Category Archives: News

CVC Credit provides debt facilities to support Partners Group’s acquisition of Version 1

CVC Capital Partners

CVC Credit is pleased to announce that it has committed senior debt facilities to support the acquisition of Version 1, a leading digital transformation services provider in the UK and Ireland, by Partners Group, a leading global private markets firm, acting on behalf of its clients.

Headquartered in Dublin, Version 1 works with private and public sector clients on complex digital transformation programmes and is a leader with a competitive edge coming from their technical expertise, data-drive commercial model and superior customer service capabilities. Version 1 has approximately 450 clients, including blue-chip companies and central government departments, and 2,100 employees across offices in Ireland, the UK, India, and Spain.

Quotes

I am delighted that we were able to secure our position as a partner for this opportunity, our third investment into Partners Group-backed companies.

Andrew Davies Partner and Co-Head of Private Credit

Moris Nachmias, Director at CVC Credit, commented: “Version 1 is a high quality business with a proven track record of above market organic growth, fuelled by its strong technical expertise and high quality management team. We are very pleased to be backing Partners Group’s vision for the future of this business, which we were able to swiftly verify through our prior institutional experience in the sector.”

Andrew Davies, Partner and Co-Head of Private Credit at CVC Credit added: “I am delighted that we were able to secure our position as a partner for this opportunity, our third investment into Partners Group-backed companies. Our aim is always to partner with top-quality sponsors, businesses and management teams, and this is certainly the case with Version 1.”

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Bluegem III partners with Petromax Group

Bleugem

Bluegem enters outdoor consumer market: Pan European private equity investor partners with Petromax Group

Consumer specialist private equity firm Bluegem today announces that the third Bluegem Fund has made a majority investment in the Petromax Group, an outdoor hobby and lifestyle Group comprised of two renowned heritage brands, Petromax and Feuerhand. Headquartered in Germany with international distribution channels the Petromax Group is recognised for a wide product assortment of high quality outdoor equipment.

The entrepreneurial couple Jonas and Dr. Pia Christin Taureck, the current Co-CEOs and shareholders of the company, will reinvest into the business and remain as Co-CEOs to lead its expansion in the coming years.

The Petromax Group was established in 2005 and has since then captured the unique opportunity of combining two traditional best in class complementary outdoor brands.

  • Petromax, founded in 1910, is the German brand for self-sufficient adventures in nature offering products for outdoor living, cooking, bushcraft and lighting solutions.

  • Feuerhand, founded in 1893, is a brand veteran of patio and garden culture with lighting, fire bowls and convivial outdoor products. Cornerstone of the product range are the iconic Hurricane Lanterns of the Baby Special 276 series.

The Petromax Group heritage brands have a differentiated and superior value proposition, producing German engineered durable products. Petromax and Feuerhand both benefit from a large and loyal community of brand lovers with a long history of engagement and repeat purchase behaviour. The group has strong in house R&D capabilities in new product development leveraging on a highly skilled team who continue to expand the product range.

Commenting on the transaction, Constantin Rojahn, Investment Director, at Bluegem said:

“We have been impressed by the tremendous success of Petromax in building a leading outdoor lifestyle offering and we are thrilled to leverage our consumer expertise to support the team as they further scale the business while providing equipment for adventurers globally to pursue their passions.”

Jonas and Dr. Pia Christin Taureck, Founders and Managing Director of Petromax Group said:

“With Bluegem we have found a strong and experienced partner to drive healthy growth for the long-term. Bluegem bring a top-performing network with international expertise in building premium brands. Together we look forward to expanding our leading market position further and building even stronger teams and brands.”

The Petromax Group is the fifth investment made by Bluegem’s third generation fund which held its final close in February of this year and is already invested in a diversified portfolio of resilient consumer subsectors which are underpinned by megatrend tailwinds. The transaction represents the first investment by the Fund into the outdoor hobbies subsector and brings further diversification to the Bluegem III portfolio, which is already invested in the following:

  • Nutrimuscle: a fast growing digital brand of clean sports nutrition products and wellbeing supplements

  • BeautyNova Group: a leading Italian professional haircare group

  • Beaba Group: two premium international brands (Beaba and Childhome) leading in the Baby Care sector

  • Ecooking: skin care products developed with a strong focus on ingredients and efficacy

About Bluegem Capital Partners

Bluegem is a specialist consumer-focused private equity firm that partners with management teams and founders to accelerate growth of strong consumer brands. With a track record of investing across Europe through different economic cycles, industry and market conditions, Bluegem have refined their investment strategy to focus on resilient consumer segments benefiting from secular megatrends, including Beauty and Personal Care; Household Care; Food and Beverage; Baby Care; Pet Care; Home Décor; and Hobby and Craft. More information about Bluegem can be found at www.bluegemcp.com.

About Petromax Group

The Petromax Group is one of the leading suppliers of high quality equipment supporting any kind of independent outdoor lifestyle. Headquartered in Magdeburg, Germany, the group is comprised of two renowned heritage brands, Petromax and Feuerhand. Petromax, founded in 1910, is the German brand for self-sufficient adventures in nature offering traditional yet cleverly designed products for outdoor living and cooking, bushcraft und lighting. The product range is characterised by the highest possible level of quality, durability and well-thought-out details. Feuerhand is a brand veteran of patio and garden culture. Cornerstone of the product range is the iconic Hurricane Lantern dating back to 1893. The timeless portfolio around light, fire and convivial pleasures outdoors has been further developed since the brand has become part of the Petromax Group in 2014.

The entrepreneurial couple Jonas and Dr. Pia Christin Taureck has established the values of tradition, innovation and quality as both goal and motivation for constantly developing the brands further. Since its foundation in 2005 the group has gained recognition as a leading player in the outdoor industry with strong R&D capabilities and international distribution channels.

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Aurora Capital Partners Completes Sale of National Technical Systems to Element Materials Technology Group

Aurora Capital

LOS ANGELES, Sept. 27, 2022 /PRNewswire/ — Aurora Capital Partners (“Aurora”), a leading middle-market private equity firm, announced today the closing of the sale of National Technical Systems (“NTS” or the “Company”), the leading independent provider of qualification testing, inspection, and certification solutions in North America, to Element Materials Technology Group (“Element”), a global provider of testing, inspection, and certification services.  Financial terms of the transaction were not disclosed.

Since 1961, NTS has built the broadest geographic presence in the United States, offering more than 70 distinct product qualification testing categories and related capabilities, including climatic, structural, dynamics, fluid flow, EMI/EMC, lightning, product safety, acoustics, failure analysis, chemical, and other industry-specific tests.  With a geographically diverse footprint comprising 29 technologically advanced testing laboratories, NTS facilities are in close proximity to its more than 8,000 clients, allowing NTS to serve the nation’s most innovative companies with industry-leading accessibility and responsiveness.

“NTS’s durable long-term growth is testament to their industry reputation and unique market position, both of which were furthered by an active add-on acquisition program,” said Randy Moser, Partner at Aurora.  “By focusing on expanding the Company’s suite of services and geographic breadth while maintaining exceptional customer service, we were able to strengthen NTS’s leadership position and deliver an unparalleled value proposition to its customers.  Element represents an ideal strategic partner for the Company in its next phase of growth, and we look forward to watching its continued success.”

“We thank Aurora for their guidance, partnership, and strategic and financial support,” said Ray Milchovich, CEO of NTS.  “Working with Aurora, we have dramatically expanded the scope and geographic reach of our testing capabilities and have delivered high-quality certification services to a wide range of customers.  From day one, Aurora recognized the critical nature of our offerings, and worked tirelessly to support our growth and strengthen our processes.  We look forward to continuing our expansion through our partnership with Element to deliver our solutions to even more customers globally.”

Houlihan Lokey served as financial advisor and Gibson, Dunn & Crutcher LLP and DLA Piper LLP served as legal advisors to NTS in the transaction.

About National Technical Systems
National Technical Systems, Inc. (NTS) is the leading provider of qualification testing, inspection, and certification services in North America, serving a broad range of industries, including the civil aviation, space, defense, nuclear, telecommunications, industrial, electronics, medical, and automotive end markets.  Since 1961, NTS has built the broadest geographic presence in the United States, offering more than 70 distinct product qualification testing categories and related capabilities, including climatic, structural, dynamics, fluid flow, EMI/EMC, lightning, product safety, acoustics, failure analysis, chemical, and other industry-specific tests.  For additional information about NTS, visit www.nts.com.

About Aurora Capital Partners
Aurora Capital Partners is a leading Los Angeles-based private equity firm with over $4.5 billion in assets under management.  Founded in 1991, the firm focuses principally on control investments in middle-market companies with leading market positions, stable industry dynamics, attractive business model characteristics and actionable opportunities for growth in partnership with management. Aurora provides unique resources to its portfolio companies through its Strategy & Operations Program and its team of experienced operating advisors. Aurora’s investors include leading public and corporate pension funds, endowments and foundations active in private equity investing. For more information about Aurora Capital Partners, visit: www.auroracap.com.

Media Contacts:
Aurora Capital Partners
ASC Advisors
Steve Bruce / Taylor Ingraham
+1 (203) 992-1230
sbruce@ascadvisors.com / tingraham@ascadvisors.com

SOURCE Aurora Capital Partners

Categories: News

DIF Capital Partners acquires a majority stake in French EV charging operator Bump

DIF

DIF Capital Partners (“DIF”) is pleased to announce that DIF Core-plus Infrastructure Fund III has closed the acquisition of a 55% stake in Bump SAS (“Bump” or the “Company”), a Paris-headquartered Charge Point Operator (“CPO”) that designs, installs, operates and owns Electric Vehicle (“EV”) charging infrastructure.

The Company has a unique positioning by securing mid to long term contracts primarily with EV fleet operators, both in fleet depots and in third party car parks mostly in Paris and Lyon. Founding shareholders include the management team, as well as Otoqi, a mobility services platform, and Firalp, a building contractor specialized in electrical & digital networks. All founding shareholders will remain invested in the Company.

Since inception Bump managed to develop a fast growing existing EV charging infrastructure base, with an expected portfolio of over 1,700 charge points installed or signed by the end of 2022. DIF’s investment will support the Company in significantly growing the portfolio of charge points with the ambition to be one of France’s market leaders in the fast growing B2B segment.

France is a key target market for DIF and is served locally by its 13-person strong team in Paris. The investment in Bump is DIF’s second investment in the sector after the acquisition of a majority stake in Plugit Oy, a leading Finnish EV charging infrastructure company, last year.

Willem Jansonius, Partner and Head of Investments for the DIF CIF strategy, says: “DIF believes that the electrification of transportation will play a critical role in reducing carbon emissions. We are impressed by the management team of Bump and what the Company has realised to date. We are excited to invest alongside the existing shareholders to speed up the rollout of charging infrastructure across France, which is expected to become the second largest EV charging market in Europe”.

François Oudot, CEO of Bump, adds: “We are excited about this opportunity to accelerate our growth and tap the booming French EV market. Partnering with DIF will enable us to secure long term financial resources and benefit from their experience in supporting large capex roll out programs”.

Bump was advised by Celsius Avocats (legal), Finergreen (M&A) and E-Cube (commercial). DIF was advised by Gide (legal and tax), H3P (M&A), Boston Consulting Group (commercial), DNV (technical), Marsh (insurance) and PwC (finance and model audit).

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 14 billion in assets under management across eleven closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

  • DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.
  • Traditional DIF funds, of which DIF Infrastructure VI is the latest vintage, target core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).

DIF Capital Partners has a team of over 190 professionals, based in eleven offices 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: Thijs Verburg, t.verburg@dif.eu.

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CapMan Special Situations invests in Niemi Services, the leading moving and logistics services provider in Finland

Capman

CapMan Special Situations invests in Niemi Services, the leading moving and logistics services provider in Finland

The CapMan Special Situations Fund invests in Niemi Services and will support the company’s’ growth as the leading provider of moving and logistics services in Finland.

In connection to the investment made by the CapMan Special Situations Fund, two of the company’s current owners, Ilpo and Kai Niemi, sell their shares in the company. Esa and Juha Niemi continue as main owners of the company and will together with CapMan form the new Board of Directors of the company. Timo Seppä, appointed on September 1st, will continue as the CEO.

Niemi Services is the leading moving and logistics services provider in Finland. Its business is founded on consistently exceeding client expectations. Niemi Services is a forerunner in sustainability; its fleet runs on 100% fossil free fuel, and it invests in services for the circular economy both for enterprise customers as well as for consumers.

“Niemi is the prominent brand in the Finnish moving and logistics services market. As the market leader, the company holds ample opportunities to further expand its business. Strengthening of the company’s governance and management together with the investment capacity through our fund will enable accelerating growth and business development going forward”, says Tuomas Rinne, Partner, CapMan Special Situations.

“This investment and the support of the CapMan Special Situations team makes Niemi Services even stronger. Our journey over the past more than 40 years has demanded continuous renewal while holding on to what is essential us: personalised customer service. The arrangement with CapMan unlocks excellent opportunities to further develop the company’s capabilities and ensure continued success of Niemi Services”, say Esa and Juha Niemi.

CapMan’s investment is subject to the approval by the Finnish Competition and Consumer Authority.

For more information, please contact:

Tuomas Rinne, Partner, CapMan Special Situations, +358 40 311 6025

Juha Niemi, Board Member, Niemi Services, +358 400 402 307

Esa Niemi, Board Member, Niemi Services, +358 400 452 400

Niemi Services

Niemi Services Ltd is a moving and logistics services company founded in 1981. In 2021 we executed over 120,000 assignments nation-wide, and our revenue was approximately 40 million euros. We employ over 1,200 service professionals. We have been ranked number one in our industry for the 18th time in a row (Taloustutkimus, TEP 2021), and 97,8% of our customers recommends us (Niemi Services 2021). We invest in sustainability. Our entire fleet already operates on non-fossil fuels: biogas, renewable diesel or electricity. Our goal is net-zero emission fleet and carbon neutrality in 2030.

www.niemi.fi/en

CapMan Special Situations

CapMan Special Situations pursues event-driven investment situations by providing flexible capital solutions and strong operational capability to deliver step-change performance improvements.

CapMan Special Situations is part of CapMan Group, a leading Nordic private asset expert with an active approach to value creation and over €4.8 billion in assets under management. Our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

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Gimv partners with the founders of Les Psy Réunis group to develop a leading outpatient mental care provider in Switzerland

GIMV

Topic: Investment

Gimv has invested alongside the founders of the Les Psy Réunis. This investment is aimed at accelerating the development of a network of mental care centers across Switzerland and strengthening its organisation to face the upcoming regulatory changes in the sector. 

Created in 2018 by Doctors Elizabeth and Andrei Cicotti, Les Psy Réunis has established a strong position in the outpatient mental care space in Switzerland. In 2021, the Group’s psychiatrists and psychologists have provided more than 50,000 consultations to patients.

Les Psy Réunis is one of the most dynamic players in its market. Under the leadership of its founders, it has set up a model of group practices preserving the independence of doctors whilst matching the effectiveness of more integrated models. Since inception, it has experienced very strong organic growth and aims to consolidate its market through an efficient operating organisation based on two pillars, quality of care and a strong appeal to treatment providers.

Today the group runs five centres in Geneva and has more than 80 therapists. In partnership with leading doctors, it plans to pursue its growth in its core market as well as in strategic adjacencies (eg. mental care at home, training, etc.) through both organic and external growth. To achieve this, the Group intends to draw on its talents, further develop the current infrastructure and implement its digitisation plan. In order to lead this effort, it has recently strengthened its management team through the appointment of Cédric Alfonso, former CEO of the Clinique Générale-Beaulieu, and of Apolline Eberlé who has extensive experience in supporting healthcare institutions in their digital transformation.

“Choosing the Gimv team as a partner was natural, as we share common values and the same vision for Les Psy Réunis. We were convinced by their knowledge of the healthcare sector, and their ability to provide support in strengthening the organisation and implementing a build-up strategy”, explains Andrei Cicotti, CEO of Les Psy Réunis.

“The Healthcare team has identified the strong demand-supply gap in the outpatient mental care space and has been looking to invest in players able to be part of “the solution”. We are convinced that Les Psy Réunis, created by visionary entrepreneurial doctors, is part of the answer. Our expertise in the consolidation of healthcare subsectors and implementation of ambitious digital and ESG roadmaps, combined with our long-term vision, will be key levers to realize our shared ambition. We are very proud to have been selected by the founders to support them in their development plans” says Gautier Lefebvre, Healthcare Partner at Gimv.

Kevin Klein, Healthcare Principal at Gimv adds: “Les Psy Réunis in our view constitutes an ideal platform for creating a major player in outpatient mental health care in Switzerland. The Group relies on a top-notch team which has demonstrated that its concept delivers excellent results for all stakeholders and is ready for rollout on a larger scale”.

No details are given on the financial side of the operation.

 

Read the full document

English – French – Dutch
 

Gimv

Karel Oomsstraat 37, 2018 Antwerpen, Belgium

www.gimv.com

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Advent International partners with Wagas, a leading lifestyle restaurant group in China

Shanghai, 20 September 2022 – Advent International (“Advent”), one of the world’s largest and most experienced private equity investors, today announced that it has acquired a 60% interest in Wagas Group (“Wagas” or the “Group”), a leading lifestyle F&B group, from the founding shareholders of Wagas. Wagas’ founding shareholders will continue to manage the Group on a day-to-day basis. Financial terms of the transaction were not disclosed.

Since it was founded in 1999, Wagas has pioneered the healthy light food industry in China and garnered wide popularity for its fresh, quality, all-day dining. Inspiring people to “Eat Well, Live Well”, the multi-brand restaurant group has around 250 locations across China under the Wagas, Baker and Spice, Funk & Kale and LOKAL brands. The company has a strong foothold in Shanghai and Beijing, along with a presence in 11 other cities throughout China.

With a leading position in a sizeable and growing market in China and a dedication to providing best-in-class food and beverages, Wagas is well placed to tap the country’s increasing health awareness and growing lifestyle trend. The partnership with Advent will help expand the restaurant Group’s footprint across China and boost investment in the brand, including its product offerings, menu innovations and operational infrastructure and systems.

David Chen, Principal of Advent, said, “Consumers are increasingly pursuing healthy lifestyles and we believe demand for casual, quality dining options will continue to see rapid growth. We are highly impressed with Wagas’ people and culture, its dedication to quality, and its longstanding partnerships with top mall operators in China. Advent has the expertise and strong track record in creating lasting value for restaurant brands and we look forward to providing our best resources, commitment to the brand’s high-quality offering and support for its national growth plans.”

John Fohlmann Christensen, Founder of Wagas and Jackie Yun, Managing Partner of Wagas, commented, “We welcome Advent to the Wagas family and are very excited about a fun, new journey together. Quality remains at the core of Wagas, and we believe Advent is an ideal partner to further strengthen our foundation and support us with our continued expansion across Greater China. Advent’s success in helping customers integrate consumer products into customers’ lives aligns perfectly with our ‘Eat Well, Live Well’ mantra. This is the Wagas way and we are thankful to Advent for believing in us, our team and our brands.”

Andrew Li, Managing Director, Head of Greater China of Advent, said, “This deal plays to Advent’s strong track record in the consumer and leisure sectors and our commitment to supporting industry-leading and innovative businesses in China. We are excited to partner with John and Jackie during this next chapter of the business.”

Advent has been investing in the retail, consumer and leisure sectors for over 30 years and has completed over 80 investments worldwide. Relevant Advent investments include Lululemon, First Watch, The Coffee Bean & Tea Leaf, Bojangles, IRCA and Dufry. Advent has completed 18 deals across China and Asia since 2014, including AI Dream, China’s leading branded sleep solution provider and the largest player in the country’s premium mattress market; BioDuro, a leading global life sciences contract research and development organization with major operations in Shanghai, Beijing and San Diego; GS capsule, the largest domestic capsule provider in China; and The Learning Lab, the leading provider of K-12 academic enrichment and tutorial services in Singapore.

About Wagas

Founded in 1999, Wagas is one of the largest independent western casual restaurant groups in China operating a portfolio of lifestyle F&B brands. The group has around 250 locations across China, providing fresh, quality, all–day dining. The multi–brand restaurant group includes: Wagas, a healthy lifestyle café; Baker and Spice, offering casual all–day dining; Funk & Kale, an experimental and trendy café and LOKAL, a bistro–bar. The company has a strong foothold in Shanghai and Beijing, along with presence in 11 other cities throughout China.

 

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 395 private equity investments across 41 countries, and as of March 31, 2022, had $76 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of 270 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

 

Media contacts

FTI Consulting
Izzie Shen (Shanghai) / Jena Qian (Hong Kong)
Tel: +86 21 2315 1068 / +852 9839 0019
izzie.shen@fticonsulting.com / jena.qian@fticonsulting.com

Categories: News

BCI Leads Significant Investment in Authority Brands

Apax

COLUMBIA, MD and VICTORIA, British Columbia – September 20, 2022 – Authority Brands, a residential services franchising platform in North America, today announced that British Columbia Investment Management Corporation (“BCI”), one of the largest institutional investors in Canada, has agreed to acquire a significant minority stake in the company, alongside funds advised by Apax Partners LLP (“Apax Funds”), which will retain majority ownership.

Authority Brands is the premier home service franchisor in North America. Its family of home service franchise brands are leaders in their industry, providing homeowners with services from the property line to the roof line. Authority Brands’ companies include 12 leading home service franchisors: America’s Swimming Pool Company, Benjamin Franklin Plumbing, The Cleaning Authority, Color World Painting, DoodyCalls, Homewatch CareGivers, Mister Sparky, Monster Tree Service, Mosquito Squad, One Hour Heating and Air Conditioning, STOP Restoration and Woofie’s. Together, these brands provide home services through approximately 860 franchise owners across North America.

Since the Apax Funds’ initial investment in 2018, Authority Brands has grown from two home service franchisors to the current 12, expanding into new geographies and services and building out a powerful infrastructure.

“We are proud to have partnered with the Authority Brands team to help build, both organically and through strategic acquisitions, a leading residential services franchising platform,” said Ashish Karandikar, Partner at Apax. “We continue to see significant room for growth by Authority Brands and are pleased to join with BCI and members of the leadership team in the next phase of the company’s journey as they extend their platform through M&A, and strategic initiatives including franchise development, technology transformation and international expansion.”

“As a long-term investor, we seek to invest in market-leading companies with strong management teams, multiple levers for growth, and resilient business models that create shareholder value, such as Authority Brands,” said Dave Hong, Senior Managing Director, Private Equity at BCI. “We look forward to working with Authority Brands and Apax to generate compelling risk-adjusted returns for our pension plan and insurance fund clients.”

“We could not be more pleased than to continue to build the premier residential services franchisor in partnership with Apax and BCI,” said Craig Donaldson, Chief Executive Officer of Authority Brands. “Both partners will add substantial value as we aim to capture further share in the highly fragmented home services market, including by evaluating M&A opportunities in new service verticals.”

Financial terms of the transaction were not disclosed. The transaction is expected to be completed in Q4 2022, subject to customary closing conditions.

Apax was advised by Harris Williams, Boxwood Partners, William Blair & Company, Moelis & Company (financial advisors), Kirkland & Ellis, Simpson Thacher & Bartlett, DLA Piper, and Lathrop GPM (legal counsel), and Ernst & Young (financial and tax advisor).

 

-ENDS-

 

 

About BCI
British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada with C$211.1 billion under management, as of March 31, 2022. Based in Victoria, British Columbia, with offices in Vancouver and New York City, BCI is invested in: fixed income and private debt; public and private equity; infrastructure and renewable resources; as well as real estate equity and real estate debt through our independently operated platform company QuadReal Property Group. With our global outlook, we seek investment opportunities that convert savings into productive capital that will meet our clients’ risk and return requirements over time.

BCI’s private equity program actively manages a C$24.8 billion global portfolio of privately held companies and funds with long-term growth potential. Leveraging our sector-focused teams in business services, consumer, financial services, healthcare, industrials, and technology, media and telecommunications, we work with strategic private equity partners to source and manage direct and co-sponsor/co-investment opportunities.

For more information, please visit bci.ca.

About Apax Partners LLP

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For nearly 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $60 billion. The Apax Funds invest in companies across four global sectors of Internet/Consumer, Tech, Services, and Healthcare. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

Apax Partners is authorised and regulated by the Financial Conduct Authority in the UK.

About Authority Brands

Authority Brands is the premier residential services franchising platform providing services from the property line to the roof line. Authority Brands’ companies include 12 leading home service franchisors: America’s Swimming Pool Company, Benjamin Franklin Plumbing, The Cleaning Authority, Color World Painting, DoodyCalls, Homewatch CareGivers, Mister Sparky, Monster Tree Service, Mosquito Squad, One Hour Heating and Air Conditioning, STOP Restoration and Woofie’s. Together, these brands provide home services through approximately 860 franchise owners across North America. Authority Brands, which is headquartered in Columbia, Maryland, is dedicated to supporting individual franchise owner growth with a full suite of marketing, technology, and operational support, allowing them to focus on providing exceptional service to homeowners. Please visit www.authoritybrands.com for more information.

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KKR Invests in Hero Future Energies in $450 Million Transaction

KKR

NEW DELHI–(BUSINESS WIRE)– KKR, a leading global investment firm, and Hero Future Energies (“HFE” or the “Company”), the renewable energy arm of the Hero Group, today announced the signing of definitive agreements under which KKR and the Hero Group will invest $450 million in the Company. This investment will position HFE for continued growth and support its efforts to expand its renewable energy capacity and capabilities across technologies such as solar, wind, battery storage, and green hydrogen, and into new markets over time. Through its range of solutions, HFE will also look to support companies in their efforts to decarbonize and transition towards sustainable energy sources to achieve their net zero emission goals.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220918005083/en/

Founded in 2012, Hero Future Energies is a leading independent power producer (“IPP”) in India with a diversified portfolio of 1.6 GW of operating solar and wind projects.

Beyond supporting HFE’s growth, this round of investment led by KKR will help accelerate India’s energy transition. It advances the country’s significant effort to expand renewable energy capacity, reduce carbon emissions by 1 billion tons by 2030 and achieve net-zero emissions by 2070, as energy demand continues to grow alongside economic development. Private sector participation, including from global investors, is expected to be a key enabler for India to meet these targets, in lockstep with supportive government policies.1

Hardik Shah, Partner at KKR, said, “Hero Future Energies is a pioneer in India’s renewables sector, and has a strong track record of delivering innovative clean energy solutions to support India’s renewable energy ambitions. HFE’s clean energy solutions play an important role in helping companies decarbonize as energy demands continue to grow. We look forward to working closely with HFE’s management team and existing investors, including the Hero Group and IFC, to help HFE achieve its next phase of growth and contribute to the energy transition efforts in India and globally.”

Rahul Munjal, Chairman & Managing Director of Hero Future Energies, said, “I am happy to welcome KKR as a strategic partner in our company to achieve our goal of expanding renewable energy capacity across multiple geographies by 2025. With this investment, Hero Future Energies will work to accelerate India’s energy transition and contribute to the Indian government’s target of generating half the country’s power from non-fossil fuel sources by 2030.”

Srivatsan Iyer, Global CEO of Hero Future Energies, added, “KKR’s investment will drive Hero Future Energies’ growth in the rapidly growing renewable energy markets domestically and globally, as well as in new technologies such as battery storage, solar-wind hybrid projects, round-the-clock power, and green hydrogen, among others. This partnership is also a validation of our core strengths and capabilities in design and engineering, development, and project execution, while achieving excellence in health, safety and environment standards.”

Isabel Chatterton, Asia Pacific Regional Head of Infrastructure at IFC, said, “IFC is pleased to welcome KKR as a strategic partner on our longstanding investment in Hero Future Energies. This investment will enhance the company’s growth plans both in India and globally, meeting surging energy demands and mitigating against climate impacts with reliable and affordable clean energy solutions. Hero Future Energies has been successful in building a leading renewables platform that will help accelerate the transition to a sustainable, green economy.”

KKR makes its investment from its Asia Pacific Infrastructure Fund. The investment in Hero Future Energies builds on KKR’s extensive experience in India and the renewables sector. Since 2011, KKR has deployed over $15 billion in equity globally to invest in renewable assets, such as solar and wind, which have an operational power generation capacity of 23 GW, as of December 31, 2021. In Asia Pacific, KKR sees renewables as core to its infrastructure strategy and seeks to capture the significant opportunities across the region. In 2020, KKR set up Virescent Infrastructure, a renewable energy platform to own and operate renewable assets in India. In 2022, KKR launched Aster Renewable Energy, a renewables platform to develop, build and operate solar, wind, and energy storage projects in Taiwan and Vietnam, with a view to expand to other markets across the region.

About Hero Future Energies

Established in 2012, Hero Future Energies is present across multiple states in India, Bangladesh, Vietnam, Singapore, Ukraine and the UK. The company is an independent power producer (IPP) with about 1.6 GW of operating assets across utility and commercial & industrial sectors. The company plans to invest progressively in grid connected solar and wind, rooftop sectors, energy storage and green hydrogen over the next few years in India and internationally.

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 IFC

IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.

1 Moody’s, June 2022: Policy support and low-cost capital key to India meeting renewable energy targets

Media
For Hero Future Energies:
Dipankar Bose
+91 98104 66530
Dipankar.Bose@herofutureenergies.com

For KKR:
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

Source: KKR

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EQT Life Sciences announces strategic alliance of its portfolio company iSTAR Medical with AbbVie

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Alliance will provide opportunity for AbbVie to further expand its diverse eye care portfolio and provide additional treatment options for glaucoma patients.

Collaboration further supports the role of MINIject® in the treatment of glaucoma and accelerates goal to bring MINIject to more patients globally.

Deal terms include a $60M upfront payment to iSTAR Medical.

iSTAR Medical to continue development and commercialization of the MINIject device up to completion of the U.S. PMA study.

EQT Life Sciences today announced that AbbVie (NYSE: ABBV) and iSTAR Medical SA have entered into a strategic transaction to further develop and commercialize iSTAR Medical’s MINIject® device, a next-generation minimally invasive glaucoma surgical (MIGS) device for patients with glaucoma. This complementary alliance will support iSTAR Medical’s development and commercial efforts for MINIject®, as well as provide an opportunity to expand AbbVie’s eye care business, building on its glaucoma portfolio which includes drops, sustained release implants, and stent offerings. iSTAR Medical is a portfolio company of the LSP Health Economics Fund 2 managed by the EQT Life Sciences team.

MINIject® received Conformité Européenne (CE) marking approval to commercialize in European countries in the last quarter of 2021 and launched commercially in select European countries in early 2022. iSTAR Medical is currently enrolling a U.S. Pre-Market Approval study (STAR-V) to enable commercialization in the U.S.

“As a leading company in eye care with a commitment to a broad and diverse portfolio from the front to the back of the eye, along with our global footprint and infrastructure in glaucoma, we are well-positioned to support bringing this MIGS offering to patients and glaucoma specialists through this strategic alliance,” said Michael Robinson, M.D, Vice President, Global Therapeutic Area Head of Eye Care, AbbVie. “This alliance with iSTAR Medical is an important step as we continue to be an innovator in glaucoma by maximizing the value of interventional approaches throughout the treatment paradigm.”

“Today’s announcement is validation of the transformational role of MINIject in the treatment of glaucoma,” said Michel Vanbrabant, Chief Executive Officer, iSTAR Medical. “Our commitment has always been to enable more glaucoma patients globally to be treated effectively in a minimally-invasive manner with our MINIject® MIGS device, and this alliance accelerates that goal, especially in the United States. We will benefit from AbbVie’s strong global experience and knowledge base already established in glaucoma, and we are excited to be working with such a world class team.”

Under the terms of the agreement, iSTAR Medical will receive a $60M non-dilutive upfront payment and will continue to develop and commercialize MINIject® until completion of the STAR-V clinical study. AbbVie will hold the exclusive right to acquire iSTAR Medical and lead subsequent global development and commercialization of the MINIject device. If AbbVie exercises the right to acquire iSTAR, the stockholders of iSTAR Medical would also be eligible to receive additional contingent payments of up to $475M in a closing payment and upon achievement of certain predetermined milestones.

iSTAR Medical will remain an independent company through the completion of the STAR-V study. This financing will support the continued development and commercialization of MINIject®, including ongoing clinical studies and further enhancements to the technology. SVB Securities LLC acted as financial advisor to iSTAR Medical.

Forward-Looking Statements
Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “project” and similar expressions, among others, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, failure to realize the expected benefits from AbbVie’s acquisition of Allergan plc (“Allergan”), failure to promptly and effectively integrate Allergan’s businesses, competition from other products, challenges to intellectual property, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry and the impact of public health outbreaks, epidemics or pandemics, such as COVID-19. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie’s operations is set forth in Item 1A, “Risk Factors,” of AbbVie’s 2021 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its subsequent Quarterly Reports on Form 10-Q. AbbVie undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

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

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