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Eurobio Scientific: EB Development obtains a significant majority of the capital with 88.9% held at the end of the Reopened Offer to continue its development with NextStage AM and IK Partners

IK Partners

Paris, 19 December 2024

Eurobio Scientific (FR0013240934, ALERS, PEA-PME eligible) and EB Development announce the final outcome of the takeover bid initiated by EB Development (the “Offer“), based on the results published on 18 December by the Autorité des marchés financiers (AMF) at the end of the reopening period of the Offer (the “Reopened Offer“).

644,911 ordinary shares were tendered to the Reopened Offer, which closed on 17 December 2024. These are in addition to the 4,582,971 ordinary shares tendered to the Initial Offer, giving a total of 5,227,882 ordinary shares tendered to the Offer, enabling EB Development, acting in conjunction with funds managed by NextStage AM and IK Partners, and Mr. Denis Fortier, Chairman and CEO, and other members of the Board of Directors and senior management of the Company ,[1] to hold, after assimilation of the treasury shares held by Eurobio Scientific (the “Company“), 9,113,592 shares representing 88.92% of the share capital and voting rights of the Company.

As the percentage of share capital and voting rights attained following the Reopened Offer is below the 90% threshold allowing the implementation of a squeeze-out procedure, the additional price of €1.25 per share will not be paid. Settlement and delivery will take place on 23 December 2024.

Denis Fortier, Chairman and CEO of Eurobio Scientific, said: “The results of the takeover bid give Eurobio Scientific the means to accelerate its development with the support of NextStage and now IK Partners, active shareholders who share our strategy and have a good knowledge of our in vitro diagnostics and intelligent health markets. We would like to thank our shareholders for their confidence and support in making this transaction a success.”

NextStage AM acquired a stake in Eurobio Scientific on 18 May 2022 through the creation of a joint holding company with the entrepreneurs called “EurobioNext”. NextStage AM invested in the company through the “Pépites et Territoires” programme by AXA France & NextStage AM and its NextStage EverGreen vehicle.  NextStage AM has supported Eurobio Scientific in structuring its management team and accelerating its external growth strategy, in particular, through significant M&A transactions (including the acquisition of the Dutch company GenDx, one of the world leaders in HLA typing for transplant compatibility, in August 2022).[2]

NextStage AM and IK Partners, as core shareholders, will continue to support the group’s team of entrepreneurs in this new stage of the Company’s growth.

Grégoire Sentilhes, Chairman and co-founder of NextStage AM, commented: “Since May 2022, the team of entrepreneurs led by Denis Fortier has accelerated the transformation of the group post-Covid, in particular through the acquisition of GenDx, by strengthening the part of its business dedicated to proprietary products. We are delighted to be pursuing the development of Eurobio Scientific, which has the potential to become a leading SME in its market, alongside IK Partners, a leading investor who shares our vision and entrepreneurial values.”

Rémi Buttiaux, Managing Partner at IK Partners, added: “Eurobio Scientific has established itself as a market leader in the field of in vitro diagnostics and we are looking forward to working closely with the management team, NextStage AM and other stakeholders to support this next phase of development for the business.”

Warning:

This press release has been prepared for information purposes only. It does not constitute an offer to purchase or exchange or the solicitation of an offer to sell or exchange any securities of Eurobio Scientific S.A. or an offer to purchase or exchange or the solicitation of an offer to sell or exchange any securities of Eurobio Scientific S.A. The release, publication or distribution of this press release may be restricted by law in certain jurisdictions and, accordingly, persons in possession of this press release in such jurisdictions should inform themselves of and observe any applicable legal restrictions. Investors and shareholders in France are strongly advised to read the Offer documents referred to in this announcement as they contain important information about the proposed transaction and other related matters. EB Development’s offer document and “other information” document are available on the websites of the AMF (www.amf-france.org) and Eurobio Scientific S.A. (www.eurobio-scientific.com) and may be obtained free of charge on request from EB Development (43, avenue de Friedland, 75008 Paris, Crédit Industriel et Commercial (6, avenue de Provence, 75009 Paris) and Degroof Petercam Wealth Management (44, rue de Lisbonne, 75008 Paris). Eurobio Scientific’s note in response and “other information” document are available on the AMF (www.amf-france.org) and Eurobio Scientific S.A. (www.eurobio-scientific.com) websites and may be obtained free of charge on request from Eurobio Scientific S.A. (7, avenue de Scandinavie, ZA de Courtaboeuf, 91953 Les Ulis). Neither Eurobio Scientific S.A., EB Development, nor their respective shareholders, advisers or representatives accept any liability whatsoever in connection with the use by any person of this press release or its contents, or more generally in connection with this press release.

[1] Denis Fortier (Chairman and Chief Executive Officer), Cathie Marsais (Chief Operating Officer), Olivier Bosc (Chief Operating Officer), Jean-Michel Carle-Grandmougin (Chief Operating Officer and member of the Board of Directors) and Hervé Duchesne de Lamotte (member of the Board of Directors).

[2] https://nextstage-am.com/eurobio-scientific-participation-de-nextstage-am-annonce-la-signature-dun-accord-en-vue-dacquerir-gendx-leader-mondial-du-diagnostic-hla-aux-pays-bas/

For further questions, please contact:

Eurobio Scientific Group
Denis Fortier, Chairman and CEO
Olivier Bosc, Managing Director / CFO
Tel. +33 1 69 79 64 80

Calyptus
Mathieu Calleux
Investor Relations
Tel. +33 1 53 65 68 68
eurobio-scientific@calyptus.net

NextStage AM
Ghita Farage – gf@nextstage.com – +33 6 10 50 32 56

Shan
Laurence Tovi – laurence.tovi@shan.fr – +33 6 20 58 29 02 / Lola Gozlan – lola.gozlan@shan.fr – +33 6 24 76 83 40 / Clara Flore – clara.flore@shan.fr – +33 6 16 04 64 33

IK Partners
Vidya Verlkumar – vidya.verlkumar@ikpartners.com – +44 (0) 7787 558 193

About Eurobio Scientific

Eurobio Scientific is a major player in the field of speciality in vitro diagnostics. It is involved in the research and marketing of diagnostic tests in the fields of transplantation, immunology and infectious diseases, and offers dedicated reagents to research laboratories, including pharmaceutical and biotechnology companies. With its many partnerships and strong hospital presence, Eurobio Scientific has its own extensive distribution network and a portfolio of proprietary products. The Group has around 320 employees, four production units based in the Paris region, Germany, the Netherlands and the United States, and subsidiaries in Milan (Italy), Dorking (UK), Sissach (Switzerland), Bünde (Germany), Antwerp (Belgium) and Utrecht (Netherlands).

For more information, visit www.eurobio-scientific.com

Eurobio Scientific shares are listed on Euronext Growth Paris.
Euronext Growth BPI Innovation, PEA-PME 150 and Next Biotech indices, Euronext European Rising Tech label.mnemonic: ALERS – ISIN Code: FR0013240934 – Reuters: ALERS.PA – Bloomberg: ALERS:FP

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About EB Development

EB Development is the initiator of the Offer and intends to bring together in its capital, directly or indirectly, funds managed by IK Partners and Eurobio Scientific’s reference shareholders, including Nextstage and the Company’s managers and directors.

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About NextStage AM

NextStage AM is an independent asset management company based in Paris and approved by the AMF. Since its inception in 2002, NextStage AM has cultivated an “entrepreneur-investor” philosophy and is one of the pioneers and specialists in innovative and patient growth capital in France. NextStage AM has developed, step by step, a multi-strategy private equity platform which, in terms of assets under management and advised, represents more than €8.7 billion as at 30 September 2024, both directly and indirectly. NextStage AM invests in a limited number of French and European innovative and growth SMEs and ETIs (81 companies in the portfolio on 30/09/2024), to which it provides entrepreneurial investor expertise and strong operational support to ensure their successful transformation. NextStage AM provides long-term support to SMEs and SMIs involved in intelligent healthcare, environmental and energy innovation and digital transformation. It provides them with the means to accelerate their development and their capacity for innovation in order to become the “Champions” of their markets, both in France and internationally, through organic and/or external growth. For more information, visit nextstage-am.com

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About IK Partners

IK Partners (“IK”) is a European private equity firm focusing on investments in the Benelux, DACH, France, the Nordic countries and the UK. Since 1989, IK has raised over €17 billion of capital and invested in more than 195 European companies. IK supports companies with strong underlying potential, working in partnership with management teams and investors to create strong, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com

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Citation welcomes new investment from HarbourVest Partners supporting its growth as a global provider of SME compliance and certification solutions

HG Capital

London, UK – December 18, 2024: The Citation Group (Citation), an international provider of tech-enabled compliance and certification solutions to small to medium-sized enterprises (SMEs), today announce that they have welcomed HarbourVest Partners (HarbourVest), a global private markets investment manager, as a new investor in the business. This new chapter of investment will see HarbourVest join forces with the management team and current majority investors, KKR and Hg, to bolster Citation’s international growth trajectory – organically, through product development in AI and through strategic acquisitions.

Citation supports SMEs in the UK, Canada, and Australia, acting as a critical partner for over 110,000 SMEs businesses navigating the complexities of HR, Health and Safety, and Quality Certifications.

Chris Morris, CEO of Citation, said: “We’re thrilled to welcome HarbourVest as our new strategic partner. Their expertise, along with the continued support from Hg and KKR, will be instrumental as we pursue our vision of simplifying compliance for SMEs globally. Our focus remains on providing peace of mind to business owners, allowing them to concentrate on growing their enterprises, while we protect their people, their businesses and their reputations.”

This transaction follows a period of sustained and rapid growth at Citation, in which the Group has benefited from its leading quality and the breadth of its mission-critical compliance solutions, as well as its hybrid approach in leveraging both software and services to optimally serve its customers’ compliance needs. In the last four years, Citation has entered Canada and Australia – now jointly representing >20% of revenue, and consistently stayed in excess of “rule of 40” economics.

Gonçalo Faria Ferreira, Managing Director at HarbourVest, said: “We are excited to become a strategic partner to Citation, joining Hg and KKR to support the Group’s continued growth. Having followed the business for several years, we are impressed by what Chris and his team have achieved. We see strong potential for the business going forward as it continues its mission to simplify compliance for SMEs.”

Joris Van Gool and Nick Jordan, Partners at Hg, said: “Citation stands as a testament to what can be achieved with the right team, technology and strategic partners. The addition of HarbourVest to the fold marks an exciting new phase for Citation, as we continue to unlock the immense potential within the SME compliance space.” Hans Arstad and Rami Bibi, Managing Directors in KKR’s European Private Equity and Global Impact teams, added, “We’re excited to welcome HarbourVest as Citation continues its strong growth under Chris and the team. Together, we’ll further expand Citation’s reach and enhance its offering through strategic acquisitions and innovation, positioning the business for continued success.”

The transaction details have not been disclosed. Jefferies International acted as financial advisors to Citation Group, Hg and KKR.

For further inquiries, please contact:

Citation:
Stephanie Beane
Email: stephaniebeane@citation.co.uk

HarbourVest:
Andrew Hopkins
Email: ahopkins@harbourvest.com

Hg:
Tom Eckersley
Email: tom.eckersley@hgcapital.com

KKR:
Annabel Arthur
Email: annabel.arthur@kkr.com

About Citation

Citation is a leading provider of tech-enabled compliance (HR, Health and Safety) and certification subscription solutions to SMEs in the UK, Canada, and Australia/New Zealand. Serving a diverse customer base, Citation provides its customers with a suite of software tools and services, supporting businesses both on a day-to-day basis, as well as in their moment of need. Its offering allows customers to operate with confidence in compliance and certification matters, while being a cost-effective alternative to professional services, and a more holistic solution compared to software-only solutions.

About HarbourVest

HarbourVest is an independent, global private markets firm with over 42 years of experience and more than $132 billion of assets under management as of June 30, 2024. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. Our strengths extend across strategies, enabled by our team of more than 1,200 employees, including more than 245 investment professionals across Asia, Europe, and the Americas. Across our private markets platform, our team has committed more than $59 billion to newly-formed funds, completed over $58 billion in secondary purchases, and invested over $41 billion in direct operating companies. We partner strategically and plan our offerings innovatively to provide our clients with access, insight, and global opportunities.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com

About Hg

Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers. This industry is characterised by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well. With a vast European network and strong presence across North America, Hg’s 400 employees and around $75 billion in funds under management support a portfolio of around 50 businesses, worth over $160 billion aggregate enterprise value, with around 110,000 employees, consistently growing revenues at more than 20% annually.

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Blackstone Cements Position as a Leading Foreign Hotel Investor in Japan, Adds Three Hotels to Portfolio

Blackstone

TOKYO – December 19, 2024 – Blackstone (NYSE: BX) announced that Real Estate funds managed by Blackstone (“Blackstone”) have entered into definitive agreements to acquire three hotels in Osaka and Okinawa – Ritz Carlton Okinawa, Kise Beach Palace, and Nest Hotel Osaka. With these investments, Blackstone will have a sizeable $1.3 billion hotel portfolio in Japan, consisting of high-quality properties across some of the country’s top tourist destinations including Tokyo, Kyoto, Osaka, Okinawa, and Fukuoka, and cementing its position as one of the largest foreign hospitality investors in the market.

Daisuke Kitta, Head of Real Estate Japan, Blackstone, said: “We have been one of the most active investors in Japan hotels in the past three years, anchored by our high conviction in hospitality and leisure as an investment theme globally. Japan is experiencing strength in both inbound tourism and domestic travel, supported by its robust economic growth. We will apply our operational expertise and use the full breadth and depth of our global resources to support these hotels for long-term success.”

In the last three years, Blackstone has acquired or signed to buy nearly 20 hotels including an eight-hotel portfolio from Kintetsu Group Holdings.

Jeremy Bleackley, a Managing Director in Blackstone Real Estate, said: “We are pleased to expand our hotel portfolio in some of Japan’s most vibrant markets – Osaka and Okinawa. We’ll continue our work of building these properties into destinations for dining, leisure, and entertainment, and support the growth of these hotels and the local economies in Japan.”

The three hotels include Ritz Carlton Okinawa, a luxury resort surrounded by an 18-hole championship course overlooking the ocean; the Kise Beach Palace, a beach-front resort; and Nest Hotel Osaka, which sits within 5-minute walking distance to Osaka’s center of retail and entertainment district.

Japan’s tourism industry achieved a new record this year, with foreign visitor spending from January to September reaching JPY 5.8 trillion, surpassing last year’s full-year record. In July, the number of international visitors reached a record-high of nearly 3.3 million for a single month, increasing by more than 10% compared to the same month in 2019. The Japan Tourism Agency expects this trend to continue, with the number of visitors for 2024 expected to hit a record of 35 million.
 
About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1.1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Media Contact
Mariko Sanchanta
mariko.sanchanta@blackstone.com
+852 9012 5314

Kekst CNC
blackstone@kekstcnc.com
090-3239-9348

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KKR Extends Second Tender Offer for FUJI SOFT

KKR

Board of FUJI SOFT Unanimously Supports KKR Second Tender Offer and Recommends Tender

TOKYO–(BUSINESS WIRE)– KKR, a leading global investment firm, announced today that in connection with the Second Tender Offer in its two-stage tender offer scheme (the “Tender Offer”) for the common shares and share options of FUJI SOFT INCORPORATED (“FUJI SOFT” or the “Company”; TSE stock code 9749) through FK Co., Ltd. (the “Offeror”), an entity owned by investment funds managed by KKR, the Offeror has submitted an amendment statement (“Amendment Statement”) to the Tender Offer Registration Statement that was submitted on November 20, 2024.

The Amendment Statement was submitted due to the Offeror’s decision to extend the end date of the tender offer period for the Second Tender Offer from December 19, 2024 to January 9, 2025. The tender offer price per common share will remain at 9,451 yen, and there is no change to the price that is being considered.

The extension of the tender offer period is intended to allow the Company’s shareholders and share option holders to make a considered decision, in light of the fact that as of December 19, 2024, the market price of the Company’s shares has stayed above the Second Tender Offer price due to the following announcements:

  • Bain Capital’s “Notice Regarding Changes to the Terms and Conditions of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code 9749)” on December 11, 2024;
  • FUJI SOFT’s “Notice Regarding the Opinion (in Opposition) of the Board of Directors of the Company on the Tender Offer for the Company Share Certificates by BCJ-88 Co., Ltd.” on December 17, 2024;
  • Bain Capital’s “Notice Regarding Changes to the Terms and Conditions of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code 9749) (Waiver of Conditions Precedent Regarding the Affirmative Opinion, Etc.)” on December 18, 2024; and
  • Changes to the terms of Bain Capital’s tender offer proposal.

FUJI SOFT’s Board of Directors resolved on December 17, 2024 to express its opinion of continued support for KKR’s Second Tender Offer, and to recommend the shareholders and share option holders of the Company tender their shares and options, and to express its opinion in opposition of the tender offer by Bain Capital. The Board stated the following main reasons for opposing the tender offer proposal by Bain Capital:

  • Bain Capital’s proposal carries the risk of deadlock among major shareholders with respect to special resolutions of shareholders and would not contribute to the improvement of corporate value; and
  • Bain Capital’s proposal is inferior to KKR’s proposal in quantitative terms, given that the price premium is incommensurate with the at least three-month delay required by Bain Capital’s tender offer compared to KKR’s Second Tender Offer.

In addition, the Board of Directors considered important factors including:

  • Bain Capital’s failure to comply with the Company’s information destruction request and its actions may constitute a violation of its non-disclosure agreement with the Company;
  • The possibility that Bain Capital’s proposal dated December 11 may be withdrawn; and
  • Bain Capital’s “inadequate response”1 to the issue of coerciveness in its proposal.

FUJI SOFT also recognized that by changing the terms of its tender offer on December 18, 2024 and waiving the support of the Board of Directors of the Company as a condition precedent to commencement of the tender offer and setting a maximum number of shares to be purchased at 31,444,443 shares (ownership ratio: 49.89%), Bain Capital’s tender offer is no longer intended to take the Company private and has changed into a “hostile partial tender offer with the aim of seizing control of the company,” and this proposal is a violation of Bain Capital’s confidentiality agreement with FUJI SOFT as outlined above.

KKR continues to have strong regard for FUJI SOFT’s growth potential and intends to leverage KKR’s global network and resources and work together with FUJI SOFT’s management and employees to provide better services and solutions for customers and achieve further business growth and value creation for FUJI SOFT after the privatization. This will create value for stakeholders, including management, employees, and customers.

For details on the Amendment Statement, please refer to the release issued by the Offeror today titled “(Amendment) Notice Regarding Amendment to “Notice Regarding the Commencement of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749) by FK Co., Ltd.” Following Submission of Amendment Statement to the Tender Offer Registration Statement by FK Co., Ltd.”

***

This press release should be read in conjunction with the release issued by the Offeror titled “(Amendment) Notice Regarding Amendment to “Notice Regarding the Commencement of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749) by FK Co., Ltd.” Following Submission of Amendment Statement to the Tender Offer Registration Statement by FK Co., Ltd.”

The purpose of this press release is to publicly announce an extension to the tender offer period for the Second Tender Offer and it has not been prepared for the purpose of soliciting an offer to sell or purchase in the Tender Offer. When making an application to tender, please be sure to read the relevant Tender Offer Explanatory Statement for the Tender Offer and make your own decision as a shareholder or share option holder. This press release does not constitute, either in whole or in part, a solicitation of an offer to sell or purchase any securities, and the existence of this press release (or any part thereof) or its distribution shall not be construed as a basis for any agreement regarding the Tender Offer, nor shall it be relied upon in concluding an agreement regarding the Tender Offer.

The Tender Offer will be conducted in compliance with the procedures and information disclosure standards set forth in Japanese law, and those procedures and standards are not always the same as the procedures and information disclosure standards in the U.S. In particular, neither sections 13(e) or 14(d) of the U.S. Securities Exchange Act of 1934 (as amended; the same shall apply hereinafter) or the rules under these sections apply to the Tender Offer; and therefore the Tender Offer will not be conducted in accordance with those procedures and standards.

Unless otherwise specified, all procedures relating to the Tender Offer are to be conducted entirely in Japanese. All or a part of the documentation relating to the Tender Offer will be prepared in English; however, if there is any discrepancy between the English-language documents and the Japanese-language documents, the Japanese-language documents shall prevail.

This press release includes statements that fall under “forward-looking statements” as defined in section 27A of the U.S. Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934. Due to known or unknown risks, uncertainties or other factors, actual results may differ materially from the predictions indicated by the statements that are implicitly or explicitly forward-looking statements. Neither the Offeror nor any of its affiliates guarantee that the predictions indicated by the statements that are implicitly or expressly forward-looking statements will materialize. The forward-looking statements in this press release were prepared based on information held by the Offeror as of today, and the Offeror and its affiliates shall not be obliged to amend or revise such statements to reflect future events or circumstances, except as required by laws and regulations.

The Offeror, its financial advisors and the Tender Offer agent (and their respective affiliates) may purchase the common shares and share options of FUJI SOFT, by means other than the Tender Offer, or conduct an act aimed at such purchases, for their own account or for their client’s accounts, in the scope of their ordinary business and to the extent permitted under financial instrument exchange-related laws and regulations, and any other applicable laws and regulations in Japan, in accordance with the requirements of Rule 14e-5(b) of the U.S. Securities Exchange Act of 1934. Such purchases may be conducted at the market price through market transactions or at a price determined by negotiations off-market. In the event that information regarding such purchases is disclosed in Japan, such information will also be disclosed on the English website of the person conducting such purchases (or by any other method of public disclosure).

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

_________________________
1 As explained on point (5) on page 22 of FUJI SOFT’s statement dated December 17, 2024: https://www.fsi.co.jp/company/news/2024/20241217.pdf

For more information, please contact:

Media Contact

KKR Asia Pacific
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

Source: KKR

 

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Axel Springer Announces Signing of Definitive Agreement on New Corporate Structure to Unlock Future Growth Potential

KKR

Berlin, 19 December, 2024 – Axel Springer SE (“Axel Springer”) today announced the signing of a definitive agreement to create a new corporate structure with a focused media company and separately held classifieds businesses. Following the initial announcement on 19 September, this marks the next milestone in the transition, positioning all businesses for optimal future growth potential and success in their respective markets.

As previously announced, all of Axel Springer’s news businesses – BILD, BUSINESS INSIDER, POLITICO, WELT, Morning Brew, Dyn Media, EMARKETER, and the joint venture Ringier Axel Springer Poland – will remain within Axel Springer. In addition to idealo and Bonial, Awin will also remain within Axel Springer’s digital marketing media portfolio to continue its ongoing and successful transformation to a MarTech company.

Friede Springer and Mathias Döpfner will together hold close to 98 percent of the company. Axel Sven Springer, one of the grandchildren of the company founder, will retain the remaining shares – a portion of his previous minority shareholding. This makes Axel Springer a fully family owned and operated media company for the first time since the company’s IPO back in 1985.

The classifieds businesses – the Stepstone Group and AVIV Group – will be held as separate joint venture companies with KKR and CPP Investments as majority shareholders, Axel Springer as minority co-shareholder (approximately 10 percent), and with an economic participation by the grandchildren of Axel Springer.

The classifieds businesses will continue to independently pursue their respective growth strategies, with strong strategic support from KKR and CPP Investments. Following significant platform and technology investments over the past five years, the businesses are expected to drive increased product innovation to continue providing market leading services for customers.

The new corporate structure will allow Axel Springer to continue focusing on its mission: shaping the future of independent journalism supported by Artificial Intelligence. As a privately owned and operated media company, Axel Springer will be debt-free, making it well-positioned to further strengthen its market position and pursue long-term growth opportunities and investments in alignment with its entrepreneurial vision.

The transaction is expected to close in Q2 2025, subject to regulatory approvals.

— Ends —

For further information, please contact:

 

Axel Springer

Peter Huth

peter.huth@axelspringer.com

KKR

Annabel Arthur

media@kkr.com

CPP Investments

Steve McCool

smccool@cppib.com

About Axel Springer

Axel Springer is an international media and technology company. By providing information across its diverse media brands (among others BILD, WELT, Business Insider, POLITICO) and classifieds (The Stepstone Group and AVIV Group) Axel Springer empowers people to make free decisions for their lives.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2024, the Fund totalled C$675.1 billion. For more information, please visit  www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

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NO.1 ST MICHAEL’S FULLY LET AHEAD OF CONSTRUCTION COMPLETING

KKR

Development is the city’s largest speculative office building in 15 years to be fully let prior to completion.

Manchester, 19 December 2024 – No.1 St Michael’s has reaffirmed its position as the best new office development outside London by achieving fully-let status ahead of construction completing.

It is the first time in 15 years a speculative office building of this scale in Manchester has been fully let prior to practical completion.

Since construction commenced on the 100% speculative development in 2022, Relentless Developments has secured six office tenants and three F&B operators – setting a new headline rent for offices in the city on three occasions.

The multi-let nature of No.1 St Michael’s presents a perfect tenant mix of national and international occupiers from the legal, market intelligence, technology, AI and media sectors. While the F&B provision will see three iconic brands open their first UK venues outside London.

Set to open for business in late spring 2025, the development will become the city’s first fully-let Net Zero Carbon commercial development both in operation and delivery. It has been brought to the market through a joint venture between Relentless and leading global investment firm KKR, and with the full support of Manchester City Council.

Bowmer and Kirkland commenced construction of the building in January 2022 with leasing consultants,  OBI Property, CBRE and Metis Real Estate instructed to support Relentless with letting the commercial space. Kuits Solicitors has provided legal advice.

Gary Neville, Director at Relentless Developments, said: “It was a huge leap of faith to speculatively-build a development in excess of 200k sq ft but we’ve always been confident in our ambition for the building. We spent a great deal of time understanding what modern occupiers want from an office and ensured we carefully selected the right amenities and F&B operators into the development. We also recognised sustainability was crucial and invested heavily in time and capital to ensure our ESG credentials met the aspirations of our tenants.

“Achieving fully-let status ahead of completion is thanks in no small part to the world-class partners we’ve had supporting us along the way; KKR and Manchester City Council for remaining committed to our vision, our tenacious agent partners for marketing the scheme’s potential and B&K for the beautiful building we’ve created. I’d also like to thank all our tenants for their trust in our ability to set new standards in quality, aesthetic and experience for office working here in Manchester.”

Nicky Barker, Head of Asset Management in KKR’s European Real Estate team, said: “In today’s market, top tenants expect world-class sustainability, a prime location and distinctive amenities – these have become crucial drivers of long-term value. This was the vision we shared with Relentless when collaborating on the development of St. Michael’s, a vision now affirmed by the project’s success in setting new benchmarks for Manchester’s real estate market.”

A further 80k sq ft of office space will be available at No. 2 St Michael’s and is set to be launched imminently. Enquiries should be sent via st-michaels.com/enquiries

About Relentless Developments

Relentless Developments is a property development company led by Anthony Kilbride and Gary Neville. Projects to-date include Hotel Football in Old Trafford and the Stock Exchange Hotel in the city centre.

15 years in the making, St Michael’s is Relentless Developments’ most ambitious development to date. The fully Net Zero development will set new sustainability standards, targeting NABERS 5* and BREEAM Outstanding. The £400m regeneration project is supporting 6,000 new, construction and operational jobs and will bring an estimated £300m of benefit to public sector finances.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media enquiries: lisa@truth-pr.co.uk

 

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Aiwyn Secures $113M in Funding from KKR and Bessemer Venture Partners to Revolutionize Firm Operations and Tax Technology for Leading CPA Firms

KKR

CHARLOTTE, N.C.–(BUSINESS WIRE)–Aiwyn, a trusted technology partner for top Certified Public Accounting (“CPA”) firms, today announced the successful close of a $113M funding round. This landmark investment, led by leading global investment firm KKR and Bessemer Venture Partners underscores Aiwyn’s leadership in the accounting technology sector.

Today, Aiwyn serves 130 of the top 500 CPA firms as a leading provider of automation software designed to streamline the full revenue management lifecycle for accounting firms. Aiwyn’s current product creates an exceptional client experience for CPA firms by automating manual payments and collections workstreams and reconciling payments and invoices for both CPAs and their end-clients.

“Aiwyn is committed to empowering CPA firms to elevate their operations and client relationships,” said Justin Adams, Chairman & CEO of Aiwyn. “With this investment, we are poised to redefine how firms manage their operations from the CRM to the General Ledger while setting a new benchmark for client experiences. For too long, firms have had to decide between a legacy vendor or modern point solutions. We are proud that Aiwyn is a trusted platform for CPA firms.”

The new funding will support Aiwyn’s vision to evolve its payments and collections suite into a comprehensive practice management platform. This includes the creation of the industry’s first universal client experience portal, enabling CPA firm clients to access all their engagements in one seamless interface. The investment will also enable Aiwyn to accelerate product development, bringing the full capabilities of AI and cloud technologies to the sector by building out both a comprehensive practice management platform as well as a cutting-edge tax solution that is currently in development.

“The accounting industry represents a large market that has long been served by legacy players. Aiwyn is solving a clear functionality gap in the market with a solution that is easily adopted and rapidly delivers tangible enhancements to the customer experience, most noticeably through significant reductions in days sales outstanding,” said Jackson Hart, a Principal on KKR’s Technology Growth team.

“We were also impressed by Aiwyn’s Net Promoter Score, which is a testament to the unmatched value Aiwyn delivers to their clients, as well as the deep trust they’ve earned in the market. We believe Aiwyn is well-positioned to continue to improve the lives and operations of their customers as they transform the way leading CPA firms do business,” added Ben Pederson, a Director on KKR’s Technology Growth team.

Jeremy Levine, Partner at Bessemer, said: “Aiwyn’s product suite is already quite impressive, but the company is really just getting started on its quest to deliver compelling technology to the accounting industry.“

This funding round highlights the alignment of Aiwyn’s mission to empower accountants with the tools they need to thrive. By offering scalable, future-proof solutions, the company aims to shape the future of firm operations and tax technology and put trust into technology for firms and their clients.

KKR is funding this investment primarily from its Next Generation Technology III Fund.

Cooley LLP served as legal advisor to Aiwyn, Latham & Watkins LLP served as legal advisor to KKR and Arnold & Porter Kaye Scholer LLP served as legal advisor to Bessemer.

Contacts

Media
Aiwyn
Lauren Jennings
lauren.jennings@aiwyn.ai

KKR
Liidia Liuksila or Emily Cummings
media@KKR.com

Bessemer
Amie Rubenstein
press@bvp.com

 

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Citation welcomes new investment from HarbourVest Partners supporting its growth as a global provider of SME compliance and certification solutions

KKR
  • HarbourVest Partners joins forces with Hg and KKR to propel Citation’s growth ambitions, international expansion and innovation in AI.
  • The strategic partnership will back CEO Chris Morris and his team as they continue to support the compliance needs of over 110,000 SME customers across the UK, Australia and Canada.

London, UK – 19 December, 2024 – The Citation Group (Citation), an international provider of tech-enabled compliance and certification solutions to small to medium-sized enterprises (SMEs), today announce that they have welcomed HarbourVest Partners (HarbourVest), a global private markets investment manager, as a new investor in the business. This new chapter of investment will see HarbourVest join forces with the management team and majority investors, KKR and Hg, to bolster Citation’s international growth trajectory – organically, through product development in AI and through strategic acquisitions.

Citation supports SMEs in the UK, Canada, and Australia, acting as a critical partner for over 110,000 SMEs businesses navigating the complexities of HR, Health and Safety, and Quality Certifications.

Chris Morris, CEO of Citation, said: “We’re thrilled to welcome HarbourVest as our new strategic partner. Their expertise, along with the continued support from Hg and KKR, will be instrumental as we pursue our vision of simplifying compliance for SMEs globally. Our focus remains on providing peace of mind to business owners, allowing them to concentrate on growing their enterprises, while we protect their people, their businesses and their reputations.”

This transaction follows a period of sustained and rapid growth at Citation, in which the Group has benefited from its leading quality and the breadth of its mission-critical compliance solutions, as well as its hybrid approach in leveraging both software and services to optimally serve its customers’ compliance needs. In the last four years, Citation has entered Canada and Australia – now jointly representing c.20% of revenue, and consistently stayed in excess of “rule of 40” economics.

Gonçalo Faria Ferreira, Managing Director at HarbourVest, said: “We are excited to become a  strategic partner to Citation, joining Hg and KKR to support the Group’s continued growth. Having followed the business for several years, we are impressed by what Chris and his team have achieved. We see strong potential for the business going forward as it continues its mission to simplify compliance for SMEs.”

Joris Van Gool and Nick Jordan, Partners at Hg, said: “Citation stands as a testament to what can be achieved with the right team, technology and strategic partners. The addition of HarbourVest to the fold marks an exciting new phase for Citation, as we continue to unlock the immense potential within the SME compliance space.” Hans Arstad and Rami Bibi, Managing Directors in KKR’s European Private Equity and Global Impact teams, added, “We’re excited to welcome HarbourVest as Citation continues its strong growth under Chris and the team. Together, we’ll further expand Citation’s reach and enhance its offering through strategic acquisitions and innovation, positioning the business for continued success.”

The transaction details have not been disclosed. Jefferies acted as financial advisors to Citation Group, Hg and KKR.

For further inquiries, please contact:

Citation:
Stephanie Beane
Email: stephaniebeane@citation.co.uk

Harbourt:
Andrew Hopkins
Email: ahopkins@harbourvest.com

Hg:
Tom Eckersley
Email: tom.eckersley@hgcapital.com

KKR:
Annabel Arthur
Email: annabel.arthur@kkr.com

About Citation
Citation is a leading provider of tech-enabled compliance (HR, Health and Safety) and certification subscription solutions to SMEs in the UK, Canada, and Australia/New Zealand. Serving a diverse customer base, Citation provides its customers with a suite of software tools and services, supporting businesses both on a day-to-day basis, as well as in their moment of need. Its offering allows customers to operate with confidence in compliance and certification matters, while being a cost-effective alternative to professional services, and a more holistic solution compared to software-only solutions.

About HarbourVest
HarbourVest is an independent, global private markets firm with over 42 years of experience and more than $132 billion of assets under management as of June 30, 2024. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. Our strengths extend across strategies, enabled by our team of more than 1,200 employees, including more than 245 investment professionals across Asia, Europe, and the Americas. Across our private markets platform, our team has committed more than $59 billion to newly-formed funds, completed over $58 billion in secondary purchases, and invested over $41 billion in direct operating companies. We partner strategically and plan our offerings innovatively to provide our clients with access, insight, and global opportunities.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com

About Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers. This industry is characterised by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well. With a vast European network and strong presence across North America, Hg’s 400 employees and around $75 billion in funds under management support a portfolio of around 50 businesses, worth over $160 billion aggregate enterprise value, with around 110,000 employees, consistently growing revenues at more than 20% annually. https://hgcapital.com/

 

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KKR Invests in Leading Internet Restaurant Company Rebel Foods

KKR
  • Transaction marks KKR’s latest growth equity investment in India

MUMBAI, India–(BUSINESS WIRE)– Rebel Foods, a leading internet restaurant company, and global investment firm KKR today announced the completion of an investment in Rebel Foods by affiliates of KKR. Through this transaction, KKR will support the Company’s growth, including its expansion in India and the Middle East and adding more food and beverage brands into its portfolio.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241218686026/en/

Founded in 2011 as a quick service restaurant, Rebel Foods is today the world’s largest multi-brand cloud kitchen platform, with 450 cloud kitchens serving a network of more than 5,000 internet restaurants in more than 70 cities across India, the UAE, and the UK, and more than two million customers globally. Rebel Foods uses a proprietary technology stack to deliver on end-to-end food orders, demand forecasting, brand launches and customer insights for multiple food and beverage brands. Over the years, Rebel Foods has built a comprehensive ecosystem of brands, including Faasos, Behrouz Biryani, Oven Story Pizza, Lunchbox, The Good Bowl, Sweet Truth, and Wendy’s, among others.

Jaydeep Barman, Co-founder and CEO of Rebel Foods, said, “We are happy to welcome KKR as a strategic partner in our journey. Their investment is a testament to the inroads we have made towards our vision of building a stronger platform, expanding our portfolio of brands, scaling our omnichannel presence, and achieving operational excellence on a global scale. We look to tap into KKR’s deep experience and global expertise to supercharge our continued growth. As we continue to scale, our focus remains firmly on innovation, sustainability, and delivering long-term value for our customers and stakeholders.”

Akshay Tanna, Partner and Head of India Private Equity, KKR, said, “We are pleased to invest in Rebel Foods, the largest cloud kitchen operator and brand owner, using technology to deliver a range of cuisines and culinary experiences to consumers. We look forward to leveraging our global network and local knowledge, and operational and technology expertise to further scale the company’s ability to expand its portfolio and deliver novel products to meet consumers’ evolving preferences.”

This transaction marks KKR’s latest investment in India made from its Asia Next Generation Technology strategy, which seeks to support the growth of innovative, disruptive companies in Asia Pacific across consumer technology, software, and FinTech.

KKR’s other growth equity investments in Asia Pacific include SmartHR, a cloud-based HR management software in Japan; MUSINSA, an online fashion platform in Korea; Advanced Navigation, a developer of AI robotics and navigation technology in Australia; Privy, a digital trust provider in Indonesia; KiotViet, a merchant platform for SMEs (small and medium-sized enterprises) in Vietnam; and GrowSari, a B2B e-commerce platform serving SMEs in the Philippines.

Avendus Capital acted as the exclusive financial advisor to Rebel Foods on this transaction.

****

About Rebel Foods

Rebel Foods is the world’s leading internet restaurant company and home to brands including Faasos, Behrouz Biryani, Oven Story Pizza, The Good Bowl, Sweet Truth, and Wendy’s. With over 450 kitchens across 70 cities, Rebel Foods has developed its full-stack technology – Rebel OS – through which multiple Rebel brands are launched and scaled up in a very short period. Through the Rebel Launcher, powered by Rebel OS, Rebel has launched over 25+ brands and expanded across the country. Rebel Foods currently operates 45+ brands across multiple countries – India, the United Arab Emirates (Dubai, Abu Dhabi, Sharjah) and the United Kingdom.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media Inquiries
For Rebel Foods
Kruttik Parekh
+91 97 6999 2707
Kruttik.parekh@rebelfoods.com

For KKR
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

Source: KKR

 

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Bridgepoint partners with Surikat, a leading SaaS provider of Supply Chain Solutions

Bridgepoint

Bridgepoint has announced its partnership together with the CEO and founder of Surikat, a leading provider of software solutions for the maritime and logistics sectors. The investment was made via Bridgepoint Growth II (BG II), its small-cap fund focused on supporting the continued global growth of dynamic, rapidly growing businesses across Europe and North America.

Surikat, headquartered in Gothenburg, Sweden, develops innovative software solutions for land-based and maritime logistics, addressing the complex needs of ports, terminals, and transportation operators globally. The partnership announced today positions Surikat for accelerated expansion and continued leadership on innovation within its market and reflects Bridgepoint’s commitment to supporting companies making use of technology to achieve transformational growth, with strong business models and profitability.

Surikat’s SaaS solutions are centred on its market-leading Terminal Operating System (TOS) and Transport Management System (TMS), which deliver real-time visibility, automation, and operational efficiency. Serving over 35 countries, Surikat has an impressive client portfolio, including Stena Line, P&O Ferries, and Kuehne+Nagel. The company’s highly scalable platform integrates seamlessly into clients’ IT ecosystems, driving measurable ROI while supporting safety and regulatory compliance with key stakeholders.

International demand for modern software solutions in ports and logistics is expanding rapidly, with the global addressable market forecasted to continue to grow at high double-digit rates annually for TOS and transport visibility solutions. This growth is underpinned by increasing adoption of cloud-based systems, regulatory demands, and a global push for greater transparency across supply chains. Surikat has already established itself as a trusted and leading provider in the high-growth niche of mission-critical logistics software for maritime and land based terminals, with an impressive 31% revenue CAGR from 2021 to 2024.

Under the leadership of CEO Andreas Karlsson, who will remain as a significant shareholder alongside Bridgepoint, Surikat will continue to pursue an ambitious growth strategy. Leveraging the depth of sector expertise across Bridgepoint’s global office network, Surikat will expand its presence across new geographies, further enhance its industry-leading software platform, and scale its operations, targeting adjacent markets such as intermodal and inland terminals as well as entry into additional high value geographies such as North America. Bridgepoint will provide strategic guidance and resources to reinforce Surikat’s scalability and position as a preeminent provider in the logistics software sector.

Andreas Karlsson, CEO of Surikat, added:

“Surikat has achieved remarkable profitable growth to date by consistently delivering premium, reliable, and highly innovative mission-critical software for our clients in the maritime and logistics sectors. This partnership with Bridgepoint marks the next exciting chapter in our journey. Benefitting from Bridgepoint’s sector expertise and breadth of resources globally, we are well-positioned to accelerate our expansion into new markets and continue setting new benchmarks for customer value and innovation in the logistics software space.”

Ann Dahlman, Partner at Bridgepoint Growth, commented:

“Surikat is a prime example of the innovative businesses we seek to support. Its cutting-edge software solutions and leading market position align perfectly with our strategy to back high-growth, profitable technology companies. Deploying the full breadth of sector expertise and resources across Bridgepoint’s global office network, we look forward to partnering with Andreas and the team to realize Surikat’s full potential in its European home market, and in exciting new geographies globally.”

The transaction closed in December 2024. The transaction builds on Bridgepoint’s track record of backing high-growth small-cap technology businesses in Europe, such as Condatis, one.network , TicTac as well as leading logistics software businesses such as Unifaun/Memnon, Sinari and PTV Group.

Bridgepoint was advised by Snellman (Legal Advisor), Roland Berger (Commercial Due Diligence), Crosslake (Tech Due Diligence), Alvarez & Marsal (Financial Due Diligence), Svalner (Tax Due Diligence). Surikat was advised by EY and Delphi as Legal Advisor.

Financial terms of the transaction were not disclosed.

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