Category Archives: News

TechInsights acquires Strategy Analytics

CVC Capital Partners

TechInsights, an Oakley Capital (“Oakley”) and CVC Growth Partners portfolio company, is pleased to announce that it has acquired Strategy Analytics, a leading supplier of syndicated research across the global consumer technology sector.

Headquartered in Boston, Massachusetts, with a significant presence in Europe, Strategy Analytics supplies syndicated research across the global consumer technology sector, providing the deepest wireless and automotive coverage in the market.

TechInsights is widely recognised as the world’s authoritative information services platform for the global microelectronics sector, built from a core competency of heavily differentiated reverse engineering creating advanced technology and market analysis. TechInsights sells syndicated content to the world’s largest companies, underpinning investment in microchip development and innovation. Oakley Fund IV invested in TechInsights in 2021 alongside CVC Funds to support the company’s growth strategy through client and content acquisition, supplemented by strategic M&A.

TechInsights and Strategy Analytics enjoy highly complementary content and customers as well as high proportions of recurring revenues. Integrating Strategy Analytics’ content into TechInsights’ platform will strengthen the business’s market position as the go-to information provider for the semiconductor sector, while also providing cross selling opportunities. Adding Strategy Analytics will also enable TechInsights to further access strategically important industries including the auto sector, where carmakers are increasingly designing their own chips in the face of continuing supply chain disruption and as they strive to achieve a competitive advantage versus peers.

Strategy Analytics President Harvey Cohen said: “The team at Strategy Analytics is excited to be joining forces with TechInsights. The content we will create together and deliver through a single platform will further expand our ability to meet client needs, while our highly complementary customer base provides the opportunity to cross and upsell.”

TechInsights CEO Gavin Carter said: “We are rapidly increasing the content available on the TechInsights Platform, further strengthening our position as the most authoritative information provider to participants in the semiconductor sector. The more analysis, data and information we can provide the more informed our content becomes. I am delighted that Strategy Analytics content will now expand our Platform further, creating even more value for our customers under one single offering while extending access for TechInsights to important new sectors such as auto.”

Oakley Capital Founder and Managing Partner Peter Dubens said: “We see considerable opportunity for TechInsights to expand into new verticals as more companies seek actionable insights on the fast-growing semiconductor industry. Adding Strategy Analytics also demonstrates Oakley’s ability to help entrepreneurial businesses grow through M&A and to date we have helped our portfolio companies complete over 100 bolt-on acquisitions.”

Categories: News

Gladstone Investment Corporation Exits Its Investment in Bassett Creek Services

Gladstone

MCLEAN, VA / ACCESSWIRE / June 27, 2022 / Gladstone Investment Corporation (Nasdaq:GAIN) (“Gladstone Investment”) announced today the sale of its portfolio company Bassett Creek Services, Inc. (“Bassett Creek”) to Watterson, a portfolio company of Highview Capital. As a result of this transaction, Gladstone Investment received repayment of its debt investment at par and realized a meaningful capital gain on its equity investment. Gladstone Investment formed Bassett Creek in partnership with Bassett Creek Capital, Inc. (“BCC”) in 2018.

Bassett Creek, headquartered in Chicago, IL, is a provider of restoration and renovation services across the country.

“Gladstone Investment has enjoyed a strong partnership with BCC and Bassett Creek’s management team over the last several years. We are proud to have supported the business through a period of rapid growth, both organically and through acquisition,” said Peter Roushdy, Managing Director of Gladstone Investment. “The entire Bassett Creek management team has achieved outstanding results in growing the business and we wish them continued success.”

“With the sale of Bassett Creek and from inception in 2005, Gladstone Investment has exited over 20 of its management supported buy-outs, generating significant net realized gains on these investments,” said David Dullum, President of Gladstone Investment. “Our strategy as a buyout fund, realizing gains on equity, while also generating strong current income during the investment period from debt investments alongside our equity investments, provides meaningful value to shareholders through stock appreciation and dividend growth.”

Gladstone Investment Corporation is a publicly traded business development company that seeks to make secured debt and equity investments in lower middle market private businesses in the United States in connection with acquisitions, changes in control and recapitalizations. Additional information can be found at www.gladstoneinvestment.com.

For Investor Relations inquiries related to any of the monthly distribution-paying Gladstone family of funds, please visit www.gladstonecompanies.com.

Forward-looking Statements:

The statements in this press release regarding the longer-term prospects of Gladstone Investment and Bassett Creek and its management team, and the ability of Gladstone Investment and Bassett Creek to be successful in the future are “forward-looking statements.” These forward-looking statements inherently involve certain risks and uncertainties in predicting future results and conditions. Although these statements are based on Gladstone Investment’s current beliefs that are believed to be reasonable as of the date of this press release, a number of factors could cause actual results and conditions to differ materially from these forward-looking statements, including those factors described from time to time in Gladstone Investment’s filings with the Securities and Exchange Commission. Gladstone Investment undertakes no obligation to update or revise these forward looking statements whether as a result of new information, future events or otherwise, except as required by law.

For further information: Gladstone Investment Corporation, 703-287-5810

SOURCE: Gladstone Investment Corporation

View source version on accesswire.com:
https://www.accesswire.com/706543/Gladstone-Investment-Corporation-Exits-Its-Investment-in-Bassett-Creek-Services

Released June 27, 2022

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CLEARLAKE CAPITAL TO SELL BRIGHTLY SOFTWARE TO SIEMENS

Clearlake

Under Clearlake’s ownership, Brightly transformed into a leading cloud-based asset management software platform with a broad suite of products solving operational and planning needs

 

Santa Monica, CA and Cary, NC – June 27, 2022 – Clearlake Capital Group, L.P. (together with certain of its affiliates, “Clearlake”) today announced it has entered into a definitive agreement to sell Brightly Software, Inc. (“Brightly Software”, “Brightly” or the “Company”) to Siemens AG (“Siemens”) (FRA:SIE) for $1.575 billion of upfront cash consideration, along with $300 million in cash earn-out payments, for a total of $1.875 billion. The transaction is expected to close in the second half of 2022 and is subject to customary closing conditions and regulatory approvals.

 

Brightly is a leading software-as-a-service (“SaaS”) provider of cloud-based enterprise asset management and facility operations management. Clearlake acquired Brightly, formerly known as “Dude Solutions,” in June 2019 and subsequently executed on its O.P.S.® strategy by partnering with management to support the Company through multiple organic and inorganic strategic initiatives.

 

“We are thrilled by the progress made by Kevin and the Brightly team as the Company has expanded to become a leading provider of enterprise asset management SaaS solutions across a broad range of applications, end-markets, and geographies,” said Behdad Eghbali, Co-Founder and Managing Partner, and Prashant Mehrotra, Partner and Managing Director, at Clearlake. “Over the past three years, we have transformed the operating expense structure of the business to enable efficient growth and significant profitability, while improving the quality of the Company’s revenue streams. We are particularly pleased with Brightly’s progress leveraging the best practices from the Clearlake software portfolio to become a high performing SaaS platform, and we believe the foundation Kevin and the management team have established positions the Company for continued growth under Siemens’ ownership.”

 

Kevin Kemmerer, Chief Executive Officer at Brightly Software, said, “This is a very exciting day for Brightly as it represents an important milestone in the Company’s history after going through a strategic transformation over the past few years under Clearlake’s guidance. Siemens’ acquisition of Brightly represents confidence in our ongoing plans to scale across end-markets and geographies, our ability to accelerate our market leadership position in enterprise asset management, and our goal to help our clients create more sustainable communities. We are proud and grateful to Clearlake of the work we have done together.”

 

Over the course of Clearlake’s investment, Brightly expanded into new end-markets and additional geographies, while enhancing its product suite in existing markets by developing and investing in new product offerings, including solutions with a focus on ESG and sustainability management. Leveraging Clearlake’s best practices from its software investment portfolio, Brightly reconfigured its go-to-market motion and transitioned many customers to a longer-term partnership model, all while maintaining the platform innovation that has differentiated Brightly in the past. These efforts were supplemented by executing on four strategic acquisitions, including Assetic, Confirm, Energy Profiles, and Facility Health.

 

These initiatives under Clearlake’s three-year ownership resulted in an approximately 100% increase in annual recurring revenue and a significant expansion in the Company’s EBITDA margins. Today, Brightly has a global customer base with over 12,000 clients across Education, Public Infrastructure, Manufacturing, Healthcare, Commercial Real Estate, and other end-markets, and was recently recognized as a “Leader in Enterprise Asset Management Software” from Verdantix, an award-winning independent research firm.

 

“Brightly will enable us to leapfrog to the next level of performance for buildings. With seamless data exchange between our offerings, our customers can expect enhanced efficiency, lower downtimes and maintenance costs, shorter lifecycles, better data-driven decisions and more satisfied tenants,” added Matthias Rebellius, Member of the Managing Board of Siemens and CEO of Siemens Smart Infrastructure. “The acquisition will speed up our target of becoming a leading software company also in infrastructure and support our vision of creating fully autonomous buildings that continuously learn from and adapt to the needs of their tenants.”

 

William Blair & Company LLC and SVB Securities LLC acted as financial advisors to Brightly. Sidley Austin LLP provided legal counsel to Brightly and Clearlake.

 

About Clearlake

 

Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with experienced management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are technology, industrials and consumer. Clearlake currently has over $72 billion of assets under management and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK and Dublin, Ireland. More information is available at www.clearlake.com and on Twitter @Clearlake.

 

About Brightly Software

 

Brightly, the global leader in intelligent asset management solutions, enables organizations to transform the performance of their assets. Brightly’s sophisticated cloud-based platform leverages more than 20 years of data to deliver predictive insights that help users through the key phases of the entire asset lifecycle. More than 12,000 clients of every size worldwide depend on Brightly’s complete suite of intuitive software – including CMMS, EAM, Strategic Asset Management, IoT Remote Monitoring, Sustainability and Community Engagement. Paired with award-winning training, support and consulting services, Brightly helps light the way to a bright future with smarter assets and sustainable communities. For more information, visit www.brightlysoftware.com.

 

About Siemens

 

Siemens is a technology company focused on industry, infrastructure, transport, and healthcare. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation as well as advanced healthcare, the company creates technology with purpose adding real value for customers. By combining the real and the digital worlds, Siemens empowers its customers to transform their industries and markets, helping them to transform the everyday for billions of people. Siemens also owns a majority stake in the publicly listed company Siemens Healthineers, a globally leading medical technology provider shaping the future of healthcare. In addition, Siemens holds a minority stake in Siemens Energy, a global leader in the transmission and generation of electrical power. In fiscal 2021, which ended on September 30, 2021, the Siemens Group generated revenue of €62.3 billion and net income of €6.7 billion. As of September 30, 2021, the company had around 303,000 employees worldwide. Further information is available on the Internet at www.siemens.com.

 

 

Media Contacts

 

For Brightly Software:

Adam Novak

PAN Communications

brightly@pancomm.com

 

For Clearlake:

Jennifer Hurson

Lambert & Co.

jhurson@lambert.com

(845) 507-0571

 

For Siemens:

Florian Martens

florian.martens@siemens.com

+49 162 2306627

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Pegasus Merger Co. Announces Commencement of Tender Offers and Consent Solicitations and Change of Control Offers for Secured Notes of Tenneco Inc.

Apollo

NEW YORK, June 27, 2022 (GLOBE NEWSWIRE) — Pegasus Merger Co. (the “Company”), an affiliate of certain investment funds managed by affiliates of Apollo Global Management, Inc. (together with its subsidiaries, “Apollo”), announced today that it has commenced cash tender offers (collectively, the “Tender Offer”) to purchase any and all of Tenneco Inc.’s (“Tenneco”) outstanding 5.125% Senior Secured Notes due 2029 (the “5.125% Notes”) and 7.875% Senior Secured Notes due 2029 (the “7.875% Notes” and together with the 5.125% Notes, the “Notes”). In connection with the Tender Offer, the Company is soliciting the consents of holders of the 5.125% Notes and the 7.875% Notes to certain proposed amendments to the respective indentures governing the Notes (collectively, the “Consent Solicitation”). Concurrently with, but separate from the Tender Offer and the Consent Solicitation, the Company has commenced offers to purchase for cash any and all of Tenneco’s outstanding 5.125% Notes and 7.875% Notes at a purchase price equal to 101% of the aggregate principal amount (the “Change of Control Purchase Price”) of the Notes repurchased, plus accrued and unpaid interest to, but excluding, the date of purchase (collectively, the “Change of Control Offer”). The Company is commencing the Tender Offer, the Consent Solicitation and the Change of Control Offer in connection with, and each is expressly conditioned upon, the acquisition of Tenneco pursuant to the Agreement and Plan of Merger, dated February 22, 2022, by and among Tenneco, the Company and Pegasus Holdings III, LLC, the Company’s parent (the “Merger”).

Tender Offer and Consent Solicitation

The Tender Offer will expire at 5:00 p.m., New York City time, on July 26, 2022, unless extended or earlier terminated (such date and time, as may be extended, the “Expiration Date”). Under the terms of the Tender Offer, holders of the Notes who validly tender their Notes and provide their consents to the proposed amendments and do not validly withdraw their Notes and consents at or prior to 5:00 p.m., New York City time, on July 12, 2022 (such date and time, as may be extended, the “Early Tender Date”) will receive an amount equal to $1,012.50 per $1,000.00 in principal amount of Notes, which amount includes an early participation premium equal to $30.00 per $1,000.00 in principal amount (the “Total Consideration”). Holders who validly tender their Notes and provide their consents to the proposed amendments after the Early Tender Date but at or prior to the Expiration Date will receive an amount equal to $982.50 per $1,000.00 in principal amount (the “Tender Consideration”).


Notes
USIPs		 Tender
Consideration(1)		 Early Participation
Premium(1)(2)		 Total
Consideration(1)(2)(3)
$800,000,000 5.125% Senior
Secured Notes due 2029		 CUSIP: 880349 AT2 / U88037 AG8 $982.50 $30.00 $1,012.50
$500,000,000 7.875% Senior
Secured Notes due 2029		 CUSIP: 880349 AS4 / U88037 AF0 $982.50 $30.00 $1,012.50

(1) For each $1,000 principal amount of Notes, excluding accrued but unpaid interest, which interest will be paid in addition to the Tender Consideration or Total Consideration, as applicable.

(2) Payable only to holders who validly tender (and do not validly withdraw) Notes prior to the Early Tender Date.

(3) The Early Participation Premium is included in the Total Consideration.

Holders whose Notes are accepted in the Tender Offer will also be paid accrued and unpaid interest, if any, on the Notes to, but not including, the settlement date. Holders should note that theTotal Consideration is higher than, and the Tender Consideration is lower than, the Change of ControlPurchasePriceundertheChangeofControlOffer. The procedures for tendering Notes in the Tender Offer and in the Change of Control Offer are separate. Notes tendered in the Tender Offer may not be validly tendered in the Change of Control Offer for the related series of Notes, and Notes tendered in the Change of Control Offer may not be validly tendered in the Tender Offer for the related series of Notes.

The purpose of the Consent Solicitation and proposed amendments is to eliminate the requirement to make a “Change of Control Offer” for the Notes in connection with the Merger and make certain other customary changes for a privately-held company to the “Change of Control” provisions in the indentures governing the Notes. Holders may not tender their Notes in the Tender Offer without delivering their consents under the related Consent Solicitation, and holders may not deliver their consents under the Consent Solicitation without tendering their Notes pursuant to the related Tender Offer. If the requisite consents to approve the proposed amendments with respect to a series of Notes are received (and a supplemental indenture to the related indenture giving effect to the proposed amendments is executed), the Company expects to terminate the Change of Control Offer for such series of Notes.

Consummation of the Tender Offer and payment for the Notes validly tendered pursuant to the Tender Offer are subject to the satisfaction of certain conditions, including, but not limited to, the receipt of requisite consents for both series of Notes, the consummation of the Merger andafinancingcondition. The Company reserves the right, at its sole discretion, to waive any and all conditions to the Tender Offer. Complete details of the terms and conditions of the Tender Offer and the Consent Solicitation are included in the Company’s offer to purchase and consent solicitation, dated June 27, 2022. The Merger is expected to close in the second half of 2022, and the Company expects the consummation of the Tender Offer and the Consent Solicitation to coincide with the closing of the Merger. The consummation of the Merger, or any related financing, is not conditioned upon, either directly or indirectly, the consummation of the Tender Offer or the receipt of the requisite consents in the Consent Solicitation.

Requests for documents relating to the Tender Offer and the Consent Solicitation may be directed to Global Bondholder Services Corporation, the Information and Tender Agent, at (866) 654-2015 or (212) 430-3774 (Banks and Brokers). BofA Securities and Citigroup Global Markets Inc. will act as Dealer Managers for the Tender Offer and the Consent Solicitation. Questions regarding the Tender Offer and the Consent Solicitation may be directed to BofA Securities at (980) 388-0539 (collect) or (888) 292-0070 (toll free) and Citigroup Global Markets Inc. at (212) 723-6106 (collect) or (800) 558-3745 or by email to ny.liabilitymanagement@citi.com.

Change of Control Offer

The Change of Control Offer is being made in connection with, and is expressly conditioned upon, the consummation of the Merger. The consummation of the Merger will constitute a “Change of Control” under each of the respective indentures governing the Notes. Following such a Change of Control, Section 415 of the respective indentures governing the Notes requires Tenneco to make an offer to purchase at a purchase price in cash equal to the Change of Control Purchase Price, plus accrued and unpaid interest up to, but not including, the date of purchase. The Company, however, is permitted to make a Change of Control Offer in advance of the Change of Control if a definitive agreement for such Change of Control is in place at the time the offer is made.

The Change of Control Offer will expire at 5:00 p.m., New York City time, on July 26, 2022, unless extended or earlier terminated. The Merger is expected to close in the second half of 2022, and the Company intends to extend the expiration time to have the purchase date in the Change of Control Offer coincide with the closing of the Merger. If the requisite consents to approve the proposed amendments with respect to a series of Notes are received (and a supplemental indenture to the related indenture giving effect to the proposed amendments is executed), the Company expects to terminate the Change of Control Offer for such series of Notes.

The consummation of the Merger is not conditioned upon, either directly or indirectly, the consummation of the Change of Control Offer.

Holders who do not tender their Notes in the Change of Control Offer, or who tender their Notes in the Change of Control Offer but validly withdraw such Notes, may tender their Notes in the Tender Offer. HoldersshouldnotethattheTotalConsiderationishigherthan,andtheTender Consideration is lower than, the Change of Control Purchase Price under the Change of ControlOffer.

This press release neither constitutes a notice of Change of Control Offer as required by the respective indentures governing the Notes, nor does it constitute an offer to purchase, or a solicitation of an offer to sell or a solicitation of consents with respect to, any security. No offer, solicitation or purchase will be made in any jurisdiction in which such an offer, solicitation or purchase would be unlawful.

Requests for information or additional copies of the change of control offer to purchase, dated June 27, 2022, may be directed to Global Bondholder Services Corporation, the Information and Tender Agent, at (866) 654-2015 or (212) 430-3774 (Banks and Brokers).

Forward Looking Statements

The above information includes “forward looking” statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about the proposed Tender Offer and Consent Solicitation, the proposed Change of Control Offer and the intended completion of the Merger. Such statements only reflect the Company’s best assessment at this time and are indicated by words or phrases such as “plans,” “intends,” “will” or similar words or phrases. These statements are based on the Company’s current expectations, estimates and assumptions and are subject to many risks, uncertainties and unknown future events that could cause actual results to differ materially. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent to transactions of this nature, including, without limitation, whether or not the Company completes the proposed Tender Offer and Consent Solicitation or Change of Control Offer on terms currently contemplated or otherwise and whether or not the Merger is consummated. The Company is under no obligation to (and specifically disclaims any such obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

About Apollo

Apollo is a global, high-growth alternative asset manager. In the asset management business, Apollo seeks to provide its clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. For more than three decades, Apollo’s investing expertise across its fully integrated platform has served the financial return needs of its clients and provided businesses with innovative capital solutions for growth. Through Athene, Apollo’s retirement services business, it specializes in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Apollo’s patient, creative, and knowledgeable approach to investing aligns its clients, businesses it invests in, its team members, and the communities it impacts, to expand opportunity and achieve positive outcomes. As of March 31, 2022, Apollo had approximately $513 billion of assets under management. To learn more, please visit www.apollo.com.

Apollo Contacts

For investor inquiries regarding Apollo, please contact:

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com


Source: Apollo Global Management, Inc.

 

 

 

Categories: News

Ardian acquires stake in SERMA Group alongside management

Ardian

Ardian, a world-leading private investment house, today announces that it has signed an agreement to acquire a stake in SERMA Group, the leading independent European provider of consulting and services specializing in electronic technologies, embedded systems and information systems.

Ardian’s Expansion team initially invested in SERMA Group’s capital in 2015 and has participated in the company’s growth, notably through new acquisitions and the creation of the “SERMA Safety & Security” branch.

This new transaction by Ardian’s Expansion team with SERMA Group’s management and employees, who remain the majority shareholders, signifies another crucial investment in the company. Chequers Capital and Bpifrance also remain minority shareholders, alongside Ardian, the reference financial shareholder.

SERMA Group is well-positioned in niche applications, such as high value-added electronic components and systems, in various high-growth sectors and has end-to-end control of the value chain, including design, testing, production, maintenance and training. The Group currently benefits from unique technological expertise in the fields of electronics, energy, cybersecurity and telecoms for sectors such as aeronautics, transport, space, energy, medical and telecommunications.

Ardian’s objective is to support SERMA Group in a new stage of its growth. In recent years, SERMA Group has successfully developed beyond its historical offering to penetrate new markets, such as the energy market and nuclear industry.  For example, the creation of SERMA Energy, a platform of expertise and testing dedicated to electric batteries, power electronics and electric drive trains with multiple applications, continues to support the company’s growth in the energy sector.

Over the past decade, the Group, which now has more than 1300 employees, has almost tripled in size to reach a turnover of nearly 150 million euros.

The completion of the transaction remains subject to the approval of the competition authority.

“After several years investing in SERMA Group, we have built a relationship of great trust with the company and its management team, who we have known for 12 years. It is with real enthusiasm that we are re-engaging with this experienced team to accelerate the group’s growth strategy. The company is particularly well positioned to benefit from key megatrends, notably linked to the digitalization of the economy. Our objective is to continue to support SERMA’s external growth and to increase its market share internationally through its significant innovation capabilities.” Arnaud Dufer, Managing Director and Head of France for the Ardian Expansion team

“We are very pleased to have Ardian reinvest in SERMA Group . Over the last few years, thanks to the support of Chequers Capital, and despite the impact of the pandemic, we have continued to develop and have become one of the leaders  in our sector in Europe. Having now reached a critical size, we will be able to move on to a new stage of our development and take full advantage of the opportunities in our sector, in particular by accompanying the growing importance of the challenges of decarbonization of the economy and cybersecurity. We are also proud to have nearly 500 employees investing in the Group alongside the management team, proof of the belief they have in the company.” Philippe Berlié, President of SERMA Group

“Chequers Capital has been supporting SERMA’s development alongside its management team for the past twelve years. The company’s success is based on the quality of its teams, the constant search for excellence and operational efficiency, and a real technical expertise that sets it apart in all its businesses.
We are proud of the progress made by the Group and the developments achieved in the fields of electronics, electrical traction and security, which meet the growing, essential and long-term needs of our environment.
Chequers is pleased to continue to support the Serma Group in this new phase, a project of accelerated organic growth and international development, in full support of Philippe Berlié and his teams. Chequers, Ardian and BPI will contribute their resources to ensure the successful continuation of this project.” Aurélien Klein, Managing Director at Chequers Capital

 

LIST OF PARTICIPANTS

Ardian Expansion
Arnaud Dufer, Maxime Séquier, Romain Gautron, Pierre Peslerbe
Legal Advisors: McDermott Will & Emery (Grégoire Andrieux, Fabrice Piollet, Côme de Saint-Vincent, Boris Wolkoff)

Chequers Capital
Aurélien Klein, Emeric Boo d’Arc, Jérôme Kinas
Legal Advisors: Hogan Lovells (Stéphane Huten, Arnaud Deparday)

Advisors of Ardian Expansion and Chequers Capital 
Legal, tax and social Due Diligence: McDermott Will & Emery (Grégoire Andrieux, Fabrice Piollet, Côme de Saint-Vincent, Boris Wolkoff)
Commercial Due Diligence: The Boston Consulting Group (Benjamin Sarfati, Julien Vialade)
Financial Due Diligence: Ernst & Young (Emmanuel Picard, Elsa Abou Mrad, Alban Molle)
ESG Due Diligence: PwC (Sylvain Lambert, Chloé Szpirglas)
Insurance Due Diligence: Finaxy (Déborah Hauchemaille)
IT Due Diligence: Netsystem (Olivier Cazzulo, Lionel Gros)

SERMA Group
Philippe Berlié, Xavier Morin, Mirentxu Boutet, Olivier Duchmann, Bernard Ollivier
Legal Advisors: Apollo (Florence Savouré, Laura Smyrliadis, Iyad El Borini, Delphine Dilleman), Chepeau Lumeau & Associés (Frédérique Lumeau)

ABOUT SERMA GROUP

SERMA Group is an ETI (150 M€, 1300 employees), a historical and independent French expert in electronics, energy, cybersecurity and telecoms.
The Group has developed over the last few years by making numerous investments, both in terms of resources and external growth, in the fields of design, testing, expertise and understanding of technologies.
The different entities of the group intervene by accompanying their customers throughout their life cycle, in the control of their products, their reliability, safety and performance.
The Group relies on its electronics expertise laboratories, its materials laboratory, its various test platforms (components, boards, equipment, power electronics, electric motors, batteries, safety), its design offices, and its experts, and acts as a single point of contact for the electronic issues and problems of its customers.
SERMA Group is organized around 5 strategic axes:
– Electronic technologies and materials
– System safety and cyber security
– Embedded systems engineering
– Microelectronic design and assembly
– Expertise and energy testing (batteries, traction chains)
It has 20 sites in France, Germany, Belgium, Spain and Tunisia, close to its multi-sector customers.

www.serma.com

ABOUT ARDIAN

Ardian is a world leading private investment house, managing or advising $130bn of assets on behalf of more than 1,300 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. We also provide a specialist service for private clients through Ardian Private Wealth Solutions. Ardian is majority-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 900+ employees, spread across 15 offices in Europe, the Americas and Asia, 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.

www.ardian.com

ABOUT CHEQUERS CAPITAL

Chequers is one of the oldest private equity investment firms in continental Europe, founded nearly 50 years ago in Paris.
Chequers is now investing in its 17th investment vehicle specializing in majority or minority investments in growth companies in France, Germany, Switzerland, Italy, Benelux and the Iberian Peninsula.
The team of 23 experienced investors of 6 nationalities brings its experience and its support to the development of about 20 participations today.

www.chequerscapital.com

Press contact

SERMA GROUP

Florie Bousquié

f.bousquie@serma.com  

ARDIAN

HEADLAND

ardian@headlandconsultancy.com  

CHEQUERS CAPITAL

Aurélien Klein

aklein@chequerscapital.com

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UniSea partners with Adelis to accelerate growth and global expansion

Adelis Equity
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UniSea has delivered maritime software since 1997 and is today the leading provider of HSEQ SaaS, supporting maritime customers worldwide. To accelerate international growth and support the company’s continued development, Unisea is now partnering with Adelis as new majority owner.

With over 25 years of experience as a global maritime software provider, UniSea supports its customers with regulatory compliance and optimising internal work processes through a modern and user friendly HSEQ SaaS. Moreover, UniSea is also an IT services partner for key customers. The company has a world leading position in its niche. Today, UniSea serves over 90 customers with 1 500 vessels across the Nordics, Europe, and North America, including some of the largest shipping companies in the world.

”We have made a thorough assessment of the broader maritime software market, where we see multiple secular trends driving future growth. UniSea stands out as a clear market leader within its niche, and is a strong platform for further global expansion within the fast-growing maritime software market. We are impressed by UniSea’s experienced management team and approach to customer-driven product development, and we look forward to partnering with the management team to support the continued growth journey,” says Jørgen Møinichen and Lene Stern from Adelis.

”UniSea is seeking a partner to help accelerate our international growth and support the company’s continued development. We know that Adelis has extensive experience in developing software companies globally and are excited to partner with them to further improve our value proposition towards our customers and create a leading global maritime software company,” says UniSea’s CEO Kurt Roar Vilhelmsen.

For further information:

Kurt Roar Vilhelmsen, UniSea AS, krv@unisea.no, +47 915 75 915

Len Lene Sandvoll Stern, Adelis Equity Partners, lene.stern@adelisequity.com. +46 702 81 34 24

Jørgen Møinichen, Adelis Equity Partners, jorgen.moinichen@adelisequity.com, +46 790 77 0221

About Unisea

UniSea is a software and consultancy house with a dedicated shipping and offshore focus. Since 1997, UniSea has delivered market leading HSEQ and operations support software to a large number of vessels and companies worldwide. The strategy is to specialize in optimizing customers’ internal work processes through user-friendly and industry-specific solutions. Today, UniSea has around 90 customers, including some of the world’s largest shipping companies, who use UniSea software modules on almost 1 500 vessels worldwide. For more information, please visit www.unisea.no

About Adelis Equity Partners

Adelis is a growth partner for well-positioned, Nordic companies. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 34 platform investments and more than 150 add-on acquisitions. Adelis today manages approximately €2 billion in capital. For more information, please visitwww.adelisequity.com.

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TechInsights acquires Strategy Analytics

Oakley

TechInsights, an Oakley Capital (‘Oakley’) and CVC Growth Partners portfolio company, is pleased to announce that it has acquired Strategy Analytics, a leading supplier of syndicated research across the global consumer technology sector.

TechInsights image

Headquartered in Boston, Massachusetts, with a significant presence in Europe, Strategy Analytics supplies syndicated research across the global consumer technology sector, providing the deepest wireless and automotive coverage in the market.

Icons8 Globe

Business provides syndicated research across global consumer tech sector

Icons8 Air Shaft

Acquisition strengthens content offering to strategically important sectors including auto

Icons8 Rearrange

Highly complementary content and customer base with opportunity to cross sell

The team at Strategy Analytics is excited to be joining forces with TechInsights. The content we will create together and deliver through a single platform will further expand our ability to meet client needs, while our highly complementary customer base provides the opportunity to cross and upsell.

Harvey Cohen

President — Strategy Analytics

Advanced technology and market analysis

TechInsights is widely recognised as the world’s authoritative information services platform for the global microelectronics sector, built from a core competency of heavily differentiated reverse engineering creating advanced technology and market analysis. TechInsights sells syndicated content to the world’s largest companies, underpinning investment in microchip development and innovation. Oakley Fund IV invested in TechInsights in 2021 alongside CVC Funds to support the company’s growth strategy through client and content acquisition, supplemented by strategic M&A.

Highly complementary content and customers

TechInsights and Strategy Analytics enjoy highly complementary content and customers as well as high proportions of recurring revenues. Integrating Strategy Analytics’ content into TechInsights’ platform will strengthen the business’s market position as the go-to information provider for the semiconductor sector, while also providing cross selling opportunities.

Adding Strategy Analytics will also enable TechInsights to further access strategically important industries including the auto sector, where carmakers are increasingly designing their own chips in the face of continuing supply chain disruption and as they strive to achieve a competitive advantage versus peers.

Quote Gavin Carter

We are rapidly increasing the content available on the TechInsights Platform, further strengthening our position as the most authoritative information provider to participants in the semiconductor sector. The more analysis, data and information we can provide the more informed our content becomes. I am delighted that Strategy Analytics content will now expand our Platform further, creating even more value for our customers under one single offering while extending access for TechInsights to important new sectors such as auto.

Gavin Carter

CEO — TechInsights

Quote Peter Dubens

We see considerable opportunity for TechInsights to expand into new verticals as more companies seek actionable insights on the fast-growing semiconductor industry. Adding Strategy Analytics also demonstrates Oakley’s ability to help entrepreneurial businesses grow through M&A and to date we have helped our portfolio companies complete over 100 bolt-on acquisitions.

Peter Dubens

Managing Partner & Co-Founder — Oakley Capital

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Participation Arte – Anders Invest

Anders Invest

Last week Anders Invest realized a 70% participation in Arte Holding from Helmond. Arte is a top player in the production of sustainable worktops in granite, composite, Dekton and ceramics. Arte has a turnover of approximately € 15-20 million and offers employment to 65 employees.

Arte started in 1995 in Deurne and since the move to Helmond in 2001, production has been carried out with high-quality machinery and advanced automation. Arte produces kitchen worktops and stone applications for interior projects. Sale is to a wide circle of kitchen specialists, interior designers and architects in the middle and high segment.

Arte has a modern and highly automated production facility with CNC machines, polishing machines, water jets and robotized transport and storage systems.

The company has a strong eye for sustainability and CSR and has been nominated for the Koning Willem I prize for this. In addition to an independent foundation, Arte has set up a project: ‘Arte Right To Education’ (A.R.T.E.) with the aim of creating a child labor free zone around the quarries where Arte purchases its granite.

Anders Invest acquires its interest from founder and general manager Hugo van Osch. Niels van den Beucken will retain an interest in the company and will manage the company together with new shareholder Froukje van Osch. Anders Invest will continue to work actively with the current management to continue growth and further professionalize the organization.

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Blackstone completes acquisition of Crown Resorts in the firm’s largest investment to date in Asia

Blackstone

Melbourne, June 24, 2022 – Blackstone (NYSE: BX) today announced that real estate funds and private equity funds managed by Blackstone (“Blackstone”) have completed the acquisition of Crown Resorts Limited (“Crown”) in the largest transaction to date for the firm in Asia Pacific. The transaction comprises three premium resort and casino properties in Melbourne, Perth and Sydney. Blackstone will work with the management team at Crown and its thousands of dedicated employees, as well as their representatives from the United Workers Union and other partner unions, to transform these properties into world-class entertainment destinations and continue Crown’s transformation to operate at the highest standards of compliance, governance, and integrity.

As one of Australia’s largest entertainment groups, Crown makes a major contribution to the Australian economy. Crown’s core businesses include two of Australia’s leading integrated resorts, Crown Melbourne and Crown Perth, as well as Sydney’s latest premium hotel resort and dining precinct at Crown Sydney.

Alan Miyasaki, Head of Real Estate Acquisitions Asia, Blackstone, said: “We are thrilled to become the new owner of Crown, bringing our expertise in hospitality to help the company achieve its full potential as a leading travel and leisure company. We first invested in Crown two years ago, seeing the tremendous underlying potential of the company and its people. We look forward to working with the teams at Crown and applying our experience in owning and operating marquee hospitality brands around the globe with the highest levels of ethics and integrity to create something unique for employees, local communities, and visitors.”

Chris Tynan, Head of Real Estate Australia, Blackstone, said: “This is a great opportunity that plays to Blackstone’s strengths – investing significant capital and resources to rebuild Crown into an iconic destination for travel and leisure that everyone can be proud of. Blackstone has built a strong Australian presence over the last 12 years. We look forward to supporting the local economy, creating jobs, and attracting visitors to Crown’s exceptional properties.”

Steve McCann, Crown Resort’s Chief Executive Officer, said: “Today, Crown emerges as part of the Blackstone family, which is the start of a new era for this great company and its 20,000 team members. Over recent times, Crown has undergone immense transformation, and we know under Blackstone’s ownership, we will realize our vision to deliver world-class entertainment experiences and a safe and responsible gaming environment.

“Australian tourism has entered a recovery phase, and we believe this trend will continue. Crown’s suite of outstanding assets has built a loyal customer base over the past 28 years, and we are excited about the opportunities ahead of us as we revitalize Melbourne and Perth and celebrate the addition of Sydney. With Blackstone’s investment and expertise, we’re confident Crown will cement its place on the global stage as one of the world’s leading owners and operators of integrated resorts,” he said.

Blackstone has built a strong track record in the wider hospitality, travel, and leisure sectors. The firm completed the sale of The Cosmopolitan of Las Vegas this year, after transforming the property into one of the most vibrant destinations on the Las Vegas Strip. During its 8-year ownership, Blackstone implemented significant operational changes, developed best-in-class management team, and invested significant capital to renovate 3,000 guest rooms and enhance F&B offerings. In addition, Blackstone owned Hilton Hotels Corporation for 11 years, during which it helped double the size of the company to more than 5,300 properties and 400,000 employees worldwide. Its other recent investments in these sectors include the acquisition of an 8-hotel portfolio across Japan’s top tourist destinations; acquisition of Bourne Leisure, a premier British holiday company; and joint acquisition of Extended Stay Hotels.

For more information, please contact:

Crown Resorts Media Contacts

Danielle Keighery
Chief Brand & Corporate Affairs Officer | Crown Resorts
Danielle.keighery@crownresorts.com.au | +61 400 223 136

Libby Armstrong
General Manager, Crown Foundation & Communications | Crown Resorts
Libby.armstrong@crownresorts.com.au | +61 472 729 434

Blackstone Media Contacts
Ellen Bogard
Blackstone
Ellen.Bogard@blackstone.com | +852 3651 7737

Hayley Morris
MorrisBrown Communications Pty Ltd
Hayley@morris-brown.com.au | +61 407 789 018

About Crown Resorts
Crown Resorts is one of Australia’s largest entertainment companies, owning and operating a suite of world-class integrated resorts. Its property portfolio includes three award-winning resorts in Melbourne, Perth and Sydney, as well as London’s prestigious Crown Aspinalls, a high end, boutique casino in the West End.

For 25 years, Crown Melbourne has been Australia’s leading luxury integrated resort and casino, offering guests a range of exceptional entertainment and event experiences; premium hospitality, dining, spa and retail; and gaming. Crown Perth is Western Australia’s only integrated resort and casino, and features a combined 1188 hotel-room capacity, expansive lagoon and private pools, and 33 bars and restaurants. Crown’s newest property, Crown Sydney, opened in December 2020 setting a new standard in luxury hotel and dining experiences. Crown Sydney is the tallest building in New South Wales, and features 349 hotel rooms and villas, 13 signature restaurants, a VIP, members only casino which is due to open shortly, two pools, a spa, and Crown’s first ever luxury serviced apartment offering.

As one of Australia’s largest hospitality employers, Crown’s properties support the employment of a diverse mix of over 20,000 people.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $915 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and Instagram.

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Blackstone and Sixth Street Agree Sale of Kensington Mortgages to Barclays Bank UK PLC

Blackstone

London, 24 June 2022 – Kensington Mortgages (“Kensington”), the fast-growing specialist mortgage lender, has today announced a sale to Barclays Bank UK PLC (“Barclays”). The sale follows an auction process that attracted interest from a broad range of bidders. Barclays is acquiring the business from funds affiliated with Blackstone Tactical Opportunities (“Blackstone”) and Sixth Street, which have jointly owned the business since 2015 during which time Kensington enjoyed an extended period of accelerated growth. The transaction is subject to regulatory approval.

Barclays is acquiring Kensington Mortgage Company Limited (“KMC”), Kensington Mortgage Services Limited (“KMS”) and a portfolio of UK mortgages consisting primarily of mortgages originated by KMC from October 2021 to completion of the acquisition of KMC and KMS (the “KMC Mortgage Portfolio”). The acquisition will allow Barclays to become one of the few major banks with a specialist mortgage offering.

Kensington is a leading UK specialist residential mortgage lender focused on providing mortgages via brokers to borrowers with complex incomes. Using a combination of proprietary technology, data analytics and human insight to design products and make lending decisions, Kensington focuses on the self-employed and those with multiple or variable incomes – segments that major banks often do not serve. The business, which is based in Maidenhead and has around 600 employees, services approximately £8.7 billion of third party and related party mortgages in addition to the KMC Mortgage Portfolio. Kensington originated approximately £1.9 billion* of mortgages in the year ended 31 March 2022.

Under the joint ownership of Blackstone and Sixth Street, Kensington has improved its processes and expanded its product offerings to become a market leader in specialist lending to the self-employed, first-time buyers, older borrowers and customers with multiple sources of income. The business is also recognised in the industry for having a market-leading data and technology platform, which has facilitated profitable growth, product innovation and exceptional loan underwriting performance. The business has grown its originations at a compound annual growth rate of 22% since the acquisition in 2015.

Mark Arnold, CEO of Kensington Mortgages, commented: “This sale marks the start of an exciting new chapter of growth for Kensington. We have a strong track-record in the specialist mortgage space, using our proprietary data and tech platform to innovate and grow, and now is a natural point to bring in a partner who can help us to drive our next expansion phase. As a major UK bank with a broad reach and offering, Barclays is well-placed to support this expansion, whilst the sale will allow it to differentiate itself as a ‘mainstream specialist’ and offer a range of mortgage solutions not available from competitors.”

Matt Hammerstein, CEO of Barclays Bank UK PLC, commented: “The transaction reinforces our commitment to the UK residential mortgage market and presents an exciting opportunity to broaden our product range and capabilities. KMC is a best-in-class specialist mortgage lender with an established track record in the UK market, strong broker and customer relationships and data analytics capabilities. KMC complements our existing UK mortgage business and broker relationships through the addition of a specialist prime mortgage originator and the utilisation of our strong UK funding base. We look forward to KMC management and employees becoming part of the Barclays group.”

Qasim Abbas, Senior Managing Director, Blackstone Tactical Opportunities, said: “Kensington’s success in becoming one of the UK’s leading specialist mortgage lenders is testament to the quality of its products, the resilience of its business model and the excellence of its management team. In particular, their collective strength in harnessing the power of data science and analytics, prudent risk management and always providing their customers with the right product to suit their individual needs has been key to the evolution of their business.  We wish them the very best as they enter an exciting new chapter.”

Michael Muscolino, Partner at Sixth Street, said: “We want to thank management and the entire Kensington team for their dedication and collaboration over the past decade in building the platform into a market leader. Our focus on using data to drive consistent innovation allowed us to create new products and broaden mortgage access while maintaining exceptional underwriting standards. We wish the company great continued success with its new partners at Barclays.”

* Including Retentions, in the year ended 31 March 2022.

About Kensington Mortgages
Kensington Mortgages was founded in 1995. The business was acquired by Blackstone and Sixth Street Partners in 2015, initiating a period of considerable growth and investment. The mortgage servicing business Acenden was also acquired by the same investors and merged with Kensington, creating a broader UK mortgage business.

Since the acquisition, Kensington has more than tripled the number of underwriters it employs and almost quadrupled its origination volumes. Kensington lent £1.9bn* in new mortgages for the year ended 31st March 2022.

A clear period of growth was initiated with the arrival of Mark Arnold as CEO in April 2018. Under the guidance of the leadership team, Kensington consolidated a number of disparate legacy brands under a revitalised Kensington identity, launched a best-in-class, data and analytics driven and highly scalable integrated technology platform, sharpened its market positioning and launched a range of new and innovative products. These include mortgages for public sector workers, products that reward borrowers for improving the environmental credentials of their home and a new fixed for term mortgage where monthly payments remain fixed for the entire term of the loan.

The business is now clearly established as a leading specialist mortgage lender, with a strong market position as a lender to the self-employed, younger borrowers, older borrowers and those with more complex personal circumstances. The brand has a 4.4-star consumer rating on Trustpilot.

The business has very strong credit controls. Only 19 loans issued by Kensington Mortgages since 2010 have gone into default, with the total cumulative losses on those loans amounting to just £252,000.

About Barclays Group
Barclays PLC is a British universal bank. It is diversified by business, by different types of customer and client, and geography. Its businesses include consumer banking and payments operations around the world, as well as a top-tier, full service, global corporate and investment bank, all of which are supported by its service company which provides technology, operations and functional services across the Group. For further information about Barclays, please visit its website home.barclays.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $915 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and Instagram.

About Sixth Street
Sixth Street is a global investment firm with over $60 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth. Sixth Street’s London-based presence was formed in 2011 to invest in businesses and assets across Europe. Founded in 2009, Sixth Street has more than 400 team members including over 180 investment professionals around the world. For more information, visit www.sixthstreet.com or follow Sixth Street on LinkedIn.

Kensington Mortgages
Jess Gill
jess.gill@edelmansmithfield.com
+44 (0)7980 684 247

Aidan Holloway
aidan.holloway@edelmansmithfield.com
+44 (0) 7970 936 136

Barclays
Oliver Palca
oliver.palca@barclaycard.co.uk
+44 (0)7880 184 177

Blackstone
Rebecca Flower
Rebecca.Flower@blackstone.com
+44 (0)7918 360372

Louis Clark
Louis.Clark@blackstone.com
+44 (0)7867 930156

Sixth Street
Patrick Clifford
pclifford@sixthstreet.com
+1 (646) 906 4339

Gavin Davis
sixthstreetteam@nepean.co.uk
+44 (0)7910 104 660

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