Warburg Pincus Announces Over $1 Billion in Capital Deployed by Inaugural Capital Solutions Fund

Warburg Pincus logo

Fund pursues thesis-based investing opportunities in curated structured transactions

New York, NY – February 6th, 2025 – Warburg Pincus, the pioneer of private equity global growth investing, recently surpassed $1 billion in capital deployed by Warburg Pincus Capital Solutions Founders Fund (“WPCS FF”) in 2024. WPCS FF closed in August 2024 with more than $4 billion in commitments, raising over double the initial target. WPCS FF was anchored by a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), along with other leading global institutional investors.

“Reaching $1 billion in fund deployment is a significant milestone for WPCS FF and highlights the strong opportunities in strategic structured transactions. By leveraging the sector expertise and sourcing network of Warburg Pincus, our team has capitalized on a wide range of opportunities across the firm’s core sectors,” said Jeff Perlman, CEO, Warburg Pincus. “We are proud of WPCS FF’s success, having provided innovative financing solutions to best-in-class companies and management teams across nine investments to-date, and having already realized one sizeable and highly successful exit,” added Dan Zilberman, Global Head of Capital Solutions, Warburg Pincus.

Hamad Shahwan AlDhaheri, Executive Director of the Private Equities Department at ADIA, said, “Warburg Pincus Capital Solutions is well positioned to identify and execute on attractive opportunities, given the team’s deep sector knowledge and extensive sourcing network. Our anchor investment in the Fund was in recognition of the significant opportunity set for offering structured solutions to strong companies with clear growth strategies.”

The milestone follows WPCS FF’s recent investment in an industrial distribution platform, alongside investments that include DriveCentric, Excelitas Technologies, Mashura, MB2 Dental, MIAX, Nord Security, Service Compression, and United Trust Bank[1].

The global Capital Solutions team is comprised of five seasoned Managing Directors, with an average of 20+ years of investing experience, as well as a large, dedicated team of investment professionals and senior advisors. The team collaborates closely with the firm’s 280 investment professionals and 75+ value creation executives across Warburg Pincus’ global industry verticals, critical to sourcing and underwriting differentiated, attractive investments for the fund.

About Warburg Pincus

Warburg Pincus LLC is the pioneer of private equity global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $86 billion in assets under management, and more than 230 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

Contact

Warburg Pincus

Sarah Bloom, Director, Communications

Sarah.bloom@warburgpincus.com


[1] The transaction is subject to customary conditions and approvals.

Categories: News

Tags:

Dains Group joins forces with Consilium

IK Partners

Leading accountancy and advisory services provider to the SME market, Dains Group (“Dains”), announces that it has made its first acquisition since securing private equity backing from IK Partners (“IK”) in a move that reinforces a growing intention to build the leading SME advisory business in Scotland.

Consilium Chartered Accountants, based in Glasgow, has joined Dains Group, which significantly strengthens the client proposition in corporate tax, audit, and corporate finance. The team in Scotland is now almost 200 people strong, with offices across the central belt.

Consilium has a strong reputation as being a highly customer-centric, personable, and progressive business that has built a highly talented team since its establishment in 2013. “We were attracted to Consilium because of their advisory mindset and strong cultural values,” said Graeme Bryson, Scotland Managing Partner at Dains Group. “It is our ambition to collaborate with our clients, to provide timely and well thought through advice based on a detailed understanding of what they are trying to achieve, and this has been the cornerstone for Consilium’s rapid growth, making them obvious strategic partners.”

David Holt, Partner at Consilium, commented: “Dains approached us with a clear vision for delivering a market-leading advisory proposition for our clients, in a group that believes in providing great careers for its team. Upon joining the group, we enhance the range of services open to our clients and look forward to building the business in Scotland for the benefit of all our stakeholders.”

“We are delighted to welcome Consilium to the Dains Group,” said Richard McNeilly, CEO of Dains Group. “It is rare that we meet such an enterprising and client-focused leadership team and the opportunities we can create together in Scotland and across the UK and Ireland are substantial. We are building a very compelling proposition in Scotland, having previously partnered with William Duncan & Co., and Condies. Our group comprises over 850 people and we are determined to continue improving the proposition for our clients and the career opportunities for our talented team.”

Pete Wilson, Partner at IK, added: “It is fantastic to welcome Consilium to Dains, which represents the 11th acquisition by the group since 2021. Dains has a clear ambition to differentiate itself, through offering a high-quality, value-adding, comprehensive suite of services for its customers, whilst engaging with the best delivery team in the SME market – I know the team cannot wait to get started.”

Dains were advised by DSW (financial and tax due diligence), Forward Corporate Finance (Financial Modelling), Deloitte (Tax Structuring) and CMS (Legal). Consilium were advised by Vialex (Legal).

Categories: News

Tags:

XOi Amplifies Field Service Innovation with New Strategic Investment and Acquisition

KKR
The intelligent jobsite technology innovator secures record funding from KKR to expand data gathering and enrichment solutions.

NASHVILLE, Tenn.–(BUSINESS WIRE)–XOi, a leading provider of jobsite-focused technology solutions for the field service ecosystem, today announced the acquisition of Specifx, an on-demand data enrichment and metadata retrieval platform for field service equipment. The acquisition was enabled by an investment from funds managed by leading global investment firm KKR. The funding from KKR marks the most significant milestone yet in XOi’s journey to build out its system of work for the field service ecosystem.

This strategic investment from KKR, along with the acquisition of Specifx, enable XOi to amplify its use and capabilities across the field service industries, furthering its mission of serving stakeholders throughout the ecosystem, including technicians, field service providers, distributors, and OEMs.

“As the challenges of maintaining and manufacturing field service equipment grew more complex, we pushed ourselves to evolve our product alongside the demands of the industry,” said Aaron Salow, founder and CEO of XOi. “KKR’s strategic partnership will help us meet and exceed every stakeholder’s expectations of sustainability, profitability, and transparency.”

“We believe XOi’s comprehensive software stands apart in the field service space not only because it allows technicians to view and adjust multiple workflows in one efficient platform, but also for its ability to normalize and enrich field service asset-specific data,” said Jake Heller, Partner and Head of KKR’s Technology Growth team in the Americas. “The addition of Specifx further enhances XOi’s database offering. We look forward to working with the entire XOi team as they continue to innovate for their customers across the field service ecosystem.”

Prior to this acquisition Specifx helped expand XOi’s groundbreaking Insights product, which provides unique asset origination, performance, and diagnostics information. Now, the combined resources and capabilities of the two companies empower XOi to deliver a unified framework of proprietary and operational data to fuel faster and more meaningful innovation to the mechanical, electrical, and plumbing industries.

“Today marks a defining moment in our growth and we are thrilled to join forces with XOi,” said Ryan Martineau, founder and CEO of Specifx. “XOi’s extremely impressive platform, coupled with a shared mission and common customer base, allows us to accelerate our vision of next generation, asset-centric solutions that simplify the day-to-day operations for our customers.”

“We are humbled by the role we have been able to play in changing this industry and the skilled trades for the better, and we are excited to drive the mission forward for years to come,” said Aaron Salow, founder and CEO of XOi. “Our vision has never been clearer, and our passion for the trades has never been stronger.”

KKR is funding this investment primarily from its Next Generation Technology III Fund.

Bass, Berry & Sims PLC served as legal advisor and Raymond James Financial, Inc. served as financial advisor to XOi. Latham & Watkins LLP served as legal advisor to KKR.

About XOi
XOi, the leading provider of jobsite-focused technology for the field service ecosystem, arms the industry with a digital tool that connects people to mission-critical equipment. XOi technology is the hub in which every part of the job—from the field to the manufacturer—connects. XOi provides AI-powered workflows, asset and team management functions, a comprehensive knowledge base, and immediate revenue-producing insights leveraging data from current and historical projects. Beyond this tool that manages consistency, profitability, and transparency, XOi’s goal is to create future-focused technology that modernizes the field service industry as a whole, and delivers 1 of 1 asset origination, performance, and diagnostics information of mission critical assets. To learn more about XOi, visit xoi.io.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Specifx
Specifx, an industry leader in data management for HVAC companies, specializes in on-demand data enrichment and metadata retrieval for HVAC companies. The company’s flagship product, Decoder, gives technicians, HVAC providers and manufacturers access to complete HVAC metadata via a simple nameplate scan, and the tool gives users the flexibility to scan each unit individually, in batches, or via the Decoder API. Specifx’s database covers the most common HVAC equipment made by around 100 major manufacturers over the past 30+ years. Specifx’s mission is to transform the HVAC data acquisition and solutioning experience for owners, occupiers, investors and service providers, reducing the effort to acquire essential information for day-to-day operations while supporting strategic, enterprise-scale investment and decarbonization initiatives. For more information about Specifx, visit specifx.com.

Contacts

Media Contacts:

XOi
Heather Ripley
Ripley PR
(865) 977-1973
hripley@ripleypr.com

KKR
Emily Cummings
media@kkr.com

 

Categories: News

Tags:

Bain Capital Announces Majority Investment in Milacron, a Leading Global Provider of Highly Engineered Plastic Processing Solutions

BainCapital

  • Investment to accelerate Milacron’s growth and strengthen its position as a global leader in highly engineered plastic processing solutions.
  • Milacron’s comprehensive suite of equipment offerings and services enables the production of everyday products used across the construction, automotive, packaging, consumer goods, and medical sectors.
  • Hillenbrand (NYSE: HI), Milacron’s current owner, will continue to remain a significant investor in the business.

BOSTON, Mass. and BATESVILLE, Ind. – February 5, 2025 – Bain Capital, a leading private investment firm, today announced a majority investment in the Milacron Injection Molding and Extrusion business (or the “Company”), a globally renowned provider of highly engineered plastic processing equipment and services. Bain Capital will partner with Milacron’s current owner, Hillenbrand, Inc. (NYSE: HI), who will remain a significant investor in the business to accelerate the Company’s continued growth. Bain Capital entered into a definitive agreement to purchase an ownership stake of approximately 51% of Milacron for $287 million, subject to customary closing adjustments. Hillenbrand will retain an ownership stake of approximately 49%.

Since 1968, Milacron has been a global provider of highly engineered plastic processing solutions including injection molding and extrusion equipment as well as aftermarket parts and services. Milacron has long been recognized as a market leader for its product and service expertise serving a variety of end-markets, including the construction, automotive, packaging, consumer goods, and medical industries. With the largest installed base of equipment in the U.S., Milacron serves as a complete lifecycle partner, leveraging its extensive support network to deliver comprehensive aftermarket parts and services solutions.

“Milacron is an iconic American manufacturing business with a 50-year legacy of driving innovation in plastics,” said Matt Evans, a Partner at Bain Capital Special Situations. “With manufacturers increasingly focused on supply-chain resilience and domestic production, we believe the U.S. is entering a manufacturing renaissance that will create significant opportunities for industry leaders like Milacron. With its advanced engineering capabilities, global reach, and deep customer relationships, Milacron is well-positioned to build on its strong foundation.”

“We are excited to partner with Mac Jones, the President of Milacron, and the entire Milacron team to support the next chapter of growth of one of the world’s premier plastics processing solutions businesses,” added Chris Sun, a Principal at Bain Capital Special Situations. “Milacron combines industry-leading engineering and manufacturing capabilities with innovative technology to enable the production of essential products used daily in the U.S. and around the world. We share a common vision with Milacron’s associates, customers, and other partners to continue building on Milacron’s more than 50-year legacy to create an even stronger future ahead.”

“Following an in-depth portfolio review, we determined that Milacron would be best positioned for the future through this partnership with Bain Capital,” said Kim Ryan, Hillenbrand President & CEO. “Bain Capital has a proven track record of successful corporate partnerships and will provide greater resources to Milacron, which we believe will drive future growth and success for Milacron’s associates and customers, as well as for Hillenbrand’s shareholders.”

Bain Capital’s Special Situations team is making this investment following the successful close of its second vintage of funds, which raised over $9 billion. Bain Capital Special Situations has $22 billion in assets under management and has invested more than $16 billion since its inception in 2018, providing bespoke capital solutions to meet the diverse needs of companies, entrepreneurs, and asset owners. With a long track record of supporting industrial and manufacturing businesses globally, the team brings deep expertise in driving operational growth and long-term value creation.

The transaction is expected to close at the end of the Company’s fiscal second quarter or beginning of the fiscal third quarter. Deutsche Bank is serving as exclusive financial advisor, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor to Bain Capital.

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Hillenbrand

Hillenbrand (NYSE: HI) is a global industrial company that provides highly-engineered, mission-critical processing equipment and solutions to customers in over 100 countries around the world. Its portfolio is composed of leading industrial brands that serve large, attractive end markets, including durable plastics, food, and recycling. The Company pursues excellence, collaboration, and innovation to consistently shape solutions that best serve our associates, customers, communities, and other stakeholders.

Forward Looking Statements

This press release contains forward-looking statements, including statements that are within the meaning of the Private Securities Litigation Reform Act of 1995 that are intended to be covered by the safe harbor provided thereunder, which reflect the current views of Bain Capital and Hillenbrand regarding future events, expectations, plans, and prospects for Milacron following the announced transaction. These statements are based on assumptions and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied in such statements.

Forward-looking statements include, but are not limited to, statements regarding: the expected benefits of the transaction; Milacron’s future growth, market position, and business strategy; anticipated industry trends, including implications with respect to growing supply chain resilience and domestic manufacturing; and the expected timing of the transaction closing.

Any number of factors, many of which are beyond Hillenbrand and Bain Capital’s control, could cause Hillenbrand and Bain Capital’s performance to differ significantly from what is described in the forward-looking statements. These factors include, but are not limited to: the ability to recognize the benefits of any acquisition or divestiture, including the Milacron injection molding and extrusion business sale (the “Proposed Transaction”), including potential synergies and cost savings or the failure of Hillenbrand and Bain Capital or any acquired company, or the Proposed Transaction, to achieve its plans and objectives generally; any failure by the parties to satisfy any conditions to the Proposed Transaction; the possibility that the Proposed Transaction is ultimately not consummated; potential adverse effects of the announcement or results of the Proposed Transaction on the market price of the Hillenbrand’s common stock; and risks related to diversion of management’s attention from Hillenbrand’s ongoing business operations due to the Proposed Transaction. There can be no assurances that the Proposed Transaction will be consummated.

Readers are urged to consider these risks and uncertainties in evaluating forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements. For a more in-depth discussion of certain factors that could cause actual results to differ from those contained in forward-looking statements, see the discussions in Hillenbrand’s filings with the U.S. Securities and Exchange Commission.

The forward-looking information in this release speaks only as of the date on which it is made. Hillenbrand and Bain Capital undertake no obligation to publicly update or revise any forward-looking statement, whether written or oral, made to reflect new information, future developments or otherwise.

Categories: News

Tags:

IK Partners to invest in HSL Compliance

IK Partners

London, United Kingdom – IK Partners (“IK”) is pleased to announce that the IK Small Cap III (“IK SC III”) Fund has signed an agreement to invest in HSL Compliance (“HSL” or “the Company”), a leading provider of environmental compliance services in the UK, alongside the management team who are re-investing as part of the transaction. This follows HSL’s successful six-year partnership with LDC, the private equity investor which is part of Lloyds Banking Group. LDC is also reinvesting in HSL for a minority stake alongside IK as the majority owner to support the continued growth of the business. Financial terms of the transaction are not disclosed and completion is subject to customary regulatory approvals.

Headquartered in Herefordshire and founded in 1976, HSL is a leading UK environmental testing, inspection, certification and compliance (“TICC”) company which provides a range of services across water hygiene, water treatment and other compliance activities. The Company boasts extensive national coverage with 19 offices across the UK and Ireland and employs approximately 650 people who serve a diversified base of more than 370 customers across a variety of private and public sectors, including Food and Beverage, Manufacturing, Facilities Management, Healthcare and Education.

Since LDC’s investment in 2019, HSL has quadrupled pro-forma revenues to £77 million and doubled headcount to 650 employees, establishing itself as a high-quality business capable of meeting the needs of nationally or regionally complex estates seeking a full-service provider for water hygiene and treatment services, alongside fire and air compliance services. With LDC’s support and follow-on funding, HSL has delivered a successful M&A programme and completed 11 bolt-on acquisitions, significantly increasing the breadth of its UK coverage and client base.

In partnership with IK, HSL will aim to lead the market in delivering solutions that keep its clients’ people protected, their businesses compliant and their environments safe. Through its extensive experience of investing in TICC platforms, IK will work closely with the HSL management team to accelerate growth both organically and through further consolidation of its target markets.

Gavin Hartley, CEO of HSL, said: “HSL has grown tremendously since inception and with the recent add-on acquisitions, I believe we have built an extremely solid foundation for the future. With the support of LDC, we have established HSL as a market-leading TICC service provider in the UK. The new partnership with IK will allow us to continue executing a targeted buy-and-build strategy and explore new opportunities to broaden our service offering. I’d like to take this opportunity to thank the LDC team for their unwavering support over the last few years and look forward to working with them alongside the team at IK.”

Tom Salmon, Partner at IK and Advisor to the IK SC III Fund, added: “We have been closely following the progress made by HSL in recent years and have been impressed by its unwavering commitment to quality and service delivery. We are looking forward to working with Gavin and his experienced team in their efforts to drive continued growth, by utilising our experience and expertise in executing successful buy-and-build strategies, while also supporting growth across a range of operational initiatives.”

Jonathan Bell, Managing Partner at LDC, added: “This has been a truly transformational period for HSL following the carve-out from global testing, inspection and certification group Kiwa in 2019. Since then, Gavin and the team have delivered on an ambitious growth strategy, underpinned by investment in its proposition and a series of successful strategic acquisitions. We’re excited to support HSL alongside IK as it continues to capitalise on high demand for its market-leading services in an attractive sector.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Director of Communications and Marketing
Phone: +44 7787 558 193
vidya.verlkumar@ikpartners.com

LDC
Jamie Williamson
Citypress on behalf of LDC
Phone: +44 7908 536 423
Jamie.Williamson@citypress.co.uk

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 over 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

Read More

About LDC

LDC is a private equity investor and part of Lloyds Banking Group. It is authorised and regulated by the Financial Conduct Authority. We have partnered with more than 675 management teams since 1981 and have a portfolio of more than 90 businesses across the UK. We have made investments across all major sectors of the UK economy and are actively supporting businesses in industries including Business Services, Consumer, Healthcare, ICT, Industrials, Media and Technology. Our teams are based in every part of the UK. For more information, visit ldc.co.uk

Read More

Categories: News

Tags:

MCK and CDPQ partner to finance renewable energy infrastructure projects

Cdpq

The Mohawk Council of Kahnawà:ke (MCK) and CDPQ are pleased to announce the creation of a financial and strategic partnership to jointly invest in renewable energy infrastructure projects. The partnership aims to facilitate access to funding for the MCK and other Indigenous communities interested in taking part in the implementation of these projects in Québec.

In addition to easing access to funding and contributing to the success of projects, the MCK and CDPQ will seek to position communities at the heart of project development by promoting their long-term participation. As co-investors, the two organizations will also provide close oversight to foster a sustainable and inclusive development approach.

Together, the two organizations plan to:

  • Establish and strengthen partnerships based on trust and an alignment of interests, as well as the social acceptability of projects
  • Provide the technical capacity communities need to negotiate complex agreements and analyze the financial terms of large-scale projects
  • Propose an innovative solution that allows communities to participate and gives them access to sufficient capital to hold a stake in projects

“For over a century, major energy infrastructure projects have impacted Indigenous peoples’ rights and lands. We believe the time is right for our communities to participate in the energy transition by owning and benefiting from energy infrastructure on our ancestral lands,” said Ohén:ton Í:rate ne Ratitsénhaienhs (Grand Chief) Cody Diabo, Grand Chief of the MCK. “We have developed this partnership to provide the economic opportunity for First Nations and Inuit communities to maximize their stake in large-scale energy infrastructure on their lands, and benefit from the revenues generated.”

“In Québec, numerous renewable energy projects will cross traditional Indigenous territories, which presents an opportunity to foster the financial participation of the communities involved and ensure that the partners’ priorities are well aligned,” said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ. “We are delighted to be working with the Mohawk Council of Kahnawà:ke in this partnership to fund renewable energy infrastructure projects, which reflects our commitment to supporting sustainable and inclusive development initiatives while contributing to Québec’s energy transition.”

The MCK will engage with interested Indigenous communities that wish to explore this opportunity to meet their capital needs. The MCK and CDPQ are collaborating to identify projects where this investment solution can be implemented.

ABOUT THE MOHAWK COUNCIL OF KAHNAWÀ:KE

The MCK is the First Nations governing body for the Mohawks of Kahnawà:ke. In addition to providing essential services within the Mohawk Territory of Kahnawà:ke, the MCK engages in socioeconomic initiatives that reflect the community’s rights and environmental values. The MCK is actively involved in renewable energy investments, including the 24 MW Des Cultures wind farm, the 147 MW Les Jardins wind farm, and the 58 km Hertel-New York Interconnection Line, reinforcing its commitment to sustainable development and economic self-determination.

ABOUT CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2024, CDPQ’s net assets totalled CAD 452 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

– 30 –

For more information

TRIUMPH to be Acquired by Affiliates of Warburg Pincus and Berkshire Partners in an All-Cash Transaction Valued at Approximately $3 Billion

Warburg Pincus logo

TRIUMPH Shareholders to Receive $26.00 in Cash Per Share

RADNOR, Pa. and NEW YORK and BOSTON, Feb. 3, 2025 /PRNewswire/ — Triumph Group, Inc. (NYSE: TGI) (“TRIUMPH” or the “Company”) today announced that it has entered into a definitive agreement under which affiliates of growth-focused private equity firms Warburg Pincus and Berkshire Partners will acquire TRIUMPH through a newly formed entity for a total enterprise value of approximately $3 billion. Upon completion of the transaction, TRIUMPH will become a privately held Company, jointly controlled by Warburg Pincus and Berkshire Partners.

Under the terms of the agreement, TRIUMPH shareholders will receive $26.00 per share in cash. The purchase price represents a premium of approximately 123% over the Company’s unaffected closing stock price1 and a premium of approximately 58% over the volume weighted average price (VWAP) of TRIUMPH common stock for the 90 days prior to January 31, 2025.

“We are pleased to have reached this agreement, which reflects the culmination of the Board’s robust process and will deliver immediate, certain and premium cash value to our shareholders,” said Dan Crowley, TRIUMPH’s chairman, president and chief executive officer. “Over the last few years, TRIUMPH successfully optimized our portfolio, built around a world class team and capabilities. This transaction recognizes our Company’s position as a valued provider of mission-critical engineered systems and proprietary components for both OEM and aftermarket customers. As a privately held company in partnership with Berkshire Partners and Warburg Pincus, TRIUMPH will have an enhanced ability to meet our customers’ evolving needs and provide more opportunities for our valued employees.”

“TRIUMPH has a strong reputation as a leader in highly engineered aerospace components and systems, and we are excited about partnering with them in this next chapter of growth,” said Dan Zamlong, Managing Director at Warburg Pincus. “With our deep experience investing in and developing aerospace platforms, we look forward to working with TRIUMPH’s talented global team to increase opportunities for its portfolio and capture the growing demand for high quality aerospace components.”

“TRIUMPH plays a critical role in the aerospace and defense industry and is known for providing high quality products on key platforms. Berkshire has a long history of partnering with market-leading aerospace companies, and we look forward to helping accelerate the next phase of TRIUMPH’s growth,” added Blake Gottesman, Managing Director at Berkshire Partners.

Timing and Approvals
The transaction is expected to close in the second half of calendar year 2025 and is subject to customary closing conditions, including approval by TRIUMPH shareholders and receipt of required regulatory approvals. TRIUMPH’s Board of Directors unanimously approved the definitive agreement. The transaction is not contingent upon financing. Upon completion of the transaction, TRIUMPH will no longer be traded on the New York Stock Exchange.

Third Quarter Fiscal 2025 Earnings
In connection with its pending transaction, TRIUMPH will release its third quarter fiscal 2025 earnings and file its Form 10-Q by February 10, 2025, as planned, and is cancelling its previously scheduled earnings conference call and webcast.

Advisors
Goldman Sachs & Co. LLC is serving as exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to TRIUMPH. Lazard is serving as financial advisor and Kirkland & Ellis LLP and Covington & Burling LLP are acting as legal counsel to Berkshire Partners and Warburg Pincus.

About TRIUMPH
Founded in 1993 and headquartered in Radnor, Pennsylvania, TRIUMPH designs, develops, manufactures, repairs and provides spare parts across a broad portfolio of aerospace and defense systems and components. The Company serves the global aviation industry, including original equipment manufacturers and the full spectrum of military and commercial aircraft operators.

More information about TRIUMPH can be found on the Company’s website at www.triumphgroup.com.

About Berkshire Partners
Berkshire Partners is a 100% employee-owned, multi-sector specialist investor in private and public equity. The firm’s private equity team invests in well-positioned, growing companies across business & consumer services, healthcare, industrials, and technology & communications. Berkshire is currently investing from its Fund XI, which held its final closing in 2024 with approximately $7.8 billion in commitments. Since inception, Berkshire Partners has made more than 150 private equity investments and has a strong history of collaborating with management teams to grow the companies in which it invests. For additional information, visit www.berkshirepartners.com.

About Warburg Pincus
Warburg Pincus LLC is the pioneer of private equity global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $86 billion in assets under management, and more than 230 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has been an active investor in the aerospace & defense and industrial technology sectors with current and former investments including Accelya, Aquila Air Capital, CAMP Systems, Consolidated Precision Products, Duravant, Extant Aerospace, Infinite Electronics, Inmarsat, iNRCORE, Quest Global, Sundyne, TransDigm and Wencor Group. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

Forward-Looking Statements
This document contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid and information currently available to management. They can be identified by the use of words such as “may,” “might,” “anticipate,” “plan,” “believe,” “potential,” “intend,” “expect,” “strategy,” “will” and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company’s actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following risks: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (ii) the risk that the Company’s stockholders may not approve the proposed transaction; (iii) inability to complete the proposed transaction because, among other reasons, conditions to the closing of the proposed transaction may not be satisfied or waived; (iv) uncertainty as to the timing of completion of the proposed transaction; (v) potential adverse effects or changes to relationships with customers, employees, suppliers or other parties resulting from the announcement or completion of the proposed transaction; (vi) potential litigation relating to the proposed transaction that could be instituted against the Company, Titan BW Acquisition Holdco Inc. (the “Buyer”) or their respective directors and officers, including the effects of any outcomes related thereto; or (vii) possible disruptions from the proposed transaction that could harm the Company’s or Buyer’s business, including current plans and operations. Further information regarding the important factors that could cause actual results to differ from projected results can be found in the Company’s reports filed or that may be filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2024 and our Quarterly Reports on Form 10-Q for the fiscal quarters ended June 30, 2024 and September 30, 2024.  Any forward-looking information provided in this document should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this document.

Important Additional Information and Where to Find It
In connection with the proposed transaction between the Company and Buyer, the Company intends to file relevant materials with the SEC, including a preliminary proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, the Company will mail the proxy materials to each stockholder entitled to vote at the special meeting relating to the proposed transaction. This communication is not a substitute for the proxy statement or any other document that the Company may file with the SEC or send to its stockholders in connection with the proposed transaction. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT THE COMPANY WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY AND THE PROPOSED TRANSACTION. The definitive proxy statement, the preliminary proxy statement and other relevant materials in connection with the proposed transaction (when they become available), and any other documents filed by the Company with the SEC, may be obtained free of charge at the SEC’s website (http://www.sec.gov) or at the Company’s website (https://www.triumphgroup.com/investor-relations) or by contacting the investor relations department of the Company.

Participants in the Solicitation
The Company and its directors and executive officers, including Daniel J. Crowley, Chairman, President and Chief Executive Officer, Barbara Humpton, Colleen C. Repplier, Courtney Mather, Cynthia M. Egnotovich, Daniel P. Garton, Mark C. Cherry, Neal J. Keating, Partrick Allen, all of whom are members of the Company’s Board of Directors, as well as James McCabe, Senior Vice President and Chief Financial Officer, Jennifer Allen, Chief Administrative Officer, Senior Vice President, General Counsel and Secretary, Thomas Quigley, Vice President, Investor Relations, Mergers & Acquisitions & Treasurer, Kai Kasiguran, Vice President, Controller may be deemed to be participants in the solicitation of proxies from the Company’s stockholders with respect to the proposed transaction. Additional information regarding such participants, including their direct or indirect interests, by security holdings or otherwise, can be found under the captions “Security Ownership of Principal Stockholders and Management,” “Board of Directors—Director Compensation,” and “Compensation Discussion and Analysis” contained in the Company’s proxy statement on Schedule 14A filed with the SEC on June 24, 2024. To the extent that the Company’s directors and executive officers and their respective affiliates have acquired or disposed of security holdings since the applicable “as of” date disclosed in the 2024 Proxy Statement, such transactions have been or will be reflected on Statements of Change in Ownership on Form 4, Initial Statements of Beneficial ownership on Form 3, or amendments to beneficial ownership reports on Schedules 13D filed with the SEC: Form 4, filed by Kai W. Kasiguran, with the filings of the Company on September 3, 2024; Form 4, filed by Colleen C. Repplier, with the filings of the Company on August 12, 2024; Form 4, filed by Courtney Mather, with the filings of the Company on August 12, 2024; Form 4, filed by Neal J. Keating, with the filings of the Company on August 12, 2024; Form 4, filed by Daniel P. Garton, with the filings of the Company on August 12, 2024; Form 4, filed by Barbara Humpton, with the filings of the Company on August 12, 2024; Form 4, filed by Cynthia M. Egnotovich, with the filings of the Company on August 12, 2024; Form 4, filed by Patrick E. Allen, with the filings of the Company on August 12, 2024; Form 3, filed by Mark C. Cherry, with the filings of the Company on August 12, 2024 and Form 4, filed by Mark C. Cherry, with the filings of the Company on August 9, 2024.

Information regarding the identity of the potential participants, and their direct or indirect interests in the proposed transaction, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with SEC in connection with the proposed transaction. These documents (when available) may be obtained free of charge from the SEC’s website at www.sec.gov and the Company’s website at https://www.triumphgroup.com/investor-relations.

1of $11.65 per share as of the close on October 9, 2024, the last full trading day prior to media reports regarding a possible sale transaction

SOURCE Triumph Group

Back To News

Categories: News

Tags:

EQT completes sale of common stock of Kodiak Gas Services pursuant to Rule 144

eqt

The sale resulted in gross proceeds of c. USD177 million

An affiliate of the funds known as EQT Infrastructure III and EQT Infrastructure IV (“EQT”) is pleased to announce the completion of the sale (the “Sale”) of c. 3.7 million shares of common stock of Kodiak Gas Services, Inc. (NYSE: KGS) (the “Company”) for gross proceeds of c. USD177 million. The Sale was made on January 30, 2025, pursuant to Rule 144 of the Securities Act of 1933, as amended. Goldman Sachs & Co. LLC acted as the broker for the Sale.

Contact
EQT Press Office, press@eqtpartners.com

About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedInXYouTube and Instagram

About Kodiak
Kodiak is the largest contract compression services provider in the United States, serving as a critical link in the infrastructure that enables the safe and reliable production and transportation of natural gas and oil. Headquartered in The Woodlands, Texas, Kodiak provides contract compression and related services to oil and gas producers and midstream customers in high–volume gas gathering systems, processing facilities, multi-well gas lift applications and natural gas transmission systems.

Categories: News

Tags:

Frontline Road Safety Secures Strategic Investment from Bain Capital

BainCapital

Partnership paves the way for further growth to support the demand for mission-critical infrastructure services

DENVER and BOSTON – January 30, 2025 – Frontline Road Safety (“Frontline” or the “Company”), the largest provider of pavement marking services in the U.S., today announced that Bain Capital has entered into a definitive agreement to acquire the Company from The Sterling Group (“Sterling”).  Frontline will continue to be led by its Chief Executive Officer, Mitch Williams, and the current management team, who will remain significant investors in the Company.  Financial terms of the private transaction were not disclosed.

Headquartered in Denver with over 50 locations across the U.S., Frontline specializes in providing essential, non-discretionary road marking and other roadway safety services to keep our nation’s most critical infrastructure safe and operational. With approximately 1,750 employees across its platform of dedicated local providers, Frontline leverages the knowledge and execution of its regional businesses alongside the benefits of national scale to deliver superior service to its customers. Since its inception, Frontline’s leadership team has completed 19 successful acquisitions to become the national leader in road safety solutions.

“Since launching the Frontline platform in 2020, Sterling has been proud to support the Company’s tremendous growth and expansion,” said Brad Staller, Partner at Sterling. “We would like to thank Mitch and the entire Frontline team for their leadership and partnership in building Frontline. We believe the Company remains well-positioned to continue expanding its services and geographic footprint.”

“We have reached an inflection point in our evolution as a leading platform for road safety solutions.  We believe Bain Capital, with its proven track record of building true market leaders in services and distribution, is the right partner to enable us to accelerate our growth and support the value we deliver to our partners at DOT and large private construction contractors,” said Mr. Williams.  “With Bain Capital’s strategic and operational support, coupled with a shared vision for our long-term growth strategy, we are well-positioned to leverage our local expertise and scale benefits, continue investing in our people and services, and build upon our platform to better meet the growing demand for infrastructure improvements across the U.S.  We thank the Sterling team for their partnership and look forward to our next chapter of growth.”

“Frontline is a high-quality business providing mission-critical services, led by a proven management team that has done an impressive job of growing the business through a series of acquisitions and organically, while maintaining a commitment to operational excellence,” said Joe Robbins, a Partner at Bain Capital.  “We look forward to a collaborative partnership with Mitch and his talented team to help accelerate Frontline’s acquisition strategy and scale the Company’s best-in-class platform.  We believe the Company is well-positioned to continue growing its footprint, while providing differentiated value-added service to its customers.”

The investment is being made by Bain Capital’s Private Equity team, which has a long history of investments in industrial businesses and is one of the most active investors in the sector in the U.S. and globally.  Frontline is the latest example of Bain Capital’s focus on investments in market-leading services and distribution platforms including Imperial Dade, US LBM, Dealer Tire, Guidehouse, and Harrington Process Solutions.

Harris Williams LLC and Guggenheim Securities, LLC are serving as financial advisors, and Latham & Watkins LLP is serving as legal advisor to Frontline Road Safety. Stifel and UBS Investment Bank are acting as financial advisors, and Kirkland & Ellis LLP is serving as legal advisor to Bain Capital.

###

About Frontline
Headquartered in Denver, Colorado, Frontline Road Safety Group is the nation’s largest provider of pavement marking services. Frontline proudly serves a wide variety of customers and industries, including airports, government agencies, public highways, roads, and private corporations. Committed to a deep local operational leadership strategy, Frontline’s team members have decades of industry experience and technical expertise at every level. Through a team of best-in-class local operating companies, Frontline serves customers across the United States. These companies have an unmatched reputation and average of over forty years of successful experience building long-term relationships with their customers.

About Bain Capital Private Equity
Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of more than 320 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital has 24 offices on four continents. Since its inception, the firm has made primary or add-on investments in more than 1,150 companies. In addition to private equity, Bain Capital invests across multiple asset classes, including credit, public equity, venture capital and real estate, managing approximately $185 billion in total assets and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus. For more information, please visit: www.baincapitalprivateequity.com.

About Sterling
Founded in 1982, The Sterling Group is a private equity and private credit investment firm that targets investments in basic manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $750 million. Sterling has sponsored the buyout of 73 platform companies and numerous add-on acquisitions for a total transaction value of over $25 billion. Sterling currently has $9.2 billion of assets under management. For further information, please visit www.sterling-group.com.

Categories: News

Tags:

Bain Capital Specialty Finance, Inc. Prices Public Offering of $350 Million 5.950% Senior Notes Due 2030

BainCapital

BOSTON – January 30, 2025 – Bain Capital Specialty Finance, Inc. (NYSE: BCSF or the “Company”) today announced that it has priced an offering of $350 million aggregate principal amount of 5.950% senior notes due 2030 (the “Notes”). The Notes will mature on March 15, 2030 and may be redeemed in whole or in part at the Company’s option at any time at par plus a “make-whole” premium, provided that the Notes may be redeemed at par one month prior to their maturity.

The offering is expected to close on or about February 6, 2025, subject to satisfaction of customary closing conditions.

The Company intends to use the net proceeds of this offering to repay outstanding secured indebtedness under its financing arrangements and for general corporate purposes.

SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, BNP Paribas Securities Corp., Santander US Capital Markets LLC, J.P. Morgan Securities LLC and MUFG Securities Americas Inc. are acting as joint book-running managers for this offering. BNY Mellon Capital Markets, LLC, Deutsche Bank Securities Inc., Keefe, Bruyette & Woods, Inc., Natixis Securities Americas LLC and U.S. Bancorp Investments, Inc. are acting as co-managers for this offering.

Investors are advised to carefully consider the investment objectives, risks and charges and expenses of BCSF before investing. The pricing term sheet dated January 30, 2025, the preliminary prospectus supplement dated January 30, 2025, and the accompanying prospectus dated July 1, 2022, each of which has been filed with the U.S. Securities and Exchange Commission (the “SEC”), contain this and other information about BCSF and should be read carefully before investing.

The information in the pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. The pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release are not offers to sell any securities of BCSF and are not soliciting an offer to buy such securities in any state or jurisdiction where such offer and sale is not permitted.

An effective shelf registration statement relating to the Notes is on file with the SEC and is effective. The offering may be made only by means of a preliminary prospectus supplement and an accompanying prospectus, copies of which may be obtained from the website of the SEC at www.sec.gov or from SMBC Nikko Securities America, Inc., 277 Park Avenue, 5th Floor, New York, New York 10172 or toll-free at 212-224-5135, Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402 Attn: WFS Customer Service or toll-free at 1-800-645-3751, BNP Paribas Securities Corp., 787 Seventh Avenue, New York, New York 10019 or toll-free at 1-800-854-5674 or Santander US Capital Markets LLC, 437 Madison Avenue, New York, New York 10022 or toll-free at 1-855-403-3636.

About Bain Capital Specialty Finance, Inc.

Bain Capital Specialty Finance, Inc. is an externally managed specialty finance company focused on lending to middle market companies. BCSF is managed by BCSF Advisors, LP, an SEC-registered investment adviser and a subsidiary of Bain Capital Credit, LP. Since commencing investment operations on October 13, 2016, and through September 30, 2024, BCSF has invested approximately $8,132.9 million in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. BCSF’s investment objective is to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien/last out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds. BCSF has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.

Forward-Looking Statements

This letter may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this letter may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the SEC. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this letter.

Investor Contact:
Katherine Schneider
Tel. (212) 803-9613
investors@baincapitalbdc.com
Media Contact:
Charlyn Lusk
Tel. (646) 502-3549
clusk@stantonprm.com

Categories: News

Tags: