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KKR to acquire 20% stake in Singtel’s Regional Data Centre Business valued at S$5.5 billion

SINGAPORE–(BUSINESS WIRE)– Singtel, Asia’s leading communications technology group, and leading global investment firm KKR have reached a definitive agreement under which a fund managed by KKR will commit up to S$1.1 billion (~US$800 million) for a 20% stake in Singtel’s regional data centre business. This investment puts the enterprise value of Singtel’s overall regional data centre business at S$5.5 billion. KKR will have the option to increase its stake to 25% by 2027 at the pre-agreed valuation.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230917375570/en/

The collaboration is a first between Singtel and KKR, and enables Singtel to tap on KKR’s expertise investing in data centres and critical telecommunication infrastructure globally in addition to capital. The proceeds from this transaction will be used to accelerate the expansion of the regional data centre business across ASEAN markets, including Singapore, Indonesia and Thailand, while exploring markets like Malaysia and others. This will widen the business’ strategic choices, giving a variety of options to monetise in the future.

Singtel’s regional data centre business is part of the Digital InfraCo unit which was formed in June 2023. Singtel has been growing this business anchored by its expertise in Singapore where it is one of the largest operators. In addition to 62MW of existing capacity in Singapore, Singtel is building a new 58MW DC Tuas in Singapore and has also partnered Telkom and Medco Power in Indonesia and GULF and AIS in Thailand to develop data centres in Batam and Bangkok respectively. The data centre portfolio will deliver a total combined capacity of over 155MW once the three new projects are operational in 2025, with room to scale up to more than 200MW.

Mr Bill Chang, CEO of Singtel’s Digital InfraCo, said, “KKR’s investment underscores the quality of our data centre portfolio and confidence in our plans to scale the business by capitalising on the digitalisation and rapid AI adoption that is transforming this region. Our expertise in designing, building and operating data centres, and our connectivity leadership in the region, together with KKR’s strong track record in supporting digital infrastructure assets and its platform-building expertise makes for a powerful combination. We look forward to building on the strong momentum we have achieved to grow the business into one of the region’s leading green and sustainable data centre platforms with rich hyper-connectivity services.”

Mr Arthur Lang, Group CFO at Singtel, added, “The data centre industry is growing at an accelerated pace given the unprecedented industry trends we are witnessing. KKR is a highly credible partner in the data centre space and we look forward to our strategic partnership in scaling up the platform to become a meaningful growth engine for Singtel. The investment by KKR crystallises the latent value of our data centre assets and we hope this illuminates value for our shareholders in the coming months. With more than S$6 billion being unlocked since we embarked on our strategic reset two years ago, we continue to focus on unlocking value for our shareholders.”

Mr David Luboff, Partner and Head of Asia Pacific Infrastructure, KKR, said, “We are pleased to provide this tailored solution to support the regional data centre platform of Singtel, one of the most longstanding and distinguished corporations in Singapore and a leading digital infrastructure provider in Asia Pacific. Robust digital infrastructure, including high-quality data centres, will play a crucial role in enabling Southeast Asia’s flourishing digital economy, and Singapore is well-placed to serve as a central hub for the region. We look forward to working closely with Bill, Arthur and Singtel’s talented team to meet this tremendous demand, and sharing our global expertise and network to accelerate the platform’s growth across the region.”

Southeast Asia’s data centre market is expected to grow by 17% over the next five years compared to 12% for the rest of the world, with US$9 billion to US$13 billion in investments projected to flow into the region. While data centre capacity is poised to increase at a compound annual growth rate of 19% from 2021 to 20261, demand is expected to outpace supply driven by increased data consumption, enterprises transitioning to the cloud and the rapid rise of AI in the region. Malaysia, Indonesia and Thailand could see the biggest increase in capacity with Johor, in particular, benefitting from spill-over demand from Singapore due to the island state’s supply constraints. The growing need to handle high performance computing tasks such as generative AI will also spur a significant growth in GPU-powered data centres in the years to come.

KKR is making this investment as part of its Asia infrastructure strategy. This transaction marks KKR’s latest investment in Southeast Asia infrastructure and data centre infrastructure globally. KKR’s infrastructure investments in Southeast Asia have included Pinnacle Towers, a digital infrastructure platform in Asia with a strong focus on the Philippines; First Gen, a leading provider of clean and renewable power in the Philippines; and Aster Renewable Energy, a renewables platform that develops, builds, and operates solar, wind, and energy storage projects in the region. Worldwide, KKR’s investments in the data centre infrastructure sector have included CyrusOne, a global leader in the development and operation of sustainable, scalable, high-availability and flexible data centre solutions; Global Technical Realty, a build-to-suit and roll-up acquisition data centre platform in Europe; and CoolIT Systems, a leading provider of scalable liquid cooling solutions in Canada.

The transaction is expected to be completed by the fourth quarter of 2023, subject to regulatory approvals and customary closing conditions.

About KKR

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

About Singtel

Singtel is Asia’s leading communications technology group, providing a portfolio of services from next-generation communication, 5G and technology services to infotainment to both consumers and businesses. The Group has presence in Asia, Australia and Africa and reaches over 770 million mobile customers in 21 countries. Its infrastructure and technology services for businesses span 21 countries, with more than 428 direct points of presence in 362 cities.

For consumers, Singtel delivers a complete and integrated suite of services, including mobile, broadband and TV. For businesses, Singtel offers a complementary array of workforce mobility solutions, data hosting, cloud, network infrastructure, analytics and cyber security capabilities.

Singtel is dedicated to continuous innovation, harnessing technology to create new and exciting customer experiences and shape a more sustainable, digital future.

For more information, visit www.singtel.com.

Follow us on Twitter / X at @SingtelNews.

____________________
1 Kearney 2022

Media

Wei Jun Ong
KKR Asia Pacific
Mobile: +65 6922 5813
Email: WeiJun.Ong@kkr.com

Marian Boon
Singtel
Mobile: +65 8876 1753
Email: marian@singtel.com

Source: KKR

Categories: News

Ardonagh and Markerstudy to create a major personal line player with over £3 billion in annual premiums

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Pollenstreet
  • Markerstudy and Ardonagh’s personal lines broking business Atlanta will merge to create a major new platform transacting over £3 billion annual GWP across multiple insurance products in the competitive UK insurance market
  • The enlarged group will combine complementary capabilities across underwriting and distribution to offer an enhanced proposition for the benefit of millions of customers
  • The transaction values Atlanta at £1.2 billion

The Ardonagh Group (“Ardonagh”) and Markerstudy Group (“Markerstudy”) have agreed a merger between Markerstudy and Atlanta Group (“Atlanta”), Ardonagh’s personal lines broking business, to create a major new player in the UK insurance market.

The combined business will provide a wide range of insurance products to millions of consumers, including home and motor insurance, and will employ around 7,300 people across the UK. It will transact over £3 billion in annual Gross Written Premium (GWP).

The transaction, which is subject to customary conditions (including regulatory approvals), values Atlanta at £1.2 billion and will be funded by a new investment led by Pollen Street Capital and Bain Capital Special Situations. Ardonagh and its related parties will receive a combination of cash and a substantial minority equity stake in the combined business, in addition to two seats on the board of directors of the combined business.

Key Atlanta executives including Ian Donaldson, Craig Ball and Emma Rawlinson will join the Markerstudy management team as senior executives of the combined group.

With more than 2,100 colleagues across 12 locations, Atlanta manages c.£1 billion of GWP on behalf of 2.6 million customers. It distributes a broad suite of products through household insurance brands including Swinton, van specialist Autonet and motorcycle experts Carole Nash.

Markerstudy offers omni-channel distribution and a broad product proposition to approximately 6 million customers across motor, pet, home and commercial (particularly SME). The company has upwards of 5,200 colleagues, across 19 sites, and reported GWP of £2 billion in 2022.

The combined group will bring together highly complementary capabilities across pricing, underwriting and distribution and as a result will deliver an enhanced proposition for millions of new and existing customers.

Kevin Spencer, Markerstudy Group CEO, said: “As existing business partners, we have worked closely with Atlanta for a long time, and so we know first-hand just how exceptional the business and its people are. There are few deals in the market with the potential to be truly transformational for all parties concerned and a combination with Atlanta has been a long-term ambition of ours.  The strong alignment in our models and shared values and ambitions simply could not be ignored. I’ve never been more excited for the future.”

Ian Donaldson, CEO of Ardonagh Retail, comments: “The coming together of well-known insurance brands and talent from across Atlanta and Markerstudy creates a major new player in the UK insurance industry and is the latest chapter in our phenomenal growth story. With the support and backing of the Ardonagh Group, Atlanta has evolved from the van broker Autonet, into a major multi-product, multi-brand insurance challenger in the UK. This transaction is a huge testament to our people and we look forward to working with Kevin and his team to continue innovating and providing great value to our customers.”

David Ross, CEO of The Ardonagh Group, said: “The Ardonagh strategy has always been to find and empower strong management teams, and to back their ambitions with a clear and relentless focus on equity value creation. This combination with Markerstudy is an important step in the Atlanta journey, and presents compelling opportunities for its customers and people. We are very proud of what the Atlanta team have achieved since joining our Group in 2017 and look forward to continuing to work with Kevin, Ian and our new partners at Pollen Street to create a major new player in the UK insurance market.”

Michael England, partner at Pollen Street, said: “We are thrilled to support this merger. Under Ian’s leadership Atlanta has expanded through organic growth initiatives and targeted M&A into a high quality distribution platform. Similarly Markerstudy has developed rapidly, growing strongly since we invested in 2021. In combining the two businesses we have an exceptional opportunity to support this major new platform.”

Fenchurch Advisory Partners is acting as exclusive financial adviser to The Ardonagh Group on this transaction.
Continuum Advisory Partners is acting as exclusive financial adviser to Markerstudy and Pollen Street Capital on this transaction.
Skadden, Arps, Slate, Meagher & Flom (UK) LLP acted as advisers to the founders of Markerstudy on this transaction.

ENDS

Media contacts:

Markerstudy Group

Charlie North
cnorth@markerstudy.com
07990 436690

Ben Welsh
benwelsh@certuscc.com
07568 382040

Mark Bishop
mark@markbishopconsulting.co.uk
07802 925053

The Ardonagh Group

Justin Griffiths / Siobhan McCluskey
Ardonagh@Powerscourt-Group.com
+44 (0) 20 7250 1446

Elinor Zuke
elinor@zuke.co.uk
+44 (0)7863 350270

Pollen Street 

Chris Sibbald
Chris.Sibbald@fgsglobal.com 
+44 (0)7855955531

Notes to editors

MARKERSTUDY GROUP

Established in 2001, the group supports UK broker partners and protects in excess of six million customers with a comprehensive range of insurance products and services.

Having grown organically and through targeted acquisition, Markerstudy includes the UK’s largest Managing General Agent, Markerstudy Insurance Services Limited (MISL).

We are an inclusive organisation of more than 5,200 employees and are proud to have achieved Gold accreditation from Investors in People for three consecutive periods.

Other sectors within the group are BGL Insurance and Markerstudy Broking – together providing a variety of motor, home, SME and pet insurance products in partnership with several of the best-known brands in UK financial services and retail, and through own brands, including Budget Insurance, Dial Direct, Lancaster Insurance and Purely Pets. Complementary businesses include Auto Windscreens, VisionTrack and Vision Vehicle Solutions.

Markerstudy has invested in market leading digital platforms and cutting edge data science and technology to improve the customer and colleague experience, winning 17 awards in 2022 across the group for excellence in technology, contact centres, apprentices, health and safety, risk management, and internet of things (IoT).

For more information, visit: www.markerstudygroup.com

THE ARDONAGH GROUP

The Ardonagh Group is the UK’s largest independent insurance distribution platform and a top 20 broker globally. Pro forma income is £1,572 million in the 12 months to 30 June 2023, and Adj EBITDA £544 million.

We are collection of best-in-class entrepreneurial and specialist brands with a network of over 200 locations and a combined workforce of 10,000 people. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain in the UK, Ireland and broader international markets. From complex multinational corporations to individuals purchasing personal insurance policies, our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver a broad range of product and risk solutions that meet customer needs.

For more information, visit our website: www.ardonagh.com.

POLLEN STREET

Pollen Street is a purpose led and high performing private capital asset manager. Established in 2013, the firm has built deep capability across the financial and business services sector aligned with mega-trends shaping the future of the industry. Pollen Street manages over £3.4bn AUM across private equity and credit strategies on behalf of investors including leading public and corporate pension funds, insurance companies, sovereign wealth funds, endowments and foundations, asset managers, banks, and family offices from around the world. Pollen Street has a team of over 80 professionals with offices in London and the US.

For more information, visit: www.pollenstreetgroup.com

Bain Capital Special Situations

Bain Capital Special Situations is a global team of investors who have driven value creation for more than 20 years. Bain Capital Special Situations has $18 billion in assets under management and has invested more than $28 billion since our inception in 2002. We provide bespoke capital solutions to meet the diverse needs of companies, entrepreneurs, and asset owners. Across all market cycles, the strategy brings together credit, equity, corporate and real asset expertise to partner where traditional providers cannot. Our dedicated, global team of more than 100 investment and portfolio professionals contribute the local expertise and capabilities that enable these diverse investments. For more information, please visit: https://baincapitalspecialsituations.com/ 

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Eurazeo invests into 2BSI, an innovativeactor in circular economy and waste recovery

Eurazeo is delighted to announce its investment in 2BSI by its Transition Infrastructure Fund and will support the group in its decarbonisation strategy. Through this transaction, Eurazeo becomes the majority shareholder in 2BSI, alongside its historical investors, Garibaldi Participations and a pool of investors from the Caisse d’Epargne group (CELDA/CEPAL), and the management team.

Founded in 1993, 2BSI is a materials and energy recovery specialist operating in niche markets: recovery of concrete poles and sleepers (via its divisions SRB and Gravaloire) and class C hazardous wood (SRB and Gravaloire), manufacturing of composite poles (via its division Transalpes Composites), and recovery of bio-waste (via its division BME). The group has established long-term relationships with institutional customers (Enedis, Orange, SNCF, etc.) and has co-created solutions perfectly adapted to their needs, such as manufacturing of composite poles designed for Orange.

The group’s ambition is to address the challenges of the energy and ecological transition, and it is positioned today as a key player in the waste management and recovery space, with full control of its upstream and downstream processes, through: long-term contracts with customers, energy recovery of processed waste through two channels (biomass and biogas power plants), and a unique territorial network.

Through this investment in 2BSI, Eurazeo is tackling the challenge of accounting for ESG issues in the recovery of infrastructure waste. Eurazeo will support 2BSI in its transition, notably by putting in place an ambitious decarbonization trajectory in line with the Paris Agreement, and will study the possibilities of making the group’s activities more circular. Eurazeo’s investment will also support de development of the group, both organically and through targeted acquisitions. Eurazeo’s investment will also support the company’s development, both organically and through targeted acquisitions.

This is the sixth investment made by Eurazeo’s Infrastructure team, which is pursuing its ESG and sustainability objectives by supporting the energy transition and contributing to a low-carbon economy.

Richard Molina, CEO of 2BSI, declared:

« The 2BSI team and I are delighted to welcome Eurazeo as a new shareholder. Joining forces with a leading European fund is a strategic step in continuing our development as a major player in the highly specialized recycling business. We are convinced that this partnership will help us strengthen our leading position in the French regional market and accelerate the decarbonization of our activities and our development in biowaste. »

Martin Sichelkow, Managing Director – Infrastructure added:

« We are proud to invest in 2BSI, a French leader in the recovery of infrastructure waste and bio-waste. The quality of its management and the growth prospects of the markets it serves make 2BSI a key player in the waste management, and an important vector in the transition to a low-carbon economy. »

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Altor to invest in Marshall Group

Stockholm, 15/09/2023 – Altor Funds (“Altor”) have signed an agreement to acquire a significant minority stake in Marshall Group AB (“Marshall Group”), from funds advised by Varenne AB, Varenne Invest I AB, Zenith Venture Capital I AB, Zenith Venture Capital III AB as well as a large number of smaller investors.

Marshall Group is the audio, tech and design powerhouse uniting musicians and music lovers through genre-breaking innovation with Marshall, Marshall Records, Marshall Live Agency, Marshall Studio, Natal Drums, Urbanears, and adidas headphones. Marshall is active in more than 90 markets, with about SEK 4 billion of revenues and brings together around 800 talented people across eight locations globally.

The Marshall Group is currently on a strong, and profitable, growth trajectory, accelerated by the merger of Zound Industries and Marshall Amplification which formed the new Marshall Group earlier this year. Altor is excited to support the existing growth strategy set by Marshall’s management and board of directors.

“We have formed a strong and positive agreement with Altor that will enable us to move forward in harmony and fully unlock Marshall Group’s amazing potential with the management team. We’re excited about building on the Marshall legacy together and creating value for all shareholders.” says Henri de Bodinat, Chairman, Marshall Group.

“We have a long history of partnering with and supporting strong brands on international growth journeys, which is why we are very excited to partner with Marshall. We are highly impressed by what the company has achieved, its unrivalled market reputation, iconic brand, and strong management team and we look forward to working closely with the existing owners and management team to continue the Marshall growth journey.” says Andreas Källström Säfweräng, Partner and Head of the Consumer Sector at Altor.

“We’re pleased to welcome Altor to the Marshall Group and to continue building the best products and experiences for musicians and music lovers around the world to fuel our profitable growth momentum for years to come. The integration across the Marshall Group is going very well and we’re ahead of schedule to create the perfect conditions to come together as one team, with one shared ambition and strategy.” says Jeremy de Maillard, CEO, Marshall Group.

 

Closing of the transaction is subject to customary regulatory approvals.

About Altor

Since inception, the family of Altor funds has raised more than EUR 10 billion in total commitments. The funds have invested in just south of 100 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are H2 Green Steel, Trioworld, OX2, Vianode, Tibber, and Svea Solar. For more information visit www.altor.com.

Press contact

Tor Krusell

Head of Communications

tor.krusell@altor.com

+46 705 43 87 47

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Controlant announces $40 million in new financing from Apax Credit Funds

Apax

Controlant, a global leader in real-time pharma supply chain monitoring and visibility technologies, today announced it has received $40m in financing to support future growth from Funds advised by Apax Credit, the credit-investing arm of Apax Partners LLP (“Apax”).

Controlant is a global leader in the digital transformation of pharma supply chains. The company’s vision is to deliver zero-waste supply chains for its partners and the planet through digitalisation, automation, and transformation of the pharma supply chain. Controlant‘s holistic solution framework encompasses cloud-enabled software platform, coupled with advanced IoT devices,  and cost-reducing operational services that increase supply chain efficiency and responsiveness while supporting quality, compliance, and sustainability efforts.

“As pharma companies continue to innovate at pace and introduce breakthrough medicines and vaccines, it is incredibly important that modern supply chains match this pace and serve as enablers in ensuring medicines reach patients safely, and sustainably. That is our vision, and we are working tirelessly to create the next generation of zero-waste supply chains for our pharma customers”, said Gisli Herjolfsson, CEO and co-founder, Controlant.  “We are thankful for Apax Credit’s support on this journey, which will enable us to accelerate our roadmap of innovative solutions for our customers rapidly evolving and complex supply chain needs.”

The financing will help the company to accelerate growth, expand its already comprehensive and market-leading offering to global customers, and capitalise on strong tailwinds in the supply chain technology sector.

“Apax’s credit strategy provides flexible capital solutions for stand-out businesses across Apax’s four core sectors. Leveraging insights from across Apax and Apax Credit, we were pleased to provide a tailored solution for Controlant, designed to help the company in its next phase of growth”, said Albert Costa Centena, Principal, Apax Credit. “We are excited to partner with the team, leveraging our sector insights, operational expertise, and the wider Apax platform to support a business at the cutting edge of real-time visibility technology for pharma supply chains.”

– Ends –

About Controlant

Controlant is a global leader in the digital transformation of pharma supply chains. Our vision is to deliver zero-waste supply chains for our partners and the planet through digitalization, automation, and transformation of the pharma supply chain.

Our validated real-time visibility platform, command center, services, and advanced IoT devices, are trusted by many of the world’s leading pharmaceutical and logistics companies to make their operations significantly more reliable, cost-effective, and sustainable. Ultimately, our solutions help get life-saving medicines to more patients, curing more diseases.

With over 500 employees of more than 40 nationalities, Controlant continues to expand globally. Founded in 2007 and backed by a strong investor base, Controlant generated around USD 133 million in revenues in 2022. More information at controlant.com

 

About Apax Credit and Apax

Established 10 years ago, Apax Credit is fully integrated into the wider Apax Platform, fully leveraging Apax’ 50 years of experience. Like the Apax Private Equity Funds, the Apax Credit Fund focuses on investments in four core sectors: Tech, Services, Healthcare and Internet/Consumer, and within each they identify attractive sub-sectors where they can offer differentiated propositions to companies, their management teams, and wider stakeholders. The Apax Credit strategy benefits from a flexible mandate, allowing the team to focus on the credit solutions that offer the best fit in each case. For further information, please visit: https://www.apax.com/create/strategies/apax-credit/

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $65 billion. The Apax Funds invest in companies across four global sectors of Tech, Services, Healthcare, and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com.

GLOBAL MEDIA CONTACT

Katarina Sallerfors

t: +44 20 7872 6300

Luke Charalambous

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Quilvest Capital Partners is proud to announce its investment in RCA, alongside its founder and CEO Jérôme Clarysse and COO Emmanuel Ledoux

Quilvest

On July 19, 2023, Quilvest Capital Partners closed the acquisition of a minority interest in RCA, a French software editor dedicated to chartered accountants, alongside its founder and CEO Jérôme Clarysse and COO Emmanuel Ledoux.

Created in 1999 by Jérôme Clarysse, RCA offers to chartered accountants a BtoB advisory software suite, and a full SaaS BtoBtoB solution, “MEG”, targeted to their to their end-clients to deliver pre-accounting services. With more than 6,500 accounting firms equipped, RCA solutions are being used by c.65% of the French market players. In FY2023 (YE March), RCA generated sales close to €25m.

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Cinven and Label Investments to sell Planasa to EW Group

Cinven

International private equity firm Cinven today announces that it has agreed to sell Planasa (‘the Company’ or ‘the Group’), a global leader in the agri-tech sector, to strategic buyer EW Group, a family-owned international group, with key businesses in genetics, health, diagnostics, nutrition and food. Financial details of the transaction are not disclosed.

International private equity firm Cinven today announces that it has agreed to sell Planasa (‘the Company’ or ‘the Group’), a global leader in the agri-tech sector, to strategic buyer EW Group, a family-owned international group, with key businesses in genetics, health, diagnostics, nutrition and food. Financial details of the transaction are not disclosed.

 

Headquartered in Valtierra, Spain, Planasa specialises in R&D for the breeding of next-generation berry varieties, including blueberries, blackberries, raspberries and strawberries, that better suit the needs of plant growers, retailers and consumers globally. Planasa provides access to its specialised plant varieties through its nursery operations, guaranteeing the provision of high-quality seedlings to plant growers. Planasa also provides ongoing technical support to customers, ensuring its varieties perform to the highest level. The Company has six R&D centres in Europe, Mexico and the US, and has invested more than €25 million in R&D over the last five years. As a result, Planasa has a proven track-record of new variety development. Planasa operates in more than 25 countries and supplies customers from its 13 nursery facilities across Europe, Africa, the Americas and Asia.

 

Cinven’s Iberia Regional team worked closely with its Consumer Sector team to identify Planasa as an attractive primary investment opportunity based on its market leading position, strong track record of growth, and the significant market opportunity supported by increased global berry consumption. Since acquiring Planasa in January 2018, Cinven has worked in close partnership with the management team to achieve strong performance, including through:

 

  • Supporting the transformation of the business from a predominantly nursery and fresh produce provider at acquisition, to a leading global berry breeder and high value-add operator specialising in plant variety research, development and commercialisation at exit;
  • Developing and rolling-out new berry varieties through significant R&D investment, including varieties with improved ESG credentials, that are more resilient to different climate and agricultural conditions, such as drought, pests or diseases, and therefore help reduce the use of water and fertilisers, as well as helping to minimise food waste;
  • Completing the acquisition of Advanced Berry Breeding, a Dutch raspberry breeding group with a complementary portfolio of raspberry varieties;
  • Professionalising nursery operations through investment in field digitalisation and continued process improvements; and
  • Further international expansion to strengthen Planasa’s market positions globally, including expanding core berry categories in Mexico, Peru, China, the US and Morocco.

 

Commenting on the investment, Thilo Sautter, Partner at Cinven, said:

 

“Cinven has successfully driven strong growth at Planasa by investing in the core business, expanding globally, significantly growing R&D and attracting a first-class management team. We have worked with management to transform the Group from a founder-led business to a leading global agri-tech operator. We are very proud of the success that the Company has achieved. Planasa is well-positioned to maintain its positive trajectory and we wish the company success in its next stage of growth.”

 

Miguel Segura, Senior Principal at Cinven, added:

 

“Cinven’s Iberia and Consumer teams worked together to help Planasa grow internationally, consolidate its leadership in the berry breeding category through expanding into blueberries and blackberries and take its systems and team to the next level.  It has been a successful partnership and we are very happy to see that EW Group will continue to support that journey.”

 

The CEO of Planasa, Michael Brinkmann, said:

 

“Cinven has provided huge support to Planasa over the past five years. With Cinven’s guidance and investment, we have professionalised our operations, expanded our international footprint and innovated our product range to become a global leader in our market. We would like to thank the Cinven team for their strategic perspective and financial backing, our employees for their dedication and commitment to our mission, and our clients, suppliers and other partners for their continued collaboration and trust placed in us. We look forward to working closely with our new owners and are sure that this partnership will enable us to push Planasa`s breeding activities to an even higher level.”

 

Dirk Wesjohann, EW Group commented:

 

“The acquisition of Planasa will be a milestone for our family group, as it allows us to strategically expand our breeding activities into the area of plant breeding. EW Group has been looking for such an opportunity for years. We are convinced that Planasa, with its leading, innovative genetic varieties, its highly qualified and dedicated management team, and its unique global footprint is the ideal platform for EW Group’s expansion into fruit and vegetable breeding.”

 

His brother, Jan Wesjohann added:

 

“The global berry market is one of the fastest growing segments in the fruit and vegetable space. Our family is delighted that with Planasa, we will have an opportunity to enter this attractive market segment. We are committed to contributing to the sustainable growth of the global berry and vegetable industries by supporting strong investment into Planasa’s breeding and nursery capabilities.”

 

Completion of the transaction is subject to customary regulatory and antitrust approvals.

 

Cinven was advised by: JPMorgan (M&A), BCG (Commercial), Perez Llorca (Legal & Labour), KPMG (Financial), Deloitte (Tax) and Aon (Insurance).

EW Group was advised by: KPMG (Financial and Tax), and Baker McKenzie (Legal and Labour).

Label Investments was advised by: Escala Capital (M&A) and Garrigues (Legal).

Related news

30 October 2017Cinven to acquire a majority stake in Planasa

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Zorgwerk receives ISO certificates from KIWA

NPM Capital

Zorgwerk receives ISO certificates from KIWA

KIWA, a leading European institute dedicated to certifying processes and organizations, rewarded Zorgwerk with certifications regarding recognition for both ISO 9001:2015 and ISO 27001:2022.

 

ISO 9001:2015 is the international standard for quality management, while ISO 27001:2022 is the latest version of the global standard that provides guidelines for information security management.

 

Danielle Van der Burg, CEO of Zorgwerk stressed, “Our organization and platform are built on a continuous focus on quality, confidentiality and integrity. This is essential to deliver on our promises to clients and professionals. This year, we made the decision to have our quality and information security management systems certified by KIWA. Through their skilled auditors, who have specific knowledge and experience in our industry, we were assured of a thorough and in-depth assessment. I am incredibly proud of my entire team. Thanks to the structured approach we have been following for years, we immediately complied with the standards and are now certified for both ISO 9001 and ISO 27001, ensuring that we continue to improve our organization.”

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teboma expands in the non-residential ventilation market with the acquisition of Vink Group

Fields Group

Beverwijk and Katwijk, September 14, 2023 – Dutch ventilation specialist Steboma has acquired industry peer Vink Group from investor FIELDS Group. Through this acquisition, the Steboma Group strengthens its position in the designing, engineering, production and installation of ventilation systems within the non-residential market and the group’s annual revenues now amount to approximately €90 million. Vink Group will continue to operate as an independent organization within the broader Steboma Group, with its management team remaining unchanged.

Vink Group specializes in the designing, engineering, production and installation of ventilation systems in the non-residential segment of the ventilation market. The company serves its clients as a “full installer” through its subsidiary “Induct“, as a subcontractor for general installation companies through its subsidiary “Vink Systemen” and as supplier and knowledge partner to a wide range of installation companies through its subsidiary “VSL Air”. Vink’s ventilation solutions are widely used and the company is well known for its leading ventilation solutions for the pharmaceutical, high-tech, agro-tech and food market. Vink serves various large clients in these sectors, including Johnson & Johnson, Bristol Meyers Squibb, and VU Medical Center.

“The Steboma Group has a clear ambition to become the leading ventilation specialist in the Netherlands, with activities in the new-build residential market, the non-residential market, renovation projects and the maintenance of ventilation systems. The acquisition of Vink Group aligns well with this ambition, given their deep-rooted knowledge and expertise in delivering ventilation solutions within the non-residential market. With Vink, the Steboma Group is even better equipped to provide our clients with ventilation solutions that contribute to a clean working or living environment and that contribute to solving their sustainability challenges,” says Marco Koster of Steboma. “With this acquisition, our organization also expands significantly and our workforce now amounts to approximately 240 employees. We look forward to the future collaboration with Vink’s management team and we are excited to welcome their talented employees into the broader Steboma Group.”

Dick Kremers, CEO of Vink Group, states, “We are delighted that Vink will join the Steboma Group. Over the past years, in partnership with investor Fields Group, we managed to redefine Vink’s strategy and have made significant progress with the company. Vink is now well equipped for the future, making this a logical moment for a change of ownership. Vink and Steboma align well in activities and culture, and we can benefit from each other’s extensive expertise, broad customer network and strong reputation. We are furthermore convinced that, with the support of the Steboma Group, Vink can make significant investments and scale further in the coming years.”

Fabianne Onderwater, Investment Director at FIELDS Group, adds, “Vink has undergone a remarkable development in recent years, thanks to a clear strategy and substantial investments in the business and organization. The clear strategy and substantial investments have resulted in strong growth and a unique position in attractive end markets, led by a robust and future-proof team. The combination with Steboma is a logical next step for Vink, and we wish Steboma/Vink all the best for the future.”

The acquisition of Vink is part of Steboma Group’s buy-and-build strategy that was launched last year when pan-European private equity firm Waterland became a shareholder and strategic partner for the future of the Steboma Group in October 2022. To realize its ambition to build a leading ventilation specialist, Steboma actively seeks for partnerships with other specialists in air technology, both in the residential and non-residential segment.

 

About Steboma

Steboma is a ventilation specialist focusing on the large-scale residential segment in the Netherlands. The company has become one of the leading ventilation specialists and is the preferred partnering for a wide range of well-known construction firms. Steboma employs approximately 100 people and also has a sizeable, flexible workforce. The company has facilities in Beverwijk, Schagen and IJsselstein. For more information, please visit www.steboma.nl.

About Vink Group

The companies within the Vink Group design, supply, install, and maintain air technical infrastructure in businesses across various sectors, including utility, life science, (tech) industry, food, and agro-tech. Vink Group’s solutions are installed at various locations in the Netherlands and abroad. The company employs approximately 155 permanent staff members and 125 temporary workers, with its headquarters in Katwijk. For more information, please visit www.vinkgroep.com.

About FIELDS Group

FIELDS Group is an entrepreneurial, hands-on investor focused on developing businesses with potential. FIELDS invests in companies headquartered in the Benelux and DACH regions and achieves fundamental transformations with its team. For more information, please visit www.fields.nl.

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VideoAmp Announces $150 Million Series G Investment Led by Vista Credit Partners

Vista Equity

VideoAmp will leverage the funding to further accelerate growth and adoption as an advanced media currency

LOS ANGELES & NEW YORK–(BUSINESS WIRE)–VideoAmp, an adtech company providing measurement, data and software solutions for the advertising ecosystem to more efficiently and effectively allocate media spend, today announced $150 million in Series G funding led by Vista Credit Partners, a subsidiary of Vista Equity Partners and strategic financing partner focused on the enterprise software, data and technology markets. The funding will help accelerate VideoAmp’s growth and ability to empower content owners, advertisers and their media agencies with an advanced media currency solution that redefines the way media is valued, bought and sold across screens.

“VideoAmp is defining how advertisers measure and deliver value in the modern media landscape, and we look forward to supporting the company in its next phase of growth.”

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“VideoAmp has seen explosive growth and significant customer adoption of our best-in-class measurement, optimization and planning tools for the buy-side. We’ve also seen incredible momentum in both the buy- and sell-side adopting our advanced currency solution,” said Paul Ross, Chief Financial Officer of VideoAmp. “VideoAmp’s advanced currency is poised to increase advertiser ROI and provide a more accurate way to value a publisher’s content. This round of funding from Vista Credit Partners will support our strategy and commitment to both currency and further establishing our overall category leadership.”

Vista Credit Partners’ investment in VideoAmp underscores the confidence and shift to large scale datasets, in place of panel-only based solutions, for media measurement, planning, optimization and currency. With VideoAmp, advertisers can more effectively measure and optimize for fragmented, cross-screen audiences and provide more accurate attribution to business outcomes. VideoAmp’s data methodology joins various inputs like Set-Top Box data (STB) with Smart TV data from ACR providers, which undergo rigorous ingestion, cleansing, deduplicating and weighting processes to create a larger, more accurate dataset of nearly 40 million households and more than 60 million devices across the U.S. With VideoAmp’s currency-grade data and solutions, clients can tap into advanced audiences and real-time insights to plan, optimize and measure reach and frequency across screens with greater accuracy and representation.

VideoAmp has seen incredible adoption for its measurement and currency solutions with 13 major linear and streaming publishers on board, along with all major media holding companies and several independent agencies and 75+ advertisers. This has resulted in hundreds of campaigns transacted on VideoAmp currency and putting the company on track to deliver billions of advertising spend in currency guaranteed campaigns for the 2023/2024 broadcast year.

“Vista Credit Partners is committed to accelerating the growth and success of innovative enterprise software businesses with tailored capital solutions and operational support to fit their individual needs,” said David Flannery, President of Vista Credit Partners. “VideoAmp is defining how advertisers measure and deliver value in the modern media landscape, and we look forward to supporting the company in its next phase of growth.”

About VideoAmp

VideoAmp is an adtech company offering data and software solutions with a mission to increase the value of advertising by redefining how media is valued, bought and sold. By leveraging the power of currency-grade, big data, VideoAmp’s solutions allow clients to access advanced audiences and real-time insights to plan, optimize and measure media investments across platforms. With these solutions, media sellers can maximize the value of their inventory, while advertisers can benefit from increased return on investment. VideoAmp has seen incredible adoption for its measurement and currency solutions with 13 major linear and streaming publishers on board, along with all major media holding companies and several independent agencies and 75+ advertisers. This has resulted in hundreds of campaigns transacted on VideoAmp currency and putting the company on track to deliver billions of advertising spend in currency guaranteed campaigns for the 2023/2024 broadcast year. VideoAmp is headquartered in Los Angeles and New York with offices across the United States. To learn more, visit www.videoamp.com

About Vista Credit Partners

Vista Credit Partners is the credit-investing arm of Vista Equity Partners and is a strategic investor and financing partner focused on the growing enterprise software, data and technology market. Vista Credit Partners employs a highly disciplined approach to credit investing while maintaining flexibility to pursue investments offering the best relative value and investing across the capital structure. As of March 31, 2023, Vista Credit Partners has grown to over $7.2 billion of assets under management. Since formation in 2013 and as of June 30, 2023, Vista Credit Partners has deployed over $10.7 billion. For more information, please visit www.vistacreditpartners.com.

Vista Credit Partners offers solutions tailored to strategic objectives with growth-friendly terms and long-term investment horizons across both the private and broadly syndicated markets, sourcing deals directly from founder-led companies, through sponsor relationships, and from its deep network of experts, advisors and other intermediaries to support growth and unlock value through creative capital solutions and operational partnership. Vista Credit Partners has completed more than 545 software and technology transactions since inception.

Contacts

VideoAmp
Stephanie Doennecke
stephanie@videoamp.com

Vista Credit Partners Media Contact:
Brian W. Steel
(212) 804-9170
media@vistaequitypartners.com

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