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Carlyle Raises Over $7 Billion for its Third Credit Opportunities Fund

Carlyle

NEW YORK, NY – Global investment firm Carlyle (NASDAQ: CG) announced today the final close of its third Carlyle Credit Opportunities Fund (“CCOF III”), with $7.1billion[1] in investable capital, Carlyle’s largest credit fundraise to date. This includes $5.7 billion in commitments from a variety of large, sophisticated global institutions, including new and existing CCOF investors, and available leverage. CCOF III is nearly 30% larger than its predecessor fund and brings total investable capital across the opportunistic credit strategy to approximately $17 billion1.

To date, CCOF III has invested or committed more than $2.4 billion – or 33% of investible capital – in 25 investments across North America, Europe, and Asia Pacific. The team provides borrowers highly structured and privately negotiated solutions across the capital structure to family, founder, and management-owned companies, sponsor-backed companies, and special situations.

“We appreciate the ongoing support of our investors, many of whom were repeat investors from our previous funds. With the global economy in a period of prolonged transformation, our Credit Opportunities strategy is well-positioned to expand our reach and provide timely, strategic capital to companies navigating complex situations,” said Alex Popov, Head of Private Credit at Carlyle. “We have become a trusted partner to many successful family and entrepreneur owned businesses and have been a contributing factor in their on-going success. Our long-standing sourcing relationships and rigorous approach to due diligence and credit selection help enable us to selectively structure bespoke solutions that can generate attractive risk-adjusted returns in strong businesses that are otherwise not for sale.”

“This fundraise is a milestone for our Global Credit platform and a testament to the caliber of our Opportunistic Credit team,” said Mark Jenkins, Head of Global Credit at Carlyle. “Private credit continues to play a vital role in the global capital markets, and we see tremendous opportunity to put capital to work in this asset class. We appreciate the confidence and support of our limited partners and remain focused on delivering consistent and persistent yields on their behalf.”

Since 2017, Carlyle’s Credit Opportunities strategy has deployed nearly $22 billion, leveraging Carlyle’s areas of expertise and market connectivity to develop thematic views and proactively pursue investments in targeted industry verticals including sports, media and entertainment; residential real estate and services; software and technology; and financial and business services.

This successful fundraise will further support the growth of Carlyle’s Global Credit platform, which has been Carlyle’s fastest-growing business segment over the past five years. With $194 billion in assets under management as of September 30, 2024, Carlyle’s Global Credit platform manages assets across the risk return spectrum: from liquid, to private credit, to real asset strategies, and asset-backed finance.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across 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.

 

Media Contact

Kristen Ashton

(212) 813-4763

Kristen.ashton@carlyle.com

 

 

[1]Represents equity raised plus fund leverage of opportunistic credit fee-paying commingled funds and SMAs.

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Blackstone Announces Acquisition of Tokyo Garden Terrace Kioicho, Japan’s Largest Ever Real Estate Investment by a Foreign Investor

Blackstone

TOKYO – December 12, 2024 – Blackstone (NYSE: BX), the world’s leading alternative investment firm, today announced that Real Estate funds managed by Blackstone (“Blackstone”) have entered into definitive agreements to acquire Tokyo Garden Terrace Kioicho, an acclaimed 2.4 million square feet of mixed-use asset, from affiliates of Seibu Holdings. At $2.6 billion (around JPY 400 billion), this marks the largest real estate investment by a foreign investor in Japan and the firm’s largest investment to date across businesses in the market.

Located in central Tokyo, Tokyo Garden Terrace Kioicho comprises two high-rise towers consisting of a Grade A+ office, which is currently 100% occupied; 135 high-end residential units; a 250-key luxury hotel; conference and wedding venues; and over 30 cafes and restaurants, and goods and services stores.

Chris Heady, Chairman of Asia Pacific and Head of Real Estate Asia, Blackstone, said: “This is a landmark opportunity to acquire a trophy Tokyo asset from one of Japan’s most respected corporations, Seibu Holdings. Japan is one of our most important markets globally, where we have acquired $16 billion of real estate assets since 2013. This transaction represents our conviction in Japan and the deep partnerships we’ve built with leading Japanese companies like Seibu.”

Daisuke Kitta, Head of Real Estate Japan, Blackstone, said: “We are thrilled to partner with Seibu and add this prime, mixed-use property to our real estate portfolio in Japan. Japan has entered a new era of corporates seeking to partner with trusted groups like Blackstone to divest their assets for further growth. We are committed to mobilizing our strong local teams with insights and relationships, and our global real estate platform, to continue to support this asset for long-term success.”

Ryuichiro Nishiyama, President and Representative Director, COO, Seibu Holdings, said: “Blackstone has provided a proposal that will contribute to further growth and development of the asset, and a valuation that reflects its strength. In the future, the Seibu Group companies will continue to be involved in the management of the asset, which includes undertaking the asset management business and hotel management business, and will provide even more attractive new value in Kioicho based on a long-term and strong partnership with Blackstone.”

Blackstone is a leading investor in Japan. The firm has built a diversified real estate portfolio in Japan across its global high conviction investment themes including hotels, rental housing, logistics, and data centers.

For more than 17 years, Blackstone has been a trusted partner to Japanese companies looking to divest their businesses and assets for continued growth. Its notable carveouts include: the acquisition of an eight-hotel portfolio from Kintetsu Group and a logistics portfolio from Daiwa House; in private equity, investments in Sony Payment Services with Sony Group, the consumer healthcare unit (renamed Alinamin Pharmaceutical) from Takeda Pharmaceutical, and Infocom from Teijin.

Blackstone Real Estate 
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US$325 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

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

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Ardian becomes Heathrow’s largest shareholder as acquisition completes

Ardian

This statement should be read in conjunction with Ferrovial’s statement issued today and its statements issued on November 28th 2023 , January 16th 2024  and June 14th 2024, and by Ardian on November 29th 2023 and June 14th 2024.

•    Ardian becomes the largest shareholder of Heathrow Airport as transaction to acquire 22.6% stake completes
•    Ardian will support Heathrow to deliver sustainable growth

Ardian, a world-leading private investment house, today announces that it has completed the acquisition of a 22.6% stake in FGP Topco Ltd (TopCo), the holding company for Heathrow Airport Holdings Ltd, from Ferrovial SE and certain other TopCo shareholders (the Transaction). Concurrently, PIF has acquired 15% of TopCo from the same shareholders through a separate vehicle.

“We are extremely proud to become part of the Heathrow family. Heathrow is an iconic global infrastructure asset, and this transaction marks another milestone moment for Ardian. We are passionate about infrastructure and the role it plays enabling growth and supporting the transition to net zero. We intend to support the Heathrow management team as they work to achieve both goals, growing the airport sustainably over the years ahead.” Mathias Burghardt, Executive Vice-President and Head of Infrastructure, Ardian

“The UK is a priority market for Ardian, and this transaction builds on our 17-year track record of successful infrastructure investments in the country. Our investment in Europe’s leading airport and the UK’s international gateway will draw on Ardian’s expertise in aviation, including previous investments in London Luton Airport and stakes in six airports in Italy. And it is another example of how we are delivering Ardian’s strategy of investing in significant infrastructure in our core markets. We delighted to be part of Heathrow’s future and committed to helping it grow sustainably.” Juan Angoitia Grijalba, Co-Head of Infrastructure Europe and Senior Managing Director, Ardian

“Heathrow is a vital national asset connecting the UK to the world and driving prosperity in every corner of the country. We’re delighted to welcome Ardian and PIF as new shareholders and investors in Heathrow’s future. We have a Board of experienced infrastructure investors committed to our long-term development and growth, supporting our strategic journey to make Heathrow an extraordinary airport, fit for the future.” Lord Deighton, Chairman of Heathrow Airport Holdings LTD

“Our number one mission is to deliver economic growth in every part of the UK to improve living standards. Attracting investment to our shores supports that goal. That’s why this investment matters. It’s also a strong vote of confidence in the UK, and comes on top of the £63bn of investment secured from international investors earlier this year, showing Britain is back in business.” Rt Hon Rachel Reevs, Chancellor of the Exchequer

“This huge investment in Heathrow is a massive vote of confidence in our world leading aviation sector. Seeing global investors put billions in the UK economy shows we are an investment destination of choice. Our Plan for Change will aim to secure more fantastic investment like this to deliver long-term, stable growth that supports skilled jobs and raises living standards across the country.” Rt Hon Jonathan Reynolds, Secretary of State for Business and Trade

List of participants

  • Participants

    • Ardian team: Juan Angoitia Grijalba, Alexis Ballif, William Briggs, René Hauzeur, Philippe Tallon, Edouard Bertagna, Matthias Hübener, Aurea Alvarez
    • M&A: Bank of America, RBC, Goldman Sachs, Santander
    • Legal: Clifford Chance, DLA Piper
    • Financial Due Diligence: KPMG
    • Traffic Due Diligence: Infrata
    • Regulatory Due Diligence: NERA

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $176bn of assets on behalf of more than 1,720 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing our people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
Through its direct infrastructure investment activities, Ardian has significant experience in owning and operating European airports. In the UK, Ardian was a 49% shareholder of London Luton Airport from 2013 until 2018. During Ardian’s period of ownership, a significant redevelopment of the terminal, transport links and infrastructure was successfully completed in close cooperation with Luton Borough Council. In Italy, Ardian is an indirect shareholder of Milan Linate, Milan Malpensa, Naples and Turin airports alongside their regions and municipalities.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

Media Contacts

Ardian

Liz Morley

liz.morley@5654.co.uk+44 (0) 7798683108

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Equistone portfolio company TIMETOACT GROUP acquires JOIN(+) and further expands its expertise in Big Data & AI

Equistone

TIMETOACT GROUP, a leading provider of IT services for upper medium-sized companies, corporations and public institutions, is acquiring JOIN(+), an experienced German IT consulting service specialised in Big Data & AI. The partnership marks TIMETOACT GROUP’s third acquisition in the past twelve months and tenth overall since the Equistone funds acquired a majority stake in the business.

TIMETOACT GROUP, headquartered in Cologne, comprises specialised IT companies across 30 locations in Germany, Austria and Switzerland, as well as in Latvia, Malaysia, Singapore, Spain, Ukraine, Hungary and the USA. With over 1,350 employees and a comprehensive portfolio of software and consulting services, the digitalisation expert primarily concentrates on medium-sized and large companies from the industrial, financial and service sectors, as well as public institutions.

Funds advised by Equistone Partners Europe acquired a majority stake in the business in June 2021. Since then, TIMETOACT GROUP has successfully pursued a targeted buy-and-build strategy focused on strengthening the group’s service portfolio and accessing new market segments. In February 2024, TIMETOACT GROUP acquired Austrian IT consulting firm Trustbit to form one of the leading digitalisation players in Austria. In November 2024, the group announced the planned acquisition of Hungarian-based EverIT through its portfolio company catworkx, a transaction which will further strengthen its global consulting portfolio. With the acquisition of JOIN(+), TIMETOACT GROUP has achieved another important milestone in its dynamic growth journey and the expansion of its group-wide consulting portfolio.

With offices in Villingen-Schwenningen and Konstanz, Germany, JOIN(+) GmbH is an established IT consulting service provider which has been operating for over 25 years. JOIN(+) acts as a technical consulting and implementation partner to support customers in a range of industries in the DACH region. The company specialises in business analytics, business intelligence, Big Data & AI, and data visualisation, and is able to draw on highly trained employees who work every day to fulfil the company’s mission of focusing on quality, flexibility and trust.

With this transaction, the companies are now joining forces and will be optimally positioned to benefit from important synergy and growth potential, especially through their extensive expertise in the area of Big Data & AI. The managing directors of JOIN(+), Erich Anhut and Jürgen Lutz, will continue to lead the company and oversee the integration of the business into the TIMETOACT GROUP.

“We are becoming part of a strong brand by joining the TIMETOACT GROUP and will benefit from increased efficiency and performance, which will ultimately strengthen our position as a reliable partner in the IT industry. With an expanded portfolio, we are now even better positioned to meet the constantly changing needs of our customers and offer innovative, tailor-made solutions,” commented Erich Anhut, Managing Director of JOIN(+). “The merger also increases stability and planning security for our employees and allows us to offer new development perspectives and exchange opportunities with many international experts,” adds Jürgen Lutz, Managing Director of JOIN(+).

“The acquisition of JOIN(+) is an important step in expanding our Data & AI portfolio. With Erich and Jürgen, we have also gained two highly motivated managers and we are very pleased to be able to further develop the TIMETOACT GROUP together,” says Frank Fuchs, Co-Managing Director of TIMETOACT GROUP.

Felix Binsack, Co-Managing Director of TIMETOACT GROUP, adds: “Through the merger with JOIN(+), we are gaining a highly competent and dynamic team, who perfectly complement the TIMETACT GROUP culturally. The acquisition supports our offering to our customers and gives us broad and cross-manufacturer consulting expertise in the key growth area of Data & AI.”

“TIMETOACT GROUP has been pursuing an ambitious growth strategy since Equistone funds acquired a majority stake back in 2021. The acquisition of JOIN(+) marks another decisive step for the group on its journey towards becoming one of the leading players in the IT consulting sector in the DACH region. TIMETOACT GROUP is not only strengthening its competencies in Big Data & AI, but the merger will also maximise synergies from which both customers and employees will benefit in the long term,” adds Moritz Treude, Director at Equistone Partners Europe’s Munich Office.

Frank Fuchs, Christian Koch and Christian Reifenhäuser are responsible for the transaction on behalf of TIMETOACT GROUP. TIMETOACT GROUP was advised on the transaction by AC CHRISTES & PARTNER (Financial & Tax), de Angelis Rechtsanwälte (Legal) and McDermott Will & Emery Rechtsanwälte Steuerberater (Legal, Antitrust Law). The JOIN(+) shareholders were advised on the transaction by LFK PARTNER (Legal, Financial & Tax) and GROUP BUILDERS HAMBURG (M&A).

PR Contacts

GERMANY / SWITZERLAND / NETHERLANDS

Munich, Zurich, Amsterdam

  • IWK Communication Partner
  • Ira Wülfing / Florian Bergmann
  • Tel: +49 (0)89 2000 30 30
  • E-Mail IWK

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Gilde Healthcare portfolio company SpliceBio Announces U.S. FDA IND Clearance of SB-007

GIlde Healthcare
December 12, 2024
Barcelona (Spain)
  • SB-007 is the only IND-cleared, clinical-stage therapeutic addressing the root cause of Stargardt disease with the potential to treat all patients across all ABCA4 mutations
  • Phase 1/2 ASTRA study set to begin in the first half of 2025, supported by POLARIS, a pioneering company-sponsored natural history study in Stargardt disease
  • First ever IND clearance for a Protein Splicing gene therapy

SpliceBio, a genetic medicines company pioneering Protein Splicing to address diseases caused by mutations in large genes, today announced that the U.S. Food & Drug Administration (FDA) has cleared its investigational new drug (IND) application for lead program SB-007. SB-007 is the only clinical-stage therapeutic addressing the root genetic cause of Stargardt disease with the potential to treat all patients across all ABCA4 mutations.

Miquel Vila-Perelló, Ph.D., Chief Executive Officer, and Co-Founder of SpliceBio, said: “The FDA IND clearance of SB-007 is a significant achievement for SpliceBio and Stargardt disease patients. As the first-ever IND for a Protein Splicing gene therapy, it is a huge step forward to demonstrate the potential of this new therapeutic modality to address diseases caused by mutations in large genes such as ABCA4. SB-007 is an adeno-associated viral (AAV) vector gene therapy aimed at restoring expression of the full-length ABCA4 protein, and the only clinical-stage therapy with the potential to help all Stargardt patients. We look forward to accelerating the clinical development of SB-007, building on the Orphan Drug Designation granted by the FDA in 2024, and advancing this potentially life-changing therapeutic for patients with Stargardt disease.”

“Stargardt disease has been a challenge for the development of gene therapies due to the large size of the ABCA4 gene, and currently has no approved therapies available,” said Professor Paul Yang, M.D., Ph.D., Chief of the Paul H. Casey Ophthalmic Genetics Division at Casey Eye Institute at Oregon Health & Science University. “This new therapy utilizes a unique approach to replace the full-size, normal ABCA4 protein at high efficiency, which addresses the root cause of Stargardt disease across any pathogenic variant in the ABCA4 gene. This IND clearance represents a major milestone in the field and I am thrilled to be part of the clinical studies exploring this promising approach that could transform the lives of Stargardt disease patients.”

SpliceBio plans to initiate enrolment in the Phase 1/2 ASTRA study in the first half of 2025. ASTRA will evaluate the safety and efficacy of a single dose of SB-007 administered subretinally in patients with Stargardt disease. In March 2024, SpliceBio launched the POLARIS trial, a pioneering company-sponsored natural history study of Stargardt disease designed to evaluate disease progression, refine endpoints, and streamline eligibility criteria for accelerated enrolment into the Phase 1/2 ASTRA study. This study will enable Stargardt disease patients to benefit from more precise diagnoses, more rigorous disease monitoring, and potentially faster access to innovative therapies.

The SpliceBio Management team will be attending J.P. Morgan’s 43rd Annual Healthcare Conference 2025, being held in San Francisco from 13-16 January 2025. Please get in contact to schedule a meeting at bd@splice.bio.

About Stargardt disease
Stargardt disease is the most common form of inherited juvenile macular degeneration, affecting approximately 1 in 8,000 to 10,000 individuals. Caused by mutations in the ABCA4 gene, Stargardt disease leads to the progressive loss of central vision due to damage to the central region of the retina known as the macula. The disease is variable in the age of onset, including early onset in children and adolescents and late-onset forms in adulthood. There are no approved treatments, and patients face significant challenges in daily life as the disease progresses. Stargardt disease has remained elusive to genetic medicines due to the large size of the ABCA4 gene.

About SB-007
SB-007 is a Protein Splicing dual AAV gene therapy that delivers the full-length ABCA4 gene and aims to restore expression of the native ABCA4 protein in the retina. It has demonstrated robust pharmacological activity in animal models of Stargardt disease and durable expression and safety in non-human primates. SB-007 has been granted Orphan Drug Designation by the FDA in the US and the European Commission in Europe.

About SpliceBio
SpliceBio is a genetic medicines company pioneering Protein Splicing to address diseases caused by mutations in large genes. The Company’s lead program, SB-007, targets the root cause of Stargardt disease, a genetic eye disease that causes blindness in children and adults. SpliceBio’s pipeline comprises additional gene therapy programs across therapeutic areas, including ophthalmology and neurology. SpliceBio’s platform is based on technology developed in the Muir Lab at Princeton University after more than 20 years of pioneering intein, Protein Splicing, and protein engineering research. For additional information, please visit www.splice.bio.

About Gilde Healthcare
Gilde Healthcare is a transatlantic specialist investment firm managing over €2.6 billion across two fund strategies: Venture&Growth and Private Equity. The Venture&Growth fund of Gilde Healthcare invests in fast growing companies active in therapeutics, medtech and digital health, based in Europe and North America. The Private Equity fund of Gilde Healthcare participates in profitable lower mid-market healthcare companies based in North-Western Europe. For more information, visit the company’s website at www.gildehealthcare.com.

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de VakantieDiscounter wins two awards at the 2024 Website of the Year Awards

3I

The Website of the Year Awards are an annual online public vote for the most popular websites in the Netherlands.

de VakantieDiscounter won two awards at the 2024 Website of the Year Awards, including the most popular website of the year: 
  • Travel category: de VakantieDiscounter won this category for the third year in a row.
  • Overall most popular website: de VakantieDiscounter was voted the most popular website of the year across almost 40 categories.

de VakantieDiscounter attributes its awards to its efforts to improve its website based on customer feedback and to provide a great customer experience.

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United Trust Bank Announces Minority Investment by Warburg Pincus

Warburg Pincus logo

United Trust Bank (UTB), a leading UK specialist bank, has announced that an agreement has been reached between its majority shareholders and Warburg Pincus, the pioneer of private equity global growth investing, whereby Warburg Pincus will acquire a minority equity interest in UTB.

This agreement, which is subject to the relevant regulatory approvals, will support the continuation of UTB’s strong growth and expansion into new products. The investment, which values the banking group at approximately £520 million, is a significant endorsement of UTB’s current strategy and future prospects.

UTB has been successfully building its business and brand for over 20 years with its focus on recruiting the best people, developing its product range and a disciplined approach to growth. Today, UTB has around 60,000 deposit customers and total assets approaching £4 billion. The Bank has dedicated divisions providing development finance, bridging finance, structured finance, asset finance, BTL finance and mortgages. UTB’s reputation for in-depth knowledge combined with commercial awareness and its robust funding model has made it a popular choice for finance brokers, developers and individuals seeking a high quality, bespoke service and a reliable source of finance solutions.

Harley Kagan, Chief Executive Officer of United Trust Bank, commented:

“This is an exciting milestone for UTB and an excellent opportunity for our staff, shareholders and for Warburg Pincus.

“I am delighted that Warburg Pincus will be joining us as a new partner to help accelerate our growth and provide support and experience as the group heads for a £4 billion balance sheet and explores exciting new products and markets in the future.

“It just remains for me to say that the growth story over the last 20 years would not have been achievable without the exceptional UTB staff who work carefully every day to build the Bank and deliver outstanding products and services to our customers, and for that we wish to sincerely thank them. United, we really do go further.”

Mike Thompson, Managing Director, Warburg Pincus, commented:

“We are delighted to partner with United Trust Bank as an investor and a strategic partner. UTB has established itself as a market leader in the UK, with an impressive track record of growth and innovation. The Bank’s strong management team, customer-centric approach, and focus on specialty lending solutions are key drivers of its success. We look forward to working closely with Harley and his team to support the Bank’s continued growth and leveraging the expertise of our Financial Services and Capital Solutions teams to help the company seize new opportunities in the UK market.”

Warburg Pincus was one of the first global private equity firms to invest in Europe in 1983, investing more than $15 billion in over 125 companies across more than 20 European countries. Within the financial services industry globally, Warburg Pincus has invested more than $25 billion across 60 companies, with a particular focus on specialist banking and lending. The firm has a successful track record of investing in capital solutions related transactions historically and recently closed the Warburg Pincus Capital Solutions Founders Fund, backed by over $4.0 billion in commitments.

UTB was advised by Lazard and CMS.

ENDS

Notes to editors:

For further information:

Jason Wyer-Smith – 42 PR: 07824 818242

To link to our website home page please use: http://www.utbank.co.uk/

United Trust Bank

UTB is an expanding specialist bank providing a wide range of secured funding facilities for individuals and businesses and deposit accounts for individuals, businesses and charities. UTB has been named ‘Specialist Bank of the Year’ four times at the Bridging and Commercial Awards and is the only lender to have done so.

UTB was incorporated in 1955. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. UTB is covered by the Financial Services Compensation Scheme and the Financial Ombudsman Service. The Bank is a member of UK Finance, a Patron of the National Association of Commercial Finance Brokers (NACFB), a Member of the Finance & Leasing Association (FLA), the Intermediary Mortgage Lenders Association (IMLA), a Member of the Bridging & Development Lenders Association (BDLA) and a Member of the Open Property Data Association (OPDA).

Warburg Pincus

Warburg Pincus LLC is the pioneer of private equity global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $86 billion in assets under management, and more than 230 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

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Rivean Capital has acquired a majority stake in Acture Group from IK Partners

IK Partners

Rivean Capital (“Rivean”) is pleased to announce that it has signed a definitive agreement to acquire a majority stake in Acture Group (“Acture” or “the Group”), a leading provider of holistic employee welfare solutions, from IK Partners (“IK”). The stake is being acquired from the IK Small Cap II (“IK SC II”) Fund, with Co-Founder and current CEO Maudie Derks, as well as the management team, reinvesting alongside Rivean.

Founded in 2008 and headquartered in Nijmegen, the Netherlands, Acture is a specialised outsourced service provider supporting corporates and staffing agencies in managing employee absence. The Group has an integrated approach to employee welfare, offering complementary services such as absence management and reduction, including case management and reintegration programmes, combined with an absence insurance proposition.

Acture’s heritage and longstanding experience as a pioneer in the private social security services market in the Netherlands have resulted in large amounts of valuable data being translated into innovative case management solutions supported by proprietary technology. With IK’s support since 2020, the Group completed four add-on acquisitions in the Netherlands and three in Germany, to further complement its proposition and expand its geographical footprint. Acture is also currently rolling out a mental health absence management platform, Evermood, in the Netherlands and the DACH region. Through its full-service offering, Acture is well positioned to fully unburden customers who are confronted with labour market shortages and rising absenteeism costs. At present, the Group employs approximately 390 full-time employees across its offices in the Netherlands and Germany.

Ready for the next phase of growth

The Group’s ambition to reinforce its position as a leading European provider of specialised outsourced services and insurance products requires further investment in the organisation to help develop its digital offering and platform capabilities. With Rivean’s support, Acture will continue along its international growth trajectory, accelerating the execution of its strategic growth plan and transforming from a leading Dutch player in the social security market, to a European total employee welfare platform.

Maudie Derks, CEO of Acture, said: “With the recent add-on acquisitions, Acture has taken its first steps into the international arena while simultaneously expanding its offering with a tech-driven wellbeing proposition. Through the new partnership with Rivean, we plan to accelerate our international roll-out, advance our ambitious growth trajectory and further develop the total employee welfare management concept. We would like to thank IK for their support over the past few years and look forward to joining forces with Rivean.”

Nikolai Pronk, Managing Partner at Rivean Capital, commented: “We are very impressed by Acture’s leading market position, supporting its customers with an integrated offering and with a track record of consistent growth. We look forward to partnering with Maudie and the management team to support Acture in its next development and international growth phase.”

Sander van Vreumingen, Partner at IK and Advisor to the IK SC II Fund, added: “Over the past four years, we have had the pleasure of working very closely with Maudie and her team. From the start, we have been impressed with the combined professionalism and expertise of the team, which has enabled both the successful implementation of multiple organic growth initiatives and execution of several bolt-on acquisitions. We are proud of all that we have achieved in partnership with Acture and would like to wish Maudie and her team all the very best in the next stage of their journey.”

Completion of the transaction is subject to obtaining merger clearance, AFM and works council approval.

For further questions, please contact:

Rivean Capital
Maikel Wieland
Partner – Head of Investor Relations & Co-Investments
Phone: +41 43 268 20 30
m.wieland@riveancapital.com

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

About Rivean Capital

Rivean Capital (“Rivean”) is a leading European private equity investor for mid-market transactions,
active in the DACH region, the Benelux countries, and Italy. Funds advised by Rivean Capital manage
over EUR 5 billion in assets. Since its inception in 1982, Rivean has supported more than 250
companies in realizing their growth ambitions and has a strong track record of supporting and scaling
successful high-tech businesses with cross-border growth agendas, including footprint expansions and
operational excellence trajectories. Headquartered in Amsterdam, Netherlands, Rivean Capital also has
offices in Brussels, Frankfurt/Main, Milan, and Zug, enabling a strong local presence across key
European markets. For more information, visit riveancapital.com

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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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Maven backs IP law firm with MEIF II debt funding

Maven

Lincoln-based intellectual property (IP) law firm, Panoramix, has secured a funding injection from the Maven managed Midlands Engine Investment Fund II (MEIF II) following support through the first Midlands Engine Investment Fund in 2022.

Published: Dec 12, 2024
Focus: MEIF Maven Debt Finance

Panoramix, a specialist IP law firm delivering high-quality and cost-effective legal services to both UK and overseas businesses, has secured a six figure follow on debt funding package through the Midlands Engine Investment Fund II via appointed Fund Manager for East and South East Midlands, Maven.

Today’s transaction follows Maven’s support through the first Midlands Engine Investment Fund in 2022, which played a critical role in enabling Panoramix to establish its presence in the East Midlands and expand its client base nationally while also growing its operations, building its team, and securing a permanent base in Lincoln.

Founded in 2019 by IP law specialist Kevin Hanson, Panoramix offers a flexible, attorney led service without the billable hours model commonly used across the industry. Instead, the business offers fixed fees based on task complexity and value, allowing clients to benefit from transparent and efficient services.

Panoramix supports a range of clients from start-ups and SMEs to multinational corporations across various sectors, including technology, healthcare, retail and manufacturing. It is also one of the few UK-based IP law firms authorised to conduct US trademark work, holding direct practice rights with the US Patent and Trademark Office, which enables it to provide UK clients with cost-effective US IP support.

The loan from the Midlands Engine Investment Fund II will provide Panoramix with the resources to implement a comprehensive marketing strategy aimed at expanding its client base, particularly in the US market, where it has already seen strong demand. The funding will also enable the company to recruit additional staff, including a client relationship manager, an administrative support role and a part-qualified patent attorney to support its growing operations.

Kevin-Hanson-Panoramix-Richard-Altoft-MavenRichard Altoft, Investment Director at Maven and Kevin Hanson, Founder of Panoramix.

“The support from Maven and the Midlands Engine Investment Fund I in 2022 was critical in enabling us to establish our business in the East Midlands and grow our client base nationally. With further funding through Midlands Engine Investment Fund II, we intend to double our headcount and turnover within the next 24 months. This will involve development of new service offerings and expansion into new international markets. The future is looking very bright as we continue to revolutionise the IP legal services industry.”

Kevin Hanson, Founder of Panoramix

“Panoramix has shown impressive growth through its innovative service model, establishing itself as a trusted provider of intellectual property services and is now well positioned to capitalise on sector opportunities. Our initial support through Midlands Engine Investment Fund I enabled the firm to expand its capabilities and build strong foundations for future growth. We are pleased to provide additional support with debt finance from Midlands Engine Investment Fund II to enable the business to continue to grow its team and expand to new markets.”

Richard Altoft, Investment Director at Maven

“This new round of funding from the Midlands Engine Investment Fund II follows investment from the first Midlands Engine Investment Fund, and we are pleased to see Panoramix continuing to thrive. This funding will support the company in creating new roles and exploring expansion opportunities overseas.”

David Tindall, Senior Investment Manager at British Business Bank

Through MEIF II – Debt Finance East and South East Midlands, Maven can provide flexible finance options to address a variety of business needs, including enhancing working capital, purchasing new machinery, capital expenditure, export finance, product development and team expansion. The Fund has supported a number of businesses across the region to date, including Advance Tapes, an independent adhesive tapes manufacturer, DUKE Distribution, a logistics and trackway installation provider, Vision4Sport, a sports hospitality specialist and sustainable tech business, Circulayo.

As Fund Manager of MEIF II – Debt Finance East and South East Midlands, Maven can provide business loans from £100,000 to £2 million to support both earlier and later stage businesses with real growth potential across a range of sectors. If your business, or the business you advise, is looking at debt finance as a solution to fund future growth please click here.

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SWIF Maven Equity Finance invests £750,000 in Tom Parker Creamery

Maven

The British Business Bank’s South West Investment Fund has marked its 100th deal in the region, delivering over £40 million of investment since its launch last year with a £750,000 investment from SWIF Maven Equity Finance into Tom Parker Creamery.

Published: Dec 12, 2024
Focus: SWIF Maven Equity Finance

Founded in 2018, Tom Parker Creamery is a producer of free-range milks and creams from British grass-fed herds. Based at Wincanton in South Somerset, the business produces natural, fully traceable, and sustainable dairy products. The range features free-range milk enriched with vitamins, naturally flavoured milks and cream, all sustainably produced and presented in nostalgic glass bottles.

The company serves several major retailers including Waitrose, Sainsbury’s, Tesco, and Ocado. It has also won various awards including a Great Taste Award (2024), The Farm Shop & Deli Best Product (2024), International Cheese & Dairy Awards; Best Health Drink (2021) and the Great British Food Awards (2022 and 2021).

Investment from SWIF Maven Equity Finance has supported the relocation to a larger facility, allowing for a significant increase in production capacity as the company continues to grow its customer base. The funding will also provide additional working capital, enable the business to increase its headcount and support further product development.

Tom Parker Creamery free ranged whole milk product

“We’re extremely excited to be working with Maven and the South West Investment Fund to help take our business to the second phase of our growth plan. With the current rise in awareness of ultra-processed foods, our range of award-winning products made with free-range British whole milk and natural ingredients mean we’re well positioned to satisfy consumer demands in this area. With this support, the investment enables us to deliver our ambitious plans and meet the rising demands from major retailers and consumers.”

Rob Yates, CEO of Tom Parker Creamery

“Tom Parker Creamery has carved out a unique space in the dairy market, driven by its commitment to high-quality, sustainably sourced products. Rob has built a strong brand, and we’re excited to back him and his team as they scale up and bring their exceptional products to more customers. The South West Investment Fund is there to support businesses just like this to grow whilst making a positive impact on the wider local economy.”

Rafi Khan, Investment Manager at Maven

“We’re thrilled to see the South West Investment Fund make its 100th deal, delivering over £40m of investment since its launch last year. The volume of investments underscores the strength and ambition of growing businesses across the South West, and the critical role of the fund in providing the capital needed for these businesses to innovate, expand, and create lasting impact in their communities. The latest investment in Tom Parker Creamery highlights our commitment to supporting sustainable, growth-oriented businesses in a broad range of sectors across the region.”

Jody Tableporter, Director UK & Regional Funds at the British Business Bank

The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the region. The Fund is increasing the supply and diversity of early stage finance for South West smaller businesses, providing funds to firms that might otherwise not receive investment and helping to break down barriers in access to finance.

SWIF – Maven Equity Finance can provide investment of up to £5 million to support ambitious earlier and later stage businesses across the South West of England. To date, the Fund has backed sustainable packaging innovator, Kelpi, global wireless solutions provider Blu Wireless, healthcare buy and build operator, Covestus, Microsoft adoption specialist, Changing Social and leading robotic additive manufacturer, Q5D.

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