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KKR to Acquire Significant Stake in Canada’s Coastal GasLink Pipeline Project

KKR

CALGARY, Alberta & NEW YORK–(BUSINESS WIRE)–Dec. 26, 2019– KKR, a leading global investment firm, today announced the signing of a definitive agreement to acquire, alongside Alberta Investment Management Corporation (AIMCo), a 65 percent equity interest in the Coastal GasLink Pipeline Project (Coastal GasLink or the Project) from TC Energy Corporation.

Coastal GasLink involves the estimated CAD $6.6 billion construction of 670 kilometers (416 miles) of natural gas pipeline and associated facilities. Once completed, the pipeline will have an initial capacity of 2.1 billion cubic feet per day and connect abundant Western Canadian Sedimentary Basin natural gas supply from the Dawson Creek, B.C. area to the LNG Canada liquefaction and export facility being constructed in Kitimat, B.C. By displacing coal and diesel-fueled generation with cleaner burning natural gas, LNG Canada expects to reduce global GHG emissions by up to 60-90 million tonnes per year, equivalent to 20-40 coal plants being shut down.

All necessary regulatory permits have been received for the Project and construction activities have commenced. Coastal GasLink is backed by 25 year Transportation Service Agreements with the five LNG Canada owners.

“We are excited to partner with TC Energy, a world class infrastructure developer, on this critical project,” said Brandon Freiman, Member and Head of North American Infrastructure at KKR. “Coastal GasLink represents our third investment in infrastructure supporting Canada’s natural gas industry. We believe the export of Canadian natural gas to global markets will deliver significant benefits for the Canadian economy and local communities in Western Canada, and enable meaningful progress toward reducing global emissions.”

KKR is making the investment primarily through a separately managed infrastructure account in partnership with the National Pension Service of Korea (NPS).

HSBC Securities (Canada) Inc. and TD Securities Inc. are serving as financial advisors to KKR, and Osler, Hoskin & Harcourt LLP is acting as KKR’s legal counsel.

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.

About NPS

NPS is a public pension fund in South Korea with assets under management of KRW 714.3 trillion ($620 billion) as at September 30, 2019. Established in 1988, the purpose of the fund is to maximize investment return while maintaining long-term fiscal stability to stabilize and promote public livelihood and welfare in Korea. With a distinct risk-return profile from traditional asset classes, alternative investments portfolio of NPS has contributed to generating sustainable returns for the total portfolio. NPS is headquartered in Korea and has 3 overseas offices in New York, London, and Singapore. For more information about NPS, please visit fund.nps.or.kr.

Source: KKR

Media:
KKR
Kristi Huller or Cara Major
212-750-8300
media@kkr.com

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KKR to Acquire Leading Digital Reading Platform OverDrive

KKR

NEW YORK–(BUSINESS WIRE)–Dec. 24, 2019– KKR, a leading global investment firm, today announced the signing of a definitive agreement to acquire OverDrive, Inc. (“OverDrive” or the “Company”), the leading digital reading platform for libraries and schools, from Rakuten USA, a wholly owned subsidiary of Rakuten, Inc. Financial details of the transaction were not disclosed.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191224005160/en/

Serving a growing network of 43,000 libraries and schools in more than 75 countries, OverDrive delivers the industry’s largest catalog of ebooks, audiobooks, magazines and other digital media to millions of readers around the world. With its proprietary platform, the Company securely allows these institutions to acquire and manage premium and differentiated digital content from a strong publisher network OverDrive has built over more than 25 years.

“KKR is delighted to be investing in OverDrive, a premier digital content platform that serves libraries and library patrons around the world,” said Richard Sarnoff, Member at KKR. “OverDrive provides digital tools and services to libraries and schools so that they can lend the widest variety of digital books, audiobooks, and other materials, while at the same time respecting and compensating authors and publishers through the widest range of access models. It is a privilege to work with an industry leading team, including founder and CEO Steve Potash, on growing this special franchise in the decade to come.”

“At a time of accelerating digital adoption throughout libraries and schools, OverDrive offers its growing user base a best-in-class technology platform and reading experience – something we’re excited to be a part of,” said Ted Oberwager, Managing Director at KKR. “We look forward to working with the Company to further grow its portfolio and network, and continue to build on its status as a recognized leader in the digital content space.”

“OverDrive is very excited to work with the world-class KKR team due to their track record of accelerating digital media and technology businesses in global markets,” said Steve Potash, founder and CEO of OverDrive. “This provides access to an extraordinary network of capabilities to empower our institutional partners for the benefit of the communities and readers they serve.”

KKR has a long history of successfully investing in market-leading businesses in the digital media and content sectors. KKR’s recent and related investments include Epic Games, AppLovin, RBmedia, Pandora, WebMD, UFC, Leonine, BMG Rights Management, Next Issue Media, and Nielsen, among others.

KKR is making the investment in OverDrive from its KKR Americas XII Fund.

Goldman Sachs & Co. LLC and LionTree Advisors served as financial advisors to KKR and Simpson Thacher and Bartlett served as legal advisor to KKR.

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.

About OverDrive

OverDrive is the leading digital reading platform for libraries and schools worldwide. Named one of PCMag’s Best Free Software of 2019 and one of TIME’s Best Apps of 2018, the award-winning Libby is the “one-tap reading app” for libraries. Sora, the student reading app, was honored as one of TIME’s Best Inventions of 2019. We are dedicated to “a world enlightened by reading” by delivering the industry’s largest catalog of ebooks, audiobooks, magazines and other digital media to a growing network of 43,000 libraries and schools in 76 countries. Founded in 1986, OverDrive is based in Cleveland, Ohio USA. www.overdrive.com

Source: KKR

KKR:
Kristi Huller or Cara Major
212.750.8300
Media@KKR.com

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Update on Rastreator and Acierto

Oakley

Oakley Capital (“Oakley”) previously announced in May 2019 the proposed acquisition of Rastreator and Acierto, two leading price comparison businesses in Spain.

The two deals were signed conditional upon achieving competition clearance. Due to challenges in completing the transaction within a reasonable time frame, predominantly relating to antitrust complexity Oakley and its JV partners have decided not to proceed and therefore neither transaction will now complete.

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KKR Enters Seattle Real Estate Market

KKR

Firm Closes on Two Real Estate Transactions in the Greater Seattle Region

NEW YORK–(BUSINESS WIRE)–Dec. 23, 2019– KKR, a leading global investment firm, today announced the closing of two real estate transactions totaling over $1.2 billion located in the greater Seattle region, including the Summit located in downtown Bellevue and the F5 Tower in downtown Seattle.

The Summit is a 915,000-square-foot Class A office complex in the Bellevue central business district. The complex is 99% leased, and is comprised of two existing LEED Platinum office buildings and a third building currently under construction, expected to be completed in Q3 2020. The properties are well located in the heart of the central business district, one block from the Bellevue Transit Center and the Bellevue Downtown Light Rail Station opening in 2023.

F5 Tower is a recently completed 43-story tower in the Seattle central business district, which includes the 100% leased 516,000-square-foot office condominium acquired by KKR alongside a separate 189-room luxury hotel. The property is architecturally significant to the Seattle skyline and home to F5 Networks as their global headquarters.

“We are excited to be making these two real estate investments in the Puget Sound Region, a market we believe has attractive long-term growth driven by a highly educated employee base, attractive cost of living relative to other top tier markets in the U.S. and high-quality of life,” said Justin Pattner, KKR’s Head of Real Estate Equity in the Americas. “The region is the headquarters to several of the world’s largest companies, and has recently attracted others to build a significant presence in the region. We are looking forward to growing our own presence there with these transactions.”

The buildings will be operated by Urban Renaissance Group, a Seattle based real estate investor, developer, and manager of real estate, who assisted with the acquisitions.

Since launching a dedicated real estate platform in 2011, KKR has invested or committed approximately $9 billion in capital across over 200 real estate transactions in the U.S., Europe and Asia as of September 30, 2019. KKR’s global real estate team consists of over 85 dedicated investment professionals, spanning both the equity and credit businesses.

These investments are being funded by accounts co-advised by KKR and KKR’s balance sheet.

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.

About Urban Renaissance Group

Urban Renaissance Group LLC is a Seattle-based full-service commercial real estate company, engaged in acquisitions, development, asset management, leasing, property management and ownership in Seattle, Bellevue, Denver and Portland. Founded in 2006, the strategic premise of URG is that the form of the American City will change dramatically during the next 20 years. The company acts as a catalyst that understands and ignites that change, thereby building community, generating appropriate returns for its investors and opportunities for its partners and employees. Learn more at www.urbanrengroup.com.

Source: KKR

Media

KKR:
Kristi Huller or Cara Major
212.750.8300
Media@KKR.com

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Bark Partners AB’s ownership in EQT AB

eqt

EQT AB has today been informed by four of its Partners – Conni Jonsson, Thomas von Koch, Harry Klagsbrun and Per Franzén – that they have formed a company called Bark Partners AB to which they will transfer, at respective acquisition cost, the majority of their shares in EQT AB. Bark Partners AB will, after the transfer, own in total 15.2 percent and become the second largest shareholder in EQT AB.

EQT AB has also been informed by Bark Partners AB that their ownership is long-term and that the company assumes responsibility for the lock-up commitments the four owners individually had on the shares to be transferred, and that the four owners through their ownership via the jointly owned company will strive at securing EQT’s culture which has been developed over a long time, as well as support EQT’s long-term strategy.

Contact
Nina Nornholm, Head of Communications, press@eqtpartners.com +46 70 855 03 56
EQT Press Office,  +46 8 506 55 334
Harry Klagsbrun, spokesperson Bark Partners AB +46 8 506 55 300

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 a strong brand and 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 41 billion in assets under management across 20 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 15 countries across Europe, Asia Pacific and North America with more than 675 employees.

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

More info: www.eqtgroup.com

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DIF Capital Partners closes acquisition of Cerro Grande wind farm in Uruguay

DIF

DIF Capital Partners (“DIF”), through its most recent fund DIF Infrastructure V, is pleased to announce the 100% acquisition of the 50 MW Cerro Grande wind farm in Uruguay from Enercon and eab New Energy.

The project, comprising 22 turbines, has been operational since January 2018 and benefits from a 20-year power purchase agreement with UTE, Uruguay’s state-owned utility. The project will continue to be maintained by Enercon under a long-term agreement and asset management services continue to be delivered by SEG Heliotec.

Following the recent opening of its Latin American office in Santiago (Chile), this marks DIF’s first investment in Uruguay and fits well within DIF’s mandate as the investment is in an operational wind project with long-term contracted off-take.

Daniel Aninat, Managing Director and head of DIF’s South American operations added: “We are very pleased to acquire our first renewable energy project in South America. The transaction is the result of our strong relationship with Enercon and we believe this investment is attractive for DIF’s investors due to the long-term project agreements that provide a high degree of predictability of future cash flows.”

DIF has been advised by Voltiq (financial), Hughes & Hughes and Gómez-Acebo & Pombo (legal), DNV GL (technical), KPMG (tax) and Mazars (model audit). Enercon was advised by Ficus Capital.

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €6.0 billion of assets under management across eight closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact:
Thijs Verburg, Investor Relations & Business Development
Email: t.verburg@dif.eu

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NPM Capital acquires stake in Agro Care

NPM Capital

Investment company NPM Capital has reached agreement with the shareholders of Dutch tomato grower Agro Care to supply the company with growth capital. The cultivation area of Agro Care, Europe’s largest tomato producer, covers more than 200 hectares spread across the Netherlands, France, Morocco and Tunisia. In NPM Capital, Agro Care has found a partner to support their shared growth ambitions.

The Maasdijk-based company was founded in 1997 by members of the current management and now counts more than 1,500 employees. In a short period of time, Agro Care has developed into one of the world’s largest greenhouse horticulture companies. Through shareholdings, Agro Care additionally engages in – amongst others – seed breeding, packaging, marketing and distributing tomatoes.

Kees van Veen, CEO of Agro Care, explains: “We didn’t just team up with any investment company. We have deliberately opted for a financially robust long-term partner that will help us develop and implement our strategy, for instance by boosting our professionalism and supporting us in future acquisitions.”

“We have been talking to Agro Care for some time,” continues Leonard van Loon, Investment Director at NPM Capital. “Agro Care’s strength lies in its entrepreneurial spirit and its strong partnerships in the value chain which have let the company build a leading position in this large, fragmented market with ample growth opportunities. Agro Care could use the growth capital to invest in technologically advanced greenhouses and for the acquisitions of targets in the Netherlands and elsewhere. We are keen to join forces with the ambitious management team and contribute to the accelerated growth of the company.”

NPM Capital has been investigating investment opportunities in the agricultural sector, including greenhouse horticulture, for some time. It has had a partnership with Hillenraad Partners, a strategic consultancy firm in the horticultural sector, since 2017. Hillenraad Partners initiated the collaboration between NPM Capital and Agro Care. “The Dutch horticulture sector is leading in the world and Agro Care is one of its great exponents,” says Martien Penning, managing partner of Hillenraad Partners. “The partnership with NPM Capital will allow Agro Care to take the next step in its development and streamline its supply of healthy, sustainable and high-quality food.”

NPM Westland

The transaction is expected to close early in 2020. Financial details of the transaction will not be disclosed.

For more information: www.agrocare.nl

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AURELIUS acquires electronic components businesses Distrelec and Nedis from Swiss Dätwyler Group

Aurelius Capital

Acquired business units are leading distributors of electronics components in Europe

* Revenues of EUR 275 million across 15 countries

* Fifth mid-market acquisition by AURELIUS in 2019 and renewed confirmation of core competence in corporate carve-outs

Munich, December 23, 2019 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) acquires Distrelec and Nedis businesses from Dätwyler Group, which is listed on the Swiss stock exchange. With a total of about 850 employees the acquired business units generate annual revenues of approximately EUR 275 million. The parties agreed not to disclose the purchase price and the transaction is expected to close in the first quarter of 2020.

Distrelec, headquartered in Manchester (UK) and Nänikon (CH), is a leading B2B distributor of electronic and technical components with approximately 600 employees. Beyond its main markets of Switzerland and Sweden, the company also has a strong market presence in 15 European countries. Its product portfolio has a significant focus on MRO components and targets B2B customers.

Nedis, headquartered in s’Hertogenbosch (NL) is a wholesaler for electronic products. With approximately 250 employees. Nedis is a leading wholesaler of electronic products marketed under the Nedis brand especially in the Netherlands, France and Scandinavia. The company has already been operationally realigned in the past by several initiatives, amongst them a complete rebranding in 2018. This strategy shall be continued to further position Nedis as a successful category manager in the European market.

“This acquisition enables us to further strengthen our position as a specialist in the carve-out of non-core divisions. The acquired businesses offer great potential and we are looking forward to help the company achieve its full potential,” said AURELIUS CEO Dr. Dirk Markus. “All in we have bought five new strategically interesting businesses in 2019. We see further attractive opportunities for acquisitions, as well as on the exit side, for 2020.”

AURELIUS will support the acquired businesses, both financially and operationally to ensure a seamless transition after the carve-out from Dätwyler Group. It is our aim to establish them as successful standalone companies and bring them on a sustainable growth path. The transaction perfectly fits into the AURELIUS mid-market investment focus.

AURELIUS was advised on the transaction by PwC (M&A), OC&C (commercial), KPMG (tax), Lenz & Staehelin and Linklaters (legal M&A) , Deloitte (pension), diva-e (e-commerce), digatus (IT) and Euro Transaction Solutions (insurance).

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Sale of Malthus Uniteam to Algeco Group

Reiten

On December the 21st, Reiten & Co Capital Partners VI L.P. and the other shareholders in Malthus Uniteam reached an agreement to sell the company to Algeco Group. This transaction represents a good industrial solution for Malthus Uniteam, its employees, customers and suppliers. As the leading Norwegian player in the modular market, Malthus Uniteam is well positioned for further growth through joining forces with the European leader, Algeco.

During the fund ownership period, Malthus Uniteam has achieved strong growth and increased their presence in Sweden and internationally. The company has a strong track record of supplying modular buildings, barracks, containers and building equipment and delivers solid growth within the rental business and good profitability.

“The shareholders are very pleased to hand over Malthus Uniteam to Algeco as a new owner of the company. We have a history of 45 years in the Nordic market and clearly customers and employees will benefit from joining forces with Algeco and continue to build a market leading position in the Nordics”, says Bård Brath Ingerø, Chairman of Malthus Uniteam.

Steinar Aasland, CEO of Malthus Uniteam further adds that, “We are excited to join the Algeco Group and become part of the leading modular space provider in Europe. Malthus Uniteam has successfully established itself as the market leader in Norway and we look forward to being able to offer Algeco’s VAPS 360 service offering to our customers, as well as further strengthening our presence across the Nordics.”

The transaction is subject to review by the Norwegian competition authority.

 

Link to Malthus Uniteam press release: https://malthusuniteam.com/blog/2019/12/23/malthus-uniteam-far-nye-eiere-styrker-satsingen-i-norden/

You may also see Algeco’s press release: https://www.algeco.com/investors/news/2019-12-23.html

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Hg Saturn Fund acquires cloud-based HR software provider P&I from Permira funds

HG Capital

Hg, Europe’s leading software investor, today announces an investment in Personal & Informatik AG (“P&I”), a leading provider of cloud-based HR software, headquartered in Germany, acquiring the holding from funds advised by Permira, the global private equity firm, for an enterprise value of €2 billion. Permira funds remain invested in P&I with a substantial minority stake. The transaction will represent the 4th investment from the Hg Saturn 1 Fund, which had its first close in early 2018 and focuses on software businesses with enterprise values of more than £1 billion. Hg managed funds will become the majority shareholder in the business.

Hg is a serial investor in the regulatory driven software space and continues to see attractive, long-term growth for leading and innovative players in the sector. P&I represents the 6th company focused on HR software in Hg’s current portfolio, alongside Visma, IRIS, Access Group, Citation Group and Allocate Software. These 6 HR software companies currently total over €14 billion of enterprise value within the wider Hg portfolio of 33 software and services companies.

The Permira funds have a long track record of successfully investing in technology companies around the world and have deployed around €10 billion in the sector since 1997. Current portfolio companies in that sector include TeamViewer, Informatica, Klarna, Genesys, LegalZoom and Allegro, amongst others.

Founded in 1968, P&I is an internationally operating, full suite provider of cloud-based HR software solutions and a driver of innovation in HR technology. P&I’s scalable subscription-based platform exhibits characteristics that resonate with Hg Saturn’s core focus, with a broad, diversified and loyal customer base, and has delivered exceptional historical operating performance, with over 10 years of consistent revenue and EBITDA growth. The company has significantly extended its R&D capabilities over the past few years, which includes the opening of a new R&D hub in Greece in 2017. As a result, P&I developed and successfully introduced an integrated Software-as-a-Service (SaaS) platform allowing HR tasks to be managed in the most modern, efficient and fastest manner, delivering strong value to its customers and a truly differentiated experience to its users. P&I’s new sales force structure has grown its customer base to more than 15,000 end customers, ranging from small- and medium-sized private businesses (SMB) to large enterprises and public sector organizations of all sizes, mainly in Germany, Switzerland and Austria (DACH region).

Justin von Simson, Managing Partner at Hg, commented:

“P&I is an exceptional business and we’ve been in the privileged position of knowing the team there for almost two decades. Since our first investment in P&I in 2013 we remain impressed by the quality and long-term vision of the business and its management team. We’re excited to partner with P&I and its team again and support them in the next phase of growth.”

Michael Biehl, Director in Hg Saturn, and Carlo Pohlhausen, Principal at Hg, said:

“HR software is a core sector for us at Hg and P&I is one of the European leaders in this field, enabling thousands of customers to simplify and automate HR tasks through its innovative cloud technology. We’re delighted to support the business on its path of becoming a true European HR cloud champion.”

Vasilios Triadis, CEO P&I, added:

“We believe that, together with our well-known partner Hg, we will be well positioned to write the next chapter of P&I’s success story. The Hg team with its extensive knowledge of P&I and the software sector is the perfect partner to back us on our future growth trajectory. At the same time we want to thank the Permira funds for their support in further strengthening our leadership position in the European HR software market. We are very happy about their continuous commitment which shows a strong confidence in our growth plans.”

Jörg Rockenhäuser, Partner and Head of DACH at Permira said:

“Following the recent listing of TeamViewer in Germany, the sale of P&I marks another successful software transaction for Permira, Europe’s leading technology investor. Over the past years, the Permira funds have supported the P&I management in expanding the business across the German-speaking region and in significantly investing in R&D and product innovation. The Permira funds continue to see huge growth potential in P&I and remain invested with a substantial minority stake.”

Stefan Dziarski, Partner at Permira, commented:

“With the launch of the new Software as a Service product, P&I has been transformed into one of the most innovative subscription-based SaaS platforms in the Human Resources segment. Today, the company is a technology leader in the HR software market and is ideally positioned for future growth in Europe.”

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