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Linkup raises €3 million to offer a new gateway to the “Internet of AIs”

Seedcamp

AI is fundamentally changing the nature of the Internet and its traditional business models. Developing an ethical, sustainable and efficient ecosystem for the web of AI agents is a priority.

We are excited to partner with Linkup, a French startup on a mission to build new pathways for AIs to access the web efficiently and fairly. Founded in 2024 by Philippe Mizrahi, Denis Charrier, and Boris Toledano – who bring together experience from Spotify, Lyft, and McKinsey, Linkup is an internet search and access engine designed for artificial intelligence.

With its proprietary API, Linkup enables AI companies of all sizes to benefit from fast and ethical access to online content through partnerships with a wide range of premium content sources.

Philippe Mizrahi, co-founder and CEO of Linkup, explains:

“The Internet was designed to facilitate information access for humans. Soon, AI agents will do this on our behalf. It is therefore essential to rethink the web to enable efficient browsing for these agents and to promote the emergence of a new business model. At Linkup, we put ethics at the heart of our technology, convinced that the future of AI agents lies in a sustainable ecosystem where content providers, who are vital to the richness of the internet, are fairly compensated.”

On why we partnered with Linkup, our Partner Sia Houchangnia comments:

“AI tools have unprecedented potential to transform industries, and their power increases exponentially when connected to vast, relevant data sources. With the rise of AI agents, we have a unique opportunity to rethink our digital infrastructure for a world that demands a fairer and more sustainable approach to content access, an area that has long needed change. This is where Linkup comes in. As a pioneer of a new ethical model for tomorrow’s web traffic, Linkup is setting a new standard where deep analysis and powerful applications go hand in hand with fairness.”

We are excited to partner with Linkup from day one and lead its €3 million funding round, joined by Axeleo Capital, Motier Ventures, Kima Ventures, as well as a hundred business angels from the tech and media industries.

With the new funding, Linkup plans to:

  • Develop its proprietary models and capabilities;
  • Deploy its solution on a larger scale with suitable infrastructure;
  • Continue to build partnerships with content publishers and data providers.
  • Strengthen its technical team, particularly for Machine Learning and Software Engineering positions.

In October 2024, Linkup was selected for the Microsoft GenAI Studio, with support from Microsoft, Nvidia, Github, Mistral AI, and Cellenza. Moreover, the company is already supported by strong partnerships in Asia and the United States and plans to accelerate its deployment across the USA in the upcoming months.

For more information, visit linkup.so.

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CCMC Announces Strategic Investment from Charlesbank Capital Partners, Formation of Community Management Holdings

Charlesbank

Partnership will enable the community association management company to enhance services for its communities and achieve greater scale across the United States

SCOTTSDALE, AZ, November 18, 2024 – CCMC (“CCMC” or the “Company”), a leading community association management company, today announced that it has entered into a strategic partnership with Charlesbank Capital Partners (“Charlesbank”), a middle-market private investment firm with approximately $19 billion of assets under management as of 9/30/24, through which Charlesbank will become an investor in CCMC alongside CCMC’s management team.

Founded in 1973, CCMC is a prominent provider of community association management services with a focus on large-scale master-planned communities (“MPC”), proudly serving more than 155 communities in 9 states across the country. The new capital partnership will help CCMC continue to deliver on its commitment to providing the highest-quality service to its managed communities and exceptional resident and team member experiences.

“CCMC’s number one priority is to provide the best customer service to our communities and their residents. We couldn’t be more excited to enter into this partnership with Charlesbank, which will enable us to invest for the future and bring new services, capabilities, and technologies to our communities and team members,” said David Atrostic, Chief Executive Officer at CCMC. “With Charlesbank, we have found a like-minded partner that shares our core values, and we strongly believe that the firm’s track record as a relationship-driven partner in the business services sector will enable us to responsibly grow the business while staying true to CCMC’s special culture and honoring its legacy.”

Concurrent with the investment, a new parent company, Community Management Holdings, has been formed to pursue adjacent growth avenues, including serving smaller-scale communities that CCMC does not focus on today. Deb Dulsky, a seasoned executive with over 25 years of experience in the residential services space, has joined as Chief Executive Officer of Community Management Holdings. She brings an extensive track record of sustainable growth and deep experience in relevant people-based businesses, including most recently as CEO of SafeBasements and prior to that as President of HomeServe North America’s HVAC business. As CEO of Community Management Holdings, she will focus especially on overseeing strategic expansion into additional community types while also managing the Company’s approach to M&A.

“I am honored to join this impressive organization, as CCMC has a long history as a dedicated and trusted partner to its communities and team members,” said Ms. Dulsky. “Through Community Management Holdings, we will now be able to invest in new capabilities and deliberate growth, while enabling the existing CCMC team to stay focused on delivering the outstanding customer service and team member experience that clients have come to expect.”

“Over the past 50 years, CCMC has established itself as a leader in the community management industry, with an enviable track record serving large-scale, master planned communities,” said David Katz, Managing Director at Charlesbank. “We look forward to partnering with CCMC to help the business further enhance its value proposition to clients and to employees.”

Griffin Financial Group LLC served as financial advisor and Quarles & Brady LLP provided legal counsel to CCMC. William Blair & Company LLC served as financial advisor and Kirkland & Ellis LLP provided legal counsel to Charlesbank.

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BlueEarth completes inaugural private credit investment in Healthcare with Namibian Hospital partnership

Blue Earth Capital

Blue Earth Capital (“BlueEarth”), a global specialist impact investor, today announces an $ 11 million private credit commitment to Rhino Park Holdings (Proprietary) Limited (“Rhino Park”), a leading multi-disciplinary private hospital in Namibia specializing in maternity and neonatal healthcare.

The investment marks BlueEarth’s first private credit investment in the healthcare sector, and the issuance of its second sustainability-linked loan. BlueEarth’s investment supports the acquisition of the hospital by Salt Capital, a Southern Africa focused private equity investment manager. The funding will work to catalyze Rhino Park’s ambitious expansion plans, including the development of a best-in-class operating theatre for more advanced surgical procedures, an innovative primary healthcare center, and new MRI imaging facilities.

The maternal mortality rate is one of Namibia’s most pressing healthcare concerns, ranking second highest among upper-middle-income countries globally.13  In addition, neonatal disorders are a leading cause of premature death in Namibia, with 32% of under-five deaths occurring in the first month of life.14 As Namibia’s second-largest private hospital with a world-class obstetrics department – the nation’s largest – Rhino Park is at the forefront of addressing these critical healthcare challenges in the country.

Beyond immediate patient care, Rhino Park demonstrates its commitment to furthering the nation’s healthcare development by offering nursing student placement programs and providing study loans to its nursing staff. This further upskills workers, ensuring continuity to Namibia’s ability to produce an adequate supply of skilled domestic health workers.

These factors, combined with the sustainability and impact-linked characteristics of the facility, (BlueEarth’s second such loan), work to ensure full alignment with BlueEarth’s dual mission of generating compelling social impact alongside financial returns, and represents a significant step in advancing healthcare accessibility and quality in Southern Africa.

Amy Wang, Head of Private Credit at BlueEarth, comments: “This partnership with Salt Capital represents a wonderful opportunity to transform healthcare delivery in Namibia. By investing into Rhino Park’s growth, we are not just expanding a leading medical center but also helping to build a healthier future for Namibians. We hope that this investment will help provide high-quality healthcare to an increasing number of patients and support the steady improvement of overall health outcomes. Healthcare has long been a priority vertical impact at Blue Earth Capital, and we are very excited to complete our investment alongside these trusted partners. We are also particularly proud to continue driving forward the practice of linking impact with financial return with our second sustainability-linked loan.”

Martin van Niekerk, CEO of Rhino Park, comments: “We are thrilled for the support received from BlueEarth, which will allow us to embark on an ambitious expansion plan that will significantly enhance our healthcare offerings. This funding will allow us to expand our facilities, invest in advanced medical technologies, and increase our capacity to serve our community. Our commitment to providing exceptional, caring, dignified, and affordable patient care to the people of Namibia remains unwavering, and this expansion will position us to better meet the growing needs of our patients and families in the years to come.’’

Jan Bosch, Managing Partner at Salt Capital, comments: “Today marks an exciting milestone for our firm as we close this transaction, bringing together a shared vision and complementary strengths of Salt Capital and the management team of Rhino Park hospital to create lasting value. This achievement is a testament to the hard work and dedication of our team, our partners, and all those who contributed to making this deal possible. We extend our sincere gratitude to our debt funding partners, Blue Earth Capital, for their invaluable support and confidence, which played a crucial role in bringing this vision to life. We look forward to supporting Rhino Park to continue on its journey of growth and service to the community and are confident in our ability to drive meaningful impact and deliver strong returns for all our stakeholders.’’

 -END-

 Note to editors

About Blue Earth Capital
Blue Earth Capital is a global, independent, specialist impact investor, headquartered in Switzerland, with operations in New York, London, and Konstanz. Blue Earth Capital seeks to address the world’s most pressing social and environmental challenges by delivering measurable impact alongside aiming for attractive and market-rate financial returns. The company operates dedicated private equity, private credit, and fund solutions as well as separately managed accounts. Blue Earth Capital is owned by the Blue Earth Foundation, a Stiftung (charity/trust) registered in Switzerland that focuses on deep impact to support initiatives and business ventures to help deliver a more equitable and sustainable future.

About Rhino Park
Rhino Park is a leading multi-disciplinary private hospital in Namibia with a specialty in maternity and neonatal healthcare. Founded over 30 years ago in 1994, the hospital started out as a day hospital and has since grown to become the joint second largest private hospital in the country with the largest obstetrics department in the country, whilst also being the first hospital to have established one of only two pediatric ICUs in Namibia.

About Salt Capital
Founded in 2012, Salt Capital is a private equity fund manager focused on SME growth capital investments in the sub-Saharan Africa. Based in London and Johannesburg, Salt Capital’s four Partners have built a track record of successful private equity investments with a core focus on the African consumer.

 

Blue Earth Capital media contact:
Kekst CNC
Blueearthcapital@kekstcnc.com

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Nordic Capital to acquire Anaqua, a leading global Intellectual Property Management solutions provider

Nordic Capital

Nordic Capital has entered into exclusive negotiations regarding the acquisition of a controlling interest in Anaqua from its existing shareholders led by Astorg

• A strategic investment focused on driving the continued growth of one of the world’s leading Intellectual Property Management software platforms, serving the largest and most innovative organisations

Nordic Capital, an experienced private equity investor in Technology & Payments globally, has entered into exclusive negotiations regarding the acquisition of Anaqua from Astorg. Anaqua is a leading provider of innovation and intellectual property (IP) management technology solutions and services, trusted by nearly half of the top 100 U.S patent holders, leading global brands, and numerous law firms worldwide. This acquisition would support Anaqua’s global expansion and strengthen its market position by continuing to invest in its best-in-class software platform and enhancing its operational capabilities.

Anaqua’s differentiated solution integrates best-practice workflows, data analytics, foreign filings, and patent and trademark renewal payments into a single, mission critical software platform. This platform offers a unique end-to-end value proposition to streamline operations, inform strategy and empower decision-making around customers’ valuable IP portfolios.

“Nordic Capital shares our vision of a software-led IP management platform, making them the ideal partner for our next phase of growth. Their deep sector experience, successful history of investing in software companies and vast global network would help us continue to transform the IP management industry,” commented Bob Romeo, CEO at Anaqua. “Nordic Capital would enable us to accelerate our global expansion, enhance our technology-driven solutions and drive operational excellence, all of which is for the ultimate benefit of our clients,” added Justin Crotty, COO at Anaqua.

Anaqua was founded in 2004 and is headquartered in Boston, Massachusetts with offices across the US, Europe and Asia. Today, driven by more than 800 employees globally, Anaqua has grown into a leader in IP SaaS solutions. Its scalable cloud platform helps thousands of blue-chip corporate and law firm clients, including Nvidia, Honda, and IBM, to elevate innovation and IP management from asset protection to strategic advantage.

“Nordic Capital has closely followed Anaqua’s impressive progress and would be pleased to invest in a leader in IP management and innovation technology. This partnership would align with our commitment to supporting companies that drive industry transformation and would fit perfectly with Nordic Capital’s technology investment strategy. We look forward to supporting Anaqua in its next phase of growth, helping them to expand their global footprint further and establishing the leading IP management platform for innovation-driven industries,” commented Fredrik Näslund, Partner and Head of Technology & Payments, at Nordic Capital Advisors.

Nordic Capital has over 20 years of experience accelerating the growth of innovative technology companies and would be set to leverage its deep sub-sector and operational knowledge to create value and boost Anaqua’s ambitious plans. It has made 33 technology investments in companies with an aggregate enterprise value of circa EUR 26 billion, including ArisGlobal, Inovalon, Macrobond, Regnology, Trustly and Zafin. Nordic Capital also has a long history of investing in partnerships with owners, founders and management.

In recent years, the global IP landscape has been significantly influenced by advancements in technology and the increasing importance of data-driven decision-making. Increasingly relevant trends in the space include the integration of artificial intelligence (AI) in IP management, the rise of big data analytics and the need for robust IP protection frameworks. Anaqua is at the forefront of these trends, offering a comprehensive platform to streamline IP operations and enhance strategic decision-making. By addressing the complexities of IP management with fully-integrated solutions, Anaqua is well-positioned to meet the evolving needs of companies worldwide and drive the future of the industry.

The financial terms of the transaction are confidential as agreed upon by all parties. Relevant staff representatives are being consulted as per applicable laws and, subject to approval from the relevant regulatory and antitrust authorities, closing could occur by Q1 2025. William Blair acted as financial advisor to Nordic Capital. Arma Partners and Jefferies acted as exclusive financial advisors and Latham & Watkins acted as legal advisor to Astorg and Anaqua on this transaction.

Media contacts:

Nordic Capital
Elin Ljung
Managing Director, Head of Communications & Sustainability
+46 70-866 10 40
elin.ljung@nordiccapital.com

US media contact – Brunswick Group
nordiccapitalus@brunswickgroup.com

Anaqua
Nancy Hegarty
VP Marketing
Tel: +1.617.375.2655
nhegarty@anaqua.com

About Anaqua
Anaqua, Inc. is a premium provider of integrated technology solutions and services for the management of intellectual property (IP). Anaqua’s AQX® and PATTSY WAVE® IP management solutions combine best practice workflows with big data analytics and technology-enabled services to create an intelligent environment that informs IP strategies, enables IP decisions and streamlines IP processes. Today, nearly half of the 100 largest U.S. patent applicants and global brands, as well as a growing number of law firms worldwide, use Anaqua’s solutions. Over two million IP executives, lawyers, paralegals, administrators and innovators use the platform for their IP management. The company is headquartered in Boston, with additional offices in the United States, Europe, Asia, and Australia. For more information, please visit anaqua.com or LinkedIn.

About Nordic Capital
Nordic Capital is a leading sector-specialist private equity investor 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 long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and Services & Industrial Tech. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested EUR 26 billion in close to 150 investments. The most recent entities are Nordic Capital XI with EUR 9.0 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway, and South Korea. www.nordiccapital.com.

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

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EQT Life Sciences leads €54 Million Series A Financing of ATB Therapeutics

EQT Life Science

Proceeds will fund clinical development of oncology and immunology therapeutics derived from innovative antibody payload platform

Mark Throsby, industry veteran and former CSO of Merus, joins as Executive Chair

 

EQT Life Sciences is pleased to announce that its LSP 7 fund has invested in ATB Therapeutics. The €54 million Series A funding round is aimed at accelerating the clinical development of a groundbreaking therapeutic antibody pipeline derived from its proprietary ATBioFarm platform. The financing was co-led by EQT Life Sciences and MRL Ventures Fund (MRLV, a corporate venture arm of Merck & Co., Inc., Rahway, N.J., USA) alongside contributions from V-Bio, VIVES Partners, the Belgian sovereign fund SFPIM, Wallonie Entreprendre, Sambrinvest, and existing investors.

ATB Therapeutics is dedicated to pioneering first-in-class biologics that incorporate novel cell-killing mechanisms, including enzymatic functionalities, within targeted antibodies. These rapidly produced antibodies combine multiple targeting and killing domains, enhancing their effectiveness and safety compared to traditional conjugates. The ATBioFarm technology facilitates the scalable, single-step production of these sophisticated biologics, promising significant advancements across various therapeutic applications.

The investment will enable ATB to expand and enhance the ATBioFarm platform, as well as to accelerate development of its unique weaponized antibodies for oncology and immunology applications. ATB’s research and development operations will be extended to Ghent and will continue in Marche-en-Famenne, where the Company is setting up a cutting-edge pilot manufacturing facility.

In conjunction with this funding, Mark Throsby has been appointed ATB’s Executive Chairman. Mark is an industry veteran and the former Chief Scientific Officer of Merus, where he was instrumental in the development of the bispecific antibody therapeutics. With his wealth of experience and expertise in antibody development, Mark further strengthens the Company’s leadership, as ATB embarks on this pivotal phase of growth. The Company is also welcoming seasoned biotech investors John de Koning, Partner at EQT, and Karin Kleinhans, Partner at MRLV, to its Board of Directors.

“Our successful financing round demonstrates the strong potential of the ATBioFarm platform and the confidence prominent international investors have in our vision,” stated Bertrand Magy, CEO and co-founder of ATB Therapeutics. “We are grateful to our investors and the Région Wallonne for their unwavering support. This funding will enable us to bolster our team, expand our operations, and advance our mission to deliver transformative therapies to patients worldwide.”

Mark Throsby expressed his enthusiasm for this new role, stating, “I am particularly impressed by the ATBioFarm platform’s capability to swiftly generate a diverse array of candidate molecules with unique cytotoxic and targeting features. This innovative approach addresses critical challenges in selecting ADC drug candidates and opens avenues for new mechanisms of action that fulfill unmet clinical needs. I look forward to collaborating with the ATB team to bring this vision to reality.”

“The founders of ATB Therapeutics have demonstrated remarkable entrepreneurial vision by establishing a proprietary drug discovery, development, and manufacturing platform from the ground up,” remarked John de Koning, Partner at EQT. “The platform’s ability to manufacture antibodies from a single expression construct that integrates both targeting and direct cytotoxic functions is truly exceptional, positioning ATB as a prospective leader in the next generation of biopharmaceuticals.”

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
Follow EQT on LinkedIn, X, YouTube and Instagram

About EQT Life Sciences
EQT Life Sciences was formed in 2022 following an integration of LSP, a leading European life sciences and healthcare venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion (USD 3.5 billion) and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals, coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs the smartest inventors who have ideas that could truly make a difference for patients.

About ATB Therapeutics
Founded in 2018, ATB Therapeutics is a pioneering biotechnology company based in Marche-en-Famenne, Belgium, dedicated to the discovery and development of novel antibody therapies. Leveraging a proprietary technology platform based on plant molecular farming, ATB Therapeutics aims to deliver targeted solutions to high unmet medical needs, including oncology and autoimmune diseases, through innovative, next-generation of weaponized antibody treatments.

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EQT Exeter to Acquire Strategic Supply Chain Assemblage Comprising Nearly Five Million Square Feet of Institutional Quality Industrial Assets

eqt

Transaction consists of 33 high-quality distribution buildings located across 12 major industrial markets throughout the United States, all with adjacencies to EQT Exeter offices

Properties include a mix of big box distribution and last-mile facilities primed to serve a variety of tenants in the Southeast, Midwest, and Texas

EQT Exeter plans to implement strategic make-ready improvements to fill the remaining vacancy and collaborate with existing tenants to maintain steady occupancy and cash flow

EQT Exeter, a leading global real estate investment manager, is pleased to announce that the EQT Exeter Industrial Value Fund VI (“EQT Exeter”) has acquired 33 industrial assets (“the Assemblage”) strategically located in prime submarkets across the United States. Twenty-one of the assets are located in markets with an EQT Exeter office.

The Assemblage consists of over 4.5 million square feet of bulk and last-mile industrial facilities with an average building size of over 138,000 square feet. The properties are located across four core regional markets, including the Southeast (Richmond, Atlanta, and Jacksonville); the “E-Commerce Triangle” (Louisville, Cincinnati, and Indianapolis); the Midwest (Chicago, St. Louis, Kansas City, and Minnesota); and El Paso, Texas.

Strategically located within these prime logistics corridors, the properties provide seamless connectivity to key interstate routes and major population centers, optimizing both last-mile and regional distribution. Designed with best-in-class features, these buildings support a broad spectrum of distribution functions and offer flexible suite sizes. Diverse site plans, optimal clear heights, and abundant dock positions maximize operational efficiency, catering to the diverse needs of today’s tenants. The properties feature 34 unique tenants and four vacant suites. Roughly 38% of the existing tenants constitute current relationships within EQT Exeter’s portfolio, reflecting the depth of the firm’s global tenant-partner relationships.

The Assemblage is approximately 90% leased with staggered lease terms. EQT Exeter intends to enhance value through the make-ready and lease-up of the remaining 428,000 square feet of available space across the assets. Through its “locals-with-locals” approach, EQT Exeter intends to strengthen existing tenant-partner relationships, foster new ones, and ensure the assets continue to meet the evolving needs of the tenants they aim to serve.

Chris Riley of CBRE arranged the transaction with assistance from Ryan Bain, Frank Fallon, Judd Welliver, José Lobón, Jonathan Beard, and Jonathan Bryan of CBRE National Partners.

Contact

EQT Press Office, press@eqtpartners.com

About

About EQT Exeter
EQT Exeter is a global real estate investment manager with over $29 billion of equity under management. EQT Exeter acquires, develops, leases, and manages logistics/industrial, office, life science and residential properties in Europe, the Americas and Asia. With over 440 experienced professionals operating in more than 50 offices globally, EQT Exeter owns and operates over 2,000 properties and 375 million square feet. EQT Exeter’s track record comprises over $45 billion in total property gross asset value since inception, spanning over 450 million square feet globally. EQT Exeter is the real estate division of EQT AB, a purpose-driven global investment organization.

More info: https://eqtexeter.com/

Follow EQT Exeter on LinkedIn

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Bain Capital Closes Global Special Situations Fund

BainCapital

Creates one of the largest global special situations investment pools with $9 billion of investable capital

Continues growth of global strategy that delivers flexible capital solutions to meet the needs of companies, entrepreneurs, and asset owners

BOSTON – November 18, 2024 – Bain Capital today announced it completed fundraising for its latest Global Special Situations Fund, bringing the total amount raised for its second vintage of funds to $9 billion. This capital base includes Global Special Situations Fund II, which received $5.7 billion in total commitments, inclusive of co-investments and separately managed accounts, and $3.3 billion from the firm’s previously closed Special Situations Asia and Europe regional funds. The successful fundraise positions Bain Capital as one of the largest special situations investors in the world.

Bain Capital’s Special Situations strategy combines bespoke capital solutions with strategic partnership to meet the diverse needs of companies, entrepreneurs, and asset owners across all market cycles. The team brings together credit and equity expertise, as well as corporate and real asset capabilities, to provide solutions that cannot be met by traditional providers. With more than $20 billion total assets under management, the strategy brings a differentiated ability to provide both capital as well as operating value-add.

On a global scale, Special Situations pursues both structural and cyclical opportunities across three primary investment strategies:

  • Capital Solutions: Investing and partnering with companies around the world to fund growth and M&A, provide liquidity, or optimize a company’s capital structure.
  • Hard Assets: Supporting asset owners and operators across the capital stack to structure tailored investments and build platforms that address market inefficiencies.
  • Opportunistic Distressed: Investing in complex and often misunderstood assets in dislocated market environments.

“Structural shifts are creating significant opportunities for creative capital providers who can fill the gaps between traditional strategies and provide enhanced value for companies, entrepreneurs, and asset owners,” said Barnaby Lyons, Partner and Global Head of Special Situations. “These catalysts demand innovative and adaptable investment solutions, backed by a global team with deep industry insights and robust strategic support. We’ve built one of the largest and most global special situations teams with over 140 investment professionals across four continents, and we see a substantial opportunity to further expand our global strategy and capabilities.”

While leveraging Bain Capital’s 40-year legacy of differentiated value creation, the Special Situations team brings significant operational capabilities to each transaction. Its portfolio group of more than 40 professionals offer dedicated operating and functional expertise from their experience in corporate leadership roles.

Recent investments from the firm’s Special Situations strategy include AQ Compute, a European provider of green, flexible, and modular data center and colocation services powered by renewable energy; Tyger Capital, a lender seeking to empower entrepreneurs, borrowers, and homeowners in India; MRO Holdings Inc., a leading provider of aircraft maintenance solutions for the global commercial airline industry; and Sikich, a leading professional services firm specializing in accounting, tax, and IT services in North America.

###

About Bain Capital

Bain Capital, LP is one of the world’s leading private investment firms that creates lasting impact for our investors, teams, businesses, and the communities in which we live. Since our founding in 1984, we’ve applied our insight and experience to organically expand into numerous asset classes including private equity, credit, public equity, venture capital, real estate, life sciences, insurance, and other strategic areas of focus. The firm has offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com.

Media Contacts:

Scott Lessne / Charlyn Lusk

Stanton

(646) 502-3569 / (646) 502-3549

slessne@stantonprm.com / clusk@stantonprm.com

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Apollo Funds Acquire Majority Stake in The State Group, A Leading Provider of Multi-Trade Services

Apollo logo

NEW YORK, Nov. 18, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that funds associated with its Impact and Clean Transition strategies (the “Apollo Funds”) have acquired a majority stake in The State Group (“TSG” or the “Company”) from Blue Wolf Capital (“Blue Wolf”). Blue Wolf will retain a minority stake in the business, alongside existing management shareholders.

Established in 1961, TSG is a leading provider of electrical, mechanical, robotics and automation services, with a strong presence across industrial end markets. TSG executes complex projects at facilities from newbuild to ongoing maintenance and retrofit with decades-long customer relationships across key markets. A substantial portion of the Company’s work enables customers to optimize, reduce and decarbonize their energy use, helping a wide range of industrial end markets abate future emissions. The Company plays an important role in enabling the energy transition through its expertise in industrial manufacturing plants as well as power and renewable facilities. TSG’s capabilities have clear applicability to a number of fast-growing end markets, including data centers, where the Company supports critical technology infrastructure by providing electrical contracting services and other specialized solutions.

“The opportunity to leverage Apollo’s expertise and resources marks a significant milestone for the next phase of our business’ growth,” said Michael Lampert, CEO of TSG. “The partnership with Apollo positions us well to enhance our capabilities and meet the evolving needs of our customers as they scale and optimize their North American operations.”

“TSG has a proven track record of providing quality and reliable service to its industrial customers, with a key role to play in driving energy efficiency and the energy transition,” said Christine Hommes, Partner at Apollo. “Our organizations have a shared vision for the continued growth of the business, and we are excited to partner with Michael and the broader team as they strengthen and expand their offerings.”

Apollo is a high-growth asset management firm with strategies dedicated to investing in companies that demonstrate strong environmental and social impact. Apollo-managed funds have deployed approximately $40 billioni into energy transition and sustainability-related investments over the past five years, supporting companies and projects across clean energy, sustainable mobility and infrastructure.

Financial terms of the transaction are not disclosed. Moelis & Company served as financial advisor, and Holland & Knight LLP and Davies Ward Phillips & Vineberg LLP served as legal counsel for The State Group. Latham & Watkins LLP and Blake, Cassels & Graydon LLP acted as legal advisors to the Apollo Funds.

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i As of June 30, 2024. Deployment commensurate with Apollo’s proprietary Climate and Transition Investment Framework, which provides guidelines and metrics with respect to the definition of a climate or transition investment. Reflects (a) for equity investments: (i) total enterprise value at time of signed commitment for initial equity commitments; (ii) additional capital contributions from Apollo funds and co-invest vehicles for follow-on equity investments; and (iii) contractual commitments of Apollo funds and co-invest vehicles at the time of initial commitment for preferred equity investments; (b) for debt investments: (i) total facility size for Apollo originated debt, warehouse facilities, or fund financings; (ii) purchase price on the settlement date for private non-traded debt; (iii) increases in maximum exposure on a period-over-period basis for publicly-traded debt; (iv) total capital organized on the settlement date for syndicated debt; and (v) contractual commitments of Apollo funds and co-invest vehicles as of the closing date for real estate debt; (c) for SPACs, the total sponsor equity and capital organized as of the respective announcement dates; (d) for platform acquisitions, the purchase price on the signed commitment date; and (e) for platform originations, the gross origination value on the origination date.


About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately $733 billion of assets under management. To learn more, please visit www.apollo.com.

About The State Group

The State Group is one of North America’s leading multi-trade industrial and specialty services contractor, providing electrical, mechanical, millwrighting, robotics and automation services to diverse industries. Headquartered in Franklin, TN, The State Group has offices across Canada and the United States and has built long-term relationships with Fortune 100 companies, property managers and original equipment suppliers who look to The State Group to complete complex building, manufacturing and engineering projects while staying on schedule and within budget.

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

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Rubicon Technology Partners Closes $500 Million Single-Asset Continuation Fund to Support the Continued Growth of Cin7

Rubicon

BOULDER, Colo., Nov. 18, 2024 /PRNewswire/ — Rubicon Technology Partners (“Rubicon”), a private equity firm focused exclusively on middle-market software investments, today announced the successful completion of a $500 million single-asset continuation fund to extend its partnership with Cin7, a global leader in cloud-based inventory management software. CVC Secondary Partners served as the lead investor, with participation from other institutional investors including Ares Management funds, funds managed by BlackRock, funds managed by Goldman Sachs Asset Management, and Schroders Capital. This transaction allows Rubicon to provide liquidity to existing investors while enabling Cin7 to accelerate its growth through organic initiatives and targeted acquisitions.

Cin7 supports over 8,500 businesses worldwide, offering end-to-end inventory and order management solutions that streamline supply chain operations across retail, wholesale, and e-commerce distribution channels. By enabling seamless operation and visibility across the inventory lifecycle, Cin7 has become a pivotal solution for businesses looking to manage their supply chain operations and scale effectively.

“This continuation fund reinforces our commitment to Cin7’s vision and growth,” said Jason Winsten, Partner at Rubicon. “We’re thrilled to continue supporting Cin7 in its mission to help businesses grow faster and more efficiently with seamless inventory management solutions.”

“We’re excited to deepen our partnership with Rubicon as we embark on Cin7’s next phase of growth,” said Ajoy Krishnamoorthy, CEO of Cin7. “Over the past five years, Rubicon has been instrumental in helping Cin7 become a global category leader—driving accelerated growth, executing strategic acquisitions, and enhancing our business. They’ve been a true thought partner along the way, and we look forward to continuing this successful collaboration with Rubicon and our new investors as we accelerate product innovation and expand our reach.”

“Cin7 is well positioned for continued growth, and we’re excited to help accelerate its expansion and market leadership,” said Rikesh Mohandoss, Partner at CVC Secondary Partners. “Our partnership with Rubicon and Management is a testament to Cin7’s proven capabilities and Rubicon’s successful track record in driving value.”

Evercore acted as financial advisor and Simpson Thacher & Bartlett LLP served as legal counsel to Rubicon.

About Rubicon Technology Partners

Rubicon Technology Partners is a middle-market private equity firm that invests in enterprise software companies with proven products and talented management teams to help grow and scale their businesses. Rubicon utilizes a collaborative approach to enable companies to adapt to the changing requirements of their businesses as they grow and scale using a set of proprietary processes, best practices and a portfolio-wide engagement model. Rubicon has over $4 billion in assets under management and is headquartered in Boulder, Colorado with additional offices in New Haven, Connecticut and Palo Alto, California. To learn more about Rubicon, please visit www.rubicontp.com.

About Cin7

Cin7 provides Connected Inventory Performance – cloud-based inventory management software with AI-powered forecasting capabilities that gives growing product businesses an automated and real-time view of the entire inventory lifecycle. Cin7’s Core and Omni products natively integrate with over 700+ applications, so business owners can consolidate, streamline, automate, and scale their inventory operation from one place. Founded in 2012, Cin7 has grown into a global force, supporting product sellers in 100+ countries, serving 8,000+ customers and processing over 125 million orders annually. For more information about Cin7, please visit www.cin7.com.

About CVC Secondary Partners

CVC Secondary Partners (formerly Glendower Capital) is a private equity firm focused on secondary private markets globally. Established in 2017 as a spin-off from a leading banking institution, the firm currently manages AUM of €15 billion across funds backed by leading institutional and private investors worldwide. Since 2022, CVC Secondary Partners has been part of leading global private markets manager CVC, having entered into a merger and strategic partnership to enhance combined capabilities and accelerate the development of its platforms. For more information, please visit www.glendower.com.

Certain statements quoted in the above article were made by an executive of a Rubicon portfolio company. Such executive has not received compensation for the above statement and this statement is solely his or her opinion and representative of his or her experience with Rubicon. Other portfolio company executives may not necessarily share the same views. A Rubicon portfolio company executive may have an incentive to make a statement that portrays Rubicon in a positive light as a result of the executive’s ongoing relationship with Rubicon and any influence Rubicon may have over the governance of the portfolio company and the compensation of its executives. It should not be assumed that Rubicon’s investment in such portfolio company has been or will ultimately be profitable.

Cin7 Logo

Cin7 is a leading provider of cloud-based inventory management software that empowers SMB and mid-market product sellers to succeed in the modern, global, multichannel economy by automating the sale, purchase and delivery of products to consumers and B2B customers. The extensive functionality delivers impressive value to the core of product seller operations. Cin7’s solution empowers product sellers to grow by adding and improving sales channels while simultaneously increasing operational efficiency and removing costly operational mistakes.

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First Dutch acquires Verwater with SI

FIrst Dutch

First Dutch, together with Standard Investment (SI), acquires Verwater. Verwater is a leading company in the construction and maintenance of petrochemical storage tanks and technical infrastructure. The transaction is still subject to approval by the Netherlands Authority for Consumers and Markets (ACM).

Verwater, originally a family business from Rotterdam with a rich history, distinguishes itself through its technical expertise and wide range of services in tank construction and maintenance. These core qualities have made Verwater an important player in the ARA region (Amsterdam-Rotterdam-Antwerp), the largest petrochemical hub in Europe with an estimated storage capacity of 40 million cubic meters. The company provides services to a diverse group of major energy and storage companies.

Peter Goedvolk, owner and CEO of First Dutch, is enthusiastic. “The combination of Verwater’s expertise and our joint experience in the (Rotterdam) energy sector provides a solid foundation for further growth and innovation. Together with Standard Investment and Verwater’s management team, we are determined to enter the next phase and strengthen their leading position in the market.”

Verwater will continue to operate under the leadership of the current management team, which will continue the successful strategy of the past two years with the support of Standard Investment and First Dutch. Marloes Oude Breuil, CEO of Verwater, adds: “We are excited about the future of Verwater and the collaboration with our new partners. With their support, we can further strengthen our customer proposition and continue to respond to the challenges in the market, especially in the context of the energy transition.”

Verwater is a global contractor for industrial and petrochemical installations, specializing in tank maintenance and construction. They also offer services such as tank jacking, civil works, piping, turnarounds, painting, E&I, E&A, panel building, and engineering. Verwater was founded in 1922 and has a long history in tank terminals and refineries. Today, approximately 1,200 experienced employees work for Verwater worldwide, generating an annual turnover of around € 200 million.

October 2024

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