Category Archives: News

IK Partners to sell 2Connect to Rivean Capital

IK Partners

IK Partners (“IK”) is pleased to announce that the IK Small Cap II Fund (“IK SC II”) has reached an agreement to sell 2Connect (“the Company”) to Rivean Capital alongside management who will be reinvesting. Financial terms of the transaction are not disclosed.

2Connect designs, develops and produces innovative and customised interconnection solutions for original equipment manufacturers (“OEMs”) and original design manufacturers (“ODMs”) globally.

Founded in 2000, the Company prides itself on setting new standards for interconnection solutions by designing high-quality and cost-effective units in partnership with its long-term client base. 2Connect employs over 450 people across its headquarters in Waalwijk, the Netherlands and three manufacturing sites in Romania and Germany. Their market reach spans over 40 countries.

IK invested in 2Connect in November 2018 and since then, the Company has more than doubled its revenues, completed two add-on acquisitions in both Germany and the Netherlands, expanded internationally and showed strong capability to scale its operations.

Mark van den Heuvel, CEO of 2Connect, commented: “We are delighted to have enjoyed a successful partnership with IK, which has seen 2Connect grow beyond all expectations and deliver on its strategic goals as a business and for our customers. Having expanded our footprint internationally we are delighted to welcome Rivean Capital on board for the next stage of the journey.”

Sander van Vreumingen, Partner at IK and Advisor to the IK SC II Fund, added: “It has been a pleasure working with the team at 2Connect for the past three years. The business is uniquely placed to capitalise on continued positive megatrends driving growth of automation and digitisation, increasing demand for sensors and advanced connectors. We are proud of everything we have achieved together and wish them well as they continue with a new partner.”

Tom Muizers, Senior Partner at Rivean Capital, said: “We are truly impressed with 2Connect’s track record of consistent growth, its entrepreneurial management team as well as its ability to maintain high standards for demanding customers while scaling up the business operationally. We are excited to join Mark and the team to build on this momentum and support them in the Company’s next phase of development and growth.”

For further questions, please contact:
IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

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Novo Holdings Portfolio Company F2G enters strategic collaboration with Shionogi to commercialise its new antifungal agent Olorofim in Europe and Asia

Novo Holdings

  • Deal value includes upfront payment of US$100 million with F2G eligible for additional regulatory and commercial milestones of up to US$380 million, as well as double-digit royalties on net sales and share development costs

  • Validation of Novo Holdings’ strategy to identify and invest in promising European biotech opportunities

Novo Holdings A/S, a leading international life sciences investor, has announced that its portfolio company F2G Ltd. (F2G) has entered into a strategic collaboration with Shionogi & Co., Ltd. (Shionogi) to develop and commercialise its antifungal agent olorofim for invasive fungal infections, in Europe and Asia.

F2G is a UK, US and Austria based biotech company focused on the discovery and development of novel therapies to treat life-threatening invasive fungal infections. Novo Ventures, the venture capital team at Novo Holdings, has led and participated in a series of financings since 2016. Naveed Siddiqi, Senior Partner at Novo Holdings, serves as a Board Member of F2G and Eric Snyder, Partner at Novo Holdings, as Board Observer.

Olorofim is a novel oral antifungal therapy developed by F2G to treat invasive aspergillosis (IA) and other rare mold infections. Olorofim works through a unique mechanism of action, different from all existing classes of antifungals, exerting fungicidal activity through inhibition of the pyrimidine synthesis pathway. Olorofim represents the first truly novel antifungal class developed in the past 20 years and is the only antifungal medication to be awarded a Breakthrough Therapy Designation (BTD) for multiple indications by the US Food & Drug Administration (FDA).

The world market for antifungal agents is currently worth in excess of US$6 billion with consistent annual growth driven by year-on-year increases in the susceptible immune compromised patient population. Increases in cancer, organ transplants and use of potent drugs, including broad spectrum antibiotics has led to significant increases in fungal infections. Fungi are now recognised as a major issue in several respiratory conditions, being responsible for exacerbations of symptoms in asthma, COPD and bronchiectasis patients. This is likely to increase the use of antifungal drugs over the coming years. F2G believes that its novel agent, olorofim, and subsequent agents, will address some of the many challenges which face the treating physician and the patient with invasive fungal infections.

Olorofim is currently in a Phase 2b open-label study and Phase 3 randomized study (“OASIS”).

Naveed Siddiqi, Board Director of F2G and Senior Partner, Novo Holdings, said: “Globally there is a high unmet medical need for novel antifungal therapies that are active against resistant and refractory infections and also against pathogenic fungal species which have been difficult to successfully treat historically. F2G is developing a completely new class of antifungal agents called the orotomides.  The strategic collaboration with Shionogi is an exciting development for the Company as it offers the prospect of olorofim, once approved, to reach even more patients around the world. This is Novo Ventures’ second anti-infective investment in 2022 that has attracted interest from partners in the pharmaceutical industry.”

Francesco Maria Lavino, Chief Executive Officer of F2G, said: “This collaboration will enable us to progress the development of olorofim with a regional partner.  Shionogi has a proven track record in both global drug development and business development and we look forward to working closely together while we now concentrate our efforts on the development and commercialisation of olorofim for the US market.”

Since January 2020, Novo Ventures has helped deploy over US$1.1 billion in life science investments.  The team consists of highly experienced investment professionals who operate from Copenhagen, Boston, London and San Francisco. The team advises on investments in early-stage startups through later stage crossover financings.  On the public side, the team helps catalyse IPOs and follow-on financings as well as participation in the open market.

About F2G

F2G is a biotech company with operations in the UK, US, and Austria focused on the discovery and development of novel therapies to treat life-threatening invasive fungal infections. F2G has discovered and developed a completely new class of antifungal agents called the orotomides which selectively target a key enzyme in the de novo pyrimidine biosynthesis pathway. This is a completely different mechanism from that of the currently marketed antifungal agents and gives the orotomides fungicidal activity against a broad range of rare and resistant fungal mold infections. For more details, please visit the F2G web site.

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CVC Fund VIII to acquire majority stake in The Quality Group

CVC Capital Partners

Together with the founders, CVC will help to further accelerate the business’s growth path

CVC Capital Partners VIII (“CVC Fund VIII”) has agreed to acquire a majority stake in The Quality Group (“TQG”). CVC Fund VIII will invest alongside all previous owners of TQG, who will reinvest in the business as minority shareholders. Founders Benjamin Burkhardt and Christian Wolf will continue to play key roles in the operational development of TQG. Financial terms of this transaction were not disclosed.

TQG is a leading manufacturer of innovative sports performance nutrition products and healthy, low-sugar food alternatives in the DACH region. Formed in December 2020 through the merger of “ESN” and “More Nutrition” the group offers a wide range of high-quality lifestyle products such as protein powder, weight management products, vitamins and sports supplements. Direct interaction with its customers is at the heart of the TQG’s strategy – from the sale of products via own web shops to their partnerships with 300 influencers who are part of its brands’ loyal customer base. Through these partnerships and its own channels, TQG reaches five million followers daily on various social media platforms. TQG’s headquarters and production facilities are based in Elmshorn near Hamburg and it employs 360 people.

Together with the founders, CVC will help to further accelerate the business’s growth path by scaling its logistics activities and improving the customer experience, as well as expanding the product portfolio in both the DACH region and internationally. TQG will benefit from CVC’s entrepreneurial expertise and large international network.

CVC has been active in the German market for more than 30 years and successfully works with numerous large and medium-sized companies. These include several companies in which the founders and founding families are still co-invested, such as Douglas, Europe’s leading premium beauty retailer, and the Messer Group, a global leader in industrial gases.

Closing of the transaction is subject to approval by the relevant regulatory authorities and is expected for the end of the second quarter of 2022.

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Antin to invest in Power Dot, a leading European electric vehicle charging platform

Antin

The investment, to be deployed as part of Antin’s NextGen strategy, will help power the transportation infrastructure of tomorrow, through accelerating key sustainability goals across Europe

Antin Infrastructure Partners announced today that its NextGen platform has signed with Power Dot, Arié Group and other current shareholders an investment agreement where Antin will acquire a co-controlling stake in Power Dot, a leading European owner-operator of destination and en-route electric vehicle (EV) charging infrastructure.

Founded in Portugal in 2018, Power Dot rapidly expanded into France, Belgium, Luxembourg Spain and Poland to now comprise a network of approximately 5,000 charging points[1] in high-traffic tier 1 public locations. This extensive and steadily growing network has been built through Power Dot’s commercial partnerships with large retailers, shopping centres, motorway service stations and fleet operators.

Since inception, Power Dot’s EV chargers have powered more than 26 million fully electric driven kilometers, representing the equivalent of over 4,000 tonnes of CO2 avoided, thereby furthering the EU’s overall aim of reducing greenhouse gas emissions by 90% by 2050.

Antin’s investment to be deployed within the firm’s NextGen strategy follows the recently announced investment into smart grid developer SNRG. Both investments demonstrate Antin’s commitment to building a portfolio of sustainable and scalable next generation infrastructure companies.

Antin will contribute to the growth of the already strong network of EV charging stations installed and operated by Power Dot. Antin’s team will work closely with the group’s experienced management team to assist in further expanding Power Dot’s EV charging portfolio through enhancing its footprint with existing commercial partners and by further developing Power Dot’s robust pipeline of new locations. Through its ambitious growth plans, Power Dot is well positioned to help usher in the widespread adoption of EV by providing affordable and sustainable fast charging stations in key public locations throughout Europe, thus further contributing to the decarbonisation of transport.

Luis Santiago Pinto, co-founder and CEO of Power Dot stated: “Destination charging is amongst the fastest growing segments by demand, and also one where rapid charging needs are strongest. With strong political support aiming to ban the sale of internal combustion vehicles within the EU by 2035, EVs are expected to account for approximately 50% of passenger car production by 2030. In partnership with Antin, Power Dot is poised to capitalise on these strong market tailwinds that are creating a significant EV charging market.”

Jose Sacadura, co-founder and General Manager of Power Dot, added: “Over the past few years, Power Dot has successfully rolled out its model across Europe. Given Antin’s successful track record in scaling platforms and its strong industrial approach, we have found the right partner to support us in accelerating our pan-European network expansion.”

Nicolas Mallet, NextGen Partner at Antin commented: “Power Dot is exactly the sort of company that we envision for our NextGen strategy. Antin has always been at the forefront of identifying long-term market trends and NextGen is focused on the infrastructure of tomorrow. We look forward to working with the Power Dot team to further scale the company to its full potential.”

The transaction is subject to customary approvals from competition authorities and is expected to close in late Q2 / early Q3 of 2022.

Orrick, Herrington & Sutcliffe acted as legal advisor to Antin, with UBS acting as its financial advisor. Linklaters acted as legal advisor to Power Dot and its current shareholders, with Improved CF acting as their financial advisor. EY teams assisted the parties on tax and financial aspects of the transaction.

[1] Represents both installed and under installation charging points, which together are equivalent to c. 2,250 chargers (as of 16 May 2022).

About Power Dot

Power Dot is one of the fastest-growing owner-operators of charging points for electric vehicles in Europe. Power Dot invests, installs and operates EV chargers with an innovative business model. Power Dot’s mission is to create a charging experience embedded in people’s lives by installing chargers in everyday, high-traffic locations where people naturally park their cars.

With support from the Arié Group and almost four years of operation, Power Dot has invested in hundreds of different locations and is now operating a diverse portfolio of shopping malls, large retailers, gas stations, business centers and municipalities. Power Dot operates in Portugal, Spain, France, Belgium, Luxembourg and Poland and aims to be a leader in destination charging in Europe.

 

About Antin Infrastructure Partners

Antin Infrastructure Partners is a leading private equity firm focused on infrastructure. With over €22 billion in assets under management across its Flagship, Mid Cap and NextGen investment strategies, Antin targets investments in the energy and environment, telecom, transport and social infrastructure sectors. With offices in Paris, London, New York, Singapore and Luxembourg, Antin employs over 175 professionals dedicated to growing, improving and transforming infrastructure businesses while delivering long-term value to portfolio companies and investors. Majority owned by its partners, Antin is listed on Euronext Paris (Ticker: ANTIN – ISIN: FR0014005AL0).

 

Media Contacts

Antin Infrastructure Partners

Nicolle Graugnard, Communication Director

Email: nicolle.graugnard@antin-ip.com

 

Ludmilla Binet, Head of Shareholder Relations

Email: shareholderrelations@antin-ip.com

 

Brunswick

Email: antinip@brunswickgroup.com

Tristan Roquet Montegon +33 (0) 6 37 00 52 57

Gabriel Jabès +33 (0) 6 40 87 08 14

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Advent International to Sell its Portfolio of Pharmaceutical Companies in Latin America to Procaps Group

Advent International

MEXICO CITY, May 18, 2022– Advent International (“Advent”), one of the world’s largest private equity investors, today announced it has entered into an agreement to sell its stake in its Latin American portfolio companies in the branded generic and generic pharmaceuticals space, Grupo Farmacéutico Somar (“Somar”) and Química y Farmacia and related entities (“Quifa”, and together with Somar, the “Somar Group”), to Procaps Group (Nasdaq: PROC), a leading integrated international developer of pharmaceutical and nutraceutical solutions, medicines, and hospital supplies.

Since Advent’s investment in October 2017, the Somar Group has achieved record organic and inorganic growth through product portfolio expansion, by developing and launching several new molecules, and salesforce expansion and effectiveness initiatives. Additionally, following Advent’s acquisition of Quifa earlier this year, the Somar Group was able to solidify its position as a leading branded generics and generics player in Mexico with a combined portfolio of more than 210 commercialized products, best-in-class manufacturing capabilities and the ability to export to the United States. In order to do this, Advent partnered with a very strong management team.

“We are proud of the pharma platform we have built and are thrilled about the outcome, which was only possible with the dedication and collective effort of Grupo Somar´s strong management team” said Ariel Blumenkranc, Managing Director of Advent in Mexico. “We believe Procaps Group is ideally positioned to support these businesses as they continue to expand their footprint in Latin America and globally, and we wish the teams the best in this next phase of their journey.”

This transaction demonstrates Advent’s ability to make carve-outs investments, having invested in Somar in 2017 and Quifa in 2021 (both former subsidiaries of publicly traded companies). Advent has completed more than 70 carve-outs globally and has helped these businesses accelerate their growth by applying its deep sector expertise, international network, and world-class support resources.

“Latin America is a region Advent has seen significant opportunity over the years, and we are very pleased with the performance and growth of the Somar Group,” said Juan Pablo Zucchini, a Managing Partner at Advent International in São Paulo. “We believe Procaps Group is a very good harbor where the Somar Group and its strong management team will continue to grow, developing new products and technologies both in Mexico and Latin America.”

“We are thrilled to execute an important milestone on our long-planned rollup strategy with an ideal acquisition target for Procaps,” said Ruben Minski, CEO of Procaps. “We believe Grupo Somar´s diversified portfolio of innovative products alongside its management and technical capabilities will help accelerate Procaps’ top and bottom-line growth into the near future in an accretive manner.”

Advent International has invested over $7.0 billion in 65 companies across Latin America, and has been present in Mexico since 1996 where it has been committed to the economic development of the country and the region for over 25 years. During this time, Advent has invested approximately $1.1 billion in more than 20 companies with headquarters or operations in Mexico, including several businesses dedicated specifically to the development and distribution of pharmaceutical products. In addition to Somar and Quifa, its investments in the sector regionally have included Grupo Biotoscana (South America), Laboratorios LKM (Argentina) and Fada Pharma (Argentina).

The transaction, which has been approved by Procaps Group’s Board of Directors, is subject to approval by the Federal Economic Competition Commission (COFECE) and other customary closing conditions.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in 390 private equity investments across 42 countries, and as of September 30, 2021, had €75 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 255 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit:
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

 

About Procaps Group

Procaps Group, S.A. (“Procaps”) (NASDAQ: PROC) is a leading developer of pharmaceutical and nutraceutical solutions, medicines, and hospital supplies that reach more than 50 countries in all five continents. Procaps has a direct presence in 13 countries in the Americas and more than 4,900 employees working under a sustainable model. Procaps develops, manufactures, and markets over-the-counter (OTC) pharmaceutical products and prescription pharmaceutical drugs (Rx), nutritional supplements and high-potency clinical solutions.

 

For more information, visit http://www.procapsgroup.com/ or Procaps’ investor relations website investor.procapsgroup.c

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Quality Clouds raises £5.5m to support migration to low-code, cloud-based applications and workflows

Adara
Quality Clouds has announced a new round of investment to continue scaling its application development governance platform. The investment was led by YFM Equity Partners (YFM), with participation from Seed-round lead Adara Ventures, plus new investors Aldea and U.K. Future Fund.

We first partnered with Quality Clouds in early 2020, as the first investment from our third fund, and we are excited to be backing the team led by Albert Franquesa and Angel Marquez again.

This round allows the company to accelerate its business plan, onboard a US sales team, and expand the marketing and customer success resources available for newly-incorporated Chief Revenue Officer K.C. Watson.

The new investment will strengthen the company’s offering globally, following strong growth in the US, where 45% of Quality Clouds’ clients are based. It will also help increase Quality Clouds’ ability to help ServiceNow and Salesforce customers unlock the value of their investments.

Importantly, the company is vastly upgrading the resources available to support and coach the founders and management team. Experienced software veteran Mark Sutherland is joining the company as non-executive Chairman, while Kevin Tumulty (formerly EMEA VP at ServiceNow), John McAdam (formerly CEO of F5 Networks), and Sander Daniels (formerly Head of Financial Services Industries – Northern Europe, Germany and UK at Salesforce) join the new Strategic Advisory Board.

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KKR Invests in Alchemer

KKR

Investment to accelerate growth of leading customer experience software provider

NEW YORK & LOUISVILLE, Colo.–(BUSINESS WIRE)–KKR, a leading global investment firm, and Alchemer (the “Company”), a global leader in Customer Experience (CX) and voice-of-the-customer (VoC) technology, today announced that KKR has made a significant majority investment in the Company. The investment will support the continued acceleration of Alchemer’s growth through marketing, product innovation, industry partnerships and strategic mergers and acquisitions. Financial terms were not disclosed.

Founded in 2006, Alchemer is a leading provider of CX and VoC software that helps businesses collect, analyze and leverage customer and employee feedback to proactively drive better engagement, retention, and user experiences. Alchemer serves more than 13,000 global customers, including a large number of Fortune 500 companies.

“We are very excited to have KKR as an investor in Alchemer. We believe this transaction will benefit our customers and employees by accelerating our investment in Experience Management,” said David Roberts, CEO of Alchemer. “KKR shares our vision for the CX industry’s role in translating customer feedback into action, and having access to KKR’s expertise, capital and resources will put Alchemer in an even better position to deliver on this critical mission.”

The investment in Alchemer builds upon KKR’s experience investing in the software sector globally, with recent investments including Autodata, Calabrio, Cegid, Corel, Cloudera, Epicor, Exact, and OneStream, among others.

“Alchemer has built a differentiated, best-in-class platform that is helping companies form deeper and more meaningful relationships with their customers and other stakeholders,” said John Park, Head of Americas Software Private Equity at KKR. “Demand for user experience solutions is growing as companies increasingly prioritize customer and employee engagement. We believe Alchemer has the right model and team to serve this growing need and look forward to supporting its continued innovation and growth.”

Alchemer is the first investment for KKR Ascendant, a new strategy within KKR’s Americas Private Equity platform focused on investing in middle market businesses across the same sectors and themes as the broader platform.

“We see a significant and growing opportunity to use our leading platform and resources to help high-quality middle-market businesses grow, scale and create value for their customers and employees,” said Pete Stavros and Nate Taylor, Co-Heads of KKR Americas Private Equity. “With its strong fundamentals, talented management team and differentiated business model, Alchemer is exactly the type of company that we want to invest in, and we look forward to helping this great business reach new heights.”

Alchemer will implement KKR’s broad-based employee ownership program, which will make all employees owners of the Company alongside KKR. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR has awarded billions of dollars of total equity value to over 45,000 non-management employees across more than 25 companies. Last month, KKR joined more than 60 organizations in becoming a founding partner of Ownership Works, a nonprofit created to support public and private companies transitioning to shared ownership models.

William Blair served as financial advisor and Perkins Coie served as legal counsel to Alchemer. Jefferies LLC served as financial advisor and Simpson Thacher & Bartlett LLP served as legal counsel to KKR.

About Alchemer

Alchemer offers the world’s most flexible feedback and data collection platform, with twice as many question types and a low-code design that allows innovative thinkers across organizations to solve real business problems cost-effectively. Alchemer serves more than 13,000 global customers, including a large number of Fortune 500 companies. For more information about Alchemer visit www.alchemer.com.

About KKR

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

Contacts

For Alchemer:
Sherri Walkenhorst
Connect Marketing
(801) 373-7888
sherriw@connectmarketing.com

For KKR:
Julia Kosygina and Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

Categories: News

CapMan Buyout acquires Nordic lift modernisation market leader Hydroware

Capman

CapMan Buyout press release
18 May 2022 at 10.00 a.m. EEST

CapMan Buyout acquires Nordic lift modernisation market leader Hydroware

CapMan Buyout has agreed to acquire Hydroware, a producer and provider of systems for sustainable modernisations of lifts from the company’s founder and other shareholders. CapMan will partner with the Hydroware team to support the company’s accelerated growth and international expansion with focus on first-rate sustainable products and solutions.

Hydroware was established in 1998 through an MBO from Schindler when the company’s founder and majority owner Kjell Johansson created the business and subsequently developed it into the international success it is today. The company develops, manufactures and sells drive and control systems for the modernisation of lifts. With approx. 170 employees, Hydroware is headquartered in Alvesta, Sweden and has four sales offices in Europe.

Hydroware is the market leader in modernisation of hydraulic lifts in the Nordics with a strong position and growing sales in the DACH and UK markets. The company’s customers include installation and service companies as well as large multinational lift companies. Hydroware has a successful history of strong growth and is currently expanding in the large and growing traction lift market.

Hydroware offers a one-stop shop for modernisation of lifts. The offering, based on the in-house developed integrated drive and control system, provides customers with many advantages such as market leading installation and delivery times and a more cost-efficient solution compared to a full lift replacement. Furthermore, the company’s modernisation solutions have a strong environmental sustainability advantage by extending the lift’s lifetime by an additional 25 to 30 years which significantly reduces the environmental footprint.

“We are very excited about Hydroware’s strong growth track, excellent products, market leading position, strong sustainability proposition and its long-term growth prospects in the market. During the last three years the company has invested heavily into R&D and undergone a complete product upgrade, including development of its traction lift offering, thereby laying the foundation for continued strong growth. The overall lift market is forecasted to grow at a solid pace, with the modernisation segment experiencing the strongest growth. We are impressed by the company that has been built by founder Kjell Johansson and the Hydroware organization and we are excited to partner with them and utilise our platform and experience to help accelerate Hydroware’s growth journey and international expansion,” says Johan Pålsson, Co-Managing Partner at CapMan Buyout.

”When I founded Hydroware, I had a vision of building a market leading lift modernisation business with an excellent value proposition to our customers and a positive sustainability impact. Since then, Hydroware has developed very well and become an international market leading company. As the company is launching its new products, growing internationally, and entering its next phase of strong growth, I am pleased to welcome CapMan onboard and look forward to our joint collaboration. CapMan will provide the support needed for Hydroware’s further international expansion and overall future success,” says Kjell Johansson, founder of Hydroware.

The CapMan Buyout team comprises investment professionals working in Helsinki and Stockholm. The funds managed by CapMan Buyout invest in medium-sized, unlisted companies in the Nordic countries. The investment in Hydroware is the fourth investment from the CapMan Buyout XI fund. The transaction is expected to close in June 2022.

For further information please contact:

Johan Pålsson, Co-Managing Partner, CapMan Buyout, +46 70 595 62 24
Per Elgborn, CEO, Hydroware, +46 (0) 472 451 01

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With over to €4.7 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Read more at www.capman.com.

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Gimv invests in Variass, a specialized developer and producer of electronic and mechatronic products and systems

GIMV

Topic: Investment

Gimv acquires a majority stake in Variass, a leading partner of international OEM customers for the development and production of electronics and complete systems. With this transaction, Gimv strengthens its position in the growing market for electronic products, in which it is active since 2020 with Applied Micro Electronics (“AME”).

Variass (Veendam – NL, www.variass.nl) was founded in 1989 and has developed into a leading supplier of technology intensive electronic solutions under the management of Henk Smid. The company focuses on the “high-mix, low-volume, high-complexity” segment and supports customers in product development, industrialization, (serial) production, logistics and lifecycle management. The added value of Variass lies in the specific technological expertise, extensive production- and compliance capabilities and the high degree of reliability, quality and flexibility. As a result, the company has become a strong partner for some forty OEM customers in the medical and industrial segments and defense & security. The company has approximately 140 employees and realised a turnover of c. EUR 45 million.

Due to the increasing electrification of society, the demand for electronic modules and products will continue to grow. With its expertise to combine and integrate development and production, Variass, like AME, is uniquely positioned to find solutions to the complex challenges of its customers. With the support of Gimv, and a mutual strategic-operational collaboration with AME, Variass aims to achieve a substantial acceleration in growth and further increase the added value for its customers. The complementarity of the two companies in terms of technology and production capacities is an important component in this.

Henk Smid, founder and CEO of Variass, states: “Gimv is for us the right partner for a successful future as they underwrite our strategy and business operations. It is a wonderful opportunity to strengthen our position by starting a partnership with AME whilst guaranteeing the continuity of Variass. We have strong complementarities in the field of Development & Operational Excellence, which will benefit the customers of AME and Variass. We work with the same production platform, enabling us to offer our customer even better continuity in a strongly changing market by producing from multiple locations.”

Boris Wirtz, Partner Gimv Smart Industries, indicates: “We are very impressed with the strong development that Variass has gone through and the long-term partnerships that the company has built with its customers. With Henk’s leadership and his focus on continuous improvement, a mature organization has emerged with a strong focus on financial and operational efficiency through the application of smart automation. We are pleased to have been able to further strengthen our position in the electronics market with Variass and look forward to further strengthen the position of Variass and AME and the added value for customers through targeted collaboration.”

Tom Van de Voorde, Managing Partner Gimv and Head Smart Industries, adds: “With Variass and AME, Gimv is well-positioned to benefit from the further electrification of our society in the coming years and to support high-tech industrial customers with their products. The ambition of both companies and the crucial contribution they make to the world of tomorrow are in line with the strategy of the Smart Industries platform. We very much look forward to realise our growth ambitions together with the team.”

This new investment will be part of Gimv’s Smart Industries platform, aimed at companies that provide B2B products and services, based on value creation through innovation and intelligent technology.

The transaction is subject to customary closing conditions, including approval from the competition authorities. No further financial details will be disclosed.

 

Read the full document

English – French – Dutch
 

Gimv

Karel Oomsstraat 37, 2018 Antwerpen, Belgium

www.gimv.com

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Hg agrees the sale of itm8 to Axcel

HG Capital

Together Hg and itm8 have more than doubled the size of the business, creating a leading SME technology provider in Europe.

Herning, Denmark and London, United Kingdom. 18 May 2022. Hg, a leading software and services investor, today announces that it has agreed the sale of itm8, a leading supplier of IT services for private businesses and the public sector in Europe, to Axcel, a Nordic private equity fund.

Today itm8 has a team of more than 1,100 IT experts, supporting more than 4,200 customers within four business-critical areas: Cloud Services, Digital Transformation, Application Services and Cyber Security.

itm8 (formerly IT Relation) has more than doubled in size since Hg first invested in 2018, as measured by revenues, employees and the size of its customer base.

Hg’s focus and expertise in the SME Technology Services sector in Europe has supported itm8’s growth by identifying and implementing several strategic initiatives. These include supporting the acquisition of 13 businesses to the group, all significantly adding to itm8’s customer offering, enabling itm8 to complete an end-to-end offering to serve larger customers more effectively.

“Hg have been a valued partner who, with their extensive knowledge within IT services, have contributed to the scaling and professionalisation of our fast-growing company. It has been a great pleasure to work with the whole team. We wish the team all the best for the future.”

Henrik Kastbjerg, CEO of itm8

“We wish the itm8 team well after what has been a truly effective and enjoyable partnership. For many years we had seen a clear opportunity to develop a high quality, single scale provider which could deliver a wide set of services to SMEs in the cloud. Henrik and his team had built an exceptional business to do this and there was a clear opportunity to scale. It’s been hugely satisfying to achieve this, and we are delighted that the business will continue to thrive with a new strategic partner.”

Nick Jordan, Partner at Hg

Hg’s investment in itm8 was consistent with Hg’s focus on SME Technology Services in Europe, with other activity in this sector including investments in Zitcom (2015), Register (2017) and team.blue (2019), all providers of online hosting services to SMEs.

The terms of the transaction have not been disclosed and completion is subject to customary closing conditions.

Hg media contact 
Tom.Eckersley@hgcapital.com
+44 208 148 5401

Azadeh Varzi (Brunswick)
hg@brunswickgroup.com
+44 207 404 5959

About itm8
itm8 is a leading Danish supplier of managed IT services for private businesses and the public sector. itm8 is represented at 19 locations in Denmark, Sweden, the Philippines and the Czech Republic. The group focuses on four business areas in Denmark; Cloud Services/IT Operations, Digital Transformation, Application Services and Cyber Security. Following its recent acquisitions, itm8’s annual revenue has grown to DKK 1.6bn and the group employs 1100+ people within the brands IT Relation, Progressive, Mentor IT, Sotea, Cloud Teams, Miracle42, Emineo, Copenhagen Software and Improsec. www.itm8.com

About Hg 
Hg is a platform for software and services champions, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses.

Hg has funds under management of over $40 billion, with an investment team of over 160 professionals, including a portfolio team of almost 50 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 45 software and technology businesses, worth over $100 billion aggregate enterprise value, with over 55,000 employees globally, growing at over 20% per year.

Visit www.hgcapital.com for more information and sign up to the Hg Newsletter to stay up to date with Hg and portfolio news.

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