Category Archives: News

Fractal announces US$ 360 million investment from TPG

Apax

TPG, a leading global alternative asset firm, and Fractal (fractal.ai), a global provider of artificial intelligence and advanced analytics solutions to Fortune 500® companies, today announced that they have signed a definitive investment agreement. TPG is investing US$ 360 million (about INR 2700 crores) in Fractal through TPG Capital Asia, the firm’s Asia-focused private equity platform, in a transaction that includes a combination of primary investment and secondary share purchase from Funds advised by Apax, who will remain a major shareholder following the transaction. The transaction is expected to close by the first quarter of 2022. Additional terms were not disclosed.

“We continue to see great momentum in how clients are leveraging AI to accelerate digital transformation. Fractal is building a great workplace and an innovative culture that’s driving significant client outcomes through our ‘user focused, decision-backwards’ approach to solving problems,” said Srikanth Velamakanni, Co-founder & Group CEO, Fractal. “TPG’s capabilities across all our markets and their proven success in building and supporting top AI providers is the perfect complement to the partnership we’ve enjoyed with Apax, whose insight and expertise have been instrumental in accelerating our growth.”

Pranay Agrawal, Co-founder & CEO, Fractal, said: “The demand for AI is surging across the enterprise. Our AI solutions and products, along with our globally recognized team of experts, empower these organizations to realize and maximize their full potential. Apax has been a great partner to us as we have worked to grow our business, providing valuable insights from their tech experience, operational leadership, and access to their unique network. As we continue to build upon this foundation, the investment from TPG will accelerate our ability to scale and meet this rising demand globally.”

“In the growing market for data and analytics services, Fractal continues to stand out as one of the most well-established, differentiated providers and a clear leader in AI and advanced analytics,” said Puneet Bhatia, Co-Managing Partner of TPG Capital Asia. “The quality of Fractal’s offering has enabled them to build a deep and loyal client -base, made up of some of the world’s largest and most respected companies. Srikanth and Pranay have built a highly respected and market leading company, and we are excited to partner with this proven management team to continue to enhance Fractal’s organic and strategic growth.”

Rohan Haldea, Partner at Apax and Shashank Singh, Partner at Apax, commented: “Since partnering with Fractal, we have been able to combine the Company’s strong value proposition and unique culture with Apax’s deep tech expertise to drive the business forward. We are proud of the progress the Company has made to date alongside Srikanth and Pranay, establishing Fractal as one of the leading players in the rapidly-evolving analytics and AI space, and look forward to partnering with TPG and Fractal in this next chapter for the business.”

Fractal is one of the most prominent players in the Artificial Intelligence space. Fractal’s mission is to power every human decision in the enterprise and brings AI, engineering, and design to help the world’s most admired Fortune 500® companies. Fractal has more than 3,500 employees across 16 global locations, including the United States, UK, Ukraine, India, Singapore, and Australia.

As part of the transaction, TPG’s Puneet Bhatia and Vivek Mohan will join Fractal’s board of directors. All current directors including Gavin Patterson, Rohan Haldea, Shashank Singh, and Gulu Mirchandani will continue to serve on the company’s board. Both TPG and APAX will be minority shareholders in the company.

TPG is a leading investor in software and enterprise technology with extensive experience partnering with the world’s top AI solutions, business analytics, and data processing companies. Select current and past investments include C3 AI, Digital.ai, LLamasoft, MX, Noodle Analytics, and Onfido.

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LINXIS Group announces the acquisition of Shaffer

IK Partners

January 5, 2022

FOR IMMEDIATE RELEASE (NANTES, France) – LINXIS Group, global leader in ingredient automation, pre-dough systems, mixing and depositing technologies for the food and health industries, together with its financial sponsor IK Partners, are pleased to announce the acquisition of Shaffer, industrial mixers and process equipment, from Bundy Baking Solutions. The Bundy family will remain as minority owners in the business.

Shaffer’s market leading horizontal mixer strengthens the Mixing Technologies division of LINXIS which includes Diosna and VMI, two world leaders in vertical and continuous mixing technology. Shaffer industrial mixers are engineered to be the most sanitary, durable and innovative horizontal mixers in the industry.

“The addition of Shaffer enables Linxis Group to build on our family of market leading brands. Shaffer is well known throughout the industry for providing highly reliable and innovative equipment with a focus on customer service and support. We look forward to continuing that legacy by supporting the team at Shaffer in product development and international expansion. We welcome the Shaffer team to our group.” – LINXIS Group CEO and President, Tim Cook

“We are very excited for Shaffer and the new opportunities that they will discover as part of Linxis Group. We have had the privilege of working with the Shaffer team for the last 14 years and believe this was the next step in realizing the full market potential of Shaffer. We know that the Linxis Group team, together with the existing Shaffer team, will continue to move Shaffer forward to be the world leader in the horizontal mixer category.“ – Bundy Baking Solutions CEO, Gilbert Bundy

“Joining the Linxis Group provides Shaffer with additional resources for research and development and enables us to further integrate and advance ingredient and mixing systems. The ultimate result of this new venture is that now, more than ever, we are able to provide our customers the best mixing solutions and services possible.“ – Shaffer Vice President, Kirk Lang

LINXIS GROUP CONTACTS
Lysiane Laot | Claire Auffredou
contact@linxisgroup.com

SHAFFER CONTACTS
Kirk Lang
klang@shaffermixers.com

IK PARTNERS CONTACTS
Vidya Verlkumar
vidya.verlkumar@ikpartners.com

BUNDY BAKING SOLUTIONS CONTACTS
Wendi Ebbing
webbing@bundybakingsolutions.com

About LINXIS Group

LINXIS Group gathers leaders in specialized equipment for the food and health industries – Bakon, Diosna, Shick Esteve, Unifiller and VMI are experts in ingredient automation, pre-dough systems, mixing and depositing technologies. Their common mission is to grow their position as global leaders in process equipment design and supply, for the customers they serve all around the world. www.linxisgroup.com

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About Shaffer

Shaffer is leading the innovation of mixers and processing equipment, providing customized solutions and total support to customers so they can mix products precisely and efficiently. www.shaffermixers.com

About Bundy Baking Solutions

Bundy Baking Solutions is the most trusted supplier of essential equipment, bakeware, coatings and services to bakers around the world, empowering your bakery to focus on what matters the most – feeding the world. www.bundybakingsolutions.com

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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 €14 billion of capital and invested in 160 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 www.ikpartners.com

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Westbrook Inc. Announces Strategic Minority Investment from Candle Media, Next-Generation Media Company Backed by Kevin Mayer, Tom Staggs, and Blackstone

Blackstone

LOS ANGELES & NEW YORK – Candle Media (“Candle”), the next-generation media company run by leading entertainment executives Kevin Mayer and Tom Staggs and backed by investment capital from Blackstone, today announced a strategic minority investment in Westbrook Inc., the media company founded by Jada Pinkett Smith, Will Smith, Miguel Melendez and Ko Yada, focused on empowering artists to tell stories that connect the world. Terms of the transaction were not disclosed.

Kevin Mayer and Tom Staggs said: “We are thrilled to back Will and Jada and for the opportunity to work with Westbrook’s CEO Ko Yada and the rest of their incredibly talented team. They have established Westbrook as a home for world-class creators that is built for the digital age – which fully aligns with our company’s vision for the future of media. We are excited for what we can all achieve together with Blackstone in the years ahead.”

Joe Baratta, Global Head of Private Equity at Blackstone, and David Kestnbaum, a Senior Managing Director at Blackstone, said: “Will, Jada, and Westbrook have a deep firsthand understanding of today’s evolving entertainment content and social media environment – and how to create high-quality, engaging content that spans platforms, genres, and geographies. We look forward to helping accelerate the company’s growth as they continue to build a next-generation leader in global entertainment.”

Jada Pinkett Smith and Will Smith commented: “Westbrook is the realization of our dream to give artists from all backgrounds equal opportunities to pursue their creative visions and share their stories.  We are pleased to join forces with Kevin, Tom and Blackstone to accelerate this mission by growing our content pipeline, our talent network, and our global expansion plans.”

Ko Yada, CEO of Westbrook Inc., said: “When we launched Westbrook just two and a half years ago, our mission was to empower artists to connect the world, and we do that through the independent infrastructure we’re building. We started with a focus on premium content across all platforms in a way that would bring creators, artists, brands, and global audiences together. As we look to the next phase of the company, Kevin, Tom and Blackstone are ideal strategic partners. We look forward to this new relationship, building out more infrastructure, and working with more artists to help tell stories that connect.”

Westbrook was formed to execute the Smith Family’s vision to improve as many lives as possible through storytelling. Their parent company, Westbrook Inc., furthers that mission by providing strategic, financial, legal, and operational support to its studio and media companies and developing new business opportunities for revenue growth and diversification. Westbrook houses Westbrook Studios, the premium film and television studio; Westbrook Media, an integrated IP incubator, brand content studio, and production company; Red Table Talk Productions, maker of the Emmy Award-winning Facebook Watch show Red Table Talk and Red Table Talk: The Estefans; and Good Goods, a direct-to-consumer business which creates unique consumer products around the company’s IP and talent partners. By leveraging the Smith Family’s deep experience in entertainment and media, Westbrook curates and produces content – from short and mid-form digital to traditional television and motion pictures – for all major platforms.

In just over two years, Westbrook has created a diverse and robust slate of content including feature films, scripted and unscripted television, animated series, digital series and more. On the Westbrook Studios side, projects include the critically acclaimed film KING RICHARD, based on the life of Richard Williams, father to tennis greats Serena and Venus, the six-part docuseries on Netflix, Amend: The Fight For America, which uses a groundbreaking narrative format to explore the Fourteenth Amendment through the lens of American history, posing the question, what does “united states” really mean, season 4 of the six-time Emmy nominated and SAG Award nominated series Cobra Kai, and Welcome to Earth with National Geographic which premiered on Disney+. Westbrook Media has produced and released projects with partners including Facebook, Snapchat, YouTube, and HBO Max including Snapchat’s most popular series ever – Will Smith’s Will From Home which garnered 43M+ viewers, as well as Will From Home Season 2, Ryan Doesn’t Know starring Ryan Reynolds, Jaden Smith’s social justice series The Solution Committee, Charli Vs. Dixie with social media sensations, Charli and Dixie D’Amelio, the YouTube series Best Shape of My Life with Will Smith as well as Alicia Keys docu-series, Noted, along withHulu’s photography competition series Exposure, and the HBO Max hit Fresh Prince of Bel-Air reunion.

In addition to the projects that have already been released, upcoming high profile projects include the film EMANCIPATION, which sold to Apple TV+ in the largest film festival acquisition deal in film history, the scripted television series Bel-Air, the dramatic reboot of Will Smith’s iconic The Fresh Prince Of Bel-Air which landed a two season order from Peacock and premieres in February, a five year first-look deal with National Geographic to create adventure, exploration, travel and science content and upcoming Snapchat series Off Thee Leash with Megan Thee Stallion.

Other film projects in production and development include the drama REDD ZONE, starring Jada Pinkett Smith at Netflix and based on the true story of Tia Magee and her sons, the hip-hop musical feature SUMMERTIME based on Will Smith and DJ Jazzy Jeff’s hit song for Sony Pictures’ Screen Gems, CLEAN AIR, a joint project from Westbrook, NASCAR and the Chainsmokers, action-thriller FAST & LOOSE starring Will Smith and directed by David Leitch, and THE SOUL SUPERHERO, a live action musical fantasy film with a screenplay that is co-written by Kwame Kwei-Armah and songwriter-producer, Freddy Wexler, and based on an original story by Wexler. Upcoming television seriesinclude This Joka, a 16-episode standup comedy series premiering on Roku in March 2022; a two-season order of the docu-scripted hybrid series African Queens coming soon to Netflix,and a one-hour variety special hosted by Will Smith.

Westbrook’s executive team includes Ko Yada, CEO, Tera Hanks, President, Gila Jones, COO, Kevin McDonald, CFO, Brad Haugen, President of Westbrook Media, Terence Carter, Co-President, Head of Television, Westbrook Studios, and Jon Mone, Co-President, Head of Film, Westbrook Studios. Westbrook was listed as one of Fast Company’s 10 Most Innovative Companies in 2021.

The name of the Mayer-Staggs-Blackstone backed company, Candle, reflects the light of creativity at the heart of its model as an independent, creator-friendly home for cutting-edge, high-quality, category-defining brands and franchises. By bringing together elite talent operating at the intersection of content, community, and commerce, Candle helps position leading entertainment businesses for accelerated, sustainable growth in the current market and beyond. The company has previously announced acquisitions Hello Sunshine, the mission-driven media company that puts women at the center of every story it creates, founded by Reese Witherspoon; and Moonbug Entertainment, the digital-first, global children’s entertainment company behind highly popular shows such as CoComelon, Blippi, Little Baby Bum, and many others. Blackstone’s investment in Candle has been made through funds affiliated with the firm’s flagship private equity business.

About Westbrook

Launched in 2019 by founders Jada Pinkett Smith, Will Smith, Miguel Melendez, and Ko Yada, Westbrook is a media company that empowers artists to tell stories that connect the world.  Westbrook houses Westbrook Studios, the premium film and television studio; Westbrook Media, a vertically-integrated IP incubator, brand content studio, and production company; Red Table Talk Productions, maker of the Emmy Award-winning Facebook Watch shows Red Table Talk and Red Table Talk: The Estefans; and Good Goods, which creates unique consumer products around the company’s IP and talent partners.  By leveraging the Smith Family’s deep experience in entertainment and media, Westbrook curates and produces content – from short and mid-form digital to traditional television and motion pictures – for all major platforms.

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

***

Media Contacts

Blackstone:
Matt Anderson
518-248-7310
Matthew.Anderson@Blackstone.com

Westbrook Inc.:
Sarah Rothman
(917) 623-6060
sarah.rothman@ledecompany.com

Meredith O’Sullivan
(310) 754-6016
meredith.osullivan@ledecompany.com

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RTI Surgical announces spin-off of businesses into two independent companies

Montagu

Metals business will become Resolve Surgical Technologies
Tissues & Biologics business will retain the RTI Surgical name

 

RTI Surgical, a global private label OEM company, announced today that the company will spin off its Metals business, creating two independent companies that are focused on the needs of customers and patients in their distinct market segments. Ownership of both companies will be retained by Montagu, a leading private equity firm specialized in finding and growing businesses that make the world work.

As industry-leading surgical implant suppliers, both businesses partner with leading medical technology companies to design and develop medical devices. The spin-off will reinforce market focus for both the Metals and Tissue & Biologics businesses and better position each company to capitalize on strategic growth opportunities as the need for outsourced private label medical device manufacturing and product life cycle management increases.

 

Metals Business Introduces New Market Brand

As a result of the spin-off, the Metals business, which acts as a full-service partner covering design, development, manufacturing, and regulatory support of metal and polymer implants and instruments used in orthopedics, spine and cardiothoracic applications, will change its name and market brand to Resolve Surgical Technologies. The new name reflects the company’s commitment to resolve customers’ end-to-end manufacturing and product lifecycle challenges, so they are free to focus on their strategic priorities.

The current President of the Metals business, Megan Osorio, will become CEO of Resolve Surgical Technologies, focusing on meeting the growing demand for fully outsourced solutions, “Since the company was founded 30 years ago, our hallmark has been innovative product development, world-class manufacturing, rigorous quality management, and regulatory expertise. Our new brand carries this equity forward and communicates our exciting direction as an independent company,” said Osorio.

Since the company was founded 30 years ago, our hallmark has been innovative product development, world-class manufacturing, rigorous quality management, and regulatory expertise.

Megan Osorio, CEO, Resolve Surgical Technologies

Resolve Surgical Technologies was founded in Marquette, Mich. in 1992 as Pioneer Surgical Technologies and was acquired by RTI Surgical in 2013. The company will build on its Marquette facility and workforce.

 

Tissues & Biologics Business to Retain RTI Surgical Name

The Tissues & Biologics business, which provides a comprehensive portfolio of tissue-based surgical implants across multiple market segments and commercial channels, will retain the RTI Surgical name. Olivier Visa, CEO, will continue to lead this company, which is based in Alachua, Fla., and has manufacturing facilities in Greenville, N.C. and Neunkirchen, Germany. “Our team is passionate about partnering with our customers to develop and deliver solutions that restore quality of life for patients while maximizing the gift of tissue donation. With RTI Surgical’s singular focus on allograft and xenograft tissue-based implants, our team will provide expanded private label solutions for customers. Our expertise includes design, development, and processing in addition to all aspects of product life cycle management, regulatory compliance and Design History File ownership,” said Visa.

Our team is passionate about partnering with our customers to develop and deliver solutions that restore quality of life for patients while maximizing the gift of tissue donation.

Olivier Visa, CEO, RTI Surgical

RTI was the first company to offer precision-tooled bone implants and assembled technology to maximize each gift of tissue donation. The company was also the first to introduce proprietary, validated, tissue-specific sterilization processes that address the risk of donor-to-recipient disease transmission.

“This is an exciting opportunity for both businesses to pursue their growth potential as strong, independent companies,” said Adrien Sassi, Director at Montagu. “This milestone builds on our expertise in carve-outs and commitment to helping our businesses reach their full potential. We are fully committed to supporting Olivier, Megan and their teams as they build on their respective track records of innovation.”

This is an exciting opportunity for both businesses to pursue their growth potential as strong, independent companies.

Adrien Sassi, Director, Montagu

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IK Partners to invest in STEIN HGS

IK Partners

IK Partners (“IK”) is pleased to announce that the IK Small Cap III Fund has signed an agreement to acquire STEIN HGS GmbH (“STEIN HGS” or “the Company”), a leading B2B e-commerce specialist for barrier technology, municipality, construction site and facility management supplies. IK is investing from its dedicated pool of Development Capital and is acquiring its stake from Lennertz & Co. (“Lennertz”) and the founder, Bodo Stein; both of whom will be reinvesting alongside IK. Financial terms of the transaction are not disclosed.

STEIN HGS was established in 1999 by Bodo Stein and is headquartered in Seevetal, close to Hamburg. Since then, it has evolved to become the leading online retailer in its market segment with 30 employees. It serves a broad range of long-standing private and public sector customers, including small and large construction firms, local craftsmen, municipalities and facilities management firms.

With the support of Lennertz since 2019, STEIN HGS has managed to successfully grow and diversify its offering and increase its presence across its key markets. Today, it has an offering of around 200,000 individual items on its online platforms with a loyal and growing customer base.

Through this new partnership with IK, STEIN HGS aims to further develop through continued new customer acquisitions, broadening and expanding the e-commerce offering and increasing the product range. The Company will continue to be led by the CEO Stephan Otte and his team.

Stephan Otte, Chief Executive Officer at STEIN HGS, said: “We strongly feel that a partnership between STEIN HGS, IK, Lennertz and Bodo Stein will form a solid basis on which we can further develop and achieve our growth strategy. Since inception, we have continuously grown our platform and with the collaborative efforts of all investors, we are confident of achieving our joint strategic vision.”

Erol Ali Dervis, Private Equity Manager at Lennertz said: “We’re delighted with the progress STEIN HGS has made since 2019, supporting them in their growth and seizing many opportunities in the fragmented market in which they operate. With the addition of IK as an investor, we are looking forward to building upon this and strategically enhancing the Company’s position.”

Ingmar Bär, Director at IK Partners and Advisor to the IK Small Cap III Fund, said: “STEIN HGS occupies the leading position in a growing market due to the shift towards online purchasing and the Company’s strong focus on delivering the best-in-class customer service. We look forward to partnering with Stephan Otte and his team as they continue to expand the product offering and customer base while entering new markets.”

Completion of the transaction is subject to legal and regulatory approvals.

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

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TPG Real Estate completes acquisition of Studio Babelsberg AG

TPG Capital

January 3, 2022 – TPG Real Estate Partners (“TREP”), the dedicated real estate equity investment platform of alternative asset firm TPG, today announced it has completed the acquisition of Studio Babelsberg AG (“Studio Babelsberg”). Dr. Carl L. Woebcken and Mr. Christoph Fisser, CEO and COO of Studio Babelsberg, respectively, maintain a minority stake in the business.

On 16 September 2021, TREP announced that it agreed to acquire a stake in Studio Babelsberg via acquisition of the company’s main shareholder, Filmbetriebe Berlin Brandenburg GmbH (FBB), which was controlled by Mr. Woebcken and Mr. Fisser. As part of the agreement, FBB launched a public tender offer to acquire a majority of the shares in Studio Babelsberg for a cash offer price of EUR 4.10 per Studio Babelsberg Share. The offer was subject to a minimum acceptance threshold, which was fulfilled on 29 October 2021 following a successful acceptance period. All closing conditions of the transaction have now been fulfilled.

With the closing of the transaction, Studio Babelsberg has become part of TREP’s global studio platform, Cinespace Studios (“Cinespace”). Cinespace is the second largest sound stage operator in North America. With Studio Babelsberg, Cinespace will now operate 90 stages, furthering its strategy of building a best-in-class studio platform for premier content makers across the globe. Studio Babelsberg will continue to operate as an independent brand but benefit from the resources and networks provided by the global platform. Studio Babelsberg has a long history of hosting best-in-class content production, including recent German local language series such as Dark, Babylon Berlin, and 1899, as well as world renowned feature films such as Inglorious Basterds, V for Vendetta, Bridge of Spies, and recently The Matrix Resurrections.

“Across the globe, Studio Babelsberg is known for its quality and as a symbol of Berlin’s and Brandenburg’s creative culture,” said Michael Abel, Partner at TREP. “With Studio Babelsberg, we saw an opportunity to invest behind a leading studio facility that is well positioned to benefit from secular growth trends in media and content consumption. We support the company’s strategy and direction and look forward to growing the business.”

“We are excited to announce a successful completion of the transaction, and to welcome TREP as Studio Babelsberg’s new partner,” said Dr. Woebcken and Mr. Fisser. “The team values our rich history and brings significant insight and business building capabilities to Studio Babelsberg’s next chapter. We look forward to working together to further solidify our position as Europe’s premier studio.”  

“Studio Babelsberg has a strong tradition of film making that has served some of the most iconic films ever made,” said Eoin Egan, COO of Cinespace. “As appetite for high-quality content continues to increase, we look forward to working with the Studio Babelsberg and TREP teams to grow Berlin into a global hub for content production.”

About TPG Real Estate Partners 

TPG Real Estate Partners (“TREP”) is the dedicated real estate equity investment platform of global alternative asset firm TPG. Today, TREP has $5.5 billion of assets under management. Since its inception in 2009, TREP has built a differentiated investment portfolio comprised primarily of real estate-rich platforms and portfolios located in the United States and Europe. TPG was founded in 1992 and now has approximately $109 billion of assets under management with investment and operational teams in 12 offices around the world. For more information, visit www.tpg.com.

Media Contacts

TPG Real Estate Partners 

Deutschland:
Thomas Katzensteiner, Peter Steiner, Tobias Eberle
tpg-cb@charlesbarker.de

Europe: 
Alex Jones, Michael Russell, Daniel Oliver
tpg@greenbrookpr.com

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EQT Private Equity and Santo to invest further in WS Audiology

eqt

EQT VIII and Santo Holdings to acquire EQT VI and its co-investors’ stakes in WS Audiology, the number one global pure play producer of hearing aids

WS Audiology is supported by strong, underlying macro trends, such as a growing aging population, urban noise pollution, and increased penetration and growing demand for hearing aids in developing countries

The investment by EQT Private Equity illustrates the long-term commitment and support for WS Audiology’s mission of helping people regain or improve their hear

EQT is pleased to announce that the EQT VIII fund (“EQT VIII” or “EQT Private Equity”) and Santo Holdings (“Santo”), together with co-investors,have agreed to acquire the EQT VI fundand its co-investors’ stakes in WS Audiology (“the Company”). Following the closing of the transaction, EQT VII, EQT VIII, Santo Holdings, the Tøpholm and Westermann families, and a group of minority co-investors, will own WS Audiology.

Headquartered in Lynge, Denmark, WS Audiology is the number one global pure play producer of hearing aids and accessories in terms of volumes with more than 170 years of combined experience and a proven track record as an industry innovator.

WS Audiology was created in February 2019 through the merger of Sivantos, acquired by EQT VI in 2014 and previously named Siemens Audiology Solutions, and Widex, at the time owned by the Tøpholm and Westermann families. As part of the merger EQT VII and EQT VIII jointly invested in the combined company alongside EQT VI, Santo, the Tøpholm and Westermann families, and other minority shareholders. Today, WS Audiology has revenues of more than EUR 2.0 billion, over 11,000 employees and one of the strongest R&D teams in the industry.

WS Audiology operates in a highly attractive market characterized by healthy, non-cyclical growth and broadened addressable customer groups. The Company is supported by underlying trends, such as an overall aging population, urban noise pollution resulting in higher numbers of hearing-impaired people, an increasing penetration of hearing aids users among the hearing impaired thanks to improved technology and social acceptance, and a growing demand for hearing aids in developing countries.

Since acquisition, WS Audiology’s EBITDA has increased more than 20 percent. EQT and the owner families have supported the Company’s efforts to invest significantly in R&D to entrench as the industry innovator, benefitting from a unique digital ecosystem. WS Audiology is the leader in remote fitting of hearing aid equipment through its subsidiary hear.com, and COVID-19 has accelerated tele-audiology and remote fitting trends.

Kasper Knokgaard, Partner within EQT Private Equity Advisory Team, “Every year, WS Audiology helps millions of people around the world to regain or improve their hearing. The Company’s hearing aids not only improve quality of life but they also offer the possibility to change people’s economic opportunities to the better in less developed countries. EQT Private Equity is therefore proud to renew its long-term support for WS Audiology alongside its other co-investors.”

The transaction is subject to customary conditions and approvals and it closed in December 2021.

With this transaction, EQT VIII is expected to be 80-85 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About

About EQT
EQT is a purpose-driven global investment organization with more than EUR 70 billion in assets under management across 27 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About WS Audiology
Formed in 2019, through the merger of Sivantos and Widex, WS Audiology combines over 140 years’ experience in pioneering the use of technology to help people with hearing loss hear the sounds that make life wonderful. With truly differentiated brands like Widex, Signia, Rexton, Audio Service and Vibe, and with diverse assets across wholesale, retail, online, managed care and diagnostic solutions, we are active in over 125 markets. As a global leader, our ambition is to unlock human potential by making wonderful sound part of everyone’s life.

More info: www.wsa.com

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Blackstone Prices $1.5 Billion Senior Notes Offering

Blackstone

New York, January 3, 2022 – Blackstone (NYSE: BX) priced its offering of $500 million of 2.550% senior notes due 2032 and $1.0 billion of 3.200% senior notes due 2052 of Blackstone Holdings Finance Co. L.L.C., its indirect subsidiary. The notes will be fully and unconditionally guaranteed by Blackstone Inc. and its indirect subsidiaries, Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P.  Blackstone intends to use the proceeds from the notes offering for general corporate purposes.

The notes were offered and sold to qualified institutional buyers in the United States pursuant to Rule 144A and outside the United States pursuant to Regulation S under the Securities Act of 1933.

The notes have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the notes or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.  This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933.

Investor and Media Relations Contacts

For Investors                          For Media
Weston Tucker                      Matthew Anderson
Blackstone                              Blackstone
Tel: +1 (212) 583-5231          Tel: +1 (212) 390-2472
tucker@blackstone.com    Matthew.Anderson@blackstone.com

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Apollo Completes Merger with Athene and Finalizes Key Governance Enhancements

Fully Aligned and Capital Efficient Model Positions Apollo for Differentiated Growth and Returns

Enhanced Liquidity and Trading Profile Expected to Attract Broader, More Diversified Investor Base

NEW YORK, Jan. 03, 2022 (GLOBE NEWSWIRE) — Apollo and Athene today announced the successful completion of their merger under Apollo Global Management, Inc. (NYSE: APO), a high-growth alternative asset manager with asset management and retirement services capabilities.

“Apollo and Athene are world-class franchises that have flourished as strategic partners, and we expect the full alignment achieved by our merger will accelerate our collective growth,” said Apollo CEO Marc Rowan. “I am thrilled to partner with experienced leaders and talented teams within both businesses that will drive our differentiated ‘One Apollo’ model forward. Together, we will continue to serve the investment return and retirement savings needs of all our clients.”

“Athene and Apollo have seen tremendous mutual benefit from our longstanding strategic relationship, and now with full alignment our value will be significantly stronger than the sum of our parts,” said Jim Belardi, CEO of Athene. “This combination is a competitive differentiator and a growth accelerant, bringing expected benefits to all of our shareholders, policyholders and important stakeholders.”

“As a combined public company, we have created a superior model to deliver highly stable and diversified earnings, to accelerate our growth, and to originate the highest quality assets for our clients. Together we articulated an attractive plan to generate $15 billion of deployable capital over the next five years and more than double our fee-related earnings. We are excited to continue executing on this plan together,” said Scott Kleinman and Jim Zelter, Co-Presidents of Apollo Asset Management.

As a result of the merger, the combined entity Apollo Global Management, Inc., led by Chief Executive Officer Marc Rowan, has two principal subsidiaries: Apollo Asset Management (formerly Apollo Global Management, Inc.), its alternative asset management business, and Athene, its retirement services business. Apollo Asset Management will continue to be led day-to-day by its Co-Presidents Scott Kleinman and Jim Zelter, while Athene will continue to be led by its CEO Jim Belardi. Apollo’s Board of Directors is led by non-executive Chair Jay Clayton and comprised of a highly qualified, diverse, and two-thirds independent group of directors representing both parts of the business. The full list of representatives can be found in the governance section of Apollo.com/stockholders.

Following the transaction, Apollo Global Management, Inc. is now the publicly traded combined entity, with approximately 600 million shares of a single class of voting stock entitled to one vote per share. Each outstanding Class A common share of Athene was exchanged for a fixed ratio of 1.149 shares of Apollo stock. The last trading day closing prices of Apollo and Athene common stock imply that the combined Apollo opens with a market capitalization of $43 billion. Management continues to expect the transaction to be credit ratings positive for all rated entities within the combined company.

As a larger and more liquid company with a single class of common stock and industry-leading corporate governance, Apollo is now eligible for inclusion in the S&P 500 index. In addition, Apollo expects the enhanced trading profile of its stock to attract a broader and diversified investor base over time.

About Apollo

Apollo is a global, high-growth alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2021, Apollo had approximately $481 billion of assets under management. To learn more, please visit www.apollo.com.

Forward-Looking Statements

This press release contains forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis and expectations regarding benefits anticipated to be derived from the merger (the “Merger”) with Athene Holding Ltd. (“Athene”). These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “may,” “will,” “could,” “should,” “might,” “target,” “project,” “plan,” “seek,” “continue” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to Apollo’s dependence on certain key personnel, Apollo’s ability to raise new Apollo funds, the impact of COVID-19, the impact of energy market dislocation, market conditions, and interest rate fluctuations, generally, Apollo’s ability to manage its growth, fund performance, the variability of Apollo’s revenues, net income and cash flow, Apollo’s use of leverage to finance its businesses and investments by Apollo Funds, Athene’s ability to maintain or improve financial strength ratings, the impact of Athene’s reinsurers failing to meet their assumed obligations, Athene’s ability to manage its business in a highly regulated industry, changes in Apollo’s regulatory environment and tax status, litigation risks and Apollo’s ability to recognize the benefits expected to be derived from the Merger. Apollo believes these factors include but are not limited to those described under the section entitled “Risk Factors” in the joint proxy statement/prospectus filed by Apollo Global Management, Inc. (formerly known as Tango Holdings, Inc.) with the Securities and Exchange Commission (the “SEC”) on November 5, 2021, Apollo Asset Management Inc.’s (“AAM,” formerly known as Apollo Global Management, Inc.) Annual Report on Form 10-K filed with the SEC on February 19, 2021 and Quarterly Report on Form 10-Q filed with the SEC on May 10, 2021, and Athene’s Annual Report on Form 10-K filed with the SEC on February 19, 2021, its amendment to its annual report on Form 10-K/A filed with the SEC on April 20, 2021 and Quarterly Report on Form 10-Q filed with the SEC on November 8, 2021, as such factors may be updated from time to time in Apollo’s, AAM’s or Athene’s periodic filings with the SEC, which are accessible on the SEC’s website at http://www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. Apollo undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

Contacts:

For Investors:
Noah Gunn
Global Head of Investor Relations, Apollo
(212) 822-0540
IR@apollo.com

For Media:
Joanna Rose
Global Head of Corporate Communications, Apollo
(212) 822-0491
Communications@apollo.com

Amanda Carstens Steward
Head of Marketing & Corporate Communications, Athene
(515) 342 6473
Asteward@athene.com

 


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Source: Apollo Global Management, Inc.

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VES Custom Optics joins IMV Technologies Group

Montagu

IMV Technologies announced today the acquisition of VES Custom Optics (VESCO), a leading veterinary endoscopy company based in the United Kingdom. VESCO will join the companion animal business of IMV imaging, IMV Technologies’ veterinary ultrasound and diagnostic equipment division.

“We look forward to working closely with the experienced and dedicated team at VESCO.”

Gavin Mitchell, Global Companion Animal Director, IMV

Gavin Mitchell, Global Companion Animal Director for IMV imaging said, “We are delighted that VESCO has joined the IMV family. VESCO is the brand leader in the UK and has a good range of equipment backed up with an excellent service operation. We look forward to working closely with the experienced and dedicated team at VESCO.”

“Joining IMV imaging and the IMV Technologies Group gives us the very best opportunity to provide our customers with the products and services they require. We are natural partners.”

Paul Duncan, Managing Director, VESCO

Supplying rigid and flexible endoscopes for small animals and horses in the UK and Ireland, VESCO’s business has grown steadily in the last few years. Paul Duncan, Managing Director of VESCO, commented, “Joining IMV imaging and the IMV Technologies Group gives us the very best opportunity to provide our customers with the products and services they require. We are natural partners. My team and I are very excited about this next stage of our journey”.

IMV Technologies’ Board of Directors has welcomed VESCO and noted its commitment to bolster the group’s offering of veterinary imaging equipment, comprehensive services and world-class educational services to its global veterinary client base.

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