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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

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Munich, Zurich, Amsterdam

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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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Vitu Signs Agreement to Acquire Dealertrack Registration and Titling Businesses from Cox Automotive

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AGOURA HILLS, Calif., November 25, 2024 –Vitu, a leading innovator in Vehicle-to-Government (V2Gov) technology, today announced it has entered into a definitive agreement to acquire the Dealertrack registration and titling businesses from Cox Automotive. The registration and titling businesses include RTS (Registration and Titling Solutions), RegUSA (Nationwide Title and Registration), Accelerated Title, and CMS (Collateral Management Services). This sale does not impact any other Cox Automotive Dealertrack solutions or services.

“The Vitu vision is to drive the digital future of titling and registration,” said Don Armstrong, co-founder and CEO at Vitu. “By bringing together the expertise, experience, and strengths of the Dealertrack and Vitu teams, we will enhance our ability to better serve dealers, lenders and governments today and pave the way for the digital titling and registration ecosystem of tomorrow.”

The Dealertrack registration and titling businesses offer comprehensive services through the Collateral Management Services (CMS) and Registration and Titling Solutions (RTS) platforms. CMS provides business outsourcing and a self-management platform for vehicle title administration, including Accelerated (expedited) Title services, which connect dealer and lender networks to expedite title releases during vehicle trade-in and loan payoff. RTS offers registration and titling services for both in-state and out-of-state vehicle sales and inquiries.

“As we looked at ways to strategically accelerate our growth, it was clear to all parties that the Dealertrack CMS and RTS business lines and team members would benefit from being a part of the dedicated focus and long-term vision at Vitu. Independently, we’ve delivered value to customers through straightforward software, visionary solutions, and exceptional service. This acquisition enhances our strengths, broadens our offerings, and deepens our industry impact,” added Armstrong. “These products and the team behind them have the track record and expertise that will fit perfectly into the Vitu family and flourish as part of our team.”

Terms of the agreement are not being disclosed. The transaction is subject to customary closing conditions.

About Vitu
Providing cutting-edge services to the motor vehicle industry, the Vitu Platform manages in-state EVR (Electronic Vehicle Registration), out-of-state title and reg across all 50 states with Vitu Interstate and digitally processed E-Titling with NTX, making it easier than ever to secure vehicle titles from anywhere in the nation. Vitu redefines the standard for digital vehicle transactions with one single platform and unmatched support. Vitu operates throughout the United States.

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Apax Funds to acquire Evelyn Partners’ professional services business

Apax

unds advised by Apax Partners LLP (“Apax”) today announced that they have reached an agreement to acquire the professional services business of Evelyn Partners. The transaction is subject to customary regulatory approvals.

Upon completion, the professional services business will be rebranded S&W, building on the heritage of the Smith & Williamson brand which was founded in 1881. S&W, which is based in London and serves clients across the UK, will operate as the largest mid-market player in its sector, offering a range of accountancy services to its end clients. With its strong brand and high-quality service offering, S&W has shown its ability to attract and retain a deep pool of talent resulting in a demonstrated track record of above-market organic growth.

As an independent company, S&W will be able to further invest in technology and talent recruitment to help drive organic growth and build out additional services to meet client needs. The Apax Funds will also support the Company in consolidating its position as market leader through select M&A opportunities in a highly fragmented market.

Paul Geddes, Chief Executive Officer of Evelyn Partners, commented: “Evelyn Partners has demonstrated the strength and resilience of its business model since the merger in 2020. The growth of both our Financial Services and Professional Services businesses means that this is the right moment to sharpen our focus further by creating two strong standalone businesses, each concentrated on the growth opportunities in its sector.”

Andrew Wilkes, Chief Executive Officer designate of S&W, said: “Our professional services business has experienced a period of very strong growth in recent years, attracting top talent at all levels and expanding the range of services which we provide. More recently, we have launched our M&A programme, completing seven deals. We are seeing significant growth opportunities in the market and the whole team are very excited about our partnership with Apax Partners. The new funding and expertise that Apax brings will help accelerate our growth strategy.”

Frank Ehmer, Partner at Apax, commented: “We have been tracking the accountancy and advisory space for a number of years and prioritised S&W as the ideal UK platform to invest behind. Throughout our engagement, it became immediately clear to us that S&W is a true market-leading player in the mid-market segment and holds an unrivalled heritage and reputation from which the business can look to scale new heights. We are excited to partner with Andrew and the entire S&W team in this exciting new chapter as an independent business.”

Evelyn Partners is being advised by Evercore and Macfarlanes. Apax is being advised by Jefferies and Nomura.

Global Media Contacts

Katarina Sallerfors

t: +44 20 7872 6300

Gill Corish

t: +44 207 872 6480

Amanda Boateng

t: +44 207 872 6359

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Investcorp’s Strategic Capital Group Partners with Ownership Works

Investcorp

Investcorp, a leading global alternative investment firm, today announced that its Strategic Capital Group (ISCG) has partnered with Ownership Works, a nonprofit organization that works with companies and investors to provide all employees with the opportunity to build wealth at work. ISCG is the first GP-staking partner of Ownership Works.

We are thrilled to join forces with Ownership Works and further align ourselves with their mission of broadening employee ownership in the US,” said Anthony Maniscalco, Partner and Head of ISCG. “By introducing their best practices and intellectual property to Investcorp and our GP partners, we hope to accelerate the Ownership Works mission in private equity’s middle market.”

Founded in 2021, Ownership Works helps organizations to implement broad-based employee ownership programs that can unlock new levels of success for businesses and create meaningful wealth-building opportunities for employees. With tools, resources, practical models, and hands-on guidance, Ownership Works supports companies in structuring shared ownership programs that boost culture, enhance company performance, and improve employees’ financial wellbeing and inclusion. According to Ownership Works, it aims to generate at least $20 billion of wealth for low- and moderate-income and diverse workers by 2030.

We believe that fostering a culture of shared ownership is not just beneficial for employees, but also essential for driving long-term business success,” said Tim Osnabrug, Investment Partner, and Ravi Thakur, GP Development Partner, at ISCG. “By partnering with Ownership Works, we are advocating for innovative employee equity programs that empower workers and align their interests with those of the companies they serve.”

ISCG is focused on acquiring minority interests in alternative asset managers (GPs), particularly GPs who manage longer-duration private capital strategies. The group manages $1.6 billion of AUM and has completed 12 investments since its launch in 2019, placing it among the most active GP stakes investors in the industry. ISCG has partnered with mid-sized GPs across buyout, secondaries, structured equity, private credit, and real asset strategies.

We are pleased to welcome Investcorp’s Strategic Capital Group to our network of Financial Services partners who share our values and ambition to create more equitable ownership structures that benefit all stakeholders,” said Anna-Lisa Miller, Executive Director at Ownership Works. “We look forward to working with ISCG and its portfolio of GPs.”

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Oceansapart continues operations under new ownership

Today, on November 22, 2024, the e-commerce and apparel brand Snocks acquires Oceansapart, effectively taking the company out of insolvency and resulting in a change of ownership and the exit of Altor. The company filed for insolvency in July 2024 and will now continue operations under the new ownership.

Press contact

Karin Åström

Head of Communications

karin.astrom@altor.com

+46 707 64 86 59

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EQT to sell Melita, the digital infrastructure owner and operator in Malta

eqt

EQT to sell Melita to Goldman Sachs Alternatives

Under EQT’s ownership, Melita strengthened its position as a leading digital infrastructure owner and operator through strategic investments in its network and customer experience, while building a successful international Internet of Things (IoT) connectivity business

Today, Melita is the only operator in Malta providing both nationwide Gigabit fixed and nationwide 5G mobile services, and is well-positioned to expand its footprint in the fast-growing IoT connectivity sector

EQT is pleased to announce that the EQT Infrastructure IV fund (“EQT”) has signed an agreement to sell Melita (“the Company”) to Goldman Sachs Alternatives.

Founded in 1992, Melita is today a leading digital infrastructure owner and operator in Malta with a fully invested fiber-powered fixed network as well as a nationwide 5G mobile network with its own towers, backhaul and small cell footprint. With the largest data center in Malta, Melita delivers a full suite of digital services, including Gigabit broadband and 5G mobile connectivity, premium TV offerings, and data center solutions to households and businesses across the country.

Since EQT acquired Melita in 2019, the Company has made substantial investment in its infrastructure and enhanced its operations and service offering. For example, it has successfully developed Generative AI tools to support customers with billing, sales and technical queries which had a positive impact on customer satisfaction. The Company has also expanded internationally, establishing its presence in the rapidly growing IoT connectivity market via its proprietary platform and agile, customer-centric go-to-market approach.

Sustainability has been a core focus for Melita, becoming the first EQT portfolio company to have its near-term targets validated by the Science Based Targets initiative. The Company is investing in solar farms to produce renewable energy and has already replaced almost half of its car fleet with electric vehicles. It also established the Melita Foundation which supports impactful community initiatives.

Ulrich Köllensperger, Partner in the EQT Value-Add Infrastructure Advisory team, said: “Building on EQT’s long track record of investing in digital infrastructure, we supported Melita through strategic investments including in its 5G coverage and an upgrade of its fiber-powered network. We are proud of the rapid progress of Melita’s IoT business which, in just a few years since inception, has grown significantly and through add-on acquisitions, established a promising new business line with a pan-European reach. We believe the Company is well-positioned for further growth and would like to thank Harald and the entire team for their dedication and wish them continued success.”

Harald Rösch, CEO of Melita, said: “Thanks to EQT’s support, the past five years have been transformational, enabling us to make substantial progress across all aspects of our business and becoming the first operator in the European Union to deploy both a nationwide Gigabit broadband network and a nationwide 5G network. This transaction reflects the achievements of our entire team and the loyalty of our customers. With Goldman Sachs Alternatives’ support and expertise, we are excited to continue our journey sustainably, investing in our infrastructure, enhancing our services in Malta and driving further innovation.”

The transaction is subject to conditions including regulatory approvals.

EQT was advised by UBS (financial), Milbank and Camilleri Preziosi (legal).

Contact
EQT Press Office, press@eqtpartners.com

About

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
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Oceansapart continues operations under new ownership

Today, on November 22, 2024, the e-commerce and apparel brand Snocks acquires Oceansapart, effectively taking the company out of insolvency and resulting in a change of ownership and the exit of Altor. The company filed for insolvency in July 2024 and will now continue operations under the new ownership.

Press contact

Karin Åström

Head of Communications

karin.astrom@altor.com

+46 707 64 86 59

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