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AE Industrial Partners Adds Longtime Aviation and Manufacturing Leader Dev Rudra as Vice President, Portfolio Strategy and Optimization Group

Ae Industrial Partners

BOCA RATON, FL— January 11, 2023 – AE Industrial Partners, LP (“AEI” or the “Firm”), a U.S-based private equity firm specializing in aerospace, defense and government services, space, power and utility services, and specialty industrial markets, announced today that Dev Rudra, an aviation and manufacturing executive with decades of expertise, has joined the firm as a Vice President in AEI’s Portfolio Strategy and Optimization Group. In this role, Mr. Rudra will be working closely with the Firm’s operating partners to improve operational performance across the Firm’s portfolio companies. His appointment is effective immediately.

“We’re pleased to welcome Dev to our Portfolio Strategy and Optimization Group. His extensive operations experience in aviation and manufacturing will be instrumental in driving value across our portfolio, and will also boost the Firm’s commitment to instituting ESG best practices within our companies,” said Mike Greene, Managing Partner of AEI.

As a global leader with over 25 years of experience in aircraft systems, aircraft engine maintenance and manufacturing businesses in the U.S., Singapore and Taiwan, Mr. Rudra has led multiple operational turnarounds, lean transformations, start-ups, consolidations and expansions over his career. Before joining AEI, Mr. Rudra was Managing Director of GE Aviation’s Singapore engine part repair and manufacturing operation. Previously he served in various roles at United Technologies, most recently as Director of Worldwide Repair Strategic Operations. He started his aviation career with Pratt & Whitney, where he developed his expertise in lean manufacturing and supply chain operations. Mr. Rudra holds a BE from Delhi University, and an MSE and MBA from the University of Michigan.

“AEI’s differentiated focus and experience in its target markets has enabled the firm to build a strong, strategic portfolio of innovative companies in aviation, aerospace and defense,” said Mr. Rudra. “I look forward to working closely with the management teams atour portfolio companiesto help optimize business performance, while also positioning them to be ESG innovators in their respective industries.”

About AE Industrial Partners

AE Industrial Partners is a private equity firm specializing in aerospace, defense & government services, space, power & utility services, and specialty industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from our deep industry knowledge, operating experience, and relationships throughout our target markets. AE Industrial Partners is a signatory to the United Nations Principles for Responsible Investment and the ILPA Diversity in Action initiative. Learn more at www.aeroequity.com.

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Jennifer Hurson

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KKR Commits to Invest an Additional $1.15 Billion in Aircraft Leasing with Altavair

KKR

NEW YORK & SEATTLE–(BUSINESS WIRE)– KKR, a leading global investment firm, and Altavair L.P., a leader in commercial aviation finance, today announced that KKR is making an additional $1.15 billion commitment to expand its global portfolio of leased commercial aircraft in partnership with Altavair. The investment will come from KKR’s credit and infrastructure funds.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230111005843/en/

KKR has deployed and committed $1.7 billion of capital into aircraft deals since forming a partnership with Altavair and acquiring an interest in the company in 2018. KKR, in partnership with Altavair, has acquired more than 90 commercial and freighter aircraft through a variety of transactions, including lessor trades, airline direct used and new delivery sale leasebacks, structured transactions and passenger-to-freight conversions and has successfully leased more than 75% of the portfolio to tier-one airlines and operators around the world.

“We are thrilled to deepen our footprint in aircraft leasing through this new commitment, which underscores the conviction that we have in this space and our confidence in Altavair as a partner,” said Dan Pietrzak, KKR Partner and Co-Head of Private Credit. “We look forward to growing our portfolio further to support the fleet needs of airlines and operators around the world.”

“Airlines are increasingly seeking greater liquidity and fleet flexibility, which is creating significant opportunities for high quality leasing teams with deep access to private capital,” said Brandon Freiman, KKR Partner and Head of North American Infrastructure. “We are proud to serve this growing need in partnership with Altavair.”

“Aircraft leasing continues to be a dynamic and growing market that offers compelling and differentiated opportunities for experienced investors,” said Steve Rimmer, CEO of Altavair. “The portfolio that we’ve created over the past several years further evidences the power of combining KKR’s quality capital and capabilities with Altavair’s deep technical and aircraft investing expertise and innovation. We greatly appreciate KKR’s ongoing trust in our platform and look forward to building further on this success in the years to come.”

KKR has invested approximately $8.3 billion of capital in the aviation sector since 2015. Investments include Altavair, AV AirFinance, Atlantic Aviation, KKR DVB Aviation Capital, K2 Aviation, Wheels Up, Global Jet Capital and Jet Edge, among others.

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 and on Twitter @KKR_Co.

About Altavair L.P.

Altavair L.P. is an asset manager focusing on the acquisition of new and used commercial aircraft for leasing to domestic and international passenger airlines and cargo operators. Since its inception in 2003, Altavair has completed over $10 billion in commercial aircraft lease transactions with over 60 airline customers in 28 countries representing over 200 individual Boeing and Airbus aircraft. Altavair maintains offices in Seattle, London, Dublin and Singapore. For more information, please visit www.altavair.com.

 

Media:
KKR
Julia Kosygina or Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

Altavair
Timothy O’Hara
425-369-8062
timothy.ohara@altavair.com

Source: KKR

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Mentha invests in Amsterdam Data Collective to support international growth strategy

Mentha

Mentha enters into a partnership with Amsterdam Data Collective (ADC). The integrated data science consultancy is among the fastest growing companies in the Netherlands and will accelerate their international growth ambitions starting with the merger with DAMVAD Analytics.

Since 2017, the team at Amsterdam Data Collective have helped organisations become more data-driven, particularly within the financial, healthcare, and public sectors. ADC has since grown to more than 80 employees by focusing on sector specialisation and refining a collective company culture of people who share a common goal of making a positive impact with data science. The FD Gazellen Awards 2022 marked the success of ADC’s collective culture, ranking the company among the top 20 fastest growing companies in the Netherlands for two years in a row. Next to that, ADC received multiple Great Place to Work certifications based on employee surveys.

ADC’s international expansion strategy started in 2022 with the opening of an office in Copenhagen. As part of the partnership with Mentha, ADC is now able to accelerate its expansion plans in the Nordics by merging with DAMVAD Analytics, a data science consultancy based in Denmark and Sweden. The DAMVAD Analytics team consists of around 30 consultants and has a strong presence in pharmaceuticals, financial services, the public sector, and philanthropy.

“Following the opening of the Amsterdam Data Collective office in Copenhagen, the investment by Mentha provides ADC with the opportunity to accelerate growth in the Nordics and merge with DAMVAD Analytics. We look forward to take the next steps in our international growth story with Mentha and believe the added diversity and expertise of the enlarged ADC team will lead us to create better solutions with more impact”, says Rik van der Woerdt, Co-Founder and CEO of Amsterdam Data Collective.

With a team of more than 110 experts in data strategy, data engineering, data science and data visualisation, ADC is able to offer a complete Data-Driven Organisation proposition to the market. ADC aspires to become a leading data science agency on a European scale and, as part of the collective company culture, the broader employee base will be shareholders alongside Mentha in this growth journey.

Dirk Vriend, Investment Director at Mentha: “We value ADC for its collective culture and their drive to use data science to make a positive impact. Together with the enterprising team, we expect to continue ADC’s strong growth track by attracting and retaining talent, developing innovative integrated data science solutions and accelerating expansion through an international buy-and-build strategy.”

About Mentha

Headquartered in Amsterdam and founded in 2006, Mentha is an independent private equity firm active at the lower end of the mid-market. Mentha invests in established, mid-sized and profitable companies with clear opportunities for growth along multiple avenues, such as organic growth, expansion in new markets or through buy-and-build. The entrepreneurial team is a strong collective of investment professionals, with solid financial and operational business experience. Mentha likes to team up with entrepreneurs and enterprising management teams to jointly realise ambitious growth plans. With its companies, Mentha seeks an active approach that is based on true entrepreneurship, growth acceleration and transformation, and is spurred by the human factor and sustainability.

About Amsterdam Data Collective Amsterdam Data Collective (ADC) is an integrated data science agency. The European consultancy helps organisations become data driven through data strategy, data engineering, data science, and data visualisation. ADC perceives data as part of a bigger whole that includes people, management, cultures, processes, and technology to make data work for organisations. ADC believes their collective culture is the key to success, because people thrive in a well-connected group. For more information: https://amsterdamdatacollective.com

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Duck Creek Agrees to be Acquired by Vista Equity Partners for $2.6 Billion

Apax

Duck Creek Technologies (NASDAQ: DCT), the intelligent solutions provider defining the future of property and casualty (P&C) insurance, today announces it has entered into a definitive agreement to be acquired by Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, for $19.00 per share, in an all-cash transaction valued at approximately $2.6 billion.

Under the terms of the agreement, Duck Creek shareholders will receive $19.00 per share in cash, which represents a 46% premium to Duck Creek’s closing stock price on January 6, 2023, the last full trading day prior to the transaction announcement, and a premium of approximately 64% over the volume weighted average price of Duck Creek’s stock for the 30 days ending January 6, 2023.

“This transaction is a testament to the value of the Duck Creek platform, the success of our strategy and the strength of our incredible team. Following a deliberate and thoughtful process, the Board approved this transaction which delivers a great outcome for Duck Creek’s shareholders, providing them a certain and substantial cash value at an attractive premium,” said Michael Jackowski, Chief Executive Officer of Duck Creek. “Duck Creek is proud to have pioneered cloud-based mission-critical systems for the P&C insurance industry to deliver a best-in-class customer experience. We are excited to enter the next chapter for Duck Creek in partnership with Vista Equity Partners to continue supporting P&C insurance carriers’ move to the cloud.”

“Duck Creek is playing an outsized role in accelerating cloud strategies and unlocking all the advantages they provide this crucial sector of today’s economy,” said Monti Saroya, Senior Managing Director and Co-Head of Vista’s Flagship Fund. “Duck Creek’s modern cloud architecture and demonstrated market traction position it to define the next generation of mission-critical technology for P&C insurance.”

“Vista has an established track record of partnering with leading enterprise software businesses within the insurance industry and related verticals,” said Jeff Wilson, Managing Director at Vista. “We are excited to work with the Duck Creek team as we look to build on their best-in-class platform and solutions, which serve many of the world’s leading P&C insurance carriers.”

Certain Terms, Approvals and Timing

Transaction negotiations were led by a Special Committee of the Duck Creek Board of Directors, composed entirely of independent and disinterested directors. Following the recommendation of the Special Committee, the Duck Creek Board of Directors approved the merger agreement with Vista Equity Partners.

The transaction is expected to close in the second calendar quarter of 2023, subject to the satisfaction of customary closing conditions, including approval by Duck Creek’s stockholders and U.S. antitrust clearance. Upon completion of the transaction, Duck Creek’s common stock will no longer be publicly listed, and Duck Creek will become a privately held company. Vista Equity Partners intends to finance the transaction with fully committed equity financing that is not subject to any financing condition.

The agreement includes a “go-shop” period expiring at 11:59 p.m. Eastern time on February 7, 2023, which allows Duck Creek’s board of directors and its advisors to actively initiate, solicit and consider alternative acquisition proposals from third parties. Duck Creek’s board of directors will have the right to terminate the merger agreement to enter into a superior proposal subject to the terms and conditions of the merger agreement. There can be no assurance that this “go-shop” will result in a superior proposal, and Duck Creek does not intend to disclose developments with respect to the solicitation process unless and until it determines such disclosure is appropriate or otherwise required.

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About Duck Creek Technologies

Duck Creek Technologies (NASDAQ: DCT) is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.

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Carlyle Acquires a Majority Stake to Help Accelerate Business Growth in VLCC, India’s Leading Homegrown Skincare and Beauty Platform

Carlyle

Deal marks a strategic partnership with VLCC’s founders who will continue to hold a significant stake in the company

Mumbai, India, January 10, 2023 – Global investment firm Carlyle (NASDAQ: CG) today announced a strategic partnership with VLCC (the “Company”), through the acquisition of a majority stake in the Company. Equity for the transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners. Terms of the transaction were not disclosed.

Founded in 1989 by Vandana and Mukesh Luthra, VLCC is a homegrown pioneer in India’s skincare, beauty and wellness market, with an integrated offering of branded skincare products and high-end specialized beauty and wellness services. VLCC has established itself as a well-known brand in India over the last three decades by scaling its range of branded skincare and beauty products across physical retail and digital channels, and expanding its network of clinics in tier-one and tier-two Indian cities. The Company is currently a market leader in India for facial kits and has an extensive product portfolio across skincare and sun care products.

VLCC also provides aesthetic dermal treatments and weight management services across a network of 210 retail clinics in 118 cities and 11 countries in South Asia, the Middle East and Africa. In addition, it operates 100 skill development institutes in India, making it one of the largest providers of vocational training in the beauty and wellness sector in the country.

The investment underscores Carlyle’s overall conviction in India’s long-term economic and domestic consumption growth, which the team believes is characterized by product premiumization and a shift in preference amongst the rising middle-class towards established brands.

Amit Jain, Managing Director and Co-Head, Carlyle India Advisors, said: “We are excited to invest in and support the growth of VLCC, a homegrown and trusted Indian brand with high brand salience. We plan to help VLCC accelerate growth through investments in brand building; product expansion; scaling its pan-India digital and e-commerce distribution channels; and expanding its local footprint of retail clinics. We look forward to working with VLCC’s founders as we seek to strengthen the management team and draw on Carlyle’s deep global consumer experience and network of senior advisors.”

Vandana Luthra, Founder of VLCC, said: “We believe VLCC is well-positioned to capture a larger share of the fast-growing skincare, beauty and wellness market in the countries we operate in. We are delighted to have found in Carlyle a partner who shares our vision and plans for taking VLCC to its next level of growth. Carlyle’s extensive global consumer sector experience, business partnership mindset, local market knowledge and high-caliber team make them the right partner to take the business to the next level. With the Carlyle partnership, we have every confidence in VLCC’s prospects in capturing the market opportunities ahead of us and look forward to continuing to deliver on our mission of transforming lives by making skincare, beauty and wellness accessible to our customers.”

Mukesh Luthra, Chairman of VLCC, said: “In our view, the investment by one of the world’s largest global investment firms – that has built a stellar reputation for creating long-term value for companies, shareholders, people and communities – is a reaffirmation of the strength of the VLCC brand that we have nurtured, built and grown over the last three decades.”

VLCC will be appointing Gurveen Singh and J. Suresh as Independent Directors to the Board. Ms. Singh retired as the Chief Human Resources Officer at Reckitt Benckiser and brings with her over 40 years of experience in talent development and HR solutions. Mr. Suresh, who recently retired as the Managing Director and CEO of Arvind Fashions Limited and had started his career with Hindustan Unilever, brings to the team over four decades of experience in the consumer and retail sector. Carlyle believes their combined experience and sector expertise helps strengthen the Board and will help provide strategic guidance for VLCC’s next phase of anticipated growth.

Carlyle’s global private equity funds have well-established experience investing in the consumer and retail sectors, as well as consumer-oriented businesses, including investments in Varmora, Grand Foods China (McDonald’s China franchisee), Golden Goose, A Twosome Place, TOKIWA Corporation, SBI Card, and Delhivery, among others. Globally, Carlyle has invested approximately US$25 billion of equity in over 135 deals in the consumer, media and retail sector, as of September 30, 2022.

Carlyle has invested more than US$5.5 billion of equity in over 40 transactions in India as of September 30, 2022.

KPMG India acted as the exclusive transaction advisor to VLCC and the founders.

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About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Global Investment Solutions. With $369 billion of assets under management as of September 30, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs over 2,100 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

About VLCC 

Founded by Mrs. Vandana Luthra and Mr. Mukesh Luthra as a beauty and weight management services center in 1989, the VLCC group was incorporated in 1996 and is among the first multi-outlet corporate operations in the Skincare, Beauty & Wellness Industry in India. Since inception, the VLCC Group’s mission has been to transform lives by making Skincare, Beauty and Wellness accessible to women and men. In over 30 years of operation, the VLCC brand has become synonymous with Skincare and Beauty in Indian households. Today, VLCC believes it enjoys a high level of consumer trust and is widely recognized for its comprehensive portfolio of services and products. The VLCC Group’s operations currently span 310 locations in 139 cities and 11 countries, including India, Sri Lanka, Bangladesh, Nepal, Singapore, Thailand, the UAE, Oman, Bahrain, Qatar, Kuwait, and Kenya, with a staff strength of over 3,000 skilled professionals, including medical doctors, nutritionists, physiotherapists, cosmetologists, fitness experts and wellness counsellors.

Media Contacts:

Carlyle
Lonna Leong
Tel: +852 9023 1157
E-mail: lonna.leong@carlyle.com

Adfactors PR
Manibalan Manoharan
Tel: +91 9833949919
E-mail: manibalan.manoharan@adfactorspr.com

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DIF Capital Partners acquires US-based data center provider Tonaquint

DIF Capital Partners is pleased to announce that it has signed an agreement to acquire Tonaquint Data Centers, a leading data center provider in the Mountain West region in the United States, headquartered in St. George, Utah. Tonaquint’s management continues to hold a minority stake. The investment will be done through DIF’s core-plus CIF III fund.

Tonaquint is a colocation and cloud service provider with operations in St. George, Utah and Boise, Idaho. The company offers a comprehensive set of critical infrastructure products and services and is active in a fast-growing segment of the digital industry. The acquisition will enable Tonaquint to continue its growth, enhancing its existing facilities and expanding its service offering.

Tonaquint is mainly focusing on high growth smaller markets, which are not as well serviced by other major data center operators. It serves a well-diversified and growing client base in the technology, healthcare, financial services, and industrial sectors.

DIF data center operating advisor Michael DeVito will be joining the Tonaquint management team to further build out the company in North America.

Willem Jansonius, partner and Head of CIF at DIF Capital Partners, commented: “Given the rapid growth of the private cloud market, Tonaquint’s product offering is right where the opportunities are. Now and in the years to come. Our investment will enable Tonaquint to further build towards a leading North American data center platform. The acquisition fits DIF’s ambition to further grow in the digital infrastructure space in North America and beyond by investing in small to medium-sized businesses. That’s exactly why we already started expanding our capabilities and expertise in the sector a few years ago.”

Matt Hamlin, co-founder and CEO of Tonaquint said: “Working with the DIF team has been such a great experience. A very experienced team and a good strategic fit as they will be able to help our management team grow Tonaquint as we have envisioned in our overall business strategy. Our goals still remain the same: provide our customers with the best infrastructure and match it with the best client experience. That’s who we are.”

Philip Daley, co-founder and COO of Tonaquint added: “Tonaquint’s ability to build and maintain quality data centers and cloud services is now enhanced by DIF’s ability to bring additional capital and expertise in digital infrastructure. We look forward to expanding our footprint and services throughout the United States.”

Bank Street Group LLC served as exclusive financial advisor to Tonaquint in connection with this transaction. Agentis Capital served as an exclusive financial advisor to DIF.

 

About Tonaquint

Tonaquint is a leading data center provider which operates two data center facilities in St. George, Utah and Boise, Idaho. Tonaquint was founded in 2008, and entered into the Boise market in 2020 with the acquisition of Fiberpipe Data Centers, Inc. The company provides data center services to over 250 customers across its two facilities. Tonaquint provides a robust product suite including colocation, cloud services (including secure and compliant hosting for infrastructure), disaster recovery, and backup as a service, as well as ancillary network and managed services. Tonaquint has achieved strong success within its existing markets, leveraging a sales strategy focused on developing local relationships to build to a longstanding customer base.

For more information please visit www.tonaquint.com.

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with more than EUR 15 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds, of which DIF VII is the latest fund in the series, invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 200 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information please visit www.dif.eu.

 

Contact DIF: Diederik Heinink, d.heinink@dif.eu

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Cimory Announces Secondary Investment from General Atlantic to Support Continued Growth as Leading Dairy and Consumer Foods Platform

General Atlantic

Partnership with global growth investor to support Cimory’s growth strategy, including distribution network expansion, product development and innovation, and digital marketing initiatives

Jakarta, Indonesia and New York, United States, 10 January 2023 – PT Cisarua Mountain Dairy Tbk (IDX: CMRY) (“Cimory” or “the Company”), a leading premium dairy and consumer foods platform in Indonesia, today announced a strategic secondary investment from General Atlantic, a leading global growth equity firm. General Atlantic invested $130 million dollars or equivalent to 5.64% share ownership stake in the Company. Cimory plans to partner with General Atlantic to accelerate its growth initiatives, including new product development and product innovation, the extension of its distribution networks, digital marketing, and pricing efforts.

Founded in 1992 by Bambang Sutantio, Cimory has grown into a leading producer and distributor of dairy products and consumer foods in Indonesia, with a commitment to innovation, quality, and social impact through community engagement. The Company’s umbrella brand spans a variety of high-growth categories, including yogurt, flavored milks, and premium consumer foods. Cimory has an established track record of delivering product innovation, creating the fast-growing yogurt category locally in Indonesia in 2006 and consistently launching novel new items at various price points for consumers across its portfolio. Cimory also prioritizes inclusion and ESG in its distribution channels, including through the creation of its exclusive Miss Cimory direct-to-consumer distribution channel, comprised of 4,000 saleswomen who sell products directly to more than 200,000 households weekly. The Company is also committed to supporting the regional economy, sourcing supply for its dairy products from over 10,000 small dairy farmers daily.

As Indonesia continues to see strong economic growth, protein consumption – including dairy, eggs, and meat – in the country is rising.[1] Cimory’s expertise in delivering high-quality protein products helps position the Company to benefit from this transition and deliver long-term growth as it serves consumers across a range of consumption patterns and price points. Under CEO Farell Sutantio’s leadership, Cimory has also reoriented itself as a digital-led brand, allowing the Company to build strong resonance among Indonesia’s younger consumer base.

“We are proud to have grown Cimory into a household name and one of the most trusted brands in Indonesia. As we look ahead to our next phase of growth, we are excited to welcome General Atlantic as our strategic partner,” said Farell Sutantio, CEO of Cimory. “General Atlantic’s deep sector and regional expertise, combined with the firm’s dedicated company-building capabilities, will help provide Cimory with an even greater opportunity to expand our business.”

“We believe Cimory has developed a differentiated brand and product portfolio that is uniquely suited to the evolving needs of the local consumer. With exciting economic growth being driven out of Indonesia and Southeast Asia, Cimory has an opportunity to further scale its product portfolio and reach new consumers,” continued Sandeep Naik, Managing Director and Head of India & Southeast Asia at General Atlantic.

“Farell and the team are intently focused on innovation, inclusion, and strategic expansion, and we intend to leverage General Atlantic’s decades of experience helping cultivate consumer brands to support the exciting growth initiatives already underway at Cimory.”

Nomura Singapore Limited advised Cimory’s promoters on the transaction.

About Cimory

PT Cisarua Mountain Dairy Tbk (“Cimory”) is a leading producer of premium dairy products and premium consumer food in Indonesia. Founded in 1992, Cimory has a reputation for product innovation. The Company’s premium dairy product portfolio includes yogurt and milk products, which are marketed under the “Cimory” brand. The premium consumer food product portfolio includes a wide selection of ready-to-cook and ready-to-eat sausages and chicken nuggets marketed under the “Kanzler” brand. On December 6, 2021, Cimory was officially listed as an issuer on the Main Board of the Indonesian Stock Exchange with the stock code CMRY. In the corporate action of the initial public offering, Cimory succeeded in obtaining IPO funds of IDR 3.66 trillion. For more information on Cimory, please visit the website: www.cimory.com.

About General Atlantic

General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 445 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $73 billion in assets under management inclusive of all products as of September 30, 2022, and more than 215 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

 

Media Contacts

Dinar Primasari
Cimory corsec@cimory.com

Emily Japlon & Gurion Kastenberg
General Atlantic media@generalatlantic.com

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Resonetics to Acquire SAES Medical Nitinol Business

Carlyle

Expands nitinol raw material and component manufacturing capabilities to address the industry’s growing need for technological advances in an array of therapeutic areas

Nashua, NH January 9, 2023 – Resonetics announced today that it has signed an agreement to acquire Memry Corporation and SAES Smart Materials, Inc. from SAES Getters S.p.A, Milan, Italy. Both acquired businesses are based in the United States with operations in Bethel, Connecticut, New Hartford, New York, and Menlo Park, California. Resonetics is backed by funds managed by global investment firm Carlyle and leading private equity firm GTCR. The transaction is valued at $900 million.

“The SAES Medical Nitinol business is a leading supplier to the medical device industry with a broad set of capabilities focused 100% on nitinol, a novel superelastic, shape-memory alloy that is enabling many technological advances in a growing array of therapeutic areas including structural heart, peripheral vascular, electrophysiology, neurovascular, and orthopaedics,” said Tom Burns, President and CEO of Resonetics. “Upon completion of the deal, Resonetics will have the supply and scale to better address the growing customer needs for nitinol material, components, and implants. We will continue to provide a high level of service to all our customers, including contract manufacturers who serve the medical device industry. We look forward to offering customers enhanced options and products as a result of this transaction, and to working with the 550 employees at SAES Medical Nitinol that will be joining our team once the acquisition closes.”

“We are excited to support the Resonetics management team as it executes on a high growth strategy to bolster its platform of differentiated capabilities to better serve customers,” said Robert Schmidt, a Managing Director specializing in healthcare at Carlyle. “We believe Resonetics and the SAES Medical Nitinol business are highly complementary to each other and this combination, in our view, will result in an even stronger service offering to large medical technology companies across the world.”

“GTCR is eager to invest this additional equity in Resonetics to support the company’s continued strong growth and believe the acquisition of the SAES Medical Nitinol business will strengthen Resonetics’ portfolio of unique products and services to the medical device community,” said Sean Cunningham, Managing Director and Co-Head of Healthcare at GTCR. “We look forward to partnering with the SAES Medical Nitinol team through our continued support of the Resonetics business.”

Resonetics currently operates nitinol centers of excellence in San Diego, California, and Or Akiva, Israel with a focus on laser cutting, braiding, shape setting, and electropolishing. In addition, Resonetics is a leader in centerless grinding of nitinol wire with operations in Blaine, Minnesota and Alajuela, Costa Rica. The Memry business will add extensive electric discharge machining (EDM) capabilities, as well as additional laser processing, centerless grinding, nitinol tubing, sheet, and wire fabrication. The SAES Smart Materials business creates the nitinol raw material from nickel and titanium raw material and converts it into various form factors.

The transaction is expected to close in 2023, subject to the receipt of required regulatory clearances and approvals and the satisfaction of other closing conditions, including the approval of SAES Getters S.p.A. Board of Directors. Until the transaction closes, each company will continue to operate independently. Mediobanca S.p.A. acted as exclusive financial advisor to Resonetics.

About Resonetics
Founded in 1987, Resonetics is a pioneer in advanced engineering, product development, prototyping, and manufacturing solutions for the life sciences industry. Resonetics is a leader in laser processing, centerless grinding, nitinol processing, thin-wall stainless steel & precious metal tubing, photochemical machining, microfluidics, sensor solutions, and medical power. With strategically located AGILE Product Development centers and Lightspeed Labs, Resonetics is committed to quality, speed, innovation, and a great customer experience. The company is ISO 13485:2016 certified with 14 facilities and more than 2,000 associates in the United States, Canada, Costa Rica, Israel, and Switzerland. Resonetics is backed by leading private equity firms Carlyle and GTCR. Learn more at www.resonetics.com.

About Carlyle
Carlyle is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $369 billion of assets under management as of September 30, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,100 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

About GTCR
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $24 billion in over 270 companies, and the firm currently manages over $26 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. GTCR has been an equity investor in Resonetics since 2018. For more information, please visit www.gtcr.com and follow the company on LinkedIn.

Contact
Justin Miller
Resonetics
jmiller@resonetics.com

Brittany Berliner
Carlyle
Brittany.Berliner@carlyle.com

Andrew Johnson
GTCR
Andrew.Johnson@gtcr.com

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IK launches Benelux and UK Development Capital strategy and promotes five to Partner

IK Partners

IK Partners (“IK” or “the Firm”), a leading European private equity (“PE”) firm, is pleased to announce that it has launched its Development Capital strategy in the Benelux and UK. The Development Capital pool sits within the IK Small Cap III Fund and invests between €10 million and €25 million in minority or majority situations to support growing businesses across the Firm’s core sectors of Business Services, Healthcare, Consumer and Industrials.

The Development Capital strategy in the Benelux will be led by Frances Houweling, who has been promoted to Partner and is based in IK’s Amsterdam office. She joined IK in 2013 and previously sat within the Benelux Small Cap team where she was involved in a range of transactions, including the recent 2Connect and Plastiflex transactions. Frances is also Chair of the Dutch Committee for Level20.

The strategy in the UK will be led by Simon May, who joined IK in 2020 and has also been promoted to Partner. Simon previously sat within the UK Small Cap team where he was involved in both the Forthglade and DA Languages transactions.

In addition, IK is delighted to announce three further promotions to Partner across the Firm’s Paris, Stockholm and Hamburg offices:

  • Morgane Bouhenic – Small Cap Investment Team, Paris
  • Henrik Geijer – Small Cap Investment Team, Stockholm
  • Joachim Dettmar – Operations Team, Hamburg

Christopher Masek, Chief Executive Officer at IK, commented: “Reflective of the continued growth and success of our Firm, it is with immense pride that we have promoted five exceptional colleagues to the partnership in recognition of their achievements and longstanding commitment to IK. These individuals display significant potential to carry on delivering outstanding results for investors and drive numerous value creation initiatives within our portfolio companies.

We are especially thrilled to have Frances and Simon as our first Development Capital Partners in the Benelux and UK respectively. These are among the largest PE markets in Europe, so this is a logical next step for us as we continue deploying funds across our successful investment platform with a presence in key markets across the continent. We believe their experience, both at IK and prior, coupled with their broad professional networks, will position the Development Capital strategy for considerable success in the future.”

Frances Houweling, Partner at IK, commented: “The launch of Development Capital in the Benelux is a natural progression for IK as we aim to increase our presence in these important markets for the Firm. I look forward to being a part of the growth of this strategy throughout 2023 and beyond.”

Simon May, Partner at IK, commented: “I am delighted to be launching our Development Capital strategy in the UK, leveraging the success of the strategy across Europe and the Firm’s growing presence in the UK market. We aim to build on IK’s position as the leading investment partner for Europe’s small and medium-sized businesses.”

For further questions, please contact:

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

ENDS

Frances Houweling

  • Frances Houweling joined IK in 2013 and is the Partner responsible for the Development Capital Investment team, based in Amsterdam.
  • She specialises in the Healthcare sector and has been involved in several transactions across the Benelux region.
  • Prior to joining IK, Frances worked at J.P. Morgan, having gained an MSc in Finance and a BSc in Economics from the University of Groningen.

Simon May

  • Simon May joined IK in 2020 and is the Partner responsible for the Development Capital Investment team, based in London.
  • Sitting within the Industrials sector team, he is jointly responsible for portfolio investments across the UK.
  • Prior to joining IK, Simon was a Partner at Graphite Capital in London and began his career with PwC, having graduated from the University of Bath with a first-class honours degree in Mathematics.

Morgane Bouhenic

  • Morgane Bouhenic joined IK in 2017 and is in the Small Cap Investment team, based in Paris.
  • Sitting within the Healthcare sector team, she is jointly responsible for portfolio investments across France.
  • Prior to joining IK, Morgane worked at Bridgepoint and L.E.K consulting in Paris and Boston. She holds an MSc in International Management and Strategy from HEC Paris and a CEMS degree from the VSE University of Prague.

Henrik Geijer

  • Henrik Geijer joined IK in 2019 and is in the Small Cap Investment team, based in London.
  • Sitting within the Healthcare sector team, he has substantial transaction and board membership experience.
  • Prior to joining IK, Henrik worked at Adelis Equity Partners in Stockholm and with the Bank of America Merrill Lynch. He holds a BSc in Economics and Business Administration from the Stockholm School of Economics.

Joachim Dettmar

  • Joachim Dettmar joined IK in 2019 and is in the Operations team, based in Hamburg.
  • He has extensive experience in management consultancy and PE and is responsible for the operational optimisation and support of portfolio companies.
  • Prior to joining IK, Joachim was a Partner with H&Z and LEK Consulting, having gained a PhD in Applied Mechanics / Engineering from the University of Stuttgart.

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 €14 billion of capital and invested in over 170 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 www.ikpartners.com

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BPEA EQT to sell SAI360, a leading cloud risk management and compliance software provider

eqt

BPEA EQT is pleased to announce that BPEA Fund VI has agreed to sell SAI360 (the “Company”) to STG.

SAI360 supplies risk management software and online learning products under the ‘SAI360’ brand. The Company’s key product offerings include an integrated risk management suite, Environment, Health, Safety and Sustainability (“EHS&S”) solutions, and Ethics & Compliance (“E&C”) Learning content. Headquartered in Chicago, USA, SAI360 has customers in over 50 countries worldwide.

Formed in 2002 under the name SAI Global and as the commercial business arm of Standards Australia, the company was listed on the Australian Securities Exchange (“ASX”) until 2016 when it was acquired by BPEA EQT in a take-private transaction. Under BPEA EQT’s ownership, the Company refocused on its Risk and Learning software business, which was subsequently rebranded as SAI360 following the divestitures of the SAI Global Property and Assurance & Standards divisions. BPEA EQT supported SAI360 in the strategic acquisitions of Strategic BCP and BWise, which in combination with continued investment in research and development, enabled the Company to become a global leader in Governance, Risk, and Compliance (“GRC”) software.

Nicholas Macksey, Partner within BPEA EQT’s Investment Advisory Team commented, “We are proud of SAI360’s transformation into a global leader in GRC software and would like to thank CEO Peter Granat and the SAI360 team for their contributions along the way. We are excited to see the next stage of the Company’s growth following the strategic developments that took place under our ownership.”

Peter Granat said, “We are very appreciative of our partnership with BPEA EQT over the last five years. With their support, we transformed the Company from having a very broad portfolio to a company with a dedicated management team and singular focus on GRC software. This focus has enabled SAI360 to accelerate its efforts in innovation, platform development and services”.

The transaction is subject to customary regulatory approvals and other conditions and is expected to close in Q2 2023.

BPEA EQT was advised by Evercore, Allen & Overy and Deloitte.

Contact

EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

Categories: News