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Carlyle Agrees to Sell Forgital Group to Stonepeak

Carlyle

Milan & Velo D’Astico, 16 December 2024 – Global investment firm Carlyle (NASDAQ: CG) has agreed to sell Forgital Group (“Forgital”), a provider of advanced aerospace and industrial forged products, to Stonepeak.

Forgital is a leading integrated European manufacturer specialising in the forging, laminating and machining of rolled rings with technologically advanced manufacturing capabilities across a broad portfolio of materials, including titanium, nickel-based alloys, aluminium, and steel. The company serves a diverse range of end markets, including aerospace, defence, space, power generation, and oil & gas, and offers vertical integration across the entire forged components value chain, from process engineering to assembly, final machining, and testing. Founded in 1873 by the Spezzapria family and headquartered in Italy, the business has facilities in Italy, France, and the US, and over 1,100 employees. Its products are sold to clients in over 40 countries.

During its ownership period, Carlyle worked in partnership with the company’s leadership to expand and institutionalise the management team, reposition the business during the significant impact of Covid-19 through operational and efficiency initiatives, improve procurement and functional processes throughout the business, significantly grow the order book and diversify the customer base by developing new product offerings in adjacent segments and platforms, and gain customers in new verticals.

Marco De Benedetti, Chairman of Italy at Carlyle, said: “We are pleased to have supported Forgital through such a transformative period for the business. As a result of the investment, partnership, and the team’s sector expertise, we believe Forgital is well-placed to capitalise from long-term growth in its key end markets of aerospace & defence and industrial applications, and I have no doubt the business will continue to build upon its strong position today as a European leader in specialised forged products.”

Meddah Hadjar, CEO of Forgital, said: “I would like to thank the Carlyle team for their invaluable support, expertise and guidance over the last few years, which have been a significant period of change and development for Forgital. Stonepeak represents an ideal partner for the next stage of Forgital’s growth, bringing deep experience, global relationships, and operational expertise within sectors and businesses that are mission-critical to the supply chain. We are excited to leverage these resources to support our customers, and to partner with Conor and the rest of the Stonepeak team as we continue to develop Forgital’s manufacturing excellence and global capabilities.”

Conor Sutherland, Managing Director at Stonepeak, said: “Forgital is an integral link in the global aerospace supply chain, and a trusted partner to leading aerospace manufacturers and industrial customers. We have high conviction in long-term aerospace end market demand and believe Forgital is positioned to benefit from these tailwinds. We admire Forgital’s strong business model, manufacturing excellence and distinguished reputation among its customers for quality and reliability. We are thrilled to make this investment and partner with Forgital’s dedicated management team and talented workforce to support Forgital’s continued success.”

The transaction is expected to close in the second quarter of 2025 and is subject to customary regulatory approvals.

J.P. Morgan Securities Plc acted as advisor to Carlyle and sole financial advisor on the transaction. Latham & Watkins LLP served as legal counsel to Carlyle. Zulli, Tabanelli, e Associati and Perris e Associati served as financial advisors to Spezzapria family minority shareholders. Simpson Thacher & Bartlett LLP, Legance – Avvocati Associati, Hogan Lovells International LLP, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Stonepeak.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $447 billion of assets under management as of September 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About Forgital

Forgital is a leading, vertically integrated Group focused on the manufacturing of seamless rolled rings in rectangular or profiled sections, as well as assembled fan modules, covering the largest range of sizes. Forgital specializes in forging rolled rings, with technologically advanced capabilities across a broad range of materials, including titanium, nickel and cobalt alloys, carbon steel, alloy steel, stainless steel and aluminium. Forgital’s Compact Supply Chain simplifies the production process of its customers through an integrated system of technologies and services which encompasses all the steps of the project: from the pre-processing to the post-processing phase (including finishing, welding and macroetching).

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

Media

Carlyle

Nicholas Brown

nicholas.brown@carlyle.com

+44 7471 037 002

Forgital

Mara Rezzadore

Mara.Rezzadore@forgital.com

+39 0445 731322

Stonepeak

Kate Beers / Maya Brounstein

corporatecomms@stonepeak.com

+1 (646) 540-5225

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IK Partners to acquire majority stake in Dains alongside management

IK Partners

IK Partners (“IK”) is pleased to announce that the IK X Fund has signed an agreement to invest in Dains Accountants (“Dains” or “the Company”), a leading provider of accountancy and business advisory services in the UK, alongside the management team who are significantly re-investing. IK will succeed Horizon Capital as the majority shareholder. Financial terms of the transaction are not disclosed.

Established in 1926, Dains provides a comprehensive suite of accounting and business advisory services to fast-growing small and medium-sized enterprises (“SMEs”) in the UK and Ireland. The business offers a differentiated approach through its senior-led client relationships and high-quality service delivery across its range of services, including: Accountancy & Business Advisory; Audit; Tax; Corporate Finance; Forensic Accounting; and Business Recovery.

Following investment from Horizon Capital in 2021, Dains has grown rapidly as a result of 10 strategic acquisitions and impressive organic growth. At present, the Company has 765 employees who serve a large and diversified customer base of over 17,000 clients.

With the support of IK, Dains will look to: continue its strong organic growth in the UK and Ireland; make further investment in its operational platform and recruitment; as well as accelerate its inorganic growth through partnering with strong, complementary firms across the UK and Ireland.

Richard McNeilly, CEO of Dains, said: “We are very excited to be partnering with IK, who we believe possesses the necessary track record and expertise required to successfully support us in this next phase of our development. The team’s experience in both the Accounting and Professional Services sector, as well as in executing buy-and-build strategies in the UK and Ireland will be especially important in a fragmented marketplace like ours, where we are looking to drive consolidation and reinforce our strong position as the acquiror of choice. We would also like to take this opportunity to thank Luke and his team at Horizon Capital for their unwavering support over the past three years.”

Pete Wilson, Partner at IK Partners and Advisor to IK X Fund, said: “Dains is a strong business with an impressive history of delivering exceptional client services and business growth year on year. The breadth of services offered by their accountancy experts across the UK and Ireland has built an excellent reputation for Dains amongst fast-growing SMEs. With our track record in supporting similar businesses in the Business Services sector, we look forward to partnering with Richard and his team in the next phase of the Company’s journey.”

Luke Kingston, Managing Partner at Horizon Capital, added: “We are so proud to have played a part in the growth of Dains over the last three years and to have backed Richard and his team to build a leading business in its niche. This was a fantastic investment and we are thrilled to have delivered an excellent outcome for all stakeholders involved. We wish the Company every success in the future.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Head of Communications and Marketing
Phone: +44 7787 558 193
vidya.verlkumar@ikpartners.com

Horizon Capital
Luke Kingston
Managing Partner
Phone: +44 7980 223 458
lk@horizoncapital.co.uk

About IK Partners

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

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About Horizon Capital

Horizon Capital is a private equity investor specialising in technology and services businesses buy and build transactions. The firm was formed in 2018 by a team of experienced investment professionals who had worked together for several years and identified a significant market opportunity to build a sector specialist focussed on high growth businesses of up to £100m enterprise value.

The partnership prides itself on its approach to helping business owners and managers realise their ambitions. Buy and build is at the heart of every Horizon Capital investment and the firm is a market leader in supporting companies pursuing this strategy. Horizon Capital has a proven track record of generating premium returns on investments, underpinned by the firms’ value creation model. Horizon Capital’s repeatable model consistently delivers accelerated growth in portfolio companies’ profitability both organically and through acquisition. For more information, please visit www.horizoncapital.co.uk

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SaaS data protection and backup leader Keepit secures $50M in funding to accelerate growth and product innovation

One Peak Logo

New funding will fuel Keepit’s global expansion and product innovation

Copenhagen, Denmark – December 16th, 2024 — Keepit, the world’s only independent, cloud-native data protection and backup provider, today announced a $50 million funding round, led by existing investor One Peak, and EIFO, the Export and Investment Fund of Denmark. This funding round marks the company’s third equity investment in the past four years, bringing total funds raised to approximately $90 million.

The latest investment underscores Keepit’s rapid growth and solidifies its position as a leader in SaaS data protection. The new investment will be directed towards expanding the company’s go-to-market efforts and fueling continued product innovation.

Keepit’s mission to provide a vendor-independent, dedicated infrastructure for SaaS data protection has resonated with a broad range of enterprise customers, as its solutions already support 5 million users globally. With its latest funding, Keepit is poised to accelerate its global expansion strategy, prioritizing key markets like the US, Europe, and other high-growth regions, while bolstering Keepit’s network of partners.

Simultaneously, Keepit plans to intensify its focus on product innovation, advancing its cutting edge, cloud native solutions to empower organizations in safeguarding their SaaS data effectively and reliably. This will include broader workload coverage and additional data management and intelligence capabilities for the enterprise.

“Our commitment to innovation and solving our customers’ most pressing data protection challenges is what drives us forward,” said Morten Felsvang, Keepit Co-founder and Chief Executive Officer and Frederik Schouboe, Keepit Co-founder and Chief Vision Officer. “This new funding will allow us to expand our reach and continue innovating the most advanced SaaS data protection solutions on the market. We’re thrilled to see such strong support from our investors, who understand our mission and share our vision for the future.”

David Klein, Co-founder and Managing Partner at One Peak, commented on the investment: “We have been continually impressed by Keepit’s leadership and their unwavering ability to deliver on their vision. In a time when the need for secure, independent SaaS data protection is more critical than ever, Keepit stands out as a leader with its innovative platform. We are thrilled to continue supporting the Keepit team in this exciting next chapter of their growth journey.”

Jacob Bratting Pedersen, Managing Director, Partner & Head of Tech & Industry at EIFO, commented:“Keepit’s focus on cloud-native, vendor-independent data protection is what sets them apart. This investment is not just a financial decision for us—it’s about supporting a company that is revolutionizing the way organizations think about data security. We believe in their long-term vision and look forward to contributing to their continued success.”

About One Peak

One Peak is a leading specialist growth equity firm with $2.0 billion in assets under management that invests in technology companies in the scale-up phase. One Peak provides growth capital, operating expertise, and access to its extensive network to exceptional entrepreneurs, with a view to help transform innovative and rapidly growing businesses into lasting, category-defining leaders. In addition to Keepit, One Peak’s investments include Akur8, Ardoq, Coro, Cymulate, Deepki, Docplanner, Lucca, Neo4j, PandaDoc, Spryker, and many more.

To learn more, visit www.onepeak.tech.

About EIFO, the Export and Investment Fund of Denmark

EIFO is the national promotional bank and export credit agency of Denmark combined in one financial institution. Active in over 100 countries, and with a total business volume of more than EUR 20 billion, EIFO provides financial solutions for Danish companies and their global partners, while also investing in startups and funds. We exist to open doors for Danish global business, accelerate the green transition, promote new technologies and develop the Danish defense industry. With our willingness to take risks in financing, EIFO paves the way for those who dare to think bigger.

To learn more, visit www.eifo.dk/en/.

About Keepit

Keepit provides a next-level SaaS data protection platform purpose-built for the cloud. Securing data in a vendor-independent cloud safeguards essential business applications, boosts cyber resilience, and future-proofs data protection. Unique, separate, and immutable data storage with no sub-processors ensures compliance with local regulations and mitigates the impact of ransomware while guaranteeing continuous data access, business continuity, and fast and effective disaster recovery. Headquartered in Copenhagen with offices and data centers worldwide, over ten thousand companies trust Keepit for its ease of use and effortless backup and recovery of cloud data.

For more information, visit www.keepit.com or follow Keepit on Linkedin.

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Altus Fire & Life Safety acquires Facility Compliance Services LLC & Facilities Compliance Fire Protection LLC as part of accelerated M&A strategy

Apax

Altus Fire & Life Safety (“Altus”), a portfolio company of funds advised by Apax Partners LLP (“Apax”), and a leading provider of regulation-mandated fire and life safety services in the Northeastern and Mid-Atlantic regions of the United States, today announced that it has acquired Facility Compliance Services LLC & Facilities Compliance Fire Protection LLC (“FCS” or “the Company”), a provider of similar services.

FCS provides high-quality inspection, testing, maintenance and compliance services across a broad range of industries and is held in high regard for its expertise. FCS operates in an attractive and complementary geography, in Connecticut, where Altus previously had no material presence.

Altus’ acquisition of FCS marks its 10th acquisition since 2021, expanding its service offering and strengthening its commitment to providing top-tier fire protection, safety and compliance solutions to clients. Altus remains committed to executing its strategic plan to grow organically and through acquisitions by acquiring leading fire protection and life safety companies throughout the United States.

John Adams, CEO, Altus Fire & Life Safety, said: “The acquisition of FCS is an important milestone in Altus’ growth journey. It equips us with the expertise and relationships to reach new customers, strengthening our ability to serve diverse end markets and expand our geographical footprint across the United States.”

Robert Boulanger III, Founder and CEO of FCS, said: “We are excited to join Altus Fire & Life Safety. Altus’ reputation for excellence and innovation in fire protection and life safety makes this a perfect partnership. Together, we look forward to offering our clients an even more robust suite of services, helping them to stay compliant, safe, and secure. Additionally, we are pleased to offer our people an incredible opportunity to advance in a rapidly growing world-class organization.”

Nedu Ottih, Partner at Apax, said: “It’s great to see Altus make its first strategic acquisition within just a few months of receiving its initial investment from the Apax Funds. The Apax Funds have extensive experience in supporting portfolio companies with inorganic expansion and we are excited to collaborate with John, Robert and their teams in this next phase of growth.”

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Stonepeak to Acquire Forgital Group from Carlyle

Stonepeak

NEW YORK & VELO D’ASTICO – December 16, 2024 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced that it has entered into a definitive agreement to acquire Forgital Group (“Forgital” or the “Company”), a leading manufacturer of advanced forged and machine-finished components for aerospace and industrial end markets, from global investment firm Carlyle (NASDAQ: CG).

Forgital, founded in 1873, specializes in forged and laminated metallic rolled rings, with technologically advanced manufacturing capabilities across a broad portfolio of materials, including titanium, nickel-based alloys, aluminum, and steel. The Company serves a diverse range of end markets, including aerospace, defense, space, power generation, and oil & gas, and offers vertical integration across the entire forged components value chain, from process engineering to assembly, final machining, and testing. Forgital has a global workforce with an operational footprint across Europe and North America spanning nine facilities in Italy, France, and the United States.

Conor Sutherland, Managing Director at Stonepeak, said: “Forgital is an integral link in the global aerospace supply chain, and a trusted partner to leading aerospace manufacturers and industrial customers. We have high conviction in long-term aerospace end market demand and believe Forgital is positioned to benefit from these tailwinds. We admire Forgital’s strong business model, manufacturing excellence and distinguished reputation among its customers for quality and reliability. We are thrilled to make this investment and partner with Forgital’s dedicated management team and talented workforce to support Forgital’s continued success.”

Meddah Hadjar, CEO of Forgital, said: “I would like to thank the Carlyle team for their invaluable support, expertise and guidance over the last few years, which have been a significant period of change and development for Forgital. Stonepeak represents an ideal partner for the next stage of Forgital’s growth, bringing deep experience, global relationships, and operational expertise within sectors and businesses that are mission-critical to the supply chain. We are excited to leverage these resources to support our customers, and to partner with Conor and the rest of the Stonepeak team as we continue to develop Forgital’s manufacturing excellence and global capabilities.”

Marco De Benedetti, Chairman of Italy at Carlyle, said: “We are pleased to have supported Forgital through such a transformative period for the business. As a result of the investment, partnership, and the team’s sector expertise, we believe Forgital is well-placed to capitalise from long-term growth in its key end markets of aerospace & defence and industrial applications, and I have no doubt the business will continue to build upon its strong position today as a European leader in specialised forged products.”

The transaction is expected to close in the second quarter of 2025 and is subject to the satisfaction of customary regulatory approvals.

Simpson Thacher & Bartlett LLP, Legance – Avvocati Associati, Hogan Lovells International LLP, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Stonepeak. J.P. Morgan Securities Plc served as financial advisor to Carlyle. Latham & Watkins LLP served as legal counsel to Carlyle.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

About Forgital

Forgital is a leading, vertically integrated Group focused on the manufacturing of seamless rolled rings in rectangular or profiled sections, as well as assembled fan modules, covering the largest range of sizes. Forgital specializes in forging rolled rings, with technologically advanced capabilities across a broad range of materials, including titanium, nickel and cobalt alloys, carbon steel, alloy steel, stainless steel and aluminium. Forgital’s Compact Supply Chain simplifies the production process of its customers through an integrated system of technologies and services which encompasses all the steps of the project: from the pre-processing to the post-processing phase (including finishing, welding and macroetching).

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $447 billion of assets under management as of September 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Contacts

For Stonepeak
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

For Forgital
Mara Rezzadore
Mara.Rezzadore@forgital.com
+39 0445 731322

For Carlyle
Nicholas Brown
nicholas.brown@carlyle.com
+44 7471 037 002

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Sia Partners Welcomes a Strategic Minority Investment from Blackstone

Blackstone

PARIS, FRANCE – 16 December 2024 – Sia Partners (“Sia” or “the Company”), a global, next-generation independent management and AI consulting firm, announced today a minority investment of up to €250 million from funds managed by Blackstone’s private equity strategy for individual investors (“Blackstone”), to support the Company’s continued growth. Founder and Chief Executive Officer, Matthieu Courtecuisse, retains a significant majority stake in Sia and will continue to lead the Company. It marks the Company’s first partnership with a financial investor since its inception.

Founded in 1999, the Company has become a leading player in the global consulting market, recognised for its deep expertise in strategy, management consulting and AI, and ability to leverage technology and data to drive business transformation. With 3,000 employees across 20 countries and 50 offices, the Company works with over 1,000 clients, including Fortune 500 and major tech clients, across a diversified base of end markets, within sectors such as Energy, Banking, Consumer, Luxury and Retail and TMT. Projects range from significant strategic transformation, change management, operational analysis, post-merger integration and innovation.

Sia continues to deliver impressive results, achieving close to €500 million in revenue, 40% of which is in France and 30% in the United States. The partnership with Blackstone will support Sia’s acceleration of its expansion across the U.S. market, as well as support strategic M&A.

Matthieu Courtecuisse, Chief Executive Officer, Sia Partners, said: “We are thrilled that Blackstone is investing in our consulting firm as a minority partner. This partnership reflects a shared conviction in our strategic consulting model augmented by AI and design, as well as the common ambition of a leadership position in a market that is experiencing a new phase of consolidation.

“Today’s announcement is also a testament to the hard work of everyone at Sia, our 25 years of organic growth and the opportunity that lies ahead. With Blackstone’s resources we can grow our organic offerings, accelerate our international expansion plans and develop our ability to innovate, bringing our premium offering to more clients around the world.”

Lionel Assant, Global Co-Chief Investment Officer, Blackstone, said: “Sia is a fast-growing leader in the space, benefitting from a differentiated service offering given their deep expertise across industry defining megatrends such as the energy transition and AI. We look forward to partnering with Matthieu and the wider team to drive long-term growth by leveraging our global footprint, scale and expertise.”

Alongside the transaction, the Company is also pleased to announce the appointment of Sandrine Carreau as President & COO, alongside Matthieu Courtecuisse, Founder & CEO. Sandrine Carreau has been with Sia Partners for 12 years, is based in Paris, and was previously in charge of Strategy and M&A, Marketing, and ESG.

J.P. Morgan SE acted as Exclusive Financial Adviser and Sole Placement Agent, and A&O Shearman acted as legal advisor, to Sia Holding with respect to the strategic minority investment from Blackstone.

Freshfields acted as legal advisor and Eight Advisory as legal transaction services advisor to Blackstone.

Media Contacts
 
Sia Partners
Marc Landré
marc.landre@sia-partners.com

Blackstone
Rebecca Flower
Rebecca.Flower@blackstone.com
+44 (0)7918 360372

The Leverage Advisory on behalf of Blackstone
Florence Sabourin
fsabourin@theleverageadvisory.eu
+33 (0)6 07 62 47 36

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.

About Sia Partners
Sia Partners is a next-generation management and AI consulting firm. With 3,000 employees across 20 countries and 50 offices, we offer strategy, management, and AI consulting services to over 1,000 clients worldwide, including most Fortune 500 companies. Founded in the AI era, our unique value proposition lies in deep sector expertise across all industries, combined with innovative, AI-driven consulting methodologies that deliver tangible results. Further information is available at www.sia-partners.com. Follow us on LinkedIn, X (Twitter), and Instagram.

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Belgian software company Itineris accelerates expansion in the U.S.

GIMV

3 contracts signed, including one with the ninth largest city in the country. Additionally, Flanders’ largest drinking water company extends its partnership with the company.

Ghent, Belgium & Atlanta, U.S. – December 13th, 2024 – Itineris, a global leader in innovative SaaS solutions for utilities, has recently secured three new contracts in the United States. Dallas, the ninth largest city in the country, is one of the three new customers. Additionally, De Watergroep, the largest drinking water company in Flanders (Belgium), has extended its partnership with Itineris by five years.

Dallas partners with Itineris to modernize its IT landscape

With Itineris’ software, Dallas Water Utilities (DWU), located in Texas, aims to modernize its business processes and enhance services for the 2.6 million residents of Dallas and 27 surrounding cities. DWU delivers more than 150 billion gallons of water annually through an extensive network of more than 5,000 miles of pipelines.

Following an intensive evaluation process, DWU selected Itineris—headquartered in Ghent, Belgium and supported by their U.S. division in Atlanta, GA—and its cloud-based software solution, UMAX. UMAX will replace outdated systems for meter readings, billing, and water management, and will also include a brand-new customer portal.

The contract spans 10 years. Following previous successful implementations in cities such as New York City; Boston; Baltimore; Tallahassee, Florida; and Lansing, Michigan; this marks the second-largest contract for Itineris in North America.

Two additional major contracts secured in the U.S.

Itineris has also recently signed contracts with Gwinnett County Water, serving 270,000 water customers in Georgia, and Arizona Water Utilities, its first investor-owned utility (IOU) customer, heralding the company’s entrance into a new market segment.

Largest drinking water company in Flanders extends partnership

Alongside its successes in the U.S., Itineris has extended its collaboration with De Watergroep—the largest drinking water company in Flanders, Belgium—by at least five years. This partnership, which began in 2007, highlights the strong relationship and mutual trust between the two companies.

 

Read more: https://www.itineris.net/accelerated-expansion-in-the-us/

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EQT completes public offering of common stock of Kodiak Gas Services

eqt

An affiliate of the funds known as EQT Infrastructure III and EQT Infrastructure IV (“EQT”) is pleased to announce the completion of an underwritten public offering (the “Offering”) of 5,500,000 shares of common stock of Kodiak Gas Services, Inc. (NYSE: KGS) (the “Company”) for gross proceeds of USD232,925,000. Goldman Sachs & Co. LLC and J.P. Morgan acted as the underwriters for the Offering, which was completed on December 13, 2024. The Company did not sell any shares of its common stock in the Offering and did not receive any proceeds from the sale of the shares of its common stock sold by EQT.

Contact

EQT Press Office, press@eqtpartners.com

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EQT Completes Acquisition of PropertyGuru

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eqt

PropertyGuru enters into next phase of growth as Southeast Asia’s leading property technology platform, empowering millions of property seekers across the region with innovative solutions.

EQT to harness its deep expertise in scaling digital marketplace and classifieds businesses to drive technology innovation, operational excellence, and market expansion.

Sets the stage for PropertyGuru to capitalize on urbanization, middle-class growth, and digitalization trends across the region’s dynamic real estate markets.

SINGAPORE & NEW YORK – December 13, 2024 –EQT Private Capital Asia and PropertyGuru Group Limited (NYSE: PGRU) (“PropertyGuru” or the “Company”), Southeast Asia’s leading property technology (“PropTech”) company, are pleased to announce the completion of the acquisition (the “Merger”) of PropertyGuru by BPEA Private Equity Fund VIII for USD 6.70 per share in cash in a transaction that values PropertyGuru at an equity value of approximately USD 1.1 billion.

In connection with the closing, PropertyGuru’s common shares ceased trading before the market open on December 13, 2024, and the Company has been delisted from the New York Stock Exchange. PropertyGuru will operate as a privately held company. Following the Merger through January 12, 2025, each unexercised and outstanding warrant will be, upon valid exercise, exchangeable for USD 0.7526 per warrant.

Founded in 2007 and headquartered in Singapore, PropertyGuru is Southeast Asia’s leading property technology platform, connecting over 31 million property seekers with more than 50,000 agents across Singapore, Malaysia, Thailand and Vietnam each month. With a comprehensive suite of offerings, including extensive real estate listings, data-driven insights, and mortgage solutions like PropertyGuru Finance and enterprise client solutions under PropertyGuru for Business, the Company empowers users to make confident property decisions across the region.

EQT’s investment in PropertyGuru aims to support the Company’s ongoing progress by providing resources and expertise to accelerate technology development, expand market reach, and improve operational efficiency. Leveraging its experience with leaders in the digital marketplace and real estate classifieds sectors – including companies such as Idealista and Casa.it – EQT seeks to advance PropertyGuru’s strategic initiatives, strengthen its position in Southeast Asia’s PropTech sector, and drive growth in dynamic markets influenced by urbanization, middle-class expansion, and digitalization.

Hari V. Krishnan, Chief Executive Officer, PropertyGuru Group, said, “We are pleased to announce the successful completion of this transaction and we welcome EQT to PropertyGuru. Over the past seventeen years, our growth has been enabled by strong partnerships with our shareholders, led by TPG and KKR. On behalf of everyone at PropertyGuru, I want to thank them for their support and I am proud that we have delivered a solid financial exit for our long-term investors.”

“On behalf of our group leadership team, I thank our Gurus for their hard work and the wonderful business we have built together, and our customers and partners for their continued trust and partnership. EQT shares our commitment to our continued sustainable growth, and we look forward to working with them towards our Group’s vision to power, communities to live, work and thrive in tomorrow’s cities,” Mr. Krishnan added.

Janice Leow, Partner in the EQT Private Capital Asia advisory team and Head of EQT Private Capital Southeast Asia, said, “PropertyGuru has redefined the property technology landscape in Southeast Asia, standing out for its innovation and leadership in delivering solutions that empower millions across the region. Drawing on EQT’s expertise in technology-driven businesses, with a strong focus on marketplace and classifieds platforms, we look forward to supporting PropertyGuru in exploring new opportunities, enhancing its offerings, and driving its next phase of growth while contributing to the evolution of the property market in Southeast Asia.”

Contact
EQT Press Office, press@eqtpartners.com
PropertyGuru Group, Corporate Communications, mediaenquiry@propertyguru.com.sg

[1] Based on SimilarWeb data between January 2024 and June 2024.

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About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating assets under management), divided into two business segments: Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific, and the Americas and supports them in achieving sustainable growth, operational excellence, and market leadership.

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EQT Exeter acquires two UK warehouses in Milton Keynes and Dartford

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Transaction comprises two fully-leased, strategically located logistics assets in Milton Keynes and Dartford, totaling approximately 650,000 square feet

This acquisition reinforces EQT Exeter’s commitment to investing in well-located, high-quality logistics properties that address occupier demand

The assets align with EQT Exeter’s value-add investment strategy, including lease-up initiatives and sustainability enhancements to future-proof the properties

EQT Exeter, a leading global real estate investment manager, today announced that the EQT Exeter European Logistics Value Fund IV (“EQT Exeter”) has acquired two prime logistics properties in Milton Keynes and Dartford from M&G Real Estate. The total transaction price is in excess of GBP 100 million.

In Milton Keynes, the 320,000 square foot warehouse is 100% let to DS Smith Corrugated Packaging while the Dartford asset totals 334,000 square feet fully let to Asda Stores. These key South East logistics hubs offer excellent access to major transportation networks, supporting critical regional distribution operations and fulfilling EQT Exeter’s focus on high-demand logistics markets fueled by robust e-commerce growth and evolving supply chain needs.

Additionally, the transaction aligns with EQT Exeter’s value creation investment strategy via energy efficiency upgrades which will contribute to decarbonization and compliance with future regulatory standards, delivering long-term value for stakeholders.

Jonathan Mackie, Director of UK Acquisitions and Leasing at EQT Exeter, said: “We are excited to add these two high-quality logistics assets to our portfolio. Their strategic locations attract robust big box occupier profiles proving the critical nature of these UK logistics submarkets. EQT Exeter’s operational expertise and focus on sustainability will aim to unlock further potential for these properties, ensuring they meet the evolving needs of our occupiers and investors alike.”

EQT Exeter was advised by ACRE Capital Real Estate (commercial), Charles Russell Speechlys (legal), Epsilon Environmental (environmental) and Black Cat Consultancy (tech).

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EQT Press Office, press@eqtpartners.com

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About EQT Exeter
EQT Exeter is a global real estate investment manager with over $30 billion of equity under management. EQT Exeter acquires, develops, leases, and manages logistics/industrial, office, life science and residential properties in Europe, the Americas and Asia. With over 450 experienced professionals operating in more than 50 offices globally, EQT Exeter owns and operates over 2,000 properties and 375 million square feet. EQT Exeter’s track record comprises over $45 billion in total property gross asset value since inception, spanning over 450 million square feet globally. EQT Exeter is the real estate division of EQT AB, a purpose-driven global investment organization.

More info: https://eqtexeter.com/
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