Our investment in Mimo: Simplifying global payments and financial management for SMBs

Northzone

We are thrilled to announce our investment in Mimo, the platform simplifying global payments, cash flow, and financial management for SMBs and accountants. We’ve led this €18m round with participation from Cocoa Ventures, Seedcamp, Upfin VC, Fost Capital, and various angel investors including founders and early operators from Stripe, GoCardless, Wayflyer, and Anyfin.

Despite the fintech innovation of the past decades, when it comes to SMBs, payments and cashflow management continue to be a pain point. The processes are usually handled by a director on top of other duties or by a fractional CFO and involve a lot of manual work. Cashflow management is a timing problem and payments management a workflow problem. Beyond that, companies often fly blind, lacking real insights on their actual cash positions and future cashflows, which hampers their ability to properly plan ahead.

Over the years, we have spoken to multiple founders and fractional CFOs and repeatedly come across the time-consuming and fragmented processes SMBs face when managing money. The payer wants to pay as late as possible, while the payee wants to receive money as fast as possible. Without much negotiating power, small businesses are generally tight on cash; their options are to either take out expensive SME loans or pay their suppliers late to preserve and collect cash.

Today, SMBs often rely on a disjointed network of applications, including house banks, SaaS tools, and FX brokers, to manage their finances. Workflows are clunky and companies often keep track of their invoices in their email inbox, spreadsheets, or tools such as Xero. Furthermore, approvals between individuals go through a variety of touchpoints that are not purpose-built, creating unnecessary back-and-forths.

Over the past decade, we’ve seen a wave of neobanks and banks catered to SMB needs (including FINOM, also a Northzone portfolio company). While these banks replace old and unadapted incumbents, the administrative and cashflow challenges remain. In the UK, the average SME is owed a staggering estimated £22,000 in late payments every year.

Enter: Mimo. Founded by HenrikAlexander, and Andreas, Mimo is solving this problem with their holistic platform that simplifies global payments, cash flow management, and financial management for SMBs and accountants.

By providing a suite of financial tools that bundles the features needed for SMBs to better understand and control their cash flow, Mimo enables businesses, accountants, and bookkeepers to manage finances through a single platform. The platform allows SMBs to pay suppliers with a click, access working capital, and get paid faster by customers, in any currency. Mimo’s credit offering minimises risk and optimises working capital, empowering businesses to send and receive payments on their own terms.

Our Partner, Jessica Schultz, adds, “Having known Henrik for years, we are very excited to partner up with him and his co-founders Alexander and Andreas, who previously worked together at iZettle and know well what it takes to build and win in the financial SMB market. Companies today face a real pain when it comes to coherently managing payments, cash flow, and financing. We believe Mimo’s vision for a true financial management platform aligns well with our thesis. The commercial success Mimo is already seeing today is a testament to the team’s drive and market edge.”

With this new funding, Mimo will accelerate product development, expand its platform, and continue its commercial success. If you’re an SMB or finance professional looking to streamline your financial processes, join the Mimo movement at mimohq.com.

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Purple Digital Storytelling Announces Strategic Acquisition of PLANWORX AG

Holland Capital

Amsterdam, Munich,  April 9, 2024 – In a strategic move to transform the landscape of digital experiences, Purple Digital Storytelling (‘Purple’) announces the acquisition of the Munich based agency PLANWORX, thereby initiating The Storytelling Group. This acquisition marks a turning point in the digital storytelling space, offering an expanded portfolio of services that range from the creation of permanent installations to dynamic event-based storytelling.

The Digital Storytelling Universe
Purple, known for designing and delivering world class experience centers powered by their digital storytelling software ‘Hyro’, and PLANWORX, celebrated for their cutting-edge event experiences will jointly deliver unparalleled digital and live experiences, catering to a wide range of global brands and audiences.

The acquisition aims to benefit from the collective expertise of both companies while maintaining their unique identities and strengths. Purple’s design and technological abilities and PLANWORX’s dynamic approach to live marketing and events are expected to create synergistic outcomes, driving innovation, and expanding the industry of digital storytelling.

Joost Rueck, CEO of Purple and Chairman of the Storytelling Group, expressed enthusiasm about the new direction, “This acquisition is a game changer for us. Looking at this from a market perspective, it allows us to serve our customers better because of our increased reach and offerings. It’s a stepping stone to being a global player in digital brand experience solutions.”

Chris Boehm-Tettelbach, founder of PLANWORX: “Joining forces will allow us to establish a full-spectrum storytelling powerhouse capable of addressing every aspect of digital brand experiences from concept to execution. Using the latest technology we bring these narratives to life – in physical spaces, live events or online.”

Ewout Prins, Managing Partner Holland Capital, “The acquisition of PLANWORX is a significant step for Purple in becoming a true global player in digital and immersive experiences. We are happy that we have been able to support this cross-border transaction from our offices in The Netherlands and Germany. We look forward to supporting the team in their growth ambitions and will continue to keep an eye on the market for additional strategic acquisitions”.

Clients of Purple and PLANWORX can look forward to increased capacity, creativity, and services, enhanced by the shared knowledge, technology, and creative drive of both teams. This collaboration is expected to set new benchmarks in the industry, establishing The Storytelling Group’s commitment to be at the forefront of digital storytelling innovation.

About Purple Digital Storytelling

Founded in 2011, Purple Digital Storytelling, based in the Netherlands, specializes in capturing audience’s attention through innovative digital narratives and immersive experiences. Leveraging their Hyro storytelling software, they offer a full suite of services from strategy and design to content production, tailoring each project to its unique client’s and their specific needs. https://www.purplestorytelling.com/

About PLANWORX

PLANWORX, founded in 1987, is a digital creative agency celebrated for their cutting-edge event experiences. By using the latest technology, they bring these narratives to life – in physical spaces, at live events or online. PLANWORX sees itself as an enabler, digital pioneer, and creative catalyst for global corporations as well as medium-sized companies, bridging the communication gap between businesses, employees, and end customers. With a team of 50 people, PLANWORX operates from Munich. https://planworx.de/en/

About The Storytelling Group

The Storytelling Group is home to Purple Digital Storytelling and PLANWORX. With a focus on creating engaging narratives through digital experiences in physical spaces, The Storytelling Group is dedicated to pushing the boundaries of storytelling, serving a roster of renowned global brands, and setting new industry standards. https://thestorytellinggroup.com/

About Holland Capital

Holland Capital has been responsibly and successfully investing in promising Dutch and German SMEs with growth ambitions for over 40 years. The team understands entrepreneurship and fosters an open, sustainable, and professional relationship with the management teams of the invested companies, aiming for mutual growth. With offices in Amsterdam and Düsseldorf, Holland Capital focuses on Healthcare, Technology, and the recently added Agrifood-Tech sector. The firm actively supports Purple Digital Storytelling in both operational and strategic development since becoming a shareholder in December 2020.

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EQT to sell Rimes, a global leader in enterprise data management solutions for the investment industry, to Five Arrows

eqt
  • EQT, together with its co-shareholders, to sell Rimes to Five Arrows
  • During EQT’s ownership, Rimes has successfully transformed from a specialist vendor of Benchmark and Index (B&I) data solutions to a provider of full-spectrum Enterprise Data Management as a Service (EDMaaS) and Investment Management Platform offerings to the global investment industry
  • Today, Rimes serves 60 of the world’s top 100 asset managers, as well as the 10 largest asset servicers in the world

EQT is pleased to announce that EQT Mid Market Europe (“EQT”), together with its co-shareholders, has agreed to sell Rimes (“Rimes” or the “Company”) to the Five Arrows Long Term Fund and Five Arrows Principal Investments (together “Five Arrows”). Five Arrows is the alternative assets arm of Rothschild & Co.

Founded in 1996, Rimes is a trusted partner to the world’s largest asset managers and asset owners, with its customers representing more than USD 75 trillion global assets under management. The Company helps its clients solve complex data problems, applying capabilities refined over 25 years, including an ecosystem of more than 800 data partners and deep domain expertise in investment data. Powered by its proprietary, multi-tenant cloud technology platform, Rimes’ data management solutions empower its clients to make better investment decisions using reliable data, while improving cost efficiency, and reducing operational risk.

Since EQT’s initial investment in 2020, it has supported Rimes in accelerating its growth and deepening its client relationships by expanding its market-leading B&I solutions to cover full-spectrum EDMaaS. In October 2021, Rimes further complemented its product offering with the acquisition of Matrix IDM, which added a powerful Investment Management Platform and data distribution and warehousing solutions. Today, Rimes is well-positioned to facilitate its customers’ strategic operating model transformations and to power AI-led investment strategies.

Robert Maclean, Partner within EQT Private Equity’s Advisory Team, said, “We were delighted when co-founder Christian Fauvelais chose to partner with EQT to pursue our shared vision of transforming Rimes into a global leader in EDMaaS solutions for the investment industry. It has been a pleasure working alongside management and the entire Rimes team to accelerate the Company’s growth.” Patrick McBride, Director within EQT Private Equity’s Advisory Team, added, “We believe Rimes has an incredibly bright outlook and is well-positioned to continue to deliver for its clients. We are grateful to have had the opportunity to partner with such an innovative and talented team, and we are confident that they will continue their successful growth with the support of Five Arrows.”

Brad Hunt, CEO of Rimes, “Rimes has been on a significant growth trajectory over the last few years, and I am proud of what the team has achieved by combining the customer-centric ethos and deep domain expertise that has differentiated us since 1996. Today, the firm’s most modern technology underpins an innovative, comprehensive product offering designed to address future investment data challenges. This transformation would not have been possible without the support of EQT and our Board, and we thank them for a productive and highly successful partnership. We look forward to joining forces with Five Arrows and building upon our strong momentum.”

Seif Khoufi and Constantin Sabet d’Acre, Managing Director and Director of the Five Arrows Long Term Fund, said “The Rimes team impressed us with their ambitious vision and their strong track-record of growing and scaling Rimes in a deeply customer-centric way. This is evidenced by industry-leading levels of customer satisfaction, and a history of solving a growing share of pain points for customers through continuous innovation. We are confident that Rimes is uniquely positioned to continue to support its customers’ expanding needs.” Vivek Kumar and Sacha Oshry, both Partners at Five Arrows Principal Investments, added, “We are delighted to be partnering with Brad and the team to unlock the next chapter of Rimes’ growth. We share in Rimes’ strategic vision centered around solving financial institutions’ most complex data problems across geographies, asset classes and customer types. We are thrilled to have the opportunity to support Rimes.”

The transaction is subject to customary regulatory approvals and is expected to close in the coming months.

EQT and Rimes were advised by Evercore (corporate finance) and Latham and Watkins (legal). Five Arrows was advised by Jefferies (corporate finance) and Shoosmiths (legal).

Contact
EQT Press Office, press@eqtpartners.com

About EQT
EQT is a purpose-driven global investment organization with EUR 232 billion in total assets under management (EUR 130 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About Rimes
Rimes provides transformative Enterprise Data Management and Investment Management Platform solutions to the global investment community. Rimes is a trusted partner to the industry’s most sophisticated asset managers and asset owners, with its customers representing more than USD 75 trillion of global assets under management. Rimes helps its clients solve their most complex data problems, leveraging capabilities refined over 25 years including an unparalleled data partner ecosystem and deep domain expertise in investment data. Powered by its proprietary, multi-tenant cloud technology platform, Rimes’ data management solutions empower its clients to make better investment decisions using reliable data, while improving cost efficiency and reducing operational risk.

More info: www.rimes.com

About Five Arrows 
Five Arrows is the alternative assets arm of Rothschild & Co and has EUR 26 billion AuM with offices in Paris, London, New York, Los Angeles, San Francisco and Luxembourg. With over EUR 9 billion of assets under management, the corporate private equity business of Five Arrows is focused on investing in companies with highly defensible market positions; strong management teams; business models with high visibility of organic unit volume growth and strong unit economics; and multiple operational levers that can be used to unlock latent value. Sectors are limited to data and software, technology‑enabled business services and healthcare.

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EQT to acquire a majority position in Universidad Europea, a leading private higher education platform in Spain and Portugal

eqt
  • Universidad Europea is a leading private higher education platform in Spain and Portugal, operating 12 campuses
  • Increasing access to higher education is a priority for governments worldwide, with robust demand for private higher education to help complement public options in Europe and to support the employability of young graduates
  • EQT to help the Company develop its position as a leading higher education player, investing into existing and new campuses and regions, and bolstering its digital initiatives

EQT is pleased to announce that the EQT Infrastructure VI fund (“EQT”) has agreed to acquire a majority position in Universidad Europea (the “Company”) from Permira, who will retain a significant minority stake in the Company.

Established in 1996, Universidad Europea is one of the largest and fastest-growing private university networks in Europe, offering high-quality undergraduate and graduate degree programs, as well as advanced career programs tailored to today’s job market. It offers in-person and online modalities in a wide range of fields, including in Sports, Social Sciences and STEAM (science, technology, engineering, the arts, and mathematics) subjects and a strong focus on its Health Studies offering which is a particularly high-demand segment.

Today, Universidad Europea has 3,400 employees and comprises a network of 54,000 students and 130,000 alumni across 12 campuses, offering more than 500 degrees and 110 new official value-add programs. It offers a premium academic model focused on experiential learning, complemented with high-quality faculty, state-of-the-art facilities and cutting-edge technology, delivering superior student outcomes.

The tightly regulated and resilient Spanish and Portuguese private higher education markets are expected to grow over coming years, driven by demographic trends as well as demand from international students in Europe and Latin America who view Spain as an attractive destination to pursue higher education.

EQT will support Universidad Europea by investing in its existing campuses and applying its in-house digital team to enhance the Company’s online proposition for students seeking access to hybrid and remote learning models. EQT will draw upon its local presence and international expertise to support the Company in establishing campuses in new regions.

Anna Sundell, Partner within the EQT Value-Add Infrastructure Advisory team, said: “Partnering with Universidad Europa is an opportunity to invest in one of the leading higher education institutions in Europe. We have followed the Company for a long time and are deeply impressed by the high quality academic model, innovative approach and establishment of new state-of-the art campuses in both Spain and Portugal. This investment is aligned with EQT’s approach as long term active owners of companies that provide essential services to society. We look forward to working together with the management team and Permira in this exciting next phase for the Company.”

Asís Echániz, Partner within the EQT Value-Add Infrastructure Advisory Team, and Head of Spain, added: “Universidad Europea is a leading higher education platform with a differentiated brand, a strong network of partnerships and students and an excellent track record of growth. We are excited to start working with the Company’s management team, contributing our expertise owning essential infrastructure assets, our responsible ownership principles and our local knowledge to help deliver a strong academic proposition for students seeking access to high quality education services.”

Otilia de la Fuente, CEO of Universidad Europea, commented: “With Permira as our trusted partner, we´ve achieved remarkable success over the past four years. Together, we have strengthened the quality of our academic model for our students and embarked on ambitious expansion initiatives, including the establishment of new campuses and infrastructures. None of these milestones would have been possible without the unwavering dedication and collaborative efforts of our teams. As we enter this new chapter, we extend a warm welcome to EQT and we are excited to explore the boundless opportunities that lie ahead in this extraordinary venture. Joining forces with EQT, alongside Permira, allows us to continue our journey of innovation and growth, furthering our mission of changing lives through higher education.”

The transaction is subject to customary conditions and approvals. It is expected to close in Q3-Q4 2024.

EQT was advised by Deutsche Bank (financial), Allen & Overy (legal).

With this transaction, EQT Infrastructure VI is expected to be 30-35% percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on target fund size.

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Infrastructure VI will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

Contact
EQT Press Office, press@eqtpartners.com

About EQT
EQT is a purpose-driven global investment organization with EUR 232 billion in total assets under management (EUR 130 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About Universidad Europea
Universidad Europea is a dynamic institution, focused on bringing value to society and actively contributing to its progress. True to its innovative vocation, it promotes applied research and sustains its activities by empowering individuals through an international educational model connected with the professional world and of high academic quality. This philosophy has made it a leading private university in Spain and Portugal.

Currently, there are more than 54,000 undergraduate and postgraduate students who each year receive face-to-face or hybrid education at one of its campuses or online. In Spain: Universidad Europea de Madrid, which comprises Universidad Europea School, Universidad Europea de Valencia, and Universidad Europea de Canarias. Real Madrid – Universidad Europea School, and Centro de Estudios Garrigues. In Portugal: Universidade Europeia, with IADE as one of its faculties, and IPAM. 

More info: www.universidadeuropea.com


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Hendi announces partnership with 365 Capital to accelerate European growth in the coming years

365 Capital

Hendi, founded in 1934, is a European distributor of non-food catering supplies and kitchen equipment for the professional kitchen. Hendi has a wide range of ~4,500 mostly in-house designed products across ~20 different product groups (ranging from small kitchen accessories to large electrical appliances) and sells its products under its own brand. Hendi sells its products through an extensive network of distributors and renowned wholesalers to professionals in more than 60 countries. Hendi generated >€150m revenue in 2023 and serves its customers with ~400 employees from offices in eight countries (Netherlands, Poland, Austria, Italy, Romania, Spain, Greece and Hong Kong) and distribution centres in six countries (Netherlands, Poland, Austria, Romania, Spain and Greece).

The owners of Hendi chose to partner with 365 Capital to further strengthen the organisation to better respond to the opportunities the company sees and to accelerate its European growth plan. Important pillars of the growth plan for the coming years are the expansion and strengthening of Hendi’s presence in the major European hospitality countries and optimisation of the product range. Tom Buch and Jolanta and Maksymilian Kultys will remain involved in the company in their current roles and nothing will change for the employees, customers and suppliers.

365 Capital is a private equity firm active in the (lower) mid-market segment of the Dutch market and focuses on ambitious companies with their headquarters in the Netherlands. 365 Capital is investing in Hendi from its first fund which was closed in April 2021 at €165m. The investment in Hendi is expected to be the last investment from the first fund and 365 Capital will begin fundraising for fund 2 in Q2.

Tom Buch, Jolanta Kultys and Maksymilian Kultys (Hendi): “We are very pleased with the partnership with 365 Capital and believe that their entrepreneurial nature and professional way of working fits well with the culture within Hendi. Through this partnership, we will increase the company’s strength, allowing us to serve our customers even better and accelerate our growth ambitions.”

Hayo van Houten (365 Capital): “We are extremely impressed by Hendi’s growth over the past 10 years and Hendi’s unique position in the European market. Hendi has a broad and loyal customer base who highly value Hendi’s wide range of high-quality products and fast delivery. We are also very impressed by the strong culture and ambition within the company. We look forward to working with Tom, Jolanta, Maksymilian and the broader Hendi team to realise our joint ambitions in the coming years.”

The owners of Hendi were advised by Marktlink (sell-side M&A and legal) and Deloitte (legal).

365 Capital has been advised by OC&C (commercial), KPMG (financial), JB Law (legal), Avaxa (financing) and DLA Piper (legal). The lenders were advised by Clifford Chance (legal).

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EQT enters exclusive talks with ICG Infra to acquire Ocea Group, a leading French water and heat submetering infrastructure provider

eqt
  • Ocea is a provider of smart water and heat metering infrastructure in France, operating under long-term inflation-linked contracts in an industry benefiting from long term visibility and regulation-driven growth
  • Ocea helps the energy transition through measurement of individual consumption, which significantly incentivizes customers to make more environmentally conscious decisions. Submeter installation is shown to reduce energy consumption and water usage by 15%1
  • EQT plans to further accelerate the Company’s growth, applying its track record in the energy and environmental sectors. ICG Infra strongly supported Ocea on significant initiatives to contribute to its growth in the energy transition

EQT is pleased to announce that EQT Active Core Infrastructure fund (“EQT”), has entered exclusive negotiations to acquire Ocea Group (“Ocea”, or the “Company”) from ICG Infrastructure Equity I (“ICG Infra”).

Ocea aims to play a key role in the rollout of smart water and heat submetering devices leading to tangible savings for customers and positive impact for the environment. It operates more than four million heat and water submeters. Through long-term, 10+ year inflation-linked contracts, the company provides a comprehensive range of submetering services to over 7,000 public and private customers, including installation and rental, reading and data collection, and maintenance and replacement.

The Company is expected to benefit from favorable growth trends in the French submetering market owing to regulation and strong consumer demand to allocate and reduce consumption. Penetration rates are expected to improve both across the water and heat segment, while creating significant adjacent business opportunities.

Since acquiring a majority stake in Ocea in 2019, ICG Infra undertook a series of initiatives to support its growth in the energy transition, driven by a management team of seasoned executives led by CEO Emmanuel Croc.

EQT plans to support Ocea’s growth in its core submetering business and across other adjacent solutions in the environmental, data management and smart housing segments. EQT would help Ocea to continue the expansion of its asset and client base, drive growth through capex-enabled sustainable energy solutions and make significant investments in digital customer services.

Fabian Gröne, Partner in the EQT Active Core Infrastructure Advisory Team, said: “This potential investment aligns with EQT’s approach of investing in essential services that have a positive impact on society, and builds on our track record in the circularity and resource efficiency themes. Ocea would mark EQT Active Core Infrastructure’s third investment, which is focused on acquiring core businesses with strong downside protection and inflation-linked contracts backed by thematic market growth – while still providing significant value creation opportunities from EQT’s active ownership approach.”

 

Thomas Rajzbaum, Partner and Head of EQT’s French Infrastructure Advisory Team, added: “We have followed Ocea for a long time and have been deeply impressed by its growth track record. We are thrilled by the prospect of partnering with the management team to further strengthen the Company’s positioning in France and abroad through continued growth in its asset base and investments in digitalisation and sustainable customer solutions.”

Emmanuel Croc, Chief Executive Officer of Ocea, said: “I would like to thank ICG for their strong contribution and expertise over the last four years, and we would be delighted to welcome EQT as a new long-term partner. We see the demand for submetering solutions steadily increasing amidst continued volatility in energy costs, increased customer awareness and desire to save coupled with a favorable regulatory landscape. By combining Ocea’s footprint and customer relationships with EQT’s experience in the energy sector, we plan to scale the platform further and grow in attractive adjacencies such as geothermal.”

Guillaume d’Engremont, Head of Infrastructure at ICG, commented: “Since we first invested in Ocea, our support has allowed the Company to continuously strengthen its position as a leading energy efficiency player by growing its installed base of sub-meters whilst also expanding into additional business lines synergetic with its core business. We are proud to have accelerated this critical mission over the past four years. It has been a pleasure to partner with Emmanuel Croc and the management team, who are doing a fantastic job further growing Ocea in the French market with an industry-leading efficiency and sustainability focus.”

The transaction is subject to customary regulatory conditions and approvals including information and consultation of the works council of Ocea. It is expected to close in Q2-Q3 2024.

EQT was advised by Rothschild & Co (financial), Linklaters LLP (legal), BCG (commercial and ESG) and KPMG (finance and tax).

ICG was advised by Ayache (legal), Bird&Bird (legal) and Eight Advisory (finance).

1Source: ADEME, L’individualisation des frais de chauffage, February 2023

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Active Core Infrastructure will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

Contact
EQT Press Office, press@eqtpartners.com
ICG Press Office, Catherine.Armstrong@icgam.com

About EQT
EQT is a purpose-driven global investment organization with EUR 232 billion in total assets under management (EUR 130 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram   

About Ocea Group
Groupe OCEA employs around 550 people throughout France (28 agencies) to accelerate the energy transition of collective housing and tertiary buildings through its 3 subsidiaries:

  • Ocea Smart Building: sub-metering of water and heating, water and energy costs allocation and digital solutions for energy management. Our client promess is to reduce their consumption (up to 15% on average across the portfolio).
  • Isiom Conseil: assisting public and private clients for audits and actions plans in order to optimize their property assets, specially on energy efficiency.
  • Qowisio: the specialist in IoT solutions (like temperature sensors, Air Quality,… ) and connectivity

More info: https://www.groupe-ocea.fr/

About ICG
ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with over 35 years’ history, managing $86.3bn of assets1 and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.

ICG develops long-term relationships with its business partners to deliver value for shareholders, clients and employees, and uses its position of influence to benefit the environment and society. ICG is committed to being a net zero asset manager across our operations and relevant investments by 2040.

ICG is a member of the FTSE 100 and listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at www.icgam.com. You can follow ICG on LinkedIn, X (Twitter) and Instagram

ICG Infra Team manages more than €2.5bn in Europe and seeks to partner with successful management teams and founders, providing growth capital to mid-market businesses across the energy transition, digital and mobility sectors.

ICG Infra Team leverages ICG’s DNA of bespoke capital solutions, investing across capital structures in equity and structured equity instruments creating a defensive risk-return profile for its portfolio whilst seeking to deliver consistent returns for its investors.

1 As at 31 December 2023

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SheerID Launches Income Verification Solution Enabling Telcos to Serve Families No Longer Covered by Affordable Connectivity Program

Brighton Park Capital

Solution makes it easy for Telcos to digitally verify over 42 million individuals who qualify for government assistance programs for reduced price plans and promotions

PORTLAND, Ore.–(BUSINESS WIRE)–SheerID, the global leader in identity verification for commerce, today announced the availability of its instant verification solution for low-income households for telecom carriers. Already in use by brands such as Walmart – in support of the company’s Walmart+ Assist program – SheerID’s verification solution provides an easy way for companies to verify households who qualify for government assistance programs. With the federal government ending funding of the Affordable Connectivity Program (ACP) this month, SheerID’s verification solution provides a means for carriers to continue reduced rate pricing and promotions to families who need extra financial support. In addition, it allows Telcos to pursue continued federal funding through programs such as the broadband equity and deployment (BEAD) program.

“We are honored to help telcos that need new alternatives to the ACP to continue to provide their much needed products and services to families in need throughout the United States.”

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Since the creation of ACP, carriers could count on the government to verify which of their customers are on government assistance and thus eligible for special discounts on their products and services. Now that ACP is being discontinued, telcos can no longer seamlessly verify and serve millions of customers who qualify for reduced rate programs. The end of ACP also represents the loss of government subsidies for rural broadband deployment. Providing low-cost plans to verified low-income customers is an efficient and effective way to ensure digital equity.

How SheerID verifies customers who qualify for government assistance

SheerID uses authoritative data sources to verify if someone meets the income eligibility guidelines for SNAP. In addition, SheerID can verify if someone is enrolled in a government assistance program like WIC, Medicaid, SSI, TANF, TTANF, NSLP and LIHEAP through document review. Once SheerID verifies the individual through its seamless white-label verification experience on the Telco’s website, the carrier can offer needed reduced-rate plans and other promotions such as discounts on refurbished phones to customers.

Supporting additional communities with exclusive promotions

Given the vital importance of Internet-access in today’s world, providing an exclusive offer to households that qualify for government assistance helps generate goodwill and supports the mission of a company’s brand. This phenomenon is also true when a brand provides personalized discounts to other communities, such as teachers, students, and healthcare workers. From surveys conducted by SheerID, more than 60% of all consumer communities said a personalized offer would make them promote that brand to friends and family. T-Mobile has generated goodwill by offering special promotions to military and first responders, while AT&T offers promotions to a number of communities including military, first responders, teachers, and healthcare workers. SheerID’s verification solution protects all of these offers by verifying that consumers who try to redeem these offers are indeed part of the community.

“This is an important initiative to help people around the country – regardless of their economic situation, gain access to the Internet and achieve digital equity,” stated Jake Weatherly, CEO of SheerID. “We are honored to help telcos that need new alternatives to the ACP to continue to provide their much needed products and services to families in need throughout the United States.”

More information about SheerID’s Telco solutions can be found here.

About SheerID

SheerID is the global leader in identity verification for commerce. With SheerID, brands identify and acquire customers from highly valued consumer communities — such as the military, students, teachers, and first responders — with personalized offers through loyalty programs, digital wallets, and more, that are gated by instant verification from the largest set of authoritative data worldwide. SheerID verifies more than 2.5 billion people via 200,000 authoritative data sources to increase sales while mitigating fraud, provides global insights from hundreds of the world’s leading brands, and never shares or sells customer data. As a result, the world’s biggest brands — including Amazon, Home Depot, Spotify, and T-Mobile — rely on SheerID as their identity verification partner. Founded in 2011, SheerID is backed by Fortson VC, Brighton Park Capital, Centana Growth Partners, Voyager Capital, and CVC Growth Partners.

SheerID is ISO Certified and is a member of the MACH Alliance, the group of independent technology companies dedicated to advocating for open, best-of-breed technology ecosystems. In 2023, SheerID ranked among the highest-scoring businesses on Inc. Magazine’s Annual List of Best Workplaces. For more information, please visit SheerID or follow us on TwitterLinkedInFacebook, and TikTok.

Contacts

Michael Lindenberger
LindyPR
michael@lindypr.net
+1.415.531.1449

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REDUCED secures EUR 6 million financing led by Novo Holdings to scale its natural food ingredients business

Novo Holdings

REDUCED, a Copenhagen-based company that uses fermentation technology to transform food and agriculture industry side streams into natural food ingredients, today announced it has secured EUR 6 million in new financing. The funds were raised from a range of investors, including new investment from Novo Holdings and the Nordic flavour house Einar Willumsen, as well as existing investors EIFO and Rockstart Agrifood.

 

Proceeds from the round will be used to further develop its technology platform, broaden its portfolio of savoury ingredients, secure production capacity, implement certifications, and increase sales and marketing efforts.

 

Since REDUCED was founded in 2020 by William Anton Lauf Olsen & Emil Munck de Voss, the Company has developed proprietary processes that use novel fermentation technology to derive unique umami flavours from food industry side streams at a lower cost, due to shortened process time scales, and with a significantly lower CO2 impact.

 

Rooted in gastronomy, REDUCED’s Head of Research & Development, Lorenzo Tirelli, and Head of Product, Bram Kerkhof, both previously worked in the fermentation lab of the internationally acclaimed Danish restaurant Noma, which was frequently rated as one of the World’s 50 Best Restaurants1.

 

REDUCED’s technology enables the extraction of the savoury umami flavours from both vegetable and animal side streams and convert them using fermentation into clean label ingredients. The global market for savoury food ingredients is estimated to be worth more than EUR 31.5 billion, and EUR 8.8 billion for global clean label savoury flavourings2.

 

REDUCED’s wide range of products include organic chicken stock concentrates made from retired laying hens, and a stock concentrate made from vegetables that don’t meet the strict appearance or size criteria of supermarkets, along with fermented umami sauces which add complexity and a lingering aftertaste to food.

 

REDUCED currently supplies more than 100 food service businesses and delivers ingredients to food manufacturers in collaboration with leading food ingredient suppliers.

 

Emil Munck de Voss, Co-Founder & CEO of REDUCED, said:
“This investment will be transformative for the Company as we expand and extend the range of products we can offer, drawing on our gastronomic heritage to create unique flavours. Not only will this bring great new products to the market, but it will also help to reduce CO2 emissions and make the most of the side streams available in the food production chain. We are ready to continue the work we have started and accelerate the impact we can make on the food industry.”

 

Thomas Grotkjær, Partner, Bioindustrial Investments, Novo Holdings commented:
“REDUCED brings an exciting combination of strong Nordic cuisine and fermentation technology to the growing trend of sustainability in food production. With delicious natural products, that are already in demand from over 100 customers, we are pleased to support the REDUCED team in their journey from innovative start-up to industrial scale.”

 

Jan Grøndal, Chief Executive Officer, Einar Willumsen said:
“REDUCED has the potential to make a significant impact in the food ingredients industry and we want to be a part of that. We are impressed by the Company’s ability to convert technology to commercial products and their approach to flavour creation. In Denmark, we have a tradition for creating high-value food ingredients companies, and we strongly believe REDUCED could be the next one.”

 

About REDUCED
Founded in 2020, REDUCED is challenging the flavour industry, by creating intense natural flavour solutions from side streams and surplus produce from the food and agricultural industry.

The Copenhagen-based company has developed unique fermentation processes, allowing the utilisation of various side streams to create umami-rich flavour solutions. REDUCED’s mission is to deliver flavour solutions with low carbon impact by repurposing side streams and provide cost-effective, natural, and flavour-rich food ingredients.

 

About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S (Novozymes A/S) and manages an investment portfolio with a long-term return perspective.

 

In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seeds, Venture, Growth, Asia, Bioindustrial and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2023, Novo Holdings had total assets of EUR 149 billion. www.novoholdings.dk

 

About Einar Willumsen A/S
Einar Willumsen is a Nordic flavour house with more than 123 years of experience. Ever since its establishment in 1901, EW has been practicing its slogan: “When taste and speed matter”. The company uses nature’s recipes to create unique and authentic taste experiences for beverages, dairy, confectionery, and bakery industries, based on a strong skillset within e.g. Flavour creation, application technology, distillation, bio solutions, and extraction technology. On top of creating the perfect taste solutions and final applications, the company assists with e.g. regulatory and compliance assistance and is therefore a full solutions provider.

Further information

Marie-Louise Jersin, Senior Communications Partner,
+45 3049 4957
maj@novo.dk

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Blue Owl Capital to Acquire Kuvare Asset Management for $750 Million

Blue Owl logo
  • Acquisition will add up to $20 billion in AUM for Blue Owl and support the launch of Blue Owl Insurance Solutions
  • Blue Owl also invested $250 million in Kuvare UK Holdings

NEW YORK, April 3, 2024 — Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL), a leading alternative asset manager, announced today it has entered into a definitive purchase agreement to acquire Kuvare Insurance Services LP (dba Kuvare Asset Management) (“KAM”) for $750 million. 

KAM is a boutique investment management firm focused on providing asset management services to the insurance industry, including Kuvare UK Holdings (“Kuvare”). Blue Owl will fund the KAM acquisition through a combination of $325 million in cash and $425 million in Blue Owl Class A common stock. The KAM acquisition is expected to close in the second or third quarter of 2024 and remains subject to customary regulatory approvals and other closing conditions and specified termination rights. Upon closing of the KAM acquisition, most KAM employees are expected to join Blue Owl. In addition, there is potential for up to a $250 million earnout subject to certain adjustments and achievements of future revenue targets.

Separately, Blue Owl made a long-term investment in Kuvare today, purchasing $250 million of preferred equity. This investment creates long-term alignment between Blue Owl and Kuvare and provides valuable growth capital to Kuvare’s insurance companies, each of which will become new asset management clients of Blue Owl. Founded in 2015, Kuvare is a technology-enabled financial services firm operating several insurance and reinsurance businesses and has become a top 20 fixed and indexed annuity writer in the United States. Kuvare’s business segments include retail, institutional reinsurance and specialty insurance advisory services.

In addition to the preferred equity investment, Blue Owl and Kuvare entered into investment management agreements (“IMAs”) that will allow Blue Owl to deploy up to $3 billion of assets across its existing Credit, GP Strategic Capital and Real Estate investment platforms, which can grow over time. Upon the closing of the KAM acquisition, Blue Owl will be allocated up to $20 billion of AUM, in aggregate. Kuvare will continue to manage the overall asset allocations for its insurance businesses and strategic investments. Blue Owl’s IMAs with Kuvare insurance companies will be additive to Blue Owl’s permanent capital base while enhancing Kuvare’s investment capabilities.

These transactions are expected to be accretive to Blue Owl in 2024.

Doug Ostrover, Co-CEO of Blue Owl said: “The creation of Blue Owl Insurance Solutions represents a significant moment in Blue Owl’s journey. Our acquisition of KAM allows us to provide broader solutions to the multi-trillion-dollar insurance market at scale. KAM’s capabilities in investment grade credit and real estate strategies supplement Blue Owl’s existing strength in these asset classes and further accelerate our ability to bring differentiated products and strategies to the market for Kuvare and third-party insurance clients.”

Marc Lipschultz, Co-CEO of Blue Owl said: “Our preferred equity investment in Kuvare reflects our confidence in the growth trajectory of the business; both through its extensive distribution network and proven reinsurance strategy. This partnership with Kuvare anchors Blue Owl’s expanding presence in the insurance channel, greatly complementing our robust institutional and wealth footprint and further diversifying the markets for which we provide investment solutions. In aggregate, we believe these transactions reflect a creative approach to expanding our offerings for the insurance market at an attractive price.”

Dhiren Jhaveri, Founder, Chairman and CEO of Kuvare added: “It is an important and exciting step in the evolution of Kuvare to associate in such an impactful way with an asset manager of Blue Owl’s caliber. We always strive to be excellent stewards of assets entrusted to us by our policyholders and reinsurance partners, and the team at Blue Owl has demonstrated a unique commitment to helping us achieve our goals. We especially look forward to continued collaboration with our many valued KAM colleagues who will join the Blue Owl team at close of this transaction.”

A supplemental investor presentation with respect to the transaction is available on the shareholders section of Blue Owl’s website.

Ardea Partners LP and PJT Partners LP are serving as lead financial advisors to Blue Owl in connection with the transactions. BofA Securities, BMO Capital Markets Corp., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Mizuho and its affiliate Greenhill & Co, Morgan Stanley & Co. LLC, and Truist Securities, Inc. are also acting as co-financial advisors to Blue Owl. Kirkland & Ellis LLP acted as legal advisor to Blue Owl.

J.P. Morgan Securities LLC is acting as lead financial advisor to KAM, and as co-placement agent on the investment in Kuvare. RBC is acting as financial advisor to Kuvare and as co-placement agent on the investment in Kuvare. Sidley Austin LLP acted as legal advisor to Kuvare.

Blue Owl Investor Contact
Ann Dai
Head of Investor Relations
blueowlir@blueowl.com

Blue Owl Media Contact
Nick Theccanat
Principal, Corporate Communications & Government Affairs
nick.theccanat@blueowl.com

Kuvare Media Contact
Erica Davis
Director, Corporate Communications
media@kuvare.com 
800-637-6318
About Kuvare Holdings
Kuvare is a technology-enabled financial services platform providing life insurance and annuity products to consumers, reinsurance solutions to institutional markets, advisory services to insurance businesses, as well as asset management solutions. Headquartered in the Chicago area, and founded in 2015, Kuvare has $37 billion of assets and is committed to a sustainable long-term growth strategy. The family of Kuvare companies includes Lincoln Benefit Life Company, Guaranty Income Life Insurance Company, United Life Insurance Company, and Kuvare Life Re (Bermuda), and Ignite Partners. For more information about Kuvare, please visit https://kuvare.com.


 

Forward Looking Statements

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “should,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date made. Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law.

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blue Owl’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important factors, among others, that may affect actual results or outcomes include the risk of the KAM acquisition not closing on a timely basis, if at all; the inability to recognize the anticipated benefits of strategic acquisitions; costs related to acquisitions; the inability to maintain the listing of Blue Owl’s shares on the New York Stock Exchange; Blue Owl’s ability to manage growth; Blue Owl’s ability to execute its business plan and meet its projections; potential litigation involving Blue Owl; changes in applicable laws or regulations; and the possibility that Blue Owl may be adversely affected by other economic, business, geo-political and competitive factors.

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EQT Life Sciences Leads $42M funding round in Phagenesis

EQT Life Science

Phagenesis, a medical devices company, which specializes in the treatment of swallowing disorders, successfully closes a $42M Series D financing round led by EQT Life Sciences and co-led by Sectoral Asset Management.  

 

Amsterdam, The Netherlands, March 4, 2024 – EQT Life Sciences is pleased to announce  that the EQT Health Economics strategy has invested in Phagenesis, a pioneering UK-based  company that has developed a revolutionary neurostimulation system to treat swallowing  dysfunction. The $42M Series D financing was led by EQT Life Sciences and co-led by Sectoral, with new investors British Patient Capital, Northern Gritstone and Aphelion also joining the round. This substantial investment is a recognition of the transformative potential of Phagenesis’ cutting-edge therapy, Phagenyx®.
The Phagenyx® neurostimulation system targets and restores the neurological components of swallowing coordination and control that are disrupted due to brain injury, including stroke, or because of prolonged mechanical ventilation. Patients with swallowing dysfunction (dysphagia) are unable to safely or effectively eat, drink, or manage their own saliva. Dysphagia can often lead to life threatening complications such as pneumonia and is also associated with substantially higher healthcare costs.
With the recent approval of Phagenyx® by the FDA, the primary focus of this investment is to build commercial infrastructure and to execute a comprehensive and ambitious commercial growth strategy in the United States. The funding will also allow the Company to drive further commercial growth in Europe, deepening the already established business within that region. EQT Life Sciences has developed deep expertise in guiding MedTech, Digital Health and Diagnostics companies through initial commercialization and towards commercial scaling, and as such this investment represents an opportunity to contribute to the development of another top tier company. The funding will also support clinical trials, regulatory activities, as well as research and development of pipeline products.
Drew Burdon, Partner at EQT Life Sciences, said: “Dysphagia is a severe medical condition that  affects countless patients in hospital. It can increase hospital length of stay, the risk of complications, and lengthens recovery time. The Phagenyx® System demonstrates significant reductions in hospital length of stay, with a corresponding and substantial reduction in healthcare costs, as evidenced by  the Company’s strong portfolio of high-quality clinical studies. This is strongly aligned with EQT’s  Health Economics strategy of transforming cutting-edge scientific innovation into impactful and  cost-effective healthcare solutions. We‘re excited to support the next phase of Phagenesis’ journey.”
“This investment from a highly experienced international investor syndicate will accelerate access to  and adoption of our therapy,” said Reinhard Krickl, CEO of Phagenesis. “We will invest in  exceptional talent to scale up our customer outreach and to support passionate clinicians who want  to bring our therapy to those who need it. Our novel and proven therapy can help the millions of  patients every year who suffer from swallowing disorders.”

 

As part of this transaction, Drew Burdon, Michael Sjöström (Sectoral) and Mark Wyatt  (Northern Gritstone) will join the Phagenesis’ Board of Directors.

Contacts
EQT Press Office, press@eqtpartners.com

About EQT Life Sciences  

EQT Life Sciences was formed in 2022 following the integration of LSP, a leading European life  sciences venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0  billion and supported the growth of more than 150 companies since it started to invest over  30 years ago. With a dedicated team of highly experienced investment professionals coming  from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs  entrepreneurs who have ideas that could truly make a difference for patients. The team  combines deep sector knowledge, analytical skills, and investment experience to provide the added value that entrepreneurs seek. For more information, go to eqtgroup.com/private capital/life-sciences/

About Phagenesis 

Phagenesis® Ltd, is a private MedTech company co-founded by Dr. Conor Mulrooney and  Professor Shaheen Hamdy from the University of Manchester in 2007. Phagenesis offers  innovative treatments for neurogenic dysphagia using pharyngeal electrical stimulation, PES.  The Phagenyx® Neurostimulation System is the result of years of rigorous scientific research,  initiated by Professor Hamdy, and has been featured in numerous clinical publications. For  additional information, visit phagenesis.com.

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