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CapMan Nordic Real Estate II leases large industrial space in Eskilstuna, Sweden

August 26, 2019

CapMan Real Estate Press release
26 August 2019 at 9.00 a.m. EEST

CapMan Nordic Real Estate II leases large industrial space in Eskilstuna, Sweden

CapMan Nordic Real Estate II fund has let approx. 11,000 sqm of mixed warehouse, production and office space in Eskilstuna to ASSAABLOY Opening Solutions Sweden AB, the well-known global lock manufacturing company, on a long-term lease.

CapMan Nordic Real Estate II acquired ASSAABLOY Opening Solutions Sweden AB’s office and industrial facility in Eskilstuna in a sale and leaseback transaction in March 2018 last year, where ASSA agreed to take a 3-year lease of the property.  Since then, ASSA has reviewed its long-term strategy and decided to extend its lease on 11,000 sqm for a period of 12 years. As part of the new lease, CapMan Nordic Real Estate II will build a new 1,500 office for ASSA and refurbish the existing warehouse, production and office space.

“We are very excited to sign a long-term agreement with ASSAABLOY, who we think is an ideal tenant for this property given the size and quality of its business and its long history and importance in the local area.  Completion of this lease is the first key step in our business plan for the property and we look forward to further enhancing the property with other projects we are currently working on,” comments Per Tängerstad, Partner at CapMan Real Estate.

Wigge & Partners acted for CapMan in the transaction.

CapMan Nordic Real Estate II is a €425 million fund raised in August 2017. The focus of the fund is to acquire mainly office, industrial, retail and residential properties located in established submarkets of major Nordic cities.

CapMan Real Estate has a team consisting of 38 real estate professionals in Helsinki, Stockholm, Copenhagen and Oslo. CapMan’s current real estate volume under management is over EUR 2.5 billion.

For further information, please contact:
Per Tängerstad, Partner, CapMan Real Estate, tel. +46 70 591 23 00

About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. With over €3 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, fundraising advisory, and analysis, reporting and wealth management services. Altogether, CapMan employs 140 people in Helsinki, Stockholm, Copenhagen, London, Moscow and Luxembourg. Please visit www.capman.com for more information.

 

 

 

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Blackstone Completes the Acquisition of U.S. Logistics Assets from GLP, Adding to Firm’s Leading Global Portfolio

Blackstone

New York, September 26, 2019 – Blackstone (NYSE: BX) today announced that it has closed on its previously announced acquisition of U.S. logistics assets from three of GLP’s U.S. funds for a purchase price of $18.7 billion.

As previously announced, Blackstone Real Estate’s global opportunistic BREP strategy is acquiring 115 million square feet for $13.4 billion and its income-oriented non-listed REIT, Blackstone Real Estate Income Trust (BREIT), is acquiring 64 million square feet for $5.3 billion.

Blackstone and GLP announced the transaction on June 2, 2019.

Citibank, Deutsche Bank Securities Inc., BofA Merrill Lynch, J.P. Morgan, Goldman Sachs & Co. LLC, Barclays, Wells Fargo, Nuveen and Prudential are providing financing for the acquisition. Simpson Thacher & Bartlett served as legal counsel to Blackstone.

BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc., J.P. Morgan and Morgan Stanley & Co. LLC served as financial advisors to Blackstone. Citigroup Global Markets Inc., Eastdil Secured LLC and Goldman Sachs & Co. LLC served as Blackstone’s financing advisor.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has $154 billion of investor capital under management. Blackstone is one of the largest property owners in the world, owning and operating assets across every major geography and sector, including logistics, multifamily and single family housing, office, hospitality and retail. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ strategy invests in substantially stabilized real estate globally through regional open-ended funds focused on high-quality assets, and Blackstone Real Estate Income Trust, Inc. (BREIT), a non-listed REIT that invests in U.S. income-generating assets. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

Contact
Jennifer Friedman
Jennifer.Friedman@blackstone.com
Tel: (212) 583-5122

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Naxicap Partners becomes the majority shareholder of Siblu Villages

Naxicap

Naxicap Partners, subsidiary of Natixis Investment Managers*, becomes the new majority shareholder of Siblu Villages (“Siblu”)after the exit of Stirling Square Capital Partners. Founded in 1975, Siblu is the undisputed market leader in operating owner-occupied holiday villages across mainland Europe,operating 22 sites in France and the Netherlands,comprising of c.11,700 pitches. The Group’s business model relies on three interconnected activities: the sale of mobile homes, the rental of holiday village pitches, and the sale of holidays.

Since 2015 and the acquisition by Stirling Square Capital Partners, Siblu has substantially expand edits operating footprint with five park acquisitions and five extensions in France and two park acquisitions in Holland, growing the total pitch capacity byover45%. The group has also substantially improved its pitch yield management across the estate through new turnkey commercial offers.

The French campsite market is the largest in Europe with c.900,000 pitches (22% of which are owner-occupied) and c.125 million nights sold in 2018. The sector has shown strong dynamism from 2010 to 2018,with campsites revenue increasing by 4.7% p.a. sustained by a growing demand of nights and a shifting towards 4-and 5-star sites, which offer better equipment and services. With more than 85% of sites being independent, the market is conducive to consolidation and the management team intends to pursue an active acquisition strategy, both in France and in Europe.

Backed by Stirling Square Capital Partners for 4 years, the management team chose Naxicap Partners for their next phase of growth. “It has been a true pleasure to work with CEO Simon Crabbe and his team. Today Siblu is the undisputed market leader in France, with a clearly defined pathway of future growth and consolidation in Northern Europe. We are delighted with the transformation we have achieved alongside the management team over the past four years, and wish them the very best in their next chapter with Naxicap”, commented Julien Horreard, Partner, Stirling Square Capital Partners.

“Siblu has shown an outstanding track record in implementing its business model both through organic and external growth. We are excited to stand by CEO Simon Crabbe and his team for this upcoming phase of development of the Group,” commented Angèle Faugier, Managing Director, Naxicap Partners.“After four successful and rewardingyears working towards the realisation ofour vision with the support of Stirling Square, the team and I arelooking forward to continuing to build on this success with the help of Angèle and all the team at Naxicap Partners.”commented Simon Crabbe CEO Siblu

Contacts:

Company: Siblu

Simon Crabbe, CEO

Laurent Bory, CFO

Investor: Naxicap Partners

Angèle Faugier

Caroline Lachaud

Philippe Predhumeau

Sarra El Mghari Tabib

Thomas Picquette

Marine Bussienne

Hugues Martin-Montchalin

Seller: Stirling Square Capital Partners

Julien Horreard

Jonathan Heathcote

Matteo Nichil

Amélie Mazurier

Buy-side M&A advisor: DC Advisory

David Benin

Nicolas Cofflard

Thomas Brulé

Anastasia Saldi

Joachim Canonne

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Castik Capital supports further growth of AddSecure

Castik Capital

Funds advised by Castik Capital S.à r.l (“Castik”) acquire the majority of AddSecure shares. Castik is a European private equity firm with a long- term approach to value creation that will support the company’s further growth.

AddSecure, a leading European provider of premium solutions for secure data and critical communications, and Castik Capital, a European private equity firm, today announced that Castik has acquired AddSecure from Abry Partners. Castik becomes the new majority shareholder of AddSecure while Abry Partners will maintain a minority ownership position with AddSecure management also investing into the company.

The acquisition of AddSecure by Castik is a strong validation of AddSecure’s clear vision, expansive growth strategy, and the company’s development. Over the past three years, the company has tripled in size and is now present in 12 countries.

Castik Capital, known for pursuing profitable investments in high-quality and growing businesses, which are headquartered in Europe and led by strong management teams, recognizes the distinct opportunity AddSecure has to establish the company as the leading provider of secure data and communications in Europe and will strongly support the company’s organic and acquisitive growth going forward.

“We are thrilled that AddSecure will be joining our family of portfolio companies and to have this opportunity to work closely with the company’s management team. We are impressed by their journey and look forward to accelerating and promoting AddSecure’s on-going success”, said Michael Phillips, Partner at Castik Capital.

“This is an affirmation of strength for all of us who work at AddSecure. It feels very gratifying that Funds advised by Castik are making a significant investment in us, and in the strategy that we have put into place for 2025. Castik is a perfect fit as new owners, providing a stable, long-term foundation to enable us to further accelerate our efforts in innovation, growth and profitability”, said Stefan Albertsson, CEO of AddSecure.

“That Abry Partners stays as a minority owner shows their continued confidence in AddSecure and our strategy. Abry has actively supported our ambitious growth agenda and helped us entering new markets”, Albertsson continued.

“During Abry Partners’ ownership, AddSecure has grown from a local Scandinavian alarm solutions provider to a European supplier of smart, connected IoT solutions targeted to alarms, rescue, utilities, transport, and logistics customers. The company has executed a successful M&A strategy to reach these verticals and has continued to strengthen its organization over our investment period. We look forward to working with the team and Castik on the next phase of AddSecure’s journey”, said Rob Nicewicz, Principal at Abry Partners.

With a mission to deliver value to its customers by securing their life- and business critical applications, AddSecure has built a comprehensive portfolio of secure solutions to serve organizations and teams within Smart Alarms, Smart Rescue, Smart Grids and Smart Transport.

Stefan Albertsson will remain the CEO of AddSecure. Financial terms of the transaction were not disclosed.

For more information, please contact:

Stefan Albertsson, CEO, AddSecure
Mobile: +46 76 106 27 28, Stefan.albertsson@addsecure.com

Kristina Grandin, Corporate Marketing Manager, AddSecure Mobile: +46 70 689 52 08, kristina.grandin@addsecure.com

About Castik

Castik Capital S.à r.l (“Castik”) manages investments in private equity. Castik is a European multi-strategy investment manager, acquiring significant ownership positions in European private and public companies, where long-term value can be generated through active partnerships with management teams. Founded in 2014, Castik is based in Luxembourg and focuses on identifying and developing investment opportunities across Europe. The advisor to Castik is Castik Capital Partners GmbH, based in Munich. Investments are made by the Luxembourg-based fund, EPIC I SLP, the first fund managed by Castik, which had its final fund close of EUR 1bn in July 2015.

About Abry Partners

Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since their founding in 1989, the firm has completed over $82.0 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5.0 billion of capital across their active funds.
For more information on Abry, please visit www.abry.com.

About AddSecure

AddSecure is a leading European provider of premium solutions for secure data and critical communications. The company serves over 50,000 customers and partners around Europe with secure communications and solutions that help customers safeguard their life- and business-critical applications. This helps save lives, protect property and vital societal functions, and drive business.
AddSecure offers solutions within Smart Alarms, Smart Rescue, Smart Grids and Smart Transport.

The company founded in the early 1970s today employs more than 330 staff. AddSecure is headquartered in Sweden and has regional offices as well as a network of distributors around Europe.
AddSecure is owned by Abry Partners, an American private equity fund founded in 1989 and headquartered in Boston, USA.

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AURELIUS subsidiary Office Depot Europe to sell its Central and Eastern European (CEE) business to strategic buyer PBS Holding

Aurelius Capital

  • Successful transformation of the business in Central and Eastern Europe (CEE) led to a strong market position
  • Strategic buyer PBS Group to further strengthen CEEs position
  • Sale of CEE business as part of ongoing transformation of Office Depot Europe

Munich/Venlo, September 26, 2019 – Office Depot Europe, a portfolio company of AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8) has agreed to sell its Czech and Slovak subsidiaries to strategic buyer PBS Holding AG. PBS Group is a leading reseller of office supplies, paper and stationery headquartered in Wels/Austria. PBS Group are serving its customers in Austria, Germany, Poland, Hungary, Italy, Slovenia, the Czech Republic and Slovak Republic. The transaction is subject to the approval of the relevant antitrust authorities and is expected to close in due course.

Successful strategic transformation of the business in Central and Eastern Europe (CEE) led to a strong market position

Following its acquisition by AURELIUS in January 2017, Office Depot Europe was subject to a comprehensive transformation programme. Consequently, the CEE business saw the product and service offering being extended into adjacent areas such as office furniture, PPE (personal protective equipment), managed-printing services as well as cleaning & hygiene products. The CEE business has a particular focus on servicing larger contract business customers (SME organisations, public sector as well as local operations of international corporations). Over the last two and a half years Office Depot Europe´s CEE business managed to grow organically and increased its market share. This has resulted in the company reaching a strong position in its relevant markets.

Strategic buyer PBS to further strengthen CEEs position

Office Depot Europe and PBS Group have a strong relationship and will collaborate in serving international corporations across the Czech Republic and Slovak Republic. This strategic acquisition allows PBS Group to strengthen its market position in the relevant markets.

Sale of CEE business as part of ongoing transformation of Office Depot Europe

Office Depot Europe has made major progress in enhancing the efficiency thanks to process optimisations and system enhancements. Significant investments and organisational changes with respect to the Group’s e-commerce capabilities are being rewarded with favourable development of the online business. In this respect, a customer-centric strategy also entails further actions to extent the assortment. The divestment of the CEE business will be accompanied by the group further focusing its resources continuing the existing path in a dynamic market environment.

 

About PBS Holding AG

PBS Holding AG is a leading reseller and distributor of office supplies, paper and stationery headquartered in Wels/Austria. PBS Group are serving its customers in Austria, Germany, Poland, Hungary, Italy, Slovenia, the Czech Republic and Slovak Republic. More than 1,000 employees generate annual revenues of EUR 280 million.

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EQT acquires inexio, a leading provider of fiber-optic internet access in Germany

eqt

  • EQT Infrastructure acquires inexio, one of the fastest growing providers of high-speed internet to retail customers and businesses in rural Germany
  • inexio owns and operates a high-capacity fiber-optic network and is committed to provide fiber connectivity to 2 million rural and suburban households by 2030
  • As the leading fiber infrastructure investor world-wide, EQT Infrastructure is uniquely positioned to support inexio and its founder-led management team in accelerating growth

The EQT Infrastructure IV fund (“EQT” or “EQT Infrastructure”) today announced that it has agreed to acquire inexio Beteiligungs GmbH & Co. KGaA (”inexio” or “the Company”) from Warburg Pincus, Deutsche Beteiligungs AG, the founders and several minority investors.

inexio was founded by David Zimmer in 2007 and has since the start invested heavily in fiber infrastructure in rural and small-town communities in Germany, predominantly in the Southwestern and Southern parts. Today, the Company provides high-speed internet access to more than 300,000 households and 6,000 businesses. inexio’s unique and scalable network, consisting of more than 10,000 kilometers of fiber-optic infrastructure, provides a strong platform for continued growth.

Looking ahead, the founder-led management team of inexio plans to continue the rapid growth of the Company by pursuing a large-scale deployment of fiber-to-the-home (“FTTH”) internet access in rural Germany. FTTH is the fastest, most reliable and future-proof internet connectivity solution available and the only technology that will be able to handle the rapidly growing internet bandwidth demands of the future.

Germany is one of the most attractive growth markets for fiber in Europe as the penetration rates are significantly lower than in other countries, such as Sweden or the Netherlands. To capitalize on this market opportunity, inexio is committed to providing FTTH connectivity to 2 million rural and suburban German households by 2030. This represents a significant share of the German government’s plan to provide universal Gigabit internet access.

David Zimmer, Founder and Chief Executive of inexio, said: “We are excited to welcome EQT as our new partner for the next chapter of inexio’s development. EQT convinced us from the outset with their hands-on industrial approach and their significant experience from other successful fiber rollouts in Europe. Together, we will be able to accelerate inexio’s growth by bringing modern and reliable fiber-optic infrastructure to two million German households. inexio is a ‘must have’ for companies and private households in a modern digitalized world.”

Matthias Fackler, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, said: “We are delighted about the opportunity to invest in inexio. We are impressed by the growth the team around David Zimmer has achieved over the past ten years. The strong need for fiber-based Gigabit internet access in Germany will require substantial investments over the coming years. EQT, as one of the leading fiber investors world-wide, is fully committed to supporting inexio and its management team to embark on this exciting journey while also contributing to making Germany a more digital and connected society.”

The transaction is expected to close in Q4 2019, subject to regulatory approvals. Clifford Chance acted as legal advisor to EQT.

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

Contact
Matthias Fackler, Partner at EQT Partners, Investment Advisor to EQT Infrastructure IV, +49 89 25 54 99 0
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

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.

EQT Infrastructure owns multiple leading providers of Gigabit fiber infrastructure across Europe, including Delta Fiber (Netherlands), IP-Only (Sweden) and Global Connect (Denmark/Norway).

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

About inexio
inexio is a fast-growing provider of fiber optic internet connections for retail and business customers in Germany. In the retail customer segment, growth is driven by rising data volumes and the growing use of video streaming, whilst in the business segment, fiber optic connections for small and medium-sized businesses are the key driver of growth. Just over a decade after its establishment, inexio has reached a market-leading position in rural and small-town communities in Southwest and Southern Germany, providing internet access to more than 300,000 households.

More info: www.inexio.net

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CVC’s Strategic Opportunities platform agrees to acquire 50% stake in DFE Pharma

Platform announces its second deal from Fund II which held its final close in July

CVC Strategic Opportunities II today signed an agreement to acquire a 50% stake in DFE Pharma (“DFE”), a leading global excipients manufacturer for the pharmaceutical industry. DFE is currently a 50/50 joint venture between dairy companies FrieslandCampina and Fonterra. CVC Strategic Opportunities II will acquire Fonterra’s holding in the business.

Headquartered in Goch, Germany, DFE is a global leading excipient manufacturer. Excipients are the inactive substances that are blended with the active ingredients in medicine for purposes such as binding, bulking, disintegration or to aid in the processing of the active ingredient. With operations in Europe, India and New Zealand and an active presence in over 100 countries, DFE develops, produces and markets excipients primarily for oral solid dose and dry powder inhalation.

Bas van Driel, CEO of DFE Pharma said: “We are excited to be partnering with CVC and look forward to working with them to continue to deliver the best possible solutions to our customers. The combination of FrieslandCampina and CVC as shareholders will provide extra opportunities to excel. CVC’s international network, experience and track record in pharma, as well as support capabilities will be essential in expanding the breadth of our business and exploring potential M&A opportunities.

“On behalf of DFE management, I would like to thank Fonterra for its ownership and, together with FrieslandCampina, for creating DFE in 2006 and allowing it to grow into the world leader in pharma grade lactose excipients, known for its very high quality.”

Kathy Fortmann, President FrieslandCampina Ingredients: “The addition of CVC Capital Partners will facilitate DFE’s growth ambitions over the medium and long term. We thank Fonterra for being constructive partners for the last decade and are confident that the ongoing supply relationship will be mutually beneficial.”

Thierry Bogaert, CVC Industrial Partner said: “DFE supplies mission critical products to the pharma industry. We look forward to the partnership with FrieslandCampina and working with the DFE management team to further enhance and expand the business, providing the full support of the CVC network.”

Jan Reinier Voûte, Co-Head CVC Strategic Opportunities added: “This is the second deal announced from Strategic Opportunities Fund II following its final close in July 2019. The Strategic Opportunities platform invests in high-quality businesses with longer growth horizons and the investment in DFE fits perfectly within this strategy, especially with the joint ownership with FrieslandCampina.”

Fonterra CEO, Miles Hurrell, said: “We would like to thank the DFE management team and our partner FrieslandCampina for the great relationship over the years, which we are pleased will carry on via the ongoing supply of Fonterra’s pharma grade lactose to DFE.”

The transaction is subject to customary regulatory approvals.

Goldman Sachs New Zealand Limited acted as exclusive financial advisor, Russell McVeagh and HVG Law as legal advisors to Fonterra. FrieslandCampina was advised by Allen & Overy, and CVC Capital Partners by Rothschild & Co, Freshfields Bruckhaus Deringer and KPMG.

 

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CapMan enters Nordic distribution partnership with Nordea

September 25, 2019

CapMan Press Release
25 September 2019 at 1.00 p.m. EEST

CapMan enters Nordic distribution partnership with Nordea

CapMan has commenced co-operation with Nordea regarding the distribution of CapMan Nordic Property Income Fund (“CMNPI”), a non-UCITS fund managed by CapMan. As a result, CMNPI will become part of Nordea’s product offering, enabling their customers to subscribe for the fund in a convenient manner.

CMNPI was established at the end of 2017 and is one of few non-UCITS funds investing in real estate with a Nordic scope. The fund has completed a total of nine transactions to date in Finland, Sweden and Denmark. The fund’s assets are diversified across various property types and its gross asset value has reached EUR 130 million. From the fund’s inception date to today, the fund has returned approx. 13%.*

“This distribution partnership combines two strong brands. CapMan’s long experience in investing in Nordic real estate markets and its alternatives asset class know-how meet Nordea’s strong networks and market leading wealth management practice in the Nordics. CMNPI has had a flying start and the first year for the fund has provided excellent returns.* The expanded distribution enables us to significantly grow the fund size while offering a wider group of investors a cost-efficient way to diversify their real estate investments across geographies and different property types,” comments Mika Matikainen, Managing Partner and Head of CapMan Real Estate.

Following the distribution agreement, CMNPI becomes part of Nordea’s product portfolio and enables the distribution of the fund directly to Nordea’s customers. The threshold to invest becomes lower as investors can subscribe for the fund starting from an investment of EUR 5,000.

“CapMan’s strong know-how and specialised alternative assets expertise, including expertise in real estate, broadens Nordea’s investment product offering and provides access to a high-quality Nordic real estate fund for Nordea’s wealth management customers. CapMan also has other products positioned for professional investors that we can include in our product offering at a later stage. Co-operation with strong fund managers is important for Nordea as we want to maintain our position as the best and most awarded wealth manager in the Nordic countries also in the future,” says Tanja Eronen, Co-head, investment products at Nordea.

“We are extremely pleased with the co-operation with Nordea, which is a great example of the execution of our strategy. The distribution agreement allows a more diversified group of investors to benefit from the local expertise and networks of our Nordic real estate team. In the future, we may expand the product portfolio offered through partners also to other product categories,” says Joakim Frimodig, CapMan’s CEO.

CMNPI is an open-ended investment fund (non-UCITS) which accepts new subscriptions on a quarterly basis. The fund enables easy access to the Nordic real estate market by increasing the allocation into alternative asset classes through the diversification of the portfolio by geography and property type. The fund focuses on stable income generating properties in the largest and most liquid Nordic cities with solid long-term growth fundamentals. The fund’s assets are professionally managed commercial properties, such as office, logistics and light industrial properties.

The fund is managed by CapMan AIFM Ltd, an alternative investment manager (AIFM) licensed and supervised by the Finnish Financial Supervisory Authority.

Additional information and KIIDs:
Mika Matikainen, Managing Partner, Head of CapMan Real Estate, tel. +358 40 519 0707
Tanja Eronen, Co-head, investment products, Nordea, tel. +358 40 7447482

https://www.capman.com/real-estate/nordic-property-income/

* Past performance is no guarantee for future returns. The value of the money invested in the fund can increase or decrease and there is no guarantee that all or any of your invested capital can be redeemed. Prior to making any investment decisions investors shall get acquainted with the relevant information materials concerning the fund as well as the risks associated with investing in the fund. The fund’s official information materials can be obtained from the website mentioned above.

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. Our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, fundraising advisory, and analysis, reporting and wealth management services. Altogether, CapMan employs 140 people in Helsinki, Stockholm, Copenhagen, London, Moscow and Luxembourg. More information at www.capman.com.

 

 

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Greycroft and LiveOak Venture Partners Lead $3M Seed Funding Round for CyberFortress

LiveOak

Chief executive Huw Edwards announced Wednesday CyberFortress had closed a $3 million seed funding round co-led by New York-based private equity firm Greycroft and Austin-based LiveOak Venture Partners.

Monte Tulum Capital, which had invested in CyberFortress’s pre-seed round, is also participating in the latest funding. Porthcawl Holdings, Jungle Disk’s parent company, provided pre-seed financing in 2018.

The San Antonio-based insurtech (insurance technology) startup will use the $3 million investment to accelerate its product launch in Texas in early 2020, Edwards said.

Launched in 2018 by former Rackspace employees Huw Edwards and Michael DeFelice, the San Antonio-based startup offers tailored insurance policies to protect small- to medium-sized e-commerce companies from cyber threats. Most insurance providers tend to tailor their cyber insurance policies for large-scale enterprises, requiring upfront payment of large annual premiums. They also lack historical data to quantify cybersecurity risks.

CyberFortress is building a deep machine learning-based approach to quantify all risks of online revenue interruption for e-commerce companies, whether from cyberattacks, internal server errors, or third-party e-vendor failure.

That differentiation is coupled with its customer-centric approach: Easy-to-understand policies, a straightforward application process, fast payouts in the event of a claim, and the ability to pay for annual premiums in monthly installments rather than in a lump sum.

Given that most small business owners lack the robust reserves of larger companies, they may face bankruptcy in the aftermath of prolonged online interruption in their e-commerce. CyberFortress’ business interruption policy features make this new type of insurance uniquely small business-friendly.

“A small e-commerce company can’t afford to spend months engaging with their insurance company waiting for a payout,” Edwards said “If they can’t collect revenue, they may not be able to make their next payroll. Our policy is laser-focused on solving this critical problem for small businesses.”

CyberFortress launched its Downtime Risk Assessment at the conclusion of its participation in the Plug and Play insurtech accelerator program earlier in 2019. The free assessment helps e-commerce companies reduce their risk of events that could lead to downtime.

The assessment’s continuous collection of data from thousands of features and technology choices evaluated over time provide a fact-based, probabilistic assessment of a company’s exposure to suffering e-commerce downtime.

Will Szcerbiak is leading the investment for Greycroft, a seed-to-growth venture capital firm that has over 300 investments across the tech sector.

“Their underwriting is efficient, and the rapid, automated payment of claims will make for a delightful customer experience,” Szcerbiak stated. “These characteristics are unusual in the commercial insurance universe, and we believe they will set CyberFortress on a path to scale.”

Joining the startup’s board of advisers is Katie Wade, the former Connecticut Insurance Department commissioner with more than 20 years of industry experience in public policy and regulatory compliance. Venu Shamapant, a founding LiveOak Venture partner, also joins the CyberFortress board of directors with this financing.

Based in Austin, LiveOak is a venture capital fund specializing in full-cycle investing in Texas-based startups. They invested in San Antonio before, notably in the cybersecurity company Infocyte four years ago. Shamapant continues to believe “San Antonio has interesting depth in pockets of advanced tech.”

“What caught our attention about CyberFortress is the experience of their team with small- and medium-sized businesses and e-commerce businesses — they have a deep understanding of the pain points in that market segment,” Shamapant said. “That, coupled with an innovative solution, got us excited about the opportunity to back this team in their efforts to revolutionize the cyber insurance industry.”

Others recognize the groundbreaking nature of what CyberFortress is developing. The startup has been working with a team of Milliman consultants to develop and validate its risk model. The consulting firm is the largest independent provider of actuarial and risk management services to the insurance industry.

“The insurance product we are helping CyberFortress develop is a revolutionary approach to identify and insure risk to e-commerce revenue streams,” said Sheri Scott, principal actuary and the CyberFortress consulting team lead at Milliman.

Insurance industry stakeholders are also taking notice of the San Antonio startup, Edwards said, as he attended Insure Tech Connect, the largest insurtech conference, this week.

“We’re finding that it’s [insurance] carriers and brokers that are now showing interest in insurtech solutions — they recognize the need to partner with insurtech startups,” Edwards said. “We need to work with these partners because very few startups can become major carriers overnight.”

The $3 million funding round will be put to work to expand the team and fuel its growth in the Texas market. While the CyberFortress team of eight employees has deep expertise in cybersecurity, data science, risk management, they are looking to hire developers and business development staff.

“The capital will be used to secure partnerships with e-commerce and other providers, and to scale, not to sit in a bank account,” Edwards said.

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Montagu Private Equity to acquire Jane’s from IHS Markit

Montagu

Montagu Private Equity (“Montagu”) today announces that it has reached an agreement to acquire Jane’s (“the Company”) from IHS Markit.

Jane’s is a leading provider of open source intelligence, providing timely information and data for the aerospace, defence and security industries. These insights are underpinned by a team of global analysts, covering areas ranging from information on military capabilities and budgets to national threat intelligence and defence markets forecasts.

Jane’s is a respected, trusted partner of the world’s top governments and national security agencies, as well as the largest aerospace and defence businesses. The Company was established in 1898 and has built its reputation through 120 years of service, delivering critical intelligence to its customers across the world.

Jane’s has over 300 staff based in strategic locations and works with over 600 contributing experts globally. Following completion, Jane’s will operate as a standalone business led by Blake Bartlett and his senior leadership team. Montagu intends to leverage its extensive expertise and network, working closely with Jane’s leadership team to continue the company’s growth trajectory and build upon its strong brand.

Ed Shuckburgh, Director at Montagu, said: “Jane’s is well positioned to benefit from a world which is growing increasingly reliant upon data-driven intelligence. Jane’s insights are respected and valued across the aerospace, security and defence industries and we look forward to working with Blake and his leadership team deliver on the next step in their growth strategy”.

Blake Bartlett, CEO at Jane’s added: “We will continue to focus on providing valuable insight to our customers around the world and we look forward to working closely with Montagu on further strengthening Jane’s offering and service.”

Jane’s currently sits within IHS Markit’s Transportation division alongside its Automotive and Maritime industry subsegments. Jane’s was original acquired by IHS Markit in 2007 from The Woodbridge Company and under IHS’ ownership, the business has accelerated its transition from a publisher into a digitally driven, data, information and intelligence provider.

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