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Back Market raises $335 million as its renewed electronics marketplace approaches 5 million customers worldwide

Series D investment round led by leading global growth equity firm General Atlantic, with the support of Generation Investment Management, brings Back Market past unicorn territory and further establishes the refurbished sector’s important place in the consumer electronics landscape.

May 18, 2021

Just three years after launching in North America, Back Market, the leading global dedicated refurbished electronics marketplace, today announced an investment round of $335 million led by General Atlantic, with the support of Generation Investment Management, as well as existing investors Goldman Sachs Growth Equity, Aglaé Ventures, Eurazeo and daphni.

The Series D round is an exciting opportunity to take Back Market’s vision to the next level allowing the company to consolidate and build on its position as the leading dedicated marketplace in refurbished electronics. Back Market’s CEO, Thibaud Hug de Larauze, explains:

“Our goal now goes beyond making renewed tech a viable option. We want to make it the first choice for electronics purchases. The support and confidence of these prominent funds, together with our growing customer base, marks an important step in Back Market’s journey, and more importantly for the refurbished sector as a whole.”

Following its North Star: Back Market keeps pushing to transform the industry

Nearing 5 million customers worldwide, Back Market is catalyzing a fundamental shift in consumer behavior and driving the conversation around how people consume technology. Sustainability is increasingly a driving factor in purchase decisions. In a 2019 US Consumer Sustainability Survey by CGS, 68% of respondents across age and gender said sustainability was important to them when making a purchase. A consumer panel showed that 25% of Americans cite sustainability as the most compelling reason to buy refurbished electronics in 2021, up from 16% in 2019. Sustainability is a huge part of the brand’s DNA, and Back Market has attracted investors that truly value the company’s mission and vision.

General Atlantic brings deep global expertise in scaling high-growth businesses that challenge and transform industries, while Generation Investment Management, one of the earliest dedicated sustainability investors, backs companies leading the transition to a more sustainable, system-positive economy. Their combined experience will support Back Market in its next phase of global growth. According to Vianney Vaute, Back Market’s Chief Creative Officer:

“It’s a very positive signal that investors and consumers alike are bullish on the circular economy. Times are changing, and we are positioned to have a real and lasting impact on the way people purchase electronics—and the sustainability of the electronics industry as a whole.”

Quality is king: Back Market to invest heavily in merchant services

Back Market, which has been valued at $3.2 billion, has 1,500 sellers on its platform and counting. As more sellers and brands embrace refurbished and join the company, it is more important than ever to ensure high quality. Back Market is dedicated to continue ensuring strong quality control to expand the appeal of refurbished products to a widening customer base. Customer satisfaction will always be tied to rigorous standards of customer service and parts sourcing, and Back Market’s merchant services will enable its sellers to continue providing high-quality products and experiences, while increasing consumer confidence in the brand and the refurbished sector.

“Renewed electronics are already the more cost-effective and more sustainable choice versus buying new; now that we are beginning to successfully eliminate the gap in quality, we are gearing up to go toe-to-toe with the $1.5 trillion new device market.” says Mr. Hug de Larauze.

Back Market’s efforts to date have already yielded excellent results. The company has successfully cut down the overall defective rates of products on the platform to 5%. For reference, the unofficial failure rate of new devices hovers at around 3% (case in point, the iPhone X and the iPhone 8 Plus, which both came out end of 2017, were each reported to have a 3% failure rate in Q1 of 2018).

The refurb revolution: an increasingly global phenomenon

Back Market continues to focus on bringing high-quality refurbished electronics to more countries in a number of recent and upcoming launches. In 2021, Back Market brought its live country operations to a total of 13 markets, entering Japan, Finland, Portugal and Ireland. The company will soon be opening in Canada, Greece, Sweden and Slovakia.

Back Market is leading the charge for the refurbished market by building a brand that is focused on quality, reliability and strong after-sales services. This day marks a turning point for the refurbished sector as Back Market’s category-disrupting business model democratizes access to high-quality electronics and strengthens the circular economy.

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Chris Caulkin, Managing Director and Head of Technology for EMEA, General Atlantic: “We are excited to support Back Market, a category-defining business which is re-shaping and growing the refurbished electronics market globally. Back Market has built a strong consumer brand centered around quality, sustainability, convenience and affordability. We look forward to working with Thibaud, Quentin, Vianney and the full Back Market team as they accelerate their expansion into new categories and geographies.”

Shalini Rao, Director of Growth Equity, Generation Investment Management:  “Back Market’s transparent and trusted approach empowers consumers to change their purchasing behavior by making it easier, safer and more affordable to buy refurbished goods. We look forward to supporting Back Market as it doubles down in the US and elsewhere globally. The world generates over 50 million tonnes of electronic waste each year. Back Market offers an alternative that has the potential to radically shift unsustainable consumption patterns.”

Alexandre Flavier, Executive Director, Goldman Sachs Growth Equity: “We are proud to support Back Market’s mission as a category leader in sustainable economy. Since our investment last year, we are delighted to see Back Market’s rapid rise across Europe, the US, and more recently Asia. This new fundraise is testament to the strength of Back Market’s vision, business model and first class management team.”

Antoine Loison, co-founder, Aglaé Ventures: “For more than four years, we have been happy to support Back Market, its founders and its teams, in building the world category leader for refurbished products. Back Market fully embodies the values ​​of entrepreneurship, innovation and commitment to sustainable development to which we are particularly attached.”

Yann du Rusquec, Partner, Eurazeo, Growth expertise: “Back Market is making its mark as one of the strongest companies in the circular economy. Eurazeo is proud to continue supporting Thibaud and his talented team as they usher in a new era for the consumer electronics industry.”

About Back Market:
Launched in 2014 by Thibaud Hug de Larauze, Quentin Le Brouster, and Vianney Vaute, Back Market is the world’s leading dedicated renewed tech marketplace. The company brings high-quality professionally refurbished electronic devices and appliances to customers in 13 countries (including the United States, France, Germany, the United Kingdom, Italy, Spain, Belgium, Austria, the Netherlands, and more recently, Portugal, Japan, Finland and Ireland). It employs a team of 480 employees and counting across its 4 offices located in New York, Berlin, Paris and Bordeaux.

About General Atlantic:

General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

About Generation Investment Management:

Generation Investment Management LLP is dedicated to long-term investing, integrated sustainability research, and client alignment. It is an independent, private, owner-managed partnership established in 2004 and headquartered in London, with a U.S. office in San Francisco. Generation Investment Management LLP is authorized and regulated in the United Kingdom by the Financial Conduct Authority. www.generationim.com .

About Goldman Sachs Growth Equity:

Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Growth Equity is the dedicated growth equity team within Goldman Sachs Asset Management, with over 25 years of investing history, over $8 billion of assets under management, and 9 offices globally. To read more, visit: https://growth.gs.com/homepage.html

About Aglaé Ventures:

Aglaé Ventures is an international venture capital firm based in Paris, New York and San Francisco backed by Agache, the controlling shareholder of LVMH. Aglaé Ventures invests from € 100K up to € 100MM in asset light activities and fast-growing technology companies at all stages. Over the past 20 years, Aglaé and its affiliates have backed some of the most iconic global technology companies including Netflix, Slack, Spotify, Airbnb, Automattic, eToro and many others.

About Eurazeo:
Eurazeo is a leading global investment group, with a diversified portfolio of €21.8 billion in Assets Under Management, including €15 billion from third parties, invested in 450 companies. With its considerable private equity, private debt and real assets expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.

Eurazeo has offices in Paris, New York, São Paulo, Seoul, Shanghai, Singapore, London, Luxembourg, Frankfurt, Berlin and Madrid. Eurazeo is listed on Euronext Paris.

Media Contacts

Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com

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3i appoints Co-Heads of Economic Infrastructure, Europe

3I

3i Group plc (“3i Group”) is pleased to announce the promotion of Scott Moseley and Bernardo Sottomayor to Co-Heads of Economic Infrastructure, Europe, with effect from 17 May 2021.

In this capacity they will have responsibility for overseeing deal origination, execution and asset management for all of 3i’s economic infrastructure activities in Europe.  This is due recognition for their considerable experience and track record in the sector as well as their contribution to the growth and success of the 3i Infrastructure business over the years.  They will continue to report to Phil White, Managing Partner and Head of Infrastructure for 3i.

Scott Moseley joined 3i in 2007 as a Director and was promoted to Partner in 2012.  He led 3i’s investments in Tampnet, ESVAGT, Elenia and XLT, and was a senior team member on Eversholt.  He also led the successful divestments of Elenia and XLT.  He is a non-executive Director of Tampnet and ESVAGT.

Bernardo Sottomayor joined 3i in 2015 as a Partner, prior to which he held senior positions at Antin Infrastructure, Deutsche Bank’s infrastructure fund, EDP and Citigroup.  He led 3i’s investments in ESP, Joulz, TCR, Infinis, Attero, Alkane Energy and Ionisos.  He is a non-executive Director of ESP and TCR.

– ENDS –

Download this press release  

 

For further information, contact:
3i Group plc

Silvia Santoro
Investor enquiries		 Tel: +44 20 7975 3258
Email: silvia.santoro@3i.com
Kathryn van der Kroft
Media enquiries		 Tel: +44 7721 886 304
Email: kathryn.vanderkroft@3i.com

 

Notes to editors:

 

About 3i Group

3i is an investment company with two complementary businesses, Private Equity and Infrastructure, specialising in core investment markets in Northern Europe and North America.

3i’s Private Equity team provides investment solutions for growing companies, backing entrepreneurs and management teams of mid-market companies with an EV typically between €100m – €500m. We back international growth plans, providing access to our network and expertise to accelerate the growth of companies across the consumer, industrial, healthcare and business and technology services industries.

For further information, please visit: www.3i.com

Categories: People

Diab has agreed to acquire ULTEM TM Foam production line, to better serve high end core material segments

Ratos

Diab has acquired the ULTEMTM foam production line from SABIC, a global chemical company, to broaden product offering and better be able serve high end core material applications. ULTEMTM resin-based foam has excellent fire, smoke and toxicity (FST) properties making the material especially well-suited for aerospace applications.

ULTEMTM resin-based foam is a recyclable PEI (Polyetherimide) thermoplastic foam used mostly in aerospace applications. Diab will incorporate the product into its current portfolio under the name Divinycell U.

“We are excited to broaden our portfolio with the acquisition of the ULTEMTM foam production line and develop the technology further,” says Diab’s CEO, Tobias Hahn. “This will strengthen our position in the market, enabling us to offer even more fit for purpose core material. Strong material properties in fire, smoke and toxicity is very important in the aerospace segment and we believe that Divinycell U will complement our current FST range benefitting our customers.”

Diab will relocate the acquired production line equipment to its manufacturing site in DeSoto, TX, USA. Beginning Q3-2021, Diab will produce and market the Divinycell U portfolio to existing and new users of the ULTEM™ resin-based foam.
For further information, please contact:
Tobias Hahn, CEO, Diab Group
+46 70 890 94 98
tobias.hahn@se.diabgroup.com

Joakim Twetman, Head of Business Area Industry, Ratos
+46 70 339 16 66
joakim.twetman@ratos.com

 

About Diab:
Diab offers industry-leading competence together with the broadest range of stronger, lighter, smarter core materials. Today Diab is one of the world’s largest manufacturers of structural core materials with a turnover of approx. SEK 2,1 billion and 1,300 co-workers. Diab has six strategically located manufacturing sites and 14 sales units worldwide to support its global customers. Diab is owned by Ratos AB and is a UN Global Compact participant for a more sustainable society.

About Ratos:
Ratos is a business group consisting of 12 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2020, the companies have approximately SEK 34 billion in sales. Our business concept is to develop companies headquartered in the Nordics that are or can become market leaders. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.

SABIC and brands marked with ™ are trademarks of SABIC or its subsidiaries or affiliates.

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EQT Public Value enters irrevocable undertaking to accept Palace Bidco’s Tender Offer for Adapteo at a 53 percent bid premium

eqt

EQT is today announcing that the EQT Public Value Fund (“EQT Public Value”) has signed an irrevocable undertaking to accept the Tender Offer made today through Palace Bidco Oy by West Street Global Infrastructure Partners IV, L.P., an infrastructure fund managed by Goldman Sachs Asset Management for the shares in Adapteo Plc (“Adapteo”).

The price amounts to SEK 165.0 per Adapteo share, representing a 53 percent bid premium compared to the closing price per 14 May 2021, the last day of trading prior to the Tender Offer announcement, and a 66 percent premium to the volume-weighted average trading price of the Adapteo share during the six-month period prior and up to the announcement of the Tender Offer.

The offer is the result of a competitive process driven by the Adapteo board of directors with support from EQT Public Value as the largest owner of Adapteo with 17.6 percent of the shares. Furthermore, the attractive valuation implied by the offer reflects Adapteo’s market leading position within Northern European social infrastructure, its leading ESG position as well as the long-term attractiveness and future potential in both Adapteo and the industry.

Commenting on the Tender Offer, Niklas Ringby, Partner and Co-Head of the EQT Public Value advisory team, said:

“With EQT Public Value as the largest shareholder and Peter Nilsson as the chairman, Adapteo became an independent company through the successful spin-off from Cramo in 2019. Adapteo has during the last two and a half years more than doubled revenues and EBITDA, through organic growth and the three strategic acquisitions of Nordic Modular Group, Stord Innkvartering and Dutch Cabin Group. Today, Adapteo is a leader in the essential social infrastructure sector in Northern Europe with a leading ESG profile through the provision of flexible, reusable and low-carbon footprint modular space solutions”.

Niklas Ringby continues: “EQT Public Value has supported the board of directors in creating a competitive process including relevant European infrastructure funds with long-term investment horizons, attracted by Adapteo’s strong infrastructure characteristics. After several rounds of indicative bids, this has ultimately resulted in Palace Bidco launching an offer representing a 53 percent bid premium. We believe the offer is an attractive opportunity for Adapteo’s shareholders to crystallize their investment in the company at a compelling valuation and significant premium.”

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

About EQT and EQT Public Value
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.

EQT Public Value targets publicly listed mid-market companies in Northern Europe, applying a constructivist approach intended to create value through board representation and hands-on engagement leveraging EQT resources and platform.

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

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Soteria Biotherapeutics Launches with $42 Million Series A Financing Led by Roche Venture Fund and 5AM Ventures

M Ventures

SAN FRANCISCO, May 17, 2021: Soteria Biotherapeutics, Inc. (“Soteria”), a privately-held, immuno-oncology company focused on developing a next generation of switchable bispecific T-cell engagers to treat patients with solid tumor cancers, today announced a $42 million Series A financing led by Roche Venture Fund and 5AM Ventures with participation from other leading investors, including M Ventures, Novartis Venture Fund and Alexandria Venture Investments.

Soteria’s T-LITETM T-cell engagers are selectively switched on through oral administration of a small-molecule activator to modulate potent T-cell activity by controlling the timing, duration, and level of bispecific complex formation. This switchable activity enables precise on/off control over the timing and magnitude of T-cell redirection and cytotoxic activity. Unlike conventional T-cell engagers which lack a control switch and therefore are associated with significant side effects, Soteria’s T-LITE therapies are being designed to allow physicians to modulate T-cell activity to maximize efficacy while minimizing side effects.

“Soteria’s technology has the potential to revolutionize the T-cell engager field with its proprietary approach designed to control and target potent biologic immune activators to attack tumors,” said Nisha Marathe, investment director at Roche Venture Fund. “Specifically, we believe the T-LITE technology is highly differentiated, where the potent activity of a T-cell engager can be selectively switched on by small-molecule activators to direct tumor cytotoxicity and reduce cytokine release syndrome, ultimately resulting in a therapy with potentially greater safety and efficacy.”

“These funds will support the advancement of our technology and allow us to build a pipeline of T-LITE development candidates with potential in well validated cancer targets,” said Kristine Ball, chief executive officer of Soteria. “We appreciate the confidence and vision this syndicate of premier investors has shown in our opportunity to disrupt the T-cell engager field and our potential to create differentiated, potent therapies against solid tumors.”

Company Founders and Leadership
Soteria’s team of founders, management and board members brings together accomplished leaders from academia and the biopharma industry with successful track records discovering and developing therapeutics at companies such as Abgenix, Ascendis Pharma, AstraZeneca/Medimmune, Exelixis, Genentech/Roche, KAI (acquired by Amgen), Labrys (acquired by TEVA), Merck Research Laboratories, Novartis, Relypsa (acquired by Vifor) and Sunesis:

Kristine Ball, Chief Executive Officer and Member of the Board
Zachary Hill, PhD, Co-Founder and SVP, Chief Scientific Officer, and Member of the Board
Mohammad Tabrizi, PhD, VP Preclinical Development
Alex Martinko, PhD, Co-Founder and Senior Director of Protein Science
Jim Wells, PhD, Academic Co-founder, Chair of Scientific Advisory Board, and Professor of Pharmaceutical Chemistry at UC San Francisco
Steven P. James, Board Chair and Chief Executive Officer of Pionyr Immunotherapeutics
David Allison, PhD, Member of the Board and Partner at 5AM Ventures
Keno Gutierrez, PhD, Member of the Board and Vice President at M Ventures
Nisha Marathe, PhD, Member of the Board and Investment Director at Roche Venture Fund
David Morris, MD, Member of the Board and Operating Partner at Novartis Venture Fund
Momo Wu, PhD, Member of the Board and Portfolio Investment Manager at Emerson Collective

About Soteria Biotherapeutics Inc.
Soteria is developing a next generation of switchable bispecific T-cell engagers to treat cancer patients with solid tumors. Soteria’s highly innovative T-LITETM platform provides small molecule-dependent activation of bispecific antibody therapies, enabling safer and more efficacious treatments through pulsatile activity, reduced side effects and higher dosing. Soteria was founded in 2018 with technology licensed from UC San Francisco and is based in San Francisco, California. For additional information, visit www.soteriabiotherapeutics.com

Contacts:
Sylvia Wheeler
swheeler@wheelhouselsa.com
info@soteriabiotx.com

Alex Santos
asantos@wheelhouselsa.com

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Nordic Capital invests further in fast-growing ArisGlobal, a leading provider of Cloud Software for the Life Sciences Industry

Nordic Capital
  • As a leading healthcare and technology investor and committed owner, Nordic Capital will further support and accelerate ArisGlobal’s growth in new product domains 
  • ArisGlobal has over recent years experienced significant growth and has almost doubled its profit since Nordic Capital’s acquisition in 2019

Nordic Capital, a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses, today announced its further investment in ArisGlobal, by acquiring an additional shareholding from the founding Abbhi family. The transaction follows Nordic Capital’s initial investment in ArisGlobal, a leading provider of innovative software-as-a-service (SaaS) solutions for the life sciences industry in 2019 and subsequent years of significant growth for the Miami-based company. Drawing on its deep understanding of both the healthcare and technology sectors, Nordic Capital will continue to support ArisGlobal’s growth, with further investment into research and development, cognitive computing, global delivery and commercial operations.

ArisGlobal is pioneering innovations to elevate life sciences and benefit humankind. The Company is on a mission to build an intuitive, intelligent, and unified software platform that enables the world’s best life sciences companies to bring safer products to market more quickly. Currently, more than 300 life sciences companies and government health authorities, including 30 of the top 50 global biopharmaceutical companies and the FDA, rely on ArisGlobal’s solutions to maintain regulatory compliance, manage and mitigate risk, and improve operational efficiency across the life sciences product lifecycle.

With this further commitment from Nordic Capital, ArisGlobal will prioritize innovation and automation within its Clinical Development and Regulatory Affairs portfolios, with significant investments made across talent, technology, and customer experience. The funding will also fuel advancements to ArisGlobal’s market-leading capabilities in Drug Safety and Medical Affairs, where the Company has been recognized for being first in the industry to deliver cloud applications powered by cognitive computing.

“This is an exciting day in the history of ArisGlobal,” said Sankesh Abbhi, President and CEO of ArisGlobal. “Since we began our partnership with Nordic Capital in 2019, we have shared a common vision for the future of the life sciences industry and I am proud to say that we have made great strides working together to realize that vision. We are committed to continuing to build intuitive, intelligent, and unified life sciences software that fundamentally transforms global health and improves the lives of patients. I have never been more enthusiastic and optimistic about our future.”

Following the transaction, Sankesh Abbhi will, as President and CEO, remain a minority owner in ArisGlobal.

“We are excited about the opportunity for Nordic Capital to show further commitment to ArisGlobal and support the growth and development of the company in partnership with the management team. ArisGlobal is transforming how most successful life sciences companies handle drug safety, clinical development, regulatory compliance, and medical affairs and this investment will further accelerate ArisGlobal’s growth in new product domains,” says Daniel Berglund, Partner, Nordic Capital Advisors and Member of ArisGlobal’s Board of Directors.

Since inception in 1989, Nordic Capital has made 30 healthcare platform investments across Europe and North America and 19 investments in the Technology & Payments sector, supporting active value creation agendas to build industry winners. Recent investments in the US include ERT, a leading provider of high-quality patient safety and efficacy endpoint data collection solutions for use in clinical drug development, and Cytel, a global provider of clinical trial design SaaS software, biometric services and advanced analytics.

 

Press contacts:

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

 

ArisGlobal

Alberto Cantor, Associate Director, Corporate Marketing
Tel: +1-609-360-4042
e-mail: acantor@arisglobal.com


About ArisGlobal

ArisGlobal is transforming the way today’s most successful Life Sciences companies develop breakthroughs and bring new products to market. Our end-to-end drug development technology platform, LifeSphere®, integrates our proprietary Nava® cognitive computing engine to automate all core functions of the drug development lifecycle. Designed with deep expertise and a long-term perspective that spans more than 30 years, LifeSphere® is a unified platform that boosts efficiency, ensures compliance, delivers actionable insights, and lowers total cost of ownership through multi-tenant SaaS architecture. Headquartered in the United States, ArisGlobal has regional offices in Europe, India, Japan and China. For more updates, follow ArisGlobal on LinkedIn and Twitter.

 

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 fund is Nordic Capital Fund X with EUR 6.1 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 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”.

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KKR to Acquire Majority Position in ERM

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KKR
May 17, 2021

Long-term Investment Focused on Growing the World’s Largest Pure-play Sustainability Consultancy

LONDON–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that it has signed an agreement to acquire a majority position in ERM, the world’s largest pure-play sustainability consultancy. KKR will acquire its position in the company from OMERS Private Equity and Alberta Investment Management Corporation (AIMCo), with ERM’s management team and Partners remaining as minority investors. Financial terms of the transaction were not disclosed.

Over the last 50 years, ERM has built deep and broad technical expertise in environmental health, safety, risk and social matters with a first-class team of more than 5,500 purpose-driven consultants, including 580 partners, across 150 offices in over 40 countries. The Company supports its clients in every part of their organizations, from boots to boardroom, with a focus on operationalizing sustainability and implementing environmental, social and governance (ESG) best practices. ERM helps its clients shape their ESG strategies, as well as identify and address their key sustainability issues. Additionally, ERM partners with the world’s leading organizations to advance thought leadership in sustainability through its SustainAbility Institute.

Keryn James, ERM Chief Executive Officer, said: “At ERM, we are committed to working alongside every one of the world’s leading organizations to achieve their sustainability goals. This long-term partnership with KKR will allow us to expand and accelerate our client impact, and bring new capabilities and technologies to the business of sustainability.”

Mattia Caprioli, Tim Franks and Ken Mehlman, Partners at KKR, Franziska Kayser, Managing Director at KKR, and Rami Bibi, Director at KKR, said: “True expertise in sustainability and environmental matters is more important than ever. We are proud to invest in an organization like ERM and its partners, as they continue to help organizations implement ESG management best practices across their operations.”

As part of KKR’s investment, ERM Partners will continue to be shareholders in the business. KKR’s investment is being made through its Core Investments strategy, which represents capital targeting longer-term opportunities.

KKR is a long-standing client of ERM’s consulting services.

The transaction is expected to close in the third quarter 2021, subject to regulatory approvals and other customary closing conditions.

-ends-

About KKR

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

About ERM

ERM is the business of sustainability.

As the largest global pure play sustainability consultancy, ERM partners with the world’s leading organizations, creating innovative solutions to sustainability challenges and unlocking commercial opportunities that meet the needs of today while preserving opportunity for future generations.

ERM’s diverse team of over 5,500 world-class experts in over 150 offices in more than 40 countries supports clients across the breadth of their organizations to operationalize sustainability. Through ERM’s deep technical expertise clients are well positioned to address their environmental, health, safety, risk and social issues. ERM calls this capability its “boots to boardroom” approach for its comprehensive service model that allows ERM to develop strategic and technical solutions that advance objectives on the ground or at the executive level.

For more information, please visit www.erm.com.

Alastair Elwen
Finsbury Glover Hering
+44 20 7251 3801
KKR@finsbury.com

Source: KKR

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KKR Invests US$95 million in Lenskart

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KKR
May 16, 2021

NEW DELHI & MUMBAI, India–(BUSINESS WIRE)– Lenskart, a leading omni-channel eyewear retailer in India, and KKR, a global investment firm, today announced the signing of definitive agreements under which KKR will invest US$95 million in Lenskart (“the Company”) via a secondary stake acquisition.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210516005045/en/

Upon the completion of the transaction, KKR will look to leverage its experience working with leading technology and eyewear companies globally to support Lenskart in expanding its presence in India, scaling its growing operations overseas, and enhancing its digital offerings to augment customers’ virtual and omni-store experience.

As part of the transaction, existing investors TPG Growth and TR Capital, who first invested in Lenskart in late 2014, will each divest a portion of their holding in the Company.

Lenskart was launched with a vision to revolutionize eyewear in India and now globally. Established in 2010, the Company today is the largest service provider for eyewear in India, serving over 7 million customers annually through its omni-channel shopping experience, which spans online, mobile application, and 730 omni-channel stores in 175 cities across the country. In 2019, Lenskart also expanded to Singapore – marking its foray into Southeast Asia – where it is now a key service provider for optical. Lenskart integrates technology into all aspects of its operations to enhance customers’ browsing, shopping and purchasing experience, in addition to manufacturing and supply chain optimization. Among Lenskart’s digital offerings is a virtual 3D try-on tool; AI-powered facial mapping and frame recommendation features; smart physical stores with seamless omni-channel experience; and footfall tracking beacons, heat maps and demographic analytics; and intelligent supply-chain and inventory-management solutions.

Peyush Bansal, CEO of Lenskart, said, “At Lenskart, we are obsessed with our customers, technology, and making world a better place through easily accessible, best-quality eyewear. More than 600 million people in India and 4.5 billion people globally need vision correction, but only a fraction of them use it due to a lack of access, awareness, and high-quality, affordable solutions. Lenskart was founded to address this gap by leveraging technology to make eyewear accessible to everyone – first in India, and now worldwide. We are also working on the larger human agenda of improving people’s quality of life by allowing them to ‘Be More and Do More’ with their eyewear through our innovative products such as Lenskart Airflex, E-lock, Neuro-science lenses, and Lenskart BLU.”

“I feel we are still scratching the surface and have a lot of work to do over next 10 years in India and globally,” Mr. Bansal added. “In the next five years, we aspire to have 50% of India wearing our specs. Today’s announcement is a milestone and a step towards that goal. We are thrilled to welcome KKR as an investor given their significant experience working with leading global eyewear retailers such as National Vision and 1-800 Contacts as well as technology-focused businesses globally. We look forward to working alongside KKR to elevate Lenskart to its next phase of growth.”

Gaurav Trehan, Partner at KKR, said, “As a technology-driven business, Lenskart is a strong, homegrown disruptor in India’s rapidly expanding eyewear industry. We are truly excited to work with Peyush and Lenskart’s impressive management team to support Lenskart’s growth and innovation in India and internationally, in addition to advancing its mission to provide affordable, accessible eyewear products for everyone.”

KKR is making its investment from its Asian private equity fund. Lenskart is KKR’s latest investment that supports industry-leading consumer companies enabled by technology. Recent technology-focused investments for KKR in Asia include Adopt A Cow, a digitalized, direct-to-consumer dairy company in China, NetStars, the operator of Japan’s largest QR code payment gateway, and Walnut Programming, a children’s programming education company in China.

Avendus Capital advised Lenskart on the transaction. Additional details of the transaction are not disclosed.

About Lenskart

“Your most unhappy customers are your greatest source of learning,” said Bill Gates, Peyush Bansal’s long-time hero and ex-employer. Inspired by this lesson, Lenskart was founded. Lenskart, since then, has revolutionized the eye care market in India. Lenskart is India’s fastest growing eyewear business serving over 7 million customers every year. Lenskart is relentlessly pursuing its goal of revolutionizing the eye-wear industry by investing in technology and innovation that will make high quality affordable eyewear accessible to all. Lenskart is backed by Softbank, Kedaara Capital, Premji Invest, Steadview Capital among other key investors.

About KKR

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

Media:
Lenskart
Aanchal Jain
+91 98115 44682
aanchal.jain@lenskart.in

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

KKR Americas
Cara Major or Miles Radcliffe-Trenner
+1 212-750-8300
Media@kkr.com

AdFactors (for KKR in India)
George Smith Alexander
+91 98213 56867
George.Smith@adfactorspr.com

Source: KKR

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Graphic Packaging Holding Company to acquire AR Packaging from CVC Funds

CVC Capital Partners

Acquisition for $1.45 Billion in cash will create premier global provider of sustainable fiber-based consumer packaging solutions

  • Combination strengthens global positioning and expands scale in large and growing European fiber-based consumer packaging markets
  • Growth trajectory of combined company aligns with Vision 2025, providing significant value creation for stockholders and other stakeholders
  • Graphic Packaging to host conference call at 8:30am EDT/2:30pm CEST today to review transaction details

Graphic Packaging Holding Company, (“Graphic Packaging” or the “Company”), a leading vertically-integrated provider of sustainable fiber-based consumer packaging solutions, and CVC Capital Partners Fund VI today announced a definitive agreement under which Graphic Packaging will acquire AR Packaging Group AB (“AR Packaging”), Europe’s second largest producer of fiber-based consumer packaging, for approximately $1.45 billion in cash, subject to customary adjustments.

The combination enhances Graphic Packaging’s global scale, innovation capabilities, and value proposition for customers throughout Europe and bordering regions. With a broad set of industry-leading packaging solutions, design expertise, and expanded geographic reach, the combined company will be uniquely positioned to capture continued organic growth opportunities across existing and new global customers and markets.

The proposed acquisition of AR Packaging is expected to add $1.1 billion in annual sales and $160 million in annual Adjusted EBITDA. In addition, the combination is expected to drive total synergies of $40 million over 36 months following close. The deal is expected to be immediately accretive to the Company’s earnings per share and cash flow.

Michael Doss, Graphic Packaging’s President and CEO said, “AR Packaging is a leader in the attractive and growing market for sustainable packaging in Europe. Acquiring AR Packaging will result in significant value creation opportunities for our customers, our employees, and our stockholders as we bring together two leading providers of fiber-based consumer packaging solutions with long histories of innovation and creative packaging design. The large, distributed footprint of AR Packaging’s 25 converting facilities across Eastern and Western Europe provides significant scale and cost efficiency benefits strengthening our combined presence and ability to service customers throughout Europe and globally. We are pleased to welcome the AR Packaging team as we work together to further advance our commitment to sustainable packaging solutions for global consumers in support of the move to a more circular economy.”

Stephen Scherger, Graphic Packaging’s EVP and CFO added, “The acquisition of AR Packaging expands our opportunities to serve and grow in markets around the world with our sustainable packaging solutions. The combination, together with our previously announced acquisition of Americraft Carton, supports our growth goals and positions Graphic Packaging to consistently deliver organic sales growth at the high end of our 100 to 200 basis points goal as outlined in Vision 2025. Notably, the lean operating models executed by both organizations, coupled with our complementary market segments, provide compelling financial benefits. The significant cash flow generation capability of the combination will drive strong returns and is expected to return Graphic Packaging to our long-term 2.5-3.0x target leverage range within 24 months following close.”

AR Packaging’s President and CEO, Harald Schulz, said, “I am proud of the progress we have made in establishing a clear strategy and building AR Packaging into a respected provider of packaging solutions. I want to thank CVC for their support in those efforts over the last five years. Graphic Packaging’s shared approach to customer service and deep focus on providing innovative, sustainable solutions closely aligns with how we operate our own business, making them an ideal partner. The ability to leverage beneficial value chain integration, from paperboard manufacturing to carton converting, provides increased possibilities to offer sustainably optimized solutions to our customers. Our team looks forward to joining with the Graphic Packaging team to become the premier global provider of sustainable fiber-based packaging solutions.”

Lave Beck-Friis, Managing Director at CVC, commented, “We are very proud of the progress AR Packaging has made during our partnership. It has been a pleasure working with Harald and his excellent team to develop and roll out numerous new products, as well as investing to support an active M&A agenda to accelerate the growth of the business into a truly global player. We are pleased to be handing AR Packaging over in such a strong position, and to have found a new owner that shares management’s vision for the future direction of the business.”

The transaction, which has been unanimously approved by the Boards of Directors of Graphic Packaging and AR Packaging, is expected to close in four to six months, subject to regulatory approvals and other customary closing conditions.

BofA Securities is serving as financial advisor and DLA Piper is serving as legal counsel to Graphic Packaging. Credit Suisse International is serving as financial advisor and Roschier is serving as legal counsel to AR Packaging.

Investor Conference Call

An investor conference call will be hosted by Graphic Packaging at 8:30am EDT/2:30pm CEST today (May 14, 2021). The conference call will be webcast and can be accessed from the Investors section of the Graphic Packaging website at www.graphicpkg.com. Participants may also listen via telephone by dialing 833-900-1527 from the United States and Canada, and 236-384-2052 from outside the United States and Canada. Telephone participants are required to provide the conference ID 2253579. The event webcast will be available for replay on the Graphic Packaging website beginning at approximately 1:00pm EDT Friday, May 14, 2021.

 

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General Atlantic Launches the GA Global Growth Institute

General Atlantic, a leading global growth equity firm, today announced the launch of the GA Global Growth Institute to share insights, research and advance conversations around entrepreneurship, innovation and other critical drivers of global economic expansion.

Led by Nobel Laureate economist and General Atlantic Senior Advisor Dr. Michael Spence, who will serve as Chairman of the Institute, the platform will draw from the broad and complementary expertise and analysis of General Atlantic’s global network, including the many Senior Advisors who help to shape the investment theses and growth strategies executed by the firm’s deal teams and portfolio companies.

“We have deep conviction in the power of global entrepreneurship and technological innovation to create inclusive, sustainable growth across sectors and regions,” said Bill Ford, Chairman and CEO of General Atlantic. “In the next critical phase of economic recovery, we will seek to harness the collective knowledge of our firm’s network to share insights on the drivers of growth patterns around the world. Themes of digital enablement, access to healthcare and education, financial inclusion, and sustainable growth have long underpinned our investing platform. The GA Global Growth Institute will explore these themes, as well as issues related to climate change and sustainability, and we are fortunate to have Mike’s leadership in these efforts.”

“As we enter a period of projected global growth, we hope to foster dialogue on the trends that are fundamentally transforming industries and economies,” said Dr. Spence. “Through the platform of the GA Global Growth Institute, we look forward to sharing perspectives and sparking discussions on critical topics including global entrepreneurship, paths to sustained growth, and future drivers of societal and economic progress. Within General Atlantic’s vast ecosystem of entrepreneurs and business leaders, we believe there is immense potential to amplify important voices to explore the systems that shape communities and institutions globally.”

Dr. Spence’s most recent piece of commentary, “Economic Growth and Investment: Prospects, Risks and Opportunities,” explores drivers behind the post-pandemic shift to inclusive global growth. The report outlines the new opportunities for entrepreneurs, investors and society at large that will stem from the rapid multi-dimensional technological and economic transformations the world is experiencing today. Dr. Spence asserts that, following a stalled recovery due to a resurgence of COVID-19, three sectors factors offer significant potential to drive macroeconomic growth: digital transformation, healthcare and biomedical science, and the green revolution. Find the full article here.

About General Atlantic

General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

Media Contacts

Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com

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