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AURELIUS subsidiary Scandinavian Cosmetics strengthens its market position in Norway and Sweden

Aurelius Capital

  • The acquisition of Solis International Cosmetics AS and Alf Sörensen AB broadens the company’s market position substantially
  • These acquisitions will increase the revenues of Scandinavian Cosmetics Group to well over EUR 100 million
  • Accelerated growth of the existing luxury and consumer brands portfolio, and improved positioning of new Brands

Munich / Malmö (Sweden), July 5, 2018 – The Scandinavian Cosmetics Group, a subsidiary of AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8), will acquire the Norwegian company Solis International Cosmetics AS and its Swedish subsidiary Alf Sörensen AB, effective June 30, 2018. This will strengthen the market position of the Scandinavian Cosmetics Group, which is the largest manufacturer-independent luxury and consumer brand management company for perfumes, cosmetics, hair care and skin care products in Denmark, Norway, Sweden and Finland. These acquisitions will increase the revenues of the Scandinavian Cosmetics Group by more than 15 percent to well over EUR 100 million. The business combination can further boost the above-average growth rate of the existing brand portfolio. At the same time, the ability to develop brands with a not-as-strong market presence will be permanently enhanced.

Solis International Cosmetics, based in Oslo, Norway, and Alf Sörensen, headquartered in Stockholm, Sweden, are the second-biggest and third-biggest independent distributors respectively of perfumes, skin care products, makeup and other cosmetic products of many well-known brands in their markets, and therefore make a perfect fit with the Scandinavian Cosmetics Group’s expansion strategy. Scandinavian Cosmetics already offers an extensive range of services related to online and offline brand development and market access in all relevant distribution channels, mainly perfume shops, drugstores, premium department stores and online shops. This will be further expanded strategically in the future.

“Since acquiring Scandinavian Cosmetics in early 2016 we have successfully broadened our position as an attractive partner for the positioning and marketing of luxury and consumer brands in the cosmetics and perfumes segment. With Scandinavian Cosmetics, we want to expand further, both organically and by means of a long-term M&A strategy,” said Nils Haase, the AURELIUS Vice President responsible for the realignment of Scandinavian Cosmetics. “This acquisition is an important milestone in this plan.”

About the Scandinavian Cosmetics Group

The Scandinavian Cosmetics Group emerged from the acquisition of the distribution business of Valora AG, and has belonged to the AURELIUS Group since January 1, 2016. It is the market-leading independent distributor of high-quality cosmetics and perfumes in Scandinavia, with operations in Denmark, Sweden, Norway and Finland. As a specialist in high-quality cosmetics and fragrances in the premium and luxury segment, and with extensive market access, the company covers all relevant distribution channels, primarily perfume shops, drugstores, premium department stores and online shops.

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Nordic Capital acquires healthcare-spend and clinical solutions company Prospitalia

Nordic Capital

  • Accelerating the growth of technology-enabled procurement services in healthcare with leading Group Purchasing Organisation

Nordic Capital Fund IX today announces the acquisition of Prospitalia, a leading healthcare-spend management and technology-enabled clinical solutions company for acute, post-acute and other healthcare service providers and vendors in Germany. Nordic Capital will support Prospitalia’s management in its plan to further strengthen the company’s market position and to further develop supporting technology-enabled healthcare procurement services. This acquisition is the third healthcare investment by Nordic Capital’s latest fund, Fund IX, and builds on Nordic Capital’s leading healthcare franchise in Europe.

Founded in 1993 and headquartered in Ulm, Germany, Prospitalia started as a Group Purchasing Organisation for healthcare providers in Germany. In recent years, the company has tapped into the significant opportunity for technology-enabled clinical solutions. Prospitalia optimises healthcare spend, promotes operating efficiency, strengthens clinical efficiency and improves compliance for its partners through superior technological solutions. The company’s solutions leverage multiple unique, rich data insights to drive its value added services, which have created deep and long-standing relationships with healthcare providers as well as suppliers. The company has almost 200 employees and serves over 3,000 customers in Germany, the UK, the Netherlands and Australia with an aggregated managed spend of EUR 2.4 billion.

Throughout over 25 years of healthcare and technology investing, Nordic Capital has gained significant experience in building high quality and sustainable businesses. Nordic Capital will support Prospitalia’s management as it continues to build the company into the platform of choice for healthcare-spend management and technology-enabled clinical solutions providers.

Prospitalia, which was acquired from Five Arrows Principal Investments, is the third healthcare investment for Nordic Capital Fund IX. Since inception in 1989, the Nordic Capital Funds have invested in 25 healthcare platforms across Europe and in the USA.

The parties have agreed to not disclose the financial details.

 

Media contact:

Nordic Capital

Katarina Janerud, Communications Manager
Advisor to the Nordic Capital Funds
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

 

About Nordic Capital

Nordic Capital is a leading private equity investor in the Nordic region with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services, Industrial Goods & Services and Consumer & Retail, and key regions are the Nordics, Northern Europe, and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 12 billion in close to 100 investments. The Nordic Capital Funds are based in Jersey and are advised by advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital, please visit www.nordiccapital.com

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Venado Oil & Gas and KKR Acquire Eagle Ford Oil Assets

KKR

AUSTIN, Texas & HOUSTON–(BUSINESS WIRE)– Today, affiliates of Venado Oil and Gas, LLC (“Venado”) and KKR announced that they have closed on an acquisition of operated assets located in the Eagle Ford oil window of South Texas. The assets acquired by Venado and KKR include current oil production from 22 producing wells and significant future resource development potential across approximately 23,000 net acres immediately adjacent to existing operated assets held by Venado and KKR in Atascosa and Frio counties. During the second quarter of 2018, the assets produced approximately 4,500 net barrels of oil equivalent per day (74% oil, 11% natural gas and 15% NGLs).

Venado CEO Scott Garrick stated, “These assets are a natural addition to our existing operated assets and considerably increase our future drilling inventory. This acquisition is a continuation of our strategy begun in late 2016 to consolidate proven assets in the Eagle Ford. This is a prime example of the Venado and KKR partnership using our extensive experience in the Eagle Ford to capture additional high-quality assets, where we have identified multiple opportunities to enhance long-term value for our stakeholders.”

David Rockecharlie, Member and Head of Energy Real Assets for KKR, commented, “This investment marks our third asset acquisition in partnership with the Venado team in less than eighteen months, underlining our commitment to capitalizing on the attractive market opportunity we see in the U.S. oil and gas sector at this point in the cycle. We continue to employ our differentiated strategy, which seeks to generate strong investment returns and free cash flow through superior technical and operational execution, as well as disciplined financial and risk management.”

As of the closing date, the Venado and KKR partnership manages an asset position comprising approximately 136,000 net acres producing approximately 43,000 barrels of oil equivalent per day from the Eagle Ford trend of South Texas.

The Venado and KKR asset partnership is principally funded by KKR’s Energy Income and Growth Fund I (“EIGF”). KKR manages a portfolio of oil and gas assets in numerous unconventional and conventional resource areas across the United States and has made thirteen investments in the Eagle Ford to date.

About Venado Oil and Gas

Venado Oil & Gas is a private company focused on the acquisition and exploitation of upstream oil and gas assets. Headquartered in Austin, Texas, its primary objective is to build and operate a portfolio of producing oil and gas wells and drilling locations in the Eagle Ford Shale. For additional information about Venado Oil & Gas, please visit www.vogllc.com.

About KKR

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

Media:
KKR
Kristi Huller or Cara Kleiman Major, + 1-212-750-8300
media@kkr.com

Source: KKR & Co. Inc.

 

 

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EQT to acquire leading open source software provider SUSE

eqt

  • EQT VIII to acquire SUSE, a leading global provider of open source infrastructure software for enterprises
  • EQT VIII is partnering with CEO Nils Brauckmann and his team to support SUSE’s next period of growth and innovation, and to strengthen its position as leading open source player both organically and through add-on acquisitions
  • SUSE to further build its brand and unique corporate culture as a stand-alone business

The EQT VIII fund (“EQT” or “EQT VIII”) has agreed to acquire SUSE, a leading global provider of open source infrastructure software for large enterprises, from the global infrastructure software business Micro Focus International plc (“Micro Focus”) for an enterprise value of USD 2.535 billion. The transaction is subject to Micro Focus shareholder and customary regulatory approvals.

Founded in 1992, SUSE is the world’s first provider of an enterprise-grade open source Linux operating system. With sales of USD 320 million in the 12 months ended October 31, 2017 and approximately 1,400 employees worldwide, SUSE is today a market leader in enterprise-grade, open source software-defined infrastructure and application delivery solutions for on premise and cloud-based workloads. During the ownership of Micro Focus, SUSE has operated as a semi-independent business under the leadership of Nils Brauckmann, executing on a clearly defined growth charter. SUSE has also successfully expanded its product portfolio, including solutions for cloud and storage as well as container and application delivery technology.

EQT VIII will support SUSE’s next period of growth and innovation as an independent company. The strategy includes strengthening its position as a leading open source player, both organically and through add-on acquisitions, leveraging EQT’s long-term experience in the software space. Priorities will be to further build SUSE’s public cloud business and to expand its next-generation product offerings in order to strengthen SUSE as a leading provider commercializing open source for enterprise customers.

“Today is an exciting day in SUSE’s history. By partnering with EQT, we will become a fully independent business,” said Nils Brauckmann, CEO of SUSE. “The next chapter in SUSE’s development will continue, and even accelerate, the momentum generated over the last years. Together with EQT, we will benefit both from further investment opportunities and having the continuity of a leadership team focused on securing long-term profitable growth combined with a sharp focus on customer and partner success. The current leadership team has managed SUSE through a period of significant growth and now, with continued investment in technology innovation and go to market capability, will further develop SUSE’s momentum going forward.”

Johannes Reichel, Partner at EQT Partners and Investment Advisor to EQT VIII, adds: “We are excited to partner with SUSE’s management in this attractive growth investment opportunity. We were impressed by the business’ strong performance over the last years as well as by its strong culture and heritage as a pioneer in the open source space. These characteristics correspond well to EQT’s DNA of supporting and building strong and resilient companies, and driving growth. We look forward to entering the next period of growth and innovation together with SUSE.”

The transaction is subject to approval from Micro Focus shareholders and other relevant authorities.

Jefferies acted as lead financial advisor and Arma Partners acted as financial advisor to EQT VIII. Milbank, Tweed, Hadley & McCloy LLP and Latham & Watkins LLP acted as legal advisors to EQT VIII.

Contacts
Johannes Reichel, Partner at EQT Partners, Investment Advisor to EQT VIII, +49 89 255 49 904
EQT Press office, +46 8 506 55 334

Suse

About SUSE
SUSE, a pioneer in open source software, provides reliable, software-defined infrastructure and application delivery solutions that give enterprises greater control and flexibility. More than 25 years of engineering excellence, exceptional service and an unrivaled partner ecosystem power the products and support that help our customers manage complexity, reduce cost, and confidently deliver mission-critical services. The lasting relationships we build allow us to adapt and deliver the smarter innovation they need to succeed – today and tomorrow.

More info: www.suse.com

About EQT
EQT is a leading investment firm with approximately EUR 50 billion in raised capital across 27 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

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Nordic Capital and Norrsken Foundation partner up to strengthen impact entrepreneurs

Nordic Capital

Norrsken Foundation and private equity firm Nordic Capital Investment Advisory AB (“Nordic Capital”) have established a long term strategic partnership. Through the partnership, Nordic Capital will advise Norrsken’s member companies on how to scale their businesses. The partnership is part of Nordic Capital’s ambition to build long term sustainable companies that contribute positively to society.

The aim of the partnership between Norrsken Foundation and Nordic Capital is to support the social entrepreneurs in the Norrsken ecosystem to scale their business, thereby increasing their positive impact on the communities is which they are active. The partnership reinforces Nordic Capital’s commitment to sustainable behaviour.

Norrsken has the ambition to tackle the largest challenges facing humanity with the vision to help create a world optimised for people and the planet. Nordic Capital will work closely with the Norrsken Investment Team, providing advice on investment and operational excellence processes. Nordic Capital will also help Norrsken’s member companies to organise their board work and give advice on how to raise money, find investors and support the building of prospering businesses.

The Norrsken ecosystem consists of companies with sustainable business models focused on solving some of the environmental and social problems the world faces and accelerating positive change. Norrsken engages in early stage businesses by helping them to scale. Companies represented in the ecosystem include, for example: Karma, a company that reduces food waste; Hygglo, which enables users to rent the things they need and rent out the things they own; and Doctrin which provides digital solutions for doctors’ consultations which increase patient involvement and facilitate doctor-patient communication.

“Nordic Capital strives to contribute to society by building market-leading sustainable companies. We are proud to announce a partnership with Norrsken Foundation, an important incubator for small, impact-driven companies. This is a way for us to engage in early stage sustainable companies,” says Kristoffer Melinder, Managing Partner at Nordic Capital.

“Nordic Capital has a world-class record of building and scaling sustainable businesses. It is fantastic that they will now support Norrsken and impact entrepreneurs in their growth journeys. With this partnership, we can positively impact many people and even increase the chances of enabling an impact unicorn – a company positively affecting one billion people”, says Niklas Adalberth, the founder of Norrsken.

 

Media Contacts:

Nordic Capital
Elin Ljung, Director of Communication and Sustainability,
Tel: +46 8 440 50 50
e-mail: elin.ljung@nordiccapital.com

Norrsken
Funda Sezgi, Chief House Officer,
Tel: +46 72 962 39 29
e-mail:  funda@norrskenfoundation.org

 

About the Nordic Capital Funds
Nordic Capital is a leading private equity investor in the Nordic region with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services, Industrial Goods & Services and Consumer & Retail, and key regions are the Nordics, Northern Europe, and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 12 billion in 100 investments. The Nordic Capital Funds are based in Jersey and are advised by advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital, please visit www.nordiccapital.com.

About Norrsken
Norrsken Foundation is a Swedish non-profit organization founded in 2016 with the purpose of solving some of the world’s most pressing challenges. The Foundation runs the award winning co-working hub Norrsken House, an impact VC fund of €30M that invests in best entrepreneurs solving the biggest challenges in the world and two in-house initiatives, Klarity & 29k. The Foundation was established by Niklas Adalberth, the co-founder of the financial service company Klarna.

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CVC Fund VII acquires controlling stake in Recordati S.p.A.

Andrea Recordati remains as CEO and invests alongside the consortium.

CVC is pleased to announce that a consortium of funds (the “Consortium”) led by CVC Fund VII has agreed to buy the holding company that owns a majority interest in Recordati.

Chairman Alberto Recordati said: “Today is an important moment in the further development of the company my grandfather founded over 90 years ago. We have found in CVC a partner who shares our vision, values and passion for the company, its employees and its role in developing and distributing healthcare around the world.”

Andrea Recordati, CEO, said: “I believe that this is a great outcome for the company and its employees who will benefit greatly from having CVC as a partner. In the process of finding the best partner to take Recordati forward, it was important to find a party that would allow Recordati to remain independent, with continuity for management and employees, and accelerate its growth strategy as a leading global consolidator in the pharmaceutical industry. I am very pleased to be working alongside CVC in accelerating Recordati’s global expansion. I am personally reinvesting alongside the Consortium as I believe in and support Recordati.”

Giampiero Mazza, Head of CVC Italy, said: “We are honoured to be chosen by the Recordati family who have put great trust in us to continue in their role as the majority shareholder of their company. We have a great admiration for the business which we have known for over many years since Giovanni Recordati was CEO. We are excited by the opportunity to support this excellent management team, led by Andrea Recordati who we have asked to remain as CEO and who carries on the company’s legacy and provides the continuity of the business and its strategy alongside Fritz Squindo, Recordati’s Managing Director and CFO.”

Cathrin Petty, Head of EMEA Healthcare at CVC, added: “Recordati has always been a very carefully managed, international pharma company with a broad platform of products and a strong geographical footprint in primary care. Over the last decade Recordati has built up a very attractive rare disease business which we look forward to expanding in addition to the core business. We hope that through our expertise and global healthcare network we will help accelerate this growth across orphan and specialty care to build a global leader in the industry.”

The transaction is structured as a fully financed acquisition by the Consortium of the family’s holding company FIMEI S.p.A for an Enterprise Value of €3.03bn. FIMEI owns 51.8% of Recordati S.p.A., implying a 100% equity value for Recordati S.p.A. of €5.86bn, equivalent to €28.00 per share. The members of the Recordati family will receive part of the consideration in the form of a deferred and subordinated long-term debt security in the amount of €750 million. Furthermore, Andrea Recordati in his capacity as CEO will invest alongside the Consortium.

Closing of the FIMEI purchase is anticipated to take place in the last quarter of 2018 and is subject only to mandatory competition approvals. Following closing, in accordance with CONSOB rules, the Consortium will make a mandatory tender offer (“MTO”) to the remaining minority shareholders. The Consortium’s current expectation is that Recordati will remain a publicly listed company. The Recordati family requested, and the Consortium has agreed, to provide other shareholders with a full cash offer at €28.00 per share, which implies a higher economic value than the cash and deferred payment made to the Recordati family. The offer of the full price in cash to the minority shareholders in the MTO is subject to the absence of a material market correction prior to closing of the FIMEI transaction (defined as a decrease in the FTSE MIB index of more than 20%). In such an event, the Consortium intends to lower the cash offer price in the MTO, in consultation and agreement with CONSOB, to a price equivalent to the actual consideration paid to the Recordati family (taking into account the present value of the deferred payment).

Leopoldo Zambeletti and Rothschild are acting as financial advisor to CVC. Gattai, Minoli, Agostinelli & Partners together with White & Case LLP are acting as legal advisors to CVC. Facchini, Rossi are acting as tax advisor to CVC. Committed financing for the transaction is being provided by Deutsche Bank, Credit Suisse, Jefferies and Unicredit.

The Consortium led by CVC Fund VII includes PSP Investments and StepStone.

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Participation in Aldowa

Anders Invest

June 28, 2018 Anders Invest

Anders Invest has acquired a 65% stake in Aldowa in Rotterdam. With this company, known for its modern, self-managing organization from the book “Semco in de polder”, Anders Invest expands its portfolio to 13 companies.  

Aldowa, with more than 55 employees, is a top player in the Netherlands in the field of the engineering, production and assembly of metal and composite facade cladding. The company has collaborated on high-profile objects such as the Markthal and Central Station in Rotterdam, the Houthavens in Amsterdam, Hilton at Schiphol and the Mercedes-Benz flagship store in The Hague. All major Dutch contractors and project developers are Aldowa’s customers. Increasingly, the company inspires architects with ingenious and innovative façade cladding so that Aldowa is more and more involved in the design phase of projects. Aldowa has a complete machine park in Rotterdam to produce every desired shape and colour. With its subsidiary Aldowa Composites, the company also produces façade cladding of composite material.  

The shares were bought from Jan Boom and Allard Droste, owners of Aldowa since 2007. Droste will remain as minority shareholder. Current shareholder Alwin Versluis expands his interest and will continue to run the Aldowa management together with Jan Boom. 

The company has been growing hard for years, even during the construction crisis, partly because it is capable of realizing increasingly complex and finer facades in an efficient manner. Due to the increasing demands on circular construction and energy consumption, the 40-year-old company sees sufficient opportunities for further growth. Aldowa is characterized by a strong self-managing organization with a lot of responsibility for the employees. Anders Invest wants to apply a number of these ‘best practices’ to its other portfolio companies.

 

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Montagu Private Equity to acquire Wireless Logic from CVC Growth Fund

Montagu

Montagu Private Equity (“Montagu”), a leading pan-European private equity firm, and CVC Capital Partners (“CVC”) today announce that they have reached an agreement for Montagu to acquire Wireless Logic Group (“Wireless Logic” or “the company”), Europe’s leading smart connectivity platform provider, from CVC’s Growth Fund. The Wireless Logic sale represents the first exit for CVC’s Growth Fund. The terms of the transaction were not disclosed.

Wireless Logic was established in the UK in 2000 and provides businesses with specialist Internet of Things (IoT) and Machine-to-Machine (M2M) platform services across mobile, satellite, low-power wireless, and fixed line networks. The company’s services enable smart connectivity for applications and devices, creating two-way communication across secure private networks. The platform gives organisations of all sizes the ability to access highly complex and secure IT infrastructure with zero capital cost, thus creating unrivalled opportunities for new and innovative IoT solutions.

Today, Wireless Logic is a market leader in IoT and M2M platform managed services in Europe, with over 2,500 customers and over 3.1 million subscriptions. It has the technology, scale and geographical breadth to provide comprehensive connectivity solutions to a large number of customers and applications across Europe with a global reach. Headquartered in Hurley, Berkshire, the company operates across Europe with country offices in the UK, Denmark, France, Germany and Spain.

During the CVC Growth Fund’s period of investment, Wireless Logic has continued its impressive organic growth trajectory, supplemented by several strategic acquisitions. Montagu intends to work with the management team to continue to drive growth, leveraging Montagu’s experience, network and resources to further strengthen the business.

Oliver Tucker, Co-founder and Group CEO of Wireless Logic, said: “We are delighted to welcome Montagu into the Wireless Logic Group. Under the stewardship of the CVC Growth Fund, we have continued our double-digit organic growth which has been complemented by four acquisitions in the UK, Germany and Denmark, with each introducing key new technologies and skillsets into the group business. As we thank CVC for its partnership and counsel, the group board is looking forward to a bright, ambitious and exciting future with Montagu as we set about continuing our strategy to make Wireless Logic Group into a truly world-class platform offering.”

Ed Shuckburgh, Director of Montagu, said: “We are highly impressed by the quality and achievements of the management team, who have founded and developed the business to become Europe’s leading M2M and IoT connectivity platform provider in under 20 years. We look forward to partnering with them to support the company’s continued expansion to meet the rapidly growing demand for smart connectivity solutions.”

Aaron Dupuis, Senior Managing Director of CVC, said: “We have had a tremendous partnership with Oliver and his team. We have been proud to be part of the continued success of Wireless Logic and wish the team all the best as they embark on the next phase of the journey.”

The company and the CVC Growth Fund were advised by William Blair, Fried Frank, Deloitte and OC&C. Montagu was advised by Arma Partners, Morgan Stanley and Freshfields.

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Ardian Growth invests in italian group Seri Jakala

Ardian

Paris, 27 June 2018 – Ardian, a world-leading private investment house, today announces its investment in Seri Jakala, the Italian leader in the outsourcing of marketing services.

Founded in 2000 by Matteo de Brabant, the Jakala Group merged with the Seri Group in 2014 to become Seri Jakala. The company has sales of more than €200 million and more than 40 per cent of its activity abroad. Thanks to its integrated offer, the company can combine its expertise in analytics, big data and customer insight with the use of engagement platforms to optimise marketing performance. This has enabled the company to establish itself as the market leader in Italy and the third-largest player in Europe. The group has a portfolio of more than 400 clients including Carrefour, Tesco, Vodafone and Intesa Sanpaolo.

Matteo de Brabant, founder of the Jakala Group, commented, “Ardian Growth is exactly the international partner we needed to come on board which includes reliable local Italian players. We have an ambitious vision for Seri Jakala, and in this respect, Ardian Growth stood out thanks to its entrepreneurial DNA, its digital expertise and its track record in Italy.”

In addition to supporting the company through Ardian Growth’s strong network and expertise in advising fast-growing companies, Ardian Growth will assist the management team in its strategy to extend the group’s digital offer, while at the same time strengthening its presence across Europe. Investment by Ardian Growth will be made through a club deal alongside the Equity Partners Investment Club (Mediobanca) and the holding companies of several large Italian entrepreneurs.

Laurent Foata, Head of Ardian Growth, added “We have been impressed by how Matteo de Brabant and his team have developed the business’ pan-European activity to a critical mass in less than three years. This club deal illustrates perfectly the entrepreneurial values that we share with the group. We are looking forward to working with Seri Jakala over the coming years.”

Bertrand Schapiro, Senior Investment Manager at Ardian Growth, added, “The Seri Jakala directors have demonstrated that they know how to capitalise on the specificities of the Italian market while at the same time successfully initiating international development. Having engaged closely with the company over several years leading up to this investment, we have been able to – from the very start – put in place a roadmap that allows the group to maintain its unique character while at the same time speeding up its penetration of new markets.”

ABOUT SERI JAKALA

Seri Jakala is the leader in Italy for the outsourcing of marketing services and the third-largest player in Europe. Its offer on integrated services includes defining strategies for client commitment as well as setting up programmes for the development of client loyalty and the use of big data analytics. The company has more than 400 clients and 500 employees.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$71bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 500 employees working from fourteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo). It manages funds on behalf of around 700 clients through five pillars of investment expertise: Funds of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
www.ardian.com

LIST OF PARTICIPANTS

Seri Jakala: Matteo de Brabant, Stefano Pedron

Ardian: Laurent Foata, Bertrand Schapiro, Frédéric Quéru

Legal counsel: Giovannelli & Associati (Fabrizio Scaparo, Matilde Finucci)

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3i announces sale of Etanco generating proceeds of c. €102m

3I

3i Group plc (“3i”), and funds managed by 3i, today announce that they have entered into a sale and purchase agreement to sell their investment in Etanco, the leading designer, manufacturer and distributor of building fasteners and fixing systems in France, Italy and Eastern Europe, to its CEO Ronan Lebraut and management team supported by Intermediate Capital Group (“ICG”). Proceeds to 3i will be c. €102m, which represents a c. 36% uplift on its 31 March 2018 valuation of £66m / €75m.

Headquartered near Paris with 800 employees, the company has distribution entities in Belgium, Italy and Eastern Europe and exports to more than 20 countries through its Italian subsidiary, Friulsider. Etanco provides a broad range of 80,000 products which meet all the fastening needs of the “building envelope”, including waterproofing, roofing, cladding, facades and safety lines.

3i invested in Etanco in 2011, alongside Ronan Lebraut and Five Arrows Principal Investment. Since then, the company has grown organically and through acquisitions. Etanco successfully delivered a sales force effectiveness optimisation programme and refocused its export approach, resulting in a 20% annual growth of exports while further cementing its leading positions in the French and Italian markets. During 3i’s investment period, the company also pursued a buy-and-build strategy notably with the acquisitions of leading fastening players in Poland and Romania to establish a solid presence in this region.

Rémi Carnimolla, Partner & Managing Director, 3i France, commented:

“During our investment period, Etanco has strengthened its presence in France and in Italy and restructured its sales force organisation to gain market share against a challenging market backdrop. We have helped the company expand internationally, notably into Eastern Europe, thereby successfully diversifying its presence. Etanco is well prepared to benefit from the very positive market trends in the coming years and we wish them well in the future”.

Ronan Lebraut, CEO of Etanco, added:

“With 3i’s active support, Etanco has grown significantly organically and through acquisitions, in France and Italy but also in Eastern Europe. We have structured our organisation and procedures to be the prime beneficiaries of the positive market trends ahead of us. We look forward to working with ICG on the next stage of our company’s development.”

Hadj Djemai, Head of Southern Europe, Equity & Mezzanine, of ICG commented:

“ICG is thrilled to support Ronan Lebraut, the grandson of the founder, and the management team in the acquisition of Etanco from 3i. We are convinced of the strengths of Etanco and its management, and will actively support the Group’s growth strategy to take advantage of the favourable market conditions and reinforce its leadership in Europe.”

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