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KKR and Baupost Purchase 33 Marriott International Hotels in the UK from ADIA

KKR
December 2, 2024

  • Joint venture acquires 33 premium-brand Marriott Hotels & Resorts and Delta Hotels by Marriott
  • Amante Capital, KKR’s dedicated European hospitality platform, will serve as managing partner to the joint venture

London, 2 December 2024 – Leading investment firms KKR and The Baupost Group today announced a joint venture to purchase a portfolio of 33 Marriott International hotels across the UK from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). Amante Capital, KKR’s vertically integrated European hospitality platform, will serve as managing partner for the joint venture and the properties will continue as premium Marriott branded hotels.

The portfolio consists of 33 full-service properties branded as Marriott Hotels & Resorts and Delta Hotels by Marriott in London and prime regional cities including Edinburgh, Glasgow, Leeds and Liverpool. The 6,500 key portfolio benefits from recent high-quality refurbishments and features an attractive mix of amenities catering to business and leisure guests, ranging from conference and event venues to golf and recreation.

“Our purchase of this impressive portfolio reflects our conviction in the UK and the opportunity we see to invest behind strong fundamentals and long-term growth in the European hospitality sector,” said Mai-Lan de Marcilly, Managing Director and Head of Transactions France and Hotels at KKR. “With Amante Capital we have built the capabilities to be a scaled acquirer and operator of premium hotels across Europe. This is our second investment with Marriott International in Europe and expands our global relationship as well as making us the largest owner of premium segment Marriott International hotels in EMEA.”

“This venture highlights our continued opportunistic approach to investing in high-quality assets,” said Nick Azrack, Partner, The Baupost Group. “We are excited to collaborate with Amante, KKR and Marriott International on the future of these hotels.”

Amante Capital’s experienced team will manage the portfolio on behalf of the joint venture. Working closely with Marriott International’s UK team, Amante will oversee a program of continued capital investment and provide dedicated services to support the local teams at each property in attracting business and delivering exceptional guest experiences. To own this collection of premium hotels is a milestone acquisition for Amante Capital and its investment partners.

KKR has been a long-term investor in UK real estate, having deployed over US$3.5 billion of capital since 2016 across hospitality, residential, student housing and logistics properties. KKR is making the investment primarily through its value-add and opportunistic European real estate strategy.

DLA Piper, Ropes & Gray and Simpson Thacher Bartlett served as legal advisors to the KKR and Baupost joint venture. KKR Capital Markets and Eastdil Secured arranged financing for the transaction. Hamilton Pyramid served as asset manager, Eastdil Secured as advisor and Burges Salmon as legal counsel to ADIA.

About Amante Capital

Founded in 2022, Amante Capital is dedicated to investing in hotel real estate across Europe. Over the last 25 years, the highly experienced team at Amante has been involved in origination, transactions, asset management, capex deployment and operations of a multitude of single assets and portfolios. Amante have an investor mindset, unlocking significant value for its partners through its entrepreneurial spirit and hands-on approach. Amante aims to establish a large-scale pan-European hotel investment and operational platform over the next few years.

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 KKRs 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 Baupost

The Baupost Group is a Boston-based investment manager with a long-term, value-oriented approach. Since 1982, the firm has been thoughtfully stewarding and compounding capital on behalf of families, foundations, endowments, and other like-minded institutions, as well as employees who collectively are the firm’s largest client. CEO and Portfolio Manager Seth Klarman has overseen Baupost’s investments from the company’s inception.

Employing its value-focused discipline, Baupost has been successfully investing in real estate for more than 30 years.  Working both independently and through joint ventures, the firm has deep experience in public and private real estate markets, in equity and credit positions, and across geographies and property types.  Baupost’s relationships, flexible capital, and ability to underwrite large, complex situations has made the firm a trusted counterparty on real estate debt and equity transactions.

Media Contacts
KKR
Alastair Elwen / Jack Shelley
FGS Global
+44 20 7251 3801
KKR-LON@fgsglobal.com

The Baupost Group
Diana DeSocio
+1-617-512-6592
DDeSocio@Baupost.com

Julie Kane
+1-617-999-8623
JKane@Baupost.com

 

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EQT and GIC to acquire majority stake in Calisen, a leading independent smart metering company in the UK

EQT and GIC to acquire a majority stake in Calisen

Calisen is a leading independent provider of smart meters and energy transition infrastructure in the UK, whose purpose is to accelerate the development of a cleaner, more efficient and sustainable energy sector

Long-term investment by EQT and GIC to support Calisen’s growth ambitions in the UK smart meter market and abroad, as well as expansion into adjacent sectors

The EQT Active Core Infrastructure fund (“EQT”) and GIC, a leading global investor, are pleased to announce an agreement to jointly acquire a majority stake in Calisen Group (“Calisen” or “the Company”) from funds managed by Global Infrastructure Partners (GIP), a part of BlackRock, the Infrastructure business of Goldman Sachs Alternatives and Mubadala Investment Company. Equitix will remain a minority investor.

Headquartered in Manchester, Calisen is a leading independent owner and manager of essential energy infrastructure assets. The Company is a provider of smart meters, electric vehicle charging, solar and battery, and heat pump installation, meter reading, maintenance and ancillary services, whose purpose is to accelerate the development of a cleaner, more efficient and sustainable energy sector.

Operating under long-term contracts, Calisen has firmly established itself as a provider of choice in the UK thanks to its scale, operational excellence, and strong customer relationships. With an installed base of approximately 16 million meters, it is well-positioned to capitalize on market trends underpinned by the continued energy transition. The roll-out of smart meters is expected to continue to increase due to a supportive regulatory framework towards net zero as well as demand from energy suppliers and customers to support energy efficiency and the balancing of the electricity grid.

EQT and GIC will support Calisen’s long-term prospects by driving the continued rollout of its energy transition-related assets, including smart meters, heat pumps and renewable energy systems, both in the UK and abroad. It will also explore expanding into adjacent sectors, such as smart water metering.

Kunal Koya, Partner in EQT Active Core Infrastructure’s Advisory Team, said: “Calisen is an exciting investment opportunity, combining significant downside protection and cash flow visibility with tangible upside potential. Its critical role in the UK’s energy transition aligns perfectly with EQT’s commitment to investing in essential infrastructure that contributes to a more sustainable future. We look forward to partnering with management and GIC to embark on Calisen’s next phase of growth.”

Ang Eng Seng, Chief Investment Officer, Infrastructure, GIC remarked: “We are pleased to be investing in Calisen, a high-quality business with a strong market position and good sector tailwinds. Through its integrated business model, Calisen owns, installs, reads and maintains the meters throughout their useful life. With its steady cash flows and long-term contracts, we are confident in Calisen’s growth potential as a core infrastructure investment.”

George Kay, Head of Infrastructure, Europe at GIC, commented: “Smart meters have a crucial role to play in the energy transition. Whilst they are installed at the consumer’s home, they create value across the supply chain. Consumers can track their consumption and potentially lower their bills through access to different tariffs, while suppliers and grid operators can save costs. Our investment will support the roll out of meters across the UK and we look forward to working with management, EQT and Equitix to grow the business for the long term.”

Sean Latus, CEO of Calisen, said: “I am delighted to welcome EQT and GIC as new long-term majority owners of the business alongside our continuing investor. Calisen plays an active role in the decarbonisation of the UK economy, a position we intend to strengthen with the support of all of our shareholders. EQT and GIC’s experience in the energy sector will be invaluable as we look to leverage our scale and customer relationships to significantly expand our smart meter portfolio and replicate our success in adjacent areas.”

The transaction is subject to the satisfaction of certain conditions including regulatory approvals.

Contact
EQT Press Office, press@eqtpartners.com
GIC, Samantha Chiene, SamanthaChiene@gic.com.sg

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Hercules Capital Renews and Increases Its Multi-Currency SMBC Credit Facility to $300.0 Million

Hercules

SAN MATEO, Calif.–(BUSINESS WIRE)– Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the “Company”), the largest and leading specialty financing provider to innovative venture, growth and established stage companies backed by some of the leading and top-tier venture capital and select private equity firms, today announced that it has renewed and upsized its existing $225.0 million credit facility with Sumitomo Mitsui Banking Corporation (“SMBC”) with an upsized credit facility under which Synovus Bank, Customers Bank and Apple Bank, together with SMBC, have committed a total of $300.0 million in credit capacity subject to borrowing base, leverage and other restrictions. The renewed credit facility also includes an uncommitted accordion feature expandable up to $500.0 million. The renewed credit facility matures in November 2029, including a 12-month amortization period.

“With the renewal and increase in our credit facility with SMBC, we continue to strengthen our capital resources and enhance our operational flexibility while maintaining an optimal cost of capital,” said Seth Meyer, chief financial officer of Hercules. “We want to thank SMBC for their continued support of our industry-leading franchise.”

For additional information, please review the Company’s current report on Form 8-K, to be filed with the Securities and Exchange Commission (“SEC”), which will include the completed transaction documents.

About Hercules Capital, Inc.

Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology and life sciences industries. Since inception (December 2003), Hercules has committed more than $21 billion to over 660 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Companies interested in learning more about financing opportunities should contact info@htgc.com, or call 650.289.3060.

Hercules, through its wholly owned subsidiary business, Hercules Adviser LLC (the “Adviser Subsidiary”), also maintains an asset management business through which it manages investments for external parties (“Adviser Funds”). The Adviser Subsidiary is registered as an investment adviser under the Investment Advisers Act of 1940.

Hercules’ common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol “HTGC.” In addition, Hercules has one retail bond issuance of 6.25% Notes due 2033 (NYSE: HCXY).

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We may use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may” and similar expressions to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and should not be relied upon in making any investment decision. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. While we cannot identify all such risks and uncertainties, we urge you to read the risks discussed in our Annual Report on Form 10-K and other materials that we publicly file with the Securities and Exchange Commission. Any forward-looking statements made in this press release are made only as of the date hereof. Hercules assumes no obligation to update any such statements in the future.

 

Michael Hara
Investor Relations and Corporate Communications
Hercules Capital, Inc.
650-433-5578
mhara@htgc.com

Source: Hercules Capital, Inc.

Released December 2, 2024

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Gimv invests in the further growth and internationalization of Lupine Lighting Systems

GIMV

Gimv Consumer acquires a majority stake in Lupine Lighting Systems, a true “Made in Germany” technology and recognized quality brand leader for premium high-performance portable light solutions for (e-)bike, outdoor and tactical applications. Founder and CEO Wolf D. Koch reinvests in the company and becomes a minority shareholder alongside Gimv.

Located in Neumarkt, Bavaria, in Germany, Lupine Lighting Systems (www.lupine.de) develops and produces high-performance portable light solutions for (e-)bikes,  outdoor and tactical applications, distributing through local dealer networks, importers and a growing D2C channel. The company has always been a pioneer in producing lamps of the highest quality, extending the hours during which people can enjoy outdoor activities. All lamps are “Made in Germany” with a high focus on sustainability thanks to their long lifetime, durable materials and good reparability.

Being a recognized frontrunner and innovator in portable lighting, Lupine is the preferred innovation partner of choice of selected top global bike manufacturers such as Canyon and several outdoor sports champions.

Lupine Lighting Systems is at the heart of Sports & Leisure as one of the focus markets within the Home & Family segment targeted by Gimv Consumer.

Gimv acquires a majority stake of Lupine Lighting Systems, with Wolf D. Koch, founder and CEO, reinvesting part of his proceeds to hold a minority stake in the company. Gimv and Mr. Koch will jointly look for a suitable CEO succession to accelerate the commercial development of Lupine. Upon completion of this search, Mr. Koch will continue to play a key role in the continued technological innovation journey of the company.

Ferdinand Becker and Maximilian von den Hoff, Principals in the Gimv Consumer team, declare: “Lupine is a pioneer of its industry and convinces over decades with quality leadership underpinned by its large customer base. We strongly believe in Lupine’s organic growth opportunities and look forward to the future journey together with Wolf and the entire Lupine team.”

Wolf D. Koch, Founder and CEO of Lupine Lighting Systems, states: “With Gimv, we start a new growth phase of Lupine. Together with a new CEO and the entire team, we will bring the unmatched Lupine products to more consumers and more outdoor enthusiasts in more markets.”

No further details of the transaction are disclosed. This communication is subject to successful closing of this transaction.

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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

+++

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.

***

 

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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