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GS-Hydro Holding Oy and its subsidiary GS-Hydro Oy file for bankruptcy

Ratos

Ratos’s Finnish subsidiary GS-Hydro Holding Oy and its subsidiary GS-Hydro Oy have filed for bankruptcy today at the District Court of Kanta-Häme following consultation with Ratos and GS-Hydro’s lenders.

The Board of Directors of Ratos’s Finnish subsidiary GS-Hydro Holding Oy and its subsidiary GS-Hydro Oy have resolved yesterday evening to initiate bankruptcy proceedings and have filed for bankruptcy at the District Court of Kanta-Häme today. The GS-Hydro Group has experienced liquidity and profitability problems for some time, and these became acute when one of the company’s largest customers could not meet its payment commitments to a Group company within the GS-Hydro Group.

In recent years, Ratos has, together with the company’s Board of Directors and management, implemented an extensive action programme. In combination with this Ratos has made substantial capital contributions since 2015. This has had effect but has taken long time and the company has also been under pressure in several geographical markets. The company’s situation is primarily the result of a weak development and substantial price pressure in the offshore markets in combination with the company’s insufficiently competitive market position.

“First and foremost, we naturally regret the worry and the consequences this situation has had on the company’s employees, customers and suppliers. This is a decision we have tried to avoid for as long as possible,” says Magnus Agervald, CEO of Ratos.

“Ratos has supported the company for a long time and worked intensively in recent years to turn earnings around. As recently as last summer Ratos made a previously agreed capital contribution. We have invested a lot of work in the company, but the conclusion in the current situation is unfortunately that conditions do not exist to reverse the trend,” Magnus Agervald continues.

“Ratos has a responsibility also towards its shareholders, and after careful appraisal of the situation we have come to the conclusion that it would not be responsible to continue contributing capital in this position. It is a difficult decision that we have carefully considered,” says Jonas Wiström, Chairman of the Board of Ratos.

On 31 December 2016, Ratos wrote down the consolidated book value in GS-Hydro by SEK 160m to SEK 0. The consolidated book value of GS-Hydro amounts to SEK -64m as per 30 June 2017.

The bankruptcy estate’s administrator, who will be appointed in connection with the commencement of bankruptcy proceedings for GS-Hydro Holding Oy and GS-Hydro Oy, will provide more information about the proceedings within the scope of his authority.

GS-Hydro was acquired in 2001 in conjunction with the acquisition of Atle. Today, GS-Hydro has approximately 600 employees in 17 countries. In 2016, sales amounted to EUR 93,7m and operating loss (EBITA) to EUR -15,8m.

For questions, please contact:
Magnus Agervald, CEO, +46 8 700 17 00
Helene Gustafsson, Head of IR and Press, +46 8 700 17 98

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IK Investment Partners to sell Schenck Process to Blackstone

ik-investment-partners

IK Investment Partners (“IK”), a leading Pan-European private equity firm, is pleased to announce that the IK 2007 Fund has reached an agreement with private equity funds managed by Blackstone (“Blackstone”) to sell Schenck Process (“Schenck”), a global market leader in measuring and process technology.

Headquartered in Darmstadt, Germany, Schenck develops and manufactures innovative solutions for a wide range of industrial processes including weighing, feeding, conveying and filtration. With over 2,300 employees’ worldwide and significant operations across Europe, North and South America, China, India and Australia, Schenck serves a diversified customer base across a variety of industries, including food, chemicals, mining and construction.

“Schenck is an innovative and unrivalled leader, and we see considerable opportunity to grow the business both organically and by acquisitions in its various end markets.  We are excited to team up with management and accompany Schenck in the next stage of its development,” said Lionel Assant, Head of European Private Equity at Blackstone.

“This investment underlines our strong commitment to the German market as we continue to evaluate further opportunities across Europe.  Blackstone has a proud record of working with growing companies and supporting their strategies and we are hugely excited about our new partnership with Schenck,” added Juergen Pinker, Managing Director at Blackstone.

“As we embark on an exciting new chapter for Schenck, I would like to thank IK for their invaluable support over the past years. Blackstone’s significant sector experience and financial backing make them the ideal new partner. As we commit to further investment in innovation and developing new technologies, we look forward to accelerating growth across our international footprint,” said Andreas Evertz, President & CEO of Schenck.

“During the IK 2007 Fund’s ownership, Schenck has transformed its business focus from a mechanical manufacturer to a service and integrated solutions provider, achieved significant growth by expanding the product portfolio and entering new markets both organically and through selected add-on acquisitions. It has been a pleasure working with the management team, and we wish them the very best as they continue on their growth trajectory,” said Detlef Dinsel, Partner at IK Investment Partners and advisor to the IK 2007 Fund.

Financial terms of the transaction are not disclosed.

For further questions, please contact:

IK Investment Partners
Detlef Dinsel
Partner
Phone: +49 40 369 8850

Mikaela Hedborg
Director Communications & ESG
Phone: +44 77 87 573 566
mikaela.hedborg@ikinvest.com

Blackstone
Andrew Dowler/Rebecca Flower
+44 (0) 207 451 4275
Andrew.Dowler@Blackstone.com

About Schenck Process
Schenck Process is the global technology and market leader in applied measuring technology. We make processes work in all areas of industry throughout the world. For us that means improving our customer processes in terms of reliability, efficiency, and accuracy. Combining outstanding equipment and extensive process knowledge, we develop and manufacture innovative solutions for weighing, feeding, conveying, screening, automation, and air filtration applications. We focus on the needs of our customers and support them through the whole lifecycle of a product. For more information, visit www.schenckprocess.com

About IK Investment Partners
IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Nordics, DACH region, France, and Benelux. Since 1989, IK has raised more than €9 billion of capital and invested in over 110 European companies. IK funds support companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikinvest.com

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 over $370 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

 

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EQT Mid Market sells stake in TransIP

eqt

  • EQT Mid Market and EQT Mid Market Europe sell stake in domain name, hosting and VPS provider TransIP to its founder
  • Both parties strongly believe in the future prospects of TransIP and are in agreement that having one owner with full control serves the interests of TransIP best

On September 19, 2017, EQT Mid Market and EQT Mid Market Europe agreed to sell their stake in domain name, hosting and VPS provider TransIP (or “the Company”) to Cherenkov B.V., a company controlled and fully owned by Mr. Ali Niknam, founder of TransIP.

TransIP is the largest independent domain name, hosting and Virtual Private Server (“VPS”) provider in the Benelux with a focus on tech savvy customers and IT professionals. TransIP is headquartered in Leiden in the Netherlands. The Company has developed and continued its expansion across existing products and markets, and generated a substantial growth and EBITDA increase.

During EQT’s ownership, a high-caliber Board was formed with Jonas Persson, former CTO EMEA at Microsoft acting as Chairman, who was joined, among others, by Denise Koopmans, former CEO LexisNexis. In addition, Oliver Mauss, a former CEO of 1&1, the largest European hosting Group, joined as CEO and Mark Stork, former CFO at Multikabel BV (today part of Ziggo), joined as CFO.

“TransIP is going through a fast transformation, with a particularly strong growth in its core tech-savvy customer segment with its VPS product in the Benelux. TransIP has a unique and entrepreneurial culture and I am confident that they will continue to prosper in the future”, says Jonas Persson, resigning Chairman of TransIP.

“Following discussions on ownership strategy, both EQT and Mr Ali Niknam believe having one owner with sole control is the best structure for TransIP going forward. TransIP is a great company with strong talent and is well positioned to enjoy further future growth,” says Florian Funk, Partner at EQT Partners and Investment Advisor to EQT Mid Market and EQT Mid Market Europe.

TransIP has appointed a new management team and supervisory board effective immediately. The parties have agreed not to disclose financial details of the transaction.

Contacts:
Florian Funk, Partner at EQT Partners and Investment Advisor to EQT Mid Market, +49 89 2554 99 504

EQT Press office, +46 8 506 55 334

About EQT
EQT is a leading alternative investments firm with approximately EUR 37 billion in raised capital. EQT has portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

For further information, please visit www.eqtpartners.com

About TransIP
 TransIP is the largest independent domain name, hosting and VPS provider in Benelux with a focus on tech savvy customers and IT professionals. The company is headquartered in Leiden in the Netherlands and has approximately 100 employees.

For further information, please visit www.transip.nl

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Sale of shares in AcadeMedia to 12 high quality investors including Mellby Gård

eqt

Marvin Holding Limited (a holding company owned by EQT V Limited and its co-investor) (“Marvin”) has entered into an agreement to sell 12,586,941 shares in AcadeMedia AB (publ) (“AcadeMedia”) to 12 high quality Swedish and international investors including Mellby Gård AB.

After the sale, Marvin owns 11,511,385 shares, corresponding to approximately 12.1% of the total number of shares in AcadeMedia. The shares in AcadeMedia that Marvin holds after the sale will be subject to a so-called lock-up, up to and including the date of publication of the Company’s first quarterly report for 2017/2018, which is expected to be published on October 26, 2017, subject to customary exceptions or written consent from Carnegie Investment Bank AB (publ) (“Carnegie”) and Scandinavian Enskilda Banken AB (publ) (“SEB”). Mellby Gård AB, anchor investor in the listing of AcadeMedia, will through the transaction increase its holding in AcadeMedia from approximately 20.1% to 21.1% of the total number of AcadeMedia shares.

Carnegie and SEB acted as advisors in the transaction.

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Gimv acquires 23.6 per cent of Cegeka shares

GIMV

Gimv is to take a 23.6 per cent interest in ICT company Cegeka. With this move, Cegeka aims to strengthen its position in existing markets and expand geographically. The ambition is to realise growth both organically and by means of a buy & build strategy. Outsourcing in general is at the heart of the expansion plans and is to be the engine for further growth. Gimv will become a shareholder besides CEO André Knaepen, the Limburg Reconversion Company (LRM) and the management of Cegeka.

Since his management buy-out in 1992, André Knaepen has grown Cegeka from a local to a pan-European IT service provider with branches in ten countries. Today the company employs over 4,000 people, together serving more than 2,500 customers. Since 2006, turnover has quadrupled to over 400 million euros and it is Cegeka’s ambition to continue on this impressive growth path in the coming years. It aims to double its size again within five years.

Tom Van de Voorde, Head of Smart Industries at Gimv, on the transaction: “We can see daily from Gimv’s portfolio that IT belongs at the heart of business operations and that there is a need for players who can empathise with their customers. From our experience in ICT, we can particularly appreciate Cegeka’s continuous innovation and customer awareness. From the first contacts, we were very impressed by the growth path that the company – led by a broad and motivated management team – has taken in the last ten years. Our investment will make extra resources available with which we will give a boost to Cegeka’s ambition.”

“This capital operation is necessary to further realise Cegeka’s ambition. In the first place, we will continue investing in the development of our service range, as we want to stay ahead of the market. In our geographical expansion, we will concentrate first on those countries where we are already active. There is scope there for aligning our services more with the needs of our customers”, says Cegeka CEO André Knaepen. “We want to grow in Europe, but that will never be at the expense of our local approach. That is the DNA and the strength of Cegeka. It is from those strong customer relations that we will provide growth and sustainability for medium-sized and large organisations. This operation is a major strategic step which was supported by the team of Degroof Petercam Corporate Finance”

“LRM has been a shareholder of Cegeka since 1999 and has seen the company grow in recent years to become a top European player. With the involvement of Gimv, Cegeka will have the opportunity to gear up and realise its growth ambitions faster”, says Stijn Bijnens, CEO LRM.

The ‘Centrum voor Overheidsinformatica’ (COI), which used to be an important actor in the computerization of the Flemish Government, has supported the first European growth phase of Cegeka. With Gimv joining the capital of the company, COI will now revert to its core tasks.

 

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KPN Ventures participates in Cottonwood’s investment in sustainable cooling tech

Kpn Ventures

KPN Ventures’ partner Cottonwood Technology Fund announced today a € 1.0 million investment, together with OostNL, in the Dutch company SOUNDENERGY BV. SOUNDENERGY® has developed a unique technology for space- and process cooling by sound waves. The patented thermo-acoustic technology applied in the Thermo Acoustic Energy Converter THEAC-25 device makes it possible to convert solar or industrial waste heat directly into useable cooling without the use of electric power, harmful refrigerants or moving parts and at a much lower cost. This disruptive technology has worldwide applications in cooling industries e.g. food industry, marine, dredge, GSM antennas, leisure resort, shopping centres and on high energy consuming data centres. 

“The participation of Cottonwood in SOUNDENERGY is a major step which helps us to roll-out on a global scale.” said Herbert Berkhout, CEO of SOUNDENERGY. “We are now able to fully focus on the industrial ramp up of our THEAC-25 prototype and start excepting international orders. Cottonwood has the team, experience and worldwide worthy network to make our high impact ambition come through.”

“We are excited by the prospect of the elegant and sophisticated Thermo Acoustic technology’s ability to compete in many application areas. Said Ray Quintana, General Partner of Cottonwood Technology Fund, The THEAC-25s combination of energy utilization, low cost, zero carbon footprint and contribution to the circular economy makes it unique in the world.“

“KPN was recently recognized as the world’s most sustainable telecom operator“, said Herman Kienhuis, Managing Director of KPN Ventures.” The potential application of SoundEnergy’s technology in the cooling of data centers in an environmentally friendly way and at a much lower cost is of particular interest to KPN, and as such we are excited to participate as partner in  Cottonwood’s commitment to the company.”

About SOUNDENERGY
SOUNDENERGY BV is a young disruptive company active in the space- and process cooling (HVAC) industry lead by founder Herbert Berkhout. SOUNDENERGY’s mission is to be the worldwide market leader in Thermo-acoustics cooling in order to shake up the cooling industry and become a high impact game changer. Co-founder and godfather of Thermo-acoustics Kees de Blok developed this technology which allows us to convert medium quality waste heat directly into usable cooling without the use of electric power, harmful refrigerants and moving parts. These specifications leads to a low CO2 footprint, a Global Warming Potential (GWP) of zero and a low ROI which makes the THEAC-25 suitable for a circular business model. Kees de Blok works more than 30 years on this invention. To learn about SOUNDENERGY and their products. Visit www.soundenergy.nl.

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BASF invests in high-tech company Applied Nano Surfaces Sweden

Basf Ventures

Ludwigshafen, Germany, and Uppsala, Sweden, September 20, 2017 — BASF Venture Capital GmbH is leading an investment round in the Swedish high-tech company Applied Nano Surfaces Sweden AB (ANS), headquartered in Uppsala, Sweden. ANS offers unique surface treatment technologies to reduce friction and wear in industrial and automotive applications. The investment is co-led by the existing investor Fouriertransform AB.

“ANS has advanced its proprietary surface treatment technologies to meet the market demand for low-cost, high-performance friction and wear reduction technologies,” said Markus Solibieda, Managing Director at BASF Venture Capital. “This is confirmed by the impressive list of applications under development with key customers. We are confident that ANS’s management will translate this into significant value for its shareholders.”

ANS will use the investment proceeds to put its ongoing customer projects into high-volume series production, initially in automotive applications such as valve train components, cylinder liners and connecting rods. In addition, the funds will be used to further expand business development activities in other industrial application areas as well, such as hydraulic motors, rock drills, pumps, chains, gears and compressors, where friction and wear are highly relevant topics.

“This financing through BASF Venture Capital allows us to mature our customer projects to high-volume serial production applications,” said Christian Kolar, CEO and Co-founder of ANS. “The demand for solutions to improve energy efficiency is strong not only in the automotive sector, but increasingly also in industrial applications. Once we have established production for key applications, we will be able to expand and fully exploit the great potential with our highly scalable processes.”

“ANS has developed friction reduction technologies with a very favorable cost-performance profile,” said Michael Nettersheim, Investment Manager at BASF Venture Capital. “Ease of implementation should support broad market adoption. Currently, late-stage tests at well-known OEMs from the automotive industry are underway. We expect that the exciting results from prior tests will be validated.”

About BASF Venture Capital
BASF Venture Capital GmbH was established in 2001 as a wholly owned subsidiary of BASF New Business GmbH, Ludwigshafen, Germany, with the aim of exploring new growth potentials based on investments in startup companies and funds. More information is available at:  www.basf-vc.com.

About BASF
At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. The approximately 114,000 employees in the BASF Group work on contributing to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into five segments: Chemicals, Performance Products, Functional Materials & Solutions, Agricultural Solutions and Oil & Gas. BASF generated sales of about €58 billion in 2016. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (BAS). Further information at:  www.basf.com.

About Applied Nano Surfaces Sweden AB
Applied Nano Surfaces AB (ANS) offers innovative solutions for friction and wear reduction. The technologies have a favorable cost-performance profile and are easily implemented in existing production lines. ANS has three core offerings: ANS Triboconditioning®, ANS Tricolit® and ANS TriboNite®. ANS Triboconditioning® is a mechanochemical surface treatment method that is used to reduce friction losses for components made of steel and cast iron. ANS Tricolit® is a series of low friction coatings applicable to components of various materials and shapes. ANS TriboNite® is an advanced heat treatment and coating process that gives the component a hard and durable surface with low friction capabilities. ANS has more than 50 development projects with OEMs and Tier 1 suppliers from the automotive industry as well as over 20 customer projects in various industrial applications where friction reduction is a major topic. More information is available at:  www.appliednanosurfaces.com

Media contact:

BASF
Inga Franke
+49 173 3099242
 inga.a.franke@basf.com

Catrin Wingqvist Hood
+46 31639824
 catrin.hood@basf.com

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Bregal Unternehmerkapital acquires stake in Rehms Building Technology

Bregal unternehmerkapital

Bregal Unternehmerkapital is the new majority owner of Rehms Building Technology Holding GmbH. The group, headquartered in Borken/North Rhine-Westphalia, is a leading full-service provider of technical building services and is aiming to continue its significant growth dynamic of recent years.

In acquiring Rehms Building Technology (recently renamed from NRW Building Technology) from funds advised by Ufenau Capital Partners, Bregal has again broadened its portfolio to include a company with a decades-long tradition of family entrepreneurship in a highly attractive market that promises enormous future potential. With its eight group companies, including the well-established J. Rehms GmbH, the group focuses on heating, ventilation, air conditioning, sanitary installations and electrical systems as well as measurement and process control technology. It serves numerous public-sector, commercial and private customers. The market for hotel, industrial, residential and office structures is characterised by steadily increasing order volumes. With 600 employees, Rehms Building Technology stands for reliability, innovation and quality. The group is benefiting from, and actively shaping, growth trends in building renovation and remodelling, senior-friendly design as well as smart and green building technologies.

Bregal will continue to grow the company both organically and through strategic acquisitions as part of a committed, long-term partnership with Heinz-Josef Rehms (who continues to be a co-owner of the business) and the company’s management team. We are looking forward to the challenges ahead.

Press contact:

IRA WÜLFING KOMMUNIKATION
Dr. Reinhard Saller
Phone: +49 89 2000 30-30
bregal@wuelfing-kommunikation.de

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EQT Mid Market to sell food franchise concept BackWerk to Valora Group

eqt

  • EQT Mid Market sells food franchise concept BackWerk to Swiss-listed convenience retail and food service conglomerate Valora Group
  • During EQT Mid Market ownership, BackWerk has transformed from a bakery chain to a quick-service convenience food franchise concept, broadened its geographical footprint and strengthened the corporate governance structure

The EQT Mid Market fund (“EQT Mid Market”) today announced that it has entered into an agreement to sell German quick-service convenience food franchise concept BackWerk (or the “Company”) to the Swiss-listed convenience retail and food service conglomerate Valora Group. The transaction has an enterprise value of around EUR 190 million.

Founded 2001, BackWerk has approximately 350 stores in Germany, Austria and the Netherlands. All are franchised owned and operated by over 2250 franchise partners. The Company generated external sales of around EUR 2109 million in 2016 and has some 115 employees.

EQT Mid Market invested in BackWerk in January 2014 by acquiring a majority stake from the founders Dr. Schneider and Dr. Limmer who kept a minority stake. Since then, BackWerk has transformed from being founder-led to having a strong corporate governance model with a formal management team leading the business. The Company has expanded its number of stores from some 300 to 350, which has been much driven by a successful expansion in the Netherlands. A new brand strategy has also been launched, including a revitalization of the store concept, as well as a strengthened product offering focusing on out-of-home products.

Karl Brauckmann, CEO of BackWerk, explains: “Valora is the ideal partner for us to maintain our strong growth of the past few years. We are pleased that we can, from now, be part of this dynamic and innovative company and thus make a significant contribution to Valora’s continued growth. We believe Valora will be the ideal partner to continue BackWerk’s growth path over the next years. We are happy to become a part of this dynamic and innovative company and look forward to contributing our share to the continued success and growth of Valora.”

Dr. Andreas Fischer, Partner at EQT Partners and Investment Advisor to EQT Mid Market, adds: “We are pleased to have found a long-term home for BackWerk and are convinced that the Company will continue to thrive as part of the Valora Groupportfolio. During EQT Mid Market’s investment, BackWerk has transformed from a bakery chain to a leading German quick-service convenience concept, now spurred for future growth. It has been an exciting journey and we want to thank the management team as well as the founders for a trustful collaboration.”

The agreement is subject to customary anti-trust clearance and the transaction is expected to close in the fourth quarter of 2017. EQT Mid Market was advised by William Blair and Orrick, Herrington & Sutcliffe.

Contact Information
Dr. Andreas Fischer, Partner at EQT Partners, Investment Advisor to EQT Mid Market +49 1 517 29 15 751
EQT Press Office, +46 8 506 55 334

About EQT
EQT is a leading alternative investments firm with approximately EUR 37 billion in raised capital across 24 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About Valora
Valora Group runs a retail network of approximately 2,500 convenience and food-service outlets in Switzerland, Germany, Austria, Luxembourg and France, servicing more than one million customers per day. Valora Group owns brands such as k kiosk, Brezelkönig, Ditsch, Press & Books, avec, Caffè Spettacolo or ok.- and generates external sales of approximately CHF 2.5 billion per year with more than 4 000 employees. The Group is headquartered in Muttenz, Switzerland, and traded on the SIX Swiss Exchange.

More info: www.valora.com

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Wendel undertook to tender its 27.8% stake in exceet Group SE into the voluntary public takeover offer announced today

Wendel

White Elephant S.à r.l., a company indirectly controlled by a fund advised by the independent German investment company
Active Ownership Capital, announced today its intention to launch a voluntary public takeover offer(the “Offer”) for the acquisition of all the class A shares of exceet Group SE (“exceet”) for a cash consideration per share in the amount of the volume weighted average domestic stock exchange price of the exceet shares during the past three months prior to this announcement as determined by the German Financial Supervisory Authority.
The Offer will likely be made only subject to a minimum acceptance threshold of 51.0%.
White Elephant S.à r.l further announced having already acquired exceet shares representing approx. 28.26% of the share capital. Wendel (through its affiliate Oranje Nassau) undertook vis-à-vis White Elephant S.à r.l. to tender its entire stake of
5.7 million exceet shares (i.e. approx. 27.8% of the share capital) into the Offer subject to certain conditions and exceptions
in particular in case of a competing offer.
The settlement of this transaction is expected by the end of the year.

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