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Ampersand Capital Partners Completes Acquisition of Nektar Therapeutics’ PEG Reagent Manufacturing Business, Launching Newly Branded Gannet BioChem

Ampersand

BOSTON, MA & HUNTSVILLE, AL, December 2nd 2024 (GLOBE NEWSWIRE) – Ampersand Capital Partners, a private equity firm specializing in growth equity investments in the life sciences and healthcare sectors, today announced the successful closing of its previously announced acquisition of Nektar Therapeutics’ PEGylation reagent manufacturing business. The new Ampersand portfolio company will be branded Gannet BioChem and will continue to operate out of its state-of-the-art facility in Huntsville, Alabama.

With over 30 years of expertise, Gannet BioChem is a proven specialty CDMO leader in developing, scaling, and manufacturing polyethylene glycol (PEG) reagents – critical components in advanced biopharmaceutical and therapeutic products. Gannet BioChem combines industry-leading expertise and cutting-edge infrastructure to deliver unparalleled capabilities:

  • End-to-End GMP Production: From raw material sourcing to manufacturing and packaging, ensuring exceptional quality and reliability across every stage of the supply chain.
  • FDA-Approved Applications: Development and production of PEG reagents used in nine FDA-approved therapeutics over facility’s history.
  • Commercial Impact: Supplying PEG reagents for several currently marketed drugs.
  • Flexible Facility: Designed to efficiently handle small-scale and commercial-scale production needs.
  • Expert Team: An experienced workforce with an average tenure of 13 years, ensuring consistent quality and innovation.
  • Expansion-Ready Infrastructure: A 124,000 sq. ft. manufacturing facility with dedicated small and large-scale production areas and operational capacity for future growth.
  • Strategic Location: Situated in Huntsville, Alabama, Gannet BioChem benefits from its proximity to the USA’s second-largest life sciences research park, providing a robust ecosystem for collaboration and innovation in biotechnology.
  • Legacy of Quality: Gannet BioChem’s FDA-inspected facility maintains an exceptional compliance record, underlining its commitment to quality and reliability for customers worldwide.

“We are thrilled to introduce Gannet BioChem as a new, independent PEG reagents CDMO,” said David Anderson, General Partner at Ampersand Capital Partners. “The PEG reagent manufacturing team at Gannet BioChem has a well-established track record and long history of delivering high-quality, specialized PEG reagents for commercial and clinical stage biologic therapeutics.  We are well-equipped to build on that legacy with the support of Ampersand’s resources and expertise in life sciences partnerships. Gannet BioChem is poised for continued success and strategic growth as a trusted partner to biopharmaceutical innovators globally.”

About Ampersand Capital Partners

Ampersand Capital Partners, founded in 1988, is a middle-market private equity firm with $3 billion of assets under management, 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 long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors. For additional information, visit AmpersandCapital.com or follow us on LinkedIn.

About Gannet BioChem

With over 30 years of expertise, Gannet BioChem is a leading specialty CDMO specializing in the development, scaling, and manufacturing of polyethylene glycol (PEG) reagents—essential components in advanced biopharmaceutical and therapeutic products. Operating from a state-of-the-art 124,000 sq. ft. FDA-inspected facility in Huntsville, Alabama, Gannet BioChem delivers end-to-end GMP production, supporting clinical and commercial therapeutics. With a highly experienced team, flexible production capabilities, and a commitment to quality, Gannet BioChem provides reliable, innovative solutions to meet the evolving needs of the global biopharmaceutical industry. For additional information, please visit GannetBioChem.com or follow us on LinkedIn.

About Nektar Therapeutics

Nektar Therapeutics is a clinical-stage biotechnology company focused on developing treatments that address the underlying immunological dysfunction in autoimmune and chronic inflammatory diseases. Nektar’s lead product candidate, rezpegaldesleukin (REZPEG, or NKTR-358), is a novel, first-in-class regulatory T cell stimulator being evaluated in two Phase 2b clinical trials, one in atopic dermatitis and one in alopecia areata. Nektar’s pipeline also includes a preclinical bivalent tumor necrosis factor receptor type II (TNFR2) antibody and bispecific programs, NKTR-0165 and NKTR-0166, and a modified hematopoietic colony stimulating factor (CSF) protein, NKTR-422. Nektar, together with various partners, is also evaluating NKTR-255, an investigational IL-15 receptor agonist designed to boost the immune system’s natural ability to fight cancer, in several ongoing clinical trials. Nektar is headquartered in San Francisco, California. For further information, visit www.nektar.com and follow Nektar on LinkedIn.

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Ardian completes the acquisition of Tim’s remaining 10% stake in Daphne 3, taking full ownership of 30.8% in INWIT, and confirming its position as a long-term investor and strategic partner for the company

Ardian

Ardian, a world-leading private investment house, today announces the completion of the acquisition, through Impulse I (an Ardian-led entity), of the remaining 10% stake in Daphne 3 held by TIM. The acquisition provides Impulse I with full ownership of the 30.8% stake in INWIT, the leading tower operator in Italy.

Since its initial investment in 2020, Impulse I has invested more than €2.7bn in INWIT, becoming the company’s second-largest shareholder. This transaction further strengthens Ardian’s position as a long-term investor and strategic partner.

INWIT plays a critical role in the country’s digitalization efforts by providing essential infrastructure for the development of modern telecom networks, including 5G. The company’s telecommunications towers are pivotal for Italy’s digital evolution, offering sustainable, cutting-edge solutions to meet the growing demand for high-quality network services.

As part of the transaction, the shareholders’ agreement between TIM and the Impulse I has been terminated. The transaction implies a valuation of EUR 10.43 per INWIT share.

Following the cancellation of INWIT shares completed on November 15th, 2024, on the date hereof Daphne 3 holds a stake approximately equal to 30.8% of INWIT’s share capital.

“This transaction represents an important milestone in our long-term partnership with INWIT, and we are excited to play a key role in the next phase of its development. We believe in the company’s growth potentials, working closely with INWIT’s management and strategic commercial partners (including TIM) to capitalize on both organic opportunities and strategic acquisitions. Our shared vision for driving Italy’s digital transformation, particularly through the expansion of 5G networks and the modernization of telecom infrastructure, positions us well to support INWIT’s continued success as a leader in the European telecom infrastructure sector”. Rosario Mazza, Senior Managing Director and Head of Infrastructure Italy, Ardian

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 its 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.

At Ardian we invest all of ourselves in building companies that last.

ardian.com

Press contact

Ardian

Headland

ardian@headlandconsultancy.com

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TMC to accelerate growth with strategic backing from Apheon and MML

Apheon

TMC, a leading global technology consultancy, is pleased to announce its continued partnership with Apheon as its lead investor and the investment of MML as a new partner. Apheon has reaffirmed its commitment to TMC by reinvesting through a new Apheon-controlled vehicle, ensuring long-term strategic alignment between all shareholders. Together, Apheon and MML will provide the capital and expertise to support TMC’s ambitious plans for strategic expansion and acquisitions.

TMC’s founder and management team will also reinvest significantly, emphasising their dedication to the company’s future. This new capital structure strengthens TMC’s ability to expand into new markets and develop cutting-edge capabilities for clients, thereby solidifying its position as the top global destination for high tech engineering and digital talent.

Founded in 2000 and headquartered in Eindhoven, the Netherlands, TMC is a mission-critical partner for international technology and R&D consulting. TMC provides unique know-how and expertise, collaborating with blue-chip clients in dynamic and fast-growing market sectors such as Technology & Engineering, Life Sciences & Pharma, Energy & Renewables, and Digital & IT. TMC has developed a unique engineer-centric “Employeneurship model”, becoming the home-of-choice for engineers, scientists and digital experts. TMC is active in 16 countries and employs some 2,750 people globally. This unique Employeneurship model empowers engineers, scientists, and digital experts to excel in challenging roles whilst fostering professional growth.

Since Apheon acquired its majority stake in TMC in 2019, the company has achieved remarkable growth, nearly tripling its revenues to an expected €275 million by the end of 2024. This success has been driven by significant organic expansion across established geographies, including the Netherlands, Belgium and France while also entering exciting new markets such as Germany, Spain, USA, UAE and Tunisia.

TMC has also executed a selective acquisition strategy under Apheon’s guidance, partnering with Mobilee (2023), Guldberg/Personites (2024), and Open Pixel Systems (2024). With the renewed backing of Apheon as lead investor and MML’s strategic expertise, TMC is poised to build on this momentum and unlock its next phase of growth through both organic initiatives and accretive M&A activity.

The transaction remains subject to regulatory approvals.

Emmanuel Mottrie, CEO at TMC, commented: “I want to firstly thank all our country CEO’s, management teams, colleagues and business partners at TMC for the remarkable journey over the past years. I am proud of the trust our clients place in us to support them on the development of their most critical R&D processes. The Employeneurship model allows TMC to attract and retain the brightest engineering talent to develop the innovations of the future. I am excited to extend the partnership with Apheon and welcome MML aboard as a new shareholder. Together, their strategic expertise and commitment will enable us to further expand our operational footprint and grow into new geographies, unlocking the next phase of TMC’s growth.”

Pieter Lambrecht, Partner at Apheon, commented: “We are thrilled to continue our partnership with TMC for a new exciting chapter as the company embarks on the next phase of its ambitious growth journey. Over the years, TMC has built a stellar reputation for innovation, excellence, and an unwavering commitment to its clients and Employeneurs. With its unique Employeneurship model, the company is setting the international standard in technology and R&D consultancy. Together with MML as valued partner, Emmanuel, Thijs, Rogier and the entire TMC team, we believe we can significantly grow TMC’s presence in existing markets, expand into new geographies, and advance the innovative capabilities to meet the demands of tomorrow.”

Richard Mayers, Managing Partner at MML, commented: “We are delighted to join forces with TMC, a company renowned for its innovative approach and exceptional talent pool. With its strong leadership, Apheon’s continued support and MML’s sector experience, TMC is well-positioned to accelerate its growth and drive significant impact across global markets.”

About TMC
TMC – The Member Company is a global high-tech consultancy firm with a team of entrepreneurial engineers, scientists, and digital experts from around the world. Together we form a fast-growing and proud community, with more than 2750 members from 71 nationalities, spread over 16 countries up to now. We offer consultancy services in diverse industries such as high-tech, semiconductors, digital and IT services, energy and renewables, and life sciences, with access to high-profile clients globally. As pioneers in Employeneurship, we have redefined the traditional work model, offering our talented professionals the opportunity to combine the security of a permanent contract with their passion for entrepreneurship. For more information, please visit themembercompany.com

About Apheon
Apheon is a pan-European mid-market private equity investment company managing ~€3 billion of assets from select global institutional investors and families. Apheon is characterized by its partnership approach, providing “patient and friendly capital” and industrial know-how to entrepreneurs and management teams, preparing their companies for the future. Through its pan-European footprint, the firm acts as a gateway into Europe for companies in the mid-market. Since its founding in 2005, Apheon has raised more than €3.8 billion in capital, invested in ~40 companies across Europe and completed ~200 add-on acquisitions for a total aggregate transaction value in excess of €7 billion. Apheon’s current portfolio consists of ~20 companies across its target sectors, representing ~€3 billion sales and ~22,000 employees. Apheon is advised by Apheon Advisors which has offices in Brussels, Milan, Madrid, Paris, Munich and Amsterdam. For more information, please visit www.apheon.com

About MML Capital Partners
MML is an international mid-market private equity firm investing in partnership with management teams to deliver their bold expansion plans. MML was founded in 1988 and currently has over ~€3 billion of assets under management. This investment is being made from its eighth partnership fund, MML Partnership Capital VIII. For more information please visit mmlcapital.com

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For more information, please contact:

Natalia Yek, Head of Investor Relations, Apheon
ny@apheon.com
T: +32 2 213 60 90

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Equistone completes €520m sale of Courir to JD Sports

Equistone

Equistone Partners Europe (“Equistone”), one of Europe’s most established mid-market private equity investors, today announces the completion of its €520m sale of Groupe Courir S.A.S (“Courir”), a leading French retailer of sneakers, to JD Sports Fashion Plc. Completion follows receipt of conditional clearance from the European Commission on 22 October 2024 and the satisfaction of all other outstanding conditions.

With over 320 stores across Europe, including one of the largest store networks in France, and a growing omnichannel approach, Courir has rapidly established itself as a leading retailer in sneakers, particularly amongst women.

Since carving out the company from Groupe Go Sport in 2019, Equistone has worked closely with the Courir management team on realising an ambitious growth strategy.  During the investment period, Courir continued to expand its footprint across Europe and, with Equistone’s support, acquired Denmark-based online retailer Naked in July 2021. Since 2019, the business has significantly developed its revenue from €390m to €735m in 2023.

Equistone deal team said: “We are proud to have worked so closely with Courir’s management team on building a company which has become a leading European retailer in sportswear. The company’s growing omnichannel approach, pan-European expansion and consistently strong financial performance is testament to the effectiveness of our partnership. In JD Sports, Courir has the ideal partner for the next stage of its growth journey, and we wish the team all the best.”

Régis Schultz, CEO of JD Sports Fashion Plc, said: “The completion of our acquisition of Courir is an exciting milestone for our “Complementary Concepts” strategy in Europe and we look forward to working with its experienced management team as we deliver on our growth plans. This acquisition will broaden the JD Group’s customer reach adding a more female, fashion-conscious and older customer base to complement the Group’s core customers.”

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KKR receives all regulatory approvals for the voluntary public tender offer for all outstanding shares of Encavis AG

KKR
  • All offer conditions of the voluntary public takeover offer have been fulfilled
  • KKR-led consortium had secured about 87.41 percent of all outstanding Encavis shares as part of the voluntary takeover offer
  • Shareholders will receive EUR 17.50 in cash consideration for each Encavis share tendered
  • Delisting of Encavis to be carried out as soon as legally and practically possible 

Hamburg, 25 November 2024 – Encavis AG (“Encavis” or the “Company”) has announced that all offer conditions for the voluntary takeover offer by Elbe BidCo AG (“BidCo” or the “Bidder”) have been fulfilled. The Bidder announced the receipt of the last outstanding regulatory approval and that the offer will be settled within the next eight banking days. As part of the voluntary public takeover offer, BidCo had secured about 87.41 percent of all outstanding Encavis shares at an offer price of EUR 17.50 per share, including around 31 percent through binding agreements with existing shareholders of the Company. Following settlement of the offer, the bidder will hold a total of around 87.73 percent of Encavis shares. Already on 14 March 2024, Encavis and BidCo signed an Investment Agreement to enter into a strategic partnership.

The BidCo is a holding company controlled by investment funds, vehicles and accounts advised and managed by KKR. The family company Viessmann Generations Group GmbH & Co. KG (“Viessmann”) is involved as a co-investor in the consortium led by KKR, along with the previous shareholder ABACON CAPITAL (“Abacon”).

The transaction and the strategic partnership with BidCo will enable Encavis to accelerate its growth strategy, expand its portfolio and strengthen its market position as a leading independent power producer in Europe. BidCo aims to support Encavis’ growth across all segments, providing significant financial support to expand its project pipeline, increase capacity and extend its reach in core markets.

Dr Christoph Husmann, Spokesman of the Management Board and Chief Financial Officer (CFO) of Encavis said: “With the completion of the offer, we will be embarking on a new chapter in our company’s history – with strong investors on our side who believe in our potential and will contribute their expertise and resources to the continued growth of Encavis. Together, we will further expand our portfolio of renewable energy production facilities, develop our competencies and strengthen Encavis’ market position in Europe.”

Vincent Policard, Partner and Co-Head of European Infrastructure at KKR, said: “Together with our consortium partners, we are pleased to support Encavis on its growth path with long-term capital and our expertise, thereby contributing to the energy transition. This strategic investment will not only enable Encavis to capitalize even better on emerging opportunities in the renewable energy sector, but also aligns with KKR’s broader mission of fostering a more energy-independent Europe.”

Max Viessmann, CEO of Viessmann: “With our investment in Encavis in collaboration with KKR, we are setting an important milestone in our mission to co-create living spaces for future generations and actively contribute to the global energy transition through entrepreneurial engagement. We look forward to supporting Encavis on its growth path and taking responsibility for a sustainable future together with our partners.”

Tobias Krauss, CEO of Abacon: “Encavis is not only a strategically important project for Abacon, but also a personally important one. On the one hand, our founder Albert Büll has played a key role in the development of Encavis over many years. Secondly, clean energy is one of the most important issues of our time. Encavis has great potential and we are excited to be involved in the company’s future with strong partners.”

With the fulfilment of all offer conditions, the public takeover offer has been successful and the offer price of EUR 17.50 per Encavis share will be instructed for payment to the Encavis shareholders who tendered their shares as part of the public takeover offer. Further information on the settlement and transfer of the tendered shares as part of the public takeover offer is available at www.elbe-offer.com.

Following settlement of the offer, the intention is to delist Encavis from the stock exchange as soon as legally and practically possible, in order to benefit from the financial flexibility and long-term commitment of KKR and Viessmann.

KKR established its Global Infrastructure business in 2008 and has since grown to one of the largest infrastructure investors globally with a team of more than 120 dedicated investment professionals. The firm currently oversees approximately USD 77 billion in infrastructure assets globally and has made over 90 infrastructure investments across a range of sub-sectors and geographies. KKR’s infrastructure platform is devised specifically for long-term, capital intensive structural investments.

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About Encavis:

The Encavis AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) is a producer of electricity from Renewable Energies listed on the SDAX of Deutsche Börse AG. As one of the leading independent power producers (IPP), ENCAVIS acquires and operates (onshore) wind farms and solar parks in twelve European countries. The plants for sustainable energy production generate stable yields through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPA). The Encavis Group’s total generation capacity currently adds up to around 3.6 gigawatts (GW), of which around 2.2 GW belong to the Encavis AG, which corresponds to a total saving of around 0.8 million tonnes of CO2 per year stand-alone for the Encavis AG. In addition, the Group currently has more than 1.2 GW of capacity under construction, of which around 900 MW are own assets.

Within the Encavis Group, Encavis Asset Management AG offers fund services to institutional investors. Another Group member company is Stern Energy S.p.A., based in Parma, Italy, a specialised provider of technical services for the installation, operation, maintenance, revamping and repowering of photovoltaic systems across Europe.

ENCAVIS is a signatory of the UN Global Compact as well as of the UN PRI network. Encavis AG’s environmental, social and governance performance has been awarded by two of the world’s leading ESG rating agencies. MSCI ESG Ratings awarded the corporate ESG performance with their “AA” level and ISS ESG with their “Prime” label (A-), the Carbon Disclosure Project (CDP) with its Climate Score “B” and Sustainalytics with its “low risk” ESG risk rating.

Additional information can be found at www.encavis.com

 

About KKR:

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

For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Viessmann Generations Group:

Founded in 1917, the independent family company Viessmann is today a global, broadly diversified Group. All activities are based on the company’s purpose “We co-create living spaces for generations to come”. This is the passion and responsibility that the large worldwide Viessmann family brings to life every day. Viessmann forms an ecosystem of entrepreneurs and co-creators with a clear focus on CO2 avoidance, reduction and capturing.

About ABACON CAPITAL:

ABACON CAPITAL, a family-owned investment firm, champions the sustainable energy transition, pioneering mobility solutions, and groundbreaking deep tech. Our mission centers on uplifting communities, fostering purposeful endeavors, and ensuring profitability, all while advancing societal and environmental well-being. Founded by Albert Büll, a visionary entrepreneur and investor with a legacy in nurturing sustainable enterprises – such as B&L Group in real estate development, Encavis AG in renewable energy production, and noventic in smart metering and energy management – ABACON is built on a foundation of innovation and responsibility.

 

 

Contacts:

Encavis AG
Dr. Oliver Prüfer

Press Officer & Manager Public Relations
Phone: + 49 (0) 40 378 562 133
Email: communications@encavis.com

KKR
Fabian Prietzel
Mobile: + 49 (0) 171 86 01 411
Email: kkr_germany@fgsglobal.com

Viessmann Generations Group
Byung-Hun Park
Vice President Corporate Communications
Mobile: +49 (0) 151 64 911 317
Email: huni@viessmann.com

ABACON CAPITAL
Josef Arweck
Mobile: + 49 (0) 157 34 762 499
Email: arweck@bernstein-group.com

 

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Aliter backs acquisition of secure mobile communications provider

Deal supports scale-up of a leading national provider of Network and ICT managed services to Critical National Infrastructure

 

Aliter has provided further capital to complete the acquisition of Serbus Limited (Serbus) to join the Group platform alongside ITM Communications and Bates IT.

 

Established in 2010, Serbus is recognised as a leader in the provision of best-of breed secure mobile communications, offering top level security, threat protection and compliance, to ensure day to day operations remain productive and uninterrupted, wherever its customers’ employees are working in the world. This includes high-profile government and military environments, as well as within multinational corporations, where protection of employees and intellectual property is key.

 

Serbus currently supports customers across the UK’s Critical National Infrastructure (CNI), working closely with the Ministry of Defence (MOD) and a range of UK Government departments.

 

Based in Hereford in the West Midlands, Serbus now becomes part of the evolving Group in Aliter’s portfolio that currently includes ITM Communications, a leading UK provider of critical network and ICT infrastructure services and Bates IT, the specialist healthcare ICT provider.

Simon Fieldhouse, Group CEO, said, “This deal broadens the group’s existing credentials in supporting Critical National Infrastructure and the defence sector, adding enhanced capabilities and value to our existing customers. It also enables us to advance the launch of a stand-alone dedicated defence practice within the group. The extension of our services portfolio to include secure NCSC approved communications products and solutions provides a tremendous opportunity to extend our security pedigree and broaden our managed services footprint across existing customers in healthcare & UK Gov, whilst expanding into adjacent CNI verticals, such as emergency services, utilities, energy and datacentres.”

 

Serbus’s founders and directors, Sebastian Wiles and Russell Ticehurst, have a UK Special Forces background. Both are remaining with the business and will now work closely with Fieldhouse to drive further growth organically, whilst continuing to pursue a buy and build strategy.

 

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EQT Announces $3.5 Billion Midstream Joint Venture with Blackstone Credit & Insurance

Blackstone

PITTSBURGH – November 25, 2024 – EQT Corporation (NYSE: EQT) announced today that it has entered into a definitive agreement with funds managed by Blackstone Credit & Insurance (“BXCI”), to form a new midstream joint venture (the “JV”) consisting of EQT’s ownership interest in high quality contracted infrastructure assets: (i) Mountain Valley Pipeline, LLC – Series A, (ii) FERC regulated transmission and storage assets, and (iii) the Hammerhead Pipeline.(1)

Under the terms of the agreement BXCI will provide EQT $3.5 billion of cash consideration in exchange for a non-controlling common equity interest in the JV. The investment implies a total JV valuation of approximately $8.8 billion, or 12x EBITDA.(2) The JV provides EQT with a large-scale equity capital solution at an accretive cost of capital. Additionally, EQT will retain the rights to growth projects associated with the assets contributed to the JV, including the planned Mountain Valley Pipeline (“MVP”) expansion and the MVP Southgate project.

EQT plans to use proceeds from this transaction to pay down its term loan and revolving credit facility and redeem and tender for senior notes. Pro-forma for this transaction, along with the recent announcement of the divesture of its remaining non-operated assets in northeast Pennsylvania, EQT expects to exit 2024 with approximately $9 billion of net debt.(3)

EQT President and CEO Toby Z. Rice stated, “This transaction underscores the ultra-high-quality nature of EQT’s regulated midstream assets, which service one of the strongest power demand growth regions in the United States underpinned by long-term contracts with the region’s leading utilities. Importantly, through this joint venture EQT preserves the benefits of the Equitrans acquisition by retaining the long-term value from synergy capture and growth projects. We look forward to working with Blackstone to optimize the value of these assets and together explore strategic opportunities across its leading portfolio of energy, power and digital infrastructure in the years ahead.”

EQT Chief Financial Officer Jeremy Knop stated, “Blackstone is a leader in providing capital solutions to large corporations and we are thrilled to partner with them in this unique transaction, crafting a tailor-made equity financing solution at a price significantly below EQT’s equity cost of capital while preserving key tax attributes. When we announced the Equitrans acquisition earlier this year, we made an unwavering commitment to debt reduction. We have now delivered on that promise, with announced divestitures to date totaling $5.25 billion of projected cash proceeds, above the high-end of our $3-$5 billion asset sale target, and several quarters ahead of schedule.”

Robert Horn, Global Head of Infrastructure & Asset-Based Credit at BXCI stated, “EQT is one of the leading energy and infrastructure companies in North America, and we are delighted to partner with them on this transaction and future growth. The transaction highlights Blackstone’s focus on providing large scale and flexible high-grade capital solutions to the world’s leading corporations.”

Rick Campbell, Managing Director at BXCI, added, “These critical midstream assets benefit from strong tailwinds as demand for energy, particularly natural gas, continues to grow. Blackstone’s scale and expertise in this high conviction sector allowed us to create what we believe is a compelling opportunity for both EQT and our investors.”

EQT has posted a presentation to its investor relations website with more details on the transaction.

The transaction is subject to customary closing adjustments, required regulatory approvals and clearances, and is expected to close in the fourth quarter of 2024.

(1) The Hammerhead Pipeline is a 1.6 billion cubic feet per day gathering header pipeline primarily designed to connect natural gas produced in Pennsylvania and West Virginia to MVP, Texas Eastern Transmission and Eastern Gas Transmission.
(2) JV valuation derived by dividing projected 2025-2029 average JV free cash flow by target return. EBITDA multiple derived by dividing JV valuation by projected 2025-2029 average JV EBITDA.
(3) A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.

Advisors
RBC Capital Markets, LLC acted as financial advisor to EQT. Kirkland & Ellis LLP is serving as EQT’s legal counsel on the transaction.

Citi acted as financial advisor to Blackstone. Milbank LLP is serving as Blackstone’s legal counsel on the transaction.

Contacts

EQT Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
Cameron.Horwitz@eqt.com

Blackstone
Thomas Clements
Senior Vice President, Public Affairs
646.482.6088
Thomas.Clements@blackstone.com

About EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with production and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do. To learn more, visit eqt.com.

About Blackstone Credit & Insurance
Blackstone Credit & Insurance (“BXCI”) is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.

Non-GAAP Disclosures
This news release includes the non-GAAP financial measure described below. The non-GAAP measure is intended to provide additional information only and should not be considered as an alternative to, or more meaningful than total debt or any other measure calculated in accordance with GAAP. Certain items excluded from the non-GAAP measure are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital, tax structure, and historic costs of depreciable assets.

Net Debt
Net debt is defined as total debt less cash and cash equivalents. Total debt includes the Company’s current portion of debt, revolving credit facility borrowings, term loan facility borrowings and senior notes. The Company’s management believes net debt provides useful information to investors regarding the Company’s financial condition and assists them in evaluating the Company’s leverage since the Company could choose to use its cash and cash equivalents to retire debt.

The Company has not provided a reconciliation of projected net debt to projected total debt, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project total debt for any future period because total debt is dependent on the timing of cash receipts and disbursements that may not relate to the periods in which the operating activities occurred. The Company is unable to project these timing differences with any reasonable degree of accuracy and therefore cannot reasonably determine the timing and payment of credit facility borrowings or other components of total debt without unreasonable effort. Furthermore, the Company does not provide guidance with respect to its average realized price, among other items that impact reconciling items between certain of the projected total debt and projected net debt, as applicable. Natural gas prices are volatile and out of the Company’s control, and the timing of transactions and the distinction between cash on hand as compared to credit facility borrowings are too difficult to accurately predict. Therefore, the Company is unable to provide a reconciliation of projected net debt to projected total debt, without unreasonable effort.

Cautionary Statements Regarding Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of EQT Corporation (“EQT”) and its consolidated subsidiaries (collectively, the “Company”), including expectations regarding the Company’s year-end net debt; guidance regarding the proposed JV; the governance, operating and financial terms of the JV, and the anticipated closing date thereof, if at all; statements regarding potential future growth projects, including regarding the planned MVP expansion and MVP Southgate project; and EQT’s intended use of the proceeds from the contribution of assets to the JV and other monetization transactions.

The forward-looking statements included in this news release involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by the Company. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond the Company’s control. These risks and uncertainties include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; the Company’s ability to appropriately allocate capital and other resources among its strategic opportunities; access to and cost of capital; the Company’s hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting and storing natural gas, natural gas liquids (“NGLs”) and oil; operational risks and hazards incidental to the gathering and transmission and storage of natural gas as well as unforeseen interruptions; cybersecurity risks and acts of sabotage; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and sand and water required to execute the Company’s exploration and development plans, including as a result of supply chain and inflationary pressures; risks associated with operating primarily in the Appalachian Basin; the ability to obtain environmental and other permits and the timing thereof; construction, business, economic, competitive, regulatory, judicial, environmental, political and legal uncertainties related to the development and construction by the Company or its joint ventures of pipeline and storage facilities and transmission assets and the optimization of such assets; the Company’s ability to renew or replace expiring gathering, transmission or storage contracts at favorable rates, on a long-term basis or at all; risks relating to the Company’s joint venture arrangements, including the proposed JV; government regulation or action, including regulations pertaining to methane and other greenhouse gas emissions; negative public perception of the fossil fuels industry; increased consumer demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; risks related to the Company’s ability to integrate the operations of Equitrans in a successful manner and in the expected time period and the possibility that any of the anticipated benefits and projected synergies of the Equitrans Midstream Merger will not be realized or will not be realized within the expected time period; and disruptions to the Company’s business due to acquisitions, divestitures and other strategic transactions. These and other risks are described under the “Risk Factors” section in EQT’s Annual Report on Form 10-K for the year ended December 31, 2023, the “Risk Factors” section included in EQT’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, and other documents EQT files from time to time with the Securities and Exchange Commission (the “SEC”).

Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, EQT does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

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Equistone portfolio company BUKO Traffic & Safety continues UK expansion with acquisition of Hooke Highways

Equistone

BUKO Traffic & Safety (“BUKO”), a leading provider of outsourced traffic and safety management solutions in the Netherlands, the UK and Germany, has acquired Hooke Holdings Limited, parent of operating subsidiary and brand Hooke Highways (“Hooke Highways”), one of the largest providers of traffic management in the South of England. Following BUKO’s acquisition of Scunthorpe-headquartered Road Traffic Solutions (“RTS”) earlier this year, the acquisition of Hooke Highways builds on the company’s growing presence in the UK market.

Headquartered in Barendrecht, the Netherlands, BUKO Traffic & Safety employs over 700 people and successfully oversees thousands of projects annually. A leading provider of outsourced traffic and safety management solutions in its home market of the Netherlands, the company consists of the two business units BUKO Infrasupport and BUKO Waakt. Founded in 1991, BUKO Infrasupport specialises in temporary traffic management solutions. With its comprehensive portfolio of services – from design, planning, approval, deployment and collection, as well as onsite management of road signage, safety equipment required for roadworks and an innovative range of digital traffic management solutions – BUKO Infrasupport primarily serves contractors and public authorities, active in utility-related and urban/rural roadworks. BUKO Waakt provides temporary remote security solutions with a focus on camera surveillance, intrusion detection systems and access control systems, which are used principally on construction sites.

Since funds advised by Equistone acquired a majority stake in BUKO in February 2023, the company has pursued a growth strategy focused on building its presence in its home market and targeted expansion into neighbouring countries supported by strong market dynamics. In March 2024, BUKO established a foothold in the attractive UK market by acquiring RTS, a temporary traffic and event management solutions specialist operating from seven locations and employing 175 people. With the acquisition of Hooke Highways, BUKO strengthens its position in this key growth market. In October 2024, BUKO also expanded into the German market for the first time with the acquisition of BVT Bremer Verkehrstechnik.

Hooke Highways provides high-quality temporary traffic management services to a diverse customer base. Headquartered in Lower Weare, Somerset, the business operates from six locations in the South of England. The company is being acquired from the Managing Director and major shareholder Michael Montague, who will continue to lead the company’s operations post transaction, and Panoramic Growth Equity (“PGE”), an equity and debt investor which invested into Hooke Highways in 2020. Under Michael and PGE’s ownership, Hooke Highways has achieved strong growth in recent years, driven by new customer wins and consolidation of its existing customer base. The company has 140 employees.

“We are excited to partner with Hooke Highways and strengthen our foothold in the attractive UK market. There is strong synergy between RTS and Hooke Highways in terms of geographic presence, culture and ambitions for the future,” says Robert Emmerich, CEO at BUKO. “Together, we’re committed to deliver an even stronger and versatile service to our customers and expanding our impact across the UK in the years to come,” says Robert Emmerich, CEO at BUKO.

“After successfully entering the UK earlier this year, Hooke Highways represents an important next step towards expanding BUKO’s presence in the UK and realising its ambitions of becoming a leading player in the market,” says Hubert van Wolfswinkel, Partner in Equistone’s Amsterdam office.

The Equistone team includes Hubert van Wolfswinkel, Tanja Berg and Josh Aalbers. BUKO was advised on the transaction by PwC (Financial & Tax) and Ashfords (Legal).

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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Arlington Capital Partners Acquires TEAM Technologies

Arlington

A leader in medical device manufacturing, TEAM Tech is focused on optimizing supply chains to ensure better and faster delivery of critical healthcare products

Washington, D.C. – November 25, 2024 – Arlington Capital Partners (“Arlington”), a Washington, D.C.-area private investment firm specializing in government regulated industries, today announced it has acquired TEAM Technologies, Inc (“TEAM Tech”), a leading global manufacturer of essential healthcare products, from Clearlake Capital Group (“Clearlake”).

TEAM Technologies is a leading provider of specialized manufacturing and strategic supply chain solutions to blue-chip healthcare customers. The Company provides a broad array of end-to-end outsourced design and manufacturing services to medical device and pharmaceutical OEMs, with a growing specialty in advanced medical devices that are critical to the healthcare system. Through its comprehensive suite of vertically integrated processes, TEAM Tech enables customers to streamline their supply chains and reduce lead times in delivering critical products. TEAM Tech has approximately 1,000,000 square feet of manufacturing space across nine campuses in the U.S., Mexico, and Singapore.

“As the last five years have demonstrated, global supply chains are not nearly as fortified as they need to be, particularly in medical device manufacturing,” said Matt Altman, a Managing Partner at Arlington Capital Partners. “TEAM Tech is not only focused on providing the world’s leading healthcare OEMs with holistic solutions for all their design and manufacturing needs, but also on strengthening our healthcare supply chains to improve the delivery of these critical goods to end users.” Added Gordon Auduong, an Arlington Principal, “As one of the leading end-to-end providers in this sector, we look forward to working with TEAM Tech’s management team and building on its strong foundation to continue adding capabilities and customers, both through organic investment and strategic acquisitions.”

“The medical device manufacturing industry is incredibly complex, but we feel fortunate to partner with Arlington in our next chapter,” said Marshall White, CEO of TEAM Tech. “I have gotten to know Matt and the Arlington team well over the past several years and believe that with their 25 years of experience in this highly regulated sector they are best positioned to help us build on the successes we have achieved and accelerate our growth, both organically and through strategic acquisitions, to take our business to the next level.”

Arlington has an extensive track record of building leading companies in the highly regulated healthcare sector, focusing on businesses that save lives, improve the delivery of products and services, and reduce costs for patients and providers. Recent investments include Afton Scientific, AVS Bio, Millstone Medical Outsourcing, Riverpoint Medical and Grand River Aseptic Manufacturing.

Harris Williams served as financial advisor and Goodwin Procter LLP served as legal advisor to Arlington Capital Partners. R.W. Baird acted as financial advisor to TEAM Technologies. Kirkland & Ellis LLP and Massumi + Consoli provided legal counsel to TEAM Technologies and Clearlake.

 

About Arlington Capital Partners

Arlington Capital Partners is a Washington, D.C.-area private investment firm specializing in government-regulated industries. The firm partners with founders and management teams to build strategically important businesses in the healthcare, government services & technology, and aerospace & defense sectors. Since its inception in 1999, Arlington has invested in over 175 companies and is currently investing out of its $3.8 billion Fund VI. For more information, visit Arlington’s website at www.arlingtoncap.com and follow Arlington on LinkedIn.

 

About TEAM Tech

Headquartered in Morristown, TN, TEAM Technologies is a specialized end-to-end outsourced manufacturer of mission-critical medical devices. The Company has an extensive array of advanced and vertically integrated manufacturing solutions servicing top medical device and pharmaceutical OEMs. With its deep industry experience and reputation for the highest quality standards, TEAM Technologies leverages seamless, turnkey processes and innovation to drastically simplify its customers’ supply chains. For more information, visit teamtech.com.

Contact

Kelsey Clute

kclute@arlingtoncap.com

 

Ryan Fitzgibbons and Meredith Bishop

Pro-arlington@prosek.com

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Nordic Capital-backed Regnology acquires VERMEG’s RegTech division – AGILE – to solidify position as a global market leader

Nordic Capital

Acquisition creates the largest global ecosystem connecting financial regulators and the regulated

Regnology, a leading software provider with a focus on regulatory reporting solutions, announced today the acquisition of VERMEG’s regulatory reporting division – AGILE – which was previously part of the Lombard Risk portfolio. This strategic move underscores Regnology’s commitment to advancing regulatory reporting and solidifies its position as a global leader in end-to-end regulatory reporting solutions for large banks and other financial institutions seeking comprehensive and innovative offering from a single, trusted provider.

Through this acquisition, VERMEG’s robust regulatory reporting solution will be integrated into the Regnology Platform. The AGILE solution suite currently supports over 150 global and international banks spanning the UK, Europe, Asia Pacific, and North America. By incorporating this suite into its offerings, Regnology will enhance its ability to deliver flexible, end-to-end reporting solutions, ranging from comprehensive data management to report generation and submission, all powered by advanced cloud technology. This aligns with the company’s goal to support the transition to granular data and improve automation and data flow across organizations.

This acquisition also expands further Regnology’s international footprint and local expertise. Following the recent acquisition of CG3-1, the combined offering will support both broker-dealer and bank reporting for all types and sizes of regulated financial entities from Tier 1 banks and broker-deals to local community banks in North America. Similarly, the combined company has significant APAC coverage and customer base that includes banks in Hong Kong, Singapore, and Australia together with a number of major regulators across the region.

Rob Mackay, Regnology CEO, commented: “This consolidation marks a pivotal moment in our swift growth trajectory. Regnology will now have a truly global footprint in regulatory reporting to match our global leadership in supervisory collections. This gives us the ability to connect regulators and regulated financial institutions across the globe. We will continue to invest in our technology and our people and leverage our new locations to transform legacy reporting processes, at scale, into an efficient communication network.”

Badreddine Ouali, VERMEG Founder and Co-CEO, stated: “By joining forces with Regnology, AGILE will benefit from a broader global platform and enhanced opportunities for growth and innovation. This strategic move allows VERMEG to concentrate on our core strengths in Collateral Management and Insurance, ensuring we continue to deliver exceptional value to our clients. We are confident that this partnership will drive long-term success for both our companies and our dedicated teams.”

Lutz Kregel, Managing Director, Nordic Capital Advisors, added: “When investing four years ago, Nordic Capital saw great opportunities to support Regnology in transforming the regulatory reporting industry. Since then, the Regnology team has been working diligently, driven by a forward-looking and innovative vision, to ready industry stakeholders for the future of financial regulation, prioritizing efficiency and stability. Together, we’re now reaching a new milestone by looking to creating this global game-changer in regulatory reporting. Nordic Capital is excited about Regnology’s continued journey.”

About Regnology
Regnology is a leading global provider of innovative solutions for supervisory, regulatory and tax reporting. Over 35,000 financial institutions, 70 regulators and tax authorities rely on our solutions to streamline their processes, enhance data quality, and improve efficiency. Building on our unified data ingestion model, Regnology is uniquely positioned to support regulators in data collection and supervisory processes, and the regulated across the full regulatory reporting value chain. Leveraging the expertise of 900+ employees in 16 countries, we help clients navigate the complexities of an ever-evolving, data-intensive regulatory landscape.
For more information, visit www.regnology.net.

About VERMEG
Founded in 1993, VERMEG provides software solutions to over 500 blue-chip clients in more than 40 countries across the banking, insurance, and wealth management industries. The company’s high-quality platform offers best-in-class tools to automate processes and drive digitalization in financial services. Headquartered in Amsterdam with offices in 16 countries, VERMEG employs over 1,000 people worldwide. For more information, visit www.vermeg.com.

Press Contact
Mireille Adebiyi – Chief Marketing Officer
Email: mireille.adebiyi@regnology.net

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