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Latour completes acquisition of Custom LeatherCraft Mfg. LLC.

Latour logo

On August 30th, Investment AB Latour, through its wholly-owned subsidiary Hultafors Group AB, signed an agreement to acquire Custom LeatherCraft Mfg. LLC (“CLC”) based in Los Angeles, CA, USA. All closing conditions have now been fulfilled and the transaction has been completed as of September 16th.

Göteborg, September 16, 2019

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Ole Kristian Jødahl, CEO Hultafors Group AB, +47 900 88 305
Jens Eriksson, Director, M&A and Strategy Hultafors Group AB, +46 702 114 601

Hultafors Group is one of Europe’s largest companies to supply workwear, footwear, head protection, hand tools and ladders for professional users. The products are developed, manufactured and marketed as their own brands, which are available through leading distributors in about 40 markets, with emphasis on Europe and North America. Hultafors Group has more than 800 employees and an annual turnover of more than SEK 2.6 billion.

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of nine substantial holdings with a market value of about SEK 59 billion. The wholly-owned industrial operations had an annual turnover of about SEK 12 billion in 2018.

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Energy Transfer to acquire Semgroup

Alinda

Energy Transfer LP (NYSE: ET) has announced that it has entered into a definitive merger agreement whereby Energy Transfer will acquire SemGroup Corporation (NYSE: SEMG) in a share and cash transaction valued at approximately $5 billion.

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This represents a 65% premium to the closing price of SemGroup shares as of September 13, 2019.

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The transaction is expected to close in late 2019 or early 2020, subject to the approval by SemGroup’s stockholders and other regulatory approvals.

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Energy Transfer’s acquisition of SemGroup will increase Energy Transfer’s scale across multiple regions.

Energy Transfer will significantly strengthen its crude oil transportation, terminal and export capabilities with the addition of the Houston Fuel Oil Terminal (HFOTCO), a world class crude oil terminal on the Houston Ship Channel with 18.2 million barrels of crude oil storage capacity, five deep-water ship docks and seven barge docks. HFOTCO is supported by stable take-or-pay cash flows from diverse, primarily investment grade customers. Energy Transfer is also announcing its plans to construct a new crude oil pipeline, the Ted Collins Pipeline, to connect HFOTCO to Energy Transfer’s Nederland Terminal.

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Energy Transfer’s crude oil assets on the Gulf Coast will also benefit from SemGroup’s interest in the Maurepas Pipeline and its connections to the St. James refining complex.

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Energy Transfer owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major domestic production basins.

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Investment funds managed by Alinda Capital Partners sold HOFTCO to SemGroup in June 2017. Following the September 2019 announcement by Energy Transfer, the funds have sold their interest in SemGroup shares.

The funds managed by Alinda Capital Partners continue to hold an interest in the Maurepas Pipeline, acquired in August 2018.

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Sanoma completes the acquisition of Iddink Group

NPM Capital

Sanoma has completed the acquisition of Iddink Group from NPM Capital. Earlier the acquisition was announced on 11 December 2018 and at the time it was still subject to customary closing conditions, including the approval of Dutch competition authorities, which was received and announced on 29 August 2019. Iddink will be reported as part of Sanoma Learning SBU as of 1 October 2019.

Iddink’s integrated learning and school administration platforms provide its customers – pupils, parents, schools and teachers – with access, communication and learning tools. Iddink’s business is complementary to Sanoma’s Dutch subsidiary Malmberg, a leading educational publisher for primary, secondary and vocational education.

With the acquisition, Sanoma enters the integrated digital learning platform business in the Netherlands. Iddink will remain a separate operational company within Sanoma Learning.

NPM Capital held a majority stake in Iddink Group since 2014.

Also read ‘NPM Capital sells educational service provider Iddink Group to Sanoma Learning’

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Ardian Co-Investment raises $2.5 billion for latest fund

Ardian

Paris, September 12, 2019. Ardian, a world leading private investment house, today announces it has raised $2.5 billion for its latest co-investment fund, Ardian Co-Investment Fund V.

The fund attracted more than 190 investors across Europe, the US and Asia, more than three times the size of Ardian Co-Investment’s previous investor base. It also doubles the $1.2 billion raised for Ardian’s fourth-generation fund in 2015.

In line with its established investment strategy, which has underpinned the top quartile performance of its recent funds, Ardian Co-Investment will target minority investments alongside top-tier GPs diversified by company size, sector and geography. Through Ardian Fund of Funds, Ardian Co-Investment has access to more than 600 GPs around the world. This unique network provides Ardian Co-Investment with an exceptional deal pipeline.

Investors in the fund comprise major pension funds, insurance companies, HNWIs, endowments and foundations, and financial institutions, with particular growth among pension funds and HNWIs. Around half of the investors in the fund were new to Ardian, while a significant portion was also completely new to co-investment funds.

Benoît Verbrugghe, Member of the Executive Committee of Ardian, said: “As well as highlighting our strong position in co-investment, this latest fundraise shows how co-investment can act as a gateway to Ardian and its broader offer. Ardian Co-Investment combines direct investment expertise with the exceptional GP relationships from fund of funds, and with Ardian’s overarching approach of loyalty and excellence to investors. This fund is an excellent achievement.”

A burgeoning co-investment market

The strategy for this latest co-investment fund focused on significantly expanding Ardian’s investor base. This was driven by increased market recognition of co-investment and how it allows a broader investment allocation strategy. The size of Ardian’s fund highlights this growing appetite, as investors increasingly seek diversified and stable returns.

Of the 194 total investors in the fund, 153 were new to Ardian Co-Investment and 92 were new to Ardian. Many were completely new to co-investment as an asset class, attracted by the low-risk, diversified entry into opportunities presented by quality LBO funds.

Alexandre Motte, Head of Co-Investment and Patrick Kocsi, Senior Advisor, added: “We are witnessing a major shift in appetite for co-investment. A significant number of investors in this fund are completely new to this kind of investment activity. While this reflects our strong track record, it also underlines the increased attraction of co-investment during times of economic and political uncertainty. The combination of our investment expertise and unparalleled access to deals means we are exceptionally placed to provide investors with the kind of diversification and returns they are seeking.”

The fund is already around 30% invested through 20 transactions. These include co-investments in Alvest, a leading manufacturer in the aviation industry, alongside CDPQ and Zayo, a provider of fiber infrastructure, alongside EQT Partners.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$96bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.

Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.

Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 620 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 970 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

www.ardian.com

PRESS CONTACTS

HEADLAND

TOM JAMES

tjames@headlandconsultancy.com
Tel: +44 (0)203 805 4840
CARL LEIJONHUFVUD
cleijonhufvud@headlandconsultancy.com
Tel: +44 (0)20 3805 4827

 

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Antares Supports Sterling Investment Partners’ Investment in HeartLand

Antares

CHICAGO–(BUSINESS WIRE)–Antares announced today that it served as sole lead arranger and is acting as administrative agent for a senior secured credit facility to support Sterling Investment Partners’ investment in HeartLand.

“We’re very pleased to support Sterling Investment Partners and the continued growth of HeartLand, said Doug Cannaliato, senior managing director of Antares. “HeartLand is a market leader, has enjoyed strong growth both organically and through acquisitions, and is led by an experienced and committed management team.”

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Headquartered in Kansas City, MO, HeartLand was founded in 2016. The company provides commercial landscape services through five regional companies across the Central United States. HeartLand’s service offerings include full-service grounds maintenance, landscape enhancements and upgrades, and de-icing and snow removal during the winter.

“We’ve worked with Antares for over 20 years and we appreciate consistency and reliability,” said Charles Santoro, founder and managing partner of Sterling Investment Partners. “To complete the financing for HeartLand, we required a lender who could match our expedited diligence process and provide a complete and flexible financing solution. Once again, Antares delivered.”

“We’re very pleased to support Sterling Investment Partners and the continued growth of HeartLand, said Doug Cannaliato, senior managing director of Antares. “HeartLand is a market leader, has enjoyed strong growth both organically and through acquisitions, and is led by an experienced and committed management team.”

About Antares

With approximately $24 billion of capital under management and administration as of December 31, 2018, Antares is a private debt credit manager and leading provider of financing solutions for middle-market private equity-backed transactions. In 2018, Antares issued nearly $25 billion in financing commitments to borrowers through its robust suite of products including first lien revolvers, term loans and delayed draw term loans, 2nd lien term loans, unitranche facilities and equity investments. Antares world-class capital markets experts hold relationships with over 400 banks and institutional investors allowing the firm to structure, distribute and trade syndicated loans on behalf of its customers. Since its founding in 1996, Antares has been recognized by industry organizations as a leading provider of middle market private debt, most recently being named the 2018 Lender of the Year by ACG New York. The company maintains offices in Atlanta, Chicago, Los Angeles, New York and Toronto. Visit Antares at www.antares.com or follow the company on Twitter at www.twitter.com/antarescapital. Antares Capital is a subsidiary of Antares Holdings LP., collectively (“Antares”).

Contacts

Antares Capital
Carol Ann Wharton
475-266-8053
carolann.wharton@antares.com

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KKR Makes Major Investment in Leading Labor Market Analytics Provider Burning Glass

KKR

KKR Global Impact Extends its Focus on Addressing Global Societal Challenges

BOSTON & NEW YORK–(BUSINESS WIRE)–Sep. 11, 2019–

KKR, a leading global investment firm, and Burning Glass Technologies, the world’s leading real-time labor market data source, today announced that KKR has completed the acquisition of a majority stake in Burning Glass from Providence Strategic Growth. Financial details of the transaction were not disclosed.

The investment is part of KKR’s Global Impact strategy, which is focused on identifying and investing behind companies whose core business models provide commercial solutions that contribute measurable progress toward one or more of the United Nations Sustainable Development Goals (SDGs). By providing the data to drive lifelong learning and market-aligned training, Burning Glass is delivering measurable progress in achieving two of the United Nations SDGs – Quality Education, and Decent Work and Economic Growth.

“By harnessing real-time labor market data, Burning Glass predicts the jobs and skills workers will need in the future, equipping educators, companies and governments with the tools necessary to meet this challenge and contribute meaningful progress toward these goals. We are proud to be investing in Burning Glass to meet this imperative,” said Robert Antablin, Co-Head of KKR Global Impact.

Burning Glass data are relied on by hundreds of clients worldwide, ranging from major employers, universities, and public agencies to multinational organizations like the OECD and the World Economic Forum. The firm has the world’s largest and most sophisticated labor market analytics engine, which it leverages to support workforce development and higher education. Burning Glass’ robust data engine tracks and analyzes job market supply and demand in real-time using proprietary analytics and taxonomies. The world-leading analytics draw on a Burning Glass database of more than a billion current and historical job openings and the company’s pioneering use of big data analytics to understand the changing nature of skills in the job market. Through a range of software applications, the company empowers learning institutions, enterprises, and government agencies in career-aligned program development, strategic workforce management, and in addressing the rapidly growing skills gap.

“Technology is disrupting workers and industries around the world. Predicting tomorrow’s jobs, and the skills needed for those jobs, will empower workers to navigate this disruption, companies to upskill their workforce, and policymakers to promote economic growth,” said Ken Mehlman, Co-Head of KKR Global Impact.

The company will continue to be led by its current executive team, including CEO Matt Sigelman and COO Josh Ticktin.

“The ability for universities to reinvent themselves to address new opportunities amidst existential challenges, the ability for companies to anticipate disruptive technology trends and plan for changing talent needs, the ability for workers and learners to unlock opportunity and mobility, all depend on being empowered with the right information. Burning Glass’s solutions deliver the insight that helps all constituencies to the job market understand the landscape of opportunity more clearly, plan more effectively, and connect more successfully,” said CEO Matt Sigelman. “We are excited for the opportunity to partner with KKR because, for all that we have accomplished, we have only just begun to scratch the surface of our potential to drive the transformative change needed for greater prosperity and efficiency.”

“Since our initial investment in 2015, Burning Glass has solidified its position as the world’s leading job market data source by using data to address challenges in the labor market and shape the future of work,” said Matt Stone, Principal at Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners. “PSG would like to thank the Burning Glass team, in particular, Matt Sigelman and Josh Ticktin, for the opportunity and partnership over the last four years. We are excited for the company’s continued innovation and growth under KKR’s ownership.”

Burning Glass is the fourth investment out of KKR’s Global Impact strategy, following investments in Barghest Building Performance, Ramky Enviro Engineers Limited, and KnowBe4. Over the last decade, KKR has been a leader in driving and protecting value throughout the firm’s private markets portfolio through thoughtful Environmental, Social and Governance (“ESG”) management, as well as measuring and reporting on performance to the public and investors. The firm also has a history of investing in businesses that promote sustainable solutions to societal challenges. This experience of responsible investment combined with a changing landscape of global challenges led to KKR’s decision to create a dedicated Global Impact business in 2018. KKR’s investment in Burning Glass will build on this experience.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Burning Glass Technologies

Burning Glass Technologies is an analytics software company that has cracked the genetic code of an ever-changing labor market. Powered by the world’s largest and most sophisticated database of labor market data and talent, the Company delivers real-time data and breakthrough planning tools that inform careers, define academic programs, and shape workforces.

Burning Glass’ applications drive practical solutions and are used by employers, workers, and educators to make data-driven decisions. Educational institutions, online learning providers and publishers use Burning Glass’ applications to align programs to career opportunity; market programs based on their career ROI; and inform student academic and career decisions. Employers, HR software providers, job boards and recruiters use Burning Glass to analyze their current talent pool and project future needs. This insight allows users to develop strategic workforce plans; build market-informed job and skill definitions; and gain rich competitive intelligence.

Based in Boston and with 320 employees worldwide, Burning Glass is playing a growing role in informing the global conversation on education and the workforce, and in creating a labor market that works for everyone.

Find out more at https://www.burning-glass.com/.

About Providence Strategic Growth Capital Partners L.L.C.

Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston, MA, while Providence has offices in Providence, New York and London. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.

Source: KKR

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Blackstone Announces $20.5 Billion Final Close for Latest Global Real Estate Fund

Blackstone

New York, September 11, 2019  – Blackstone (NYSE: BX today announced the final close of its latest global real estate fund, Blackstone Real Estate Partners IX (“BREP IX”). BREP IX has $20.5 billion of total capital commitments — the largest real estate fund ever raised. Blackstone is also currently investing two regional opportunistic funds, the €7.9 billion BREP Europe V and the $7.2 billion BREP Asia II.

Kathleen McCarthy, Global Co-Head of Blackstone Real Estate, said, “This fundraise reflects the excellent relationships we have with our limited partners given the strong results the BREP funds have generated for them since 1991. We are grateful to our investors for their ongoing support and look forward to putting this capital to work on their behalf.”

Added Ken Caplan, Global Co-Head of Blackstone Real Estate: “Despite the challenging investment environment, we continue to see compelling opportunities around our highest conviction investment themes. BREP IX’s scale allows us to commit capital globally in a differentiated set of complex transactions.”

In June, BREP IX committed to its initial investment, the purchase of GLP’s U.S. Logistics Assets for a total of $19 billion, alongside other Blackstone vehicles. This acquisition is expected to close in the coming weeks.

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).

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

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The Carlyle Group Closes Forgital Acquisition

Carlyle

Milan/Vicenza – Global investment firm The Carlyle Group (NASDAQ: CG) announced that it has completed the acquisition of a 100% controlling stake in Forgital, an Italian based manufacturing company producing large forged and machined components for use in the aerospace and industrial sectors, from members of the founding Spezzapria family and minority shareholder Fondo Italiano d’Investimento, managed by Neuberger Berman.

The purchase agreement, which values Forgital at approximately 1 billion Euros, was first announced on 29th May 2019. Equity for the transaction will come from Carlyle Europe Partners V (CEP V), a European-focused upper-mid market buyout fund and Carlyle Partners VII (CP VII), a US-focused buyout fund.

Established in 1873 with headquarters in Vicenza, Italy, Forgital is a specialist manufacturer of machine-finished forged and laminated rolled rings, made from several different materials, including steel, aluminium, titanium and nickel-based alloys used in several applications across many industries, including aerospace, oil & gas, construction, mining and power generation. Forgital employs over 1,100 people across 9 facilities in Italy, France and United States and through its dedicated global salesforce.

Carlyle will drive the Company’s further international expansion and strengthen its presence in the aerospace sector with Luca Zacchetti, appointed as Group CEO, effective from today. Luca Zacchetti, 58 years old, was CEO at Rhiag Group, the pan-European leader in distribution of aftermarket and spare parts, for over seven years and previously worked for almost five years at AVIO GROUP, a worldwide leader manufacturer of aero-engine components, with the role of Managing Director becoming CEO in 2007. His career includes also positions of Chairman and CEO of Tecnoforge Group and Operating Partner at Alpha Private Equity.

Filippo Penatti, Managing Director, Carlyle Europe Partners advisory team, commented: “We are excited with the appointment of Luca as CEO. We worked well and successfully together in two prior Carlyle investments, including AVIO. His experience in the aerospace industry together with his passion for Forgital’s business will contribute to fueling the Group’s platform development.”

Derek Whang, Principal on Carlyle’s Aerospace, Defense and Government Services team, said: “We look forward to partnering with Luca and all Forgital employees as we embark on this next chapter. The Company has a tremendous heritage and we are committed to upholding Forgital’s exceptional track record and delivering its mission critical parts to all customers.”

Luca Zacchetti, Forgital’s new CEO, added: “I am delighted to join Forgital, a Group with an outstanding reputation for advanced technology, high quality products and world-class customer service. I look forward to contributing to its further international expansion alongside the company’s talented team.”

For more information:

The Carlyle Group:

Barabino & Partners
Marina Riva- Federico Steiner, Tel:+39 02.72.02.35.35
Email: m.riva@barabino.it; f.steiner@barabino.it

Roderick Macmillan
+44  (0)207 894 1630

Email: roderick.macmillan@carlyle.com
About Forgital

Founded in 1873 in Vicenza, Italy by the Spezzapria family, Forgital is the leading European vertically integrated forging company, with 9 facilities in Italy, France and the USA, c. 1,100 employees worldwide and a global network of sales agencies.

Forgital specializes in forging, laminating and machining of rolled rings, with advanced capabilities across a range of materials including: carbon steels, alloy steels, stainless steels, aluminium, nickel, cobalt, copper and titanium alloys.

For more information on Forgital, please visit https://www.forgital.com/

 

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.

Web: www.carlyle.com

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DIF Capital Partners to acquire 50 MW wind farm in Uruguay

DIF

DIF Capital Partners (“DIF”), through its most recent fund DIF Infrastructure V, is pleased to announce the signing of an agreement with Enercon and eab New Energy from Germany for the 100% acquisition of the 50 MW Cerro Grande wind farm located in eastern Uruguay.

The project, comprising 22 turbines, has been operational since January 2018 and benefits from a 20-year power purchase agreement with UTE, Uruguay’s state-owned utility. The project will continue to be operated and maintained by Enercon and asset management services continue to be provided by SEG Heliotec.

Wim Blaasse, Managing Partner of DIF Capital Partners added: “We are pleased to achieve the milestone of making our first investment in South America, following the recent opening of our South American office in Santiago (Chile). The acquisition is the result of our strong relationship with Enercon. The long-term project agreements provide a high degree of predictability of future cash flows, making this an attractive investment for DIF’s investors.”

DIF has been advised by Voltiq (transaction), Hughes & Hughes and Gómez-Acebo & Pombo (legal), DNV GL (technical), KPMG (tax), Mazars (model audit) and Aon (insurance). Enercon was advised by Ficus Capital.

Closing of the transaction is subject to receipt of usual consents from project counterparties and is expected to take place in the course of 2019.

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in construction and operational infrastructure assets, that generate stable and predictable cash flows, located in Europe, North America, Australasia and South America through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 130 professionals, based in nine offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact:
Allard Ruijs, Partner
Email: a.ruijs@dif.eu

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Grove Collaborative Reaches $1B Valuation With $150M Series D

Mayfield

 

  

Grove Collaborative raised $150 million in its Series D round, bringing its valuation across the $1 billion mark.

The company, which makes natural home and personal care products, had previously raised over $60 million, according to Crunchbase.

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The new round was led by Lone Pine Capital, Glynn Capital, and General Atlantic. A new investor, Greenspring Associates, as well as existing investors Mayfield Fund , NextView Ventures, Norwest Venture Partners, MHS Capital and Heron Rock Capital also participated, according to a statement from the company.

With the fresh cash, the San Francisco-based company plans to expand into clean beauty, create more sustainable packaging and products, and hire more than 100 new employees for its Grove Guide team, which answers customer questions and educates shoppers about the company’s natural products.

Grove Collaborative, which was founded in 2016, promotes its products as natural and healthier for users and better for the environment. It’s known for products like its “tree free” toilet paper made of a bamboo and sugar cane blend. Grove Collaborative has household, personal care, baby, and pet products.

The direct-to-consumer company also has a partnership with Mrs. Meyers Clean Day and sells Mrs. Meyers products on the Grove website. It competes with other e-commerce and natural products companies such as the Honest Company (aka Jessica Alba’s natural goods company).

Grove Collaborative is growing quickly, expecting its revenue to triple in 2019. The company says it grew eight-fold between May 2017 and May 2019.

The company last raised its $35 million Series C in January 2018. It raised a $6.7 million Series A in July 2016, and a $15.4 million Series B in April 2017, according to Crunchbase.

TechCrunch also reported in December that the company was quietly raising money. Filings showed that the company was raising $27.4 million and $76.4 million in 2018, in addition to its Series C.

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