Archives

Platinum Equity to Sell Artesyn’s Embedded Power Business to Advanced Energy

No Comments

Platinum

Partial Divestiture Separates Artesyn’s Embedded Power, Embedded Computing and Consumer Products Businesses

LOS ANGELES (May 15, 2019) – Platinum Equity announced today the signing of a definitive agreement to sell the Embedded Power business of portfolio company Artesyn Embedded Technologies, Inc., to Advanced Energy Industries, Inc. (Nasdaq: AEIS), in a transaction valued at approximately $400 million. The transaction is expected to close during the second half of 2019, subject to regulatory approval and other customary closing conditions.

Artesyn Embedded Technologies has been a portfolio company of Platinum Equity since 2013.

Artesyn’s Embedded Power business is a leading global supplier and manufacturer of highly engineered power conversion products, including AC-DC power supplies, DC input devices and board mounted DC-DC modules.

“The Embedded Power business and Advanced Energy are a great strategic fit with complementary strengths,” said Platinum Equity Partner Jacob Kotzubei. “We are pleased to have found a combination that makes great sense for both companies and their customers.”

“The Embedded Power business and Advanced Energy are a great strategic fit with complementary strengths,” said Platinum Equity Partner Jacob Kotzubei. “We are pleased to have found a combination that makes great sense for both companies and their customers.”The transaction announced today only involves Artesyn’s Embedded Power business, which includes the Artesyn and Astec brands. Artesyn’s Embedded Computing and Consumer products businesses are not part of the sale and remain part of Platinum Equity’s portfolio.

Mr. Kotzubei said separating the three businesses makes the most long-term sense.

“Artesyn serves three very different markets, each with its own customer base and unique dynamics,” explained Mr. Kotzubei. “Separating them into standalone operations opens up more opportunities with greater potential.”

Artesyn’s Embedded Power business is one of the world’s largest providers of highly engineered, application-specific power supplies for demanding applications. As a trusted technology partner to original equipment manufacturers, it serves multiple attractive growth markets, including hyperscale data centers, telecom infrastructure in next generation 5G networks, embedded industrial power applications and medical power for diagnostic and treatment applications.

JP Morgan is serving as primary financial advisor to Artesyn on the sale of the Embedded Power business. Morgan Stanley is also providing financial advisory services to the company. Morgan, Lewis & Bockius LLP and Baker & McKenzie LLP are serving as Artesyn’s legal counsel on the transaction.

About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $13 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 23 years Platinum Equity has completed more than 250 acquisitions.

Investor Relations
and Media Contacts:

Mark Barnhill
Partner
+1 310.228.9514 E-mail Mark

Dan Whelan
Principal
+1 310.282.9202

Categories: News

Tags:

SPHEREA continues its growth trajectory with a consortium comprising Andera Partners and Omnes

Omnes Capital

Paris and Toulouse, 15 May 2019 – A consortium, comprising Andera Partners, via its fund WINCH Capital 4, and Omnes, via its fund Omnes Croissance 4, is taking a majority shareholding in the group SPHEREA, alongside management and its existing financial shareholders (ACE Management via Aerofund III and IRDI-SORIDEC Gestion, via SCR fund IRDI).

Since its exit and its capitalistic independence from the Airbus group, SPHEREA, created in 1965, continues its growth trajectory with the ambition of becoming first European, and then world leader in technological test solutions that enable the availability and security of critical systems for civil or military clients.

SPHEREA offers modular technology solutions for the entire lifecycle of electronic systems. A recognized market integrator, which has developed a wide range of products dedicated to electronic tests, such as the ATEC Series automatic test benches used in maintaining most Airbus and Boeing aircraft, the group relies on the synergy of its professional expertise in the fields of electronics, microwave, optronics, and power electronics. Since its exit in 2014 from the Airbus group, SPHEREA has diversified into energy and rail sectors.

The Group’s development dynamic is supported by an excess of 600 loyal customers worldwide, major players in aerospace and defence (Airbus, Dassault, Honeywell, Lufthansa Technik, DGA, Nahema, Thales, Comac), energy (EDF, Schneider Electric, RTE), or railways (SNCF, Alstom).

SPHEREA generated around €130 million in turnover in 2018, half of which came from exports (50 countries), and employs over 600 staff in France, Germany, the UK., the US and in Asia.

The aim of this deal is to allow SPHEREA to take a new step in its development based in particular on the following strategic areas:

Broadening its technological offer: in particular, developing predictive maintenance solutions, anticipating diagnostics, decision support, portable soil testing, on-board maintenance, and simulation;
Strengthening its positioning in new markets (energy and rail), drawing on its previous expertise in aeronautics;
Accelerating its international development (particularly in Asia and the US) and intensifying its policy of strategic acquisitions in France and Europe.

 

Christian Dabasse, CEO and Chairman of SPHEREA: “Our raison d’être is to ensure the reliability and security of our customers’ critical systems, we intervene where human life is at stake. Research and innovation are essential axes in a changing world in paradigm shift. Our new financial partners will enable us to expand our offering through increased R&D that responds to these challenges, as well as an ambitious external growth policy, both in France and abroad, on related trades or on new technologies in line with our mission. I especially thank Thierry Letailleur who, in 2014, as CEO of ACE Management and CEO of IRDI, was kind enough to support me in the creation of SPHEREA, and today allows us to enter a new phase of development.”

Antoine Le Bourgeois and Pierre-Yves Poirier, Partners at Andera Partners: “Management convinced us of the solidity of the Group’s historic businesses and the potential for new technological developments in the years to come. In addition, SPHEREA Group is fully committed to the investment strategy of our WINCH Capital 4 fund, which aims to support the change in scale of leading players in their market.”

Stéphane Roussilhe, Partner at Omnes: “We are delighted to support the management team in developing SPHEREA’s core business but also by helping external growth in France and internationally. This investment thesis perfectly reflects the strategy of our Omnes Croissance 4 fund.”

Thierry Letailleur, CEO, and Delphine Dinard, Partner, at ACE Management: “We are delighted to participate in this deal led by Andera and Omnes which allows us to continue supporting the group SPHEREA, which began 5 years ago. We are very proud of the journey made by Christian Dabasse and all his teams. This transaction also illustrates the ability of ACE Management to support strategic industrial companies across all phases of their development, such as the reinvestments recently made within the groups Duqueine, Nexteam, Rafaut and Socomore.”

Marc Bres-Pintat, Investment Director at IRDI-SORIDEC Gestion: “After backing Christian Dabasse and his teams during the successful spin-off from the Airbus group, IRDI-SORIDEC Gestion wanted to join this new capital-intensive operation aimed at providing SPHEREA with the means to pursue its growth strategy.”

Categories: News

Tags:

Anders Invest acquires VIOS Houttechniek

Anders Invest

On May 15th, Anders Invest acquired VIOS Houttechniek with branches in Driebruggen, Hoorn and Doetinchem. VIOS, founded in 1914 and now number 1 in the Netherlands in the production and sale of wooden staircases, has a turnover of € 25-30 million and employs more than 150 people. For Anders Invest, it is the 15th company in its industry portfolio.

VIOS is the market leader in the Netherlands in the field of engineering, production and assembly of serial custom-made staircases for residential construction. The company has most large, medium and small Dutch construction companies as customers. VIOS is increasingly involved in the construction process so that the right staircase is installed at the right time and the completion of the home can proceed in a timely manner. On the sales side, VIOS is also integrated with contractors and developers with online tools with which home owners can configure their stairs. In addition to serial-produced staircases, VIOS makes exclusive, tailor-made staircases including carpentry, stair gates and stair railings.

Stairrailing factory Fremeyer in Hoorn is also part of the transaction. VIOS has a third location in Doetinchem with a showroom where various luxury staircases can be seen. VIOS increasingly inspires its customers and end users in the application of higher quality staircases, finishes and various options. VIOS has a modern and automated machine park at its factory in Driebruggen, which means that a staircase is processed very efficiently from drawing to end product.

The shares were taken over from directors Hans Diekema and Jaap Mullié, both of whom had owned VIOS since 2003. Anders Invest is doing the acquisition together with incoming director Dirk Bergman, who is acquiring a minority interest. Dirk has extensive experience in management positions at wood and building materials companies. In his most recent role, Dirk was active as CEO of Deli Home.

In the past 10 years, VIOS has acquired a leading position in the market through organic growth and through various takeovers of smaller staircase factories. Due to the increasing demands on building processes, solid prospects for the number of new homes to be delivered and the consumer who expects more customization, the company sees sufficient opportunities for further growth. VIOS is characterized by a pleasant organizational culture with loyal employees with attention to quality and craftsmanship. Anders Invest and Dirk Bergman look forward to adding a successful new period to the company’s history with them.

Categories: News

Tags:

Winch invests in Spherea

Anderra Partners

SPHEREA continues its growth trajectory with a consortium comprising Andera Partners and Omnes

Paris and Toulouse, 15 May 2019 – A consortium, comprising Andera Partners, via its fund WINCH Capital 4, and Omnes, via its fund Omnes Croissance 4, is taking a majority shareholding in the group SPHEREA, alongside management and its existing financial shareholders (ACE Management via Aerofund III and IRDI-SORIDEC Gestion, via SCR fund IRDI).

Since its exit and its capitalistic independence from the Airbus group, SPHEREA, created in 1965, continues its growth trajectory with the ambition of becoming first European, and then world leader in technological test solutions that enable the availability and security of critical systems for civil or military clients.

SPHEREA offers modular technology solutions for the entire lifecycle of electronic systems. A recognized market integrator, which has developed a wide range of products dedicated to electronic tests, such as the ATEC Series automatic test benches used in maintaining most Airbus and Boeing aircraft, the group relies on the synergy of its professional expertise in the fields of electronics, microwave, optronics, and power electronics. Since its exit in 2014 from the Airbus group, SPHEREA has diversified into energy and rail sectors.

The Group’s development dynamic is supported by an excess of 600 loyal customers worldwide, major players in aerospace and defence (Airbus, Dassault, Honeywell, Lufthansa Technik, DGA, Nahema, Thales, Comac), energy (EDF, Schneider Electric, RTE), or railways (SNCF, Alstom).

SPHEREA generated around €130 million in turnover in 2018, half of which came from exports (50 countries), and employs over 600 staff in France, Germany, the UK., the US and in Asia.

The aim of this deal is to allow SPHEREA to take a new step in its development based in particular on the following strategic areas:

  • Broadening its technological offer: in particular, developing predictive maintenance solutions, anticipating diagnostics, decision support, portable soil testing, on-board maintenance, and simulation;
  • Strengthening its positioning in new markets (energy and rail), drawing on its previous expertise in aeronautics;
  • Accelerating its international development (particularly in Asia and the US) and intensifying its policy of strategic acquisitions in France and Europe.

Christian Dabasse, CEO and Chairman of SPHEREA: “Our raison d’être is to ensure the reliability and security of our customers’ critical systems, we intervene where human life is at stake. Research and innovation are essential axes in a changing world in paradigm shift. Our new financial partners will enable us to expand our offering through increased R&D that responds to these challenges, as well as an ambitious external growth policy, both in France and abroad, on related trades or on new technologies in line with our mission. I especially thank Thierry Letailleur who, in 2014, as CEO of ACE Management and CEO of IRDI, was kind enough to support me in the creation of SPHEREA, and today allows us to enter a new phase of development.”

Antoine Le Bourgeois and Pierre-Yves Poirier, Partners at Andera Partners: “Management convinced us of the solidity of the Group’s historic businesses and the potential for new technological developments in the years to come. In addition, SPHEREA Group is fully committed to the investment strategy of our WINCH Capital 4 fund, which aims to support the change in scale of leading players in their market.”

Stéphane Roussilhe, Partner at Omnes: “We are delighted to support the management team in developing SPHEREA’s core business but also by helping external growth in France and internationally. This investment thesis perfectly reflects the strategy of our Omnes Croissance 4 fund.”

Thierry Letailleur, CEO, and Delphine Dinard, Partner, at ACE Management: “We are delighted to participate in this deal led by Andera and Omnes which allows us to continue supporting the group SPHEREA, which began 5 years ago. We are very proud of the journey made by Christian Dabasse and all his teams. This transaction also illustrates the ability of ACE Management to support strategic industrial companies across all phases of their development, such as the reinvestments recently made within the groups Duqueine, Nexteam, Rafaut and Socomore.”

Marc Bres-Pintat, Investment Director at IRDI-SORIDEC Gestion: “After backing Christian Dabasse and his teams during the successful spin-off from the Airbus group, IRDI-SORIDEC Gestion wanted to join this new capital-intensive operation aimed at providing SPHEREA with the means to pursue its growth strategy.”

Categories: News

Tags:

Axon Partners Group exited Nice People at Work

Axon

May 2019. Axon Partners Group has successfully exited Nice People at Work(www.nicepeopleatwork.com), multiplying the investment more than eleven times with an annualized return of over 60%. Nice People at Work is a company, founded in Barcelona, which provides real-time data analytics technology solutions for video. Axon was the only institutional investor in the company with an investment of less than one million euros.

Axon invested in Nice People at Work in 2014 as part of an investment strategy designed for the video sector (a strategy that also involved other successful investments such as Wuaki.tv or Akamon).

Since Axon invested, the company grew exponentially, from insignificant sales in 2014 to revenues of more than ten million euros and an EBITDA of more than two million at the start of 2019. Nice employs 150 people and has a commercial presence worldwide, especially in the US, where Nice opened its office in 2016 and has become a strategic provider of large clients such as, telecommunications operators and Hollywood studios. All this happened in less than five years.

Axon’s team contributed in all areas, from organizational changes and improvements, to legal support for the defense of technology in the American market. Axon was also involved in the corporate strategy of the sale of the company.

“We are delighted to have participated in Nice People at Work because it is an example of how with few resources you can build a world-class technological company capable not only of competing, but also of leading, the most difficult markets in the world. We are also grateful to Ferran Gutierrez, Sergi Verges and Otto Wust, an exceptional team of people capable of doing a lot with little, with humility and intelligence ” says Francisco Velázquez, President of Axon and until recently advisor of Nice.

“After 6 years, I can say little about Axon as a company that invested in NPAW, but I would have a lot to explain as the partners and mentors that have been for the founder team. Thanks for the support and confidence you have given us these last 6 years.”, says Ferran Gutiérrez, CEO and co-founder of Nice People.

For further information please contact with the Marketing Departmert:
marketing@axonpartnersgroup.com
T. +34 913102894

Categories: News

Tags:

DIF and Aberdeen Standard Investments acquire UNITANK

DIF

Schiphol, 15 May 2019 – DIF Core Infrastructure Fund I (“DIF”) and SL Capital Infrastructure II SCSp (“ASI”) are pleased to announce the financial close of its 100% acquisition of UNITANK from the family owners, with ASI and DIF each acquiring a 50% stake. The financial close follows on from the agreement signed on 27 February 2019 and upon receipt of the necessary merger clearance from the German competition authority.

UNITANK is a market leading independent and neutral infrastructure and services provider storing liquid oil products, headquartered in Hamburg, Germany. The company owns and operates five terminals in Germany and one terminal in Belgium, all in key strategic locations. The terminals handle diesel, gasoline, jet fuel and heating oil and have a total storage capacity of c. 1.1 million cubic meters. Servicing both strategic stockholding agencies with product storage as well as commercial clients with product throughput provides UNITANK with a stable and resilient business model.

The acquisition provides ASI and DIF with a strong and differentiated platform in the German liquid bulk storage and throughput market. Its flexible business model, high-quality and state-of-the-art asset base, and operational excellence positions the company well for the future. The consortium will continue to back the company’s long-term and successful strategy for the business.

Willem Jansonius – Partner and Head of Core Infrastructure at DIF

“We firmly believe in the strategy as set by the current shareholder and management team. We are impressed with the commercial re-positioning of the business and its importance in providing essential services in its clients’ supply chains. We appreciate the well-invested asset base and the resulting high standards of operational excellence, which are essential to UNITANK’s current and future positioning.”

Dominic Helmsley – Head of Economic Infrastructure at Aberdeen Standard Investments

“We consider UNITANK to be a highly successful provider of storage capacity for strategic stockholding agencies and a key strategic partner for oil majors. We value the company’s historic growth and see significant future upside. Together with our partner DIF we look forward to working closely with UNITANK management in supporting the business and exploring further business opportunities.”

Jan Westedt – Owner

“Our family has run UNITANK over two generations with a strategy emphasising close and trusted partnerships with our clients and employees, which were key elements of our success story. We are glad that DIF and ASI together with the management team will continue to pursue a long-term investment strategy centred around our philosophy and corporate culture.”

   

About DIF

DIF 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 and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has a team of over 120 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact: Allard Ruijs, Partner; a.ruijs@dif.eu.

 

About ASI

  • Aberdeen Standard Investments is a leading global asset manager dedicated to creating long-term value for our clients, and is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments. With over 1,000 investment professionals, we manage €562.7 billion of assets worldwide. We have clients in 80 countries supported by 50 relationship offices. This ensures we are close to our clients and the markets in which we invest.  (*as of 31 December 2018)
  • We are high-conviction, long-term investors who believe teamwork and collaboration are the key to delivering repeatable, superior investment performance.
  • Standard Life Aberdeen plc is headquartered in Scotland. It has around 1.2 million shareholders and is listed on the London Stock Exchange.

Categories: News

Tags:

Onit Acquires SimpleLegal to Modernize Global Legal Operations

K1

HOUSTON and MOUNTAIN VIEW, Calif. – May 13, 2019 – Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management, contract management and business process automation, today announced the acquisition of SimpleLegal, a leading provider of modern legal spend, matter and vendor management software. Terms of the acquisition were not disclosed.

Onit brings a management team with more than two decades of domain-specific expertise and a history of creating the e-billing and legal spend management market. SimpleLegal brings a fresh perspective to a 30+ year-old corporate market with a focus on simplicity and modern design. Working together, this acquisition will drive meaningful change for the entire legal industry and especially legal operation teams seeking a comprehensive end-to-end solution, legal technology innovation and shared best practices.

“Onit and SimpleLegal share both a passion for both disrupting the legal technology space and valuing product innovation,” said Eric M. Elfman, Onit CEO and co-founder. “Our shared commitment to elevate legal operations technology is an asset for all of our customers – from rapidly growing start-ups with their first in-house counsel all the way to the largest, most complex organizations. Together, our goal is to help all legal operations professionals achieve operational excellence on their legal technology journey.”

All product, support and services will continue uninterrupted for all customers. Management teams from both organizations will remain intact. Elfman, who was previously CEO of Onit, will serve as the CEO of the merged organization, and Nathan Wenzel, previously the CEO and co-founder of SimpleLegal, will serve as the General Manager of SimpleLegal.

“Today, corporations spend more than $160 billion on their in-house legal teams. The combination of Onit and SimpleLegal is a game-changer for the legal market and the future of legal operations,” said Wenzel. “Our teams are uniquely equipped to help shape the technology that is powering legal departments worldwide. Together, we’re looking forward to combining efforts and talent to build and bring to market the next generation of legal operations technology.”

Founded in 2013, SimpleLegal is widely recognized as a disruptor in the legal technology market. With a simple and intuitive solution delivering fast time-to-value, customers have access to software that is easy to use, implement and configure. In the last five years, SimpleLegal has helped corporate legal departments process more than $1 billion annually and manage nearly 500,000 legal matters globally.

About SimpleLegal

SimpleLegal provides a modern legal operations management platform that streamlines the way corporate legal departments manage their matters, track and interpret spend, and collaborate with vendors and law firms. SimpleLegal combines e-Billing and spend management, matter management, vendor management, and reporting and analytics into one comprehensive application to optimize legal operations and the management of the entire legal department. The company, founded in 2013, is privately held and located in Mountain View, California. For more information, visit www.simplelegal.com.

About Onit

Onit is a global leader of enterprise workflow solutions for legal, compliance, sales, IT, HR and finance departments. Our solutions transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract management and legal holds, we operate globally and help transform the way Fortune 500 companies and billion-dollar legal departments bridge the gap between systems of record and systems of engagement. We help customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit www.onit.com or call 1-800-281-1330.

Source: https://www.onit.com/news/onit-acquires-simplelegal-to-modernize-global-legal-operations/

Categories: News

Tags:

KKR and Spur Energy Partners Form Partnership to Pursue Oil and Gas Opportunities

KKR

New Partnership to Acquire Permian Northwest Shelf Assets

HOUSTON–(BUSINESS WIRE)–May 14, 2019– Spur Energy Partners LLC (“Spur”) and KKR, a leading global investment firm, today announced the formation of a partnership to acquire large, high-margin oil and gas production and development assets across the Lower 48. The companies also announced the signing of a definitive agreement to acquire the Permian Northwest Shelf assets of Percussion Petroleum LLC.

The acquisition includes interests in approximately 380 gross producing wells and 22,000 net acres situated in the core of the Yeso formation in Eddy & Lea Counties, New Mexico, as well as associated water and midstream assets. During the first quarter of 2019, the assets produced approximately 9,200 net barrels of oil equivalent per day (85% liquids). The acquisition is expected to close in the second quarter of 2019, subject to customary closing conditions.

Spur is led by CEO Jay Graham, co-founder and former CEO of WildHorse Resource Development Corporation (“WRD”), along with a core team of executives and key technical personnel from WRD who have worked together for many years through multiple successful upstream oil and gas ventures. Spur intends to apply its proven expertise to acquire and enhance assets across the Lower 48 by combining strong commercial capabilities with a focus on operational efficiency and technical execution.

Jay Graham, Spur CEO, said, “Given their long-term approach and commitment to investing in scaled, cash flowing E&P assets with growth potential, KKR is the ideal partner for Spur as we look to build a large scale business in the oil and gas sector that creates value through exceptional technical and operational execution. We look forward to working together as we make our first investment in this high-quality asset with a strong existing production base and attractive development potential.”

Dash Lane, Managing Director on KKR’s Energy Real Assets team, commented, “This acquisition is the first step in what we expect to be a multi-billion dollar investment partnership with Spur, which we believe is well-positioned to create significant value in today’s oil and gas market. We have known the Spur team for many years, have seen firsthand their commercial and operational expertise, and are thrilled to be partnering with Jay and his team.”

The Spur and KKR partnership will be funded by funds affiliated with KKR’s Energy Real Assets strategy, which has invested approximately $4.0 billion in capital across 12 transactions since 2015 and manages a portfolio of oil and gas assets in numerous unconventional and conventional resource areas across the United States.

About Spur Energy Partners

Spur Energy Partners was formed by management in 2019 with a commitment from KKR and is focused on delivering superior long-term investor returns by acquiring and developing oil and gas assets with base production and substantial low-cost development inventory across the Lower 48.

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.

Source: KKR

Media:
KKR:
Kristi Huller or Cara Major, + 1-212-750-8300
media@kkr.com

 

Categories: News

Tags:

Wirepas raises 14.4 million euros to capitalize the market momentum for Massive IoT

Tesi

Investments in companies – 14.5.2019

Tesi and KPN Ventures join existing investors in supporting Wirepas on its growth trajectory

TAMPERE, Finland, — May 14th, 2019 — ETF Partners, Inventure, KPN Ventures, TESI (Finnish Industry Investment) and Vito Ventures have invested €14.4 million in Wirepas, a Finnish software company that has built a wireless connectivity platform solving the major challenges of the Industrial Internet of Things (IIoT) and enabling broad adoption of Massive IoT. The additional funding, including the participation of existing investors, takes the total investment in Wirepas to €22 million.

“I am delighted to have Tesi and KPN Ventures joining as Wirepas investors and board observers. It is now clear that massive IoT networks are at the breakout phase and mesh networking from Wirepas is uniquely enabling that to happen. I am grateful that Tesi and KPN Ventures have joined our existing shareholders and share our vision.” welcomes Andrew Gilbert, Chairman of the board at Wirepas.

Wirepas will focus its investments on further strengthening and increasing the reach of the global Wirepas ecosystem as well as on continuous product development. During the last three years the company has built an ecosystem of semiconductor, module partners, OEMs and System Integrators to serve end users around the globe resulting in millions of Wirepas enabled devices shipped. Today Wirepas Mesh is being used to connect smart meters, lights and other assets in supply chain and logistics to reliably deliver the data needed by enterprises to boost their competitiveness and sustainability.

Recently signed customer agreements with industry leaders such as Prologis, Maersk and Fujitsu will provide the backbone of its future growth, adding to Wirepas’ existing customer base of over 100 companies and offering further proof of the competitive advantage of Wirepas Mesh.
“We are clearly seeing that the Massive IoT market is maturing as evidenced by our customers and partners: no longer is it about testing and piloting. We believe in the power of ecosystems where specialized vendors combine their competencies and passion to serve the customer. Together we are delivering concrete and tangible benefits to enterprises wishing to boost their efficiency and sustainability through the adoption of massive IoT. Our connectivity platform is field proven and meets the needs of a plethora of market needs ranging from asset tracking to smart cities and lighting. Wirepas increases end user return on assets significantly and aims to become the most pervasive connectivity system for massive IoT.”, summarizes Teppo Hemiä, CEO at Wirepas.

Sjoerd Spanjer, investment director of KPN Ventures: “As a leading connectivity provider, KPN acknowledges the growing momentum for IoT solutions with an increasing amount of connected devices throughout the value chain. IoT networks that can facilitate large scale deployments with flexible capabilities are becoming increasingly important for successful roll-out. The Wirepas team has developed unique best-in-class software for this purpose and is already working with leading international partners and customers. Through our investment, we aim to support Wirepas in their global expansion and see opportunities to leverage Wirepas’ technology to enhance and complement KPN’s IoT network technologies: M2M, LoRa, LTE-M and in the future also 5G”.

“We were convinced that Wirepas technology is a key enabler for Industrial IoT adoption especially in use cases where massive, cost efficient scaling is required. A number of global blue-chip customers are currently adopting the Wirepas mesh technology, which alongside economic benefits also drives positive environmental impact and resource efficiency and thereby supports our responsible investment principles. As a European company with global ambitions, Wirepas is also a natural fit with the EFSI programme”, comments Juha Lehtola, Tesi´s Director, Venture Capital.

EU enabling exceptionally significant financing rounds

Tesi’s investment in Wirepas is the first to take advantage of the new financial mechanism between the European Investment Bank (EIB) and Tesi, paving the way for large investments in growth companies. Tesi is the EIB’s first partner in the Nordics that channels financing guaranteed under the European Fund for Strategic Investments (EFSI) to SMEs and innovative midcap companies as equity investments.

”When we formed this co-investment platform with Tesi, this is the kind of investment we had in mind.” added EIB vice-president Alexander Stubb. “Although already quite competitive, in the Finnish equity investment landscape especially larger equity investment rounds were seen to be lacking investor support. This is a clear example of what Europe, and in particular the EIB, should be doing; to support innovation and improve peoples’ lives by strategic investments. We’re definitely looking forward to seeing more of these investments.”

Wirepas was founded in 2010 as a spinoff from Tampere University, where it was part of a research program to connect an unlimited amount of environmental sensors wirelessly. Since 2014, the company has provided a hardware-independent radio communications protocol based on a de-centralized network topology, using a software licensing model. Wirepas shareholders include founders, Inventure Investment Fund from Finland, Vito Ventures from Germany, ETF Partners from the UK, management shareholders and private investors. The company employs approximately 50 people in 9 countries.

Further information

Teppo Hemiä, CEO – Wirepas, +358 50 561 0198, teppo.hemia(at)wirepas.com

Patrick Sheehan, Managing Partner – ETF Partners, +44 20 7318 0700, patrick(at)etfpartners.capital

Sami Lampinen, CEO – Inventure, +358 40 520 5295, sami(at)inventure.fi

Stijn Wesselink, Press Officer – KPN, +31 6-25074971, stijn.wesselink(at)kpn.com

Juha Lehtola, Director Venture Capital – Tesi, +358 400 647 671, juha.lehtola(at)tesi.fi

Benedikt von Schoeler, Managing Partner – Vito Ventures, +49 173 8669952, bene(at)vito.vc

 

Wirepas Mesh enables wireless IoT networking at massive scale. It is a de-centralized IoT network protocol that can be used to connect, locate and identify lights, sensors, beacons, assets, machines and meters in cities, buildings, industry, logistics and energy – with unprecedented scale, density, flexibility and reliability. It can be used on any radio hardware and on any frequency band. Wirepas has its headquarters in Tampere, Finland and offices in Australia, France, Germany, India, South Korea, Taiwan, the UK and the United States. Things connected – Naturally.
www.wirepas.com

ETF Partners supports talented entrepreneurs and management teams with investment capital and experience. Our funds come from institutional investors, global corporations and family offices. We create value by investing in technology companies that make a difference. We call it ‘sustainability through innovation’. Environmental Technologies Fund and Environmental Technologies Fund 2 L.P. is supported by the European Union through the ‘Competitiveness and Innovation Framework Programme’ (CIP).
Sustainability through innovation – www.etfpartners.capital

Inventure is a Nordic technology fund backing early-stage entrepreneurs. Having the roots in Finland, the team enjoys domains many don’t feel comfortable with, and makes big bets on deep tech. The strong capital base of €250M allows Inventure to lead investments starting from initial seed-stage all the way through expansion. The team operates from offices in Helsinki and Stockholm.
inventure.fi

KPN Ventures is the corporate venture capital arm of KPN, The Netherlands’ leading telecom & ICT company. KPN Ventures aims to build value-creating partnership with innovative technology companies, providing access to capital, industry expertise, technical infrastructure, professional network and channels to customers. It focuses on direct and indirect (fund-in-fund) early-stage investments in the segments: Networking Technology, Cyber Security, Internet of Things, Smart Home, Digital Healthcare, Video/OTT, Cloud and Data/AI. KPN Ventures has its main office in Rotterdam, The Netherlands.
www.kpnventures.com

Tesi is a state-owned investment company that invests profitably and responsibly, creating value from day one. Tesi’s investments under management total EUR 1.2 billion and it has altogether more than 700 companies in portfolio, either directly or through funds. Tesi helps Finland to the next level of growth and internationalisation.
www.tesi.fi / www.dtg.tesi.fi / @TesiFII

Vito Ventures is one of Europe’s leading deep-tech investors. The early-phase investor is rooted in the German SME markets and boasts a unique network within European industry. The team has a comprehensive understanding of the deep-reaching technological change as well as the dynamics and requirements for both, established companies as well as start-ups.
www.vito.vc

Categories: News

Tags:

Westjet to be acquired by Onex

Onex

WestJet shareholders to receive $31.00 per share in cash; Acquisition recognizes and continues WestJet’s industry-leading commitment to guest experience and employee culture

CALGARY, Alberta, May 13, 2019 (GLOBE NEWSWIRE) – WestJet Airlines Ltd. (“WestJet”)(TSX: WJA) announced today it has entered into a definitive agreement that provides for its acquisition in an all-cash transaction. Under the terms of the agreement, Onex Corporation (“Onex”)(TSX: ONEX) and its affiliated funds will acquire all outstanding shares of WestJet for $31.00 per share, after which WestJet will operate as a privately-held company. The purchase price represents a 67% premium to Friday’s closing share price and a 63% premium to WestJet’s 20-day volume-weighted average trading price. The transaction value is approximately $5 billion including assumed debt.

“Since our first flight in 1996, WestJet has been singularly focused on providing better options for the Canadian travelling public and this transaction retains that commitment,” said Clive Beddoe, WestJet’s Founder and Chairman. “I am particularly pleased that WestJet will remain headquartered in Calgary and will continue to build on the success that our 14,000 WestJetters have created. Onex’ aerospace experience, history of positive employee relations and long-term orientation makes it an ideal partner for WestJetters, and I am excited about our future.”

“WestJet is one of Canada’s strongest brands and we have tremendous respect for the business that Clive Beddoe and all WestJetters have built over the years. WestJet is renowned internationally for its unparalleled guest experience and employee culture. We’re thrilled to be partnering with WestJetters and continuing this remarkable Canadian success story,” said Tawfiq Popatia, a Managing Director at Onex.

Ed Sims, WestJet’s President and Chief Executive Officer, said, “We are delighted to continue the journey of building an airline based on a growing network, providing competitive airfares and more choice to, from and within Canada, for communities large and small. Integral to this relationship is a commitment to our employees, and our unique ownership-driven culture.”

The investment will be led by Onex Partners, Onex’ private equity platform focused on larger investment opportunities.

Recommendation of the WestJet Board of Directors

Following an approach by Onex in March 2019, the WestJet board of directors formed a special committee of independent directors to provide the Board with its advice and recommendations with respect to the proposal from Onex and the transaction, and to supervise the negotiation of the terms and conditions of the transaction. After an extensive review of the proposed transaction, the special committee provided its unanimous recommendation of the transaction to the WestJet board of directors. The WestJet board of directors, having received and considered the recommendation of the special committee, determined that the transaction is in the best interests of WestJet and unanimously recommends that WestJet shareholders vote in favour of the transaction at the special meeting of shareholders to be held to approve the transaction.

Each of CIBC Capital Markets and BofA Merrill Lynch has provided the WestJet board of directors with an opinion to the effect that, as of May 12, 2019, the consideration to be received by holders of WestJet shares in the transaction was fair, from a financial point of view, to such holders, in each case subject to the respective limitations, qualifications, assumptions and other matters set forth in such opinions. Each of the directors and executive officers of WestJet has entered into a voting support agreement pursuant to which each has committed to vote in favour of the transaction.

Additional Transaction Details

Equity financing will be led by Onex Partners.

The transaction is to be completed by way of an arrangement under the Business Corporations Act (Alberta).Completion of the transaction is subject to a number of conditions, including court and shareholder approval and receipt of certain regulatory approvals, including approval under the Canada Transportation Act. The approval under the Canada Transportation Act involves a determination by the Minister of Transport which entails an assessment of the public interest as it relates to national transportation. Assuming the timely receipt of regulatory approvals, the transaction is expected to close in the latter part of 2019 or early 2020.

WestJet expects to mail an information circular in late June 2019 for a special meeting of its shareholders expected to be held in July 2019 to approve the transaction.

The arrangement agreement for the transaction includes customary provisions relating to non-solicitation, subject to customary “fiduciary out” provisions that entitle WestJet to consider and accept a superior proposal if the purchaser does not match the superior proposal. WestJet has agreed to pay a fee to the purchaser upon the termination of the agreement in certain circumstances. The purchaser has agreed to pay a fee to WestJetif, after all other conditions to the closing of the transaction have been satisfied or waived, the purchaser is not in a position to fund the closing of the transaction.

WestJet is permitted to continue paying its regular quarterly cash dividend consistent with its dividend policy and past practice until closing.Further details regarding the terms of the transaction are set out in the arrangement agreement, which will be publicly filed by WestJet under its profile at www.sedar.com. Additional information regarding the terms of the arrangement agreement and the background of the transaction will be provided in the information circular for the special meeting of shareholders.

Advisors

CIBC Capital Markets is acting as financial advisor to WestJet. BofA Merrill Lynch has provided financial advisory services to the WestJet board of directors. Blake, Cassels & Graydon LLP is serving as legal advisor to WestJetand Norton Rose Fulbright Canada LLP is serving as independent legal advisor to the special committee of WestJet’s board. Goodmans LLP is acting as Canadian legal advisor to Onex and Fried, Frank, Harris, Shriver & Jacobson LLP is serving as U.S. legal advisor to Onex. DLA Piper (Canada) LLP is serving as Onex’ aviation regulatory counsel. Barclays is acting as lead financial advisor and lending bank to Onex with additional advisory and financing provided by Morgan Stanley and RBC Capital Markets.

Caution Regarding Forward-looking Information

Certain information set forth in this news release including, without limitation, WestJet’s and Onex’ management’s expectations with respect to: the anticipated benefits of the transaction; the anticipated timing for the special meeting to approve the transaction; the timing and anticipated receipt of required regulatory approvals; and the anticipated timing for closing the transaction, is forward-looking information within the meaning of applicable securities laws. Forward-looking information may in some cases be identified by words such as “will”, “anticipates”, “expects”, “intends” and similar expressions suggesting future events or future performance.

By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond WestJet’s and Onex’ control. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by WestJet, including expectations and assumptions concerning the anticipated benefits of the transaction and the receipt, in a timely manner, of regulatory, shareholder and court approvals in respect of the transaction. Forward-looking information is subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include, but are not limited to: general global economic, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; relationships with employees, customers, business partners and competitors; and diversion of management time on the transaction. There are also risks that are inherent in the nature of the transaction, including failure to satisfy the conditions to the completion of the transaction and failure to obtain any required regulatory and other approvals (or to do so in a timely manner). The anticipated timeline for completion of the transaction may change for a number of reasons, including the inability to secure necessary regulatory, court or other approvals in the time assumed or the need for additional time to satisfy the conditions to the completion of the transaction. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release concerning the timing of the transaction. A comprehensive discussion of other risks that impact WestJet can also be found in WestJet’s public reports and filings which are available under WestJet’s profile at www.sedar.com.

Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. WestJet does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.

About WestJet

Together with WestJet’s regional airline, WestJet Encore, we offer scheduled service to more than 100 destinations in North America, Central America, the Caribbean and Europe and to more than 175 destinations in over 20 countries through our airline partnerships. WestJet Vacations offers affordable, flexible vacations to more than 60 destinations and the choice of more than 800 hotels, resorts, condos and villas. Members of the WestJet Rewards program earn WestJet dollars on flights, vacation packages and more. Members use WestJet dollars towards the purchase of flights and vacations packages to any WestJet destination with no blackout periods, and have access to Member Exclusive fares offering deals to WestJet destinations throughout our network and those of our partner airlines.

WestJet is proud to be recognized for three consecutive years as Best Airline in Canada (2017-19) and awarded among travellers’ favourite Mid-Sized Airlines in North America (2019). From 2017-2018, WestJet was also awarded among travellers’ favorite Mid-Sized and Low-Cost Airlines in North America. The airline was also recognized among the Economy Class winners in North America, 2018. All awards are based on authentic reviews from the travelling public on TripAdvisor, the world’s largest travel site. We are one of very few airlines globally that does not commercially overbook.

WestJet is publicly traded on the Toronto Stock Exchange (TSX) under the symbol WJA. For more information about everything WestJet, please visit www.westjet.com.

Recent recognition includes: 2019/2018/2017 Best Airline in Canada (TripAdvisor Travellers’ Choice awards for Airlines)2019 Winner Among Mid-Sized Airlines in North America (TripAdvisor Travellers’ Choice awards for Airlines)2018/2017 Winner Among Mid-Sized and Low Cost Airlines – North America (TripAdvisor Travellers’ Choice awards for Airlines)2018 Winner – Economy, North America (TripAdvisor Travellers’ Choice awards for Airlines)2018 Number-One-Ranked Airline Credit Card in Canada (Rewards Canada) 2018 North America’s Best Low-Cost Airline (Skytrax)2018/2017/2016 Canada’s Most Trusted Airline (Gustavson School of Business at the University of Victoria)Connect with WestJet on Facebook at facebook.com/westjetFollow WestJet on Twitter at twitter.com/westjetFollow WestJet on Instagram at instagram.com/westjetSubscribe to WestJet on YouTube at youtube.com/westjetRead the WestJet blog at blog.westjet.comFor further information: To contact WestJet media relations, please email media@westjet.com.

About Onex

Founded in 1984 and headquartered in Canada, Onex manages and invests capital in its private equity and credit platforms on behalf of investors from around the world. In total, Onex has US$31 billion of assets under management, including US$6.6 billion of shareholder capital. Onex invests through its two private equity platforms, Onex Partners for larger transactions and ONCAP for middle market and smaller transactions, and Onex Credit which manages primarily non-investment grade debt through collateralized loan obligations, private debt and other credit strategies. Onex and its experienced management team are collectively the largest investors across Onex’ platforms. The Onex Partners and ONCAP businesses have assets of US$51 billion, generate annual revenues of US$31 billion and employ approximately 172,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol Onex. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

For more information, please contact: WestJetOnexJeff HagenManager, Investor Relationsjeff.hagen@westjet.com1.877.493.7853 Emilie BlouinDirector, Investor Relations1.416.362.7711 Lauren StewartManager, Public Relationslauren.stewart@westjet.com1.888.954.6397 Martin CejLongview Communications and Public Affairsmcej@longviewcomms.ca1.587.319.2828

Categories: News

Tags: