Category Archives: News

Altor divests 19.2% shares in SATS

Altor Fund III (Altor) announces the successful placement of 39,242,358 shares in SATS ASA (SATS), representing approximately 19.2% of the votes and share capital in SATS. The shares were divested through a club deal, at a selling price of NOK 18 per share for a total transaction size of approximately NOK 706 million.

In 2014, Altor and Tryghedsgruppen joined forces by bringing together the strongest and most respected brands in Nordic fitness with the goal to build a market in the Nordics.

“We have had a fantastic journey with the mangagement team and Tryghedsgruppen for the past 10+ years. We are impressed and proud of the many achievements and milestones that have been reached by the team at SATS. We are also thankful for the close partnership with Tryghedsgruppen all these years” said Tom Jovik, Principal at Altor.

About Altor

Since inception, the family of Altor funds has raised more than EUR 11 billion in total commitments. The funds have invested in just south of 100 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Marshall, Vianode, Toteme, Raw Fury, Carnegie and OX2.

 

For more information visit www.altor.com

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Apax Funds to acquire Veriforce from Thoma Bravo

Apax

Funds advised by Apax Partners LLP (“Apax”) today announced that they have reached a definitive agreement to acquire a controlling stake in Veriforce (or the “Company”), a global provider of supply chain risk management solutions (“SCRM”), from Thoma Bravo, a leading software investment firm. The transaction is subject to customary regulatory approvals. Financial terms were not disclosed.

Headquartered in the US, Veriforce is one of the world’s largest providers of integrated supply chain risk management solutions, serving a multitude of end markets, with hubs in the US, Canada and UK. The Company’s solutions focus on verifying the services offered by contractors to hiring clients. This allows organisations to drive safety and compliance throughout all aspects of their supply chains.

Under Thoma Bravo’s ownership, Veriforce achieved rapid growth through strategic investments to expand its contractor network across multiple sectors and geographies. Veriforce now operates in more than 140 countries, helping bring more than five million workers home safely every day. Since 2018, Veriforce’s network has grown from approximately 115 clients and 9,500 contractors to over 1,300 clients and more than 90,000 contractors today. To support this expansion, Veriforce’s workforce has more than tripled to over 530 employees.

Colby Lane, CEO, Veriforce said: “Thoma Bravo has been an incredible partner. Together, we have led Veriforce to exponential growth and market expansion, becoming a truly global player in the SCRM space. We are beyond excited to partner with the Apax team going forward. With their experience in the SCRM ecosystem, Apax will be invaluable partners in advancing our global mission to bring workers home safely. Our team looks forward to continuing to deliver best-in-class solutions for our hiring clients and contractors.”

Frank Ehmer, Partner, Apax, commented: “The SCRM sector is still a relatively new industry and it is highly fragmented. Veriforce has a strong reputation and market position in the US and we see an opportunity to partner with Colby and the Veriforce team to drive further organic growth, while continuing to scale the business internationally and into new verticals.”

Anders Meyerhoff, Partner, Apax, added: “Apax has significant experience in the SCRM sector, particularly given current Apax Fund investments in Alcumus and EcoOnline. It is an industry that has seen significant growth, driven by increasingly complex regulatory pressures and more demanding commercial requirements. We are excited by the industry outlook and are looking forward to supporting the next phase of Veriforce’s growth.”

Hudson Smith, Partner, Thoma Bravo, said: “Thoma Bravo is proud to have helped guide Veriforce’s strategic evolution over the past five years while also keeping the Company laser focused on its mission of getting workers home safely. Five years ago, we started with a business with two products focused primarily on one industry and transformed it to a business with greater than ten products focused on a broad range of industries across the globe. We also supported a multi-year research and development project to build the VeriforceOne technology platform that now provides customers with best-in-class features to manage their supply chains.”

George Jaber, Principal, Thoma Bravo, added: “We’ve worked closely with Colby and the entire Veriforce management team to build Veriforce into a global, world-class platform, across all industries and all geographies. Over the course of our ownership, the Company grew revenue 6x through organic initiatives and strategic M&A. We are excited for Veriforce’s continued success in its next chapter with Apax.”

Apax is being advised by Harris Williams and William Blair is acting as exclusive financial advisor to Veriforce.

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Odevo, strengthens investor base by welcoming CVC funds as a new strategic partner alongside Fidelio

CVC Capital Partners

Odevo, a tech-enabled residential property management company with leading positions in Europe and USA, today announces that CVC funds (“CVC”) have agreed to join the group of investors led by Swedish firm Fidelio and its existing management team. This deal comes after Odevo has expanded rapidly in recent years. Adding CVC’s experience and global relationships will strengthen the company’s international growth strategy and ongoing drive to innovate its service offering for homeowners.

Odevo has built an organisation which, supported by a bespoke tech-platform, helps residential property owners manage all aspects of their building, ranging from accounting, administration, invoicing and on-site services to renovations. The company was founded in Sweden in 2018 by the investment firm Fidelio and the current management team. Through organic growth and joining forces with more than 50 successful entrepreneurs across Europe and USA, Odevo has expanded the business more than 50x, now managing 1.4 million homes with more than 7,000 employees and an annual turnover of EUR 650 million. By welcoming CVC to the group of investors, Odevo takes yet another step on its international growth journey.

“For most people, the home is their greatest investment and our services are designed to simplify everyday life for those people, a responsibility we take seriously. Odevo was founded on the principle of combining the power of people and technology and from the start, we have focused on simplifying living by delivering end to end solutions for an industry that traditionally has been slow in innovation. I am incredibly proud of what we have accomplished but am also excited for the untapped potential still out there. Fidelio has been a true partner to us and we look forward to continuing our collaboration, now also welcoming CVC with their global network and vast experience of supporting growing businesses like ours”, says Daniel Larsson, CEO, Odevo.

Quotes

We are highly impressed with Odevo’s ability to build a leading international player and provide outstanding service to its over 25,000 customers.

Lave Beck-Friis,Managing Director, CVC

CVC will be represented on the Board by Søren Vestergaard-Poulsen, Lave Beck-Friis and John Zacharias.

“We are highly impressed with Odevo’s ability to build a leading international player and provide outstanding service to its over 25,000 customers. Odevo’s decentralised approach, which empowers local management to run their businesses independently while benefiting from the support and opportunities of being part of a global group, aligns perfectly with our philosophy. We look forward to working together with the team at Odevo and Fidelio on further service innovation and international expansion”, says Lave Beck-Friis, Managing Director, CVC.

Fidelio remains a long-term partner and will work together with CVC to support the team at Odevo on their journey to grow organically and through welcoming additional entrepreneurs in existing and new markets.

“What has truly stood out about Odevo has been their ability to grow into a global market leader while maintaining an entrepreneurial energy and fast-paced culture. It’s been a pleasure working with Daniel and the entire Odevo team over the years, and we’re excited to continue supporting them in the future, now alongside CVC”, says Martin Erleman, Partner, Fidelio Capital.

CVC is investing out of CVC Capital Partners Fund IX, its most recent fund that closed at EUR 26 billion in 2023 and brings substantial experience of investing in leading companies in the Nordics and globally, and closing is expected to take place in Q4 2024 pending regulatory approvals.

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KKR receives all regulatory approvals for the voluntary public tender offer for all outstanding shares of OHB SE

KKR

27 August 2024 – Orchid Lux HoldCo S.à r.l. (“Bidder”), a holding company controlled by investment funds, vehicles and/or accounts advised and managed by various subsidiaries of Kohlberg Kravis Roberts & Co. L.P. (“KKR”), today announced the receipt of the last outstanding regulatory approval for the voluntary public tender offer for the shares (ISIN: DE0005936124) of OHB SE (“OHB”). Therefore, all closing conditions are fulfilled and settlement of the voluntary public tender offer will be effected within the next eight banking days, i.e. by 9 September 2024 the latest. In connection with the settlement, shareholders that have accepted the offer will receive the cash consideration of EUR 44.00 per tendered OHB share.

 

Based on the acceptance ratio of the tender offer plus further shares purchased on market and acquired through the capital increase completed on 22 December 2023, KKR has secured approximately 28.6 percent of all OHB shares. Following completion of the takeover offer as announced today, KKR and the Fuchs family will hold a combined stake of approx. 94.0 percent of all OHB shares.

Additional information is available at www.orchid-offer.com

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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.

About OHB SE

OHB is a German space and technology group and one of the leading independent forces in the European space industry. With many years of experience in the realisation of demanding projects, OHB is excellently positioned in international competition and offers its customers a broad portfolio of innovative products in the three divisions: Space systems, Aerospace and Digital. The company employs around 3,300 people and generated a total turnover of around EUR 1.2 billion in 2023.

KKR media contact

Thea Bichmann

Mobile: +49 (0) 172 13 99 761

Email: kkr_germany@fgsglobal.com

 Fabian Prietzel

Mobil: +49 (0) 171 86 01 411

Email: kkr_germany@fgsglobal.com

 

OHB SE media contact

Knut Engelmann

Mobil: + 49 (0) 174 2342808

E-Mail: knut.engelmann@kekstcnc.com

 Torben Gosau

Mobil: +49 (0) 160 96943517

E-Mail: torben.gosau@kekstcnc.com

 

Disclaimer and forward-looking statements

This press release is neither an offer to purchase nor a solicitation of an offer to sell OHB shares. The final terms of the takeover offer, as well as other provisions relating to the takeover offer are set out solely in the offer document authorised for publication by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht). Investors and holders of OHB shares are strongly advised to read the offer document and all other documents relating to the takeover offer, as they contain important information. The offer document for the takeover offer (in German and a non-binding English translation) with the detailed terms and conditions and other information on the takeover offer is published amongst other information on the internet at www.orchid-offer.com.

The takeover offer will be implemented exclusively on the basis of the applicable provisions of German law, in particular the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG), and certain securities law provisions of the United States of America relating to cross-border takeover offers. The takeover offer is not conducted in accordance with the legal requirements of jurisdictions other than the Federal Republic of Germany or the United States of America (as applicable). Accordingly, no notices, filings, approvals or authorizations for the takeover offer have been filed, caused to be filed or granted outside the Federal Republic of Germany or the United States of America (as applicable). Investors and holders of OHB shares cannot rely on being protected by the investor protection laws of any jurisdiction other than the Federal Republic of Germany or the United States of America (as applicable). Subject to the exceptions described in the offer document and, where applicable, any exemptions to be granted by the respective regulatory authorities, no takeover offer will be made, directly or indirectly, in those jurisdictions in which this would constitute a violation of applicable law. This announcement may not be released or otherwise distributed in whole or in part, in any jurisdiction in which the takeover offer would be prohibited by applicable law.

The Bidder reserves the right, to the extent permitted by law, to directly or indirectly acquire additional OHB shares outside the takeover offer on or off the stock exchange, provided that such acquisitions or arrangements to acquire are not made in the United States, will comply with the applicable German statutory provisions, in particular the WpÜG, and the offer price is increased in accordance with the WpÜG, to match any consideration paid outside of the takeover offer if higher than the offer price. If such acquisitions take place, information on such acquisitions, including the number of OHB shares acquired or to be acquired and the consideration paid or agreed, will be published without undue delay if and to the extent required under the laws of the Federal Republic of Germany, the United States or any other relevant jurisdiction. The published takeover offer relates to shares in a German company admitted to trading on the Frankfurt Stock Exchange and is subject to the disclosure requirements, rules and practices applicable to companies listed in the Federal Republic of Germany, which differ from those of the United States and other jurisdictions in certain material respects. The financial information relating to the Bidder and OHB included elsewhere, including in the offer document, are prepared in accordance with provisions applicable in the Federal Republic of Germany and are not prepared in accordance with generally accepted accounting principles in the United States; therefore, it may not be comparable to financial information relating to United States companies or companies from other jurisdictions outside the Federal Republic of Germany. The takeover offer is made in the United States pursuant to Section 14(e) of, and Regulation 14E under, the Exchange Act, and otherwise in accordance with the requirements of the laws of the Federal Republic of Germany. Shareholders from the United States should note that OHB is not listed on a United States securities exchange, is not subject to the periodic requirements of the Exchange Act and is not required to, and does not, file any reports with the United States Securities and Exchange Commission.

Any contract entered into with the Bidder as a result of the acceptance of the takeover offer will be governed exclusively by and construed in accordance with the laws of the Federal Republic of Germany. It may be difficult for shareholders from the United States (or from elsewhere outside of Germany) to enforce certain rights and claims arising in connection with the takeover offer under United States federal securities laws (or other laws they are acquainted with) since the Bidder and OHB are located outside the United States (or the jurisdiction where the shareholder resides), and their respective officers and directors reside outside the United States (or the jurisdiction where the shareholder resides). It may not be possible to sue a non-United States company or its officers or directors in a non-United States court for violations of United States securities laws. It also may not be possible to compel a non-United States company or its subsidiaries to submit themselves to a United States court’s judgment.

To the extent that this document contains forward-looking statements, they are not statements of fact and are identified by the words “intend”, “will” and similar expressions. These statements express the intentions, beliefs or current expectations and assumptions of the Bidder and the persons acting in concert with it. Such forward- looking statements are based on current plans, estimates and projections made by the Bidder and the persons acting in concert with it to the best of their knowledge, but are not guarantees of future accuracy (this applies in particular to circumstances beyond the control of the Bidder or the persons acting in concert with it). Forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and are usually beyond the Bidder’s control or the control of the persons acting in concert with it. It should be taken into account that actual results or consequences in the future may differ materially from those indicated or contained in the forward-looking statements. It cannot be ruled out that the Bidder and the persons acting in concert with it will in future change their intentions and estimates stated in documents or notifications or in the offer document.

 

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X²O welcomes Waterland to join forces with Vendis Capital and Jan Ollevier in supporting continued growth

Vendis Capital

Waterland, a leading pan-European investor, has taken a majority share in X²O, the leading omni-channel retailer of visible bathroom equipment and furniture in the Benelux.

 

X²O was founded in 2004 by Belgian entrepreneur Jan Ollevier, who pioneered the innovative value-for-money B2C concept in Belgium and started the first showrooms in the Netherlands.  In 2016, Vendis Capital invested in X²O with its second fund and supported the management team in a rapid expansion in Belgium and the Netherlands, both offline and online. Recently the company opened its first showrooms in Germany. To support the strong growth to more than 50 showrooms in total today, the group implemented a new ERP system, and operates a state-of-the-art and sustainable logistic center.

Waterland takes a majority share in X²O, with a strategy to support its further international expansion. Both Vendis and Jan Ollevier reinvest a significant minority stake alongside Waterland. For Vendis, the deal is already the third investment from its €450m fund Vendis IV, that was raised earlier this year.

Peter Demets, CEO of X²O since 2018, comments on the new partnership: “We look forward to entering this new phase of growth with Waterland. Our company has significant experience collaborating with investors to achieve important milestones, and we are confident that Waterland’s strong track record and strategic approach make them the ideal partner for us. This carefully considered partnership ensures continuity, enabling us to further expand our presence and continue delivering superior value and experiences to our customers.

The transaction is subject to customary approval of the merger clearance authorities.

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X²O welcomes Waterland to join forces with Vendis Capital and Jan Ollevier in supporting continued growth

Waterland

Ghent (BE), 27 August 2024 – Waterland, a leading pan-European investor, has taken a majority share in X²O, the leading omni-channel retailer of visible bathroom equipment and furniture in the Benelux.

X²O was founded in 2004 by Belgian entrepreneur Jan Ollevier, who pioneered the innovative value-for-money B2C concept in Belgium and started the first showrooms in the Netherlands. In 2016, Vendis Capital invested in X²O with its second fund and supported the management team in a rapid expansion in Belgium and the Netherlands, both offline and online. Recently the company opened its first showrooms in Germany. To support the strong growth to more than 50 showrooms in total today, the group implemented a new ERP system, and operates a state-of-the-art and sustainable logistic center.

Waterland takes a majority share in X²O, with a strategy to support its further international expansion. Both Vendis and Jan Ollevier retain a significant minority stake alongside Waterland. For Vendis, the deal is already the third investment from its €450m fund Vendis IV, that was raised earlier this year.

Peter Demets, CEO of X²O since 2018, comments on the new partnership: “We look forward to entering this new phase of growth with Waterland. Our company has significant experience collaborating with investors to achieve important milestones, and we are confident that Waterland’s strong track record and strategic approach make them the ideal partner for us. This carefully considered partnership ensures continuity, enabling us to further expand our presence and continue delivering superior value and experiences to our customers.”

The transaction is subject to customary approval of the merger clearance authorities.

About X²O
X²O, headquartered in Ghent (Belgium), is an omni-channel retailer of visible sanitary equipment and furniture, focused on residential bathroom renovations. The company offers a broad assortment of high quality showers, bathtubs, furniture and similar products through a network of over 50 showrooms and web shops in Belgium, the Netherlands and Germany. X²O employs more than 300 people and generated around €180m revenues in FY23. www.x2o.be

About Vendis Capital
Founded in 2009, Vendis Capital is an independent private equity firm specializing in the consumer goods sector in Europe. In partnership with experienced entrepreneurs and managers, Vendis aims to invest in small to medium sized consumer companies to help them realise their potential for growth and value creation. Vendis invests in France, Belgium, the Netherlands, Germany, Italy and in the Scandinavian countries. The headquarters of Vendis Capital are in Diegem, Belgium. www.vendiscapital.com

Waterland press contact:
Marketing & Communications Manager
Laurence Van Doosselaere
T +32 479 77 57 68
vandoosselaere@waterland.be

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Montagu to acquire Harvest

Montagu

After five years of partnership between Harvest and Five Arrows (the alternative assets arm of Rothschild & Co), TA Associates (“TA”) and Montagu Private Equity (“Montagu”) have entered into an agreement to become co-controlling shareholders of Harvest.

Five Arrows has successfully supported Harvest’s tremendous growth over the past five years, enabling the group to consolidate its position as a leader in France with significant technological and human development, and to build its international business with operations in Italy and Luxembourg. Harvest is now entering an ambitious new phase in its development strategy.

Virginie Fauvel (CEO of Harvest) and Five Arrows agreed to welcome TA and Montagu Private Equity, two leading global private equity firms, as shareholders of Harvest. The new partnership will support Harvest’s ambitious strategic plan, “the Spirit of Conquest”, with a focus on further international development. The transaction has received relevant regulatory approvals.

“Harvest is a company with great potential, anchored by an experienced executive committee that puts teamwork first. I believe we have all the foundations to build a European champion and perhaps more. We are joining forces with new partners, TA and Montagu, who are complementary and have the resources and deep industry experience to support us in this strategy. I’d like to extend my warmest thanks to Five Arrows for their tremendous contribution and support over the past five years, and to TA and Montagu Private Equity for trusting my team and me as we enter this exciting new chapter,” says Virginie Fauvel, CEO of Harvest.

I believe we have all the foundations to build a European champion and perhaps more.

Virginie Fauvel, CEO, Harvest

“We have long admired Harvest as a champion of the wealth management software market in France and are thrilled now to have the opportunity to work with Virginie Fauvel, her team, and Montagu to develop the Company into a European leader, both organically and inorganically. We would like to congratulate Five Arrows on their successful investment, and we look forward to the next few years of building and distributing leading, modern software solutions to this exciting and growing industry,” said Maxime Cancre, Director at TA, and Patrick Sader, Managing Director at TA, who will join Harvest’s supervisory board.

“Montagu has a long history of investing into financial sector solutions and software and Harvest aligns with our strategy of working with strong platforms in growing market niches to drive an acceleration in performance. We have been genuinely impressed with what Virginie Fauvel and her team have achieved, with the support of Five Arrows, since the take private of Harvest in 2020. Harvest holds a unique position, successfully established as a primary reference SaaS solution for the wealth management industry in France, with multiple avenues for further expansion both organically and via acquisitions. We are excited about the prospect of partnering with Harvest management and TA for the next phase of the company’s growth,” said Antoine de Peguilhan, Partner at Montagu, and Guillaume Jabalot, Partner at Montagu, who will join Harvest’s supervisory board.

We are excited about the prospect of partnering with Harvest management and TA for the next phase of the company’s growth.

Antoine de Peguilhan, Partner, and Guillaume Jabalot, Partner, Montagu

Categories: News

euNetworks closes on €2.1 billion equity recapitalisation

Stonepeak

 

London, UK & New York, USA – 27 August 2024 – euNetworks Group Holdings Limited (“euNetworks”), a Western European bandwidth infrastructure company, today announced that it has closed on a €2.1 billion equity recapitalisation. Leading investors in the recap included a Stonepeak managed vehicle anchored by Mercer and Aware Super, and direct investments from the Investment Management Corporation of Ontario (“IMCO”) and APG Asset Management (“APG”). The equity commitments follow the company’s recent debt refinancing announced in June and together will further euNetworks’ momentum as the company continues to scale and execute against its strategic priorities.

euNetworks builds and invests in city and long haul fibre networks to connect key European data centres and data hubs. The company owns and operates deep fibre networks in 18 cities, as well as a highly differentiated long haul network that spans 45,000 route kilometres across 17 countries. euNetworks leads the data centre connectivity market in Europe, directly connecting more than 542 data centres today, and is well positioned to continue advancing its leadership position in the rapidly evolving connectivity and bandwidth infrastructure space as data centre needs continue to grow.

Kevin Dean, Interim Chief Executive of euNetworks, said, “Our successful debt refinancing and equity recapitalisation underscores the robust value proposition and fundamental infrastructure delivered by euNetworks. We’ve had a fantastic partnership with Stonepeak and IMCO since 2018 along with our other investors, and we extend our gratitude to them for their unwavering support. The combination of Stonepeak, IMCO, APG, Mercer and Aware Super coming together as the new euNetworks represents a very strong opportunity for our customers, our people, our partners and the communities in which we operate. We’re very proud of what we’ve achieved and are excited for the future, continuing to construct and deliver Europe’s future critical infrastructure with our customers and our long-term committed investors.”

Cyrus Gentry, Managing Director at Stonepeak, said, “Since 2018, we have partnered with an industry-leading platform in euNetworks, which is leading the way in sustainably developing the next generation of essential bandwidth infrastructure in Europe. We’d like to thank the entire management team for their significant contributions during this period – particularly Brady Rafuse and Paula Cogan, who have led the business through many phases of its evolution. We look forward to stewarding the next chapter of euNetworks’ growth alongside our new partners.”

Arjan Reinders, Head of Infrastructure Europe at APG, said, “We are impressed by euNetworks’ focus on sustainable growth and providing high quality connectivity solutions to its customers on a pan-European level. We are thrilled to be entering into this partnership, on behalf of our pension fund client ABP and Asset Owner Partners, and we are eager to work closely with the euNetworks team as they continue to develop and further their strategic vision.”

Matthew Mendes, Managing Director, Head of Infrastructure, IMCO, said, “As an investor in euNetworks since 2018, we take great pride in contributing to its growth and working with its high calibre management team to help the company achieve a market leading position in Europe. Alongside our co-shareholders, we look forward to continuing our partnership with euNetworks as they focus on building the next generation of bandwidth network in Europe, connecting more data centres and key sites with fibre, and leading the industry in sustainability practices.”

Mark Hector, Head of Infrastructure at Aware Super, said, “euNetworks’ market-leading characteristics have contributed to its historical growth and we’re excited to partner with our co-shareholders to empower the euNetworks team to capture the strong industry tailwinds arising out of the acceleration in AI innovation and adoption. This is also a strong opportunity for us to further diversify our global digital infrastructure holdings into Europe.”

J.P. Morgan acted as sole financial advisor to euNetworks. Simpson Thacher & Bartlett LLP and Campbell Lutyens acted respectively as legal counsel and financial advisor to Stonepeak. UBS and Baker McKenzie acted respectively as financial and legal advisors to APG. Gowling WLG acted as legal counsel to IMCO.

About euNetworks

euNetworks is a critical bandwidth infrastructure company, owning and operating 18 fibre-based metropolitan networks connected with a high capacity intercity backbone covering 53 cities in 17 countries across Europe. The company leads the market in data centre connectivity, directly connecting over 542 today. euNetworks is also a leading cloud connectivity provider and offers a targeted portfolio of metropolitan and long haul services including Dark Fibre, Wavelengths, and Ethernet. Wholesale, finance, content, media, mobile, data centre and enterprise customers benefit from euNetworks’ unique inventory of fibre and duct based assets that are tailored to fulfil their high bandwidth needs.

The company delivers services with an active commitment to sustainability and is focused on its path to being carbon emissions net zero, environmentally responsible supply chain management and working as a community and industry to collaborate on the environmental challenges ahead. For further information visit eunetworks.com.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $71.2 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 APG

As the largest pension provider in the Netherlands, APG manages the pensions of 4.6 million Dutch participants with approximately €577 billion of assets under management (as of June 2024). APG Infrastructure has invested €30 billion over 50 investments in the Americas, Europe and Asia-Pacific, across sectors including energy, telecom, transportation and social infrastructure. With approximately 4,000 employees globally, APG works from Heerlen, Amsterdam, Brussels, New York, Hong Kong and Singapore. For more information, please visit our website: www.apg.nl.

About IMCO

The Investment Management Corporation of Ontario (IMCO) manages $77.4 billion of assets on behalf of our clients. Designed exclusively to drive better investment outcomes for Ontario’s broader public sector, IMCO operates under an independent, not-for-profit, cost recovery structure. We provide leading investment management services, including portfolio construction advice, better access to a diverse range of asset classes and sophisticated risk management capabilities. As one of Canada’s largest institutional investors, we invest around the world and execute large transactions efficiently. Our scale gives clients access to a well-diversified global portfolio, including sought-after private and alternative asset classes. Follow us on LinkedIn and X @imcoinvest.

About Aware Super

Aware Super is one of Australia’s top-performing and largest profit-for-member super funds with a core objective of delivering the strongest risk-adjusted returns for its 1.1 million members. Our Australian and London-based investment teams currently originate and manage A$180 billion AUM on behalf of our members with a projected growth target of A$250 billion AUM in the next few years. As one of the top 50 institutional investors globally, we typically take an active management approach across alternative assets, including infrastructure, real estate and private equity, and additionally allocate to liquid markets. Returns for our A$18.6 billion infrastructure portfolio are driven by a globally-diversified program which captures global trends in demography, sustainability and technology to achieve a broad universe of assets. For more information, visit www.aware.com.au or follow us on LinkedIn.

Contacts

euNetworks
Hannah Britt
hannah.britt@eunetworks.com
| +44 7717 896 446

Stonepeak
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
| +1 (646) 540-5225

APG
Robert Bakker
robert.bakker@apg.nl
| + 31 6 4629 6189

IMCO
Annette Robertson
annette.robertson@imcoinvest.com
| + 1 (437) 233 3971

Aware Super
Sara Bradford
sara.bradford@aware.com.au
| + 61 (04)478405382

 

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Balance Point Announces its Investment in SPS PoolCare

Balance Point Capital
Westport, CT, August 27, 2024 – Balance Point Capital Advisors, LLC (“Balance Point”), in conjunction with its affiliated funds, Balance Point Capital Partners IV, L.P. and Balance Point Capital Partners V, L.P., is pleased to announce its investment in SPS PoolCare (“SPS”, or the “Company”), a portfolio company of Storr Group (“Storr”), a Texas‑headquartered private equity firm focused on building platforms within fragmented sectors. Balance Point provided debt capital to support SPS’s current acquisition pipeline and extended significant available capital for future M&A activity.
Headquartered in Austin, TX, SPS PoolCare provides residential pool services including maintenance, repair, and renovation services to thousands of customers across Texas, Florida, Arizona, and Nevada. Since its inception in 2021, the Company has been highly acquisitive, bringing 80+ brands under its ownership. SPS’s technology-first approach to service delivery has enabled the seamless integration of these brands and gained the Company the title of #1 pool service company in the United States by Pool and Spa News.
“Balance Point is excited to partner with SPS and Storr as they continue to establish themselves as leaders in the residential pool service industry,” said Seth Alvord, Managing Partner at Balance Point. “SPS’s impressive application of technology to streamline operations and facilitate acquisition integration is evident across the organization. We look forward to continuing to support SPS on their exciting journey ahead.”
“We are pleased to welcome Balance Point as our first debt capital partner,” remarked Lance Martin, President and COO of SPS. “Their service industry expertise, collaborative approach, and robust capital base will be crucial as we continue to expand while maintaining best-in-class pool maintenance and repair services throughout the Sun Belt.”
Fraser Ramseyer, Chairman and CEO at Storr, said, “From the outset, Balance Point recognized our vision for SPS and designed a tailored financing structure that aligns with our mission to consolidate the fragmented pool services industry. We are thrilled to have Balance Point as a capital partner at SPS and look forward to collaborating with them again in the future.”
About Balance Point
Balance Point is an alternative investment manager focused on the lower middle market. With approximately $2.1 billion in assets under management, Balance Point invests debt and equity capital in select lower middle market companies across a variety of investment vehicles. Balance Point takes a long-term, partnership approach to investing and is committed to building lasting relationships with its partners, management teams and intermediaries.
Balance Point is a registered investment advisor. Further information is available at www.balancepointcapital.com.
About SPS PoolCare
As the #1 swimming pool services company in the United States ranked by Pool and Spa News, SPS PoolCare is on pace to perform one million weekly pool services per year and employs more than 500 staff across four states. Backed by Storr Group, the company is focused on growing its family of brands across the Sun Belt, as it continues to make owning a pool a joy. SPS PoolCare is committed to creating a world-class service experience for its customers and being an employer-of-choice for its team members.
For more information, visit www.spspoolcare.com
About Storr Group
Storr Group is a leading operationally focused private equity firm headquartered in Austin, Texas. Storr builds and scales best-in-class platforms across the United States, elevating industries for consumers, employees, and key stakeholders. The firm predominantly operates within fragmented, high-margin sectors – creating value through consolidation and its methodical Storr Business Systems playbook that drives operational excellence, industry-leading growth, and technology transformation. Storr Group is actively operating multiple scaled platforms and has executed nearly 100 investments across its platforms. For more, visit www.storrgroup.com

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Ratos company Speed Group to launch a new solution for optimised construction material flows

Ratos

Speed Group (Speed), one of Sweden’s largest 3PL providers, is now expanding its offering to include solutions for complete construction material flows. This will not only lead to an optimised use of resources in the construction industry, but will also strengthen competitiveness.

Planning material deliveries and ensuring that materials are delivered on time represent a major challenge for the construction industry. Speed is now launching a solution for optimised construction material flows. Combining a true understanding of construction logistics with strategically located construction terminals, the solution provides a solid foundation for delivering the right construction materials at the right time and the right price.

At present, material planning often requires that additional products be ordered from building suppliers, which is significantly more expensive than making planned purchases directly from the manufacturer. Now that Speed is able to offer the construction industry the perfect construction material flows, these conditions are set to change.

“This is further evidence that Speed has a genuine ability to have its ears to the ground and understand customer needs, combined with a highly innovative corporate culture. As the economy in the construction industry recovers, Speed has established a service that will streamline the industry,” says Christian Johansson Gebauer, Chairman of the Board of Speed Group and President, Business Area Construction & Services, Ratos.

Under the new solution, a logistics analysis is performed even before construction begins, followed by continual on-site logistics coordination during the construction period. The aim is to verify the logistics analysis, resulting in optimised flows with materials delivered correctly packaged, at the right time, in the right quantity and to the right location. Speed’s construction terminals are able to store material in optimal conditions and deliveries are effortlessly synched with construction schedules. At the end of the working day, complete kits are rolled in to various assembly points, ready for construction workers the following morning.

“With a team with extensive experience in construction logistics combined with our logistics terminals, we are able to offer the construction industry a complete solution that is hard to beat. A construction company can save an enormous amount of time by allowing its workers to fully focus on the task at hand rather than looking for, getting hold of or even waiting for materials. Our team is made up of experts in construction logistics who are fully aware that there is a lot of progress to be made in the area,” says Jesper Andersson, CEO of Speed Group.

About Speed Group
Speed offers sustainable, flexible and innovative solutions to complex logistics and staffing challenges. Sustainability permeates the entire business, and the aim of becoming carbon neutral by 2025 was already achieved in 2023. Speed has its head office in Borås, Sweden, and logistics centres in Borås, Gothenburg, Stenungsund and Stockholm covering a combined total of more than 220,000 square metres. The company has sales of about SEK 1 billion and approximately 1,000 employees.

For more information, please contact:
Josefine Uppling, VP Communication & Sustainability, Ratos, +46 76 114 54 21

About Ratos
Ratos is a Swedish business group focusing on technological and infrastructure solutions, consisting of 17 companies divided into three business areas: Construction & Services, Industry and Consumer. The companies have approximately SEK 33 billion in net sales (June LTM). We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in Execution and It’s All About People. We enable independent subsidiaries to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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