Category Archives: News

Weave Living And KKR Establish Urban Living Strategic Partnership In South Korea

KKR

The venture will target to build an initial portfolio of c.1,200 units primarily in Seoul

SEOUL, South Korea–(BUSINESS WIRE)– WEAVE LIVING (“Weave”), Asia Pacific’s preeminent living sector specialist, and KKR, a leading global investment firm, today announced the establishment of a strategic partnership to invest in rental housing assets in South Korea, with a focus on Seoul. The strategic partnership will target to build a rental housing asset portfolio of c.1,200 units with the initial tranche of capital and the strategic partners intend to scale this program over time as opportunities emerge.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240325866051/en/

Cityscape at Night in Seoul, South Korea (Photo courtesy of Freepik)Cityscape at Night in Seoul, South Korea (Photo courtesy of Freepik)

This transaction marks KKR’s first investment program in the rental housing sector in South Korea. KKR will hold a majority stake in the strategic partnership, while Weave will hold the remaining minority stake in addition to providing a range of management services to the venture as development manager and operating partner. The portfolio of assets will operate under the Weave Living brand umbrella, and Weave intends to offer its full repertoire of brand options which includes four consumer brands — WEAVE STUDIOS, WEAVE PLACE, WEAVE SUITES and WEAVE RESIDENCES — to renters in South Korea to cater to the diverse needs of prospective tenants.

David Cheong, Managing Director and Co-Head of Acquisitions on KKR’s Asia Real Estate team, said: “Korea has been a cornerstone of our Asia Pacific real estate strategy for a decade, and we are thrilled to make our foray into the urban rental market, which represents an emerging investment segment in Seoul. We are also pleased to establish this venture with Weave, with whom we have developed a trusted and aligned relationship. Together, we look forward to leveraging our respective skills to expand this strategic partnership to better serve our tenants over the long term.”

Sachin Doshi, Founder and Group CEO of WEAVE LIVING said: “Weave is excited to join forces with KKR to establish a foothold in the dynamic living sector in South Korea. KKR has an excellent track record as a real estate investor, and we are honoured that they have chosen Weave as their strategic partner for this asset class in the country. In recent years, renters have been struggling with various housing issues and we have identified a clear gap in the market for beautifully designed, well-located homes, managed to global standards that meet the needs of urban renters and young professionals in South Korea, primarily Seoul. We believe the opportunity is extremely large, and our goal is to facilitate the institutionalisation of the rental housing market in the country by introducing the Weave model to the market.”

The strategic partnership is the latest milestone for KKR’s real estate platform in Asia Pacific. To date, KKR has completed more than 20 transactions in the region across a range of segments including mixed use, commercial, industrial, hotel, office and retail properties. South Korea is an important part of KKR’s Asia Pacific real estate strategy, and today, KKR manages several assets in the country including, but not limited to, office towers located in Seoul’s central business district, and logistics centres located across the country.

This latest strategic partnership follows Weave Living’s recent announcements including upsized investment from its existing shareholders – Warburg Pincus and Founder Sachin Doshi, further expansion in Japan, where it recently (March 2024) opened three assets and acquired two new assets in prime locations in Tokyo, bringing the company’s Japan-based offerings to 11 locations. South Korea is Weave’s fourth market in Asia Pacific, following Hong Kong, Singapore, and Japan, establishing it as the preeminent living sector specialist in the region. Weave opened its Seoul office in June 2023 and currently has seven team members based there, with plans to double its headcount this year.

About Weave Living

Founded in 2017 by Sachin Doshi as a response to the gap in the market for beautifully designed and professionally managed living options, WEAVE LIVING currently owns and operates c. 2,500 rental accommodation units across the Asia-Pacific region under its four consumer brands — WEAVE STUDIOS, WEAVE PLACE, WEAVE SUITES and WEAVE RESIDENCES — catering to a broad and diverse demographic of urbanites and professionals in key gateway cities.

About KKR

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

Weave Living

Website: https://www.weave-living.com/en/kr
Instagram: @liveatweave
Facebook: @liveatweave

For Weave Living:
Joanna Park
Tel: +82 2 2084 9230
E-mail: joanna@briman.co.kr

Kelly Bahn
Tel: +82 2 2084 9224
E-mail: kelly@briman.co.kr

Youha Jun
Tel: +82 2 2084 9228
E-mail: youha@briman.co.kr

For KKR:
Wei Jun Ong
Tel: +65 6922 5813
E-mail: weijun.ong@kkr.com

The Signature (for KKR Korea)
Jason Sohn
Tel: +82 10 9622 5915
E-mail: jason.sohn@thesignature.co.kr

Source: KKR

 

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CVC funds invest in Monbake Group to support its growth strategy

Ardian

Ardian, Alantra, Artá, and Landon have agreed to sell their stake in Monbake to CVC funds after successfully completing the objective they set themselves, in which the Monbake Group has consolidated its position as one of the three main producers and distributors of frozen dough at national level.
Monbake’s management team has found in CVC its ideal partner to further pursue its strategic plan. CVC’s expertise will contribute significantly to the company’s global expansion strategy and enhance its innovation capabilities.

CVC, a leading global private markets manager, announces CVC funds’ investment in Grupo Monbake, a leader in the frozen dough sector in Spain, to support its continued growth. CVC funds are acquiring the entire stake in Grupo Monbake that was previously held by Ardian, one of the world’s leading private equity firms, and its co-investors in this project (Alantra, Artá, and Landon).  The price of the transaction has not been disclosed.
Monbake was created in February 2018, when Ardian bought the companies Berlys and Bellsolá, independently, with the aim of leading the frozen dough sector in Spain. For months, the Ardian team worked to validate that the union of Berlys and Bellsolà represented an excellent industrial and strategic opportunity to consolidate a group with greater production capacity and commercial coverage, greater growth potential and innovation capacity. During the years that Ardian has been part of Monbake, the company has consolidated its position as one of the three main producers and distributors of frozen pastry at a national level, with a solid commercial and industrial structure and a wide network of shops.
After six years of supporting the domestic and global growth of the company and with the initial objectives achieved, Ardian considers that the investment cycle has ended, and will now allow CVC to spearhead the next phase of Monbake’s growth. Monbake’s new shareholder, CVC funds, has deep experience in the sector and endorses the roadmap set out for the company. CVC will support the company’s day-to-day operations, and is fully committed to the current management team and the company’s global expansion strategy. It will also uphold the company’s current focus on employment, quality, innovation, commitment to long-term relationships with suppliers and service to customers in more than 30 countries where it currently operates.

Aurelio Antuña, Monbake CEO, comments “We would like to thank Ardian for their strong support and commitment to Monbake’s growth over the past six years. At the same time, we are proud of CVC’s decision to support our company in its consolidation and continued growth phase. We are convinced that CVC is the right partner to take Monbake to the next level, and we look forward to working with them over the coming years”.

“We are honoured to become Monbake’s new partner, offering our experience and proven track record in the sector to support the next phase of growth. We have full confidence in the management team and we will work closely with them to implement the company’s global growth strategy and strengthen its innovation capabilities to secure its position as an industry leader.” Stated José Antonio Torre de Silva, Partner at CVC

“It has been an incredible journey with a fantastic team of professionals and management. We are very proud to have contributed to the creation and development of Monbake, which is now a strong, innovative international group with operations in over 30 markets”. Concluded Gonzalo Fernández Head of buyout Spain & Portugal & Managing Director, Ardian Spain (Advisor to Ardian France).

ABOUT CVC

CVC is a leading private equity and investment advisory firm with a network of 29 offices throughout EMEA, the Americas, and Asia, with approximately €186 billion in assets under management. CVC has seven complementary strategies across private equity, secondaries, and credit, for which CVC funds have secured commitments in excess of €230 billion from some of the world’s leading institutional investors. Funds managed or advised by CVC are invested in over 125 companies worldwide, which have combined annual sales of approximately €166 billion and employ more than 590,000 people.

All figures as of 10 December 2023, and adjusted to reflect the agreed acquisition of DIF Capital Partners announced in September 2023 (closing of which is subject to regulatory approvals), unless otherwise indicated.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $164bn of assets on behalf of more than 1,600 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.

ABOUT MONBAKE

The MONBAKE Group is one of the largest companies producing frozen dough and Bakery Café products in Spain. It manufactures, distributes and markets bread, pastry and cake products both for the home market and abroad, with a presence in over 30 countries.

PRESS CONTACT CVC

MARIBEL ALONSO RITA PORTUGAL

malonso@grupoalbion.net+34 91 531 23 88

PRESS CONTACT ARDIAN

LLORENTE Y CUENCA

ANTONIO GARCÍA

ardian@llorenteycuenca.com

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CVC funds invest in Monbake Group to support its growth strategy

Ardian

Ardian, Alantra, Artá, and Landon have agreed to sell their stake in Monbake to CVC funds after successfully completing the objective they set themselves, in which the Monbake Group has consolidated its position as one of the three main producers and distributors of frozen dough at national level.
Monbake’s management team has found in CVC its ideal partner to further pursue its strategic plan. CVC’s expertise will contribute significantly to the company’s global expansion strategy and enhance its innovation capabilities.

CVC, a leading global private markets manager, announces CVC funds’ investment in Grupo Monbake, a leader in the frozen dough sector in Spain, to support its continued growth. CVC funds are acquiring the entire stake in Grupo Monbake that was previously held by Ardian, one of the world’s leading private equity firms, and its co-investors in this project (Alantra, Artá, and Landon).  The price of the transaction has not been disclosed.
Monbake was created in February 2018, when Ardian bought the companies Berlys and Bellsolá, independently, with the aim of leading the frozen dough sector in Spain. For months, the Ardian team worked to validate that the union of Berlys and Bellsolà represented an excellent industrial and strategic opportunity to consolidate a group with greater production capacity and commercial coverage, greater growth potential and innovation capacity. During the years that Ardian has been part of Monbake, the company has consolidated its position as one of the three main producers and distributors of frozen pastry at a national level, with a solid commercial and industrial structure and a wide network of shops.
After six years of supporting the domestic and global growth of the company and with the initial objectives achieved, Ardian considers that the investment cycle has ended, and will now allow CVC to spearhead the next phase of Monbake’s growth. Monbake’s new shareholder, CVC funds, has deep experience in the sector and endorses the roadmap set out for the company. CVC will support the company’s day-to-day operations, and is fully committed to the current management team and the company’s global expansion strategy. It will also uphold the company’s current focus on employment, quality, innovation, commitment to long-term relationships with suppliers and service to customers in more than 30 countries where it currently operates.

Aurelio Antuña, Monbake CEO, comments “We would like to thank Ardian for their strong support and commitment to Monbake’s growth over the past six years. At the same time, we are proud of CVC’s decision to support our company in its consolidation and continued growth phase. We are convinced that CVC is the right partner to take Monbake to the next level, and we look forward to working with them over the coming years”.

“We are honoured to become Monbake’s new partner, offering our experience and proven track record in the sector to support the next phase of growth. We have full confidence in the management team and we will work closely with them to implement the company’s global growth strategy and strengthen its innovation capabilities to secure its position as an industry leader.” Stated José Antonio Torre de Silva, Partner at CVC

“It has been an incredible journey with a fantastic team of professionals and management. We are very proud to have contributed to the creation and development of Monbake, which is now a strong, innovative international group with operations in over 30 markets”. Concluded Gonzalo Fernández Head of buyout Spain & Portugal & Managing Director, Ardian Spain (Advisor to Ardian France).

ABOUT CVC

CVC is a leading private equity and investment advisory firm with a network of 29 offices throughout EMEA, the Americas, and Asia, with approximately €186 billion in assets under management. CVC has seven complementary strategies across private equity, secondaries, and credit, for which CVC funds have secured commitments in excess of €230 billion from some of the world’s leading institutional investors. Funds managed or advised by CVC are invested in over 125 companies worldwide, which have combined annual sales of approximately €166 billion and employ more than 590,000 people.

All figures as of 10 December 2023, and adjusted to reflect the agreed acquisition of DIF Capital Partners announced in September 2023 (closing of which is subject to regulatory approvals), unless otherwise indicated.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $164bn of assets on behalf of more than 1,600 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.

ABOUT MONBAKE

The MONBAKE Group is one of the largest companies producing frozen dough and Bakery Café products in Spain. It manufactures, distributes and markets bread, pastry and cake products both for the home market and abroad, with a presence in over 30 countries.

PRESS CONTACT CVC

MARIBEL ALONSO RITA PORTUGAL

malonso@grupoalbion.net+34 91 531 23 88

PRESS CONTACT ARDIAN

LLORENTE Y CUENCA

ANTONIO GARCÍA

ardian@llorenteycuenca.com

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Stonepeak and Shizen Energy to Form Asian Onshore Wind Platform

Stonepeak

NEW YORK & FUKUOKA, JAPAN – March 25, 2024 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, has completed an investment in TerraWind Renewables (“TerraWind”), an onshore wind energy platform, in partnership with Shizen Energy Inc. (“Shizen Energy”), a Japanese renewable energy company. As part of the transaction, Stonepeak has acquired an 80% interest in TerraWind, with Shizen Energy retaining the remaining 20% interest in the business. TerraWind will focus on the development of onshore wind projects in Japan and across the Asia-Pacific region.

Shizen Energy, founded in 2011 and headquartered in Japan, focuses on the development, financing, and management of renewable energy power plants. The Company’s wind power-focused business segment has operated for almost ten years under the stewardship of a highly experienced management team with a proven track record of developing and constructing onshore wind assets. As of today, the onshore wind platform consists of 30MW of late-stage development assets in Japan and a pipeline of over 300MW across the Asia-Pacific region.

“As the need for renewable and reliable energy in Asia continues to grow, we have seen energy transition efforts accelerate across the region. TerraWind will seek to address that growing demand through the strategic expansion of Shizen Energy’s onshore wind portfolio,” said Ryan Chua, Senior Managing Director at Stonepeak. “With a strong existing business, secured, long-term contracts, and a robust pipeline, we are confident in both TerraWind’s potential and fit as part of our global renewables strategy. We look forward to working with the Shizen Energy team – with whom we have a strong existing relationship through our existing portfolio company, Synera Renewable Energy – to bring these opportunities to bear and further the equitable distribution of renewable energy in the region.”

“We are excited to close this new partnership for onshore wind with Stonepeak which builds on our existing relationship with Stonepeak’s portfolio company Synera Renewable Energy, a leading Taiwanese offshore wind developer, whom we have partnered with since 2021. Shizen’s core business since its foundation has been solar PV, which we will continue to promote strongly, however our customers require a variety of solutions to achieve their decarbonization goals, including energy storage, energy management systems, EVs, and also wind power. By focusing on new onshore wind project development, we believe TerraWind will realize many attractive projects for our corporate PPA customers in Asia,” said Oliver Senter, Executive Officer at Shizen Energy responsible for Investment & Strategy.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately USD 61.1 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Hong Kong, Houston, London, Singapore, and Sydney. For more information, please visit www.stonepeak.com.

About Shizen Energy Inc.

Founded in June 2011. With the company purpose of “We take action for the blue planet,” the company’s business includes development, financing, and asset management of renewable energy power plants using solar power, wind power, small-scale hydroelectric power, and biomass. Since 2016, the company has also been focusing on its international operations, expanding its development and power generation projects in areas such as Southeast Asia and Brazil. In 2019, the company also entered the energy tech business, offering micro-grid and VPP construction, smart charging and discharging services for EVs, and other services through its self-developed EMS (energy management system). Shizen Energy Group has been involved in more than 1 GW of renewable energy generation internationally.

・Headquarters: Fukuoka Ohori Bldg. 1-1-6 Arato, Chuo Ward, Fukuoka City, Fukuoka
・Representative Directors: Ken Isono, Kenji Kawado, Masaya Hasegawa
・URL: https://www.shizenenergy.net/en/

 

Contacts

Stonepeak
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (212) 907-5100

Shizen Energy Inc. Public Relations Department
se-comm@shizenenergy.net

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Indigo Group and Ardian create Clermont, a new venture to accelerate growth in Canada’s parking market

Ardian

Ardian, a world-leading private investment house, and Indigo Group, a global player in parking and urban mobility, today announced Clermont, a new Canadian joint venture formed to invest in parking assets.

As part of the partnership, Indigo will contribute its Canadian-owned properties to Clermont while retaining the operations for each of the properties through Indigo Park Canada. Ardian will support Clermont’s digitization and sustainability efforts to drive value creation. Ardian and Indigo will deploy additional equity over the long term, acquiring parking assets, as well as long-term concessions and leases. Indigo will manage the operations of these assets.

The newly formed company, Clermont, will be led by industry veteran, CEO Gordon Craig, who has nearly 30 years of experience in the parking industry, previously serving as the President of Canadian operations and COO of North America for Imperial Parking (Impark). The partnership between Ardian and Indigo represents the continuation of a long-standing and successful collaboration between the two companies which began in 2014.

“We are excited to launch this new venture and work with such a reputable and experienced management team in Canada. With our proven track record of developing sustainable and digital-first infrastructure assets, in combination with Indigo’s established and innovative parking solutions, Clermont is strategically positioned for accelerated growth within the Canadian market.”

“We are excited to launch this new venture and work with such a reputable and experienced management team in Canada. With our proven track record of developing sustainable and digital-first infrastructure assets, in combination with Indigo’s established and innovative parking solutions, Clermont is strategically positioned for accelerated growth within the Canadian market.” Stefano Mion, Co-Head of Infrastructure Americas, Ardian

Ardian’s Infrastructure team has a long track record of experience developing and acquiring essential infrastructure assets across the global transportation, energy, and digital infrastructure sectors. This transaction will be made through the Ardian Americas Infrastructure Fund V (AAIF V) and complements Ardian’s existing infrastructure portfolio in the Americas.

“We are thrilled to launch this new venture with Ardian, a unique opportunity for Indigo to further expand our footprint in Canada while unlocking value for a growing parking asset portfolio.” John Laires, CEO, Indigo Park Canada

“It’s an honor to be working alongside the teams at Indigo and Ardian, both leaders in their respective industries, in this new venture. Clermont will seek to offer innovative, digitally driven, and sustainable parking operations that provide an enhanced customer experience. We are delighted by the opportunity at hand.” Gordon Craig, CEO, Clermont

PARTIES TO THE TRANSACTION

  • ARDIAN

    • FINANCIAL ADVISOR: AGENTIS
    • LEGAL ADVISOR: GIBSON DUNN, FASKEN
    • TECHNICAL ADVISOR: BTY GROUP
    • COMMERCIAL & MARKET ADVISOR: AT KEARNEY
    • FINANCIAL & TAX ADVISOR: DELOITTE
    • INSURANCE ADVISOR: ALLIANT

  • INDIGO GROUP

    • FINANCIAL ADVISOR: STORMONT PARTNERS
    • LEGAL ADVISOR: MCCARTHY
    • TAX ADVISOR: DELOITTE

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $164bn of assets on behalf of more than 1,600 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

ABOUT INDIGO GROUP S.A.

Indigo Group, which owns nearly 100% of Indigo Infra, Indigo Neo and INDIGO®weel, is a global player in parking and urban mobility, managing more than 1.4 million parking spaces and their associated services in 9 countries. Indigo Group is indirectly 49.2% owned by Crédit Agricole Assurances, through Predica SA and Crédit Agricole Assurances Retraite, 34.3% owned by Vauban Infrastructure Partners and 14.9% owned by MR Infrastructure Investment GmbH (MEAG), and 1.4% held in treasury shares and by the Group’s management, and the remaining of the shares by Infra Foch TopCo S.A.S (0.2%).

group-indigo.com

MEDIA CONTACTS

ARDIAN

THE NEIBART GROUP MAEVE MALONEY

ardian@neibartgroup.com 

INDIGO GROUP

BRUNO TALLENT

bruno.tallent@group-indigo.com

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Novo Nordisk to acquire Cardior Pharmaceuticals and strengthen pipeline in cardiovascular disease

Inkef Capital

The total deal value is 1.025 billion Euros, including an upfront and additional milestone payments

—
Bagsværd, Denmark, and Hannover, Germany, 25 March, 2024 – Novo Nordisk and Cardior Pharmaceuticals today announced that Novo Nordisk has agreed to acquire Cardior for up to 1.025 billion Euros, including an upfront payment and additional payments if certain development and commercial milestones are achieved.

 

Cardior is a leader in the discovery and development of therapies that target RNA as a means to prevent, repair and reverse diseases of the heart. The company’s therapeutic approach targets distinctive non-coding RNAs as a platform for addressing root causes of cardiac dysfunctions with an aim to achieve lasting patient impact.

 

The agreement includes Cardior’s lead compound CDR132L, currently in phase 2 clinical development for the treatment of heart failure.

 

The acquisition is an important step forward in Novo Nordisk’s strategy to establish a presence in cardiovascular disease. Novo Nordisk aims to build a focused, impactful portfolio of therapies through internal and external innovation to address the significant unmet needs that still exist within cardiovascular disease, the most common cause of death globally.

 

“By welcoming Cardior as a part of Novo Nordisk, we will strengthen our pipeline of projects in cardiovascular disease where we already have ongoing programmes across all phases of clinical development,” said Martin Holst Lange, executive vice president for Development at Novo Nordisk. “We have been impressed by the scientific work carried out by the Cardior team, especially on CDR132L, which has a distinctive mode of action and potential to become a first-in-class therapy designed to halt or partially reverse the course of disease for people living with heart failure.”

 

CDR132L is designed to halt and partially reverse cellular pathology by selectively blocking abnormal levels of the microRNA molecule miR-132, potentially leading to long-lasting improvement in heart function.

 

In a phase 1b trial published in the European Heart Journal , CDR132L was reported to be safe and well tolerated and the results suggested cardiac functional improvements in people with heart failure compared to placebo. CDR132L is currently being investigated in the phase 2 trial HF-REVERT in 280 people with heart failure with reduced ejection fraction (HFrEF) who have previously suffered a heart attack (myocardial infarction). The first patient was dosed in the HF-REVERT trial in July 2022.

 

Novo Nordisk plans to initiate a second phase 2 trial that will investigate CDR132L in a chronic heart failure population with cardiac hypertrophy – a condition that causes the walls of the heart muscle to become thick and stiff, affecting the heart’s ability to pump blood.

 

“This acquisition is a reflection of CDR132L’s transformative potential as a disease-modifying therapy for heart failure,” said Claudia Ulbrich, MD, CEO and co-founder of Cardior. “Novo Nordisk is the ideal partner based on its deep clinical and commercial expertise combined with its resources to accelerate our late-stage development programme, including through larger registrational studies. We look forward to advancing CDR132L towards market approval.”

 

The closing of the acquisition is subject to receipt of applicable regulatory approvals and other customary conditions and is expected to happen in the second quarter of 2024.

 

The transaction will not impact Novo Nordisk’s previously communicated operating profit outlook for 2024 or the ongoing share buy-back programme. Novo Nordisk will fund the acquisition from financial reserves.

 

About heart failure
Heart failure is a chronic, progressive condition in which the heart muscle is unable to pump enough blood to meet the body’s needs for blood and oxygen. The condition leads to frequent hospitalisations, and more than half of people diagnosed with heart failure die within five years . Heart failure affects more than 65 million people globally and is most commonly caused by heart conditions such as ischaemic heart disease, cardiomyopathy or high blood pressure . The condition cannot be cured. Current therapies can slow but not halt disease progression , and morbidity and mortality remain high .

 

About Cardior’s approach
Cardior works to identify and counteract the molecular mechanisms of the broad area of ischaemic-induced heart failure as well as specific cardiac diseases such as hypertrophic and dilated cardiomyopathies. Cardior primarily seeks to advance a novel class of antisense oligonucleotides (ASOs) targeting so-called non-coding RNAs (ncRNAs) that are able to act on several key disease pathways simultaneously, triggering a concerted therapeutic effect against key hallmarks of heart disease, including cardiac hypertrophy, fibrosis, impaired contractility and reduced vascularization. Although ncRNAs are not translated into proteins, they are important for the regulation of critical cellular processes and their dysregulation is a hallmark of many diseases. With its deep knowledge in RNA biology, Cardior is developing a clinically-oriented approach to restore normal levels and functions of these key players in the pathological processes of cardiac diseases.

 

About Novo Nordisk
Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases, built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines, and working to prevent and ultimately cure disease. Novo Nordisk employs about 63,400 people in 80 countries and markets its products in around 170 countries. For more information, visit novonordisk.com, Facebook, Instagram, X, LinkedIn and YouTube.

 

About Cardior
Cardior Pharmaceuticals is a leading clinical-stage biopharmaceutical company pioneering the discovery and development of RNA-based therapeutics designed to prevent, repair and reverse diseases of the heart. Cardior’s therapeutic approach uses distinctive non-coding RNAs as an innovative platform for addressing the root causes of cardiac dysfunctions. The company aspires to bring transformative therapeutics and diagnostics to patients and thereby make a lasting impact on the treatment of cardiac diseases worldwide.

 

Contacts for further information

Media:
Ambre James-Brown
+45 3079 9289
abmo@novonordisk.com
Liz Skrbkova (US)
+1 609 917 0632 lzsk@novonordisk.com
Investors:
Daniel Muusmann Bohsen
+45 3075 2175
dabo@novonordisk.com
Jacob Martin Wiborg Rode
+45 3075 5956
jrde@novonordisk.com

David Heiberg Landsted
+45 3077 6915
dhel@novonordisk.com
Mark Joseph Root (US)
+1 848 213 3219
mjhr@novonordisk.com

Sina Meyer
+45 3079 6656
azey@novonordisk.com
Frederik Taylor Pitter
+45 3075 8259
fptr@novonordisk.com

Cardior media
Trophic Communications
Stephanie May
+49 171 1855682
may@trophic.eu

 

March 25. 2024

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819 Capital Partners invests in Sono-Coat in strategic deal with LipoCoat

819 Capital Partners

LipoCoat Holdings (“LipoCoat”), a portfolio company from 819 Capital Partners, strategically acquired Sono-Coat. The deal is backed by a growth investment directly into Sono-Coat BV (“Sono-Coat”) led by 819 Capital Partners (“819”) from their 819 Evergreen Fund.

 

 

Sono-Coat has developed patented echogenic coating solutions that offer unsurpassed ultrasound visibility for medical devices, enabling novel ultrasound guided therapies.

Strategic acquisition with strong synergy potential

The strategic acquisition of the Sono-Coat technology marks a significant extension of LipoCoat’s mission to improve the comfort, safety, and performance of medical devices through innovative coating solutions, to address the evolving needs of researchers, clinicians, and patients worldwide.

“We are thrilled to welcome Sono-Coat to the LipoCoat family” said Jasper van Weerd, CEO LipoCoat Holdings. “Their innovative echogenic coating technology complements our existing technologies and aligns perfectly with our commitment to delivering superior solutions that improve patient outcomes. Together, we will accelerate the pace of innovation in the biomedical field and create value for our customers and partners.”

For 819, leading the growth investment makes sense, as Sono-Coat offers an attractive value proposition with potential synergy with portfolio company LipoCoat. Wim Smit, managing partner at 819: “Sono-Coat has developed a strong solution to enhance visibility of needles and catheters, thereby making work of doctors easier. We see, besides a stand-alone success, several benefits in the combination with LipoCoat: both cross-selling opportunities and the development of a combined product.”

Beneficial collaboration for all parties involved

Lee Ayres, CTO and inventor of Sono-Coat is excited to join the LipoCoat Group. “Together with LipoCoat, we can leverage our collective expertise to drive innovation and bring transformative solutions to market faster. This union represents a win-win for our customers, who will benefit from a broader range of high-quality products and services. The Sono-Coat technology can be applied to a wide range of devices, in diverse fields such as interventional radiology, ablation, regional anesthesia, central lines and structural heart.”

With the acquisition of Sono-Coat, LipoCoat extends the commitment to advancing healthcare through innovation. By harnessing the synergies between LipoCoat and Sono-Coat, the group further strengthens its position as a preferred partner for researchers and industry stakeholders seeking cutting-edge solutions to address complex biomedical challenges.

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EQT Exeter Real Estate Income Trust announces acquisition of 450,000 square-foot industrial property in Georgetown, TX for over $60M

eqt

EQT Exeter Real Estate Income Trust, Inc. (“EQRT”) today announced its first acquisition, purchasing 110 Southeast Inner Loop Road in Georgetown, Texas for $60.9 million. EQRT acquired the property with proceeds from the sale of 6.22 million Class E units of its operating partnership to EQT Exeter Holdings US, Inc., an affiliate of EQRT’s sponsor.

The 449,642 square-foot property is fully occupied by GAF Energy LLC (“GAF Energy”), a leading producer of solar roofing, on a long-term lease. The newly built, cutting-edge warehouse was completed in 2023 and features 106 doors, a 36-foot-tall ceiling, 123 trailer parking spaces, and more than 500 total parking spaces. As GAF Energy noted when announcing the completion of construction, the increased capacity and production enabled by this new manufacturing and distribution facility will make GAF Energy one of the largest producers of solar roofing in the world.

“This property is strategically located in a key regional distribution center just outside Austin, TX. The location offers access to large and diverse markets with a highly educated and skilled workforce, and GAF Energy intends to employ over 240 people at this facility,” said Ali Houshmand, EQRT Portfolio Manager. “The EQRT investment strategy seeks to acquire primarily stabilized, income-oriented commercial real estate in the industrial sector across the United States. This transaction reaffirms our commitment to that strategy.”

EQT Exeter CEO Ward Fitzgerald said, “We are thrilled to complete EQRT’s first acquisition. Given the current interest rate environment and consequent attractive property valuations, we are pursuing a number of similar deals. We look forward to continuing to make well-timed, strategic acquisitions across key submarkets in the U.S., capitalizing on our fresh start and lack of the legacy issues seen in our industry right now.”

EQRT is externally advised by Exeter Property Group, LLC (“EQT Exeter”), the real estate division of EQT AB, a purpose-driven global investment organization. EQRT focuses on properties that can leverage EQT Exeter’s scale and long-standing direct leasing relationships with Fortune 1000 companies. EQRT will generally seek to invest approximately 80% in properties with business tenants, such as industrial or life science properties, and approximately 20% in real estate assets with consumer users, such as multifamily or self-storage properties.

For media inquiries:
press@eqtpartners.com

For all other inquiries:
pwm@eqtpartners.com

About EQT Exeter Real Estate Income Trust
EQT Exeter Real Estate Income Trust (“EQRT”) is an externally managed non-traded perpetual life REIT, which is designed to provide investors access to a global, vertically integrated real estate platform. Combining EQT Exeter’s heritage as a pioneer in the logistics industry and belief in the importance of innovation, EQRT will target real estate critical to the functioning of America’s supply chain and its ongoing leadership in research and development-driven sectors, including life sciences, healthcare and information technology.

Forward-Looking Statements Disclosure
Statements contained in this press release that are not historical facts are based on EQRT’s current expectations, estimates, projections, opinions or beliefs and speak only as of the date hereof. Such statements are not facts and involve known and unknown risks, uncertainties, and other factors. You should not rely on these forward-looking statements as if they were fact. These forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” “forecast,” or “believe” or the negatives thereof or other variations thereon or other comparable terminology. Actual events or results or EQRT’s actual performance may differ materially from those reflected or contemplated in such forward-looking statements as a result of various risks and uncertainties including those relating to future economic, competitive and market conditions and future business decisions by EQRT. No representation or warranty is made as to future performance or such forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by EQRT or any other person that EQRT’s objectives and plans, which EQRT considers to be reasonable, will be achieved.

Except as otherwise required by federal securities laws, EQRT does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.

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Ingersoll Rand to Acquire ILC Dover to Expand Presence in Life Sciences

New Mountain Capital

DAVIDSON, N.C.– March 25, 2024 — (BUSINESS WIRE)– Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and industrial solutions, has entered into an agreement to acquire ILC Dover (“ILC”) from New Mountain Capital, LLC, a leading growth-oriented investment firm with approximately $50 billion in assets under management. The deal includes an upfront cash purchase price of approximately $2.325 billion and an earnout tied to the achievement of select operating efficiency metrics in 2024. At its maximum payout, the earnout increases the 17x upfront purchase multiple by less than one turn.

ILC is a world-leader in the design and production of highly innovative solutions for biopharmaceutical, pharmaceutical, and medical device markets as well as a leading supplier for the space industry. ILC has a 75-year heritage of innovation and commitment to expanding its product portfolio of mission-critical applications. ILC serves its global customer base across 11 engineering and production facilities located in North America, Europe, and Asia, with more than 2,000 team members.

In connection with this acquisition, Ingersoll Rand will establish a life sciences platform within its P&ST segment, consisting of ILC plus Ingersoll Rand’s life science-focused brands including Thomas, Welch, Zinsser Analytic, Tricontinent, Air Dimensions, and ILS. Corey Walker, ILC President and CEO, will lead the life sciences platform and join the Ingersoll Rand leadership team, reporting to Vicente Reynal, chairman and chief executive officer. This platform will have approximately $700 million in revenue and will enable Ingersoll Rand to further focus its growth and investment in life sciences, a key strategic area for the company. Current P&ST segment leader Santiago Arias Duval will continue to report to Reynal and lead a second platform within P&ST consisting of the remaining P&ST businesses, which represent approximately $1 billion in revenue.

“This acquisition is the next phase of our long-term vision to expand into higher-growth end markets like life sciences. I am incredibly excited to partner with Corey and the outstanding team at ILC, whom we’ve admired for their innovative products and decades of experience in life sciences, to enhance our presence in key workflows and applications,” said Vicente Reynal, Ingersoll Rand chairman and CEO. “We see many opportunities to leverage ILC’s established market positions and brands, including the ability to attach Ingersoll Rand’s existing liquid handling technologies and positive displacement pumps to ILC’s single-use solutions in key biopharma and pharma production processes. Through ILC, we will get access to approximately 1,000 customers in the broader life science and healthcare sectors, where we can leverage our demand generation capabilities to drive incremental growth in other Ingersoll Rand product lines like compressors. Working together, we will continue to drive sustained growth, lead customer value and innovation, and maximize value creation.”

“I am very proud of our team’s passion for innovation, commitment to world-class quality, and overall dedication to our customers during a period of rapid growth,” said Corey Walker, ILC president and CEO. “I’m excited to combine the Ingersoll Rand and ILC Life Science portfolio of products that allow us to serve our customers from the discovery phase in the laboratory to the commercial production of life saving therapies. ILC Dover’s direct channel access coupled with Ingersoll Rand’s proven growth and efficiency tools will allow us to accelerate our ability to serve customers across their workflows.”

“Since we acquired ILC in early 2020, we have made substantial investments to support and drive growth. ILC significantly increased its manufacturing capabilities and cleanroom capacity while also driving meaningful operational initiatives to better serve its customers,” said Andre Moura, managing director at New Mountain Capital. “We would like to thank Corey Walker and his management team for the successful partnership. Under Corey’s leadership, the business materially expanded its product set, including its portfolio of flexible, single-use solutions for sterile and aseptic manufacturing processes. We see a strong fit between Ingersoll Rand and ILC, and we are confident that Ingersoll Rand is the right partner for its next stage of growth.”

This acquisition is immediately accretive to Ingersoll Rand’s growth and margin rates. ILC’s revenue has grown at a mid-teens CAGR organically over the last three years and is expected to reach almost $400 million in revenue in 2024E, with mid-30s Adjusted EBITDA margins. Through the deployment of Ingersoll Rand Execution Excellence (IRX) and organic growth enablers like Demand Generation Excellence (DGX), Ingersoll Rand expects to achieve a ROIC in the high single digits by year three of its ownership. This acquisition is subject to customary regulatory approvals and is expected to close in Q2 2024.

Advisors

Kirkland & Ellis LLP is serving as legal counsel to Ingersoll Rand. Jefferies LLC and Goldman Sachs & Co. LLC are serving as financial advisors and Simpson Thacher & Bartlett LLP is serving as legal counsel to ILC Dover and New Mountain Capital.

About Ingersoll Rand Inc.

Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance and durability in mission-critical flow creation and industrial solutions. Supported by over 80+ respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity, and efficiency. For more information, visit www.IRCO.com.

About New Mountain Capital

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with approximately $50 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit https://www.newmountaincapital.com/.

Forward-Looking Statements

These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) adverse impact on our operations and financial performance due to natural disaster, catastrophe, global pandemics, geopolitical tensions, cyber events, or other events outside of our control; (2) unexpected costs, charges or expenses resulting from completed and proposed business combinations, including the proposed acquisition of ILC; (3) uncertainty of the expected financial performance of the Company; (4) failure to realize the anticipated benefits of completed and proposed business combinations, including from the proposed acquisition of ILC; (5) the ability of the Company to implement its business strategy; (6) difficulties and delays in achieving revenue and cost synergies from the proposed acquisition of ILC; (7) inability of the Company to retain and hire key personnel; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; (11) uncertainties as to if or when the conditions to closing the proposed acquisition of ILC will be satisfied; (12) potential business uncertainty as a result of changes to existing business relationships that could affect Ingersoll Rand’s or ILC’s financial performance and operating results; and (13) other risk factors detailed in Ingersoll Rand’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC’s website at http://www.sec.gov. The foregoing list of important factors is not exclusive.

Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Non-GAAP Financial Measures

Included in this press release are certain non-GAAP financial measures designed to supplement, and not substitute, the financial information provided in accordance with generally accepted accounting principles (“GAAP”) in the United States of America because management believes such measures are useful to investors. Reconciliations of non-GAAP measures related to 2024 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations, including net income (loss) and adjustments that could be made for acquisitions-related expenses, restructuring and other business transformation costs, gains or losses on foreign currency exchange and the timing and magnitude of other amounts in the reconciliation of historic numbers. For the same reasons, we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.

Ingersoll Rand Investor Relations:
Matthew.Fort@irco.com

Ingersoll Rand Media:
Sara.Hassell@irco.com

New Mountain Capital Media:
Dana Gorman
H/Advisors Abernathy
dana.gorman@h-advisors.global

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Polaris announces public offer for Awardit

Polaris

Polaris Private Equity and a consortium of existing shareholders announce a recommended public offer of SEK 132 in cash per share to the shareholders of Awardit

Polaris Private Equity (“Polaris”) , together with Niklas Lundqvist, the founder of Awardit, Samir Taha, the Chairman of the Board of Awardit and the larger shareholders Filip Engelbert and Jonas Nordlander (jointly referred to as the “Consortium”), through Fayes Investeringar 1 AB (“Fayes” or the “Offeror”) hereby announce a recommended public offer to the shareholders in Awardit AB (publ) (“Awardit” or the “Company”) to tender all shares in Awardit, which are not held by the Consortium, to Fayes, at a price of SEK 132 in cash per share (the “Offer”).

The shares in Awardit are listed on Nasdaq First North Growth Market.

Information about the Offer is made available at: https://loyalty-rewards-offer.com/

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