Category Archives: News

Trinseo Announces New Receivables Financing Facility From KKR

KKR

WAYNE, Pa. & NEW YORK–(BUSINESS WIRE)–Trinseo PLC (“Trinseo” or “the Company”)(NYSE: TSE), a specialty material solutions provider, today announced that a special purpose finance entity, Styron Receivables Funding Designated Activity Company, has entered into a $150 million non-recourse financing facility with credit funds and accounts managed by KKR, a leading global investment firm. The facility, which is collateralized by trade receivables originated by Trinseo and its subsidiaries, replaces a prior financing facility of the same size that matures in November 2025.

“We are thrilled to have the support of a leading capital provider like KKR,” said Frank Bozich, President and CEO of Trinseo. “While this facility replaces a previous one of the same size, it has no minimum liquidity covenants and extends the maturity by more than two years, to December 2027. This provides us with additional financial flexibility for the next several years as we continue to transform our portfolio.”

“We are pleased to use our deep experience in global receivables financing to provide Trinseo with capital to support its continued growth and ability to supply critical materials to a variety of essential markets globally,” said Giacomo Picco, a Managing Director at KKR.

About Trinseo

Trinseo (NYSE: TSE), a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart and sustainably focused manner by combining its premier expertise, forward-looking innovations and best-in-class materials to unlock value for companies and consumers.

From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers’ unique challenges in a wide range of industries, including building and construction, consumer goods, medical and mobility.

Trinseo’s approximately 3,100 employees bring endless creativity to reimagining the possibilities with clients all over the world from the company’s locations in North America, Europe and Asia Pacific. Trinseo reported net sales of approximately $3.7 billion in 2023. Discover more by visiting www.trinseo.com and connecting with Trinseo on LinkedIn, Twitter, Facebook and WeChat.

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 KKRs 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.

Cautionary Note on Forward-Looking Statements
This press release may contain forward-looking statements including, without limitation, statements concerning plans, objectives, goals, projections, forecasts, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts or guarantees or assurances of future performance. Forward-looking statements may be identified by the use of words like “expect,” “anticipate,” “believe,” “intend,” “forecast,” “outlook,” “will,” “may,” “might,” “see,” “tend,” “assume,” “potential,” “likely,” “target,” “plan,” “contemplate,” “seek,” “attempt,” “should,” “could,” “would” or expressions of similar meaning. Forward-looking statements reflect management’s evaluation of information currently available and are based on our current expectations and assumptions regarding our business, the economy, our current indebtedness, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Factors that might cause future results to differ from those expressed by the forward-looking statements include, but are not limited to, our ability to successfully implement proposed restructuring initiatives and to successfully generate cost savings through restructuring and cost reduction initiatives; our ability to successfully execute our business and transformation strategy; increased costs or disruption in the supply of raw materials; deterioration of our credit profile limiting our access to commercial credit; increased energy costs; compliance with laws and regulations impacting our business; any disruptions in production at our chemical manufacturing facilities, including those resulting from accidental spills or discharges; conditions in the global economy and capital markets; our current and future levels of indebtedness and ability to service our debt; our ability to meet the covenants under our existing indebtedness; our ability to generate cash flows from operations; and those discussed in our Annual Report on Form 10-K, under Part I, Item 1A —”Risk Factors” and elsewhere in our other reports, filings and furnishings made with the U.S. Securities and Exchange Commission from time to time. As a result of these or other factors, our actual results, performance or achievements may differ materially from those contemplated by the forward-looking statements. Therefore, we caution you against relying on any of these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Contacts

Media Contacts:

For Trinseo:

Andy Myers
+1 610-240-3221
aemyers@trinseo.com

For KKR:

Julia Kosygina
212-750-8300
media@kkr.com

 

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Jacobs Holding to acquire ILERNA

IK Partners

Lleida/Zurich/Paris, 18 July 2024 – Jacobs Holding is pleased to announce it has agreed to acquire ILERNA, a leading provider of official vocational education in Spain from Skill & You, a portfolio company of IK Partners (“IK”). Alongside the company’s management team and employees, Jacobs Holding will support ILERNA in building on its leading position, helping it to expand its innovative education offering and making its qualifications accessible to an even broader range of people. The investment in ILERNA is strongly aligned with Jacobs Holding’s strategy to invest in European champions in the Education Sector, one of its three focus sectors.

Founded in Lleida, Catalonia, in 2014, ILERNA is a leading player in the Spanish vocational education space with over 46,000 students. The organization offers a wide range of online courses designed to meet the evolving needs of both students and employers. In recent years, ILERNA has developed a physical presence with 11 centers providing onsite instruction to complement its comprehensive online offering. With the support of Jacobs Holding, ILERNA will further enhance its educational programs, expand its curriculum, promote advanced technological tools, and extend its physical footprint. ILERNA has been a subsidiary of the French Skill & You Group since 2019. Skill & You was acquired by IK in 2021.

Tim Franks, CEO, and Justin Lewis-Oakes, Managing Director, of Jacobs Holding commented: “We have identified vocational education as a highly attractive sector within the European education landscape and Spain as a highly dynamic market with significant further growth opportunities. The online segment provides access to a broad demographic of students who are able to upskill flexibly around existing life commitments in order to enhance their long-term career opportunities. We are excited to back industry leading ILERNA in its next stage of growth, and to partner with co-founders Jordi Giné and Virginia Agelet, two accomplished and innovative leaders in the space.”

Jordi Giné Llorens, CEO of ILERNA, said: “We would like to thank IK Partners for their continuous support over the past three years. It has been a tremendous journey with a tripling of the size of the group and new campuses in Barcelona, Cordoba, Jerez, Lleida, Madrid, Tarragona, Seville, and Valladolid. We would like to welcome Jacobs Holding on board. They have unmatched experience in the global education sector and will provide further support for our next phase of ambitious development.”

Rémi Buttiaux and Diki Korniloff, Partners at IK, added: “ILERNA’s growth achievements stand as a testament to the remarkable leadership of its management team. We wish them well for their next growth phase with Jacobs Holding and look forward to seeing ILERNA thrive in its next chapter.”

Media contacts:

For Jacobs Holding:
Lemongrass Communications, Andreas Hildenbrand
andreas.hildenbrand@lemongrass.agency
+41 44 202 52 38

For IK Partners:
Vidya Verlkumar
vidya.verlkumar@ikpartners.com
+44 7787 558193

About Jacobs Holding AG

Jacobs Holding is a global professional investment firm founded by late entrepreneur Klaus J. Jacobs. Jacobs Holding invests in mid to large size companies active in its three core sectors of consumer, education and healthcare, which enjoy leading market positions and have further growth and value creation potential. The current portfolio of Jacobs Holding consists of Cognita, Colosseum Dental Group, North American Dental Group as well as a large stake in the publicly traded company Barry Callebaut AG. The sole economic beneficiary of Jacobs Holding is the Jacobs Foundation, one of the world’s leading charitable foundations for the promotion of development opportunities for children and young people. Their work focuses on ensuring that scientific understanding of how children learn sits at the core of teaching and learning practices and informs the development and implementation of education policy. Since the foundation was established in 1989, around CHF 900 million has been paid out cumulatively.

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About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €16.5 billion of capital and invested in over 180 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com.

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Blue Earth Capital leads € 25m growth funding round in Quatt, a leader in smart heat pumps

Blue Earth Capital

Quatt Secures 25 Million Euros in Growth Funding

Funding will be for new products and international expansion

Amsterdam, July 17, 2024 – Quatt, an Amsterdam-based scale-up specializing in smart heat pumps, today announces €25 million in a growth equity funding round led by Blue Earth Capital, with participation from Seaya Andromeda and existing investor Impact Equity Fund.

Quatt has experienced rapid growth over the past two years, installing over 7,500 smart heat pumps throughout the Netherlands, and the organization has seen significant expansion. “Due to its quick payback period, more and more Dutch people are opting for our heat pump,” says Marijn Flipse, CEO and co-founder of Quatt. “In the three years since our inception, we have secured a leading position in the heat pump market thanks to our consumer-centric approach, smart software and attractive design. By focusing on product development, sales, and installation all in-house, we deliver an excellent customer experience at a very competitive price. This is now recognized by international investors as well.”

New Products and Crossing Borders
Quatt’s flagship product is the “Hybrid”, an ingenious intermediate solution towards fully decarbonizing residential heating by connecting a Quatt-designed hybrid heat pump to customers’ existing boilers, therefore reducing their gas consumption by up to 80% while keeping the boilers for back-up heating needs.  Quatt recently introduced two add-ons to Hybrid – the “All-Electric” heat pump and its patented cooling system “Chill.” This financing will enable Quatt to accelerate the development of these and other new products

Flipse adds, “Over the next 5-10 years, Europe will need to take significant steps in transitioning the built environment to sustainable energy. We aim to make sustainable homes accessible to everyone while reducing energy costs. We look beyond just the heat pump and Dutch borders.” As part of its expansion strategy, Quatt is complementing its market-leading online lead generation with collaborations with installation partners, energy companies, and other market players.

Energy transition
“Heat pumps are an important part of the energy transition for Europe, where nearly 80% of final energy consumption in the residential sector is used for space and water heating[1], with a high dependence on natural gas,” says Kayode Akinola, Head of Private Equity at Blue Earth Capital. “Quatt’s differentiated approach and product suite address common barriers to heat pump adoption by building consumer confidence. This enables real energy and cost savings whilst starting the transition to electrification of an important part of the household and working to decarbonize residential properties. This approach aligns with BlueEarth’s aim to support the energy transition by providing growth equity and support to companies offering products and services that contribute towards decarbonization.”

Carlos Fisch, partner and co-Head at Seaya Andromeda says “Quatt’s modular system will play an important role in the energy transition. Consumers can gradually switch to sustainable energy. From this winter, Quatt’s hybrid heat pump can be upgraded to a fully electric pump, and in the spring of 2025, they will launch Chill, a unique air conditioning system that cools using the existing heat pump. With this product roadmap, we believe Quatt can become a category leader. We are looking forward to supporting the team with their efforts to expand in Europe.”

The Dutch Impact Equity Fund is also participating in this funding round. Randolf Nijsse, founder of Impact Equity Fund, is particularly impressed by the focus on the customer journey of the Dutch smart heat pump company. “The ease of purchase is crucial for success and impact on the energy transition. Quatt’s products are low-threshold, making them distinctive in this market.”

 

About Quatt
Quatt is an Amsterdam-based scale-up specializing in smart heat pumps. The company develops, produces, and installs Quatt Hybrid, a hybrid heat pump powered by smart software. Quatt is a market leader in the Netherlands and distinguishes itself by making heat pumps accessible, offering the best payback time, and using smart software. The rapidly growing company has about 160 employees and was founded in 2021 by brothers Marijn and Bas Flipse. They aim to help 3 million households transition to sustainable energy by 2030.

About Blue Earth Capital
Blue Earth Capital is a global, independent, specialist impact investor, headquartered in Switzerland, with operations in New York, London, and Konstanz. Blue Earth Capital seeks to address the world’s most pressing social and environmental challenges by delivering measurable impact alongside aiming for attractive and market-rate financial returns. The company operates dedicated private equity, private credit, and fund solutions. Blue Earth Capital is owned by the Blue Earth Foundation, a Stiftung (charity/trust) registered in Switzerland that focuses on deep impact to support initiatives and business ventures to help deliver a more equitable and sustainable future.

About Seaya Andromeda
Seaya Andromeda is a Pan-European Climate Tech Venture capital focused on growth. With €300M assets under management, Andromeda is an SFDR Article 9 fund on a mission to address global sustainability challenges and deliver profits with purpose through investments in technology-driven companies focusing on Energy, Decarbonization, the Circular Economy, and the Sustainable Food Value Chain. Seaya Andromeda is part of Seaya, the leading European Venture Capital platform, with offices in Madrid, Barcelona, and Mexico City. Seaya raised its first fund in 2013 and currently manages over €650 million across five early-stage venture funds. Seaya accelerates the growth of startups by leveraging the founder’s strategic vision, providing them with Seaya’s global platform, its extensive network of founders, investors, and multinational corporations, as well as all its experience in the worldwide expansion of companies such as Glovo, Cabify, Wallbox (NYSE:WBX), Clarity AI, Clicars, Alma and RatedPower.

About Impact Equity
Impact Equity Fund, based in the Netherlands, is committed to generating sustainable financial returns while driving measurable social and environmental impact. The firm invests in innovative enterprises that align with its core values of sustainability, equity, and transformative growth, leveraging its expertise and network to support ventures that contribute to a better society and environment.

 

Press contact

blueearthcapital@kekstcnc.com

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Platinum Equity Invests in HVAC/R Distributor Motors & Armatures

Platinum

Firm to partner with MARS’ current shareholders and management team, which will continue as equity partners

Transaction extends momentum of Platinum Equity’s Small Cap team

LOS ANGELES (July 17, 2024) – Platinum Equity announced today a significant investment in Motors & Armatures, Inc. (MARS), a leading distributor of HVAC/R parts, supplies and equipment in the United States and Canada. Financial terms were not disclosed.

Headquartered in Hauppauge, New York, MARS has served as a key supplier to the HVAC/R industry for more than 75 years.  Founded in 1946 by Sol Chernoff as a motor repair company, MARS has become a trusted partner to HVAC/R wholesalers across North America.

“MARS has established itself as a leader in an evolving HVAC/R market with several compelling characteristics. Growth in the US housing stock, population shifts, changing weather patterns, and energy efficiency mandates are driving demand for new equipment as well as repair parts. Platinum has substantial experience helping family-owned businesses leverage our operational expertise and M&A capabilities to capitalize on market opportunities and maximize their potential.”

Jacob Kotzubei, Co-President, Platinum Equity

MARS distributes an extensive line of MARS and JARD branded aftermarket replacement products, including motors and other electrical components, as well as the original equipment components of leading manufacturers.  The company’s equipment division offers residential and commercial heating, cooling, and dehumidification equipment under the Comfort-Aire and Century brand names.

“MARS has established itself as a leader in an evolving HVAC/R market with several compelling characteristics,” said Platinum Equity Co-President Jacob Kotzubei. “Growth in the US housing stock, population shifts, changing weather patterns, and energy efficiency mandates are driving demand for new equipment as well as repair parts. Platinum has substantial experience helping family-owned businesses leverage our operational expertise and M&A capabilities to capitalize on market opportunities and maximize their potential.”

The Chernoff family and company management retained a significant ownership stake in the company, and MARS CEO and President Eddie Chernoff will continue to lead the business.

“We are proud of the business our family has built over the years and are dedicated to providing our customers access to high-quality products and excellent service,” said Eddie Chernoff. “The partnership with Platinum provides us the financial and operational tools to meet the future demands of our customers and continue our legacy for generations to come.  Platinum understands the dynamic nature of our industry and is committed to supporting our strategic growth initiatives and the long-term success of MARS and our distribution partners.”

The MARS investment was led by Platinum Equity’s Small Cap team.

“Our research shows MARS is one of the most trusted brands in the HVAC/R market, known for its in-season availability, quick delivery, best-in-class warranties, and comprehensive training and support programs.,” said Platinum Equity Managing Director Dan Krasner. “With its talented employee base and extensive distribution capabilities, we believe MARS is an excellent platform with significant growth potential. We look forward to working with management, as well as the company’s customers and suppliers, to introduce new products to the market. We will also look to expand through additional acquisitions in adjacent categories where the company does not currently compete.”

R.W. Baird acted as financial advisor to Platinum Equity and O’Melveny & Myers served as legal counsel on the transaction.

Tucker, Midis & Associates acted as financial advisor and Rivkin Radler served as legal counsel to MARS.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.

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Fantini Group portco days offer chances for employee education. They also explain why Platinum Equity invested in Italian wine producer’s growth

Platinum

BEVERLY HILLS, Calif. – Earlier this year, Platinum Equity employees gathered for an elevated happy hour, featuring the Fantini Group.

The Italian wine producer and Platinum Equity portfolio company presented a tasting experience with its award-winning wines, the firm’s third portco day where portfolio companies are invited to demonstrate products and technology. It is part of a program that brings the firm’s diverse portfolio to life and provides a way to engage with employees through a shared learning experience.

This portco day was also a continuation of a similar event held in Europe last year. The London headquarters event was led by Co-President Louis Samson, and both events offered an opportunity for Platinum Equity executives to explain the thesis behind the 2020 investment, highlight the work of company co-founder, Valentino Sciotti, and recognize the firm’s deployment of resources to the European market.

The events also provided chances to simply taste good wines.

“One day in 2019, on a Monday morning call, we’re just going through these different deals that are coming through and I’m hearing about this company which had critical mass in a market where there really wasn’t a ton of critical mass, and we had this vehicle in our Small Cap Fund that could actually address the size of the company,” Samson said.

“What we got with Fantini was everything we fell in love within the California (wine industry), plus scale, plus the Italian taste.”

Increasing employee engagement, awareness

At the recent event, employees in the Beverly Hills headquarters partook in a selected array of charcuterie that paired nicely with the fruity Rosato Merlot as Platinum Equity Partner Bryan Kelln provided an in-depth presentation of the wine’s production, business model and how Fantini Group has progressed since its acquisition in 2020.

The first portco day occurred in 2022 when utility vehicle manufacturer Club Car visited Platinum Equity offices. Kelln, who first broached the possibility of portco days, said they aim to further educate Platinum Equity employees about the portfolio, increase employee engagement and shed light on certain deals.

“Many of us on the deal and ops teams have both the pleasure and obligation to travel around the world to be with our portfolio companies. But some of the people who work in our offices don’t have the opportunity to travel so we’ve decided to bring the portfolio to them and share with our Platinum employees what we’re buying, why we liked the deal and how it’s currently doing.”

Bryan Kelln, Partner, Platinum Equity

“Many of us on the deal and ops teams have both the pleasure and obligation to travel around the world to be with our portfolio companies,” Kelln said during the tasting. “But some of the people who work in our offices don’t have the opportunity to travel so we’ve decided to bring the portfolio to them and share with our Platinum employees what we’re buying, why we liked the deal and how it’s currently doing.”

The Rosato Merlot was one of five wines served by Fantini Group. Employees also learned about the different flavor notes, aromatics and varying grape regions in Italy from local sommelier John Paul Masaryk who explained the difference between Pecorino cheese and Fantini’s Calalenta Pecorino Terre di Chieti wine.

“Pecorino actually means sheep and the cheese comes from sheep’s milk,” Masaryk said. “But they also gave the name to this grape because the farmers would come through all the mountains and the hillsides of beautiful, lush valleys. Sheep would eat these grapes and that’s how it got its name.”

Pecorino is a crisp, refreshing white wine with a strong fruit concentration on the palette.

The presentation helped to create an entertaining and educational afternoon, according to Head of Human Capital Lindsey Calautti said.

“It’s important that employees have the opportunity to come together, hear from senior leadership and increase their awareness on how their day-to-day activities are driving progress for Platinum,” Calautti said.

‘We got enamored with a business model that was asset-light’

Following Kelln’s Beverly Hills presentation, the European panel discussion played on the TV. Samson hosted the event with Sciotti, Senior Vice President Filippo Rossi and Managing Director Fernando Goni. Before turning it over to Platinum Equity Principal, Samson opened the discussion with a brief history of the investment.

Samson said the firm once looked at investing in American wine industries, but the business, which typically is dependent on high capital and Mother Nature, wasn’t a good fit.

“About maybe 15 years ago, we looked at our first wine deal; we didn’t really have a thesis around it,” Samson said. “We learned a little bit about the American market, and we got enamored with a business model that was asset-light, that was getting around the weather constraints, and really putting an emphasis on wine-making and good marketing.

“By the time we fell in love with this business model inside of an industry that is largely dependent on high capital and Mother Nature, our Fund got too big, and these companies were too small.”

But that changed with Fantini Group.

Sciotti explained to the London audience that he developed relationships with winemakers, comparing producers to the chefs who are the main attractions at Michelin-starred restaurants.

“The process of transformation from grapes to wine is the most delicate process,” Sciotti said during the European event. “It’s there that you create quality, which means that when there’s a glass in front of you, I want to see the smile on your face.”

Kelln added: “Fantini doesn’t own vineyards, but they source grapes from all over Italy and then they develop, blend, bottle and distribute the wines all over the world.”

Those are some of the reasons why Platinum Equity, which has steadily grown its resources and support for the Europe market, was attracted to the deal during a late 2019 meeting with bankers in Milan.

Platinum Equity was able to emerge with the deal during a competitive bid process, able to reach an agreement in four weeks toward the end of 2019. But to complete the closing, Platinum Equity had to navigate the initial stages of the pandemic. Without face-to-face meetings, phone calls and video conferencing were the modes of communication. The process demanded strong collaboration between Platinum Equity teams in Beverly Hills, New York, Greenwich and London.

That created a sense of accomplishment when the deal was completed in Milan on March 31, 2020. The firm believes the business is also an operational success story.

“There’s a lot of work that goes into the margins over the last 10 years between winemakers, sourcing, etc.,” Goni said. “Another key is our ability to react to everything that was thrown at us and keep that performance. COVID, inflation, the market, but we have a winning team at Fantini, a great asset.”

“It’s also a vote of confidence to Platinum the way that we apply resources to different industries, different situations, and Fantini is a great example of that.”

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Asterion, Ardian and Crédit Agricole Assurances agree deal for the 49% stake in 2i Aeroporti

Ardian

Asterion Industrial Partners, an independent investment management firm focused on infrastructure investments in the European mid-market, Ardian, a world-leading private investment house and insurer Credit Agricole Assurance, today announce that they have agreed the sale of 49% stake of 2I Aeroporti from Ardian and Credit Agricole Assurance to Asterion.

2i Aeroporti was jointly owned by Italian fund manager F2i and the Ardian-led consortium along with Crédit Agricole Assurances since April 2015.

Throughout F2i/Ardian/Crédit Agricole Assurances joint holding period, 2i Aeroporti has grown and now holds direct and indirect participations in Milano Malpensa and Linate, Naples, Salerno (recently opened to commercial aviation), Torino, Trieste, Bologna and Bergamo airports, accounting for over 32% of passengers traffic (63m passengers in aggregate) and c. 70% of cargo (758k tons) in Italy, as of 2023.

With a significant presence in Italy, Asterion continues to grow its operations in the country and this represents its first investment in the airport sector, expanding its presence in mobility by acquiring a unique and strategic portfolio of airports with high barriers to entry, long remaining concessions and supportive regulations. In line with its ESG strategy, Asterion plans to focus on emission reduction initiatives, ease the transition to greener aviation fuels, and promote Net Zero plans to make air travel more sustainable.

This transaction is also a new opportunity to partner again with F2i, who has steadily led 2i Aeroporti since the creation of the platform in 2010.

2i Aeroporti have set the highest standards for the group’s companies in terms of service of quality for the passengers, digitalization, and sustainability over the last years. Today, all airports of 2i Aeroporti are pioneers in their market segments and have received over the years several awards by primary industry associations (incl. ACI Europe).

In 2019, Ardian’s Data Science and IT teams developed Ardian AirCarbon in close collaboration with 2I Aeroporti’s portfolio airport teams to support the Scope 3 emissions dynamic assessments at each airport. The platform uses granular, real-time operations data to quantify and project emissions. This enables airport operators to effectively monitor and reduce their CO2 emissions. Today, the platform is used by the airports in the platform, notably to support on the annual certification process for ACA (Airport Carbon Accreditation).

2i Aeroporti set up several initiatives that have contributed to the increase in efficiency and passenger flow, as well as optimization of infrastructure. These include initiatives like self-baggage drop, biometric boarding, smart security for luggage inspection, flow monitoring and luggage reconciliation systems. At Naples, an innovative satellite guided climb procedure led to 33% reduction of population exposed to noise.

“We are committed to advancing 2i Aeroporti’s position as the first airport operator in Italy, with sustainable growth and enhancing Italy’s connectivity. Our strategy includes strengthening partnerships with local stakeholders and actively supporting the aviation industry’s efforts towards decarbonization.” Guido Mitrani, Founding Partner, Asterion

“We are proud to have been shareholders of 2i Aeroporti along with Crédit Agricole Assurances over the last decade and to have supported the growth and the development of the platform and its groups of companies in the interests of public and private shareholders.. We have been able to help the group in the implementation of numerous projects and initiatives over the last few years, particularly in terms of digitalization and sustainable development. Our industrial expertise has enabled us to better support 2i Aeroporti and offer its platform relevant and innovative solutions, such as the creation of Ardian AirCarbon. We wish F2i and Asterion every success for the company’s next chapter.” Rosario Mazza, Head of Infrastructure Italy and Senior Managing Director, Ardian

The completion of the transaction remains subject to the usual conditions precedent and the approval of the relevant regulatory authorities.

ABOUT ASTERION INDUSTRIAL PARTNERS

Asterion Industrial Partners is an independent investment management firm focusing on infrastructure investments in the European mid-market. Headquartered in Madrid and with presence in London and Paris, Asterion combines transactional and operational experience with an industrial approach and active asset management within an independent and nimble platform. Asterion aims to promote operational transparency, responsible investment practices, best-in-class governance and a strong culture both for itself and in the companies in which it invests.

Asterionindustrial.com

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $166bn of assets on behalf of more than 1,650 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT CRÉDIT AGRICOLE ASSURANCES

Crédit Agricole Assurances, France’s largest insurer, is the company of the Crédit Agricole group, which brings together all the insurance businesses of Crédit Agricole S.A. Crédit Agricole Assurances offers a range of products and services in savings, retirement, health, personal protection and property insurance products and services. They are distributed by Crédit Agricole’s banks in France and in 9 countries worldwide, and are aimed at individual, professional, agricultural and business customers. Crédit Agricole Assurances has 5,800 employees. Its premium income (non-GAAP) to the end of 2023 amounted 37.2 billion euros.

ca-assurances.com

ABOUT 2I AEROPORTI

2i Aeroporti is the holding company controlled, from 2015 to date, by F2i- Terzo Fondo per le Infrastrutture- and by a consortium led by Ardian with Credi Agricole Assurance with a 49% stake. 2i Aeroporti holds the main Italian airpots network, with about 63 millions passengers in 2023 and a 32% market share. Its portfolio includes about 36% of SEA (Milano Linate and Malpensa airports and a minority stake in Bergamo airport), the majority of the concessionaries of the following airports: Naples, Turin, Trieste and the minority stake in Bologna airport.

PRESS CONTACT

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Nearfield Instruments secures €135 million in landmark deep-tech funding round

Innovation Industries

Nearfield Instruments, the developer of state-of-the art Metrology & Inspection (M&I) solutions for the semiconductor manufacturing industry, today announced the successful closure of a €135 million Series-C funding round

ROTTERDAM, The Netherlands, July 18, 2024 – Nearfield Instruments, the developer of state-of-the art Metrology & Inspection (M&I) solutions for the semiconductor manufacturing industry, today announced the successful closure of a €135 million Series-C funding round. The oversubscribed funding round is led by two new major investors, Walden Catalyst, an industry leading US venture capital firm helping the next generation of category-defining businesses in deep-tech, and Temasek, a global investor that also looks into opportunities in emerging technologies to solve complex and high impact challenges, and address market inflections. M&G Investments, a leading global asset manager, through its Catalyst strategy, is acting as a co-investor. The success of this round is further underscored by the participation of existing investors Innovation Industries, Invest-NL, and ING.

The growing complexities in advanced semiconductor manufacturing, driven by the surge in demand for higher performing and lower energy consuming chips, are addressed by Nearfield’s innovative process control solutions. These include the QUADRA 3D metrology system that provides non-destructive, high-throughput, and high-resolution metrology capabilities. Nearfield is deeply engaged with most major chip manufacturers globally, and QUADRA is fully validated and deployed in high-volume manufacturing.

Dr. Hamed Sadeghian, Co-Founder and CEO of Nearfield Instruments: “We are thrilled that Nearfield’s’ QUADRA 3D metrology system has been fully integrated into the first major high-volume semiconductor manufacturing fab. This milestone solidifies our pioneering role in advancing critical metrology for leading-edge nodes. With significant contributions from investment leaders, we are well positioned to meet the growing demand for Metrology & Inspection in the coming decade. This funding will enable us to ramp up production capacity, expand our product portfolio, and strengthen our position as a key player in the semiconductor equipment industry.”

The funding round is the second largest capital raise in the semiconductor fabrication equipment market in Europe and the US in the past 5 years, according to Mergermarket.

Young Sohn, Founding Managing Partner at Walden Catalyst: “Advanced semiconductors are the key pillars for global innovation and growth. The next generation of semiconductors will be driven by Advanced Lithography and 3D Integration, with smaller features, deeper trenches, and tighter tolerances. The high-volume manufacturing of these next gen devices requires new process control tools to enable higher yield and throughput, and Nearfield’s metrology solutions are critical for solving these process control challenges. We are excited to partner with Hamed and his world-class team to further accelerate Nearfield’s growth.”

As a Netherlands-based scale-up, Nearfield is embedded in the strong Dutch ecosystem of semiconductor innovation and investments, an industry that is expected to reach USD 1 trillion in global revenue by 2029. The funding round is the largest deep-tech investment round in the Netherlands and is yet another testimony of the country’s leading position in semiconductors globally.

Eric Meurice, Chairman of the Nearfield Instruments Supervisory Board: “This fantastic outcome enables us to accelerate Nearfield’s efforts to provide unique solutions to meet the industry’s metrology and inspection needs for the most advanced nodes. Providing process control and yield improvement is critical in this global industry. It is great to see the continued support of our shareholders combined with the onboarding of new industry-leading investors who will reinforce our global view and network and cement the company’s position as the leader in Metrology & Inspection.”

About Nearfield Instruments

Nearfield Instruments, a Netherlands based spin-off of Dutch research institute TNO, is bridging the semiconductor industry’s metrology and inspection challenges with in-line, non-destructive process control nanometrology solutions for advanced 3D memory and logic devices. Their groundbreaking technology combines high-resolution with high-throughput, essential for the production of advanced semiconductor nodes. Nearfield is headquartered in Rotterdam with offices in Eindhoven, The Netherlands and Pyeongtaek, South Korea.

For more information, visit www.nearfieldinstruments.com.

About Walden Catalyst Ventures

Walden Catalyst is a venture capital firm helping early-stage companies in the U.S., Europe, and Israel build the next generation of category-defining businesses in deep-tech. The firm is led by Young Sohn and Lip-Bu Tan, deep-tech industry pioneers who between them have invested in more than 600 startups across the globe, of which 138 have gone on to IPO. Walden Catalyst is focused on deep- tech investments and their team of innovators and entrepreneurs are passionate about disruptive technologies and committed to excellence. This translates into unparalleled access to operational expertise, global reach, and a network of industry captains eager to help build and scale the companies of the future.
Visit us at www.waldencatalyst.com or follow @Walden Catalyst Ventures

About Temasek

Temasek is a global investment company headquartered in Singapore, with a net portfolio value of S$389 billion (€267b) as of 31 March 2024. Temasek’s Purpose “So Every Generation Prospers” guides it to make a difference for today’s and future generations. Operating on commercial principles, it seeks to deliver sustainable returns over the long term. Temasek has 13 offices in 9 countries around the world: Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, and Singapore in Asia; and Brussels, London, Mexico City, New York, Paris, San Francisco, and Washington, DC outside Asia.

For more information, visit https://www.temasek.com.sg

About M&G

M&G Investments is part of M&G plc, a savings and investment business, which listed as an independent company on the London Stock Exchange in October 2019. It has €396 billion of assets under management (as of 31 December 2023) and customers in the UK, Europe, the Americas and Asia. M&G has a rich heritage of investing in private markets through a range of strategies in its €84 billion Private Markets business. It launched Catalyst in 2021 a multi-billion purpose-led flexible private markets strategy which invests in innovative solutions to some of the world’s biggest environmental and social challenges on behalf of M&G’s Life business and its 4.7 million customers.

Media contact: Stefan Simons (media contact) Email: stefan.simons@cffcommunications.nl Tel: +31(0)6 20300796

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Change of ownership at EPC service specialist OTTO LSE: Equistone funds sell majority stake to listed SPIE Group

Equistone

Funds advised by Equistone Partners Europe (“Equistone”) today announce the sale of their majority stake in OTTO Life Science Engineering GmbH (“OTTO LSE”) to the listed SPIE Group (“SPIE”). With the acquisition of OTTO LSE, SPIE, a European market leader in multi-technical services focused on energy infrastructure and communications, is further expanding its presence in the pharmaceutical and biotech sector. OTTO LSE’s management team, led by founders Alf Kain and Sascha Herz, will acquire a minority stake in the business. Completion of the transaction is subject to the customary approval by the relevant competition authorities and is expected to take place in the second half of 2024.

OTTO LSE is a specialised provider of EPC (Engineering, Procurement and Construction) services for pharmaceutical and biotechnology production facilities and laboratories. The company is an established player in the market, providing turnkey solutions which cover the entire value chain, from planning, designing, and delivering to re-qualifying. OTTO LSE’s 140 experienced employees serve a high-calibre international customer base, particularly in the areas of process design, pure media, cleanrooms and building technology. In addition to its headquarters in Nuremberg, OTTO LSE operates five other locations throughout Germany, and in 2023 generated annual sales of c.€75 million.

In 2017, the Equistone funds acquired a majority stake in OTTO Life Science Engineering, in a targeted expansion of their previous shareholding in OTTO Luft- und Klimatechnik into the business areas of pharmaceutical, biotechnology and cleanroom technology. Following the successful sale of OTTO Luft- und Klimatechnik to Engie GmbH in January 2019, the Equistone funds supported the management team in the further development of OTTO LSE, resulting in exceptionally high organic growth, profitability, and an overall money multiple of 9.7x.

With the sale to SPIE, OTTO LSE’s comprehensive EPC service competencies in pharmaceutical and biotech will be integrated into the listed group, significantly expanding its presence in these sectors. SPIE, with its subsidiary SPIE Germany & Central Europe and more than 50,000 employees in total, operates as an independent market leader for multi-technical services in the energy and communications sector.

“With the support of the Equistone funds and a total of 400 projects implemented since 2017, we have been able to build a strong foundation for our future growth in recent years. We want to build on this success with our new partner and use our comprehensive knowledge of the pharmaceutical and biotechnology sector to help drive SPIE’s growth,” said Alf Kain and Sascha Herz, founders of OTTO LSE.

Markus Holzke, Managing Director and CEO of SPIE Germany & Central Europe, said: “With OTTO LSE we continue the development of our expertise in Germany in very attractive markets and we are delighted to welcome the Management and its highly skilled collaborators. This combination will allow to further develop the business and reinforce our market position across Germany.”

Oskar Schilcher, Senior Partner in the Munich office and Chief Investment Officer at Equistone Partners Europe, commented: “OTTO LSE has developed excellently during the more than five years of our partnership, growing into a significant player in the EPC services market. This result testifies to the outstanding entrepreneurial performance of the entire management and the rest of the OTTO LSE team, who have built the company from the ground up.”

OTTO LSE marks the sixth full sale of a portfolio company by the Equistone funds in 2024, continuing the firm’s series of successful exits.

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Equistone sells Heras to Garda Group

Equistone

Equistone Partners Europe (“Equistone”), one of Europe’s most active mid-market private equity investors, today announces that it has reached a conditional agreement to sell the Funds’ investment in Heras, an established European end-to-end supplier of permanent and mobile perimeter protection solutions, to European perimeter and technical security company Garda Group.

Headquartered in Oirschot in the Netherlands, Heras has operations in eight countries, offering customers in more than 20 markets end-to-end perimeter security solutions that cover all aspects from design, manufacturing, installation to maintenance and repairs. Today, the company employs around 1,000 people. Through the agreed transaction, Heras will become part of Garda Group, which currently operates in the Nordics and Germany and includes brands such as Garda Sikring, Heda Security, KIBO Security, Great Security, Freihoff Gruppe, Gleich Gruppe, Schmid Alarm and vi2vi.

Since Equistone invested in the business in 2019, Heras has pursued a strategic focus on providing high-security solutions and recurring services to public- and private-sector clients operating critical infrastructure, supported by two bolt-on acquisitions in the Nordic and German markets. Equistone has also supported the implementation of a group-wide ESG strategy and significant investment into Heras’ production sites, for both permanent and mobile products, across the Netherlands, Belgium and France.

Hubert van Wolfswinkel, Partner at Equistone, said: “It has been a pleasure for the Equistone Funds to have supported Heras with the strategic development of its business and its team over the past five years. In partnership with the Equistone Funds, the company has refined its strategic focus on high-security solutions and recurring services, while upgrading its production sites and delivering a comprehensive ESG strategy. Heras is a renowned and expert provider of security solutions, and I am confident that the company will continue to prosper as part of the Garda Group.”

Moritz Treude, Director at Equistone, said: “Heras has performed very strongly during the ownership of the Equistone Funds, enabled by the strategic repositioning of the business. The Equistone Funds have supported the company’s investment in state-of-the-art production facilities, including automated machinery and equipment as well as robotisation – resulting in increased quality, greater capacity, and more efficient and sustainable production.”

Emmanuel Rigaux, CEO of Heras, said: “In partnership with Equistone, Heras has undergone a significant transformation since 2019 and is now in an exceptionally strong position in the European market. We share a strong alignment with the Garda Group in terms of corporate strategy, vision and values, and we are fully confident that they are the right partner to support us in the next phase of our development and continue the successful development of the past five years.”

Jon Ola Stokke, CEO of Garda Group, said: “We are delighted to welcome Heras and its skilled team to the Garda Group. Heras is a well-run, innovative company and our customers will benefit greatly from its recent investments in the capacity, quality and efficiency of its facilities. Heras also shares our focus on sustainability, working with partners throughout the value chain to reduce CO2 emissions and implement a more circular economy. This acquisition provides us with new expertise, a broader product range and modern technical solutions, while complementing our Nordic presence, expanding our footprint into new territories such as the UK, Benelux and France and providing our customers in Germany with perimeter security solutions alongside our existing technical security solutions.”

The agreed transaction is subject to certain closing conditions, including completion of the Dutch works council consultation process and obtaining relevant regulatory clearances. Once completed, the transaction would extend a period of significant exit activity for Equistone, with today’s announcement marking Equistone’s fifth full exit of 2024.

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Carlyle and KKR Strategic Partnerships Agree to Acquire Approximately $10.1 Billion Prime Student Loan Portfolio from Discover Financial Services

Carlyle

NEW YORK – July 17, 2024 – Global investment firms Carlyle (NASDAQ: CG) and KKR (NYSE: KKR) today announced that one or more strategic partnerships comprised of funds and accounts managed by Carlyle and KKR’s respective credit businesses have agreed to purchase an approximately $10.1 billion portfolio of prime student loans from Discover Financial Services (NYSE: DFS).

“This acquisition highlights Carlyle’s proven expertise in private student loans and asset-backed finance, demonstrating our Global Credit business’s ability to provide scaled, tailored solutions to meet our clients’ dynamic needs,” said Akhil Bansal, Head of Credit Strategic Solutions at Carlyle. “As the lending space evolves, we believe private markets are well-positioned to offer financial institutions increased flexibility amidst this transformation.”

“We are pleased to leverage our scale, deep experience in ABF investing and capital markets capabilities to be a capital solutions provider of choice to financial institutions that are focusing on optimizing their balance sheets,” said RJ Madden, a Managing Director at KKR. “This transaction demonstrates the value that scaled private lenders can bring to key areas of the economy as the priorities of traditional lenders continue to evolve.”

“We’re very pleased to consummate this transaction with two outstanding strategic partners in Carlyle and KKR,” said Dan Capozzi, Executive Vice President and President of Consumer Banking at Discover. “This agreement represents an important milestone in our journey to simplify our operations and business mix.”

Carlyle’s investment in the portfolio was led by its Credit Strategic Solutions (“CSS”) team, a group within its Global Credit business focused on asset-backed investments. The highly experienced team seeks to leverage the knowledge, sourcing, structuring, and breadth of the entire Carlyle investment platform to deliver tailored asset-focused financing solutions to businesses, specialty finance companies, banks, asset managers, and other originators and owners of diversified pools of assets.

KKR’s investment in the portfolio comes primarily from its asset-based finance strategy and other credit vehicles and accounts.  KKR has made more than 80 ABF investments globally since 2016 through a combination of portfolio acquisitions, platform investments and structured investments. The firm has approximately $54 billion in ABF assets under management and a team of more than 50 professionals directly involved in the ABF effort globally.

The transaction is expected to close by the end of 2024 subject to customary closing conditions.

KKR Capital Markets and TCG Capital Markets structured and arranged the debt for the transaction. Monogram LLC, a portfolio company of Carlyle, will serve as portfolio manager for the student loan portfolio. Firstmark Services, a subsidiary of Nelnet, Inc. will service the loans in the portfolio. Sidley Austin LLP served as legal advisor to KKR and Carlyle. Paul Hastings LLP also served as a legal advisor to Carlyle and Clifford Chance LLP also served as a legal advisor to KKR. Wells Fargo served as exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel, to Discover Financial Services in connection with the transaction.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $425 billion of assets under management as of March 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents. Further information is available at www.carlyle.com. For more, follow Carlyle on X and LinkedIn.

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 Discover Financial 

Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover® card, America’s cash rewards pioneer, and offers personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover Global Network® comprised of Discover Network, with millions of merchants and cash access locations; PULSE®, one of the nation’s leading ATM/debit networks; and Diners Club International®, a global payments network with acceptance around the world. For more information, visit www.discover.com/company.

 

 

Media Contacts:

For Carlyle:

Kristen Ashton

212-813-4763

Kristen.ashton@carlyle.com

 

For KKR:

Julia Kosygina

212-230-9722

media@kkr.com

 

For Discover Financial: 

Matthew Towson

224-405-5649

matthewtowson@discover.com

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