Category Archives: News

Blackstone Real Estate to Acquire Sunseeker Resort Charlotte Harbor from Allegiant Travel Company for $200 Million

Blackstone

New York & Las Vegas – Blackstone (NYSE: BX) and Allegiant Travel Company (NASDAQ: ALGT) today announced that funds affiliated with Blackstone Real Estate have agreed to acquire Sunseeker Resort Charlotte Harbor from Allegiant for $200 million.

With 785 rooms spanning 22 waterfront acres on the Gulf Coast of Florida, Sunseeker Resort Charlotte Harbor is a brand-new resort with extensive core amenities, including multiple food and beverage concepts, two pools, a spa, a fitness center, a rooftop adult pool and bar, a championship golf course and more than 60,000 square feet of combined indoor meeting space.

Scott Trebilco, Senior Managing Director at Blackstone Real Estate, said: “The acquisition of this brand new, highly-amenitized resort demonstrates our strong conviction in hospitality and travel and the continued growth in group-oriented destinations. Allegiant has built a fantastic property and we look forward to bringing our extensive experience with large scale resorts to Sunseeker.”

“Blackstone’s extensive hospitality holdings and their execution capabilities make them the ideal counterparty for this transaction and also to help realize the full potential of Sunseeker Resort,” said Gregory C. Anderson, CEO at Allegiant Travel Company. “Furthermore, it supports Allegiant’s strategy centered around the airline and we plan to use the proceeds from the sale to repay debt and strengthen our balance sheet.”

Barclays served as financial advisor to Allegiant on this transaction.

The transaction is expected to close in the third quarter of 2025, subject to satisfying customary conditions.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $320 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

Allegiant – Together We FlyTM
Las Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with the people, places and experiences that matter most. Since 1999, Allegiant Air has linked travelers in small-to-medium cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant serves communities across the nation, with base airfares less than half the cost of the average domestic roundtrip ticket. For more information, visit us at Allegiant.com. Media information, including photos, is available at http://gofly.us/iiFa303wrtF.

Contacts
Jeffrey Kauth
212-583-5395
Jeffrey.Kauth@blackstone.com

Allegiant
702-800-2020
mediarelations@allegiantair.com

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Gilde Healthcare’s private equity fund combines Artinis and NIRx into a world-leading neuroimaging group

GIlde Healthcare

Gilde Healthcare today announces the combined private equity investments in Artinis Medical Systems (Netherlands) and NIRx Medical Technologies (Germany/United States), both pioneers in functional Near-Infrared Spectroscopy (fNIRS) solutions. This dual transaction brings together two highly complementary companies, establishing a new global leader in fNIRS.

Advancing fNIRS technology
Functional Near-Infrared Spectroscopy is a differentiated neuroimaging technology that offers unique advantages over traditional brain imaging methods such as fMRI and EEG. The technology offers scientists a new perspective on understanding the functions of the human brain, enabling, high-impact, neuroscience research worldwide. With its strong scientific foundation in basic research, fNIRS is increasingly adopted in applied research environments, unlocking its potential in therapeutic areas such as neurodegenerative diseases, mental health, stroke rehabilitation and developmental neuroscience.

Joining forces for innovation
Artinis and NIRx, both recognized as market leaders with superior technology and support, will continue to operate from their current locations and under their existing brand names. The founders and current management teams of both companies remain actively involved. The newly formed group will leverage its complementary product offerings, shared expertise, integrated R&D, and increased scale to accelerate innovation and commercial growth.

The shared vision is to develop the newly formed group in the go-to platform for neuroimaging- and related research tools while driving innovation across (multi-)modalities. The new platform aims to enhance the adoption of fNIRS in applied neuroscience by setting industry standards, and by making the technology more accessible to academic researchers globally. Apart from organic growth, the group will pursue additional add-on acquisitions in line with this vision.

Gilde’s entrepreneurial investment strategy to drive better care at lower cost
This transaction exemplifies Gilde Healthcare’s entrepreneurial investment strategy, which focuses on partnering with founders and managers to accelerate growth and develop organizations in attractive healthcare niches.  The investment via two parallel transactions was executed in a proprietary setting, leveraging Gilde’s own developed investment thesis, broad network and deep expertise in the research tools sector.

By combining Artinis and NIRx, Gilde Healthcare enables the formation of a global market leader with the ability to fuel ground-breaking neuroscience research that addresses the growing complexity and prevalence of brain-related conditions. This ultimately contributes to better care and lower cost for the healthcare system.

Willy Colier, co-founder and CEO of Artinis, commented: “Roeland, my co-founder, and I are proud of Artinis’ journey over the past 24 years. We have built a company known for its great products, fantastic people, and satisfied customers. Joining forces with NIRx is an exciting step that will enhance the value we provide to both our current and future customers. We look forward to this new phase as we leverage our combined scale and expertise, benefiting from the support of Gilde Healthcare. “

Patrick Britz, CEO of NIRx, commented: “Constant innovation has made functional near-infrared spectroscopy a rapidly growing and highly productive solution for neuroscience. Now, with the strong support of Gilde Healthcare, two highly skilled teams, NIRx and Artinis, are joining forces to accelerate these advancements. I am genuinely thrilled about the possibilities this partnership unlocks, fNIRS is just at its beginning.”

Boyd Rutten, Investment Director at Gilde Healthcare, commented: “These parallel transactions are an excellent example of our entrepreneurial investment strategy. By bringing both companies together, we are creating a platform that will lead innovation and makes brain imaging tools more accessible to researchers globally. We want to thank the founders of Artinis and NIRx for their trust and express our excitement about working together going forward.”         

Completion of the transaction is subject to regulatory approval.

About Gilde Healthcare
Gilde Healthcare is a specialized healthcare investor managing over €2.6 billion across two fund strategies: Venture&Growth and Private Equity. The Venture&Growth fund of Gilde Healthcare invests in fast growing companies active in digital health, medtech and therapeutics, based in Europe and North America. The Private Equity fund of Gilde Healthcare participates in profitable lower mid-market healthcare companies based in North-Western Europe. For more information, visit the company’s website at www.gildehealthcare.com.

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Soltech Energy acquires Sesol, gains Nordic Capital as largest shareholder and presents preliminary figures for April and May

Nordic Capital

As part of the ongoing consolidation of the solar energy industry, Soltech Energy Sweden AB (publ) (“Soltech” or the “Group”) has signed an agreement to acquire 100 percent of the shares in the solar energy company Sesol Group AB (“Sesol”) from Nordic Capital. The purchase price will be paid with newly issued shares in Soltech, which means that Nordic Capital will own approximately 30 percent of the shares in Soltech after the transaction and Nordic Capital will thus become the largest shareholder in Soltech. The acquisition is subject to regulatory approvals and resolutions by an Extraordinary General Meeting in Soltech.

For the full press release, see  https://soltechenergy.com/en/mfn_news/soltech-energy-acquires-sesol-gains-nordic-capital-as-largest-shareholder-and-presents-preliminary-figures-for-april-and-may/

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Altor invests in IMBOX in partnership with the founder René Marker and the Grundtvig family

Altor Fund VI (“Altor”) has signed an agreement to acquire a majority stake in IMBOX Protection A/S (“IMBOX”) and enter into a partnership with the founder, René Marker, and the Grundtvig family. Altor will support the founder and the company on its continued international growth journey. The founder and the Grundtvig family will remain significant shareholders and continue supporting the development of IMBOX. René Marker will continue in his role as CEO.

Founded by René Marker in 2009 in Denmark, IMBOX is a niche engineering company and a first mover in providing automated footwear protection machines through an equipment-as-a- service model to a wide range of retail customers across both physical stores and e-commerce channels. The company is headquartered in Skødstrup, Denmark where it designs and develops the globally patented technology. IMBOX is currently present in 37 countries and has an installed base of ~9,700 machines in ~8,900 stores. Across its installed base, IMBOX sells one treatment per second, and generates around DKK 1 billion of revenue for retailers.

“We are really excited to hit the ground running with Altor as a partner. We will benefit from their long expertise of helping companies scale internationally and add relevant experience for the next phase of our joint growth journey. Together, we will ensure that more end-users and stores will have access to our offering” says René Marker, Founder and CEO of IMBOX.

Henrik Grundtvig from the Grundtvig family continued, “Early on, we had the opportunity to help bring a Danish innovation to life. Since then, we have built a competitive o`ering with globally patented technologies. We are excited to continue the partnership with René and Altor while still only seeing the beginning of the IMBOX journey”.

“IMBOX is an excellent example of a strong and proven technology built to meet the needs of its industry and customers. We are really impressed by what René and the Grundtvig family have built over the years and look forward to being part of continued growth journey.” says Jens Browaldh, Partner at Altor. “As IMBOX embarks on its next chapter, the company will continue to benefit from René’s leadership and his team’s deep technical and industry expertise, now complemented by Altor’s experience to support accelerated growth. Our ambition is to at least triple the installed base over the next 3 to 5 years,” says Karl Svenningson, Principal at Altor.

Parties have agreed not to disclose the financial details.

About Altor

Since inception, the family of Altor funds has raised more than EUR 12 billion in total commitments. The funds have invested in more than 100 companies. The investments have been made in medium-sized companies predominantly in Nordic and DACH with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Eleda, FLSmidth, Toteme, Silo AI, Marshall and Helly Hansen.

About Imbox

IMBOX develops easy-to-use premium machines for automated footwear protection at the point-of-sale. The product portfolio currently includes two machines; the IMBOX Original and IMBOX Flagship, which has won a Red Dot Design Award. The solution is provided through a hardware-as-a-service revenue-sharing model to omnichannel footwear and sports retailers, department stores and e-commerce shops. IMBOX is headquartered in Skødstrup, Denmark.

Press contact

Karin Åström

Head of Communications

karin.astrom@altor.com

+46 707 64 86 59

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CapMan Real Estate invests SEK 692 million in 205-unit multifamily housing development in Stockholm

Capman

CapMan Real Estate, through its third value-add fund CapMan Nordic Real Estate III (“CMNRE III”, the “Fund”), has acquired a residential development project comprising 205 rental units in Jakobsberg, Järfälla from JM. The project is expected to be completed in Q4 2027.

Located in a highly attractive micro-location with excellent access to public transportation, the site offers commuting time of under 25 minutes to central Stockholm. The area benefits from strong tenant demand and a limited supply of rental housing. Designed to meet high sustainability standards, the project will feature BREEAM certification, a minimum EPC rating of B, solar panels, EV charging stations, and aims for EU Taxonomy alignment. Tenants will benefit from a range of mobility solutions, including access to carpool, to support sustainable commuting.

“We are pleased to grow our residential portfolio in Greater Stockholm and act on compelling opportunities in the current market. With strong fundamentals and structural supply-demand imbalances, the residential sector remains a high-conviction theme for us. This project is designed to meet the growing need for high-quality, middle-income rental housing in one of Europe’s fastest-growing metropolitan areas,” says Pontus Danielsson, Investment Manager at CapMan Real Estate.

“This acquisition is fully aligned with our strategy of investing in sustainable, well-located residential assets across key Nordic growth regions. With strong local market knowledge and a robust deal pipeline, we are well positioned to continue scaling our residential platform,” adds Marcus Lotzman, Head of Transactions, Sweden at CapMan Real Estate.

The transaction is structured as a forward purchase, with closing expected upon project completion in Q4 2027. It marks the 22nd investment made by CMNRE III.

CapMan Real Estate manages approximately €5.5 billion in real estate assets, with a team of over 80 professionals based in Helsinki, Stockholm, Copenhagen, Oslo and London.

For further information, please contact:

Marcus Lotzman, Head of Transactions, Sweden, +46 70 680 60 81

Pontus Danielsson, Investment Manager, +46 70 385 58 00

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.4 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

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Ardian finalizes the sale of its iconic Parisian Renaissance building, located in the heart of the Golden Triangle

Ardian

Ardian, a world-leading private investment firm, announces the sale of the Renaissance building, one of its iconic real estate assets, located at 26bis – 32 rue François 1er, in the Paris Golden Triangle.

Ardian had acquired this historic complex, the former headquarters of the Europe 1 radio station, in May 2018 through Ardian Real Estate European Fund I. Ardian led a major restructuring project to reposition it as a unique, modern, and exceptional mixed-use building (for both office and retail), meeting the highest market standards.

Today, Renaissance is home to international law firm A&O Shearman, which occupies high-end office space, as well as prestigious names such as world-renowned art gallery Hauser & Wirth, Japanese fashion house Issey Miyake and luxury car manufacturer Jaguar Land Rover.

“Renaissance embodies a unique product which is the fruit of a project management effort of rare complexity and exemplary execution. The inimitability of this project, both in terms of its location and the quality of its execution, makes it a benchmark in the market. It is precisely this uniqueness that gives Renaissance its remarkable liquidity, even in a core market environment where there are not currently many transactions of this scale.” Sébastien Bégué, Head of Real Estate Investment Management & Managing Director, Ardian

“The sale of Renaissance, in a European market now showing signs of recovery, is a perfect illustration of Ardian’s ability to anticipate investor expectations and enhance the value of exceptional assets. This success testifies to the unique expertise of our teams in repositioning emblematic buildings and confirms the renewed appetite of long-term investors for high-quality products.” Stéphanie Bensimon, Member of the Executive Committee, Member of the Board of Ardian France & Head of Real Estate, Ardian

ABOUT ARDIAN

Ardian is a world-leading private investment firm, managing or advising $180bn of assets on behalf of more than 1,850 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

Media Contacts

Ardian

HEADLAND

ardian@headlandconsultancy.com 

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Adelis exits its investment in Europa Biosite

Adelis Equity
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Adelis Equity Partners Fund II (“Adelis”) has divested its majority stake in Europa Biosite, a specialist distributor of Life Science research reagents to EQT Healthcare Growth

Following the acquisition by Adelis in 2021, Europa Biosite has executed on a successful international buy and build strategy acquiring 5 companies in 4 years. By doing so the Company has established a position as the leading specialist distributor in its field – offering innovative products to thousands of Life Science researchers across the continent. In parallel, significant investments have been made into digital tools and marketing that enable a differentiated supplier value proposition and fuel new supplier acquisition and organic growth.

“We are very proud of the part we have played in building a unique European business that supports life science researchers in reaching their goals – ultimately helping to understand and cure disease. On behalf of Adelis, we would like to thank management and all employees, as well as our minority partners and board colleagues for their strong efforts these past years” say Lene Stern and Rasmus Molander. Sune Schmølker, CEO of Europa Biosite says: “We are uniquely positioned to take part in the continued growth of the Life Science reagent market after the significant investments made into building the Group. I am very grateful for the support we have received from Adelis and the board of directors over these past years. I am looking forward to working with the new owners to continue the development of our business”.

The parties have agreed not to disclose the purchase price. The transaction is subject to customary clearance from competition authorities.

Adelis was advised by Houlihan Lokey and White & Case on the transaction.

For further information:

Lucia Morris, Adelis Equity Partners, +46 76 103 12 92, lucia.morris@adelisequity.com

Sune Schmølker, Europa Biosite, sune.schmolker@europabiosite.com

About Europa Biosite

Europa Biosite is a specialist distributor of Life Science research reagents. Carrying a portfolio of over 10 million SKUs, it supports thousands of researchers across Europe and North America in reaching their research objectives. The company has 180 employees covering 17 countries, the majority of whom are scientifically trained and therefore able to provide expert technical support to customers. Under Adelis’ ownership the company has completed 5 acquisitions – creating a truly pan-European commercial footprint and adding further innovative products to the portfolio. For further information, please visit www.europabiosite.com.

About Adelis Equity Partners

Adelis is a growth partner for well-positioned companies in the Nordics and DACH region. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 47 platform investments and more than 270 add-on acquisitions. Adelis today manages approximately €4.5 billion in capital. For more information, please visit www.adelisequity.com.

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EQT to acquire Europa Biosite, a distributor of life science products

eqt

Europa Biosite

  • EQT Healthcare Growth to acquire Europa Biosite, a distributor of over ten million high-quality life science reagents to academic and biopharma researchers across Europe and North America, from Adelis Equity
  • EQT will support Europa Biosite’s next phase of growth through commercial excellence initiatives, digital upgrades, expanded product access, and continued M&A, with the company set to benefit from continued demand for advanced research tools
  • The investment builds on EQT’s track record in specialised distribution, including Azelis, Beijer Ref, and OEM International

EQT Healthcare Growth (“EQT”) has agreed to acquire a majority stake in Europa Biosite (or “the Company”) – a distributor of high-quality research-use-only (RUO) life science reagents, chemicals, and biological substances used in healthcare R&D – from Adelis Equity. Headquartered in Stockholm, the Company operates in 17 countries across Europe and North America and supports more than 60,000 researchers in academia and biopharma.

Europa Biosite offers access to over ten million individual scientific products essential to life sciences research, such as antibodies, biochemicals, diagnostic kits, and ethically sourced biospecimens, from a wide range of science-led suppliers. It has grown to become a partner for both suppliers and scientists, building on its highly localized footprint and strong technical sales capabilities. The Company serves a fragmented and fast-moving industry, which is expected to benefit from stable research funding.

EQT Healthcare Growth seeks to scale healthcare companies by building commercial muscle and expanding reach, building on EQT’s three-decade track record in the healthcare sector. Europa Biosite will draw on this experience to expand its own-brand offering in biospecimens, continue its acquisition strategy to strengthen local market presence and expand to new geographies, and invest in new digital infrastructure. The Company is also set to benefit from EQT’s track record in specialized distribution, including Azelis, Beijer Ref, and OEM International, as well as EQT’s industrial advisor network, with senior EQT advisor Kate Swann set to lead Europa Biosite’s Board.

Rikke Kjær Nielsen, Partner in the EQT Healthcare Growth advisory team, commented: ”Europa Biosite supports European scientific research by connecting thousands of labs with the reagents they need to advance discovery. With our support, the company will be set up to scale its business through investments into digital tools, strengthening of its supplier network, and acceleration of its M&A platform. We are proud to support a company that enables critical research and look forward to partnering with Europa Biosite’s management team on the next leg of their journey.”

“We’re excited to partner with EQT for the next phase of growth. With growing demand for reagents and more scientists relying on these critical products, this is a pivotal moment for the business. EQT’s expertise in scaling distributors will help us reach new customers, offer even better service, and bring exciting new products to market,” said Sune Schmølker, CEO of Europa Biosite.

Kate Swann, Senior Industrial Advisor to EQT, commented: “I am excited to be taking on the role of Chairperson of Europa Biosite and to continue the partnership with EQT. The life sciences sector is vital and fast-moving, and Europa Biosite has a compelling opportunity to grow and contribute to its development. Building on my experience as Chairperson of Beijer Ref, another Swedish specialised distribution business, I look forward to supporting the company’s scaling journey.”

Contact
EQT Press Office, press@eqtpartners.com

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About EQT
EQT is a purpose-driven global investment organization with EUR 273 billion in total assets under management (EUR 142 billion in fee-generating assets under management) as of 31 March 2025, 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 Europa Biosite
Europa Biosite is a specialist distributor of research reagents, carrying a portfolio of over 10 million SKUs to support thousands of researchers across Europe and North America in reaching their research objectives. The company has 180 employees covering 17 countries; the majority of these are scientifically trained and therefore able to provide expert technical support to customers. Over the past 7 years, the company has completed 7 acquisitions, strengthening its commercial footprint and adding innovative products to the portfolio.

More info: www.europabiosite.com

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Athora to acquire Pension Insurance Corporation Group

CVC Capital Partners

Pension Insurance Corporation Group Limited (“PICG”), ultimate parent company of Pension Insurance Corporation plc (“PIC”), the specialist insurer of UK defined benefit pension schemes, today announces that Athora Holding Limited (“Athora”) has agreed to acquire PICG for approximately £5.7 billion. Athora is a leading pan-European savings and retirement services group with €76 billion of assets under management and administration, on behalf of 2.8 million policyholders.

The transaction means that for the first time in its 20-year history, PIC will be held by a single strategic owner. PIC will become the UK insurance business of Athora and continue operating under the PIC (and penguin) brand. Athora has existing insurance businesses in the Netherlands, Italy, Belgium and Germany. Athora is backed by permanent capital owners, including a strategic minority investment by Apollo Global Management and Athene Holding Limited, and long-term institutional investors such as a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”).

The transaction creates a total Group with assets of over €130 billion, backing the pensions of more than three million savers and retirees across Europe. PIC will be 45% of Athora’s total assets under management and administration, and will be the largest and fastest growing business in the Group.

PIC has a portfolio of £50.9 billion backing the pensions of 400,000 people. It has £30 billion invested in the UK. To date it has invested £13.8 billion in UK housing and infrastructure, which help provide the secure, inflation-linked cashflows which match its pension liabilities over future decades. PIC has so far paid more than £16 billion in pensions, with a 99% customer satisfaction rating.

The acquisition reinforces PIC’s strategy of providing very high customer service levels and increases its ability to invest in UK housing and infrastructure as Athora supports PIC through the next phase of its growth. This will allow PIC to provide its best pricing across a larger number of pension risk transfer deals.

PICG’s current shareholders are Reinet Fund S.C.A., F.I.S. (“Reinet”) which holds 49.5% of the issued shares, a wholly owned subsidiary of ADIA, with 18.4% of the issued shares, funds managed by CVC Capital Partners (“CVC”), with 17.4%, and funds managed by HPS Investment Partners with 10.2%, as well as employees and other shareholders, who hold c.4% of the issued shares. The transaction, which is subject to regulatory approval, is expected to close in early 2026.

Tracy Blackwell, CEO of PIC, said: “PIC has had an amazing growth story over the past two decades and is now one of Britain’s preeminent pension businesses. This success has been based on a simple purpose, which is to pay the pensions of our current and future policyholders. Athora’s investment is validation of what we have always believed: that PIC’s reputation, strategy, fortress balance sheet, purpose, and most importantly our people combine to make this a unique business in a huge and growing market.

“With Athora backing us through our next phase of growth as their UK insurance business, we will be able to provide more options to the trustees of defined benefit pension schemes and invest more in UK housing and infrastructure. The pension risk transfer market is vital to the wellbeing of millions of UK pensioners and the allocation of tens of billions of pounds of investment into the UK’s economy. This acquisition and the potential for growth that it represents is the strongest possible recognition of the value and importance of the pension risk transfer market, the sector that PIC helped to create and continues to lead.

“Finally, I want to thank our exiting shareholders who have been absolutely brilliant in getting us to this point. I very much look to the next chapter in PIC’s story.”

Mike Wells, CEO of Athora, said: “We are delighted to have agreed this transaction. We have followed PIC’s progress for several years and been consistently impressed by the very high-quality business the PIC team has built. As our UK subsidiary, PIC will be the largest business within the Athora Group and we intend to invest in the business and its people to support that growth in the UK pension risk transfer market. We have great confidence in the long-term strengths of the UK: its retirement market, regulatory and policy framework, and economic prospects.”

Dillie Malherbe, Director: Reinet Investments Manager, said: “We have been invested in PICG since 2012, and have helped oversee a 900% increase in the size of the business since then, by size of financial investments. What has consistently impressed me about PIC is that, despite that amazing growth trajectory, it has maintained a relentless focus on outcomes for its policyholders. I want to thank Tracy, our fellow shareholders, and everyone at PIC for all their efforts over the past 13 years.”

Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA, said: “As a shareholder in PICG since 2018, our investment supported the growth of the company as it strengthened its position as one of the leading players in the UK pension risk transfer market. Following this transaction, we will maintain exposure to the company via our existing shareholding in Athora, and believe that PIC has strong prospects for the future. We wish the company continued success as part of Athora.”

Quotes

We are pleased to have utilised the longer duration capital of CVC’s Strategic Opportunities platform to partner with the team at PIC over the past eight years.

Peter RutlandManaging Partner at CVC

Peter Rutland, Managing Partner at CVC, said: “We are pleased to have utilised the longer duration capital of CVC’s Strategic Opportunities platform to partner with the team at PIC over the past eight years, during which time the company has scaled substantially and firmly established itself as a leading player in the UK pension insurance market. We wish the company every continued success under Athora’s ownership.”

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FSN Capital VI to acquire Volue Infrastructure, a leading provider of niche infrastructure software

FSN Capital VI* has signed an agreement to acquire Volue Infrastructure, a Norwegian leader in mission-critical niche infrastructure software. This investment will support Volue Infrastructure’s next phase of growth, further strengthening its position as a trusted software provider to key infrastructure sectors.

Volue Infrastructure’s modular, cutting-edge software tools are at the forefront of infrastructure digitalization. Its comprehensive product suite supports planning, operation and administration for both public and private customers. Backed by FSN Capital VI, the company is well-positioned to execute its growth strategy, leveraging FSN Capital’s expertise in B2B software and internationalization.

Headquartered in Trondheim, Volue Infrastructure is being carved out from Volue, a leader in technologies and services that enable the energy transition. Volue Infrastructure operates mainly under the Gemini brand in two business areas: Water & Community and Heavy Construction. Both markets are poised for significant growth, driven by investment in aging infrastructure, regulatory pressures, accelerating digital adoption and ESG awareness.

Frode Solem, Executive Vice President, Infrastructure at Volue, said: “This is a natural next step for us. As an independent company focused on infrastructure technology, we are well positioned to continue delivering value to our customers while exploring new opportunities for growth. I’m proud of what we’ve built at Volue and excited about what comes next for the team and our solutions as we partner with FSN.”

Eirik H. Wabø, Investment Director at FSN Capital Partners (investment advisor to FSN Capital VI) commented: “Volue Infrastructure is an established market leader in providing essential software for the infrastructure sector. We are excited to support their ambitious vision for growth and innovation, building on their strong customer relationships and trusted reputation. We look forward to supporting in accelerating their expansion in Norway and internationally, empowering more communities and industries to benefit from Volue Infrastructure’s outstanding solutions.”

Patrice Jabet, Partner and Technology Sector Lead at FSN Capital Partners, added: “Partnering with Volue Infrastructure to unlock its potential as a standalone business represents an exciting opportunity for FSN Capital VI. We believe the company’s success is rooted in its deep domain expertise and mission-critical solutions, built over decades in close collaboration with customers. FSN Capital VI is well-positioned to support the company’s continued development, drawing on 25 years of experience of the FSN Capital Funds in B2B software, executing carve-outs, and serving infrastructure end-markets.”

The FSN Capital Funds have a strong track record of investing in B2B software, with recent examples including TASKING and Lobster, as well as from partnering with infrastructure-focused businesses such as Saferoad, ViaCon, IMPREG and most recently, UHL Bau.

The parties have agreed not to disclose details of the transaction. The transaction is subject to approval by applicable authorities. Closing is expected later this year.

FSN Capital VI was advised by Wikborg Rein (legal), KPMG (financial, tax and carve-out), EY-Parthenon (commercial and ESG), Code & Co (technology), ABG Sundal Collier (M&A) and Marsh (insurance).

*FSN Capital GP VI Limited, acting for itself and in its capacity as general partner or portfolio manager (as applicable) for and on behalf of each of FSN Capital VI L.P., FSN Capital VI Invest L.P. and FSN Capital VI Lux SCSp.

About Volue Infrastructure
Volue Infrastructure will be divested from Volue, a market leader in technologies and services that power the green transition. Based on 50 years of experience, Volue provides innovative solutions, systems, and insights to industries critical to society. Volue Infrastructure is headquartered in Trondheim, Norway and has more than 100 employees. The company serves two verticals, Water & Communities and Heavy Construction, with a comprehensive software suite providing industry-leading solutions to over 1000 customers.

About FSN Capital
Established in 1999, FSN Capital Partners is a leading Northern European private equity firm and investment advisor to the FSN Capital Funds. FSN Capital Partners has a team of more than 100 across Oslo, Stockholm, Copenhagen, and Munich.

FSN Capital Funds have more than €4 billion under management and make control investments in growth-oriented Northern European companies, to support further growth and to transform companies into more sustainable, competitive, international, and profitable entities.

Our ethos, “We are decent people making a decent return in a decent way” defines our core values. We are committed to being responsible investors and having a positive environmental and social impact across our portfolio while achieving market-leading returns.

Learn more about FSN Capital and our team on our website: www.fsncapital.com

 

 

For more information, please contact the following persons at FSN Capital Partners (investment advisor to the FSN Capital Funds):

Eirik H. Wabø, Investment Director
eirik.wabo@fsncapital.com

Patrice Jabet, Partner
patrice.jabet@fsncapital.com

Morten Welo, Partner & COO/IR
morten.welo@fsncapital.com 

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