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The Carlyle Group Launches Boru Energy With Oil Industry Veterans Aidan Heavey and Tom Hickey

Carlyle

Boru Energy will target acquisitions of up to $1 billion, focussing on oil and gas opportunities across Sub-Saharan Africa

LONDON – Global investment firm, The Carlyle Group (NASDAQ:CG), announced today that it has agreed to partner with Aidan Heavey and Tom Hickey, through Boru Energy, a new platform that will target acquisitions of oil & gas assets across Sub-Saharan Africa. Aidan Heavey and Tom Hickey are well-regarded industry veterans with extensive investment experience investing in African oil & gas assets.

Boru Energy’s investment goal will be to assemble a portfolio of primarily non-operated interests in oil & gas production assets. The potential portfolio will be spread across several Sub-Saharan Africa countries and will consist of assets with significant commercialisation potential and where the operator is a high quality national, international or independent oil and gas company.

Funding for potential investments will come from Carlyle International Energy Partners, L.P. (CIEP), a fund that focuses on oil and gas exploration & production, midstream, and refining and marketing in Europe, Africa, Latin America and Asia. CIEP first invested in Africa in 2017, when Carlyle-backed Assala Energy acquired Shell’s onshore assets in Gabon. Boru Energy will benefit from the strong experience and industry expertise Carlyle has in this region and globally. This investment is led by Managing Director and Head of CIEP Marcel van Poecke and Managing Director Bob Maguire.

Aidan Heavey is the founder and former Chairman and CEO of Tullow Oil PLC, an Africa-focused exploration and production company listed on the London Stock Exchange. Under Heavey’s leadership, Tullow grew into a FTSE 100 company with production of over 80,000 barrels of oil equivalent per day. Tom Hickey was CFO of Tullow Oil between 2000 and 2008, where he worked closely with Mr Heavey, and has since held various management positions in the oil & gas industry.

Marcel van Poecke, Managing Director, and Head of the CIEP team, said: “Carlyle are pleased to partner with Aidan Heavey and Tom Hickey, both of whom have proven track records of successfully growing significant energy investments.  We look forward to providing them with support and capabilities in order to help Boru Energy as it builds a successful platform for investing in oil & gas opportunities across Sub-Saharan Africa.”

Aidan Heavey commented: “Boru Energy will build on our team’s experience and commitment to investing in Africa.  We will seek to invest to secure and increase production levels, extend field life cycles and support partners and governments to achieve long term, sustainable growth and create value.  We are committed to achieving best-in-class safety, environmental, social performance and transparent stakeholder partnerships. We look forward to working with Carlyle, future industry partners and our team on this exciting opportunity.”
For More Information:

The Carlyle Group:
Rory Macmillan
Roderick.Macmillan@carlyle.com
+44 (0) 207 894 1630

 

About the Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $223 billion of assets under management as of June 30, 2019, 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. The Carlyle Group employs more than 1,775 people in 33 offices across six continents. www.carlyle.com

About Carlyle’s Energy Platform

Carlyle has constructed a broad-based global energy, natural resources and infrastructure platform (currently with $27 billion in assets under management and 95 active portfolio companies), consisting of International Energy, North American Energy, North American Power and Global Infrastructure.

About CIEP

Established in May 2013, the CIEP team focuses on oil and gas exploration and production mid- & downstream, refining and marketing and oil field services in Europe, Africa, Latin America and Asia. The CIEP team focuses on transactions where it has a distinctive competitive advantage and can create tangible value for companies in which it invests, through industry specialization, deployment of human capital and access to The Carlyle Group’s global network. The team operates primarily from offices in London while leveraging Carlyle’s local offices to pursue opportunities across Europe, Africa, Asia and Latin America and is reinforced by The Carlyle Group’s regional fund teams and global investment professionals.

The CIEP team consists of 16 investment professionals, all with extensive international oil and gas industry investment and operational expertise. In addition to Marcel van Poecke, it includes Managing Directors Bob Maguire and Joost Dröge, both industry veterans with 55 years’ combined successful energy investing experience, as well as Paddy Spink, Senior Advisor to CIEP, with 35 years’ upstream experience in Africa, Latin America & Europe.

About Aidan Heavey

During his 33-year tenure at Tullow, Heavey developed Tullow into a company that maintains 80 exploration and production licenses in 15 countries in South America and Africa. Tullow is listed on the London, Irish, and Ghana Stock Exchanges. In 2017, Heavey stepped down as CEO of Tullow; however, he remained chairman until July 2018.

Tullow expanded in the 2000s through a series of acquisitions, most prominently the acquisition of Energy Africa in 2004, which doubled the company’s size by expanding Tullow’s production and exploration capabilities across Africa. In 2007, Tullow discovered and began production at the Jubilee oilfield—one of the largest oilfields in Africa—off the coast of Ghana. The company has continued to grow and had an exploration success rate of 70 percent, most recently offshore Guyana.

About Tom Hickey

Tom Hickey is an experienced oil & gas executive with more than 20 years of experience, including more than 10 years serving as a CFO at oil and gas exploration and production companies. From 2000 to 2008, Hickey was the CFO of London-headquartered E&P company Tullow. While at Tullow, Hickey oversaw the company’s USD 1.1 billion acquisition of Hardman Resources in 2007 and USD 570 million acquisition of Energy Africa in 2004. From 2011 to 2016, Hickey served as the corporate development officer and CFO of the Dublin-headquartered oil and gas exploration and production company PetroCeltic International PLC.

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Mainstay Medical announces acceptance for filing by US FDA of Pre-Market Approval (PMA) Application for ReActiv8

Capricorn

Dublin, Ireland: 1 October 2019 – Mainstay Medical International plc (Euronext Paris: MSTY.PA and Euronext Growth of Euronext Dublin: MSTY.IE), a medical device company focused on bringing to market ReActiv8®, an implantable neurostimulation system to treat disabling Chronic Low Back Pain, today announces that the U.S. Food and Drug Administration (FDA) has accepted for filing the Company’s Pre-Market Approval (PMA) application for ReActiv8.

Mainstay submitted the PMA to the FDA in August. Per regulation, the FDA will notify the applicant whether the PMA has been accepted for filing within 45 days after submission. By accepting the Company’s PMA for filing, the FDA has made a threshold determination that the application is sufficiently complete to begin an in-depth review. Mainstay continues to expect a decision on approval around the end of 2020.

More information on Mainstay’s website.

 

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AURELIUS closes acquisition of BT Fleet Solutions from BT Group Plc

Aurelius Capital

  • Acquisition of the UK’s #1 commercial fleet management business delivering a comprehensive suite of services to blue chip customers, via its national network completed
  • Recent contract wins worth GBP 43 million
  • UK continues to be an attractive market for AURELIUS

Munich / London, 1. October 2019 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) has completed the acquisition of industry leading end-to-end commercial fleet management operator, BT Fleet Solutions from BT Group Plc, with effect from 30 September 2019.

Headquartered in Solihull, BT Fleet Solutions offers a comprehensive suite of fleet management services across all stages of the vehicle life cycle, through its network of 65 in-house garages, 500 partner facilities and 50+ mobile technicians. Established in 2002, BT Fleet Solutions employs around 950 staff around the UK, and manages more than 80,000 vehicles for over 26 blue chip customers across diversified industries. The latest published statutory accounts for 2017/18 for BT Fleet Ltd show revenues of GBP 209.5 million and its industry leading position leaves it well placed to capture the high levels of growth available in the UK’s fleet management market.

BT Fleet Solutions has recently signed two significant contract wins, as follows:

  • A 5+2 year contract with construction company Kier Group to manage all passenger and commercial vehicle fleet services on an outsourced basis, including vehicle maintenance, accident management and invoice management. The contract is due to go live in December 2019 with a value of GBP 39 million to BT Fleet Solutions.
  • A 30-month contract with Highways England to provide fleet maintenance and management services to its fleet of around 420 vehicles. The contract value to BT Fleet Solutions is GBP 4 million.

“We see substantial growth potential for BT Fleet in the British market and we are looking forward to realizing this potential together with the company’s management and team,“ said Dr. Dirk Markus, Chief Executive Officer of the AURELIUS Group. “The United Kingdom will continue to be an attractive market for us in the future as well. Brexit and the related uncertainty are creating special opportunities from which investors like us can benefit.“

The divestment of BT Fleet Solutions aligns with BT’s ongoing transformation programme and strategy of focusing on converged connectivity and services, with further investments in both its fixed and mobile networks via programmes such as full fibre and 5G.
This deal represents another example of AURELIUS’ specialism in complex divestment processes. In the coming months, AURELIUS’ operational task force will support BT Fleet Solutions in executing a carve out from BT, ensuring a seamless continuation of the company’s day to day operations, whilst working to position the business as an independent entity. The company is expected to be rebranded within the next 12 months.

 

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Avedon Capital Partners expands team with appointment of Willem van der Veer

Avedon

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Apiary Capital appoints new Investment Manager

Apiary Capital

Team-Jess.jpg

Apiary Capital is pleased to announce the appointment of Jessica French as Investment Manager.

Jess joins Apiary from boutique investment bank, Financo, having previously spent eight years at PwC, primarily in Corporate Finance advisory.

Jess’s appointment follows the successful close of Apiary’s £200m maiden fund last year, and the subsequent completion of the G3 Comms, Connect and Bertram Nursery Group investments earlier this year.

Mark Salter, Managing Partner at Apiary Capital commented, “Jess’s addition provides depth and breadth to our investment capability and we are delighted to welcome her to the Apiary team.”

Categories: People

n2 Biomedical Appoints Victor Nunes and Dean Schauer to Board of Directors

Bedford, MA – September 30, 2019: N2 Biomedical, a leading provider of proprietary surface treatment solutions and nanoscale coatings for implantable medical devices, today announced the appointments of Victor (“Vic”) Nunes and Dean Schauer to the Company’s Board of Directors. Nunes and Schauer join the Board following Ampersand Capital Partners’ majority recapitalization of the Company earlier this year. The transaction with Ampersand provided N2 Biomedical with an equity investment to fuel organic growth, expand the Company’s capabilities, and increase commercial sales efforts.

Mr. Nunes has over 25 years of medical device industry experience. He has served in a number of senior management and advisory roles in various medical device and life sciences companies, with a particular emphasis on orthopedics. Previous experience includes a variety of roles within DePuy Orthopedics, where he led integration of the $21 billion Synthes acquisition and assisted in the integration of DePuy Ace into Johnson & Johnson. Mr. Nunes also held Board positions at the Depuy Mitek and Codman Neuro divisions of J&J during his tenure as Senior Operations Executive. He has received advanced certifications from Duke University, the University of Virginia, and the University of Pennsylvania.

Mr. Schauer has served as President and CEO of Ampersand portfolio company Confluent Medical Technologies since 2013, and also joined Ampersand as an Operating Partner in 2016. Prior to Confluent, Mr. Schauer held a variety of executive leadership roles at Accellent, and was most recently Executive Vice President and General Manager of Accellent’s Cardiovascular Business. Prior roles at Accellent and its predecessors included EVP of Operations and Engineering, EVP of Sales and Marketing, and VP of Quality. Mr. Schauer holds a B.S. in Metallurgical Engineering from South Dakota Tech and is trained in Six Sigma methodology.

“Both Vic and Dean are proven, experienced executives within the medical device industry, and bring valuable insight to N2’s evolving growth strategy,” said Randall Sword, CEO of N2 Biomedical. “The additions to our Board come at an exciting time for N2 as we look to expand our service offering within medical end-markets. We welcome Vic and Dean’s experiences and guidance as we continue to build N2.”

About N2 Biomedical

Established in 2013, N2 provides coating and surface treatment development and application services for implantable and other medical devices utilized in orthopedic, cardiovascular, and other healthcare end-markets. N2 is ISO-13485 certified, FDA GMP-compliant, and operates in a 30,000 square foot facility with laboratory, manufacturing, and cleanroom space to service all customer and regulatory requirements. The company leverages its proprietary processes and equipment to provide customized solutions that enhance the characteristics of various materials in critical applications, including lubricity, infection resistance, biocompatibility and tissue integration, and wear and corrosion resistance. Additional information about N2 Biomedical is available at N2bio.com.

About Ampersand Capital Partners

Founded in 1988, Ampersand is a middle market private equity firm dedicated to growth-oriented investments in the healthcare sector. With offices in Boston, MA and Amsterdam, Netherlands, Ampersand leverages a unique blend of private equity and operating experience to build value and drive superior long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of its core healthcare sectors, including Avista Pharma Solutions, Brammer Bio, Confluent Medical, Genewiz, Genoptix, Talecris Biotherapeutics, and Viracor-IBT Laboratories. Additional information about Ampersand is available at ampersandcapital.com.

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Blackstone to Buy U.S. Logistics Assets from Colony Capital for $5.9 Billion

Blackstone

Acquisition will continue to expand Blackstone’s strategic presence in U.S. e-commerce logistics

Exit marks a significant step for Colony as it implements plan to focus on digital real estate and infrastructure

LOS ANGELES & NEW YORK & DALLAS–Colony Capital, Inc. (NYSE: CLNY) (“Colony Capital,” or the “Company”) and Blackstone Real Estate Partners IX, an affiliate of Blackstone (NYSE: BX), announced today that they have entered into definitive agreements for Blackstone to acquire Colony Industrial, the industrial real estate assets and affiliated industrial operating platform of Colony Capital, for an aggregate purchase price of $5.9 billion.

The Colony Industrial last-mile light industrial portfolio represents the substantial majority of the total transaction and comprises approximately 60 million square feet of infill, logistics assets across 465 light industrial buildings in 26 U.S. markets, with significant concentration in Dallas, Atlanta, Florida, northern New Jersey, and California. The transaction also includes Colony’s 51% ownership interest in a 4 million square foot portfolio of bulk distribution assets and the affiliated operating platform which manages the properties of both portfolios. The aggregate net sales proceeds to Colony are expected to be in excess of $1.2 billion.

This transaction comprises one of the highest quality portfolios of last-mile logistics assets in the U.S. Colony Industrial was formed in December 2014 through Colony Capital’s acquisition of Cobalt Capital Partners, founded and led by Lewis D. Friedland. Since then, the portfolio has doubled in size and produced strong and consistent operating results.

Darren Tangen, President of Colony Capital, stated, “We appreciate Blackstone has recognized the value that we’ve created at Colony Industrial and they are the ideal steward to lead this business during the next phase of its growth. Lew Friedland and the Colony Industrial team have executed flawlessly, achieving and even surpassing the goals of our original investment thesis five years ago. This sale allows Colony to both achieve compelling returns for our investors and generate significant liquidity, which among other uses, will help accelerate our ongoing transition into digital real estate and infrastructure.”

Nadeem Meghji, Head of Real Estate Americas at Blackstone, stated, “This acquisition of high quality warehouses demonstrates our continued strong conviction in logistics and positive e-commerce trends. As retailers continue to shorten delivery times and expand their last mile footprints, we believe warehouses in dense population centers will continue to experience outsized demand growth.”

Lew Friedland, Managing Director, Head of Colony Industrial, commented, “Last-mile logistics real estate continues to become an increasingly critical component of the global supply chain. We are pleased to have generated strong returns for our investors implementing this strategy and the portfolio and platform are extremely well-positioned for the positive market environment and continued growing demand for last-mile logistics space.”

Each of the agreements is subject to customary closing conditions, including third party consent for the sale of the 51% interest in the bulk industrial portfolio, and is expected to close in the fourth quarter of 2019.

Willkie Farr & Gallagher served as legal counsel, and Morgan Stanley and Eastdil Secured served as financial advisors, and CBRE National Partners served as real estate advisor to Colony Capital. Simpson Thacher & Bartlett served as legal counsel to Blackstone.

About Colony Industrial
Headquartered in Dallas, TX, Colony Industrial is the industrial platform of Colony Capital, Inc. Its portfolio comprises approximately 60 million square feet of owned, developed and under contract logistics warehouse properties in 26 markets across the United States. The portfolio’s diversified tenant base includes major national B2B, B2C, wholesale and consumer businesses. For more information, visit www.clny.com/industrial.

About Colony Capital
Colony Capital, Inc. (NYSE: CLNY) is a leading global investment management firm with assets under management of $55 billion, which includes approximately $14 billion of assets under management from Digital Bridge, a leading global investment manager of digital infrastructure assets including cell towers, small cells, fiber and data centers. The Company manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, and traded and non-traded real estate investment trusts. The Company has significant holdings in: (a) the healthcare, industrial and hospitality property sectors; (b) Colony Credit Real Estate, Inc. (NYSE: CLNC) and NorthStar Realty Europe Corp. (NYSE: NRE), which are both externally managed by subsidiaries of the Company; and (c) various other equity and debt investments. The Company is headquartered in Los Angeles with key offices in Boca Raton, New York, Paris and London, and has over 450 employees across 21 locations in 13 countries as a result of the business combination with Digital Bridge. For additional information regarding the Company and its management and business, please refer to www.clny.com.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has $154 billion of investor capital under management. Blackstone is one of the largest property owners in the world, owning and operating assets across every major geography and sector, including logistics, multifamily and single family housing, office, hospitality and retail. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ strategy invests in substantially stabilized real estate globally through regional open-ended funds focused on high-quality assets, and Blackstone Real Estate Income Trust, Inc. (BREIT), a non-listed REIT that invests in U.S. income-generating assets. 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).

Cautionary Statement Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that might cause such a difference include, without limitation, whether the Company will complete the sale of the industrial platform within the timeframe anticipated or at all, including the Company’s ability to obtain any necessary consents for the bulk transaction, the Company’s strategic plans, and portfolio mix, and other risks and uncertainties detailed in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”). All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Additional information about these and other factors can be found in Colony Capital’s reports filed from time to time with the SEC.

Colony Capital cautions investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. Colony Capital is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and Colony Capital does not intend to do so.

Contacts

Colony Capital: 
Investor Contact:
Lasse Glassen
Addo Investor Relations
310-829-5400
lglassen@addoir.com

Media Contact:
Blicksilver Public Relations
Lisa Baker
914-725-5949
lisa@blicksilverpr.com

Blackstone: 
Jennifer Friedman
Jennifer.Friedman@blackstone.com 
Tel: (212) 583-5122

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Blackstone completes the acquisition of €1 billion majority stake in Luminor

Blackstone

Luminor announced today the acquisition of a 60% majority stake in the bank by a consortium led by private equity funds managed by Blackstone. The bank’s current owners, Nordea Bank Abp (“Nordea”) and DNB BANK ASA (“DNB”), will each retain a 20% equity stake in Luminor.

The consortium, which includes a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”), as well as other co-investors, has now completed the transaction having received the relevant approvals.

Nordea and DNB will continue to support the bank with long-term funding, expertise and on-going representation on the Board of Directors. Blackstone has agreed with Nordea to purchase their remaining 20% stake over the coming years.

Blackstone was uniquely positioned to manage this complex acquisition, and is well-placed to support Luminor and the wider Baltic economy going forward.

Nadim El Gabbani, Senior Managing Director at Blackstone, said: “We are excited by the long-term partnership with management, Nordea and DNB and look forward to working together to create a stronger platform to further economic growth in the Baltics. We will continue to support local businesses and strongly believe that Luminor is well-positioned to continue to lead the market as an independent provider of financial services.”

Nils Melngailis, Chairman of the Supervisory Council of Luminor, said: “The Baltics benefit from a strong macroeconomic climate and a stable operating environment, and are among the most dynamic economies in the European Union. This transaction represents one of the largest investments in Baltic history and I would like to acknowledge the efforts of the regulators in the approval process and our teams in completing the transaction. I look forward to our strategic partnership with Blackstone.”

Erkki Raasuke, CEO of Luminor, said: “Blackstone is an ideal partner for Luminor as it undertakes one of the most extensive corporate transformations in the Baltics. Their demonstrable track record in transformations, strong financial standing and network of global talent will support Luminor in growing as the largest local independent bank; a bank which will be dedicated to supporting sustainable growth of the Baltic region by providing long-term commitment to businesses and individuals.”

For more information, please contact:

Blackstone
Ramesh Chhabra
+44 (20) 7451 4053
Ramesh.Chhabra@Blackstone.com

Luminor
Ivi Heldna
+372 52 31 192
Ivi.Heldna@luminorgroup.com

About Luminor
Luminor was established as an independent Baltic bank in autumn 2017, built on the Baltic businesses of Nordea and DNB and combining the experience and knowledge from the Nordic countries. We are the third-largest provider of financial services in the Baltics, with approximately 1 million clients, 2,500 employees, and a market share of 16.4% in deposits and 20.2% in lending as at the end of the second quarter of 2019. Total shareholders’ equity amounts to €1.6 billion and Luminor is capitalised with a CET1 ratio of 18%. On 13 September 2018, Moody’s assigned Luminor long and short-term, foreign and local currency deposit ratings of Baa1/Prime-2.

About Blackstone
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies in which we invest, and the communities in which we work.  We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with $545 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis.  Further information is available at www.blackstone.com.  Follow Blackstone on twitter @Blackstone.

About ADIA 
Established in 1976, ADIA is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.  ADIA has invested in private equity since 1989 and has built a significant internal team of specialists with experience across asset products, geographies and sectors. Through its extensive relationships across the industry, the Private Equities Department invests in private equity and credit products globally, often alongside external partners, and through externally managed primary and secondary funds. Its philosophy is to build long-term, collaborative relationships with its partners and company management teams to maximize value and support the implementation of agreed strategies. For more information: https://www.adia.ae

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Blackstone Closes Acquisition of Vungle, a Leading Mobile Performance Marketing Platform

Blackstone

Vungle promotes Jeremy Bondy to Chief Operating Officer

NEW YORK–Blackstone (NYSE:BX) announced today that private equity funds managed by Blackstone (“Blackstone”) have completed the previously announced acquisition of Vungle, a leading performance marketing platform for in-app video advertisements on mobile devices.

Vungle is trusted by publishers of more than 60,000 mobile apps worldwide, including top brands such as Rovio, Zynga, Pandora, Microsoft, and Scopely, among others. The company serves more than 4 billion video views per month over a billion unique devices, and is consistently ranked #1 for cross-platform user retention by industry mobile performance indexes. Vungle is headquartered in San Francisco, with offices in London, Berlin, Beijing, Tokyo, Singapore and Seoul.

The acquisition brings together Vungle’s leading performance marketing platform for in-app advertising with Blackstone’s demonstrated success in partnering with category leaders to support and accelerate their growth.

“Vungle’s rich expertise in the high-growth, in-app performance advertising market and strong focus on the mobile experience position the company well for continued success,” said Sachin Bavishi, Principal at Blackstone. “We are excited to support Vungle as it continues to expand its platform capabilities and enter new markets to better serve advertisers and publishers.”

Martin Brand, a Senior Managing Director at Blackstone, said: “We are pleased to complete this transaction, and look forward to investing in Vungle and pursuing a business plan focused on accelerating growth.”

Rick Tallman, CEO of Vungle, said: “We are delighted to join the Blackstone portfolio of companies and kick off the next chapter of Vungle’s story. With Blackstone’s resources and expertise, we will build upon our proven track record as a trusted guide for mobile growth and engagement for the world’s largest brands.”

Concurrent with the completion of the transaction, Vungle is promoting Jeremy Bondy to the newly created role of Chief Operating Officer. He will continue to oversee global revenue and Vungle Creative Labs, while ensuring operational excellence across the business.

“Jeremy is a seasoned and trusted leader who consistently delivers results,” added Rick Tallman. “Jeremy’s sales and operational leadership have been instrumental to our rapid, profitable growth over the past five years. I look forward to working closely with him in his new role as we continue to expand our company and better serve our customers.”

Goldman Sachs & Co. LLC is serving as financial advisor to Vungle and Guggenheim Securities, LLC is serving as financial advisor to Blackstone on the transaction. DLA Piper LLP (US) is serving as legal advisor to Vungle and Simpson Thacher & Bartlett LLP is serving as legal advisor to Blackstone.

About Blackstone
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies in which we invest, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our businesses, with $545 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on twitter @Blackstone.

About Vungle
Vungle is the trusted guide for growth and engagement, transforming how people discover and experience apps. Mobile application developers partner with Vungle to monetize their apps through innovative in-app ad experiences that are inspired by insight and crafted with creativity. Advertisers depend on Vungle to reach, acquire, and retain high-value users worldwide. Vungle develops tools that include data-led buying and UX recommendations, ad format innovation, creative automation, and more. Vungle’s data-optimized ads run on over 1 billion unique devices to drive engagement and increase returns for publishers and advertisers ranging from indie studios to powerhouse brands, including Rovio, Zynga, Pandora, Microsoft, and Scopely. The company is headquartered in San Francisco and has offices around the world in London, Berlin, Beijing, Tokyo, Seoul, Singapore. For more information, visit www.vungle.com or follow the company on Twitter @Vungle

Contact
Matt Anderson
212-390-2472
matthew.anderson@blackstone.com

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Francisco Partners to Acquire Orchard Software

Franciso Partners

Acquisition positions company to focus on growth opportunities

SAN FRANCISCO – Francisco Partners (“FP”), a leading technology-focused private equity firm, today announced its intent to acquire Orchard Software Corporation (“Orchard”), a privately owned company specializing in developing and supporting award-winning Laboratory Information Systems (LIS) that enhance clinical and pathology laboratory workflow, as well as support laboratory outreach and point-of-care testing (POCT).

“We look forward to the partnership with the FP team and are excited about fueling what has made Orchard successful with additional expertise and capital to accelerate our growth and continue to bring innovation to our customers”, said Rob Bush, Founder and CEO. As part of the transaction, Billie Whitehurst, will succeed Bush as CEO. Whitehurst has more than 20 years of experience leading high growth health information technology businesses, most recently serving as Senior Vice President at Netsmart. Prior to that, Whitehurst held senior roles at Change Healthcare and McKesson.

“Francisco Partners’ deep experience in healthcare technology and proven track record in nurturing and growing technology businesses will enable Orchard Software’s loyal base of employees to continue delivering market leading solutions and new innovations,” said Whitehurst.

Orchard specializes in seamless integration, advanced rules-based decision support, and data analytics. Their strength comes from developing collaborative partnerships with clients to deliver the very best solutions on the market. Orchard has been a leader in KLAS rankings since 2002 and remains the top LIS in the community and ambulatory laboratory markets. For the eighth year in a row and ninth time overall since 2009, Orchard Software was named to the Indianapolis Star’s Top Workplaces list for 2019.

“Orchard has been the pioneer in the LIS industry, developing market-leading products and maintaining strong, long-standing customer relationships,” said Jonathan Murphy of Francisco Partners. “They are well positioned to continue to drive product innovation in the LIS market, and we are excited about the opportunity in POCT and partnering with the team to accelerate the company to new levels of growth and impact for laboratorians across the US.”

Wilson Sonsini Goodrich and Rosati served as legal advisor to Francisco Partners. Brentwood Capital Advisors served as financial advisor to Orchard Software and Bose McKinney & Evans LLP served as legal advisor.

About Orchard Software Corporation

Orchard Software Corporation, founded in 1993, is a leader in the laboratory information system industry and offers a variety of laboratory system solutions. Orchard’s products are installed in all sizes of multi-site and multi-specialty physician groups and clinics, hospitals, independent reference labs, student health centers, veterinary labs, and public health organizations. Orchard serves more than 1,500 laboratories across the country, helping them improve efficiency, reduce errors, and enhance integration. For more information on Orchard Software Corporation, visit www.orchardsoft.com.

About Francisco Partners

Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled businesses. Since its launch 20 years ago, Francisco Partners has raised over $14 billion in capital and invested in more than 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

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