Category Archives: News

MariaDB announces intentions to list on New York Stock Exchange via SPAC and a EUR 92 million Series D round

Tesi

Maria DB, known for the open-source database software it develops and provides, has announced it intends to list on New York Stock Exchange (NYSE) by merging with Angel Pond Holdings, a listing method also referred as a SPAC (Special Purpose Acquisition Company). By doing so, MariaDB becomes the first Finnish company to list on the NYSE through SPAC.

MariaDB also announced it has raised a EUR 92 million Series D funding round wherein the buyer Angel Pond and some of the existing investors invested.

“The foundation for Tesi’s investment was the professional team, the strong technology knowhow and the global and ambitious growth story the company possesses. During the journey there have been several challenges and adversities, but we have always found the right solutions together with the management, board members and investors”, comments the announcements Keith Bonnici, Investment Director at Tesi (Finnish Industry Investment).

Tesi first invested in the company in 2012.

Read more:

Further information:

Keith Bonnici, Investment Director, Tesi
+358 40 1799 584
keith.bonnici@tesi.fi

Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of transformative economic growth by investing in funds and directly in companies. We invest profitably and responsibly, hand-in-hand with co-investors, to create the world’s new success stories. Our investments under management total 2.1 billion euros. www.tesi.fi | @TesiFII

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PlayOn! Sports Announces Strategic Investment from KKR

KKR

New Strategic Partnership Alongside Founding Shareholder Panoramic Ventures to Accelerate Growth and Expansion of Leading High School Sports Media Company

ATLANTA & NEW YORK–(BUSINESS WIRE)– PlayOn! Sports (“PlayOn” or the “Company”), a leading high school sports media and technology company, and KKR, a leading global investment firm, today announced the signing of a definitive agreement under which KKR will make a significant investment in PlayOn, alongside PlayOn’s existing shareholder, Panoramic Ventures. The investment will support the Company’s growth as it continues to focus on building exceptional products and experiences for state associations, high schools, high school athletes and their fans across the country. Financial terms were not disclosed.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220201005320/en/

Founded in 2008, PlayOn is best known for operating the NFHS Network, which provides live and on-demand content for millions of high school sporting events across more than 27 sports and other high school activities in all 50 states and Washington, DC. The NFHS Network is a joint venture with the National Federation of State High School Associations (NFHS) and its member state associations.

In addition to helping fans and families watch their favorite teams wherever and whenever they want, the platform directly supports student athletics by providing a new revenue stream to participating high schools and state associations. The Company currently partners directly with almost 8,000 high schools across the U.S.

“We are pleased to welcome KKR as a new investor who shares our passion for high school sports and supports our vision for building the leader in high school sports media and technology,” said David Rudolph, founder and CEO of PlayOn. “KKR’s deep experience in building leading consumer technology and digital media businesses, along with our continued partnership with Panoramic Ventures, will be invaluable as we look for opportunities to make high school sports even more accessible to new fans and communities across the country. Our extensive relationships with the NFHS, state associations, and high schools will always be central to everything we do, and we will continue to remain focused on our long-term goal of streaming every high school event in the country.”

“PlayOn is empowering high school athletic programs and providing fans and families new ways to watch the games that matter most to them,” said Ted Oberwager, Partner at KKR. “We are inspired by PlayOn’s mission, and we are excited to join forces with Panoramic Ventures, the NFHS, and the talented PlayOn management team to continue to deliver best-in-class solutions for a rapidly growing and highly passionate audience.”

“We are excited to bring KKR on as a strategic investment partner to help fuel PlayOn’s next stage of growth,” said Mark Buffington, Managing Partner at Panoramic Ventures. “David and I have long believed that we are just scratching the surface with the opportunities that lie ahead of us. KKR’s investment allows us to create more products and extend more value to all the stakeholders we serve in the NFHS ecosystem.”

KKR is making its investment in PlayOn through its North American private equity strategy. The transaction is expected to close in the first quarter of 2022, subject to customary closing conditions.

Goldman Sachs & Co. LLC served as exclusive financial advisor to PlayOn and Nelson Mullins Riley & Scarborough LLP served as legal counsel to the Company. Kirkland & Ellis LLP served as legal counsel to KKR.

About PlayOn! Sports
PlayOn! Sports was founded in 2008 with the purpose of honoring and celebrating the achievements of high school students, parents, coaches, and teachers in every community across the country. It is the nation’s leading high school sports media company and streams more live sports events than any other company in the world. PlayOn is in its ninth year of operating the NFHS Network, a joint venture with the National Federation of State High School Associations (NFHS) and its member state associations. PlayOn is responsible for the day-to-day operations of the NFHS Network, which delivers live and on demand high school events at www.NFHSnetwork.com and related apps. For additional information about PlayOn! Sports, please visit www.playonsports.com or follow PlayOn! Sports on 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 The 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.

About Panoramic Ventures
Panoramic Ventures (formerly BIP Capital) is a venture capital firm based in Atlanta that takes a “wider-view” approach to investing by targeting the Southeast and Midwest and placing a focus on diverse founders and university startups. Panoramic opens new doors for overlooked founders, giving more entrepreneurs access to capital to build leading tech companies. For more information, visit www.panoramic.vc or follow Panoramic Ventures on LinkedIn, Instagram, or Twitter @panoramicvc.

Media:
For PlayOn! Sports:
Jessica Phillips
404-671-9529
media@playonsports.com

For KKR:
Cara Major or Julia Kosygina
212-750-8300
media@kkr.com

For Panoramic Ventures:
Kathy Berardi
678-644-4122
media@panoramic.vc

Source: KKR

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Latour acquires Telesteps AB

Latour logo
2022-02-01 14:45

Investment AB Latour has, through its fully owned subsidiary Hultafors Group AB, acquired 100 per cent of the shares in Telesteps AB (“Telesteps”) from Heim Holding AB.

Telesteps is a leading manufacturer of telescopic ladders for professional end users. The company is located in Tranås, Sweden, with distribution on a global basis. Net sales amounts to about SEK 87 m in 2021 with a profitability well in line with Hultafors Group’s.

”We have been interested in acquiring Telesteps for a long time as we see their product portfolio of telescopic ladders as an excellent complement to our existing offering within ladders under our brand Wibe Ladders. We are impressed by their strong market reputation and innovation capabilities and look forward to developing and growing the business further together”, says Torbjörn Eriksson, President Hardware Europe in Hultafors Group.

“Together with Hultafors Group I see a huge potential to accelerate our growth and continue the international expansion journey, so it was a natural choice to proceed with Hultafors Group as a long-term owner”, says Peter Heim, CEO for Telesteps.

As an effect of the acquisition the net debt of the Latour Group increases with around SEK 90 m.

Göteborg, 1 February 2022

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Martin Knobloch, CEO Hultafors Group, +46 722 148 946
Jens Eriksson, CFO Hultafors Group AB, +46 702 114 601
Fredrika Ekman, Investment Director, Investment AB Latour, +46 72 584 93 43

Hultafors Group is one of Europe’s largest companies to supply workwear, footwear, head protection, hand tools and ladders for professional users. The products are developed, manufactured and marketed as their own brands, which are available through leading distributors in almost 70 countries worldwide, with emphasis on Europe and North America. Hultafors Group has more than 1,600 employees and an annual turnover of ca SEK 5.5 billion on a R12 basis (September 2021).

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of ten substantial holdings with a market value of about SEK 83 billion. The wholly-owned industrial operations has an annual turnover of SEK 17 billion.

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Cinven to acquire life insurer International Financial Group Limited

Cinven

Cinven, the international private equity firm, today announces that it has reached an agreement to acquire International Financial Group Limited (‘IFGL’), a leading life insurance provider of cross-border, long-term savings products for internationally mobile clients. IFGL has £19 billion of assets under administration and operates through three principal brands: RL360, Ardan International and Friends Provident International. Financial details of the transaction are not disclosed.

IFGL was established in October 2013 to support the management buyout of RL360 from Royal London Group. Since then, IFGL has demonstrated a consistent track record of profitable growth, including through its buy-and-build strategy, having acquired Clerical Medical International in 2015, Ardan International in 2016 and Friends Provident International Limited from Aviva in 2020.

Headquartered in the Isle of Man, IFGL has a global footprint and employs more than 550 people. It provides insurance-wrapped investment solutions to an international client base and focuses on enabling individuals to meet their long-term savings objectives. IFGL’s products are distributed by independent financial advisers around the world.

Cinven believes that IFGL is an attractive investment opportunity based on:

  • Its high quality, cash and capital-generative business model, that delivers predictable long-term profits, with significant downside protection;
  • Its proven financial track record of consistent and profitable growth, including a robust performance through the COVID-19 pandemic;
  • A leading market position, underpinned by an established and well-respected new business franchise that is well diversified geographically;
  • Its successful M&A track record, with further buy-and-build potential;
  • The significant opportunity to widen its product offering to a broader range of international clients;
  • Its clear strategy to continue using technology to drive sales and optimise IFGL’s operating model; and
  • An exceptional management and leadership team led by CEO, David Kneeshaw.

IFGL represents the third investment from Cinven’s long-term Financial Services-focused strategy.

Luigi Sbrozzi, Partner at Cinven, commented:

“Cinven is delighted to be investing in IFGL. IFGL is an established insurer with a strong market position. It has a large back book, which sits alongside an established new business franchise that is well diversified geographically. The Cinven team knows the market well through its previous life insurance investments, including Guardian in the UK and Viridium in Germany, and has a strong track record of working with companies in the sector to achieve strong growth, in particular, through buy-and-build as well as further product development and internationalisation.”

David Kneeshaw, Group, CEO, IFGL, said:

“This investment by Cinven will accelerate the Group’s ambitious plans for growth. Cinven shares our vision for the future and we are now ideally placed to expand significantly through both organic and new market growth and through further M&A activity. We now look ahead to what will be a hugely exciting new period for IFGL.”

The investment in IFGL builds on Cinven’s strong Financial Services franchise in Europe. Notably, Cinven Funds currently own several investments in the insurance sector, including: Compre, a specialist global consolidator of closed books of non-life insurance policies; Miller, a leading specialist insurance and reinsurance broker; and Viridium, a German specialist consolidator of closed life insurance books. Cinven Funds also own investments in other segments of the European Financial Services sector, including True Potential, NewDay and Premium Credit. Previous investments in the European insurance sector include Guardian Financial Services in the UK and other financial services investments by Cinven Funds include Partnership Assurance and Avolon.

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Nordic Capital invests in CARE Fertility in partnership with management to support CARE’s entry into new international markets

Nordic Capital
January 31 2022
Nordic Capital invests in CARE Fertility in partnership with management to support CARE’s entry into new international markets Image

 

Nordic Capital today announced the agreement to buy CARE Fertility (“CARE”), a leading fertility clinic group in the UK. The investment is made in partnership with CARE’s management team and will support the company’s next phase and international growth ambitions. Together with management, Nordic Capital will continue to drive improvements in clinical outcomes by investing in research to develop new techniques, strengthen the company’s highly successful integrated data driven operating model, focus on driving international expansion and investing in the company to benefit both employees and patients.

CARE has been at the forefront of IVF science and clinical technology for over 25 years. It operates 24 full-service and satellite fertility clinics across the UK and Ireland, offering highly advanced and effective procedures to support patients on their journey to parenthood. CARE has helped in the delivery of over 51,000 babies since it was founded in 1997. The company has an outstanding reputation based on its excellent success rates, high medical standards and clinical leadership.

Nordic Capital is one of the most experienced healthcare investors with 33 investments across Europe and North America and over EUR 8.6 bn invested in the sector since its inception in 1989. The investment in CARE lies at the heart of Nordic Capital’s healthcare investment strategy and focus on responsible investments and will be made as part of its mid-market strategy.

“We strongly believe that Nordic Capital is the best partner for CARE on the next step of our journey to helping even more patients. Nordic Capital has an extensive history of successful growth acceleration in leading healthcare services providers and will help us drive the growth of clinics and operations and further enhance our clinical excellence to be able to help more patients,” says David Burford, CEO, CARE.

“CARE is a leader in the fertility services area in the UK with its clinical excellence and persistent focus on continuously improving success rates for the benefit of its patients. We have been particularly impressed by the company’s management team, high medical standards and successful operating model,” said Alfa Chan, Partner, Nordic Capital Advisors, focusing on mid-market healthcare investment opportunities.

“Nordic Capital shares CARE’s vision and growth ambitions to become a truly international fertility services platform and looks forward to supporting its organic and inorganic growth with experience, expertise and financial strength,” said Joakim Lundvall, Partner, who leads Nordic Capital Advisors’ mid-market team.

“The IVF market is growing strongly due to an increase in infertility impacted by many different factors, contributing to an increased demand from patients for fertility treatments. In addition, there continues to be a growing awareness and acceptance of IVF treatments,” says Raj Shah, Partner and Head of Healthcare, Nordic Capital Advisors.

The acquisition of CARE was made from Silverfleet Capital.

Completion of the transaction is expected to occur at the end of February 2022 and is not subject to further closing conditions. The financial terms of the transaction were not disclosed.

 

Press contacts:

Nordic Capital
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

CARE Fertility
David Burford, CEO
Tel: +44 (0) 115 852 8100
e-mail: david.burford@carefertility.com

 

About CARE Fertility

CARE Fertility is one of the largest independent providers of fertility treatment in the UK, performing more IVF cycles per year than any of its competitors. Founded in 1997 and based in Nottingham, England, CARE operates 15 full-service clinics and 9 satellite facilities providing extensive coverage across the UK and the Republic of Ireland. Since inception, CARE has been supported by a strong scientific and clinical backbone with the founder, Simon Fishel, being part of the team involved in the birth of the world’s first IVF baby in 1978. In the decades since, CARE has pioneered more effective fertility treatments through its extensive research and development operations, using data analytics and clinical expertise to introduce new treatments such as CAREmaps and chromosome screening, which improve the patients’ chance of success. Today, CARE has success rates which rank among the highest in the UK with its 560 employees including over 160 embryologists and doctors having aided in the conception of over 51,000 babies since inception.

 

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 19 billion in over 120 investments. The most recent entities are Nordic Capital X with EUR 6.1 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway and South Korea. For further information about Nordic Capital, please visit www.nordiccapital.com.

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”

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Hg Joins Private Equity Industry’s First-Ever ESG Data Convergence Project Alongside Milestone Commitment of Over 100 LPs and GPs Back

HG Capital

Global LPs and GPs representing $8.7 trillion USD in AUM and more than 1,400 private companies commit to collaborative ESG reporting system in its inaugural year

Since its launch in September 2021, the ESG Data Convergence Project, which seeks to standardize ESG metrics and provide a mechanism for comparative reporting for the private market industry, has announced a milestone commitment of over 100 leading general partners (GPs) and limited partners (LPs) from across the globe to its partnership. The collaboration now represents $8.7 trillion USD in AUM and over 1,400 underlying portfolio companies with new involvement from firms including Hg, Apollo Global Management, Ares Management, Goldman Sachs Asset Management, Hermes GPE, and Oaktree Capital Management.

The group is working to streamline the industry’s historically fragmented approach to collecting and reporting ESG data, enabling greater transparency and more comparable portfolio information for LPs. With increased portfolio company representation, the partnership will continue to expand its collection of industry representative data which is expected to increase the quality, availability and comparability of ESG data in private markets.

In Spring 2022, the inaugural data from the ESG Data Convergence Project members will be aggregated into an anonymized benchmark by Boston Consulting Group (BCG) for the 2021 calendar year. The initial data covers the following six categories: greenhouse gas emissions, renewable energy, board diversity, work-related injuries, net new hires, and employee engagement.

Intent on creating a long-term mechanism for improving comparative reporting, the group will meet annually to review and assess the prior year’s data, and to build upon and add to the initial metrics. As part of these efforts, the group is also working to expand more broadly in private markets to include asset classes such as private credit.

Private equity industry stakeholders are encouraged to join this partnership of over 100 members to gather better, more informed ESG data, and in turn collectively drive greater progress on critical ESG issues. To learn more about this initiative and how to get involved, click here.

Companies committed to the ESG Data Convergence Project:

Accel-KKR
Adams Street Partners
Advent Partners
AE Industrial Partners
AEA Investors LP
AlpInvest Partners
Ambienta Sgr
American Industrial Partners
AP6
APG
Apollo Global Management
Appian Capital Advisory LLP
Ares Management
Artá Capital SGEIC
Astorg
Audax Private Equity
Avista Capital Partners
Base10 Partners
Birch Hill Equity Partners
Blackstone
Blue Horizon Corporation AG
Blue Wolf Capital Partners
Bregal Investments
Bridgepoint Group Plc
British Columbia Investment Management Corporation (BCI)
California Public Employees’ Retirement System (CalPERS)
Capital Innovations
CapMan
Carlyle
Centerbridge Partners
CenterOak Partners
Cerberus Capital Management
Cinven
CPP Investments
Crestview Partners
CVC
Dai-Ichi Life Insurance Company, Limited
DPE Deutsche Private Equity
EIG
EMK Capital
Employees’ Retirement System of Rhode Island
EQT AB
Everstone Group
FCDE
Fifth Wall
Forgepoint Capital
Frazier Healthcare Partners
Freshstream
Frumtak Ventures
FullCycle Climate Partners
G Squared
GCM Grosvenor
GENUI
Georgian
Gilde Buy Out Partners BV
Goldman Sachs Asset Management
Grain Management LLC
Hermes GPE
Hg
IK Partners
Insight Partners
Investindustrial
Investment Management Corporation of Ontario (IMCO)
Jada
Japan Post Bank
Kinneret Group
KLAR Partners
LGPS Central Limited
LGT Capital Partners
Lindsay Goldberg
Linzor Capital
LongRange Capital
Mayfair Equity Partners
Mizuho Bank
Montagu Private Equity
Moonfare
New York State Common Retirement Fund (NYSCRF)
Nordic Capital
Oaktree Capital Management
Onex
Palladium Equity Partners
Parcom Capital Management
Permira
PGGM
Pollen Street Capital
Portobello Capital
PSP Investments
Quadriga Capital
Rabo Investments
Riverstone Holdings LLC
San Francisco Employees’ Retirement System (SFERS)
SEB Private Equity
Sumitomo Mitsui Trust Bank
Summa Equity
The Pictet Group
The Rohatyn Group
Tikehau Capital
Tishman Speyer Properties
TowerBrook
Unigestion
Universities Superannuation Scheme
Vista Equity Partners
Wellcome Trust
Wellington Management

 

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Audax Private Equity Announces Creation of New Home Services Platform, Renovo Home Partners

Audax Group
Renovo Home Partners

JAN 31, 2022

Audax Private Equity (“Audax”) today announced the creation of Renovo Home Partners (“Renovo” or the “Company”), a newly established platform providing home repair and remodel products and services.

Based in Dallas, Texas, Renovo Home Partners is a direct-to-consumer (“DTC”) provider of repair and remodel services focused on high-volume quick-turn bath, window, siding, roofing, and other remodeling services. The Company was formed through the combination of three regional remodeling businesses: Dreamstyle, Remodel USA, and Alure Home Improvements. Through its growing network of brands, Renovo’s platform provides a full range of products, installation services, and premier customer service experience to homeowners throughout the United States. Today, Renovo operates primarily in the west coast and mountain west, mid-Atlantic, and northeast regions, with a vision to expand nationwide. Built on a culture of performance and continuous improvement, the Renovo platform provides access to peer experience and insight as well as the necessary infrastructure, processes, and tech-enabled resources to help partners thrive.

“We believe the DTC home improvement market is well suited for Audax’ Buy & Build strategy, and we plan to work to scale rapidly,” said Jay Mitchell, Managing Director at Audax Private Equity. “We see an exciting opportunity to invest in and support the brands, with the goal of helping to accelerate Renovo’s growth trajectory, broaden its existing product portfolio, and expand into new geographic areas through greenfields and complete targeted acquisitions. We’re thrilled to partner with CEO John Dupuy and the entire team as this newly formed entity takes shape.”

“Given the long-term success of the three brands, we saw significant potential in combining the businesses under one umbrella to create a larger, more diversified company and ultimately working to become one of the nation’s leading DTC home repair and remodel services company,” said John Dupuy, Chief Executive Officer of Renovo Home Partners. “In seeking to find a partner to help us bring our vision to life, Audax’ track record of helping companies scale and capitalize on their growth strategies was a perfect fit for our needs at this stage in the Company’s lifecycle. We believe this investment will help to achieve our goals and provide significant benefits and opportunities to all of Renovo’s stakeholders, most notably our customers and employees. We’re proud to be a part of the Audax family and look forward to a successful and lengthy partnership.”

Ropes & Gray LLP and Fredrikson & Byron P.A. served as legal counsel to Audax.

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o9 Solutions Raises $295 Million From Strategic Investors to Continue its Growth Across Industry Verticals & Markets

KKR

General Atlantic, Its BeyondNetZero Venture, and Generation Investment Management Join KKR as Investors in o9, Valuing the Company at $2.7 Billion

DALLAS–(BUSINESS WIRE)–o9 Solutions, a leading enterprise AI software platform provider for transforming planning and decision-making speed and quality in companies across industry verticals, today announced that it has received equity investments totaling $295 million from General Atlantic, including BeyondNetZero, its climate investing venture, Generation Investment Management, a pure-play sustainability investment manager, and existing investor KKR. This significant investment will help o9 build on its momentum and accelerate growth for its AI-powered Integrated Business Planning platform it calls the “Digital Brain” across industry verticals and markets. It will also help o9 drive continued innovation in R&D, industry knowledge models and partner ecosystem development that will help companies implement o9’s game-changing platform faster and realize greater value.

Today, leading companies across varied industry verticals that include retail, consumer and industrial products manufacturing, high-tech and semiconductor, life sciences, automotive, telecom, and oil and gas leverage o9’s Digital Brain platform for transforming their supply chain, commercial and integrated business planning capabilities. These companies are using o9’s Digital Brain platform to build a live, digital model of enterprise data and knowledge that helps them detect demand and supply risks and opportunities, forecast demand more accurately, and evaluate what-if scenarios all in real time. By matching demand and supply intelligently and driving greater alignment and collaboration between customers, internal stakeholders and suppliers across the integrated supply chain, clients can realize significant value from their commercial plans and decisions while making measurable positive impact to the environment.

“We have an unprecedented opportunity in front of us,” said Chakri Gottemukkala, Co-founder and CEO of o9. “Demand and supply volatility and complexity has been growing and the pandemic has only accelerated the challenges companies face in meeting customer service and financial goals. At the same time, there is significant pressure on boards and executives from customers and employees to also drive meaningful improvements in sustainability goals. And we believe that o9 is poised perfectly to help companies deal with these mega trends with a differentiated, proven platform.

“Executives are increasingly seeing that transforming planning and decision-making capabilities need to be more agile, and integration is the most mission critical, high-value initiative going forward. And because global supply chains are the majority source of environmental impact, we believe transforming planning is key not just for improving P&Ls, but also the health of the planet. The new investments and strategic partnerships with General Atlantic, BeyondNetZero and Generation Investment Management, along with our established strategic partnership with KKR, will help us accelerate this sacred mission of making the o9 Digital Brain the most value-creating enterprise platform.”

General Atlantic, its BeyondNetZero venture and Generation Investment Management join KKR as investors in o9, valuing the company at $2.7 billion. This marks an increase from the $1 billion valuation in April 2020 at the time of the company’s first-ever external investment led by KKR, which is also participating in this funding round. This capital raise follows a record year during which the company reported a greater than threefold increase year-over-year in annual recurring revenue (ARR) from new customers.

“Not only is an agile, intelligent and resilient supply chain one of the most important growth accelerators, it also inherently leads to a reduced carbon footprint – especially for organizations that operate on a global scale,” said Sanjiv Sidhu, Chairman and Co-Founder, o9. “A sustainable supply chain requires companies to digitally transform their planning and decision-making capabilities. o9’s Digital Brain platform makes us the partner of choice for companies across the world and we are pleased and honored that General Atlantic, BeyondNetZero and Generation Investment Management recognize this at such a pivotal phase of our growth trajectory.”

“We believe that o9 is uniquely positioned at the intersection of technology, supply chain, and sustainability,” said Tanzeen Syed, Managing Director, General Atlantic. “The business fits squarely within our theses at General Atlantic and BeyondNetZero to support companies that are leveraging innovation to tackle some of the most pressing issues in the world. o9 helps large organizations transform their costly, complex and resource-intensive supply chains into profitable and environmentally sound models – playing a critical role in enabling them to work toward net zero targets.”

Joy Tuffield, Partner in the Growth Equity strategy at Generation Investment Management, said, “Generation’s brand is predicated on the belief that long-term commercial opportunity is synonymous with sustainable outcomes. We believe the best businesses stand for something significant. Sustainability and supply chain issues have never been more important. o9 is one of the rare companies that we believe can help global enterprises leverage the power of digital technologies to deliver on both imperatives. We are excited by the commitment of o9 to be an enduring company with a positive influence on the world, in both what the company does and how it operates.”

To learn more, contact o9 here.

About o9 Solutions, Inc.

o9 offers a leading AI-powered Planning, Analytics & Data platform called the Digital Brain that helps companies across industry verticals transform traditionally slow and siloed planning into smart, integrated and intelligent planning and decision making across core supply chain, commercial and P&L functions.

With o9’s Digital Brain platform, companies are able to achieve game-changing improvements in quality of data, ability to detect demand and supply risks and opportunities earlier, forecast demand more accurately, evaluate what-if scenarios in real time, match demand and supply intelligently and drive alignment and collaboration across customers, internal stakeholders and suppliers around the integrated supply chain and commercial plans and decisions. Supported by a global ecosystem of partners, o9’s innovative delivery methodology helps companies achieve quick impact in customer service, inventory levels, resource utilization, as well as ESG and financial KPIs—while enabling a long-term, sustainable transformation of their end-to-end planning and decision-making capabilities. For more information, please visit www.o9solutions.com.

About BeyondNetZero, the Climate Investing Venture of General Atlantic

The BeyondNetZero team seeks to invest in growth companies delivering innovative climate solutions and aims to help them achieve scale. BeyondNetZero looks to identify companies that have the potential to meet and exceed net zero emissions targets, with a focus on decarbonization, energy efficiency, resource conservation and emissions management. BeyondNetZero combines General Atlantic’s growth equity experience with a global team of proven climate investors, advisors and industry executives, including Lord Browne of Madingley, who serves as Chairman of BeyondNetZero. This diverse team of experts brings decades of experience in both addressing climate-focused problems and building pioneering growth companies. For more information on BeyondNetZero, please visit the website: https://beyond-net-zero.com.

General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 445 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $86 billion in assets under management inclusive of all products as of September 30, 2021, and more than 215 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore and Stamford. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

About Generation Investment Management

Generation Investment Management LLP is dedicated to long-term investing, integrated sustainability research and client alignment. It is an independent, private, owner-managed partnership established in 2004 and headquartered in London, with a U.S. office in San Francisco. Generation Investment Management LLP is authorised and regulated in the United Kingdom by the Financial Conduct Authority. www.generationim.com.

Contacts

Jenni Ottum
Sr. PR Manager
480-231-4887
jennifer.ottum@o9solutions.com

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Renta Corporación to develop last-mile logistics asset in Barcelona for KKR-Mirastar

KKR
  • The asset, located in Barcelona’s first logistics ring, has a surface area of 10,000 square meters
  • This is the first investment in Spain made by the KKR-Mirastar logistics platform
  •  The project seeks to comply with the most advanced certifications on environmental sustainability and energy efficiency

 

London/Barcelona, 25 January, 2022. Renta Corporación has begun the development of a last-mile logistics asset with a surface area of 10,000 square metres in Ripollet (Barcelona). This is a turnkey project that Renta Corporación will carry out for Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, and is expected to be delivered in the third quarter of 2023. The sale values the logistics asset at just over 13 million euros.

The project represents a new commitment by Renta Corporación to environmental sustainability and energy efficiency. The development will target attaining both an “Excellent” rating for the BREEAM sustainable building certificate and an “A” rating for the Energy Efficiency Certificate.

The deal is the first in Spain for Mirastar, which is also actively investing and developing projects in other European countries such as the United Kingdom, the Netherlands and Italy. The company is also looking to expand into new markets in 2022. The investment is being made through KKR’s second European real estate fund, Real Estate Partners Europe II.

 

Strategic location

Situated in Barcelona’s first logistics and industrial ring, the asset is located in the town of Ripollet. This is a strategic hub within the Barcelona metropolitan area, which is perfectly connected to the main transport routes in the area and located within a conurbation of more than 5 million people, which allows for great capillarity and efficiency for a last-mile asset.

 

Anthony Butler, CIO & Co-Founder of Mirastar, said: “Mirastar has been committed to investing and developing in Spain since we launched. We look forward to completion of this well-positioned scheme, with strong ESG credentials, in a supply constrained sub-market and to add to our strong pipeline of opportunities.”

 

Diederik Schol, Principal in EMEA Real Estate at KKR, said: “We are pleased that we have been able to expand the platform into Spain as we continue to invest in quality logistics assets across Europe. This acquisition is a high-quality last-mile asset in an undersupplied market, and fits perfectly with our strategy of working with best-in-class local developers.”

 

Luis Guardia, director of Commercial Assets at Renta Corporación, said: “Logistically, the asset is very well located, which allows for efficient links between the hub and the rest of Spain and Europe. In recent years, the Barcelona metropolitan area has become an attractive market for logistics land due to high demand, limited supply and high occupancy rates. For Renta Corporación, this is a new commitment to the logistics sector, in which significant deals have been made in recent years”.

Renta Corporación was advised by the real estate consulting firm Savills Aguirre Newman, while Mirastar was advised by Garrigues, Savills Aguirre Newman and Nova Ambiente on the legal, technical and environmental aspects, respectively.

 

About Renta Corporación

Renta Corporación is a listed real estate company with a differential business model based on the creation of value through the acquisition of real estate assets for their transformation and adaptation to the needs of the market, for subsequent sale to third parties. The real estate company focusses its business on the Madrid and Barcelona markets, the two markets with the most liquidity and activity in Spain. The company complements its business model through its property business, managing real estate assets of different types, both its own and those of investee companies, mainly Vivenio, which generates recurring income for the company.

About KKR

KKR is a leading global investment firm that offers alternative asset management and 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 The 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.

 

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CVC Asia V agrees acquisition of Affin Hwang AM

CVC Capital Partners

CVC signals strong confidence in Malaysia through landmark investment in leading asset management company

Affin Banking Group (“Affin Group”) has agreed to transfer its controlling stake in Affin Hwang Asset Management Berhad (“Affin Hwang AM”) to CVC Capital Partners Asia Fund V. This transaction is expected to be completed in Q3 2022, subject to customary closing conditions, including regulatory approvals.

Since its inception in 2001, Affin Hwang AM has grown to become one of Malaysia’s leading asset management firms with a diverse client base of public and private companies, institutions, pension funds, and individual investors. As at 31 December 2021, Affin Hwang AM as well as its wholly-owned Islamic fund management arm AIIMAN Asset Management, have a combined RM81 billion in assets under administration.

Datuk Wan Razly Abdullah, President and Group Chief Executive Officer of Affin Bank, said, “We are pleased to see the entry of CVC, a global private equity player, into a home-grown asset management house which is testament to the confidence in the growth prospects of the financial services sector and the Malaysian economy as a whole. With the continuation of the management of Affin Hwang AM helmed by Dato’ Teng Chee Wai and the institutional shareholding presence of Nikko Asset Management (“Nikko AM”), we believe that the business of Affin Hwang AM will continue to perform well moving forward and are confident that CVC, Affin Hwang AM management and together with Nikko AM are committed to support Affin Hwang AM’s growth, its superior long-term commitment to deliver value to clients and further develop its talented employees.”

Dato’ Teng Chee Wai, Managing Director of Affin Hwang AM, commented, “We are excited to work with CVC, together with our longstanding partner, Nikko AM, to chart the course for Affin Hwang AM’s next phase of growth and to advance the development of the Malaysian capital markets. The entry of CVC, a leading global private equity and investment advisory firm comes at the right time as we continue to broaden our suite of product offerings to cater to the growing needs of our clients and partners. We remain deeply committed to helping our clients build their wealth, and we look forward to partnering with CVC and Nikko AM to drive our commitment to our valued clients.”

Alvin Lim, Senior Managing Director at CVC, added, “This marks our sixth investment in Malaysia since 2007, bringing our total capital invested to over US$1 billion. We remain confident in the strong economic fundamentals of the country, and believe this investment is an important opportunity for us to contribute to the continued development of Malaysia’s asset management industry and capital markets, as well as to grow Malaysia into the region’s leading asset management hub. We are particularly excited to partner with Affin Hwang AM’s talented management team, who has shown a track record of outperformance, and Nikko AM, who will remain as a strategic shareholder. We look forward to supporting the management team in expanding the investment and product capabilities and entering other ASEAN markets, by leveraging on our experiences and network across the region.”

Eleanor Seet, President of Nikko Asset Management Asia Limited and Head of Asia-ex Japan of Nikko AM, opined, “Our commitment to the region and our clients in Malaysia remains steadfast. We are delighted to continue our long-term partnership with the AHAM management team and welcome CVC. We believe the synergy of the new partnership will continue to strengthen the growth trajectory of Affin Hwang AM and enhance our ability to deliver progressive solutions to valued clients.”

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