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EQT Credit completes unitranche financing for Alanta Health Group

eqt

EQT Credit, through its Direct Lending investment strategy, is pleased to announce its support for Alanta Health Group (“Alanta” or the “Company”) with EUR 331 million of committed senior facilities. Proceeds were used to refinance the Company’s existing debt as well as provide committed acquisition facilities to support its future growth

Owned by IK Investment Partners since 2016, Alanta is one of the largest certified compounders for patient-individualized infusions, which are applied mainly in oncology treatment in Germany.

Ralph Betz, Managing Director at EQT Partners and Investment Advisor to EQT Credit, commented: “Alanta is the leading German player in compounding and distribution of infusions for oncology treatments. We were particularly attracted by the Company’s high-quality offering and the management team’s impressive track record in developing a vertically-integrated business model. We would like to thank EQT’s Industrial Advisors, who added their knowledge of the pharmaceutical industry to provide key support and insight throughout the due diligence process. This transaction consolidates the long-standing relationship between IK Investment Partners and EQT Credit”

Paul Johnson, Partner at EQT Partners and Investment Advisor to EQT Credit, added: “Alanta’s market-leading position provides it with a strong opportunity to further consolidate the industry. We look forward to supporting Alanta and its management team in their continued growth and expansion.”

Contact
Paul Johnson, Partner at EQT Partners, Investment Advisor to EQT Credit
Ralph Betz, Managing Director at EQT Partners, Investment Advisor to EQT Credit
EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a leading investment firm with more than EUR 61 billion in raised capital across 29 funds and around EUR 40 billion in assets under management. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About EQT Credit
EQT Credit invests through three complementary strategies: Senior Debt, Direct Lending, and Special Situations. Since inception, EQT Credit has raised over EUR 7 billion of capital and invested in over 160 companies. EQT Credit’s Direct Lending strategy seeks to provide flexible, long-term debt solutions to support European businesses, across a wide range of sectors. These businesses include privately-owned companies seeking growth capital as well as those that are the subject of private equity-led acquisitions or refinancings

For more information: www.eqtpartners.com/business-segments/Credit

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Ardian Real Estate and Prelios SGR set-up the first Italian multi-compartment and externally managed Real Estate SICAF, authorized by Bank of Italy

Ardian

The new SICAF is fully operative and has already acquired an office building in Milan from Sator Immobiliare SGR

Milan, August 1st, 2019 – Ardian, a world-leading private investment house, together with Prelios SGR, announce that they have set-up a new multi-compartment and externally managed fixed-capital investment company (“SICAF”), the first one authorized by Bank of Italy. The new SICAF is entirely owned by an investment fund managed by Ardian and managed by Prelios SGR S.p.A.

The SICAF has already acquired from Sator Immobiliare SGR an office building located in via Roncaglia 12 – 14, in the south-west central part of Milan.

Built in the 1960s, the property covers around 9,300 sqm of gross area. The building is in a sought-after district in close proximity to the new CityLife business district, with excellent public transport links to the city centre. The building will be completely renovated, delivering to the market a Grade A product in line to the latest international construction, health and energy standards.

Rodolfo Petrosino, Managing Director at Ardian Real Estate, said: “The launch of this second real estate SICAF is the result of a partnership with a major operator such as Prelios with whom we are working in synergy. It is a new investment tool that we are the first to offer our investors and thanks to which we can continue to select the best opportunities in the core plus-value added segment on the market, as demonstrated by the recent acquisition of the real estate property of via Roncaglia 12 – 14. This construction project is an ideal addition to our existing portfolio in Italy. Given the property’s proximity to the new business district CityLife, and excellent transport links to the city centre, we expect demand for office space in this area to continue to grow. With its thriving and diverse corporate landscape, Milan is a key market for Ardian Real Estate as we continue to acquire and develop attractive properties in core European cities.”

“The new SICAF is the second one set up by Ardian and managed by Prelios SGR, and the first externally managed multi-sector real estate SICAF in Italy” adds Andrea Cornetti, General Manager of Prelios SGR. “This initiative strengthens the relationship with Ardian, one of the main players in the European market. With this transaction, Prelios SGR confirms its pioneering role in the range of investment products managed, and its leadership in the management of innovative products dedicated to leading institutional investors”.

The investment was completed with the support of GVA Redilco as commercial advisor, Gattai, Minoli, Agostinelli, Partners for the administrative due diligence and REAAS for the technical and environmental due diligence. Chiomenti, with a multi-disciplinary team coordinated by its partner Umberto Borzi, assisted Ardian in the process of authorising and setting up of the SICAF, as well as Prelios SGR in the first investment.

With this acquisition Ardian Real Estate’s owns seven properties in Italy and two in Milan, following its sale of two buildings in Via Giorgio Washington 70 and Corso Italia 13 in October 2018.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$96bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 610 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 970 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
www.ardian.com

ABOUT PRELIOS SGR

Prelios SGR is the management company of the Prelios Group. Among the main Italian real estate SGRs, it is active in the promotion and management of investment funds and separate accounts, in advisory services to support the main national and international investors in defining and implementing the best investment and management strategies in the real estate sector throughout Italy. In December 2018, the company managed assets of approximately Euro 4.4 billion for 34 funds, including two multi-sector compartment funds, a SICAF and four separate accounts.
www.prelios.com

PRESS CONTACT

ARDIAN
HEADLAND CONSULTANCY
Victoria Nelmes
vnelmes@headlandconsultancy.com
Tel: +44 20 3435 7478

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KKR Acquires Salesforce Tower in Atlanta

KKR

New Investment Underscores Commitment to Sunbelt Growth

NEW YORK–(BUSINESS WIRE)–Aug. 1, 2019– KKR, a leading global investment firm, today announced that it has acquired Salesforce Tower in Atlanta. KKR made the acquisition together with Banyan Street Capital in a joint venture valued at $205 million.

Salesforce Tower is a 631,808 square foot, 34 story, Class A office tower located in Atlanta’s Buckhead submarket, one of the Southeast’s strongest and most desirable office submarkets. Salesforce Tower recently underwent $14 million of upgrades and renovations. Major tenants include the regional hub for Salesforce.com and the corporate headquarters for RentPath and Rubicon Global. Salesforce Tower offers immediate public transportation accessibility as it sits directly on the MARTA line and interstate system.

KKR and Banyan Street Capital are planning an additional $5 million in capital improvements which will address enhancements to the fitness center, retail concourse, outdoor plaza and tenant elevator landings and corridors.

“We’re long term believers in the Atlanta growth story,” said Roger Morales, KKR Member and Head of Commercial Real Estate Acquisitions in the Americas. “We believe Atlanta’s young and educated workforce and affordable cost of doing business will lead to continued outsized performance, particularly in infill, highly amenitized, increasingly 24-hour submarkets like Buckhead.”

Salesforce Tower is positioned to benefit from nearly 1,500 new urban, upscale residential units in Buckhead as well as a new six-acre park and Nobu Hotel. Buckhead continues to draw big-name tech tenants including Amazon and Fleetcor Technologies, which recently announced the relocation of its headquarters into the submarket.

KKR’s partner on the transaction, Banyan Street Capital, was already invested in the asset with a prior partner. “We are delighted to partner with KKR in the next chapter of this iconic tower’s history,” said Rudy Touzet, Founder and CEO of Banyan Street Capital. “We continue to believe in Atlanta’s momentum and the dynamic ecosystem of the Buckhead office market. Ongoing improvements to the tower will further solidify its position as a top tier destination for talent in Buckhead and across Atlanta.”

A CBRE team of Chris Port, Nicole Goldsmith and Kyle Kenyon have been retained to lease the tower. Banyan Street Capital will manage the property directly.

KKR is making the investment through its Real Estate Partners Americas Fund II.

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 Banyan Street Capital

Banyan Street Capital is a premier owner and operator of office buildings in the eastern United States. As a full-service, vertically-integrated real estate investment firm, Banyan Street Capital always seeks to add value and deliver attractive risk-adjusted returns to its investors. With its headquarters in Miami, Florida, and regional offices in New York, Atlanta, Boston and Jacksonville, Florida, as of June 30, 2019, Banyan Street Capital owned and managed a portfolio of over 13 million square feet, with an estimated value of over $3 billion.

Source: KKR

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

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DIF announces brand name change to DIF Capital Partners

DIF

DIF is pleased to announce that we have changed the DIF brand name to DIF Capital Partners. The name change is a result of the global growth of our firm and improves the recognition of DIF as global investment firm, acting as a partnership.

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America, Latin America and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets 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 125 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, Director
Email: t.verburg@dif.eu

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EQT to acquire majority interest in Aldevron – the leading global supplier of plasmid DNA used in cell and gene therapies

eqt

  • EQT to partner with founder and CEO Michael Chambers, as well as TA Associates, to support Aldevron on its future growth journey
  • EQT will support Aldevron through investments in additional production capacity, R&D, and growth initiatives and by leveraging EQT’s strong healthcare expertise, global presence, and network of Industrial Advisors

The EQT VIII Fund (“EQT” or “EQT VIII”) today announced that it has entered into an agreement to acquire a majority interest in Aldevron (the “Company”). Following the close of the transaction, EQT VIII will own a majority interest in the Company. Founders, management and TA Associates will retain a minority stake.

Founded in 1998 by Michael Chambers and John Ballantyne, Aldevron is the leading global supplier of GMP, GMP-SourceTM and Research Grade plasmid DNA used in commercial, clinical and research stage gene therapies, as well as proteins, antibodies and mRNA. The Company’s custom development and manufacturing capabilities enable scientists worldwide to develop groundbreaking new therapies with a focus on quality, speed and innovation. Aldevron is based in Fargo, North Dakota and has additional operations in Madison, Wisconsin and Freiburg, Germany. The Company employs approximately 400 people worldwide and serves more than 4,800 clients, including leading academic and research institutions, pharmaceutical and biotechnology companies.

EQT will help advance Aldevron’s R&D and innovation efforts as the Company continues to

support the rapidly growing field of genetic medicine by providing a critical input for the development of new life-saving therapies. EQT will also support Aldevron with investments in additional production capacity at its Fargo campus, furthering the Company’s position as a key employer in North Dakota.

Michael Chambers, Co-Founder and CEO of Aldevron, commented: “We’re very proud of what Aldevron has accomplished over the past two decades. We remain committed to our clients and their work, and to our mission – to develop and manufacture biologics at the highest quality that help make meaningful changes, worldwide. EQT shares our strong values and commitment to excellence and we believe their significant healthcare experience, global presence and industrial network make them an ideal partner as we continue our growth journey.”

Eric Liu, Partner at EQT Partners and Investment Advisor to EQT VIII, said: “EQT has followed the life science tools and gene therapy market closely for many years, and we believe Aldevron is uniquely positioned as a critical supplier to this rapidly growing market. The Company helps its clients deliver leading edge therapies that address previously uncurable medical conditions and improve patient lives around the world. Aldevron has unparalleled scientific-know how, scale and process expertise, enabling the Company to deliver the highest quality products. We are excited to partner with Michael and his team to further develop Aldevron and invest in the Fargo community in these exciting times.”

Marc Wolff, CFO of Aldevron, said: “EQT is among the top 10 private equity investors in the world. They bring considerable financial strength and international reach to Aldevron. With EQT’s strategic approach, TA Associates’ experience with us, and their collective ability to provide informed, industry guidance, we will be in an excellent position for continued growth, which will further bolster our commitment to our clients, their work and the patients they serve.”

Ethan Liebermann, Director at TA Associates, said: “We have been pleased with our partnership with Michael and the Aldevron team and are looking forward to continuing this journey with our new partners at EQT.”

Mark Carter, Managing Director at TA Associates, added: “EQT is one of the most respected firms in private equity and we are eager to embark on a new chapter together at Aldevron.”

Morten Hummelmose, Chairman of EQT Partners Inc. and Head of EQT Equity US, said: “This transaction represents another important milestone for EQT in the US. EQT VIII has now invested in US businesses within each of our three core sectors, Healthcare, TMT and Business Services, and we are excited to continue EQT’s successful track record of developing companies across these industries.”

The transaction is expected to close by year-end, subject to regulatory conditions and approvals.

Morgan Stanley & Co. LLC acted as financial advisor to EQT, and Simpson Thacher & Bartlett LLP provided legal counsel. Goldman Sachs acted as financial advisor to TA Associates, and Kirkland & Ellis LLP provided legal counsel.

Contact
Eric Liu, Partner at EQT Partners and Investment Advisor to EQT VIII, +1 917 281 0850
US inquiries: Stephanie Greengarten, +1 646 687 6810, stephanie.greengarten@eqtpartners.com
International inquiries: EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a leading investment firm with more than EUR 61 billion in raised capital across 29 funds and around EUR 40 billion in assets under management. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership. More info: www.eqtpartners.com

About TA Associates
TA Associates is one of the most experienced global growth private equity firms. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $32.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $2 billion per year. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.

About Aldevron
Aldevron serves the biotechnology industry with custom production of nucleic acids, proteins, and antibodies. Thousands of clients use Aldevron-produced plasmids, RNA and gene editing enzymes for projects ranging from discovery research to clinical trials to commercial applications. These products are critical raw materials and key components in commercially available drugs and medical devices. Aldevron is known for inventing the GMP-SourceTM quality system, and for specializing in GMP manufacturing, operating the world’s largest facility at its company headquarters in Fargo, North Dakota. Aldevron has additional facilities in Madison, Wisconsin, and Freiburg, Germany.More info: www.aldevron.com

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EQT invests in Nexon, a leading managed IT services provider in Australia

eqt

  • EQT Mid Market Asia acquires a majority stake in Nexon Asia Pacific, a leading end to end managed IT services provider in Australia
  • Nexon delivers innovative, integrated, tailored and scalable solutions to support IT functions of clients across the commercial, public and not-for-profit sectors
  • Co-founder and CEO Barry Assaf will remain a significant shareholder and the existing management team will continue to drive Nexon’s next phase of growth

The EQT Mid Market Asia III fund (“EQT” or “EQT Mid Market Asia”) has entered into an agreement to invest in Nexon Asia Pacific Pty Limited (“Nexon” or the “Company”).

Nexon, an Australian cloud and managed service provider, has been providing dynamic IT solutions to clients across commercial, public and not-for-profit sectors since 2000. The offering includes six interconnected solutions: Secure Networks, Unified Communications, Cloud Services, Managed Security, Business Solutions and Digital Workspace, wrapped with Nexon managed IT services. The Company has a diversified customer base with over 400 customer groups and has built strong customer relationships within the mid-market and government segments. Given its customer-centric mindset and focus on innovation and solutions development, the Company has consistently achieved high customer satisfaction and retention rates. In addition, Nexon has delivered upon a steady expansion strategy with several acquisitions since inception.

Going forward, the strategy is to further enhance and develop the IT services offering, grow the client portfolio, continue seeking value accretive acquisitions and strengthen the scalability of the platform. The Company is expected to benefit from strong underlying secular trends, including increased share of IT outsourcing and growing cloud adoption.

Barry Assaf, co-founder and CEO of Nexon, said: “With our unwavering commitment to service, innovation and delivery, we are excited to enter our next phase of growth. EQT will provide both the capital and competence needed to rapidly grow our solution offerings and to innovate.”

Tak Wai Chung, Partner at EQT Partners and Investment Advisor to EQT Mid Market Asia, concluded: “We are impressed with Nexon’s experienced management team, deep service development focus, strong recurring revenue profile and leading position in the mid-market and government segment. Nexon is an attractive platform to drive consolidation in a fragmented market. EQT’s expertise within the TMT and services sectors, coupled with a strong network of Industrial Advisors will support Nexon’s management team and employees in its next phase of growth and transformation.”

Contact
Tak Wai Chung, Partner at EQT Partners and Investment Advisor to EQT Mid Market Asia +65 6595 1830

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

About EQT
EQT is a leading investment firm with more than EUR 61 billion in raised capital across 29 funds and around EUR 40 billion in assets under management. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About Nexon
Established in 2000, Nexon Asia Pacific (Nexon) is a cloud and managed service provider helping clients run more efficiently, create better user experiences and explore bigger opportunities. We’re a trusted technology partner for mid-market businesses, government agencies and not-for-profit organisations throughout Australia and the Asia-Pacific region. Nexon supports businesses on their digital transformation, from network to SIP, to business solutions and everything else in between, allowing clients the ability to work seamless across any cloud, anytime and any device.

More info: nexon.com.au

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The Apax Digital Fund to acquire MetaMetrics, developer of the Lexile and Quantile Frameworks

Apax Digital

The investment will further the company’s mission to accelerate learning for students by bringing meaning to measurement

New York and Durham, North Carolina – July 30, 2019: MetaMetrics®, developer of the widely adopted Lexile Framework® for Reading and Quantile Framework® for Mathematics, today announced that the Apax Digital Fund, the technology-focused growth equity fund advised by global private equity advisory firm Apax Partners, has entered into a definitive agreement to acquire the company from Pamlico Capital. The transaction is expected to complete in September 2019, subject to regulatory approval. Financial terms were not disclosed. The Apax Digital Fund to acquire MetaMetrics, developer of the Lexile and Quantile Frameworks

Founded in 1984 and based in the Research Triangle in North Carolina, MetaMetrics is a pioneer in the use of predictive analytics and data science to improve educational outcomes. MetaMetrics provides universal measures of reading and math skills achievement through the Lexile® and Quantile® frameworks. The frameworks place both the student and instructional material on the same scale to match the learner with reading and math resources at each student’s ability level. When students receive Lexile and Quantile measures, their test scores become more actionable, allowing teachers and parents to link assessment to instruction. MetaMetrics’ partners include leading providers of educational technology and assessment solutions, state departments of education and publishers who incorporate MetaMetrics’ scales in their products. More than 35 million students receive a Lexile measure each year.

Leveraging Apax’s experience in education, data and analytics, and software, the Apax Digital team will support MetaMetrics in delivering increased value to students, educators and the company’s partners, in particular through new product development and international expansion.

Malbert Smith III, Ph.D., co-founder and CEO of MetaMetrics said, “Apax Digital is the ideal partner for MetaMetrics as we continue to deepen our value proposition for students, teachers, parents and partners. Apax’s experience in the education space, its significant operational excellence capabilities, and its global platform will be extremely valuable assets as we grow MetaMetrics in the years ahead. We would also like to thank Pamlico for all its support over the past four years.”

Marcelo Gigliani, managing partner of Apax Digital, said, “Few things are more important than accelerating children’s learning. Malbert and the MetaMetrics team have developed a suite of category-defining measurement scales that support student growth and personalized learning. We look forward to partnering with Malbert and his team to continue to enrich their products and accelerate the company’s international expansion.”

Zach Fuchs, vice president of Apax Digital, added, “We look forward to supporting MetaMetrics and share the company’s goal of empowering educators and parents with valuable information to help children build strong literacy skills.”

Scott Stevens, partner of Pamlico Capital, shared: “It’s been a pleasure partnering with Malbert and the entire MetaMetrics team. We appreciate all the hard work put into the business over the last four years with us and we are excited to see what MetaMetrics continues to accomplish with Apax Digital moving forward.”

Raymond James & Associates served as exclusive financial adviser to MetaMetrics in connection with the transaction.

About MetaMetrics
MetaMetrics® is an award-winning education technology organization that offers the only scientifically valid, universal scales for measuring reading and listening (Lexile®) as well as math (Quantile®). The Lexile and Quantile Frameworks measure student ability and the complexity of the content they encounter. Lexile and Quantile measures and related technologies link assessment to instruction and provide next steps for students of all ages and abilities. The measures also provide valuable insights about students’ potential for growth. MetaMetrics’ measures, products and services are licensed to dozens of education product companies to help achieve that growth. For 35 years, MetaMetrics’ work has been increasingly recognized for its research-based approach to improving learning. For more information, visit metametricsinc.com.

About Apax Digital 

The Apax Digital Fund specializes in growth equity and buyout investments in high-growth enterprise software, consumer internet, and technology-enabled services companies worldwide. The Apax Digital team leverages Apax Partners’ deep tech investing expertise, global platform, and specialized operating experts, to enable technology companies and their management teams to accelerate the achievement of their full potential. For further information, please visit http://digital.apax.com.

Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of approximately $50 billion. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

About Pamlico Capital 

Pamlico Capital is a private equity firm founded in 1988 that invests in lower middle market companies in the U.S. Pamlico Capital seeks control-oriented growth equity investments alongside proven management teams in its target industries: business & technology services, communications, and healthcare. Since inception, the firm, based in Charlotte, NC, has invested over $3 billion. For additional information, please visit https://www.pamlicocapital.com.

Media Contacts

For MetaMetrics

Lisa Wolfe, L. Wolfe Communications | +1 312-953-8085 | lwolfe@lwolfe.com

For Apax Digital / Apax Partners

Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 | andrew.kenny@apax.com

U.S. Media: Todd Fogarty, Connor Moriarty, Kekst CNC | +1 212 521 4800 | Apax@kekstcnc.com

UK Media: Matthew Goodman / James Madsen, Greenbrook | +44 20 7952 2000 | apax@greenbrookpr.com

For Pamlico Capital

All Media: Gillian Rhew | +1 704 414 7126 | gillian.rhew@pamlicocapital.com

Notes to Editors 

London-headquartered Apax Partners (www.apax.com), and Paris-headquartered Apax Partners (www.apax.fr) had a shared history but are separate, independent private equity firms.

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AgroSavfe raises EUR 35 million, Gimv invests additional resources for further development of biocontrols as a new standard for sustainable crop protection.

GIMV

Gimv is increasing its commitment to AgroSavfe, an innovative food and agro-biotech company developing environmentally friendly plant protection products. As co-founder and lead investor, Gimv participates in a Series C financing round of EUR 35 million, in which Ackermans & van Haaren joins as a new investor, in addition to the existing shareholders who also participate. The financing will support the further development of biocontrols – intended for biological crop protection – as a new standard for sustainable agriculture.

As an emerging food and agro-biotech company, AgroSavfe (Ghent, www.agrosavfe.com) is responding to the challenge for the food and agricultural sector to improve production efficiency in a sustainable way while respecting the environment. Founded in 2013 as a spin-off from the VIB (Flanders Institute for Biotechnology), AgroSavfe designs and develops a new generation of protein-based biocontrols that provide safe, sustainable and efficient protection for seeds, crops and food, without leaving behind harmful chemicals. Over the past years, the company has developed a high-performance technology platform that allows the identification and testing of biocontrols for stability, effectiveness and scalability, all to protect the food chain from farm to fork.

Gimv has supported AgroSavfe from the start as a co-founder and lead investor in a consortium of reputed local and international biotech investors, including Sofinnova Partners, PMV, Agri Investment Fund, K & E, Biovest, Madeli Participaties, VIB and Qbic. Today Gimv participates -in addition to all historical investors- in the Series C financing round of EUR 35 million. With an investment of EUR 10 million, Ackermans & van Haaren is also joining AgroSavfe as a new shareholder.

Patrick Van Beneden, Partner in the Health & Care team of Gimv, about this new phase: “We are delighted with this major step forward and are convinced that AgroSavfe is well placed to contribute to the development of a new standard for sustainable agriculture. As a new shareholder, Ackermans & van Haaren brings additional diversity and expertise to the management of the company and, together with the existing investor syndicate, we look forward to further developing AgroSavfe as a leader in the emerging field of efficient and safe biocontrols for the food and agricultural industry.”

Lieven De Smedt, Chairman of the Board of AgroSavfe, states: “Biotechnology has created significant and unique added value in the Life Sciences, food and chemical markets in recent decades. Today we see the same happening in the agricultural sector, both in the US and in Europe. Long-term success depends not only on robust technology and a strong business-minded management, it also requires long-term shareholders. AgroSavfe has a unique combination of all of the above. We thank our historic shareholders who fully endorse this financing round and welcome Piet Bevernage who -on behalf of Ackermans & van Haaren- wil join our Board. We are all looking forward to taking the company to a higher level.”

The new resources will primarily be used to enhance the further development, registration and commercial scale production of AgroSavfe’s biofungicides and bio-insecticides and for the further strengthening of the business organization. BioFun 1, the first product in the AgroSavfe pipeline, is aimed at controlling fungi on fruit and vegetables. With more than 100 field trials by the end of 2019, the company has demonstrated the strong performance of its advanced biofungicide product: environmentally friendly, as effective as chemical solutions and food safe, as biocontrols leave no harmful chemicals behind. The launch of this first biofungicide product is planned for 2022 in the US fruit and vegetable market, immediately followed by a launch in Europe and other regions globally. In addition, the funds will support the acceleration of the innovative pipeline development for applications against critical food and crop pests and diseases.

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Gimv sells stake in thinkstep AG, the Stuttgart-based specialist in sustainability software.

GIMV

Gimv, together with all other shareholders, is selling its stake in Stuttgart-based software firm thinkstep AG (www.thinkstep.com) to US software provider Sphera Solutions. Thanks to the long-term support of all investors, thinkstep has grown substantially and successfully transformed its business model into a software-as-a-service solution (SaaS).

Headquartered in Leinfelden-Echterdingen near Stuttgart, thinkstep was founded in 1991 as a provider of software and consulting services supporting companies globally in sustainability management and reducing their environmental footprint. In the last few years, thinkstep has continuously expanded its impressive customer base and now serves over 2,000 clients in 20 industries, including a large number of Fortune 500 companies in Germany and around the world.

thinkstep AG operates in three fields. Corporate Sustainability introduces and implements sustainability processes, such as enterprise-wide energy management, corporate social responsibility management and active resource optimization. Product Sustainability helps clients take account of environmental issues early in the design stage in order to fully integrate adequate measures into product management and production processes. thinkstep’s Product Compliance solution identifies and mitigates compliance and reputation risks at an early stage.

Gimv first invested in thinkstep in 2010, acquiring a minority stake alongside Next47 with the aim to provide capital, know-how and connections to help the firm expand globally, strengthen its operations, and switching from a licence-based model to SaaS. Over time, Gimv and Next47 gradually increased their investment while some of the founders remained on board as minority shareholders. In this way, thinkstep has expanded to become a world-leading software provider in enterprise sustainability and compliance solutions. The exit of the current shareholders and the planned integration of the business into the operations of Sphera marks the next step in the company’s successful development.

Dr. Sven Oleownik, Partner and Head of Germany at Gimv, says, “Over the past few years, thinkstep has undergone a remarkable transformation and fundamentally converted its business model. Global activity and technological development have been driven forward, all on the back of an extremely loyal customer base. Rising expectations among both investors and consumers for companies to do business in an ethical and environmentally conscious way result in a highly attractive and rapidly expanding market for sustainability solutions. thinkstep is therefore ideally positioned for the future and will continue to extend its market leadership under its new owners.”

Lisa Hengerer, Associate at Gimv’s Smart Industries platform in Munich, adds: “thinkstep has been another success within the software segment of Gimv’s Smart Industries platform. This sale to a global industrial player from the US is an excellent example how Gimv Smart Industries supports its portfolio companies in their strategic development and on their growth path to become attractive for an international renowned industrial player like Sphera Solutions.”

This exit has no major impact on the Net Asset Value of Gimv as of 31 March 2019. The transaction is subject to the usual conditions, including approval by the competition authorities. No further financial details on this transaction are being published.

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Proposed sale of Ontic for $1,365 million to CVC Fund Vll

Transaction unanimously supported by the BBA board as being in the best interests of shareholders

BBA Aviation plc, a market-leading provider of global aviation support and aftermarket services, is pleased to announce that it has entered into an agreement for the sale of Ontic, a leading provider of high-quality, OEM-licensed parts for legacy aerospace platforms, to CVC Fund Vll, for an enterprise value of $1,365 million, subject, inter alia to shareholder approval and regulatory consents.

Transaction highlights

  • Sale of Ontic for an enterprise value of $1,365 million, on a cash-free, debt-free basis
  • Transaction multiple meaningfully above BBA’s trading multiple of 11.4x FY18 underlying EBITDA
  • Transaction unanimously supported by the BBA Board as being in the best interests of shareholders
  • Transaction will enable enhanced focus and investment in the company’s market-leading Signature business, which the board believes to be a significant source of future shareholder value creation
  • Transaction should allow for a capital return to shareholders expected to be between $750 million and $850 million, to help ensure that the net debt of the retained group remains near the lower end of the stated target range of net debt to underlying adjusted EBITDA of 2.5 to 3.0 times at 31 December 2019, on a covenant basis
  • Transaction is conditional upon approval by BBA’s shareholders and various other approvals (including the consent of certain group lenders or replacement of certain financial indebtedness, and consent to the release of applicable security by the group’s pension trustee)
  • Completion is expected in Q4 2019

Mark Johnstone, BBA Aviation CEO, commented: “We are delighted that we have reached an agreement to sell our Ontic business to CVC Fund Vll for $1,365 million, delivering compelling value for BBA shareholders. While maintaining a strong balance sheet, we also expect to return between $750 and $850 million to shareholders and will evaluate how best to structure this return after consultation with our shareholders.

“Ontic was acquired by BBA in February 2006 for $67 million and has grown successfully through the acquisition of licences, organic and inorganic growth, and a disciplined approach to investment. This success has been based on trusted partner relationships with key aviation original equipment manufacturers. It now supports more than 39,000 legacy aircraft, through its portfolio of over 165 licences for more than 7,000 parts and over 1,200 customers worldwide.

“I would like to take this opportunity to thank all of our Ontic employees for their contribution to BBA Aviation over the years, and wish them well in the next stage of their journey.

“The Ontic disposal will allow BBA to focus on its core Signature business, the leading global FBO operator and service provider for the B&GA market. BBA shareholders will continue to benefit from Signature’s ability to outperform the B&GA market through the cycle, as well as its ability to take advantage of its significant opportunities for future growth.

“We remain committed to delivering long-term sustainable value from Signature, a strongly free cash generative business, which after funding investment requirements, should underpin both progressive dividends and ongoing returns of capital to shareholders.

“The ERO disposal process is ongoing and we expect to update the market in due course. Disposal proceeds would provide an opportunity to further enhance our proposed return of capital.”

James Mahoney, Senior Managing Director, CVC Capital Partners commented: “Ontic is a growing, highly resilient business and a leading player in what we believe to be a very attractive market. We see multiple opportunities to develop the business further and look forward to working closely with Ontic’s excellent management team to take the company to the next level.”

 

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