Category Archives: News

Jersey Mike’s to Partner with Blackstone to Accelerate Leading Franchisor’s Continued Growth

Blackstone

Manasquan, N.J. and New York, – November 19, 2024 – Jersey Mike’s Subs, a leading franchisor of fast-casual submarine sandwich stores known for its fresh sliced and fresh grilled subs, announced today it has reached an agreement whereby private equity funds managed by Blackstone (“Blackstone”) – led by Blackstone’s most recent flagship private equity vehicle – will acquire a majority ownership position in Jersey Mike’s.

Jersey Mike’s Founder and CEO Peter Cancro will maintain a significant equity stake and continue to lead the business. The partnership with Blackstone is intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market, as well as its continued investment in technology and digital transformation. Blackstone has a long history of successfully propelling the growth of leading franchisors, including in its previous acquisitions of Hilton Hotels and SERVPRO – and has also recently invested in Tropical Smoothie Cafe and 7Brew.

Cancro began working at the company’s original Point Pleasant, New Jersey location at the age of 14, which was founded in 1956 as Mike’s Subs. He acquired the location in 1975 at age 17 and began franchising units in 1987. Today, Jersey Mike’s is a premier national franchisor with more than 3,000 locations nationwide open and in development, and continues to be recognized for its high-quality and freshly prepared submarine sandwiches, and passion for its authentic products and customers. The company has been recognized as one of the fastest-growing fast-casual restaurant chains in America and ranked #2 on Entrepreneur’s 2024 Franchise 500.

Peter Cancro, Jersey Mike’s Founder and CEO, said: “We believe we are still in the early innings of Jersey Mike’s growth story and that Blackstone is the right partner to help us reach even greater heights. Blackstone has helped drive the success of some of the most iconic franchise businesses globally and we look forward to working with them to help make significant new investments going forward.”

Peter Wallace, a Senior Managing Director at Blackstone, said: “Jersey Mike’s has grown for more than half a century by maintaining an unrelenting focus on quality (and delicious sandwiches) – consistently building on its loyal customer base as it has scaled nationwide. Blackstone has deep experience helping accelerate the expansion of high-growth franchise businesses and this area is one of our highest-conviction investment themes. We are excited to partner with an entrepreneur of Peter’s caliber and the talented Jersey Mike’s team. Our capital and resources will help support key investments in growth and technology for the benefit of Jersey Mike’s customers and exceptional franchisees. I highly recommend the #13 Original Italian, Mike’s Way.”

Giving back is also core to Jersey Mike’s mission. The company recently completed its 14th Annual Month of Giving, surpassing over $113 million raised for local charities since 2011. It has also launched the Coach Rod Smith Ownership program, which helps provide store-level managers greater opportunities to become Jersey Mike’s franchise owners.

The transaction is expected to be completed in early 2025 subject to the satisfaction of certain closing conditions, including applicable regulatory approvals. Blackstone’s private equity strategy for individual investors is also expected to invest as part of the transaction.

Guggenheim Securities and Morgan Stanley & Co. LLC are acting as financial advisors and White & Case LLP served as legal counsel to Jersey Mike’s. Barclays and Bank of America are acting as financial advisors and Simpson Thacher & Bartlett LLP served as legal counsel to Blackstone.

About Jersey Mike’s
Jersey Mike’s Subs, with more than 3,000 locations open and in development, serves authentic fresh sliced/fresh grilled subs on in-store freshly baked bread — the same recipe it started with in 1956. Passion for giving in Jersey Mike’s local communities is reflected in its mission statement “Giving…making a difference in someone’s life.” For more information, please visit jerseymikes.com.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1.1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Contacts

For Blackstone:
Matt Anderson
matthew.anderson@blackstone.com
(518) 248-7310

For Jersey Mike’s
Kyle Potvin
kpotvin@splashllc.com
(917) 838-4500

Categories: News

Tags:

819 Capital Partners and LIOF invest in I-Med Technology

819 Capital Partners

Deventer, November 19, 2024 – 819 Capital Partners and LIOF have invested in I-Med Technology (“I-Med”) in a substantial investment round. I-Med Technology develops and markets advanced head-mounted 3D imaging systems that provide real-time support, enhancing precision and efficiency in medical and dental procedures.

I-Med secures strategic investment to fuel 3D imaging expansion

I-Med Technology B.V., a cutting-edge medical technology company specializing in advanced 3D imaging systems for healthcare, announced today that it has secured an investment from 819 Capital Partners and LIOF, positioning the company for rapid growth and expanded market impact. Johan van de Ven, CEO of I-Med: “We are thrilled to partner with 819 Capital Partners and LIOF. Their support and investment enable us to move swiftly in bringing our technology to more clinicians and expanding our reach in the medical imaging market. This funding underscores the value of our innovation and allows us to continue pushing boundaries in medical visualization technology.”

Revolutionizing surgery: I-Med’s 3D head-mounted microscope enhances precision and safety

Founded in 2018 and headquartered at the Brightlands Health Campus in Maastricht, I-Med is committed to addressing critical challenges in surgical and dental procedures where precision and speed are essential. Vincent Graham, CTO at I-Med: “Traditional 2D imaging techniques, often displayed away from the surgical field, require clinicians to shift focus frequently, impacting procedural efficiency. I-Med’s Digital Head-mounted Microscope offers a breakthrough solution with Full HD, real-time 3D imaging, mixed realities, enhancing precision and quality while providing a safer and more seamless operating experience.” Jaap Heukelom, CCO at i-Med Technology, adds: “Moreover, the system represents a leap forward for medical training, education and remote support applications and offers a powerful platform for artificial intelligence applications that can assist the surgeon and dentist alike in their clinical practice”.

Investment driving societal impact in healthcare through improved patient outcomes

819 Capital Partners has invested in I-Med through 819 Evergreen Fund I, a fund committed to investments in deep-tech and med-tech ventures. Sven Kempers, director at 819: “Our investment in I-Med aligns with our goal of advancing promising technology. We have great confidence in I-Med’s technology and its growth potential.”

LIOF has invested in I-Med from their Participation Fund, a fund committed for newly started and medium-sized, innovative SMEs who want to grow. Willem van Esch, investment manager at LIOF: “We see the potential in I-Med’s 3D imaging systems to redefine surgical precision and enhance patient care. Our support will help accelerate their impact across the healthcare sector, making advanced imaging more accessible and transforming the future of medical procedures.”

About I-Med Technology B.V.

I-Med Technology B.V. is a medical technology company based in Maastricht dedicated to advancing real-time, mixed realities, 3D imaging solutions through head-mounted systems designed to support precise medical and dental interventions. With its unique, MDD and CE certified, DHM platform, I-Med empowers healthcare professionals with enhanced visualization capabilities that promote improved procedural outcomes and patient care. More information: www.i-medtech.nl

About 819 Capital Partners

819 Capital Partners is an investment firm managing multiple funds with targeted investment strategies. 819 Evergreen Fund takes minority stakes in early-stage deep-tech and med-tech startups, while 819 Private Equity Fund acquires controlling stakes in mature firms within the leisure, IT, and healthcare industries. The open-ended structure of their funds allows for long-term investments with flexible exit timelines. The firm focuses on sectors like healthcare, technology, and leisure, addressing societal challenges such as aging populations.

About LIOF

LIOF is the regional development agency for Limburg and supports innovative entrepreneurs with advice, network and financing. LIOF is available for every start-up, scale-up and small and medium-sized business (SME) with an innovative idea, a business plan or a financing request and for (foreign) entrepreneurs who want to establish themselves in Limburg. LIOF also helps with cross-border cooperation and international trade. Together with entrepreneurs and partners, LIOF is working towards a smarter, more sustainable and healthier Limburg by focusing on the transitions energy, circularity, health and digitalization.

Categories: News

Tags:

Stonepeak Completes Acquisition of Arvida

Stonepeak

NEW YORK & AUCKLAND, NEW ZEALAND – November 19, 2024 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced that it has completed its acquisition of Arvida Group Limited (“Arvida” or the “Company”) (NZX: ARV), one of New Zealand’s largest retirement and aged care providers.

“As one of the leading and most well-regarded retirement village operators in New Zealand, we believe Arvida has a bright future ahead and is well positioned to effectively serve the region’s growing aging population as a privately held entity,” said Darren Keogh, Senior Managing Director at Stonepeak. “We are excited to have closed this transaction and look forward to partnering closely with the Arvida team as the company enters this next chapter.”

“Today marks a transformational day for Arvida, and I am optimistic about the opportunities ahead,” said Jeremy Nicoll, Chief Executive at Arvida. “Stonepeak is aligned with our values and commitment to our employees, residents, and community, and we look forward to leveraging their extensive operational expertise as we execute on our strategy and mission of helping New Zealanders live a truly fulfilling life as they age.”

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

About Arvida

Arvida is one of New Zealand’s largest aged care providers owning and operating 35 retirement villages located nationally. Each village operates independently under a corporate structure that supports village operations to ensure quality and consistency of service. Arvida provides a range of living and lifestyle options from independent living to full rest home, hospital and dementia-level care.

Arvida’s growth strategy includes the targeted development of new villages in areas that are supported by a strong demographic and economic profile and acquisition of quality villages that meet strict acquisition criteria as well as the development of additional facilities at existing villages.

Website: www.arvida.co.nz

Contacts

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

Jack Gordon
jack.gordon@sodali.com
+61 478 060 362

Arvida
Geoff Senescall, Senescall Akers
senescall@senescallakers.co.nz
+64 21 481 234

Categories: News

Tags:

3i-backed Evernex continues its international growth with acquisition of Ultra Support

3I

3i Group plc (“3i”) announces that Evernex, a global leader in third-party maintenance (“TPM”) services for data centre infrastructure, has acquired Ultra Support, a leading UK-based TPM provider.

Ultra Support is a pure provider of third-party maintenance for data centres, servers and networking equipment. It is solely focused on channel sales through large IT service providers, reaching a user base of more than 1,100 end customers. The company combines expert technical and delivery capabilities with granular geographic coverage of the UK.

The acquisition marks the seventh since 3i’s investment in Evernex in October 2019. It sees Evernex reinforce its position in the UK, a strategic geographic expansion market due its size – the second-largest TPM market in Europe – as well as its rapid growth and the presence of international customers.

Evernex and Ultra Support have a track record of working together as commercial partners and combining the two groups is highly complementary. It will provide opportunities to deliver additional commercial synergies, building on the common values and culture between the two groups. The ongoing leadership of Ultra Support’s core team will maintain the same commitment to customer service and high standards that its partners expect and, as part of Evernex, Ultra Support will be able to leverage its expertise on a global basis.

Peter Hodgson, CEO and Co-Founder, Ultra Support, said: “Joining forces with Evernex represents an exciting opportunity for Ultra Support, our partners, and our team. Evernex’s global presence and comprehensive service offerings allow us to better meet the needs of our partners, both locally and internationally. Importantly, our commitment to a channel-only model ensures that it remains business as usual for our partners. Together, we are well-positioned to enhance the service experience for our partners and provide a wider range of solutions for data centre third-party maintenance.”

Stanislas Pilot, CEO, Evernex, said: “We are thrilled to welcome Ultra Support into the Evernex family. Their expertise in enterprise IT hardware maintenance and their strong channel relationships align perfectly with our mission to deliver reliable, flexible, and scalable IT solutions worldwide. A key element of this partnership is retaining the talented team at Ultra Support, who have been instrumental in the company’s success. This has always been our approach in M&A transactions, as we value and rely on local expertise to ensure seamless integration and growth.”

Marc Ohayon, Partner and Co-Head of France Private Equity, 3i, said: “With Ultra Support, Evernex gains an expert player in the UK TPM market, the second-biggest TPM market in Europe. Ultra Support’s expertise and quality of service make it an ideal partner. Since the beginning, our strategy has been to grow Evernex into an integrated global TPM provider, and this acquisition is another great step on that journey.”

-ENDS-

Download this press release   

For further information, contact:

3i Group plc

Kathryn van der Kroft
Media enquiries

Silvia Santoro
Shareholder enquiries

  

Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

Tel: +44 20 7975 3258
Email: silvia.santoro@3i.com

Notes to editors:

About 3i Group

3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America.

For further information, please visit: www.3i.com

About Evernex

Evernex is a leading third-party maintenance provider that specialises in the support of data centre infrastructure, helping to extend the lifespan of IT hardware, minimise system failures, and repair functional equipment. Additional solutions include spare parts management, recycling, secure data disposal, data centre removal and relocation, library repair, IT hardware rental, and financing solutions.

With a global footprint across 165+ countries, 500,000+ IT infrastructure systems maintained, readily available spare parts in over 340 forward-stocking locations, 24/7 technical support, and multi-vendor expertise, Evernex is a dependable partner and a convenient single point of contact for IT departments across industries.

For further information, please visit: www.evernex.com

About Ultra Support

Ultra Support is a UK-based third-party provider of data centre maintenance and project services headquartered in Melksham, Wiltshire. Ultra Support has built a strong reputation within the IT services industry, specialising in responsive, reliable support for mission-critical IT assets. With a large network of forward-stocking locations across the UK, Ultra Support’s dedicated professionals support tens of thousands of IT assets, ensuring high levels of service.

The company holds ISO27001, ISO9001, and ISO14001 certifications, demonstrating its commitment to quality, data security, and environmental responsibility.

For further information, please visit: www.ultrasupport.co.uk

 

Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i France.

Categories: News

Tags:

Shaw Gibbs expands geographical reach

Apiary Capital

Apiary portfolio company Shaw Gibbs, a leading accountancy and business advisory firm, has strengthened its presence in the south of England with the additions of Langdowns, Alliotts and Sestini & Co to the group.

Shaw Gibbs acquires Langdowns

Since Apiary Capital’s investment in November 2022, Shaw Gibbs has grown organically and through acquisition, from its base in Oxford to over 15 offices across central and southern England with 54 partners and 550 people serving over 14,000 SMEs, corporates and private clients.

In September 2024, Shaw Gibbs merged with Alliotts, a prestigious accountancy firm with offices in central London and Guildford. Alliotts brings 14 partners and a 100-strong team, offering a full range of accountancy services along with specialist services including media expertise, as well as business strategy and corporate finance services. Also in September, Shaw Gibbs acquired Sestini & Co, a specialist in tax consultancy for expatriates and high net worth individuals, with offices in Paulton and London.

The recent merger with Hampshire-based Langdowns, brings a well-respected practice with three offices, underscoring Shaw Gibbs’ commitment to delivering exceptional client service and adding a wealth of expertise to the Shaw Gibbs group.

“We are thrilled to welcome these three prestigious firms to the Shaw Gibbs group,” said Peter O’Connell, Managing Partner at Shaw Gibbs. “These additions not only enhance our strategic vision of expanding our geographical footprint but also enrich our core service offerings.”

Chris Heawood, Investment Director at Apiary Capital, commented, “We are delighted to support Peter and the Shaw Gibbs team as they continue to build an impressive group of accountancy and advisory businesses with a shared vision of providing high-quality service and advice to a loyal customer base.”

Categories: News

Tags:

Investcorp, in Partnership with PSP Investments, Makes Strategic Growth Investment in PKF O’Connor Davies

Investcorp

Investcorp, a leading global alternative investment firm, in partnership with the Public Sector Pension Investment Board (“PSP Investments”), today announced their strategic growth investment in PKF O’Connor Davies (“PKFOD”) (“the Organization”), one of the largest accounting, tax and advisory firms in the US.

This transaction represents a significant milestone for PKFOD, adding two experienced investors that will help fuel growth and expand service offerings to enhance the overall client experience. This partnership will elevate the Organization’s competitiveness and amplify long-term sustainability. The strengthened balance sheet will provide flexibility for increased M&A activity as well as investing in cutting-edge technology and new service lines.

Investcorp has a well-established record of investing in specialized professional services firms with notable investments including AlixPartners, ICR, Resultant, United Talent Agency and CrossCountry Consulting.

Steve Miller, Co-Head of North America Private Equity at Investcorp, said: “In recent years, Investcorp has established itself as a partner of choice for ambitious professional services organizations seeking to grow. Together with PSP Investments, with whom we have a history of investments in the professional services sector, and more than 200 PKFOD partners, we are excited to build upon the Organization’s decades of success.”

Vitali Bourchtein, Principal at Investcorp, said: “As ownership rules in the sector have evolved, we have been seeking the right platform to back. We were instantly impressed by PKFOD’s leadership team and the exceptional track record of financial performance. Providing the Organization with additional resources will help accelerate growth and enhance its competitive position in the accounting, tax and advisory verticals.”

David Morin, Managing Director and Head of North America, Private Equity at PSP Investments, added: “We are excited to partner with Investcorp and PKFOD to provide strategic capital and work together in realizing PKFOD’s full potential during their next chapter of growth.”

Kevin Keane, Executive Chairman at PKF O’Connor Davies, said: “Since inception, our identity as an Organization has been our enduring commitment to service. This investment from Investcorp and PSP Investments further validates that we have an attractive business with a great brand, great talent, and great customers. Investcorp and PSP Investments have a long history of backing profitable, industry-leading companies with demonstratable growth avenues and were impressed by PKFOD and the culture that we have built.”

Going forward, PKFOD will continue to operate in an alternative practice structure in accordance with applicable professional standards where PKF O’Connor Davies LLP, a licensed CPA firm, will continue to provide attest services and PKF O’Connor Davies Advisory LLC and its subsidiary entities will continue to provide tax and advisory services.

Terms of the transaction were not disclosed. The transaction has received regulatory approval and is subject to other standard closing conditions.

Categories: News

Tags:

DEScycle secures £10.2m to revolutionise metal recycling technology

The deep tech company has successfully closed its Series A round, co-led by BGF and Berlin-based Vorwerk Ventures.

18 November 2024
DEScycle secures £10.2m to revolutionise metal recycling technology

DEScycle, a deep tech company pioneering technology to recycle metals from electronic waste (e-waste), has successfully closed a £10.2 million Series A round.

The investment was led by BGF, with Berlin-based Vorwerk Ventures as co-lead. Incoming investors include Cisco Investments, Kadmos Capital, and Nesta. Follow-on investment was received from existing shareholders, including TSP Ventures, Green Angel Ventures, and CPI Enterprises.

E-waste is the world’s fastest-growing waste stream, with over $91 billion of e-waste produced in 2022, growing to $120 billion by 2030. Current recycling technologies are outdated, harmful to the environment, and difficult to scale. In addition, the pace of e-waste generation is outstripping the growth of recycling capacity by a factor of 5x (Global E-waste Monitor 2024).

DEScycle is delivering a clean, scalable technology that tackles this problem, creating local circular economies of recycled metals that reduce the reliance on international supply chains. The tech is based on a new eco-friendly class of chemistry: Deep Eutectic Solvents (DES).

“DEScycle is poised to make a significant impact on metals recovery and sustainable e-waste management. We look forward to supporting DEScycle’s mission to replace outdated pollutive technologies, delivering significant costs savings, increased performance, environmental impact, and transparency in the critical e-waste recycling sector.”
Rowan Bird
Investor at BGF

Funds raised will be used to construct and operate a pre-commercial pilot plant at Wilton International in Teesside, UK. The plant will be instrumental in demonstrating DEScycle’s DES-based technology in a real-world environment, as well as providing the data for commercial scale-up.

Future plans include the opening of an e-waste recycling facility in Gateshead, with the support from DEScycle’s joint venture partner, GAP Group, one of the UK’s largest e-waste recyclers. The commercial-scale plant will be able to recycle 5,000 tonnes of e-waste per year, producing critical raw materials, including copper and palladium, as well as precious metals, such as gold, for industrial use.

Descycle metal recycling technology

DEScycle is a keen supporter of the UK as an innovation and technology hub, and the company plans to continue to develop and scale its technology within the country. In doing so, it will leverage the deep knowledge and infrastructure that exists through its relationships with the University of Leicester (where DES was discovered in the early 2000s) and UK Catapult organisation CPI (Centre for Process Innovation), as well as new relationships, such as Wilton International, which is part of the Teesside industrial cluster and provides access to a permitted site for scaling chemistry-based technologies.

“This funding round accelerates our momentum, allowing us to progress bringing our innovative DES technology to the industrial level and demonstrate its effectiveness in real-world conditions. As a home-grown UK company, it is strategic to build both our pilot and commercial plants here. The UK is one of the world’s hubs for innovative technology, and we are proud to continue this legacy.”
Dr Rob Harris
CTO at DEScycle

DEScycle Chair, Ian Cockerill, said: “DEScycle has made significant progress over the last 18 months, and the successful closing of this funding round is a strong vote of confidence for the team, the technology, and our potential to revolutionise the metals industry. The business is paving the way for an environmentally responsible and profitable approach to metals recycling from e-waste. This is particularly relevant for growth areas, such as AI, which require a significant infrastructure rollout reliant on metals, all of which, due to their short lifespan, will be recyclable when DEScycle launches commercially.”

Categories: News

Tags:

Linkup raises €3 million to offer a new gateway to the “Internet of AIs”

Seedcamp

AI is fundamentally changing the nature of the Internet and its traditional business models. Developing an ethical, sustainable and efficient ecosystem for the web of AI agents is a priority.

We are excited to partner with Linkup, a French startup on a mission to build new pathways for AIs to access the web efficiently and fairly. Founded in 2024 by Philippe Mizrahi, Denis Charrier, and Boris Toledano – who bring together experience from Spotify, Lyft, and McKinsey, Linkup is an internet search and access engine designed for artificial intelligence.

With its proprietary API, Linkup enables AI companies of all sizes to benefit from fast and ethical access to online content through partnerships with a wide range of premium content sources.

Philippe Mizrahi, co-founder and CEO of Linkup, explains:

“The Internet was designed to facilitate information access for humans. Soon, AI agents will do this on our behalf. It is therefore essential to rethink the web to enable efficient browsing for these agents and to promote the emergence of a new business model. At Linkup, we put ethics at the heart of our technology, convinced that the future of AI agents lies in a sustainable ecosystem where content providers, who are vital to the richness of the internet, are fairly compensated.”

On why we partnered with Linkup, our Partner Sia Houchangnia comments:

“AI tools have unprecedented potential to transform industries, and their power increases exponentially when connected to vast, relevant data sources. With the rise of AI agents, we have a unique opportunity to rethink our digital infrastructure for a world that demands a fairer and more sustainable approach to content access, an area that has long needed change. This is where Linkup comes in. As a pioneer of a new ethical model for tomorrow’s web traffic, Linkup is setting a new standard where deep analysis and powerful applications go hand in hand with fairness.”

We are excited to partner with Linkup from day one and lead its €3 million funding round, joined by Axeleo Capital, Motier Ventures, Kima Ventures, as well as a hundred business angels from the tech and media industries.

With the new funding, Linkup plans to:

  • Develop its proprietary models and capabilities;
  • Deploy its solution on a larger scale with suitable infrastructure;
  • Continue to build partnerships with content publishers and data providers.
  • Strengthen its technical team, particularly for Machine Learning and Software Engineering positions.

In October 2024, Linkup was selected for the Microsoft GenAI Studio, with support from Microsoft, Nvidia, Github, Mistral AI, and Cellenza. Moreover, the company is already supported by strong partnerships in Asia and the United States and plans to accelerate its deployment across the USA in the upcoming months.

For more information, visit linkup.so.

Categories: News

Tags:

CCMC Announces Strategic Investment from Charlesbank Capital Partners, Formation of Community Management Holdings

Charlesbank

Partnership will enable the community association management company to enhance services for its communities and achieve greater scale across the United States

SCOTTSDALE, AZ, November 18, 2024 – CCMC (“CCMC” or the “Company”), a leading community association management company, today announced that it has entered into a strategic partnership with Charlesbank Capital Partners (“Charlesbank”), a middle-market private investment firm with approximately $19 billion of assets under management as of 9/30/24, through which Charlesbank will become an investor in CCMC alongside CCMC’s management team.

Founded in 1973, CCMC is a prominent provider of community association management services with a focus on large-scale master-planned communities (“MPC”), proudly serving more than 155 communities in 9 states across the country. The new capital partnership will help CCMC continue to deliver on its commitment to providing the highest-quality service to its managed communities and exceptional resident and team member experiences.

“CCMC’s number one priority is to provide the best customer service to our communities and their residents. We couldn’t be more excited to enter into this partnership with Charlesbank, which will enable us to invest for the future and bring new services, capabilities, and technologies to our communities and team members,” said David Atrostic, Chief Executive Officer at CCMC. “With Charlesbank, we have found a like-minded partner that shares our core values, and we strongly believe that the firm’s track record as a relationship-driven partner in the business services sector will enable us to responsibly grow the business while staying true to CCMC’s special culture and honoring its legacy.”

Concurrent with the investment, a new parent company, Community Management Holdings, has been formed to pursue adjacent growth avenues, including serving smaller-scale communities that CCMC does not focus on today. Deb Dulsky, a seasoned executive with over 25 years of experience in the residential services space, has joined as Chief Executive Officer of Community Management Holdings. She brings an extensive track record of sustainable growth and deep experience in relevant people-based businesses, including most recently as CEO of SafeBasements and prior to that as President of HomeServe North America’s HVAC business. As CEO of Community Management Holdings, she will focus especially on overseeing strategic expansion into additional community types while also managing the Company’s approach to M&A.

“I am honored to join this impressive organization, as CCMC has a long history as a dedicated and trusted partner to its communities and team members,” said Ms. Dulsky. “Through Community Management Holdings, we will now be able to invest in new capabilities and deliberate growth, while enabling the existing CCMC team to stay focused on delivering the outstanding customer service and team member experience that clients have come to expect.”

“Over the past 50 years, CCMC has established itself as a leader in the community management industry, with an enviable track record serving large-scale, master planned communities,” said David Katz, Managing Director at Charlesbank. “We look forward to partnering with CCMC to help the business further enhance its value proposition to clients and to employees.”

Griffin Financial Group LLC served as financial advisor and Quarles & Brady LLP provided legal counsel to CCMC. William Blair & Company LLC served as financial advisor and Kirkland & Ellis LLP provided legal counsel to Charlesbank.

Categories: News

BlueEarth completes inaugural private credit investment in Healthcare with Namibian Hospital partnership

Blue Earth Capital

Blue Earth Capital (“BlueEarth”), a global specialist impact investor, today announces an $ 11 million private credit commitment to Rhino Park Holdings (Proprietary) Limited (“Rhino Park”), a leading multi-disciplinary private hospital in Namibia specializing in maternity and neonatal healthcare.

The investment marks BlueEarth’s first private credit investment in the healthcare sector, and the issuance of its second sustainability-linked loan. BlueEarth’s investment supports the acquisition of the hospital by Salt Capital, a Southern Africa focused private equity investment manager. The funding will work to catalyze Rhino Park’s ambitious expansion plans, including the development of a best-in-class operating theatre for more advanced surgical procedures, an innovative primary healthcare center, and new MRI imaging facilities.

The maternal mortality rate is one of Namibia’s most pressing healthcare concerns, ranking second highest among upper-middle-income countries globally.13  In addition, neonatal disorders are a leading cause of premature death in Namibia, with 32% of under-five deaths occurring in the first month of life.14 As Namibia’s second-largest private hospital with a world-class obstetrics department – the nation’s largest – Rhino Park is at the forefront of addressing these critical healthcare challenges in the country.

Beyond immediate patient care, Rhino Park demonstrates its commitment to furthering the nation’s healthcare development by offering nursing student placement programs and providing study loans to its nursing staff. This further upskills workers, ensuring continuity to Namibia’s ability to produce an adequate supply of skilled domestic health workers.

These factors, combined with the sustainability and impact-linked characteristics of the facility, (BlueEarth’s second such loan), work to ensure full alignment with BlueEarth’s dual mission of generating compelling social impact alongside financial returns, and represents a significant step in advancing healthcare accessibility and quality in Southern Africa.

Amy Wang, Head of Private Credit at BlueEarth, comments: “This partnership with Salt Capital represents a wonderful opportunity to transform healthcare delivery in Namibia. By investing into Rhino Park’s growth, we are not just expanding a leading medical center but also helping to build a healthier future for Namibians. We hope that this investment will help provide high-quality healthcare to an increasing number of patients and support the steady improvement of overall health outcomes. Healthcare has long been a priority vertical impact at Blue Earth Capital, and we are very excited to complete our investment alongside these trusted partners. We are also particularly proud to continue driving forward the practice of linking impact with financial return with our second sustainability-linked loan.”

Martin van Niekerk, CEO of Rhino Park, comments: “We are thrilled for the support received from BlueEarth, which will allow us to embark on an ambitious expansion plan that will significantly enhance our healthcare offerings. This funding will allow us to expand our facilities, invest in advanced medical technologies, and increase our capacity to serve our community. Our commitment to providing exceptional, caring, dignified, and affordable patient care to the people of Namibia remains unwavering, and this expansion will position us to better meet the growing needs of our patients and families in the years to come.’’

Jan Bosch, Managing Partner at Salt Capital, comments: “Today marks an exciting milestone for our firm as we close this transaction, bringing together a shared vision and complementary strengths of Salt Capital and the management team of Rhino Park hospital to create lasting value. This achievement is a testament to the hard work and dedication of our team, our partners, and all those who contributed to making this deal possible. We extend our sincere gratitude to our debt funding partners, Blue Earth Capital, for their invaluable support and confidence, which played a crucial role in bringing this vision to life. We look forward to supporting Rhino Park to continue on its journey of growth and service to the community and are confident in our ability to drive meaningful impact and deliver strong returns for all our stakeholders.’’

 -END-

 Note to editors

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 as well as separately managed accounts. 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 Rhino Park
Rhino Park is a leading multi-disciplinary private hospital in Namibia with a specialty in maternity and neonatal healthcare. Founded over 30 years ago in 1994, the hospital started out as a day hospital and has since grown to become the joint second largest private hospital in the country with the largest obstetrics department in the country, whilst also being the first hospital to have established one of only two pediatric ICUs in Namibia.

About Salt Capital
Founded in 2012, Salt Capital is a private equity fund manager focused on SME growth capital investments in the sub-Saharan Africa. Based in London and Johannesburg, Salt Capital’s four Partners have built a track record of successful private equity investments with a core focus on the African consumer.

 

Blue Earth Capital media contact:
Kekst CNC
Blueearthcapital@kekstcnc.com

Categories: News

Tags: