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CVC Credit prices tenth new issue CLO of the year with $500m Apidos L (50)

CVC Capital Partners

NEW YORK – CVC Credit, the $45bn global credit management business of CVC, is pleased to announce that it has successfully priced Apidos L (50), a new $500m (c.€460m) Collateralized Loan Obligation (“CLO”). Apidos L (50) is CVC Credit’s tenth new issue CLO pricing globally this year.

Apidos L (50) has a five-year reinvestment period and two-year non-call period that is supported by an actively managed, diversified portfolio of senior secured loans and bonds. The portfolio was more than two thirds ramped on pricing date. Jefferies acted as lead arranger.

Apidos L (50) is also the fifth new CLO vehicle priced in North America in the year to date. Combined these vehicles have a combined value of $2.0bn (c.€1.9bn).

Cary Ho, Partner and Global Head of CLO Origination at CVC Credit, said: “Apidos L (50) was very well received by the market and our broad investor base. It has been a busy year in the U.S. CLO market, where new issuance, refinancings and reissuance volumes have remained high. At CVC we have taken advantage of this, pricing five new U.S. CLOs and with significant refinancing and reset activity to enhance value in our existing portfolios.”

Quotes

We appreciate the strong support we continue to receive from our valued investor base following the pricing of our tenth new CLO globally this year.

Gretchen BergstresserManaging Partner and Global Head of Performing Credit at CVC Credit

Gretchen Bergstresser, Managing Partner and Global Head of Performing Credit at CVC Credit, added: “We appreciate the strong support we continue to receive from our valued investor base following the pricing of our tenth new CLO globally this year. Our team remains committed to delivering consistent performance through all of our CLOs actively managed, scalable and diversified pool of senior-secured floating rate loans.”

CVC Credit has nearly 20 years of experience in successful CLO issuance, performing credit and active portfolio management, with proven experience in delivering attractive risk-adjusted performance through varied credit market cycles.

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Friday Energy secures investment from SHIFT Invest to help businesses operate more sustainably and mitigate power grid constraints

Shift Invest

Utrecht, The Netherlands – SHIFT Invest anounces an investment in Friday Energy, a Utrecht-based company offering smart storage solutions to businesses facing grid constraints. With this investment, Friday aims to take a big step towards their mission to give everyone access to 100% sustainable and affordable energy.

 

 

Friday Energy aims to accelerate the energy transition with smart battery storage and advanced energy control software. Their solutions optimise renewable energy sources such as solar and wind power, reduce costs and ease the load on the grid. Friday Energy delivers solutions for businesses by increasing revenue on renewable assets and doing business sustainably.

“The investment enables us to realise our growth plans and we are one step further in achieving our mission: access to sustainable and affordable energy for all and accelerating the energy transition through efficient use of flexible power. Our advanced software and IT solutions for energy management of energy storage systems are essential for this.” Bouke Siebenga, CEO – Friday Energy.

“We believe innovation and entrepreneurship are essential to restore the balance between nature and society. In doing so, we contribute to the transition to a more sustainable world. We are impressed by the energy storage solution Friday Energy has developed and are proud that Friday Energy, with the help of our investment, can accelerate the achievement of their mission. ” Koen Hooning, Associate Partner – SHIFT Invest

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Cobepa enters into exclusive discussions to acquire Ascentiel Groupe from IK Partners and ISAI

IK Partners

Brussels/Rueil-Malmaison, 6 November 2024 – Cobepa is pleased to announce that it has entered into exclusive discussions with IK Partners (“IK”), ISAI Gestion (“ISAI”) and Bertrand Liber to acquire a majority stake in Ascentiel Groupe (“Ascentiel” or “the Group”), a leading digital insurance brokerage platform providing Property & Casualty (“P&C”) cover for individuals and small businesses in several specialty niches. The acquisition will be made in partnership with the management team and is subject to consultation with the works council. The transaction is expected to close before the end of 2024 and financial terms are not disclosed.

Founded in 1970, Ascentiel has established itself as a leading digital brokerage platform specialising in the distribution and management of non-life insurance contracts for both individuals and professionals. Having developed significant expertise in the field of car insurance, the Group mainly focuses on near-to-sub-standard motor insurance risks, leveraging the prominence of its flagship brand Assurpeople.com and its fully digital customer experience. The Group covers the entire insurance distribution cycle, from product co-development with insurers to underwriting or contract and claim management.

Over recent years, Ascentiel has continued to diversify its offering to include attractive new specialty products, most notably through the highly successful launch of Airbag, a wholesale brokerage platform specialised in inherent defect insurance for construction professionals. Since then and with the support of IK and ISAI, the Group has achieved several strategic objectives and successfully executed add-on acquisitions, including Atara in 2022 and NIBW in 2024. The acquisition of Atara strengthened the Group’s position in the pet insurance sector, while the acquisition of NIBW facilitated the Group’s geographic expansion into Spain and Portugal. At present, Ascentiel employs over 180 people who are based across its headquarters in Rueil-Malmaison as well as its offices in Aix-en-Provence and Madrid. In partnership with leading insurance companies operating in France, Ascentiel manages contracts for over 220,000 end-clients.

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0)7787 558 193
vidya.verlkumar@ikpartners.com

About Ascentiel Groupe

Founded in 1970, Ascentiel Groupe (“Ascentiel”)has evolved into a premier insurance brokerage group, encompassing eight distinct brands, catering to both individual and professional insurance markets. Ascentiel offers a comprehensive suite of insurance solutions, ranging from auto, animal health and home coverage for individuals to specialised products for commercial clients, including decennial liability coverage for construction professionals and insurance for commercial vehicle fleets. Operating under delegated authorities, Ascentiel manages all aspects of policy lifecycle, from underwriting to claims management, ensuring top-tier service and compliance. For more information, visit ascentiel-groupe.com

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About Cobepa

Cobepa is an independent, privately held investment company with offices in New York, Brussels, and Munich. Cobepa manages a diverse portfolio of private equity investments representing approximately €4.7 billion of equity capital. Cobepa invests in leading companies with superior business models, sustainable market positions and leading management teams. For more information, visit cobepa.com

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About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €17 billion of capital and invested in 195 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com.

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About ISAI Gestion

ISAI Gestion (“ISAI”) is one of the pioneers in the French Tech ecosystem. Co-founded in 2009 ” by and for ” Tech entrepreneurs, ISAI gathers today more than 450 Entrepreneurs-LPs alongside major Institutional Investors. With offices in Paris, London, Milan and NYC, ISAI manages c. €900 million across four investment strategies: Early-Stage Venture, Corporate Venture, Growth Lending and Tech Buyout. For more information, visit isai.vc

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TAGGRS raises €2 million from No Such Ventures

No Such Ventures

  • Heerenveen-based TAGGRS, specializing in user-friendly server-side tracking, raised €2 million in growth funding from No Such Ventures to fuel its global expansion

  • Dutch VC No Such Ventures led the round to help TAGGRS on its mission to empower every company with the most accessible server-side tracking software

Amsterdam, November 6, 2024 – TAGGRS, a European software company specializing in user-friendly server-side tracking, has successfully raised €2 million in growth funding from No Such Ventures, underscoring the investor’s conviction in TAGGRS’ potential to become the global all-in-one platform for server-side tracking and data management.

 

“Founded just a year ago, over 6,000 companies and 400 marketing agencies across more than 80 countries worldwide have already implemented our software. Partnering with No Such Ventures allows us to accelerate the global rollout of our software and achieve our mission of empowering digital marketers and every company with the most accessible server-side tracking software” said Niels Olivier, co-founder and CEO of TAGGRS.

 

The need for reliable data in a privacy-driven world

With stricter regulations and the phasing out of third-party cookies, tracking user data on websites has become increasingly complex. Server-side tracking offers a solution by collecting data in a privacy-friendly manner, independent of third-party cookies. On average, companies see a 15-20% improvement in data volume and accuracy, providing them with a significant advantage in their advertising campaigns.

 

TAGGRS makes server-side tracking accessible

TAGGRS makes server-side tracking accessible and affordable, requiring minimal technical expertise. Its advantages, including enhanced data security, greater accuracy, faster page load speeds, and increasing measured data, make it a valuable investment.

 

Jorjan Jorritsma, co-founder, explained, “We provide a plug-and-play solution for server-side tracking, combined with analytics for deep insights into your data, enabling organizations to make decisions based on reliable data.”

 

Accelerating global growth with support from No Such Ventures

The investment from No Such Ventures empowers TAGGRS to make server-side tracking more accessible worldwide. In addition to capital, No Such Ventures brings a valuable network of experienced entrepreneurs and experts from the tech and marketing sectors, supporting TAGGRS in achieving its growth goals.

 

Arjan Griffioen, investor at No Such Ventures, added, “TAGGRS’ solution, born from the grounded experience of its pragmatic founders, focuses on accessibility and quality. The product is intuitive, receives outstanding customer feedback, and experiences nearly no churn. We look forward to supporting TAGGRS on their growth journey.”

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Blackstone Real Estate to Take Retail Opportunity Investments Private for $4 Billion

Blackstone

New York & San Diego – Blackstone (NYSE: BX) and Retail Opportunity Investments Corp. (Nasdaq: ROIC) (“ROIC” or the “Company”) today announced that they have entered into a definitive agreement under which Blackstone Real Estate Partners Xwill acquire all outstanding common shares of ROIC for $17.50 per share in an all-cash transaction valued at approximately $4 billion, including outstanding debt. ROIC’s portfolio consists of 93 high-quality, grocery-anchored retail properties totaling 10.5 million square feet concentrated in Los Angeles, Seattle, San Francisco and Portland.

The purchase price represents a premium of 34% to ROIC’s closing share price on July 29, 2024, the last trading day prior to news reports of a potential sale.

“We are pleased to reach this agreement with Blackstone, as it will provide significant and certain value to our stakeholders,” said Stuart A. Tanz, President and Chief Executive Officer of ROIC. “This transaction represents the culmination of the steadfast commitment and extraordinary dedication of our talented team and their tireless efforts over the past 15 years. We are confident that Blackstone will position ROIC’s portfolio for continued gro­wth and success.”

Jacob Werner, Co-Head of Americas Acquisitions at Blackstone Real Estate, said, “This transaction reflects our strong conviction in necessity-based, grocery anchored shopping centers in densely populated geographies. The sector is experiencing accelerating fundamentals, benefiting from nearly a decade of virtually no new construction, while demand for brick-and-mortar grocery stores, restaurants, fitness and other lifestyle retailers remains healthy. We are pleased to be acquiring ROIC, which owns a unique collection of high-quality assets in some of the most desirable West Coast markets.”

The transaction has been approved by ROIC’s Board of Directors and is expected to close in the first quarter of 2025, subject to customary closing conditions, including the approval of the Company’s common stockholders.

J.P. Morgan acted as ROIC’s exclusive financial advisor. Clifford Chance US LLP served as ROIC’s legal counsel. BofA Securities, Morgan Stanley & Co. LLC, Newmark, and Eastdil Secured acted as Blackstone’s financial advisors. Simpson Thacher & Bartlett LLP served as Blackstone’s legal counsel.

About Retail Opportunity Investments Corp.
Retail Opportunity Investments Corp. (NASDAQ: ROIC), is a fully-integrated, self-managed real estate investment trust (REIT) that specializes in the acquisition, ownership and management of grocery-anchored shopping centers located in densely-populated, metropolitan markets across the West Coast. As of September 30, 2024, ROIC owned 93 shopping centers encompassing approximately 10.5 million square feet. ROIC is the largest publicly-traded, grocery-anchored shopping center REIT focused exclusively on the West Coast. ROIC is a member of the S&P SmallCap 600 Index and has investment-grade corporate debt ratings from Moody’s Investor Services, S&P Global Ratings and Fitch Ratings, Inc. Additional information is available at: www.roireit.net.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $325 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).
 
Forward-Looking Statements. Certain information contained in this press-release (the “Material”) constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology or the negatives thereof. These may include statements about plans, objectives and expectations with respect to future operations. Such forward‐looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. Blackstone believes these factors include, but are not limited to, those described under the section entitled “Risk Factors” in its Annual Report on Form 10‐K for the most recent fiscal year, and any such updated factors included in its periodic filings with the Securities and Exchange Commission, 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 the Materials and in the filings. Blackstone undertakes no obligation to publicly update or review any forward‐looking statement, whether as a result of new information, future developments or otherwise.

Opinions. Opinions expressed reflect the current opinions of the named persons or Blackstone where indicated, as of the date appearing in the Material only and are based on opinions of the current market environment, which are subject to change. Certain information contained in this Material discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice.

Third Party Information. Certain information contained in this Material has been obtained from sources outside Blackstone, which in certain cases have not been updated through the date hereof. While such information is believed to be reliable for purposes used herein, no representations are made as to the accuracy or completeness thereof and none of Blackstone, its funds, nor any of their affiliates takes any responsibility for, and has not independently verified, any such information.
 
ROIC Forward Looking Statements. This communication includes certain disclosures from ROIC (as used in this paragraph only, the “Company”) which contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and in Section 21F of the Securities and Exchange Act of 1934, as amended, including but not limited to those statements related to the transaction, including financial estimates and statements as to the expected timing, completion and effects of the transaction. When used herein, the words “believes,” “anticipates,” “projects,” “should,” “estimates,” “expects,” “guidance” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors, risks and uncertainties that could cause actual results to differ materially from such plans, estimates or expectations include but are not limited to: (i) the parties’ ability to complete the transaction on the anticipated terms and timing, or at all, including the Company’s ability to obtain the required stockholder approval, and the parties’ ability to satisfy the other conditions to the completion of the transaction; (ii) potential litigation relating to the transaction that could be instituted against the Company or its directors, managers or officers, including the effects of any outcomes related thereto; (iii) the risk that disruptions from the transaction will harm the Company’s business, including current plans and operations, including during the pendency of the transaction; (iv) the ability of the Company to retain and hire key personnel; (v) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction; (vi) legislative, regulatory and economic developments; (vii) potential business uncertainty, including changes to existing business relationships, during the pendency of the transaction that could affect the Company’s financial performance; (viii) certain restrictions during the pendency of the transaction that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; (ix) unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, outbreaks of war or hostilities or pandemic, as well as management’s response to any of the aforementioned factors; (x) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xi) the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction, including in circumstances requiring the Company to pay a termination fee; (xii) those risks and uncertainties set forth under the headings “Statements Regarding Forward-Looking Information” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K, as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by the Company with the Securities and Exchange Commission (the “SEC”) from time to time, which are available via the SEC’s website at www.sec.gov; and (xiii) those risks that will be described in the proxy statement that will be filed with the SEC and available from the sources indicated below.

These risks, as well as other risks associated with the transaction, will be more fully discussed in the proxy statement that will be filed by the Company with the SEC in connection with the transaction. There can be no assurance that the transaction will be completed, or if it is completed, that it will close within the anticipated time period. These factors should not be construed as exhaustive and should be read in conjunction with the other forward-looking statements. The forward-looking statements relate only to events as of the date on which the statements are made. The Company and Blackstone do not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. You should specifically consider the factors identified in this communication that could cause actual results to differ. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect the Company or Blackstone.

Information regarding such risks and factors is described in ROIC’s filings with the SEC, including its most recent Annual Report on Form 10-K, which is available at: www.roireit.net.

Important Additional Information and Where to Find It
This communication is being made in connection with the transaction. In connection with the transaction, the Company will file a proxy statement on Schedule 14A and certain other documents regarding the transaction with the SEC. Promptly after filing its definitive proxy statement with the SEC, the definitive proxy statement will be mailed to stockholders of the Company. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, COMPANY STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT THAT WILL BE FILED BY THE COMPANY WITH THE SEC (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION. Company stockholders will be able to obtain, free of charge, copies of such documents filed by the Company when filed with the SEC in connection with the transaction at the SEC’s website (http://www.sec.gov). In addition, the Company’s stockholders will be able to obtain, free of charge, copies of such documents filed by the Company at the Company’s website (www.roireit.net). Alternatively, these documents, when available, can be obtained free of charge from the Company upon written request to the Company at 11250 El Camino Real, Suite 200, San Diego, CA 92130.

Participants in the Solicitation
The Company and certain of its directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from stockholders of the Company in connection with the transaction. Additional information regarding the identity of the participants, and their respective direct and indirect interests in the transaction, by security holdings or otherwise, will be set forth in the proxy statement and other relevant materials to be filed with the SEC in connection with the transaction (if and when they become available). You may obtain free copies of these documents using the sources indicated above.

Contacts

ROIC
Stuart A. Tanz
(858) 255-4901
stanz@roireit.net
 
Blackstone
Claire Keyte
(646) 482-8753
Claire.Keyte@Blackstone.com

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Ardian and Rockfield complete first investment in Florence with new Pan-European Student Accommodation Strategy

Ardian

Ardian, a world-leading private investment house, and Rockfield, a vertically integrated student housing platform, announce their first investment of their pan-European strategy dedicated to Purpose-Built Student Accommodation (PBSA), enabled by an initial commitment from CBRE Investment Management’s Indirect Strategies (CBRE IM) and with dry powder of about €800 million.

The investment involves a newly constructed standalone building, developed and sold by CDS Holding SPA, a company based in Erbusco (BS), completed in October 2023 and located in the Novoli district of Florence, just minutes from the Social Sciences campus of the University of Florence. The next-generation purpose-built student accommodation facility offers 404 beds and features common areas, including a pool with a solarium, gym, lounge area, study rooms, and a cinema room.

The asset has already shown excellent performance, reaching an occupancy rate close to 100% with significant growth potential and demonstrating its high standing, able to satisfy the growing demand in the Florence student market.

This first investment marks the beginning of Ardian and Rockfield’s new strategy to create a high-quality student housing portfolio in Europe, particularly in Italy, the Netherlands, Spain, Portugal, Germany, and France. This strategy addresses the increasing demand in key markets characterized by limited supply.

The pan-european strategy has Italy as one of its key markets on which focusing the investment activity, thanks to the strong structural deficit of student housing accommodations among the country.

Florence, which hosts approximately 80,000 students annually—many of whom are international—stands out as one of Italy’s most dynamic university cities but still has limited accommodation options that meet European standards. This project thus addresses the growing need for modern, sustainable housing solutions, further enhancing the local context.

The property, which is LEED Gold certified, underscores Ardian and Rockfield’s commitment to investing in assets that meet high standards of sustainability and environmental responsibility. With a Core+ risk focus, this strategy aims to create value by enhancing the operational performance of assets while contributing to CO2 emission reductions in line with the Paris Agreement.

“This new Pan-European strategy on PBSA will focus on Italy and Spain, which are among the most interesting markets with a growing demand for student housing but the lowest provision rate in Europe. This platform will further strengthen our presence in these countries, which remain key targets for Ardian Real Estate’s growth in Europe.” Rodolfo Petrosino, Head of Real Estate Southern Europe, Ardian

“We are proud that the first acquisition of our Pan-European PBSA strategy was completed in Italy, in Florence. Italy is one of the countries where we will concentrate most of our investments, and Florence, with its dynamism and significant number of students combined with a strong shortage of quality accommodations, is a destination offering attractive investment opportunities. The property perfectly aligns with our investment target, meeting international standards in terms of quality, common areas, and sustainability.” Matteo Minardi, Head of Real Estate Italy and Managing Director, Ardian

“The acquisition of a fully let asset in a highly sought-after and under-supplied market like Florence presented the perfect opportunity for us to start building our PBSA platform across Italy and Europe. The acquisition reflects our strong conviction in the PBSA market in Italy and our confidence in the long-term demand fundamentals for Florence, which continues to be characterized by a restricted development pipeline. This will not be the last investment in Italy and we are planning to be a leading reference when it comes to high quality student accommodation in that market.” Juan Acosta, Partner and CIO, Rockfield

As part of the transaction, Savills acted as commercial advisor.
Ardian and Rockfield were assisted by Ashurst as legal advisor, Fivers as tax and financial advisor, PedersoliGattai as administrative advisor, and YardReaas for technical due diligence.

 

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $169bn of assets on behalf of more than 1,680 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility. At Ardian we invest all of ourselves in building companies that last.

ardian.com

 

ABOUT ROCKFIELD REAL ESTATE

Rockfield was established in 2014 with a clear mission to create high quality and sustainable housing solutions for young professionals and students in urban areas. Our founders recognised the growing demand for affordable housing in major cities, coupled with an increasing need for innovative living concepts that not only provide a place to live but also enable residents to grow and thrive within a community.
With this vision in mind, Rockfield started a journey to build a fully integrated real estate company. From the start, we chose to keep all aspects of real estate management in-house, from project development and acquisition to investment and property management. This approach has allowed us to offer tailored solutions that meet needs of both investors and tenants.
Since our inception, we have experienced impressive growth and evolved into a leading investment manager with a portfolio of over €1 billion in assts under management and around 5,000 housing units across various European cities.

www.rockfield.nl

 

ABOUT CBRE INVESTMENT MANAGEMENT

CBRE Investment Management is a leading global real assets investment management firm with $142.5 billion in assets under management* as of June 30, 2024, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive. CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.

www.cbre.com

Media contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

ROCKFIELD REAL ESTATE

Steve.hays@belliercommunication.com

CBRE INVESTMENT MANAGEMENT

Helen Stott

helen.stott@cbreim.com

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Avid Bioservices to be Acquired by GHO Capital Partners and Ampersand Capital Partners in $1.1 Billion Transaction

Ampersand

Tustin, CA & London, UK & Boston, MA , November 6th 2024 (GLOBE NEWSWIRE) – Avid Bioservices, Inc. (NASDAQ: CDMO) (“Avid” or the “Company”), a dedicated biologics contract development and manufacturing organization (“CDMO”) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, GHO Capital Partners LLP (“GHO”) and Ampersand Capital Partners (“Ampersand”) today announced they have entered into a definitive merger agreement for Avid to be acquired by funds managed by GHO and Ampersand in an all-cash transaction valued at approximately $1.1 billion.

Under the terms of the merger agreement, GHO and Ampersand would acquire all the outstanding shares held by Avid’s stockholders for $12.50 per share in cash. The per share purchase price represents a 13.8% premium to Avid’s closing share price of $10.98 on November 6, 2024, the last full trading day prior to the transaction announcement, and a 21.9% premium to the Company’s 20-day volume-weighted average share price for the period ended November 6, 2024. This transaction equates to an enterprise value of approximately $1.1 billion, a 6.3x multiple to consensus FY2025E revenue.

“Since our founding, Avid Bioservices’ business has grown by evolving to meet our customers’ broad range of development and manufacturing needs. After years of investment and expansion, now is the right time to move forward as a private company with new owners that will support our next phase,” stated Nick Green, president and CEO of Avid Bioservices. “In evaluating this transaction, our Board considered a range of alternatives and determined that it provides our stockholders significant, immediate and certain cash value for their shares. Partnering with GHO Capital and Ampersand Capital Partners allows us to build on our strong foundation by accessing their significant knowledge base, network and capital to position the business for the future with our customers.”

“We are excited to announce this recommended cash acquisition of Avid,” said Alan MacKay and Mike Mortimer, Managing Partners of GHO. “As experienced CDMO industry investors, GHO brings deep expertise and experience to support Avid’s management team going forward. Our mission at GHO is to make healthcare better, faster, and more accessible and at the heart of this is enabling efficient, high-quality manufacturing of innovative treatments. Avid exemplifies this perfectly – the Company operates in high-growth markets, producing complex biologics for leading pharmaceutical and biotech innovators at both the clinical and commercial stages. Avid’s recent investments, both in capacity and its exemplary team, position it strongly for future growth. We look forward to working with the Avid team to unlock the Company’s full potential through our established playbook of expanded offerings, talent investment and greater geographic reach.”

“Avid has long been a trusted provider of biopharmaceutical development and manufacturing services, and we have tremendous respect for its team’s expertise, its broad spectrum of customized services and its strong regulatory track record. We look forward to leveraging our deep industry experience, focused strategy, and collaborative approach to drive growth,” said, David Anderson, General Partner of Ampersand.

Transaction Details

The transaction, which was unanimously approved by the Avid Board of Directors, is currently expected to close in the first quarter of 2025, subject to customary closing conditions, including approval by Avid’s stockholders and receipt of required regulatory approvals. The transaction is not subject to a financing condition. The companies will continue to operate independently until the proposed transaction is finalized.

Upon completion of the transaction, Avid common stock will no longer be listed on any public stock exchange. The Company will continue to operate under the Avid name and brand.

Advisors

Moelis & Company LLC is serving as exclusive financial advisor to Avid, and Cooley LLP is serving as legal counsel to Avid. William Blair & Company, LLC is serving as exclusive financial advisor and Ropes & Gray LLP is serving as legal counsel to GHO and Ampersand.

About Avid Bioservices, Inc.

Avid Bioservices (NASDAQ: CDMO) is a dedicated CDMO focused on development and CGMP manufacturing of biologics. The Company provides a comprehensive range of process development, CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With more than 30 years of experience producing biologics, Avid’s services include CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing and regulatory submissions support. For early-stage programs the Company provides a variety of process development activities, including cell line development, upstream and downstream development and optimization, analytical methods development, testing and characterization. The scope of our services ranges from standalone process development projects to full development and manufacturing programs through commercialization. Avidbio.com

About GHO Capital

Global Healthcare Opportunities, or GHO Capital Partners LLP, is a leading specialist healthcare investment advisor based in London. GHO Capital applies global capabilities and perspectives to unlock high growth healthcare opportunities, targeting Pan-European and transatlantic internationalisation to build market leading businesses of strategic global value. GHO Capital’s proven investment track record reflects the unrivalled depth of our industry expertise and network. GHO Capital partners with strong management teams to generate long-term sustainable value, improving the efficiency of healthcare delivery to enable better, faster, more accessible healthcare. For further information, please visit GHOcapital.com.

About Ampersand

Ampersand Capital Partners, founded in 1988, is a middle-market private equity firm with $3 billion of assets under management, dedicated to growth- oriented investments in the healthcare sector. With offices in Boston, MA, and Amsterdam, Netherlands, Ampersand leverages a unique blend of private equity and operating experience to build value and drive long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors. For additional information, visit Ampersandcapital.com or follow Ampersand on LinkedIn.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

The Company intends to file a proxy statement with the U.S. Securities and Exchange Commission (“SEC”) with respect to a special meeting of stockholders to be held in connection with the proposed transaction. Promptly after filing the definitive proxy statement with the SEC, the Company will mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the special meeting to consider the proposed transaction. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain, free of charge, the preliminary and definitive versions of the proxy statement, any amendments or supplements thereto, and any other relevant documents filed by the Company with the SEC in connection with the proposed transaction at the SEC’s website ( https://www.sec.gov). Copies of the preliminary and definitive versions of the proxy statement, any amendments or supplements thereto, and any other relevant documents filed by the Company with the SEC in connection with the proposed transaction will also be available, free of charge, at the Company’s investor relations website ( https://ir.avidbio.com/sec-filings ). The information provided on, or accessible through, our website is not part of this press release, and therefore is not incorporated herein by reference.

PARTICIPANTS IN THE SOLICITATION

The Company and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding the Company’s directors and executive officers is available in the Company’s proxy statement for the 2024 annual meeting of stockholders, which was filed with the SEC on August 28, 2024 (the “Annual Meeting Proxy Statement”). Please refer to the sections captioned “Security Ownership of Certain Beneficial Owners, Directors and Management,” “Director Compensation,” and “Executive Compensation-Outstanding Equity Awards at Fiscal Year-End” in the Annual Meeting Proxy Statement. To the extent holdings of such participants in the Company’s securities have changed since the amounts described in the Annual Meeting Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC: Form 4, filed by Nicholas Stewart Green on October 11, 2024, Form 4, filed by Richard A. Richieri on October 11, 2024, Form 4, filed by Matthew R. Kwietniak on October 11, 2024, and Form 4, filed by Matthew R. Kwietniak on October 15, 2024. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the definitive proxy statement and other relevant materials to be filed with the SEC in connection with the proposed transaction when they become available. Free copies of the Annual Meeting Proxy Statement, the definitive proxy statement related to the proposed transactions and such other materials may be obtained as described in the preceding paragraph.

FORWARD-LOOKING STATEMENTS

This communication contains “forward-looking statements” which include, but are not limited to, all statements that do not relate solely to historical or current facts, such as statements regarding the Company’s expectations, intentions or strategies regarding the future, or the completion or effects of the proposed sale of Avid to GHO and Ampersand. In some cases, these statements include words like: “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue” and “ongoing,” or thenegative of these terms, or other comparable terminology intended to identify statements about the future. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. The Company’s expectations and beliefs regarding these matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of uncertainties, risks, and changes in circumstances, including but not limited to risks and uncertainties related to: the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction that could delay the consummation of the proposed transaction or cause the parties to abandon the proposed transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement entered into in connection with the proposed transaction; the possibility that the Company’s stockholders may not approve the proposed transaction; the risk that the parties to the merger agreement may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the proposed transaction; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the Company’s common stock; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk of any litigation relating to the proposed transaction; and the risk that the proposed transaction and its announcement could have an adverse effect on the ability of the Company to retain and hire key personnel and to maintain relationships with customers, vendors, partners, employees, stockholders and other business relationships and on its operating results and business generally. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in the Company’s most recent filings with the SEC, including the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2024 and any subsequent reports on Form 10-K, Form 10-Q or Form 8-K filed with the SEC from time to time and available at https://www.sec.gov.

The forward-looking statements included in this information statement are made only as of the date hereof. The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

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Carlyle Completes Worldpac Acquisition from Advance Auto Parts

Carlyle

CHICAGO, IL, November 4, 2024 – Worldpac, Inc. is announcing the completion of its acquisition by Carlyle (NASDAQ: CG), a global investment firm, from Advance Auto Parts, Inc. (NYSE: AAP). This strategic move marks a significant milestone for Worldpac, positioning the company for enhanced growth and innovation.

Effective immediately, John Hamilton is appointed as the new President and CEO of Worldpac. Hamilton brings a wealth of experience across a variety of industries, having served as President and CEO at Veyance Technologies, Electro-Motive Diesel, and the Tokheim Corporation, as well as Executive Chairman of the Board at EDAC Technologies and Nordco Inc. Hamilton has also been an advisor to Carlyle for several years.

As part of this leadership transition, Bob Cushing, currently serving as President of Worldpac, will assume the role of Strategic Advisor. “I want to extend my thanks to Bob for his leadership and vision,” Hamilton said. “His guidance has been instrumental in shaping Worldpac’s important role in the industry and I look forward to working closely with him as Strategic Advisor.”

“I want to thank the Carlyle team for recognizing Worldpac’s achievements and potential with their investment in Worldpac’s future. Carlyle’s investment will accelerate Worldpac’s growth and continued focus on delivering ‘The Right Part at the Right Time’,” said Cushing.

“We are thrilled to invest in Worldpac,” said Wes Bieligk, Partner at Carlyle. “Worldpac is a great business, and we are confident that our experience in the automotive aftermarket and with industrial carve-outs will support its growth as an independent company. We look forward to supporting John and the Worldpac team in achieving its strategic goals and unlocking its full potential.”

 

Forward-Looking Statements

Certain statements in this release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, expectations regarding the benefits of the sale, the anticipated timing of closing, and the expected use of proceeds. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to Advance Auto Parts’ most recent Annual Report on Form 10-K filed with the SEC for a description of these risks.

 

For further information, please contact:

Carlyle

Brittany Berliner

(212) 813-4839

Brittany.Berliner@carlyle.com

 

Worldpac

Jay Potter

(800) 888-9982

 

About Carlyle:

Carlyle (NASDAQ: CG) is a global investment firm with $435 billion of assets under management as of June 30, 2024. Carlyle operates through three business segments: Global Private Equity, Global Credit, and Global Investment Solutions. The firm employs over 2,200 people across 29 offices worldwide. For more information, visit www.carlyle.com.

 

About Worldpac:

Worldpac is a leading distributor of original equipment automotive replacement parts, serving the independent automotive repair community with over 160,000 part numbers from 45+ import and domestic car manufacturers. With over 100 facilities in North America, WORLDPAC ensures fast delivery and superior service, complemented by their speedDIAL ordering software, training programs, and technical support. For more information, visit www.worldpac.com.

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Carlyle acquires Kyoden

Carlyle

Tokyo, Japan, 5 November 2024 – Global investment firm Carlyle (NASDAQ: CG) today announced it has acquired Kyoden Co. (“Kyoden”), a leading Japanese manufacturer of printed circuit boards (“PCBs”).

Founded in 1983 and headquartered in Nagano Prefecture, Kyoden is a leader in the design and manufacture of PCBs and board assembly for electronics devices, with a focus on small-lot and high-variety products delivered in short turnaround times. The business employs c. 2,100 employees, with manufacturing plants in Japan and Thailand and regional sales presence across APAC, enabling the business to manage small-lot, multi product production to larger scale mass production and meet a wide range of its customers’ needs.

The company’s product suite spans a highly diversified set of industrial applications including automated guided vehicles, semiconductor manufacturing equipment, amusement machines, wired and wireless equipment, and automotive devices. The PCB industry faces increasing demand for higher density and miniaturization in circuit boards, multi-layer and build-up PCBs in particular, integrating more functionality into compact and lightweight devices. Kyoden’s highly differentiated offering also focuses on delivering a wide range of small-lot, prototype PCB products within short lead times, and has established a leading share of the domestic prototype PCB market.

Kyoden also has deep experience in EMS (Electronics Manufacturing Services), providing end-to-end solutions from component design and manufacturing, procurement of materials and assembly of units and large-scale devices.

In partnership with Kyoden’s management team, Carlyle will support the company to further accelerate its growth plans through the continued development of its manufacturing capabilities focused on high-multilayer and build-up PCBs and commercial operations. Leveraging its global platform and resources, Carlyle will also support the business’ international expansion.

Kazuhiro Yamada, Co-Head of Carlyle Japan, said: “Kyoden has a high market share in the PCB industry thanks to its differentiated business model and advanced technological capabilities. Customer needs are becoming more diverse every day, and there is a growing need to incorporate more functions into more compact and lightweight devices. In acquiring Kyoden, we will support the business in responding to those evolving customer demands, continue its focus on technology and innovation, and accelerate its international expansion. We look forward to partnering with Kyoden’s management team in its journey to becoming a leading international PCB manufacturer.”

Hiroshi Naganuma, President of Kyoden, said: “We are excited to start the new partnership with Carlyle to sharpen our unique business model and accelerate Kyoden’s further growth in high-multilayer and build-up PCBs, the global PCB market, and EMS business. We believe Carlyle, with its deep knowledge and track record of growing Japanese companies like Kyoden, is the perfect partner to support the business’ accelerated growth trajectory.”

Carlyle’s Japan buyout platform has invested more than JPY 450 billion across approximately 40 private equity investments since 2000.

—

About Kyoden 

Kyoden Co. was founded in July 1983 as a comprehensive printed circuit board manufacturer. The company operates under the corporate philosophy of “manufacturing as a means, and service as an end.” Kyoden has established a fully integrated support system, offering total solutions from design and development to mass production (EMS). As a Total Solution Provider (“TSP”), Kyoden delivers a wide range of solutions centered around PCB manufacturing.
About Carlyle 

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at www.carlyle.com. For more, follow Carlyle on X and LinkedIn.

Media contacts

Andrew Kenny, Global Corporate Communications
+44 7816 176120
andrew.kenny@carlyle.com

 

Brunswick Group:
David Ashton / George Ohyama

+81 80 9713 2020 / +81 80 7340 1015

carlylejp@brunswickgroup.com

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