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DIF acquires Australian Student Accomodation concession

DIF

Sydney, 21 December 2017 – DIF is pleased to announce that DIF Infrastructure V has acquired a 30 year Purpose Built Student Accommodation (“PBSA”) concession with the University of Tasmania in Australia.

The University of Tasmania is the only university in the Australian state of Tasmania. Under a 30 year concession, DIF as a sole equity sponsor, will operate and maintain a portfolio of approximately 1,800 existing beds across 10 PBSA facilities.

In addition, DIF has a right of first offer for any new PBSA builds, representing a positive long term relationship and pipeline with the University.

Tetris Capital were financial advisers to DIF in relation to this transaction and Corrs Chambers Westgarth acted as legal adviser.

Marko Kremer, DIF’s Head of Australasia added: “DIF is proud to have entered into this partnership with the University of Tasmania to support their academic and educational pursuits.”

DIF Profile

DIF is an independent and specialist fund management company, managing funds of approximately €4.6 billion across seven closed-end investment funds and several co-investment vehicles. DIF invests in the global infrastructure market through two differentiated and complementary strategies.

The majority of DIF’s funds, including DIF Infrastructure V, target PPP / PFI / P3, regulated infrastructure assets and renewable energy projects.

DIF CIF I targets small to mid-sized infrastructure assets in the telecom infrastructure, rail, energy and utility sectors that generate stable and predictable cash flows that are contracted over the mid-term with highly rated entities.

Both strategies targets both greenfield and brownfield projects in Europe, North America and Australasia.

DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

For more information, please contact:

Paul Nash, Partner
Email: p.nash@dif.eu

Allard Ruijs, Partner
Email: a.ruijs@dif.eu

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Investor Group to Acquire Voya’s Closed Block Variable Annuity Business

Apollo

–Consortium Led by Apollo, Crestview Partners, and Reverence Capital Partners to Form Industry Solution for Variable Annuities–

NEW YORK–(BUSINESS WIRE)–Dec. 21, 2017– An investor group led by affiliates of Apollo Global Management, LLC (together with its consolidated subsidiaries, “Apollo”) (NYSE:APO), Crestview Partners (“Crestview”), and Reverence Capital Partners (“Reverence”), today announced they have entered into a definitive agreement to acquire Voya Financial, Inc.’s (“Voya”) (NYSE:VOYA) Closed Block Variable Annuity business (the “CBVA Business”). The investment will be made through a newly formed standalone entity (“Venerable Holdings, Inc.” or “Venerable”). The proposed transaction, which is expected to close in the second or third quarter of 2018, is subject to regulatory approvals and other customary closing conditions. Apollo, Crestview, and Reverence will own equal stakes in Venerable, and Athene Holding Ltd. (“Athene”) (NYSE:ATH) and Voya will also acquire minority positions in Venerable.

This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171221005353/en/

The investors in Venerable are all well-established strategic investors with significant regulatory credibility and experience in successfully building and growing insurance businesses with patient, long-term capital. Upon closing of the transaction, Venerable will be conservatively capitalized to CTE 98+. The investors in Venerable believe it is advantageous that the CBVA Business will operate as a private company, with a hedging strategy that will focus on the economic and regulatory stability of the underlying assets and statutory capital strength rather than reducing GAAP earnings volatility. In connection with the transaction, Voya Investment Management will become Venerable’s preferred asset management partner. Voya has substantial heritage and knowledge in this area and will manage the assets of the CBVA Business as well as the assets from future acquisitions of closed block variable annuities by Venerable.

Apollo, Crestview and Reverence said, “We are attracted to Voya’s CBVA Business due to the strength of the team and platform, and the structure and stability of the underlying assets. We believe blocks such as the CBVA Business are best owned through private ownership. In addition, we believe success in variable annuities is primarily calibrated with effective risk management, which is Venerable’s most significant core competency. With a sole focus on variable annuities and support from an outstanding group of strategic investors, Venerable is uniquely positioned to serve as a leading industry solution for the consolidation of variable annuity blocks and the creation of long-term economic value.”

In connection with the transaction that is being announced today, Athene has signed a definitive agreement to reinsure approximately $19 billion of Voya’s fixed and fixed indexed annuities, which will be administered by Venerable, and Athene Asset Management will provide asset management services for these fixed annuities. In addition, Athene will be Venerable’s strategic partner for fixed annuity blocks as opportunities arise going forward.

The senior leadership team of the current CBVA Business, including Patrick Lusk, David Wiland, and Timothy Brown, will remain in place at Venerable and will continue to perform the same functions. Venerable will also establish a core group of employees exclusively focused on risk management and operational efficiency.

Venerable’s headquarters will remain in the CBVA Business’s current headquarters in West Chester, Pennsylvania, and the CBVA Business’s existing U.S. operations will be consolidated in Des Moines, Iowa. Over time, as Venerable acquires additional variable annuity portfolios, it expects to build a meaningful presence in Des Moines and establish a center of excellence for variable annuities.

Barclays is serving as financial advisor and Sidley Austin LLP is serving as legal counsel to Venerable in connection with this transaction.

About Apollo Global Management

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, St. Louis, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under management (AUM) of approximately $242 billion as of September 30, 2017 in private equity, credit and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.

About Crestview Partners

Founded in 2004, Crestview Partners is a value-oriented private equity firm focused on the middle market. The firm is based in New York and manages funds with over $7 billion of aggregate capital commitments. The firm is led by a group of partners who have complementary experience and distinguished backgrounds in private equity, finance, operations and management. Crestview has senior investment professionals focused on sourcing and managing investments in each of the specialty areas of the firm: energy, financial services, industrials and media. For more information: www.crestview.com.

About Reverence Capital Partners

Reverence Capital Partners is a private investment firm focused on thematic investing in leading global, middle-market Financial Services businesses through control and influence oriented investments in 5 sectors: (1) Depositories and Finance Companies, (2) Asset and Wealth Management, (3) Insurance, (4) Capital Markets and (5) Financial Technology/Payments. The firm was founded in 2013, by Milton Berlinski, Peter Aberg and Alex Chulack, after distinguished careers advising and investing in a broad array of financial services businesses. The Partners collectively bring over 90 years of advisory and investing experience across a wide range of financial services sectors.

Forward Looking Statements

This press release may contain forward looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new private equity, credit or real estate funds, market conditions, generally, our ability to manage our growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenues, net income and cash flow, our use of leverage to finance our businesses and investments by our funds and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in Apollo’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 13, 2017, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

Source: Apollo Global Management, LLC

Apollo
For investor inquiries regarding Apollo:
Gary M. Stein, 212-822-0467
Head of Corporate Communications
Apollo Global Management, LLC
gstein@apollolp.com
or
Noah Gunn, 212-822-0540
Investor Relations Manager
Apollo Global Management, LLC
ngunn@apollolp.com
or
For media inquiries regarding Apollo:
Charles Zehren, 212-843-8590
Rubenstein Associates, Inc. for Apollo Global Management, LLC
czehren@rubenstein.com
or
Crestview
Jeffrey Taufield/Daniel Yunger, 212-521-4800
Kekst and Company
jeffrey.taufield@kekst.com / daniel.yunger@kekst.com
or
Reverence
Milton Berlinski,212-804-8022
Co-Founder and Managing Partner
Reverence Capital Partners
milton.berlinski@reverencecapital.com

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Fortino Capital invests 20 million euros in expense management software pioneer MobileXpense

Fortino Capital

Zaventem, 21 december 2017 – Fortino Capital invests the first 20 million euros from its new Digital Growth Fund in fast growing cloud software pioneer MobileXpense. The Brussels-based company is specialised in travel and expense management and already completed more than 1.300 implementations worldwide.

As a majority shareholder, Fortino Capital will assist the MobileXpense management to further expand internationally and grow in the medium to large corporate segment by boosting sales and marketing efforts and by enriching the product portfolio.

MobileXpense was founded in 2000 by Xavier Deleval and Patrick Billiet who had previously worked together at Shell. They have a strong international customer base in various sectors, including many global deployments for Fortune 500 companies and world industry leaders (such as 2 of the world leading beverage companies, Engie, UCB, Porsche), as well a strong presence in the Dutch public sector.

Xavier Deleval, CEO MobileXpense: “We have developed a strong foundation in global expense management software solutions, following years of hard work out of the spotlights. Fortino Capital will guide us in our next steps to strengthen our commercial organisation and accelerate our product development.”

MobileXpense’s software distinguishes itself through its cost effectiveness, flexibility and ease of implementation. Its management tools integrate with all major ERP systems, travel booking tools, credit card issuers and meets the requirements of the most sophisticated multinationals. 

Matthias Vandepitte, Partner at Fortino: “This first investment exactly hits the of our new 200 million euros Digital Growth Fund. MobileXpense helps companies manage their travel and expense costs in a fully automated way, allowing them to gain efficiency and reduce expense spending through digitization. We look forward to grow this company to the next level.”

With its first fund, Fortino Capital has a track record in scaling up B2B software-as-a-service companies. Since the launch of the investment fund in 2013, Fortino has brought investment, expertise and their extensive network to the table to guide companies such as Teamleader in becoming successful and flourishing enterprises. With this second fund, the investment company now continues to target growth through digitization in Benelux companies.

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OpenSolution teams up with Finnpos

ik-investment-partners

OpenSolution, a leading Nordic payment solution provider owned by IK Small Cap I Fund, has reached an agreement to acquire Finnpos, an electronic payment solutions company based in Finland. Terms of the transaction were not disclosed.

OpenSolution offers a full service product and software portfolio to its client base, including restaurants, casinos and arenas. The company covers the entire value chain of payment solutions, making it a single point of contact for over 8,000 customers throughout Scandinavia. The acquisition of Finnpos extends OpenSolution’s geographic reach and bolsters the company’s position as a key player in the Nordic region.

Finnpos is a leading payments solution provider for restaurants and petrol stations in Finland, generating sales of approximately €10m. The company has major and local oil companies chains as well as both larger and smaller restaurants as customers. It has 64 employees and is headquartered in Tampere, Finland and with a sales office in Helsinki.

Combined sales of the group will be above MEUR 30 (2017).

Christian Johansson, CEO and founder of OpenSolution, said: “Through the acquisition of Finnpos, OpenSolution will become a true Nordic player and market leader within our chosen verticals. Their product portfolio will undoubtedly add to the company’s capabilities, and we are looking forward to working closely with Markku and the Finnpos team.”

Markku Piippo, CEO of Finnpos, said: “Joining forces with OpenSolution allows us to expand our services to our Nordic customers in Finland and throughout the market. With our combined product portfolios and our joint capabilities in product development, we become a stronger partner to our customers. We are truly excited about this opportunity.”

For further questions:

Christian Johansson
CEO, OpenSolution
+46 703 188530
christian.johansson@opensolution.se

Markku Piippo
Current CEO, Finnpos Systems
+358 40 5068700
markku.piippo@finnpos.fi

About OpenSolution
OpenSolution is a leading Nordic payment solution provider. By controlling the development of unique and innovative payment software OpenSolution is a preferred full service partner to numerous leading actors within the Nordic markets. References include arenas, transportation companies, aviation groups, Guide Michelin restaurants, leading casinos and many more. For more information, visit www.opensolution.se

OpenSolution, a leading Nordic payment solution provider owned by IK Small Cap I Fund, has reached an agreement to acquire Finnpos, an electronic payment solutions company based in Finland. Terms of the transaction were not disclosed.

OpenSolution offers a full service product and software portfolio to its client base, including restaurants, casinos and arenas. The company covers the entire value chain of payment solutions, making it a single point of contact for over 8,000 customers throughout Scandinavia. The acquisition of Finnpos extends OpenSolution’s geographic reach and bolsters the company’s position as a key player in the Nordic region.

Finnpos is a leading payments solution provider for restaurants and petrol stations in Finland, generating sales of approximately €10m. The company has major and local oil companies chains as well as both larger and smaller restaurants as customers. It has 64 employees and is headquartered in Tampere, Finland and with a sales office in Helsinki.

Combined sales of the group will be above MEUR 30 (2017).

Christian Johansson, CEO and founder of OpenSolution, said: “Through the acquisition of Finnpos, OpenSolution will become a true Nordic player and market leader within our chosen verticals. Their product portfolio will undoubtedly add to the company’s capabilities, and we are looking forward to working closely with Markku and the Finnpos team.”

Markku Piippo, CEO of Finnpos, said: “Joining forces with OpenSolution allows us to expand our services to our Nordic customers in Finland and throughout the market. With our combined product portfolios and our joint capabilities in product development, we become a stronger partner to our customers. We are truly excited about this opportunity.”

For further questions:

Christian Johansson
CEO, OpenSolution
+46 703 188530
christian.johansson@opensolution.se

Markku Piippo
Current CEO, Finnpos Systems
+358 40 5068700
markku.piippo@finnpos.fi

About OpenSolution
OpenSolution is a leading Nordic payment solution provider. By controlling the development of unique and innovative payment software OpenSolution is a preferred full service partner to numerous leading actors within the Nordic markets. References include arenas, transportation companies, aviation groups, Guide Michelin restaurants, leading casinos and many more. For more information, visit www.opensolution.se

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AURELIUS successfully closes the Studienkreis Group exit

Aurelius

  • Selling price EUR 71.7 million
  • Multiple of capital employed of 11.6x
  • Significant increase in revenues and profitability after successful realignment by AURELIUS following acquisition in 2013
  • Record dividend for 2017 of EUR 5.00 per share

Munich, 21 December 2017 – As of 20 December 2017, AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) successfully completed the sale of its portfolio company Studienkreis to IK Small Cap I Fund, a fund advised by the pan-European private equity firm IK Investment Partners. The selling price is EUR 71.7 million, with a multiple of capital employed of 11.6x. Studienkreis Group is already the third very successful exit by AURELIUS in 2017.

Significant increase in revenues and profitability after successful realignment by AURELIUS following acquisition in 2013

Since the acquisition of Studienkreis Group from Franz Cornelsen Bildungsgruppe in 2013, AURELIUS established the company as clear No. 2 in the tutoring market with roughly 1,000 locations in the German-speaking countries and roughly 60,000 students. During the time with AURELIUS, more than 140 new locations were opened or acquired from franchise partners; to this end, a seven-digit amount was invested in Studienkreis every year. Furthermore, an innovative, integrated online programme was developed and established. Besides contacting customers through targeted online marketing, tailored tutoring services are offered on the Internet. The programme also features its own Studienkreis app.

On the basis of these measures, revenues increased by over 20 percent and EBITDA more than quintupled under AURELIUS ownership.

Record year allows for a dividend increase to EUR 5 per share

“2017 was a very eventful but primarily also extremely successful year for AURELIUS. We successfully exited several realigned companies and acquired seven new companies”, says Dirk Markus, CEO of AURELIUS Equity Opportunities. “As a result, our shareholders can also benefit from a record dividend. The dividend proposed by the Executive Board provides for a 25 percent increase in the overall dividend per share compared with the prior-year figure from EUR 4.00 to EUR 5.00. Measured in terms of the current return of almost 9 percent, AURELIUS is at the top of the league table in terms of German dividend-bearing shares.”

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Aurelius acquires UK-based Connect Books

Aurelius

  • European multi-channel wholesaler, distributor and retailer of books with revenues of approx. EUR 250 million in 2017
  • Non-core asset of UK-listed Connect Group as it focuses on its specialist logistics business
  • Significant potential for the AURELIUS operating model
  • Connect Books to be rebranded back to Bertram Group

Munich/London December 21, 2017 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) (“Aurelius” or “the Group”), the listed pan-European mid-market investor, today announces the acquisition of Connect Books from FTSE-listed specialist distribution company Connect Group Plc.

Connect Books is a multi-channel wholesaler, distributor and retailer of printed and digital books, with operations in UK, the Netherlands, and France. The business has projected revenues of approximately EUR 250 million for 2017. Connect Group is selling the division as it seeks to focus its strategy on its specialist logistics business. The transaction is subject to the approval of the competition authorities and is expected to close in January 2018.

On completion, Connect Books, will be rebranded back to Bertram Group.

European multi-channel wholesaler, distributor and retailer of books with revenues of approx. EUR 250 million in 2017

Connect Books is a global multi-channel books business with a strong competitive position across the UK and Europe. It is comprised of six distinct brands as follows:

·        Bertram Books is a leading UK B2B books wholesaler. Bertram offers bespoke services, from complete stock management tools to direct fulfilment for internet retailers.

·        Wordery is the UK’s fastest growing B2C online bookshop offering access to more than 13 million titles.

·        Dawson Books is a market leading supplier of print and digital content including shelf-ready, metadata and workflow services to Universities in the UK and internationally.

·        Erasmus and Houtschild are specialist suppliers and curators of high quality print books and journals servicing academic and corporate libraries internationally, with extensive expertise in sourcing hard-to-find content.

·        Bertram Library Services is a key supplier of printed shelf ready books to public libraries in UK, Ireland and internationally.

Connect Book’s UK businesses are supported by a state-of-the-art warehouse operation in Norwich which provides consolidation, library preparation services and distribution, with capacity to also drive other products.

Significant potential for the AURELIUS operating model

In the coming months, AURELIUS operational task force experts will support Connect Books management in executing a carve-out from Connect Group, ensuring minimal distraction from the company’s day-to-day business. Following acquisition, AURELIUS will also work with the team to implement its planned growth strategy across its full brand range, with a focus on expanding the business’ international footprint, service offering, marketing capabilities and e-commerce platform.

Dirk Markus, CEO of Aurelius, commented: “We are very pleased to announce our acquisition of Connect Books, an established, global business and one of the market leaders in its sector. This acquisition is a further demonstration of AURELIUS’ position as a preferred partner for corporates seeking a complex carve-out of a non-core business and we very much look forward to working with Connect Book’s existing management to support the business in its next stage of growth.

Justin Adams, Managing Director of Connect Books, commented: “Since the decision by Connect Group to focus on becoming a specialist logistics business, we have been exploring various ownership options. In Aurelius I believe we have found an owner that has the financial and operational capabilities to help us on our journey to build the best one stop shop for content and support us in the ongoing shift towards becoming a more customer-centric, agile solutions provider for our customers and suppliers. In the immediate term it remains business as usual as we complete our peak trading season and gear up for the new calendar year.”

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Altor to divest Norsk Gjenvinning to Summa Equity

Altor

Altor Fund III (“Altor”) has signed an agreement to divest Norsk Gjenvinning, Norway’s leading waste management company, to Summa Equity (“Summa”). Norsk Gjenvinning was acquired by Altor in 2011.

Norsk Gjenvinning is the leading Norwegian waste recycler and provides services for all types of waste, operating along the whole value chain from collection through processing/recycling to selected downstream solutions. In recent years, Norsk Gjenvinning has focused on continuous operational improvement and organizational development.

“It has been an exciting six years for Altor with Norsk Gjenvinning”, says Pål Stampe, partner at Altor Equity Partners and board member of Norsk Gjenvinning. “The company has seen significant changes during this period, driven by development of industrial processes across the waste management value chain. Over the last couple of years, we have seen these effects translate into strong earnings growth”.

Chairman of Norsk Gjenvinning, Ole Enger, has been an important contributor in driving operational improvements in the company. Enger will continue as chairman when Summa becomes new majority shareholder. “Summa Equity´s acquisition of the company is a recognition of the work all employees in the company has put in over the last years”, says Ole Enger. “I am impressed with the momentum in operational improvements; however, the work of industrializing the company is not over and needs continued focus. I look forward to being part of the journey going forward and ensuring continuity in the work ahead.“

“Norsk Gjenvinning has greatly benefited from being owned by Altor and we have had an exciting development together”, says Erik Osmundsen, CEO of Norsk Gjenvinning. “We are confident that Summa Equity will be a good owner of Norsk Gjenvinning and look forward to working with them to develop Norsk Gjenvinning further.”

The transaction is subject to customary regulations and approvals.

For more information, please contact:
Pål Stampe, Partner at Altor Equity Partners, +47 976 98 923
Tor Krusell, Head of Communication at Altor Equity Partners, +46 70 543 87 47
Erik Osmundsen, CEO of Norsk Gjenvinning, +47 915 47 885

About Altor
Since inception, the family of Altor funds has raised some EUR 5.8 billion in total commitments. The funds have invested in excess of EUR 3.6 billion in more than 40 companies. The investments have primarily been made in medium sized Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Sbanken ASA, Carnegie Investment Bank, HellyHansen, SATS/Elixia, Rossignol and Spectrum. For more information, visit www.altor.com.

Norsk Gjenvinning
Norsk Gjenvinning (“NG”) is Norway’s leading waste management company, collecting about 1.8 million ton waste yearly. NG provides services for all types of waste and operates along the whole value chain from collection through processing/recycling to selected downstream solutions. NG has ca 40 facilities and employs about 1,200 people in Norway, Sweden, Denmark and UK. For more information, visit www.norskgjenvinning.no.

 

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Nordic Capital completes the sale of Luvata Group

Nordic Capital

Nordic Capital Funds V and VI (together “Nordic Capital”) announce that they have completed the sale of their North American Tubes operations, the final remaining operating units of Luvata Group, (“Luvata”), provider in metal solutions manufacturing and related engineering services. Nordic Capital completes the sale of Luvata Group Image

Nordic Capital acquired Luvata in 2005 from Outokumpu Oyj, and the Group has evolved from a fabrication-based business to a solutions-driven company, earning leadership positions in many of the industries it serves today. The sale of the North American Tubes operations to Waybill USA Inc., together with the divestments in the last 18 months of other Luvata divisions as separate entities to Mitsubishi Materials Corporation, Modine Manfacturing Company, and Zhejiang Hailiang Co. Ltd, completes the sale of Luvata Group.

The parties have agreed not to disclose the financial terms of the transaction.

 

Media contacts:

Elin Ljung, Director of Communications and Sustainability

Advisor to the Nordic Capital Funds

Tel: +46 8 440 50 50

e-mail: elin.ljung@nordiccapital.com

 

Nordic Capital

Nordic Capital private equity funds have invested in mid-market companies primarily in the Nordic region since 1989. Through committed ownership and by targeting strategic development and operational improvements, Nordic Capital enables value creation in its investments. The Nordic Capital Funds invest in companies in northern Europe and in selected investment opportunities internationally. The most recent fund is Nordic Capital Fund VIII with EUR 3.5 billion in committed capital, principally provided by international institutional investors such as pension funds. The Nordic Capital Funds are based in Jersey, Channel Islands, and are advised by the NC Advisory entities in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com

 

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PSW Group awarded frame agreement with Spirit Energy for Capping & Containment

Hercules
PSW Group has been awarded a frame agreement for Capping & Containment with Spirit Energy Norway. The agreement has a firm duration of 1 year with 2 annual optional periods.
Spirit Energy, the E&P joint venture which combines Centrica plc’s E&P business with Bayerngas Norge AS, began trading as an independent oil & gas operator earlier this December. By combining forces the company is now one of the largest independent E&P companies in North-West Europe with more than 70 exploration licenses across the continent.

PSW Group awarded frame agreement with Spirit Energy for Capping & Containment

Under the new agreement, PSW Group will be responsible for the provision of a capping stack and related well control equipment, well incident team and emergency response services. The agreement may be applied to any license where Spirit Energy Norway is the operator. “We are very pleased to be awarded this contract as we have have strategically developed our capping stack services in response to industry demands, enabling us to provide a safe and efficient response to a well control incident”, says Oddbjørn Haukøy, CEO of PSW Group.

The PSW Arctic Capping Stack is 24/7-365 maintained and operationally prepared at the PSW Subsea & Drilling base at Mongstad. With this strategic storage facility close to one of Europe’s largest offshore supply bases, PSW Group will have the Arctic Capping Stack at quayside within 24 hours of notification and reach most offshore fields on the NCS within 1-5 sailing days

For futher information, please contact:

Oddbjørn Haukøy, CEO of PSW Group

Telephone: + 47 91 17 19 14

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Eurazeo and Primavera Capital Group complete acquisition of Worldstrides

Eurazeo

Eurazeo, a leading global investment company listed in Paris, in partnership with Primavera Capital Group, a major China-based investment firm, has announced the completion of the acquisition of WorldStrides, a premier experiential education provider serving students of all ages. The partnership will accelerate WorldStrides’ global expansion and growth through program diversification and investment in sales and marketing, furthering the company’s 50+ year mission to ignite personal growth for students through educational travel and study abroad.

Eurazeo and Primavera Capital Group reached an agreement in November 2017 to purchase the company. Eurazeo’s total investment is $469 million, representing a majority equity stake of approximately 80%.

WorldStrides reported over $580m in Revenue and Adjusted EBITDA

1margin of 13% in the Fiscal Year ending June 30, 2017.

 

About WorldStrides

WorIdStrides, headquartered in Charlottesville, Va., is the largest educational student travel company and study abroad organization in the United States. The company was founded in 1967 to provide middle school travel programs to Washington, D.C., and has grown to provide educational programs for more than 400,000 students annually from more than 7,000 universities and K12 schools to over 100 countries around the world. The organization’s full suite of programs is tuned to learners at stages from elementary through post-graduate levels, and feature specializations like performing arts, sports and study abroad.

About Eurazeo

With a diversified portfolio of approximately ~€7 billion in assets under management, of which €1 billion is from third parties, Eurazeo is a leading global investment company with offices in Paris and Luxembourg, New York, Shanghai and Sao Paolo. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. The firm covers most private equity segments through its five business divisions – Eurazeo Capital, Eurazeo Croissance, Eurazeo PME, Eurazeo Patrimoine and Eurazeo Brands. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. As a global long-term shareholder, the firm offers deep sector expertise, a gateway to global markets, and a stable foothold for transformational growth to the companies it supports.

Eurazeo is listed on Euronext Paris.

ISIN: FR0000121121

Bloomberg: RF FP -Reuters: EURA.PA 1

Reflects the cash collected for trips not yet departed and the approximate costs for those trips.

 

About Primavera Capital Group

Primavera Capital Group is a China-based investment management firm. Founded by Dr. Fred Hu, a renowned economist and prominent investor, and formerly a partner and Chairman of Greater China at Goldman Sachs Group, the firm’s investment team has over 30 outstanding professionals with global M&A and capital market experience, strong industry expertise, deep local knowledge, and a unique network of relationships with policy makers, leading CEOs and influential entrepreneurs. Primavera employs a flexible investment strategy of control/buy-outs, growth capital and cross-border transactions. Primavera’s investments capitalize on China’s emergence as the world’s biggest consumer market. The firm targets investments in the financial services, consumer, education, health care, and TMT sectors, where Primavera has significant expertise and experience. Primavera has built a high -quality portfolio consisting of leading companies in some of the world’s fastest – growing and most innovative industries.

 

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