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KRAMP and JOHN DEERE expand strategic partnership in Europe

NPM Capital

Following a successful launch in Germany, Kramp and John Deere will expand their strategic partnership into France, Poland, Portugal and Spain during the course of 2019. As a result John Deere dealers in these countries will, in addition to the John Deere accessories, be able to order Vapormatic parts and the extensive Kramp product portfolio more easily. They will also be able to keep these products in stock and sell them via one online channel.

Kramp (agricultural machinery parts distributor) and John Deere (tractor and agricultural machinery manufacturer) are leading companies in their sectors. The shared objective is to enter into the collaboration with their dealers in order to guarantee their success by, among other things, making the parts ordering process as simple as possible. This led to good results in Germany for both farmers and dealers. After the expansion into four countries in 2019, other European countries will follow in the years to come.

Kramp, an NPM Capital portfolio company, is a total supplier of parts, technical services and business solutions and a strategic partner for companies in the agricultural, garden & park, earthmoving and OEM sectors. Kramp offers dealers a range of more than 700,000 products. Kramp has 21 locations in 19 countries and more than 2,600 employees.

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CapMan Nordic Property Income Fund (non-UCITS) acquires a mixed-use industrial property in Copenhagen

CapMan Nordic Property Income Fund (non-UCITS), has acquired Stamholmen 70, a light production and office property, in a sale and lease back transaction.

The approx. 14,000 sqm property is situated in Avedøre Holme, a mixed industrial and commuter suburb to Copenhagen. The property is fully let with a long lease agreement to the seller Intermail A/S, a Danish publicly listed communications company. The property is located close to the E20 highway, which provides easy access to Kastrup Airport and Copenhagen city centre.

“The Danish market provides many opportunities in line with CapMan Nordic Property Income fund’s cash flow focused investment strategy. We are very pleased with this acquisition and the continued co-operation with Intermail. The flexible layout of the property combined with its logistics capabilities are attractive for potential future tenants. The excellent location and good income outlook make it a perfect fit for the CapMan Nordic Property Income fund,” says Sampsa Apajalahti, Investment Director and Fund Director of CapMan Nordic Property Income Fund.

CapMan Nordic Property Income Fund (non-UCITS) is an open-ended special investment fund which accepts new subscriptions on a quarterly basis. The Fund focuses on stable income generating properties in the largest and most liquid Nordic cities with solid long-term growth fundamentals. CMNPI fund targets mainly offices and necessity-driven retail assets. In addition, the fund will also invest in other real estate sectors providing stable and predictable income. The acquisition of Stamholmen 70 is the fund’s fifth transaction and its second in Denmark.

CapMan Real Estate has a team consisting of over 30 real estate professionals in Helsinki, Stockholm and Copenhagen. CapMan Real Estate was established in 2005 and it currently has over EUR 1.7 billion of assets under management deploying four different investment strategies.

For further information, please contact:
Sampsa Apajalahti, Investment Director, Fund Director, CapMan Real Estate, tel. +358 40 575 2363
Peter Gill, Investment Director, CapMan Real Estate, tel. +45 20 43 55 63

About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value-creation in its target companies and assets. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate and created substantial value in these businesses and assets over the last 30 years. CapMan employs today approximately 120 private equity professionals and has approximately €2.8 billion in assets under management. We mainly manage the assets of our customers, the investors, but also make investments from our own balance sheet. Our objective is to provide attractive returns and innovative solutions to investors. Our current investment strategies cover Buyout, Growth, Real Estate, Infra, Credit and Russia. We also have a growing service business that currently includes procurement services (CaPS), fundraising advisory (Scala Fund Advisory), and fund management services. www.capman.com

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Gaw Capital Partners and Consortium Partners Win Bid to Acquire 12 Shopping Centers in Hong Kong

Gaw Capital

December 12, 2018, Hong Kong – Gaw Capital Partners today announced that the firm, through a fund under its management, and consortium partners, including Goldman Sachs, have won a bid to acquire a retail portfolio comprising 12 shopping centers in Hong Kong from Link Asset Management Limited at HK$ 12.01 billion and an average price of around HK$7,839 per sq. ft. excluding parking.

The portfolio is comprised of a number of strategically-located properties across Hong Kong Island, Kowloon and the New Territories that sit in the heart of densely-populated communities. The GFA of the portfolio totals 1.1 million sq. ft. of prime retail space and comes with over 4,700 parking spaces that are connected to highly-convenient transport links. Their excellent accessibility and holistic shopping environments have made them attractive destinations for retailers and hubs of community life for residents.

The shopping centers included in the portfolio are: Retail and Car Park within Ap Lei Chau Estate, Chun Shek Shopping Centre, Fortune Shopping Centre, King Lam Shopping Centre, Lei Tung Commercial Centre, Ming Tak Shopping Centre, Shan King Commercial Centre, Siu Hei Commercial Centre, Retail and Car Park within Tai Ping Estate, Wah Ming Shopping Centre, Wah Sum Shopping Centre, Wang Tau Hom (Wang Fai Centre).

Goodwin Gaw, Chairman and Managing Principal of Gaw Capital Partners, said, “We and our partners are confident about Hong Kong’s future, and believe these malls will continue to serve important functions in the community. Followed by the bid we won together with our consortium partners to acquire 17 shopping malls in 2017, we will further leverage our experience to evolve these malls into refreshed and renewed centers of local life and collaborate with the local NGOs and existing tenants to build a better neighborhood for themselves.”

Kenneth Gaw, President and Managing Principal of Gaw Capital Partners, commented, “We worked closely with the community over the past 12 months and implemented a series of initiatives to better make use of these malls for the community. We look forward to applying our expertise in repositioning commercial property to add significant strategic value to this additional portfolio.”

Gaw Capital has over 13 years of experience investing in and/or turning around commercial properties in Greater China, including Hong Kong. The firm successfully transformed and repositioned properties such as 133 Wai Yip Street in Hong Kong, a former 12-storey industrial building turned creative office space; Sky Bridge HQ, a mixed-use project located in the heart of Linkong Economic Park in Shanghai; Pacific Century Place in Beijing, a 170,000 sqm (1.8 million sq. ft.) renovated mixed-use commercial property with two office towers and two serviced apartment blocks on a retail podium; Cross Tower in Shanghai, a 22-storey office with a two-storey retail podium; Ciro’s Plaza in Shanghai, a mixed-use property with a 39-storey office building and a 28,000 sqm (302,000 sq. ft.) retail mall; Plaza 353 in Shanghai, a 40,000 sqm (430,000 sq. ft.) renovated mall with historical heritage status; Popark Plaza in Guangzhou, a 92,400 sqm (994,000 sq. ft.) retail mall connected to the Guangzhou East Railway Station, with high-speed trains to Shenzhen and Hong Kong, and access to two major subway lines; and Metropolitan Plaza in Guangzhou, a 88,800 sqm (956,000 sq. ft.) mall located above two subway lines.

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East Capital Holding acquires Monyx Asset Management

East Capital

East Capital Holding acquires Swedish fund management company Monyx, consisting of Monyx Asset Management and Nordic Fund Services S.A. from its owner NewCap Holding A/S. Monyx manages more than 3bn EUR in Nordic and global equity and fixed income funds. Monyx will remain as a separate entity within the group.

Once the transaction is completed Monyx will become a fully-owned subsidiary of East Capital Group. Monyx will continue to operate as a separate entity focusing on Nordic and Global strategies and East Capital Asset Management will retain its focus on emerging and frontier markets.

 

East Capital and NewCap cite a strong industrial logic as the driving force behind the transaction. There are significant economies of scale to be achieved in support functions and in the procurement of administrative and other external services linked to portfolio management. Reducing administration costs will provide vital additional resources to East Capital’s continued sustainability efforts and enable further investments in management teams and other core capabilities across both businesses. East Capital and Monyx also have offices and operations in Sweden and Luxembourg, further supporting seamless coordination between the two entities.

 

“We are pleased to be the new owner of Monyx, adding a new business line to the East Capital Group. We see a great opportunity in sharing our institutional investment management experience, as well as our strong sustainability and governance expertise. We plan to develop and support Monyx by providing additional resources to the investment team.”says Albin Rosengren, Partner at East Capital.

Ole Rosholm, CEO NewCap: “East Capital is one of the strongest independent investment managers in Northern Europe, with some of the world’s largest institutions among its clients and a wide European distribution network. East Capital has also been in the market for over 20 years, demonstrating both continuity and stability. We look forward to the mutual benefits our partnership will bring.”

 

This acquisition entails a change of ownership that requires approval by Swedish Financial Supervision Authority before the deal completes. Until then, East Capital refrains from providing any further details.

 

About East Capital

East Capital is an independent asset manager with various investment specializations all characterised by active management and a strong focus on responsible ownership. The main operations are East Capital Asset Management, an investment company which specialises in emerging and frontier markets, and East Capital Real Estate, which manages cash-flow generating commercial properties. Further, the securities company East Capital Direct offers a platform for transactions and investment custody. East Capital also owns a substantial part of the listed real estate company Eastnine (STO:EAST), which is an associated company in the group. East Capital was founded in Sweden in 1997 and has offices in Dubai, Hong Kong, Luxembourg, Moscow, Oslo, Stockholm and Tallinn. The company manages EUR 2.9bn for an international investor base including leading institutions.

Contact information:

Ilze Johnston, Marketing Communications Manager, East Capital

+46 8 505 88 550 mediaenquiries@eastcapital.com  

 

Andrew Fleming/ Georgie Rudkin, MHP Communications, Europe

+44 203 128 8100  eastcapital@mhpc.com  

 

Ruby Lo / Judith Bence, MHP, Asia

+852 6255 8133 / +61 415 903 849 eastcapital@mhpc.com

 

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TrophoSYS, a biotech company based in Jena, Germany, successfully closed its seed financing round, securing the company´s next stage of development

BM-T

TrophoSYS GmbH is developing an innovative and sustainable new method for the separation of gametes. bm|t beteiligungsmanagement thüringen gmbh acted as the lead investor and was joined in the investment round by Sparkasse Jena-Saale-Holzland and a private investor.

The company´s innovative new method allows for gender-specific selection of productive animals, which could dramatically improve productivity and enhance food security.  Importantly, the innovation is based solely on the physiological differences of the cell surfaces and allows for the gamete separation without any manipulation of genetic material.

The technology could be effective for all mammalian animals, creating a significant opportunity for improvement to the status quo and implying a large market potential.  Especially noteworthy is the potential in the pork industry, which is urgently searching for gentle and effective alternatives to the anesthesia-free castration method. TrophoSYS´ solution potentially offers an attractive animal-and-farmer-friendly alternative.

The founder and head of development of TrophoSYS, Dr. Stephan König described the business model as follows: “Modern animal rearing should not focus solely on economic aspects rather it must also consider natural and environmental elements. Our approach unifies economic and ecological aspects in a way that benefits animals, producers, and consumers of animal products.”

“After having internally financed the preliminary development stages, we are delighted to have gained bm|t as a highly-competent and financially strong lead investor for our first external financing round. We are convinced that, together with bm|t and the co-investors, we will successfully reach our goals and thus create an important breakthrough for a sustainable future,” said Martin Reichenbach, CEO and founder of TrophoSYS.

 

About TrophoSYS GmbH

The Jena company, TrophoSYS, specializes in the development of biotechnologies that improve or potentially displace existing methods.  In this scope, the company has developed many solutions focused on the productive animal field, through which it aims to create important improvements in the quality and security of food and human health.

About bm|t

Erfurt-based, bm-t beteiligungsmanagement Thüringen (bm|t) – a subsidiary of the Thuringia Development Bank, is the first address for investments in Thuringia, Germany.  bm-t currently manages eight investment funds with a total volume of 320M EUR.  bm-t invests in innovative companies with strong growth potential across all sectors and all phases of the corporate lifecycle.

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Bolster Investment Partners sells AIO II / Medsen and Ceban

Bolster

On 12 December, Bolster reached an agreement about the sale of AIO II (pharmacy chain Medsen and compounding pharmacy Ceban) to Bencis on behalf of Van Lanschot Kempen. The transaction is subject to approval by the relevant (competion) authorities and is expected to be completed early 2019.

In recent years both Medsen and Ceban showed a strong performance. In 2017, pharmacy chain Zorgapotheek Nederland and a provider of drug dispensing machines, PharmaRobots, have been acquired by Medsen in close cooperation with Bolster. Ceban has significantly expanded its market share in recent years. Bolster would like to thank the management and employees of Medsen and Ceban for the pleasant cooperation and wishes them and the new shareholders all the best for the future.

For more information, please refer to the press release of Van Lanschot Kempen.

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NPM CAPITAL sells educational service provider IDDINK GROUP to SANOMA LEARNING

NPM Capital

On 11 December 2018, Sanoma Learning announced its intention to acquire the educational service provider Iddink Group (‘Iddink’) from its current owner, NPM Capital. The acquisition comprises all parts of the group in the Netherlands, Belgium and Spain. After the acquisition, Malmberg and Iddink Group will collaboratively develop integrated digital solutions to improve and personalise secondary and vocational education. The intended acquisition is subject to approval from the Dutch Authority for Consumers & Markets (ACM) and the works council of Iddink Group.

Iddink Group is best known as a distributor of learning tools and as the developer of the widely used student information systems Magister and Eduarte. In recent years, Iddink Group has built a strong position as a supplier of digital learning platforms. Finnish company Sanoma Learning is the owner of leading educational publishers in several different countries, including Malmberg in the Netherlands and VAN IN in Belgium.

NPM Capital acquired Iddink Group in 2014. Bart Coopmans, Managing Director of NPM Capital, said in a brief explanation about the intended sale: ‘From 2014 onwards we have supported Iddink in its ambition to grow and its digital transition, with a shared mission to help improve the education landscape. We are convinced that the company will be able to further accelerate its successful digital strategy under ownership of a strong strategic shareholder such as Sanoma Learning.’

 

Collaboration for the sake of better education

The acquisition of Iddink Group will enable Sanoma Learning to create the most user-friendly and inspirational digital learning solutions in collaboration with their intended users in the education sector, thereby allowing schools to make a breakthrough in personalised learning methods. Of course Iddink Group will continue its close collaboration with all publishers and its solutions and platforms will remain available across the market. The companies will operate as separate operational companies, whose non-exclusive collaboration remains open to all other providers of content and platforms.

 

History, experience and vision

Malmberg (established in 1885) and Iddink (established in 1922) share a long history and a common vision on the future of education. John Martin, CEO of Sanoma Learning, believes the two will complement each other well: ‘We offer tailored solutions for students and aim to unburden schools. We complement each other in the development of educational methods, platforms and services. We share a common goal: to offer the best personalised and affordable educational solutions.’

Malmberg and Iddink Group have been working together for many years, with developments in digital technology leading to an increasing amount of overlap in their services. ‘I am enthusiastic about the fact that we will now be able to really offer educational solutions that meet the needs of modern education,’ said Wijnand Spring in ’t Veld, CEO of Iddink Group. ‘Malmberg, VAN IN and Iddink Group will continue their independent operations in the Dutch and Flemish market, each with their own specific portfolio of products and services. By lowering the thresholds between publisher and service provider we can optimally address the wishes of teachers, school managers, students and their parents.’

 

About Sanoma Learning

Sanoma Learning is one of Europe’s leading learning companies. It supports over a million teachers in their efforts to enable every student to fully develop his or her talents. With over 1,400 employees in companies in the Netherlands, Belgium, Poland, Finland and Sweden, net sales totalled over €300 million in 2017. Sanoma Learning is a subsidiary of Sanoma Corporation, the Finnish learning and media company listed on Nasdaq Helsinki. In the Netherlands, Sanoma’s best-known subsidiary is Sanoma Media Netherlands, publisher of titles such as NU.nl, Donald Duck and Libelle.

 

About Iddink Group

Iddink Group operates in educational services in the Netherlands, Belgium and Spain. Through its three brands Iddink, Eduarte and Magister it offers digital learning environments, apps, and advanced learning tools and solutions that enable over two million users every day to develop their talents in a personalised manner. Also part of the Iddink Group is The Implementation Group (TIG), the leading business intelligence specialist for the education sector. The company employs over 300 people, more than half of the employees working in educational technology.

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KKR Backs Energy Savings Solutions with Investment in Singapore’s BBP

KKR

Investment Made as Part of Firm’s Impact Strategy Focused on Addressing Global Societal Challenges

SINGAPORE–(BUSINESS WIRE)–Dec. 12, 2018– Leading global investment firm KKR today announced an investment in Barghest Building Performance (“BBP” or the “Company”), a Singapore-based provider of energy savings solutions to Heating, Ventilation and Air Conditioning (“HVAC”) systems in commercial and industrial buildings. KKR will be investing up to S$45 million in the Company.

This press release features multimedia. View the full release here:https://www.businesswire.com/news/home/20181212005347/en/

BBP’s energy efficiency solution applies a combination of proprietary software, customized engineering, and equipment to deliver the same cooling load to sites while consuming up to 40% less energy. The solution is applicable for all central chiller plant systems, regardless of brand or age. BBP also supports its clients with continuous commissioning technologies and comprehensive asset management services that sustain the level of savings over long periods of time. BBP offers the solution on a yearly subscription based on 3rd party verified energy savings, eliminating the need for upfront investment costs by customers. The Company prides itself on minimizing operational risk and maximizing system availability. BBP has helped customers across Asia Pacific in commercial office space, hotels, district cooling and large complex industrial facilities such as semiconductor fabrication sites. Further details on the Company’s projects and customers can be found here.

“We invested in BBP because we share the passion of this dynamic, entrepreneurial team to build BBP into a pan-Asian energy solutions leader. We’re excited to be investors, and we’re equally excited to be customers as we believe that many of KKR’s portfolio companies will also benefit from BBP’s solutions,” said Ashish Shastry, KKR Member & Head ofSoutheast Asia.

“When we first set out to design a solution to improve energy efficiency in existing systems throughout Asia, we knew the impact could be quite large. Now with KKR and their resources onboard, we are thrilled knowing how much greater that impact can be – well beyond Asia – and we are greatly looking forward to working with KKR in accomplishing our mission,” said Poyan Rajamand, BBP Co-Founder and CEO.

For KKR, the investment is part of the firm’s Impact strategy, which is focused on identifying and investing behind businesses with positive social or environmental impact that measurably contribute solutions to one or more of the UnitedNations Sustainable Development Goals (“SDGs”).

“Our Global Impact team is focused on investing behind companies whose core commercial product or service addresses global environmental or social challenges. BBP contributes solutions to two of the United Nations SDGs – Affordable and Clean Energy, and Industry, Innovation and Infrastructure – with a business model meant to fundamentally change best practices for energy management. BBP’s motivation, as is ours, is to achieve meaningful and sustainable costs savings for customers directly alongside long-term and measurable environmental impacts for society,” said Robert Antablin and Ken Mehlman, Co-Heads of KKR Global Impact.

BBP currently operates across eight markets, including Southeast Asia, China, India and Taiwan, and is accredited by Singapore’s national government bodies such as the Infocomm Media Development Authority, National Environment Agency and Building and Construction Authority. Since its founding in 2012, the Company has received many accolades, most recently including recognition on The Peak’s Power List, ranked on the first-ever APAC 25 list, awarded IFMA Singapore’s FM Technology Provider of the Year, and honorable mention recipient for Best Practices at the 2017 and 2018 EENP Awards.

About KKR Impact

KKR’s Impact strategy focuses on identifying and investing behind global opportunities where financial performance and societal impact are intrinsically aligned – in other words, where there is no trade-off between impact outcomes and financial outcomes. Specifically, the strategy is focused on businesses providing commercial solutions that contribute measurable progress toward the SDGs.

Over the last decade, KKR has been a leader in driving and protecting value throughout the firm’s private markets portfolio through thoughtful Environmental, Social and Governance (“ESG”) management, as well as measuring and reporting on performance to the public and investors. The firm also has a history of investing in businesses that promote sustainable solutions to societal challenges. This experience of responsible investment combined with a changing landscape of global challenges led to KKR’s decision to create a dedicated Global Impact business in 2018. KKR’s Impact strategy will build on this experience.

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 BBP

Barghest Building Performance (“BBP”) provides energy savings solutions to Heating, Ventilation and Air Conditioning (HVAC) systems in commercial and industrial buildings. BBP uses sensors, software algorithms, equipment controls, and customized engineering design to seek to reduce electricity consumption in chiller systems. BBP currently operates within Southeast Asia, China, India and Taiwan.

Source: KKR

Media
KKR Asia
Cara Major
Cara.Major@KKR.com

KKR Americas
Kristi Huller
+1 212-750-8300
Media@KKR.com

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Trade Me and Apax Funds – scheme implementation agreement

Apax

Trade Me and Funds advised by Apax Partners enter scheme implementation agreement 

Trade Me has entered into a scheme implementation agreement under which funds advised by Apax Partners will acquire 100 percent of Trade Me shares for NZ$6.45 per share, subject to shareholder and Court approval.

This represents a 27 per cent premium to Trade Me’s one-month volume-weighted average price to 20 November 2018 , an implied equity value of NZ$2.56 billion, an enterprise value of NZ$2.74 billion and acquisition multiples of ~16.7x based on Trade Me’s underlying F18 EBITDA of NZ$164 million and ~19.7x based on underlying F18 EBIT of NZ$139 million.

Subject to an Independent Advisor’s report concluding that NZ$6.45 per share is within or above its valuation range, and in the absence of a superior proposal, the Trade Me Board unanimously recommends that Trade Me shareholders vote in favour of the scheme. Subject to those same qualifications, all directors intend to vote all Trade Me shares held or controlled by them in favour of the scheme.

Trade Me chairman David Kirk said: “The Apax Funds have increased their offer price since the indicative proposal, following the completion of their due diligence. After careful consideration, the Board has unanimously concluded that this offer is consistent with our efforts to deliver maximum value for shareholders.

“We’re confident Trade Me would have a successful standalone future, but we believe the certainty of the cash offer and material premium would be an attractive outcome and it merits being put to shareholders with our recommendation, in the absence of a superior proposal.”

The Board notes shareholders do not need to take any action at present, and currently expects the shareholder vote on the scheme to be held in April 2019.

Details of the scheme implementation agreement 

The scheme implementation agreement is publicly released alongside this announcement. It is subject to a limited number of customary conditions including:
· the approval of Trade Me shareholders and the High Court of New Zealand; and
· approval of the Overseas Investment Office.

It also contains usual termination rights for each party, including where various material adverse circumstances arise, or where a party is in material breach.

The scheme contains customary exclusivity provisions in favour of the Apax Funds, including “no shop, no talk, no due diligence” restrictions. These restrictions are subject to exclusions which permit the Trade Me Board to engage on a competing proposal which is (or is reasonably capable of becoming) a superior proposal, subject to notifications being made to Apax and to the Apax Funds’ right to match any such proposal. The agreement also sets out circumstances under which Trade Me may be required to pay the Apax Funds a NZ$19.2 million “break fee”.

Trade Me has been advised that the acquisition is expected to be funded with equity committed by the Apax Funds, and third party debt financing.

Indicative timetable and next steps 

A booklet containing information relating to the scheme, the Independent Advisor’s Report, the reasons for the directors’ unanimous recommendation and meeting information is currently expected to be mailed to Trade Me shareholders in March 2019.
The Board expects that Trade Me shareholders will have the opportunity to vote on the scheme at a meeting in April 2019. If all the conditions are satisfied, the scheme is expected to be implemented in the second quarter of 2019.

Note that these dates are indicative and subject to change.
Trade Me is being advised by Goldman Sachs.

ADDITIONAL INFORMATION:

About Apax Partners 
Apax Partners is a leading global private equity advisory firm. Over its more than 35-year history, Apax Partners has raised and advised funds with aggregate commitments in excess of $50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. The Apax Funds have a strong track record investing in online classified businesses, combining extensive digital investment expertise with deep operational value-add. These include Auto Trader, Trader Corporation, Boats Group, Idealista and SouFun. For more information see: www.apax.com.

CONTACTS:

Trade Me Media Contact 

Paul Ford, Trade Me | mediaenquiries@trademe.co.nz
(Please note that David Kirk and Jon Macdonald are unavailable for interviews.)

Apax Media Contacts

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

NZ Media: Geoff Senescall, Senescall Akers | +64 214 81234 | senescall@senescallakers.co.nz

USA Media: Todd Fogarty, Aduke Thelwell, Kekst | +1 212-521 4800 | apax@kekst.com

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

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3i to receive £77m in proceeds from refinancing of Aspen Pumps and distribution from Audley Travel

3I

3i-backed Aspen Pumps (“Aspen”) and Audley Travel (“Audley”) to return in aggregate £77m in cash to 3i Group plc (“3i Group”).

Aspen, the global leader in condensate pumps for air conditioning and refrigeration systems, has successfully completed a refinancing following the completion of the acquisition of Advanced Engineering, Aspen’s 5th bolt-on under 3i ownership.

3i Group plc will receive £52m from the transaction, representing more than 0.8x its original equity investment. This has been enabled by the significant growth and cash generation in the business, with revenues more than doubling since 3i’s investment in 2015. The refinancing ensures Aspen is well positioned to continue investing to further accelerate growth and deliver on its ambitious plans, both organically and through acquisitions, where it has a strong pipeline.

Audley, a leading provider of tailor-made experiential travel, has completed a £30m shareholder distribution funded by cash on balance sheet. 3i Group plc proceeds from this distribution are £25m. 3i invested in Audley in 2015 to build on its market-leading UK presence and support international growth, particularly in the US, where Audley has seen a 4x increase in bookings over the last 3 years.

Alan Giddins, Managing Partner and Head of Private Equity, commented:

“Aspen and Audley are both outstanding UK businesses, with leading market positions. Both companies have demonstrated strong organic earnings growth and cash conversion since our investments, which has enabled them to return cash to shareholders.

 

-Ends-

Download this press release   

 

For further information, contact: 

3i Group plc

Silvia Santoro

Shareholder enquiries

 Tel: +44 20 7975 3258

Email: silvia.santoro@3i.com
Kathryn van der Kroft

Media enquiries

 Tel: +44 20 7975 3021

Email: kathryn.vanderkroft@3i.com

 

 

Notes to editors:

About 3i Group

3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America. For further information, please visit: www.3i.com

About Aspen Pumps

Aspen Pumps is the global leader in the design, manufacture and assembly of condensate pumps focused on the air conditioning and refrigeration (“ACR”) sectors and is renowned for having the most reliable, installer friendly and innovative products. It also provides a range of market leading tools, rooftop mounting systems and accessories for ACR installers. For further information, please visit: https://www.aspenpumps.com

About Audley Travel

Audley is a leading provider of tailor-made experiential travel to over 80 destinations worldwide. Serving clients predominantly in the UK and US, Audley is renowned for its superior customer service and in-depth destination expertise delivered by its country specialists. For more information, please visit www.audleytravel.com

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