expected for any other period, including the entire year ending December 31, 2020.

About KKR

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

Forward-Looking Statements

This press release may contain forward-looking statements, including estimated operating results from certain monetization activities. Words such as “expect,” “estimate,” “will,” “may” and “believe” or similar expressions may identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those included in these forward-looking statements, and investors should not place undue reliance on such statements. These forward-looking statements speak only as of the date of this press release, and we do not undertake any obligation to update or revise any of the forward-looking statements to reflect future events or circumstances, except as required by law.

Investor Relations:
Craig Larson, 1-877-610-4910 (U.S.) / 212-230-9410
investor-relations@kkr.com
or
Media:
Kristi Huller, 212-750-8300
media@kkr.com

Source: KKR & Co. Inc.

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Latour acquires Waterloo Air Products

Latour logo

Investment AB Latour has, through its wholly-owned subsidiary Swegon Group AB, acquired Waterloo Air Products, a leading manufacturer of grilles and diffusers in the UK. The company was founded in 1961 and has 140 employees with the head office and manufacturing located in Aylesford. Net sales in 2019 amounted to 12 MGBP.

“The UK, as Europe’s second largest ventilation market, has long been a priority for Swegon and several previous successful UK acquisitions has contributed well to the overall growth and profitability of the group. This acquisition gives us a market leading position in grilles and diffusers, enhancing our ability to serve our customers with a full offering for high indoor environmental quality”, says Hannu Saastamoinen, CEO at Swegon Group.

”Becoming part of Swegon will provide the capability to accelerate our growth. Our product range is the perfect complement to Swegon’s overall offering and will allow both businesses to develop and grow”, says Russell Shenton, Managing Director at Waterloo.

 

Göteborg, 11 March, 2020

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

 

For further information, please contact:
Hannu Saastamoinen, CEO Swegon +46 31 89 58 10
Gustaf Ahlenius, Director Corporate Development Swegon +46 31 89 58 19

 

Swegon Group is a market leader in energy efficient ventilation and indoor climate products and systems. Swegon has subsidiaries in 16 markets, distributors all over the world and 16 production plants in Europe, North America and India. The company employs more than 2,400 people with an annual turnover exceeding SEK 6 billion.

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of nine substantial holdings with a market value of about SEK 55 billion. The wholly-owned industrial operations has an annual turnover of SEK 15 billion.

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KKR Appoints Chee-Wei Wong as Head of Global Impact for Asia

KKR

Senior appointment enhances KKR Global Impact’s ability to support solutions-orientated businesses

SINGAPORE–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the expansion of KKR’s Global Impact team with the appointment of Chee-Wei Wong as Head of Global Impact for Asia.

KKR Global Impact is focused on identifying and investing behind global opportunities where financial performance and societal impact are intrinsically aligned. The business specifically focuses on companies whose core business models provide commercial solutions that contribute measurable progress toward one or more of the United Nation’s Sustainable Development Goals (“SDGs”).

“Chee-Wei brings a wealth of sustainability-related investment experience in Asia and globally, in line with KKR Global Impact’s own mission. This valuable expertise will be essential as we continue to build the firm’s Impact business across Asia,” said Robert Antablin and Ken Mehlman, Co-Heads of KKR Global Impact. “Asia Pacific is a growing priority for our Impact strategy. Chee-Wei’s ability to identify innovative companies throughout markets in the region including Southeast Asia, South Asia, Greater China and Australia will be critical as we look to deploy capital.”

In the role, Mr. Wong, who is based in Singapore, is responsible for sourcing investment opportunities and supporting impact-related portfolio companies across Asia Pacific. Mr. Wong will also serve as a member of the firm’s Global Impact Investment Committee. The addition of Mr. Wong follows KKR Global Impact’s recent international expansion with the appointments of Stanislas de Joussineau as Head of Global Impact for Europe and Sharon Yang as a senior investor for KKR Global Impact in Asia. The expanded global team is further supported by KKR executives across key industries and regions of focus.

Prior to joining KKR, Mr. Wong was a managing director at Tailwind Capital in New York and spent nine years at EQT in New York and Singapore, where he was an investor and board member of sustainability-focused technology enterprises and healthcare companies. Before that, he was a consultant at Bain & Company and a Justices’ Law Clerk in the Supreme Court of Singapore. He holds a Bachelor of Laws (First Class Honors) degree from the National University of Singapore.

Ming Lu, Head of KKR Asia Pacific, said, “Asia Pacific’s unique economic and social dynamics – coupled with growing corporate adoption of environmental, social and governance initiatives and meaningful structural reforms – have created a significant opportunity to support companies whose products or services address environmental or social challenges. There has never been greater desire and momentum for responsible and solutions-oriented investment in Asia, and we are thrilled to welcome Chee-Wei to the team to lead our Asia Impact efforts to grow our strategy and positive involvement in communities.”

Over the last decade, KKR has been a leader in driving and protecting value throughout the firm’s private markets portfolio through thoughtful environmental, social and governance (“ESG”) management, as well as measuring and reporting on performance to the public and investors. The firm also has a history of investing in businesses that promote sustainable solutions to societal challenges. This experience of responsible investment combined with a changing landscape of global challenges led to KKR’s decision to create a dedicated Global Impact business in 2018.

On February 12, 2020, KKR announced the firm had closed its first Global Impact Fund at $1.3 billion. KKR’s Global Impact Fund has successfully executed six investments since inception, including Barghest Building Performance, a Singapore-based provider of energy savings solutions to heating, ventilation and air conditioning systems in commercial and industrial buildings, and Ramky Enviro Engineers, a leading provider of environmental and waste management services and solutions in India and overseas.

About KKR

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

Media:
KKR Asia Pacific
Anita Davis
+852 3602 7335
Anita.Davis@kkr.com

KKR Americas
Kristi Huller or Cara Major
+1 212.750.8300
Media@KKR.com

Source: KKR & Co. Inc.

Categories: People

Zayo Completes Transition to a Private Company Digital Colony and EQT Become Zayo’s Lead Investors

eqt

BOULDER, Colo. – March 9, 2020 – Zayo Group Holdings, Inc. (“Zayo”) (NYSE: ZAYO), which
provides mission-critical bandwidth to the world’s most impactful companies, today announced
the completion of its acquisition by affiliates of Digital Colony Partners (“Digital Colony”) and the
EQT Infrastructure IV fund (“EQT” or “EQT Infrastructure”). The close marks the consummation
of the $14.3 billion transaction, which represents the largest syndicated private equity
investment, the fifth largest Media & Communications LBO and the second largest LBO overall
since 2008.

Under the terms of the merger agreement, which was approved by Zayo’s stockholders at a
special meeting held on July 26, 2019, Zayo stockholders will receive $35 in cash per share of
Zayo common stock. As a result of the transaction completion, Zayo is now a privately held
company and its common stock has ceased trading on the NYSE.

Founded in 2007, Zayo has grown through both organic investment and 45 acquisitions to
become the leading independent provider of communications infrastructure. With deep, dense
metro and long haul networks across the U.S., Canada and Western Europe, Zayo serves many
of the largest and most innovative companies in the world. Before going public in 2014, Zayo’s
original private equity investors funded the company with just over $1 billion of equity; with
today’s transaction close, that equity is worth over $8 billion, creating material value for
shareholders. Beyond shareholder value, Zayo has also established itself over the past 13
years as a top employer along Colorado’s front range and as an active participant in the
communities in which it operates.

“We are excited to launch this new chapter of Zayo, as a private company under the ownership
of a consortium led by two highly experienced infrastructure investors who have a deep
understanding of our business and bring significant value to Zayo,” said Dan Caruso, Zayo’s
chief executive officer. “This is a great outcome for the company, its former shareholders, our
customers and employees, and our new ownership group. As a private company, we will have
greater flexibility to pursue our long-term strategy and leverage our fiber to fuel global innovation
for our customers.”

“EQT has a strong track record of supporting market leading companies and we look forward to
working with the entire Zayo organization as it embarks on its next phase of growth as a private
company,” said Jan Vesely, Partner at EQT Partners, Investment Advisor to EQT Infrastructure.
“Zayo is ideally positioned to meaningfully expand its offerings and services against the
backdrop of accelerating demand for innovative fiber infrastructure solutions.”

“Zayo has amassed a world class network that is unparalleled in the markets they serve,
supporting the world’s most innovative companies,” said Marc Ganzi, CEO of Digital Colony and
CEO-Elect of Colony Capital. “We believe that fiber networks are the crucial connective element
in the digital infrastructure ecosystem, and we look forward to partnering with the Zayo team to
execute on the plan of leveraging these powerful assets and driving growth with our customers
across multiple markets and verticals.”

Goldman Sachs and J.P. Morgan served as financial advisors to Zayo Group in connection with
the transaction and Skadden Arps served as legal counsel. Morgan Stanley and Deutsche Bank
acted as financial advisors to Digital Colony and EQT Infrastructure and Simpson Thacher
served as legal advisor.
For more information about Zayo, visit zayo.com.

About Zayo
Zayo provides mission-critical bandwidth to the world’s most impactful companies, fueling the
innovations that are transforming our society. Zayo’s 133,000-mile network in North America
and Europe includes extensive metro connectivity to thousands of buildings and data centers.
Zayo’s communications infrastructure solutions include dark fiber, private data networks,
wavelengths, Ethernet, dedicated Internet access, and colocation services. Zayo owns and
operates a Tier 1 IP Backbone and 44 carrier-neutral data centers. Through its Cloudlink
service, Zayo provides low latency private connectivity that attaches enterprises to their public
cloud environments. Zayo serves wireless and wireline carriers, media, tech, content, finance,
healthcare and other large enterprises. For more information, visit zayo.com.

About Digital Colony
Digital Colony Management, LLC (“Digital Colony”) is the global digital infrastructure investment
platform of Colony Capital, Inc. (NYSE: CLNY) and a leading investor, owner and operator of
companies enabling the next generation of mobile and internet connectivity. Digital Colony was
launched in 2018 by Digital Bridge Holdings, LLC and Colony Capital to bring together Digital
Bridge’s industry, operational and investment expertise in the telecommunications sector with
Colony Capital’s global scale, operating platform and capital markets access. The inaugural
fund, Digital Colony Partners, LP, closed in May 2019, with $4.05 billion in commitments,
making it the first fund dedicated solely to investing in digital infrastructure. For more
information, please visit www.digitalcolony.com.

About EQT

EQT is a differentiated global investment organization with more than EUR 62 billion in raised
capital and around EUR 40 billion in assets under management across 19 active funds. EQT
funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR
21 billion and approximately 127,000 employees. EQT works with portfolio companies to
achieve sustainable growth, operational excellence and market leadership. More info:
www.eqtgroup.com.
For Zayo: Shannon Paulk, Corporate Communications
303-577-5897
press@zayo.com
Brad Korch, Investor Relations
720-306-7556
IR@zayo.com

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Montagu invests in Galileo Global Education

Montagu

Montagu announces that it has agreed to participate in the buyout of Galileo Global Education (“Galileo”) within a consortium of financial investors.

Galileo is a leading, international provider of higher education to over 110,000 enrolled students.  Its network of 42 schools on 80 campuses offer a number of subjects including applied arts, fashion, design and digital/Internet, business and medicine.  It operates in 13 countries around the world, with a particular presence in France, Italy, Germany, Cyprus and Mexico.

Founded in 2011 and headquartered in Paris, Galileo is Europe’s largest higher education group, in terms of both geographical spread and breadth of course offering.  Its network includes highly respected institutions including the Paris School of Business (PSB), Cours Florent and Atelier de Sèvres in France, Instituto de Estudios Universitarios in Mexico, Macromedia University in Germany and Istituto Marangoni in Italy.

Montagu is delighted to work with Marc-François and his very capable team who are committed to making Galileo the leading global provider of higher education.  Galileo’s market-leading position and its great reputation in higher education makes it an excellent fit for our investment strategy.

Marc-François Mignot Mahon, CEO of Galileo Global Education, said “Galileo is proud to welcome Montagu, which join forces with other major institutional investors to support us in becoming the world leader in higher education and continue our mission at the service of society: to educate and train.”

This is our second transaction in the education sector in recent years.  Montagu had previously invested in the University of Law – the leading provider of professional legal education and training in England and Wales – which was sold to Global University Systems in 2015.

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Firmenich to acquire DRT from Ardian

Ardian

Firmenich to Become a Key Player in Renewable Ingredients for Perfumery and Beyond

Geneva, Switzerland, March 6, 2020 – Firmenich today announced that it has entered into exclusivity with Ardian, Tikehau Capital and family shareholders to acquire Les Dérivés Résiniques et Terpéniques (“DRT”).  DRT is a world leader in plant-based chemistry, mainly from pine trees, and is one of the leading suppliers globally of high quality, renewable ingredients.

“I am thrilled to bring DRT’s unique capabilities for developing sustainable ingredients to Firmenich. This proposed combination builds on our business partnership of more than 30 years and our established track record of successful co-development in a long-standing joint venture,” said Patrick Firmenich, Chairman of the Board, Firmenich. “We thank Ardian and Tikehau Capital for their strong stewardship and we are delighted to welcome all DRT colleagues to Firmenich. We share the same passion for our customers, sustainability, as well as strong family values.”

“Firmenich would be the ideal home for DRT,” said Thibault Basquin, Head of Americas Investment and Managing Director at Ardian Buyout. “I would like to warmly thank Laurent Labatut and his team for our partnership over the past few years. Ardian has enabled DRT to accelerate its growth, invest in new projects and enhance its sustainability approach. Firmenich has been an important strategic partner for DRT for many years and would be uniquely positioned to bring DRT’s product development capabilities to the next level. As a family-owned business that is committed to innovation, Firmenich will provide a great environment for DRT’s colleagues.”

Emmanuel Laillier, Head of Private Equity at Tikehau Capital added: “Tikehau Capital has supported DRT’s growth strategy and global development for six years. We are today very pleased to help bring DRT and Firmenich together, which is a key step for the continuation of its development.”

“DRT would further strengthen our leading Perfumery & Ingredients business enabling us to offer our customers the world’s best palette of renewable and sustainable ingredients,” said Gilbert Ghostine, CEO, Firmenich. “DRT would bring new capabilities in health & nutrition, cosmetics, as well as a number of new markets, including adhesives, coatings and agriculture. This acquisition reinforces our presence in France, which is our second largest market where we have been established for more than 120 years. I look forward to partnering with all our customers to support their transformation for a sustainable future.”

“We share a long-standing relationship with Firmenich as it is one of our main partners,” explains Laurent Labatut, CEO of DRT. “Firmenich is renowned for its cutting-edge research that feeds into the broadest and finest ingredients palette. Our joint innovation capabilities would open up new opportunities to support our clients across our entire product portfolio. Together we look forward to opening a new chapter with a shared ambition to design best-in-class sustainable ingredients for our customers.”

DRT is at the forefront of developing sustainable, renewable and naturally-derived ingredients from terpenes and rosin derivatives. DRT offers green alternatives for a range of applications and markets. Founded in 1932 and headquartered in Dax, France, DRT developed a unique, backward integrated business model over many decades, including access to sustainable raw materials, best-in-class extraction and distillation capabilities and advanced innovation processes. DRT has been a family-owned company for most of its history and has grown thanks to its commitment to long-standing relationships with its suppliers and its customers.

DRT has a turnover in excess of €550 million, employs more than 1,500 people around the world and is operating through a global footprint with four production sites located in France, two in the USA, two in India and one in China.

Financial terms of the deal have not been disclosed. The proposed transaction remains subject to several conditions including the consultation of the relevant employee representatives and customary approvals by the antitrust authorities.

Firmenich was advised by Goldman Sachs International, Raphaël Financial Advisory and Bredin Prat. Ardian was advised by Citigroup, Rothschild & Co, Latham & Watkins and White & Case.

ABOUT FIRMENICH

Firmenich is the world’s largest privately-owned perfume and taste company, founded in Geneva, Switzerland, in 1895. Driven by its purpose to create positive emotions to enhance wellbeing, naturally, Firmenich has designed many of the world’s best-known perfumes and tastes, bringing delight to over four billion consumers every day. Renowned for its world-class research and creativity, as well as its leadership in sustainability, each year, Firmenich invests 10% of its turnover in R&D to understand and share the best that nature has to offer responsibly. Firmenich had an annual turnover of 3.9 billion Swiss Francs at end June 2019.
www.firmenich.com

ABOUT DRT

Founded in 1932, DRT specializes in the development of gum rosin and turpentine extracted from pine resin. DRT’s head office is located in Dax, France and sells its products around the world. DRT has a diversified product portfolio of more than 300 ingredients addressing a variety of end markets. DRT operates 9 manufacturing facilities either directly or with joint venture partners.
www.drt.fr

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 around 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

www.ardian.com

ABOUT TIKEHAU CAPITAL

Tikehau Capital is an asset management and investment group which manages €25.8bn of assets under management (as at 31 December 2019) and shareholders’ equity of €3.1 billion (as at 30 June 2019). The Group invests in various asset classes (private debt, real-estate, private equity, capital markets strategies), including through its asset management subsidiaries, on behalf of institutional and private investors. Controlled by its managers, alongside leading institutional partners, Tikehau Capital employs more than 500 staff (as at 30 September 2019) in its Paris, London, Amsterdam, Brussels, Luxemburg, Madrid, Milan, New York, Seoul, Singapore and Tokyo offices.

Tikehau Capital is listed on the regulated market of Euronext Paris, Compartment A (ISIN code: FR0013230612; Ticker: TKO.FP)

www.tikehaucapital.com

Press contacts

Firmenich

Heidi Salon

heidi.salon@firmenich.com
Tel.: +41 22 780 5438
DGM Conseil: Christian d’Oléon
chrisdo@dgm-conseil.fr; +33 6 08 49 89 07
DGM Conseil: Quentin Hua
quentin.hua@dgm-conseil.fr;+33 6 28 63 27 29
Ardian
Victor Tsvetanov
VTsvetanov@headlandconsultancy.co.uk
Tel.: +44 207 3435 7469
DRT
Flore Larger
flarger@image7.fr
Tel.: +33 1 53 70 74 90
Tikehau Capital
Julien Sanson
press@tikehaucapital.com

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